Peace hopes, Disney earnings, dismantling Spirit Airlines and more in Morning Squawk

• Micron surged 11% after announcing new solid-state drive shipments, pushing its market cap above $200 billion for the first time with shares up 124% year-to-date
• Nvidia and Corning announced a joint venture to build three manufacturing facilities in North Carolina and Texas focused on optical technology to potentially replace copper with glass fibers in AI systems
• Spirit Airlines entered bankruptcy proceedings with a wind-down budget of approximately $217 million, with its lawyer citing the spike in jet fuel prices from the Iran war as the reason for shutdown

Market Summary: Peace Hopes Drive Rally, Tech Earnings in Focus

Market Overview:

U.S. markets rose Wednesday, with the S&P 500 and Nasdaq hitting fresh intraday and closing records following positive developments on multiple fronts.

Iran Peace Deal:

Stocks and oil prices reacted sharply to reports that the U.S. and Iran are nearing a 14-point peace agreement to end the ongoing conflict. Iran's Foreign Ministry confirmed it was "evaluating" the proposal. President Trump warned of sanctions "at a much higher level" if Tehran rejects the deal. Trump also suspended a U.S. military effort to escort commercial ships through the Strait of Hormuz, citing "Great Progress" in negotiations.

Technology Sector Highlights:

• Micron (MU): Surged 11% after announcing shipment of its highest-capacity SSD, crossing $100 billion market cap for the first time. Stock up 124% year-to-date.
• AMD: Jumped nearly 20% premarket on strong Q1 earnings and positive outlook.
• Nvidia-Corning Partnership: The companies announced a multi-billion dollar joint venture to build three optical technology manufacturing facilities in North Carolina and Texas, focused on replacing copper with optical glass fibers in AI systems.
• Palantir: Declined despite strong quarterly results due to valuation concerns.

Disney Earnings:

Disney beat expectations with 7% year-over-year revenue growth in its experiences division, despite 1% decline in domestic park visits. CFO Hugh Johnston reported strong second-half bookings and no consumer weakness from energy prices.

Spirit Airlines:

The bankrupt carrier began its liquidation process with approximately $217 million in wind-down budget. Legal proceedings are addressing airport fees, aircraft disposition, and staffing.

Federal Reserve:

Senator Tim Scott called for Fed Chair Jerome Powell's departure when his term ends, calling Powell's decision to stay a "significant mistake."