The stock market rebound, Nike's recovery questions, 'Project Hail Mary' and more in Morning Squawk

Good morning! As we dive into Wednesday, the stock market is showing positive momentum with futures on the rise. The three primary indexes experienced a significant rally yesterday, concluding a challenging month and quarter on a high note. Investors should pay attention to key developments: Stocks enjoyed their most robust day since May following an unverified report suggesting that Iranian President Masoud Pezeshkian is open to negotiations to end the U.S.-Iran conflict. However, despite Tuesday’s gains, the major averages suffered substantial losses throughout March. In corporate news, Nike reported better-than-expected earnings for its fiscal third quarter, surpassing both revenue and profit forecasts. However, concerns regarding a declining sales outlook for the remainder of the year have led to a drop of over 10% in shares during overnight trading. While the company’s North American revenue increased by 3%, it fell short of analyst expectations. The situation in China is more concerning, with a reported 7% revenue decline, although it was less severe than anticipated. Looking ahead, Nike predicts a 20% drop in its China revenue for the current quarter, as part of its ongoing turnaround strategy. In political developments, President Trump signed an executive order limiting mail-in voting. This directive, which mandates that the Department of Homeland Security work with the Social Security Administration to create a list of eligible voters, has drawn sharp criticism from voting rights advocates who warn it could disenfranchise millions. The order is expected to face legal challenges, particularly ahead of the crucial midterm elections this November. On the tech front, OpenAI announced a remarkable funding round, securing $122 billion in commitments, up from $110 billion previously disclosed. This round, which included participation from individual investors for the first time, was co-led by SoftBank and involved prominent firms like Andreessen Horowitz and D.E. Shaw Ventures. OpenAI, led by CEO Sam Altman, is gearing up for a potential IPO, reporting $2 billion in monthly revenue but still seeking profitability. Meanwhile, the film "Project Hail Mary" has emerged as a significant box office success, grossing over $300 million globally within two weeks of its release. This performance marks a record for Amazon MGM, with industry experts noting that it has set a new benchmark for the company. The continued popularity of the film underscores the enduring appeal of the cinematic experience. Lastly, Warren Buffett had a comprehensive discussion with CNBC’s Becky Quick, touching on a variety of topics from international affairs to his investment strategies with Apple and his role at Berkshire Hathaway. Stay tuned for insights from this engaging interview.