Iran ceasefire, Delta earnings, the Navy's retail woes and more in Morning Squawk

This morning, stock futures linked to the Dow Jones Industrial Average surged over 1,300 points, a significant rebound after a dip on Tuesday. Investors are reacting positively to President Donald Trump’s announcement of a two-week ceasefire with Iran. As the deadline approached, Trump indicated via social media that he would halt planned military actions if Iran agrees to open the Strait of Hormuz. In the airline industry, Delta Air Lines is revising its capacity growth plans in light of escalating fuel prices. CEO Ed Bastian reported that while Delta exceeded Wall Street’s expectations for the first quarter, the airline is projecting lower-than-anticipated earnings for the current quarter. Following the earnings report, Delta's stock has risen by over 12%, bolstered by a recent drop in oil prices. Additionally, Delta announced an increase in checked baggage fees, a move mirrored by Southwest Airlines shortly after. Elon Musk is preparing for legal proceedings against OpenAI, where he is seeking significant changes in leadership. His legal team has expressed intentions to remove OpenAI’s CEO Sam Altman and President Greg Brockman, claiming that these personnel changes are necessary to uphold the organization’s founding mission as a nonprofit. Musk, who co-founded OpenAI in 2015, alleges he was misled into donating $38 million under the assumption that the organization would remain a nonprofit. Additionally, the used vehicle market is witnessing a notable increase, with prices climbing by 6.2% year-over-year, as reported by Cox Automotive's Manheim Used Vehicle Value Index. This index has reached its highest point since 2023, despite rising gas prices and geopolitical tensions impacting overall demand. Meanwhile, the U.S. Navy is facing stiff competition from retail giants like Walmart and Amazon. The Navy’s own retail stores, operating through the Navy Exchange Service Command, are struggling to maintain market share as these larger companies encroach on their customer base. To combat this, the Navy is implementing a comprehensive turnaround strategy aimed at revitalizing its retail operations. In tech news, Amazon Web Services is actively working around the clock to ensure its infrastructure in the Middle East remains operational following drone strikes on its data centers, showcasing the ongoing challenges within the global tech landscape.