$100 oil, PCE data, MLB valuations and more in Morning Squawk

In a significant move, the U.S. government initiated 60 new trade investigations last night, targeting forced labor practices. This development comes as the previous administration's tariffs have been overturned, prompting a shift in focus. Stock futures are showing upward movement this morning after a challenging trading session yesterday. Oil prices experienced a notable rise, with Brent crude climbing 9.22% to surpass $100 per barrel, marking its first close above that threshold since 2022. This surge follows remarks from Iran's new supreme leader, Mojtaba Khamenei, asserting the need to keep the Strait of Hormuz closed to exert pressure on opposing entities. The situation has led to growing concerns about rising energy costs and inflation, which have diminished expectations for interest rate cuts this year. Before recent conflicts escalated nearly two weeks ago, traders were optimistic about potential Federal Reserve rate cuts in June and September. However, current projections indicate only one cut anticipated in December, according to the CME Group's FedWatch tool. Investors are eagerly awaiting the next rate decision from the Fed, scheduled for March 18, with expectations leaning towards maintaining the current rates. At 8:30 a.m. ET, market observers will receive updated insights on inflation through the personal consumption expenditures price index for January. Economists predict a 0.3% month-over-month increase and an annual rise of 2.9%, making this report crucial for understanding future monetary policy. In corporate news, shares of Adobe fell over 7% in premarket trading following the announcement that CEO Shantanu Narayen will resign after his successor is appointed. This news coincided with Adobe's first-quarter earnings report, which surpassed analysts' expectations, showcasing a 12% year-over-year revenue increase and positive guidance for the current quarter. Additionally, Rajesh Jha, a key figure at Microsoft overseeing the Office division, will retire this summer after 35 years with the tech giant. In a notable meeting on Capitol Hill, OpenAI’s CEO Sam Altman addressed lawmakers regarding the company's recent contract with the Department of Defense. Senator Mark Kelly expressed concerns about the implications of AI in military applications and emphasized the need for regulatory frameworks to ensure constitutional compliance. On the legislative front, the Senate has passed a groundbreaking housing affordability bill—the largest in three decades—though it faces challenges in the House as GOP leaders are unlikely to support the Senate's version. Lastly, in sports business news, the New York Yankees retain their title as baseball's most valuable franchise, now valued at $9 billion. Meanwhile, the Los Angeles Dodgers, buoyed by two consecutive World Series victories and the talent of superstar Shohei Ohtani, have seen their valuation rise to $8 billion, fueled by significant revenue growth last season. Stay tuned for more updates on these developments.