GoKawiilThis is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Thursday. I'm back after a long weekend in California and at the Coachella Valley Music & Arts Festival, where I saw music tourism play out first-hand. Stock futures are slightly higher this morning. The three major indexes are coming off a mixed day. Here are five key things investors need to know to start the trading day:
1. Economic consequences
The Indian-flagged tanker Jag Vasant, carrying liquefied petroleum gas (LPG) after transiting through the Strait of Hormuz amid the ongoing conflict in the Middle East, is seen docked at an offloading terminal along the coast in Mumbai, India, on April 1, 2026. Nurphoto | Nurphoto | Getty Images
2. Snack attack
In this photo illustration, a bottle of Pepsi is displayed on Oct. 9, 2025 in San Anselmo, California. Justin Sullivan | Getty Images
PepsiCo 's first quarter earnings report this morning delivered an earnings and revenue beat. But the company's strong performance wasn't driven by its iconic beverages: It was fueled by its snacks. The company's food business in North America saw an increase in volume for the first time in two years after it cut prices on items such as Lay's, Doritos and Cheetos in February. Pepsi's North American beverage business, meanwhile, saw volume drop 2.5%. Don't miss Pepsi CEO Ramon Laguarta on CNBC's "Squawk on the Street" today at 10:15 a.m. ET. Watch live on CNBC or CNBC+ here.
3. Field trip
Jerome Powell, chairman of the US Federal Reserve, during a moderated conversation at Harvard University in Cambridge, Massachusetts, US, on Monday, March 30, 2026. Mel Musto | Bloomberg | Getty Images
Investigators from U.S. Attorney for the District of Columbia Jeanine Pirro's office visited a Federal Reserve construction site on Tuesday, according to a note from a Fed attorney viewed by CNBC. The investigators arrived without advanced notice and requested a tour, Robert Hur, the attorney, said. As CNBC's Matt Peterson reports, Pirro is facing mounting pressure to show her office's controversial probe of Federal Reserve Chair Jerome Powell has teeth. A judge last month blocked prosecutors' effort to subpoena the Fed as part of the investigation, which focuses on the central bank's ongoing renovation. President Donald Trump, meanwhile, threatened to fire Powell if he stays on as a governor after his stint as chair is up. While Powell's term leading the Fed expires next month, his term on the Board of Governors lasts for two more years.
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