In short
Squawk Pod Episode Summary
Episode Title
5 Things to Know Before the Opening Bell 6/11/25
Overview In this episode, co-hosts Becky Quick and Joe Kernen discuss five critical updates impacting the stock market before the opening bell. The discussion centers around notable figures such as Elon Musk, U.S.-China trade relations, and the status of tariffs connected to the Trump administration.
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Key Points
- Elon Musk's Apology
- Musk expresses regret for his previous criticisms of President Trump on social media platform X.
- Quoted: "I regret some of my posts about President Trump last week. They went too far."
- The hosts humorously speculate about Musk's sleep schedule, noting his unusual work habits.
- Tesla's Robotaxi Launch
- Tesla is preparing to launch its robo-taxi service in Austin, Texas, scheduled for June 22nd.
- Musk mentions the company's cautious approach to safety, which may impact the timeline.
- U.S.-China Trade Negotiations
- Negotiators from both countries are reportedly close to reaching an agreement to revive the Geneva consensus.
- The Geneva deal, established in May, aimed at suspending certain tariffs and easing export restrictions.
- Ongoing tensions have arisen due to allegations of cheating by both sides.
- Federal Appeals Court Decision on Tariffs
- A federal appeals court has ruled to allow some of Trump's tariffs to remain in place while reviewing a lower court's decision that had blocked them.
- The lower court had ruled that Trump exceeded his authority under the Emergency Economic Powers Act.
- Scheduled arguments for the review will take place on July 31st.
- Treasury Secretary's Potential Fed Chair Position
- Treasury Secretary Scott Bessent is rumored to be a contender for the next Federal Reserve chair, according to Bloomberg.
- The White House has labeled this report as "fake news."
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Closing Remarks
- The hosts encourage listeners to follow the Squawk Pod for more insights and daily updates from Squawk Box, available on preferred podcast platforms.
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Notes
- The episode combines analysis with humor, highlighting the dynamic conversations between the co-hosts.
- Significant focus on the interplay between politics and economics, particularly regarding tariffs, trade negotiations, and the implications for the stock market.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Transcript
Automatic transcript. May contain errors.0:01Hi, I'm Becky Quick, co-host of Squawk Box. Today I'm with Joe Kernan and this is five things you need to know before today's opening bell. Elon Musk walking back his criticism of President Trump. In a post on X just after 3 a.m. Eastern time, he wrote, I regret some of my posts about President Trump last week. They went too far. Still up or, like us, awake? Hard to know with him. With President Trump, I would say waking up early. With Elon Musk, I think it's harder to say. Oh, that was my point. I think he's still up, don't you think? Probably. Probably. I don't know. Maybe he doesn't. Maybe he doesn't sleep at all.
0:40My guess is, yeah, he doesn't have a normal. Although, I take that back. He had said at one point that he wants to get at least six hours of sleep. He did? Because he tried less than that, and it was suboptimal. He sleeps under desks at his factories. But he has made some comments about how. If sleep does anything for synapses or neurotransmitters, he needs sleep. For all of us. No, and he needs to sleep. His are firing pretty rapidly. Separately, Elon Musk said that Tesla's robo-taxi service is tentatively set to launch in Austin, Texas on June 22nd. But he said they are being super paranoid, in his words, about safety so that they could shift.
1:18And U.S. and China negotiators say that they have reached an agreement to get the Geneva consensus back on track. The deal reached in Geneva back in May included the suspension of some tariffs and easing of key export restrictions. but the United States and China had accused each other of cheating since then. And a federal appeals court saying it will allow President Trump's sweeping tariffs to remain in effect while it reviews a lower court decision that blocked them. That lower court had ruled that the president exceeded the authority of the Emergency Economic Powers Act that was used to justify the tariffs.
1:52Arguments are scheduled for July 31st. And Treasury Secretary Scott Besant is a contender to be the next Fed chair. That's according to a Bloomberg report that says advisors inside and outside the administration have been recommending him for the job. But the White House called that report fake news. And a reminder, get the best of Squawk Box in our daily podcast. Follow Squawk Pod on your favorite podcast app and listen anytime.
From the publisher
The 5 things you need to know before the stock market opens today: Elon Musk apologizes (?), Tesla readies its robotaxi, U.S. and China trade talks hit a potential resolution, a federal appeals court allows some of President Trump’s tariffs to remain in effect, and Treasury Secretary Scott Bessent could be eyeing a new job.
Squawk Box is hosted by Joe Kernen, Becky Quick and Andrew Ross Sorkin. Follow Squawk Pod for the best moments, interviews and analysis from our TV show in an audio-first format.
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