Bank earnings, Warsh heads to the Hill, Chipotle's Mexico push and more in Morning Squawk

Good morning! Here are the top stories shaping the financial landscape today. As Dow futures dip, the market is reacting to disappointing early results from IBM, following a tough trading day. Investors are eager for insights to guide their decisions today. In a significant geopolitical development, President Donald Trump announced the reinstatement of a blockade on Iranian ports, along with a new 20% toll on cargo transiting the Strait of Hormuz. This announcement caused oil prices to surge over 9%, adding pressure on stock markets. On the corporate front, major U.S. banks have kicked off earnings season with impressive results. Notably, JPMorgan Chase's CEO Jamie Dimon reported record revenue across all major sectors, while Bank of America's Brian Moynihan described the quarter as one of the strongest in the bank's history. Investors can tune in to CNBC’s "Squawk on the Street" at 10 a.m. ET for more updates from Moynihan, followed by Goldman Sachs CEO David Solomon at noon. Additionally, the Bureau of Labor Statistics is set to release the consumer price index for June at 8:30 a.m. ET. Economists anticipate a 0.2% decrease for the month, potentially bringing the annual rate down to 3.8%, a notable decline from May. In Washington, Federal Reserve Chairman Kevin Warsh will begin two days of testimony on Capitol Hill today, facing the House finance committee at 10 a.m. This will mark Warsh's first hearings since assuming leadership of the Fed in May. In the realm of entertainment, a coalition of state attorneys general is suing to block Paramount Skydance's acquisition of Warner Bros. Discovery, citing antitrust concerns. California Attorney General Rob Bonta expressed that the merger could negatively impact consumers by leading to reduced content and increased prices. On a brighter note, Chipotle is making strides in its international expansion by opening its first restaurant in Mexico this week, aiming to tap into the growing economic landscape of Monterrey. CEO Scott Boatwright emphasized the company's respect for Mexican culinary traditions as they embark on this new venture. In political news, South Carolina Governor Henry McMaster has appointed Darline Graham Nordone to fill the Senate seat left vacant by her brother, Lindsey Graham, following his unexpected passing. Stay tuned for more updates as these stories develop throughout the day.