1. The tech TLDR
The Meta corporate logo is featured at the Fira Gran Via booth, highlighting the company’s ”AI-First” hardware ecosystem during the Mobile World Congress.
Joan Cros | Nurphoto | Getty Images
2. Succession planning
U.S. Federal Reserve Chair Jerome Powell departs following his final press conference following a two-day meeting of the Federal Open Market Committee (FOMC), at the U.S. Federal Reserve in Washington, D.C., U.S., April 29, 2026.
Kevin Lamarque | Reuters
3.T-oil and trouble
US Secretary of Defense Pete Hegseth, testifies for a US House Armed Services Committee hearing titled “Department of Defense FY2027 Budget Request,” on Capitol Hill on April 29, 2026.
Saul Loeb | Afp | Getty Images
Brent crude futures surged to $126 overnight — a new high for oil prices since the Iran war began — amid a report that President Donald Trump is set to be briefed on options for potential military action against Tehran. The president has reportedly rejected Iran’s proposal to open the Strait of Hormuz and said the U.S.’ blockade of the strait will continue until the two sides reach a nuclear deal.
Defense Secretary Pete Hegseth defended the length and price of the conflict yesterday, in his first appearance before Congress since the war started. Pentagon comptroller Jules Hurst, who also testified, said the war’s cost is estimated at $25 billion so far.
Get Morning Squawk directly in your inbox
4. Fast lane
Ford at the New York International Auto Show in New York City on April 2, 2026.
Danielle DeVries | CNBC
Ford raced past analysts’ earnings expectations yesterday and upped its full-year guidance, saying it saw a $1.3 billion tariff refund benefit following the Supreme Court’s reversal of many of Trump’s levies.
As CNBC’s Michael Wayland notes, the Detroit-based carmaker reported significantly better earnings than it did in the same quarter a year prior, despite a 4% decline in wholesale units since then. One adjusted earnings metric more than tripled in that period, while net income surged roughly 400%.
Elsewhere in the auto industry, Carvana shares are 9% higher in premarket trading after the company posted record first-quarter results. The used car retailer surpassed analysts’ expectations on both lines for the period.
5. Public image
The New York Stock Exchange welcomes Pershing Square, on Wednesday, April 29, 2026, to celebrate the combined IPO of Pershing Square USA (NYSE: PSUS) and Pershing Square Inc. (NYSE: PS). To honor the occasion, Bill Ackman, Pershing Square Founder & CEO, joined by Lynn Martin, President, NYSE Group, rings the Opening Bell®.
NYSE
Pershing Square founder Bill Ackman’s long-planned entrance into public markets came to fruition yesterday, but it wasn’t as grand of a debut as he might have been hoping for. Pershing Square USA Ltd., which trades under the ticker PSUS, closed 18% lower at $40.90 — well below its IPO price of $50.
Ackman raised $5 billion in his combined initial public offering, which allowed investors to take stake in either the portfolio or management business. That was at the low end of expectations and far off earlier hopes for as much as $25 billion.
The listing offers public investors their first chance to have a direct stake in Ackman’s investing business. Ackman told CNBC yesterday that he planned to hold investors days and an annual meeting similar to those held by Berkshire Hathaway.
The Daily Dividend
— CNBC’s Jonathan Vanian, Annie Palmer, Jordan Novet, Jennifer Elias, Jeff Cox, Kevin Breuninger, Matt Peterson, Sam Meredith, Spencer Kimball, Michael Wayland, Yun Li and Sarah Whitten contributed to this report.
Davis Giangiulio assisted in the production of this newsletter. Josephine Rozzelle edited this edition.
