The Dow's losing streak, fertilizer prices, Novo Nordisk's new Wegovy shot and more in Morning Squawk

As the trading day begins, investors are navigating a landscape marked by volatility and emerging trends. Stock futures are reflecting a downward trend following a challenging day on Wall Street, as market participants brace for the broader implications of geopolitical events and domestic policies. In a significant development, Israeli Prime Minister Benjamin Netanyahu announced efforts to assist the U.S. in reopening the Strait of Hormuz, a crucial maritime route. This news momentarily sparked optimism among traders. However, the week has been tumultuous across various asset classes, leaving many to ponder the future direction of the markets. Former President Donald Trump has publicly urged the Justice Department to persist with its investigation into Federal Reserve Chair Jerome Powell. This comes after a judge recently blocked subpoenas linked to the inquiry. Trump characterized Powell as "incompetent" and hinted at concerns regarding his integrity. This ongoing investigation could complicate the confirmation process for Trump’s nominee to succeed Powell, Kevin Warsh, as Senator Thom Tillis has stated he will not support any Federal Reserve nominees until the matter is resolved. On another front, the Supreme Court is poised to release pivotal decisions, including a ruling on Trump’s attempt to dismiss Fed Governor Lisa Cook. The geopolitical tensions between the U.S. and Iran are also impacting the global helium supply, essential for semiconductor manufacturing. Reports indicate that operations at a facility in Qatar, which produces a significant portion of the world’s helium, have been disrupted due to drone strikes, raising concerns about future availability. Meanwhile, the agricultural sector is feeling the pinch, with fertilizer prices soaring as a result of the disruption in the Strait of Hormuz. This price increase may provide Democrats with a talking point as they approach the upcoming midterm elections, particularly in states focused on agriculture. In the tech realm, Meta has decided to reverse its course on shutting down Horizon Worlds, a virtual reality platform that has struggled to compete with more popular alternatives. Tech chief Andrew Bosworth announced that the platform would remain operational to support its existing user base, following feedback from fans. Lastly, a new, higher-dose version of Novo Nordisk's Wegovy has received FDA approval. Clinical trials indicate that patients using this new formulation experienced an average weight loss of over 20% within 72 weeks, outperforming the standard dosage. This launch is anticipated next month and is seen as a strategic move for Novo to reclaim its market position against rivals like Eli Lilly. Stay updated with these key market developments as we approach the trading day.