GoKawiilThis is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Thursday. Fans of Starbucks ' Refreshers are in luck: The coffee chain will start testing sparkling versions called "spritzers" in select markets. Stock futures are higher this morning. The market is coming off a down day yesterday. Here are five key things investors need to know to start the trading day:
1. A not-so-midsummer night's dream
Federal Reserve Chair Kevin Warsh speaks during a news conference at Federal Reserve Headquarters on July 29, 2026 in Washington, DC. Win McNamee | Getty Images
Signage outside the Meta store in Burlingame, California, US, on Monday, July 27, 2026. Meta Platforms Inc. is scheduled to release earnings figures on July 29. David Paul Morris | Bloomberg | Getty Images
Shares of Meta Platforms are 10% lower before the bell after the Facebook parent missed Wall Street's earnings estimates and gave a weaker-than-expected revenue forecast for the current quarter. The company also reported a drastically shrinking free cash flow as it spends big on artificial intelligence infrastructure. Megacap tech peer Microsoft , on the other hand, fared much better after reporting its quarterly results. Shares are more than 9% higher after the company beat analysts' revenue expectations and said it is increasing capital spending, citing demand. Up next: Apple and Amazon , which report earnings after the bell.
3. Striking back
A woman and a child walk past Iranian-made Zolfaghar missiles displayed at Azadi Square in Tehran on July 24, 2026. Afp | Getty Images
Tehran threatened fresh retaliation this morning after the U.S. attacked dozens of Iranian military targets. U.S. Central Command called its Wednesday-night strikes a "powerful response" to Iran's attempted attack on American forces in the Middle East. Iran's Revolutionary Guard reportedly warned that countries assisting Washington would also "receive a harsh response" and maintained it is in "full control" of the Strait of Hormuz, where tanker traffic has largely halted. Oil prices are lower this morning after Brent crude futures surged nearly 8% yesterday.
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4. Who's afraid of lettuce old me?
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