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Happy Thursday. I just returned from a long weekend in California. At the Coachella Valley Music & Arts Festival, we’ve seen firsthand how music tourism is developing.
Stock futures are up slightly this morning. The three major indexes had a mixed day.
Here are five important things investors need to know to start their trading day.
1. Economic impact
On April 15, 2026, the Greek-flagged crude oil tanker Asahi Princess gets ready off the coast of Syria’s Baniyas port refinery on the Mediterranean coast. Iraq has started exporting crude oil via tanker trucks via Syria, the Iraqi Ministry of Oil announced, as officials said oil revenues fell by more than 70% last month compared to February.
Bakr Alkasem | AFP | Getty Images
Everyone from politicians to business leaders is trying to assess the economic impact of the Iran war. But investors still appear to be looking beyond the conflict to a peace deal, with two major stock indexes hitting record highs yesterday.
Here’s what you need to know:
of S&P500 and Nasdaq Composite Oil prices remain a major factor in the economic disruption caused by the war, and its effects are likely to be felt particularly acutely in Europe. The head of the International Energy Agency said this morning that Europe could run out of jet fuel within six weeks. At least nine oil tankers have passed through the Strait of Hormuz this week, but tanker traffic on Tuesday was still 90% lower than the day before the war began. The war has caused up to $58 billion worth of damage to energy infrastructure, according to estimates by consulting firm Rystad. World Bank President Ajay Banga yesterday warned that the economic turmoil will last for months. The same applies after the Strait of Hormuz shipping lanes are reopened. Follow live market updates here.
2. Snack Attack
This photo illustration shows a Pepsi bottle on display in San Anselmo, California on October 9, 2025.
Justin Sullivan | Getty Images
pepsico‘s first-quarter earnings report, released this morning, showed higher profits and revenue. But the company’s strong performance wasn’t driven by its iconic beverages, but by its snacks.
The company’s North American food business saw its first increase in sales volume in two years after cutting prices on products such as Lay’s, Doritos and Cheetos in February. Meanwhile, Pepsi’s North American beverage business saw sales volume decline 2.5%.
Don’t miss Pepsi CEO Ramon Laguarta’s appearance on CNBC’s “Squawk on the Street” today at 10:15 a.m. ET. Watch live coverage on CNBC or CNBC+ here.
3. Field trip
Federal Reserve Chairman Jerome Powell during a moderated conversation at Harvard University on Monday, March 30, 2026, in Cambridge, Massachusetts, USA.
Mel Musto | Bloomberg | Getty Images
Investigators from U.S. Attorney Jeanine Pirro’s office in the District of Columbia visited the Federal Reserve’s construction site on Tuesday, according to a memo from Fed lawyers seen by CNBC. Lawyer Robert Herr said the agents arrived unannounced and requested an inspection.
As CNBC’s Matt Peterson reports, Pirro is under increasing pressure to show he has teeth in his office’s controversial investigation into Federal Reserve Chairman Jerome Powell. A judge last month blocked prosecutors’ efforts to subpoena the Fed as part of an investigation focused on the central bank’s ongoing overhaul.
Meanwhile, President Donald Trump has threatened to fire Powell if she remains governor after her term as speaker ends. Mr. Powell’s term leading the Federal Reserve expires next month, but he will remain on the board for two more years.
4.Buy and sell
Amazon.com Inc. announced on Tuesday that it plans to close its Amazon Ireland corporate office in Dublin, Ireland on October 28, 2025, cutting the company’s global workforce by up to 14,000 jobs and seizing opportunities presented by artificial intelligence (AI).
Damien Eagers | Reuters
I’ve written about the Amazon employee strike before. But yesterday it was Amazon sellers who protested the e-commerce giant’s policies.
Hundreds of Amazon’s largest sellers have boycotted the advertising platform in protest of recent changes, including a 3.5% fuel surcharge that sellers say is hurting profits. The 24-hour boycott was organized by Million Dollar Sellers, a community that generates approximately $14 billion in revenue.
Seller Michael Patron summed up seller sentiment in an X post, writing: “Margins are running out.”
5.AI bird
A sign on the facade of the Allbirds shoe company on August 25, 2025 in Walnut Creek, California.
Smith Collection | Archive Photos | Getty Images
Allbirds is making a big change. The struggling shoe brand announced yesterday that it would shift its focus to artificial intelligence and change its name to NewBird AI.
The company has announced a deal to raise up to $50 million, which is expected to close in the second quarter of this year. The surprising news comes after Allbirds closed all of its full-price stores earlier this year and announced last month that it would sell its intellectual property and assets.
The news sent penny stocks soaring nearly 600% in yesterday’s trading, to just under $17 per share. But before the bell this morning, the stock had fallen more than 20%.
daily dividend
It wasn’t just the S&P 500 that broke records yesterday. Live cattle futures hit a record high this week, a bad omen for shoppers looking forward to grilling hot dogs and hamburgers this summer.
—CNBC’s Sean Conlon, Lisa Kairay Hung, Jeff Cox, Soda Baimiya, Kevin Browninger, Spencer Kimball, Amelia Lucas, Matt Peterson, Annie Palmer, Laura Murti and Gabriel Fontrouge contributed to this report.
Davis Giangiulio helped produce this newsletter. Josephine Rozzelle edited this version.
