Tech sell-off, Iranian oil sales, Target's crisis of confidence and more in Morning Squawk

In today's financial landscape, several significant developments are shaping investor sentiment. Stock futures are trending downward as the S&P 500 faces a challenging start, coming off a day of losses. Following a tumultuous session, shares dropped by 16%, contributing to a nearly 24% decline over three days. A notable event occurred when SpaceX finalized a deal with AI startup Reflection for computing power, alongside announcing a bond sale aimed at raising $20 billion. Despite these initiatives, investor enthusiasm waned, leading to a sharp decline in the company's stock. In other news, U.S. Treasury Secretary Scott Bessent revealed that the United States has permitted the production and sale of Iranian oil for a 60-day period, which is seen as a result of constructive discussions between the two nations. President Trump stated that the profits from these sales are anticipated to fund purchases of U.S. agricultural products, although an Iranian central banker clarified that Iran is not bound to comply with this expectation. Target is experiencing a significant crisis of confidence, with its executive chairman Brian Cornell facing unprecedented levels of shareholder dissent. At the retailer’s recent annual meeting, only 87% of shareholders supported his reelection, a stark contrast to typical figures for both Cornell and S&P 500 directors. Analysts suggest that such low support signals a strong desire for change. In the electric vehicle sector, Lucid Motors announced plans to reduce its U.S. workforce by 18% as part of a cost-cutting strategy. This follows a previous 12% reduction earlier this year. The company aims to achieve approximately $158 million in annual savings through these layoffs. Additionally, the National Highway Traffic Safety Administration has initiated a special investigation into Tesla following a tragic incident in Katy, Texas, where a Model 3 vehicle crashed into a residence, resulting in the death of a 76-year-old. Meanwhile, UPS is responding to the growing demand for temperature-sensitive medications by investing $48 million in 27 new temperature-controlled facilities. This move underscores their commitment to healthcare logistics, a sector identified as a key growth area by company leaders. Lastly, Pennsylvania Governor Josh Shapiro discussed the expansion of data center operations in the state, highlighting the economic impact of this development.