Apple earnings, DHS shutdown, 'Ozempic breath' and more in Morning Squawk

Good morning! As we dive into the trading day, several key developments are shaping the market landscape. Notably, Apple has seen its shares rise over 3% after the tech giant surpassed analysts’ expectations for its second-quarter earnings and revenue. CEO Tim Cook praised the iPhone 17 as the "most popular lineup in our history," despite a slight dip in iPhone sales over the past three quarters. He also provided a positive revenue outlook for the upcoming quarter, although he cautioned about rising memory costs affecting business operations. In the broader market, the S&P 500 futures remained stable this morning, following a significant rally that allowed the index to close above the 7,200 mark for the first time yesterday. The strong performance in the stock market can be attributed to impressive post-earnings results from major players like Caterpillar and Alphabet, which helped investors remain optimistic despite ongoing geopolitical concerns, particularly regarding the Iran war. On the political front, President Donald Trump signed a new funding bill that will support most operations of the Homeland Security department, effectively ending a prolonged partial government shutdown. However, this deal does not allocate funds for Immigration and Customs Enforcement or certain Customs and Border Protection activities. Additionally, the Senate has taken action to prohibit lawmakers from trading on prediction markets, responding to growing worries about insider trading practices on platforms like Kalshi and Polymarket. On a different note, California drivers are feeling the pinch as gas prices in the state have soared past $6 per gallon for the first time this year—a 30% increase since the onset of the Iran conflict. The national average has also risen to $4.30 per gallon, marking a significant jump after weeks of stability below $4.10. In the consumer market, Hershey has reported a surge in demand for its gum and mint products, particularly among users of GLP-1 medications, who are seeking "functional snacking" options. This increased interest may be linked to the phenomenon known as "Ozempic breath," which some users have experienced, despite it not being an officially recognized side effect of the medication. Stay tuned for more updates as these stories continue to develop.