GoKawiilThis is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Tuesday. It's the first day of the Federal Reserve policy meeting, but don't get too excited: The interest rate decision won't come until tomorrow. Stock futures are in the red following a losing day on Wall Street. Here are five key things investors need to know to start the trading day:
1. Cutting losses
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, US, on Friday, March 27, 2026. Michael Nagle | Bloomberg | Getty Images
US President Donald Trump speaks at the National Medal of Honor Museum in Arlington, Texas on Sept. 10, 2026. Brendan Smialowski | AFP | Getty Images
President Donald Trump on Monday fiercely dismissed calls for an AI slowdown. In a salvo of social media posts, the president repeatedly called pushback to AI and data centers a "hoax" and "scam," at one point taking a swipe at Anthropic CEO Dario Amodei. Trump said the reason for the outpouring of AI concerns "is because the United States is leading, by a lot, every other country." He called Jensen Huang as the Nvidia CEO was speaking at a summit yesterday and reiterated his view that the backlash to the technology and data centers is a hoax. Meanwhile, Microsoft posted a provisional code of conduct that would place restrictions on its future AI models. The move comes after leading AI firms Anthropic and OpenAI — both of whose models are incorporated into Microsoft's Copilot assistant — called for a slowdown in the advancement of AI.
3. Fee fate
Brian Moynihan, CEO of Bank of America, speaking to CNBC from Aspen, Colorado, Aug. 5, 2026. CNBC
Bank of America CEO Brian Moynihan warned analysts yesterday that investment banking fees would likely fall by more than 10% in the third quarter compared with a year prior. That would mark a steep reversal from the 50% growth the bank reported in its second quarter. Moynihan cited Dealogic data that he said shows that the investment banking market has slid 10% across the board. Because Bank of America is "not as well positioned" as competitors that have "more activity," he said, the bank will probably end up down "a bit more than that." As CNBC's Hugh Son and Ritika Shah write, Moynihan's weak outlook could be a sign that the AI-driven advisory and trading boom on Wall Street is waning. Bank of America shares tumbled just over 5% in Monday's session.
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4. Power plays
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