S&P 500's all-time high, investigators visit the Fed, Allbirds' rebrand and more in Morning Squawk

This morning's stock market outlook shows a slight uptick in futures as investors gear up for a new trading day. The major indices are coming off a mixed performance, but optimism remains high with significant developments unfolding. The ongoing conflict in Iran has everyone from politicians to business leaders pondering its economic repercussions. Nevertheless, investors seem to be maintaining a focus on potential peace negotiations, evidenced by two stock market indices reaching all-time highs yesterday. In corporate news, PepsiCo reported its first-quarter earnings today, surpassing expectations in both revenue and profit. Interestingly, the company's growth was primarily driven by its snack division rather than its traditional beverage line. Following a price reduction on popular items like Lay's and Doritos, the North American food segment experienced a volume increase for the first time in two years, while beverage sales saw a decline of 2.5%. Don't miss CEO Ramon Laguarta's appearance on CNBC's “Squawk on the Street” at 10:15 a.m. ET today. In a surprising turn of events, investigators from the U.S. Attorney's office visited a Federal Reserve construction site, reportedly without prior notice. This visit comes amid scrutiny of the ongoing investigation into Federal Reserve Chair Jerome Powell and the bank's renovations. A previous attempt by prosecutors to subpoena the Fed was blocked by a judge last month, intensifying the pressure on U.S. Attorney Jeanine Pirro to justify her office's actions. Meanwhile, Amazon sellers have taken a stand against the company's recent policy changes. Hundreds participated in a 24-hour boycott of Amazon's advertising platform, protesting a new 3.5% fuel surcharge that they argue is impacting their profitability. This protest was organized by the Million Dollar Sellers community, which collectively accounts for approximately $14 billion in revenue. In a bold strategic shift, Allbirds has announced a rebranding to NewBird AI, pivoting its focus toward artificial intelligence. The company is set to raise up to $50 million in funding, reflecting a significant transformation after closing its full-priced stores and planning to sell its intellectual property. Following the announcement, Allbirds' stock surged nearly 600% before experiencing a pullback of over 20% this morning. Finally, in other market news, live cattle futures have also reached record highs this week, raising concerns for consumers looking forward to summer barbecues. As these developments unfold, investors are encouraged to stay informed and prepared for potential market shifts.