Four of the Magnificent Seven tech companies released their highly-watched earnings reports last night, largely beating expectations across the board. Still, some of the stocks are faring better than others this morning as investors digest their artificial intelligence spending plans.

Here’s the rundown:

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.

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.

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.

— 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.

The consensus was to keep rates steady as they observed conditions unfold, with officials also expressing concern that the Middle East hostilities could result in sustained inflation that could require rate hikes.

“Most participants commented that it was too early to know how developments in the Middle East would affect the U.S. economy and judged it prudent to continue to monitor the situation and assess the implications for the appropriate stance of monetary policy,” the minutes said.

The March 17-18 meeting came just a weeks after the U.S. and Israel launched an attack on Iran that triggered a surge in energy costs and renewed fears of a spike in inflation. A ceasefire announced Tuesday evening led to a sharp drop in oil, though the durability of the agreement is still highly in question.

In assessing conditions so far, meeting participants said they still expected inflation to continue moving toward the Fed’s 2% target, despite the tumult the war caused. They noted that tariffs remain a threat, though most see the impact of the duties as temporary when it comes to computing inflation.

Chair Jerome Powell said in a recent public appearance that raising rates now to stave off an inflation spike could have negative longer-term effects given the lagged impact of Fed rate moves.

At the same time, officials expressed concern about the labor market, which has been creating enough jobs to keep the unemployment rate steady. However, job growth has come almost exclusively from health care-related sectors, raising concerns about stability and potential for growth.

“The vast majority of participants judged that risks to the employment side of the mandate were skewed to the downside,” the minutes said. “In particular, many participants cautioned that, in the current situation of low rates of net job creation, labor market conditions appeared vulnerable to adverse shocks.”

Markets largely expect the Fed to remain on hold through the rest of the year. However, the ceasefire led traders to raise the odds for a potential cut.
 
Broadly speaking, the economy has showed signs of slowing, causing some on Wall Street to raise their expectations for a recession.
 
Gross domestic product rose at just a 0.7% pace in the fourth quarter of 2025 and is on track for just a 1.3% growth rate in the first quarter of 2026.

S&P 500 futures ticked higher this morning with investors once again hoping for a deal to end the U.S.-Iran war. Axios reported that the U.S. and Iran were considering terms with mediators for a potential 45-day ceasefire. Reuters reported that the two countries have received a plan to establish a ceasefire and reopen the Strait of Hormuz.

Here’s what to know:

Mark your calendars: The Senate Banking Committee will have a hearing on April 16 for Kevin Warsh, Trump’s pick to lead the Federal Reserve, a source familiar with the matter told CNBC.

Both Warsh and a committee spokesperson declined to comment, and the committee has not put the hearing on its public calendar. As CNBC’s Matt Peterson notes, a hearing would come despite a promise by Sen. Thom Tillis, R-N.C., to block the nomination amid the criminal probe of Fed Chair Jerome Powell.

Meanwhile, monetary policymakers got some good news on Friday: nonfarm payrolls blew past economists’ expectations with growth of 178,000 in March. That’s a reversal from the drop of more than 130,000 seen in the prior month.

Apple is celebrating its 50th anniversary. As CNBC’s Jennifer Elias reports, the technology giant — which is also one of the world’s largest publicly traded companies — is facing a host of questions as it enters its second half-century.

The iPhone creator has to plan for succession and maintain its position as a premium brand. On top of that, it’s grappling with difficulties in its supply chain, as the U.S.-China relationship comes under intensifying pressure.

But there’s perhaps no larger question for Apple than its place within artificial intelligence. While the company is seen as relinquishing its multi-year lead on the technology, former Apple insiders said there’s still hope.

OpenAI announced Thursday that it was buying TBPN, the popular technology news podcast that began streaming last year. Terms of the deal were not disclosed.

As CNBC’s Zach Vallese reports, OpenAI CEO Sam Altman has appeared on the podcast multiple times. In a social media post, Altman called TBPN — which is reportedly on track to bring in more than $30 million in advertising revenue this year — “my favorite tech show.” OpenAI said TBPN would operate within its strategy organization and keep its editorial independence.

But as CNBC’s Ashley Capoot notes, the deal can be confusing for a company that appeared to be tightening operations ahead of a potential IPO. As Futurum Group CEO Daniel Newman put it: OpenAI is “chasing vibes a little bit.”

China was once considered a sought-after market for American films. But as CNBC’s Sarah Whitten writes, government content controls and broader Hollywood trends have made the region less desirable.

More than a dozen films grossed over $100 million in China in 2017, but only two flicks have reached that milestone annually over the last several years. That’s due in part to the end of the U.S.-China Film Agreement and the expansion of domestic film production in the Asian country.

That isn’t stopping U.S. studios from taking their works to the world’s second-largest economy. “The Super Mario Galaxy Movie,” “Mortal Kombat II” and “The Devil Wears Prada 2″ are all slated to hit Chinese theaters this year.

Here’s what we’re monitoring this week:

• Tuesday: Levi Strauss earnings (after the bell)
• Wednesday: Delta Air Lines earnings (before the bell); Constellation Brands earnings (after the bell)
• Thursday: Personal consumption expenditures price index for February
• Friday: Consumer price index for March

— CNBC’s Garrett Downs, Sean Conlon, Annie Palmer, Fred Imbert, Spencer Kimball, Matt Peterson, MacKenzie Sigalos, Zach Vallese, Ashley Capoot and Sarah Whitten contributed to this report. Terri Cullen edited this edition.