GoKawiilThis is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Good morning, and happy Tax Day. As of last week, the average tax refund this year is more than 10% higher than the same time a year ago, according to IRS data. S&P 500 futures are little changed this morning after the index posted its ninth positive session in 10 yesterday. Here are five key things investors need to know to start the trading day:
1. On a roll
Traders work on the floor of the New York Stock Exchange. NYSE
2. Trading up
Brian Moynihan, CEO of Bank of America, speaking on CNBC's Squawk Box at the World Economic Forum in Davos, Switzerland on Jan. 20th, 2026. Oscar Molina | CNBC
Bank of America and Morgan Stanley continued banks' positive earnings season this morning. Shares of Bank of America rose 1.2% in premarket trading after the company beat expectations on both lines and reported its highest earnings per share figure in nearly 20 years, boosted by strong equity sales and trading. CEO Brian Moynihan will join CNBC's "Squawk on the Street" at 10:15 a.m. ET. Watch live on CNBC+ or the CNBC Pro stream. Morgan Stanley also topped analysts' estimates, sending its shares nearly 3% higher before the bell. The bank said revenue rose 16% from the same time a year ago, thanks to gains in its trading, investment banking and wealth management units.
3. Chipping in
Broadcom CEO Hock Tan speaks at the digital X event in Cologne, Germany, on Sept. 13, 2022. Ying Tang | Nurphoto | Getty Images
Shares of Broadcom rose more than 3% in extended trading after Meta announced an expanded partnership with the chipmaker yesterday. The agreement included a commitment by Meta to deploy 1 gigawatt of its custom AI chips that are supported by Broadcom technology. The companies also announced Tuesday that Broadcom CEO Hock Tan will not seek re-election to Meta's board and will instead transition to an advisor role. Meta revealed new versions of its in-house Training and Inference Accelerator chips last month. As CNBC's Katie Tarasov and Jordan Novet note, hyperscalers have been building their own alternatives to the expensive and constrained chips from Nvidia and AMD .
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