Ceasefire extension, Best Buy’s new CEO, Amazon’s GLP-1 push and more in Morning Squawk

Happy Wednesday. With all the volatility in the oil market, I found it helpful to look at this timeline for a reminder of all that’s happened over the last eight weeks.

Stock futures are higher this morning. All three major indexes closed yesterday’s session lower.

Here are five key things investors need to know to start the trading day:

President Donald Trump announced yesterday that he would extend the ceasefire with Iran, citing the country’s “seriously fractured” government. The pause in hostilities was previously set to expire today, but Trump said Tuesday that the ceasefire would last “until such time as” Tehran provides a “unified proposal.”

Here’s what to know:

Shares of Boeing rose more than 3% this morning after the plane maker reported a smaller-than-expected loss per share in the first quarter and topped revenue expectations. Boeing CEO Kelly Ortberg will join CNBC’s “Squawk on the Street” at 9 a.m. ET this morning to discuss the results. Watch live on CNBC or CNBC+.

Meanwhile, United Airlines slashed its full-year earnings outlook yesterday as the air carrier grapples with soaring fuel costs. Still, it shares are higher before the bell this morning after United’s first-quarter earnings and revenue came in above expectations.

Kevin Warsh, Trump’s choice to lead the Federal Reserve, was grilled by senators at his confirmation hearing yesterday, facing questions about his wealth, stance on artificial intelligence and ability to be independent from Trump.

Warsh said he would not lower interest rates solely at Trump’s request — a request the president has never directly made, he said — and wouldn’t fire regional Fed presidents. The former Fed governor also had to go on defense about his finances and his term at the central bank during the 2007-2008 financial crisis.

But as CNBC’s Matt Peterson writes, one topic remained largely unmentioned: Warsh’s plans for a “regime change” at the central bank.

Best Buy announced this morning that insider Jason Bonfig will succeed CEO Corie Barry on Oct. 31.

Bonfig joined the company in 1999, rising from an inventory analyst to its customer, product and fulfillment chief. As CNBC’s Melissa Repko reports, he will be tasked with trying to juice sales amid a lukewarm period. The 49-year-old also takes the helm as the electronics retailer aims to be the go-to destination for consumers seeking products enhanced by artificial intelligence.

Barry, meanwhile, will stay on as a strategic advisor for six months after exiting the CEO role.

Amazon is jumping further into the GLP-1 distribution market. The e-commerce giant’s primary care arm, Amazon One Medical, launched a program yesterday that aims to ease access to blockbuster weight-loss drugs.

As CNBC’s Brandon Gomez reports, Amazon Pharmacy patients will be able to access medications such as Novo Nordisk’s Wegovy and other oral GLP-1 alternatives. Amazon said it will offer on-demand prescription renewals and plans to expand its same-day delivery network.

Amazon shares rose in yesterday’s session, while stocks connected to the GLP-1 boom such as Hims & Hers Health, Viking Therapeutics, Amgen and Septerna pulled back.

Trump told CNBC yesterday that he would take note of which companies don’t ask for tariff refunds, saying that firms not asking have “got to know me very well.”

— CNBC’s Dan Mangan, Kevin Breuninger, Jeff Cox, Sean Conlon, Sam Meredith, Leslie Josephs, Matt Peterson, Melissa Repko and Brandon Gomez contributed to this report.

Davis Giangiulio assisted in the production of this newsletter. Josephine Rozzelle edited this edition.