1. Technology TLDR
Meta’s corporate logo will be on display at the Fira Gran Via booth, highlighting the company’s “AI-first” hardware ecosystem during Mobile World Congress.
Joan Cross | Null Photo | Getty Images
Last night, four of the Magnificent Seven tech companies released notable earnings reports, all of which far exceeded expectations. Still, some stocks are doing better than others this morning as investors digest spending plans for artificial intelligence.
Here’s an overview:
2. Succession planning
U.S. Federal Reserve Chairman Jerome Powell departs after his final press conference after the two-day Federal Open Market Committee (FOMC) meeting at the U.S. Federal Reserve Board in Washington, DC, on April 29, 2026.
Kevin Lamarque | Reuters
3.T-oil and troubles
U.S. Secretary of Defense Pete Hegseth testifies during a U.S. House Armed Services Committee hearing titled “Department of Defense Fiscal Year 2027 Budget Request” on Capitol Hill, April 29, 2026.
Saul Loeb | AFP | Getty Images
Brent crude oil futures soared to $126 overnight, the highest oil price since the start of the Iran war, on reports that President Donald Trump will be briefed on options for potential military action against Iran. The president reportedly rejected Iran’s offer to open the Strait of Hormuz, saying the U.S. blockade of the strait would remain in place until the two countries reach a nuclear deal.
Secretary of Defense Pete Hegseth appeared before Congress yesterday for the first time since the war began, defending the length and cost of the conflict. Pentagon Inspector General Jules Hurst, who also testified, said the cost of the war has so far been estimated at $25 billion.
4. Fastlane
Ford at the New York International Auto Show on April 2, 2026 in New York City.
Daniel DeVries | CNBC
ford Yesterday, the company beat analysts’ profit expectations and raised its full-year outlook, saying it expects to receive $1.3 billion in tariff refunds after the Supreme Court struck down many of President Trump’s sanctions.
As CNBC’s Michael Weiland points out, the Detroit-based automaker reported significantly better profits compared to the same period last year, even though wholesale volumes have declined 4% since then. During this period, one of its adjusted revenue metrics more than tripled, and net income soared nearly 400%.
Elsewhere in the auto industry, Carvana Shares rose 9% in premarket trading after the company reported record first-quarter results. The used car retailer beat analysts’ expectations in both areas.
5. Public image
The New York Stock Exchange welcomes Pershing Square to commemorate the combined IPO of Pershing Square USA (NYSE: PSUS) and Pershing Square Inc. (NYSE: PS) on Wednesday, April 29, 2026. To celebrate, Pershing Square Founder and CEO Bill Ackman will ring the opening bell® with NYSE Group President Lynn Martin.
new york stock exchange
Pershing Square founder Bill Ackman’s long-planned move to the public market came to fruition yesterday, but it wasn’t the grand debut he had hoped for. Pershing Square USA Ltd.The company, which trades under the ticker PSUS, fell 18% to close at $40.90. This is well below the IPO price of $50.
Mr. Ackman raised a combined $5 billion in initial public offerings, allowing investors to take stakes in either the portfolio or managed businesses. This was on the low end of expectations and a far cry from the initial expectations of $25 billion.
This listing provides public investors with the first opportunity to own a direct stake in Ackman’s investment business. Ackman told CNBC yesterday that the company plans to hold an investor day and an annual general meeting similar to what the United States holds. Berkshire Hathaway.
daily dividend
—CNBC’s Jonathan Vanian, Annie Palmer, Jordan Nove, Jennifer Elias, Jeff Cox, Kevin Breuninger, Matt Peterson, Sam Meredith, Spencer Kimball, Michael Weiland, Yun Li and Sarah Witten contributed to this report.
Davis Giangiulio helped produce this newsletter. Josephine Rozzelle edited this version.
