Walmart earnings, Fed meeting minutes, Zuckerberg's testimony and more in Morning Squawk

In today's financial landscape, investors are keeping a close eye on several key developments as they prepare for the trading day ahead. Following a strong session for the three major indexes, stock futures have opened lower this morning, signaling a cautious approach among traders. Walmart's shares took a hit, dropping over 2% in premarket trading after the retail giant issued guidance for the current fiscal year that fell short of expectations. This news has raised concerns among investors about the company's future performance. Additionally, the Federal Reserve's recently released minutes from its January meeting revealed a split among officials regarding future monetary policy. While there was general consensus on maintaining the current interest rates, some members suggested that a reduction could occur if inflation continues to decrease as anticipated. Conversely, others voiced skepticism about the necessity of easing rates anytime soon, emphasizing the need for clearer indicators of disinflation. In other news, White House economic advisor Kevin Hassett criticized a recent study from the New York Fed, which suggested that Americans are bearing the brunt of President Trump's tariffs. He dismissed the paper as one of the worst ever produced by the Federal Reserve. FDA Commissioner Marty Makary raised alarms regarding the U.S.'s lag in early-stage drug development compared to China. He advocated for a streamlined process for initiating trials on new treatments and proposed that all medications be available over-the-counter, aside from those that are deemed unsafe or require monitoring. However, this suggestion has sparked pushback within the pharmaceutical industry, with concerns about potential cost increases and access issues for patients. On a more positive note, Moderna announced that the FDA has agreed to review its experimental mRNA flu vaccine, a significant turnaround from the agency's earlier decision to refuse the application. Following this announcement, Moderna's stock surged by approximately 6% in yesterday's trading session. In a landmark social media trial, Meta CEO Mark Zuckerberg took the stand, asserting that increasing user engagement on Instagram was never a primary objective for the company, despite prior indications to the contrary. The trial is seen as a pivotal moment for the social media industry, often compared to the tobacco industry's legal challenges. Tensions rose in the courtroom when the judge warned against the use of smart glasses, highlighting the serious nature of the proceedings. Lastly, United Airlines announced changes to its frequent flyer program, which will now reward fewer miles for basic economy flights unless travelers possess the airline's credit card. This adjustment aligns United with similar changes made by American Airlines and Delta, marking one of the most significant shifts in frequent flyer policies in over a decade. As investors absorb these developments, the Supreme Court may soon provide clarity on the implications of Trump's tariffs, particularly for the furniture industry, which is bracing for the potential fallout regardless of the court's ruling.