Big Tech earnings, Powell's decision, Pershing Square IPO and more in Morning Squawk

Good morning! As we dive into another trading day, significant developments are unfolding in the financial landscape. Today, Elon Musk is back on the stand in the ongoing legal battle against OpenAI's Sam Altman, following a tense cross-examination yesterday. Meanwhile, stock futures are showing positive movement, recovering from a streak of losses for the Dow Jones Industrial Average. In the tech sector, four of the 'Magnificent Seven' companies released their earnings reports last night, surpassing market expectations. However, investors are carefully evaluating the implications of their artificial intelligence investment strategies as they react to the news. The Federal Reserve made headlines by keeping interest rates unchanged, primarily due to concerns about rising energy prices and geopolitical instability in the Middle East. This decision was met with notable dissent, marking the Fed's most divided vote since 1992. Chair Jerome Powell, in what may be his final press conference as head of the central bank, announced his intention to continue serving as a governor post-term, breaking from past norms. He emphasized the need for transparency regarding the ongoing Justice Department investigation into his conduct. In political news, Kevin Warsh, nominated by Trump to replace Powell, passed a significant Senate committee vote, paving the way for his eventual confirmation. He has indicated potential changes in the Fed's approach to monetary policy if appointed. On the commodities front, Brent crude oil prices have surged to $126, the highest since the onset of the Iran conflict, amidst reports that President Trump is considering military options against Tehran. The administration has reportedly rejected Iran's attempts to negotiate over the Strait of Hormuz, maintaining a blockade until a nuclear agreement is reached. In corporate earnings, Ford surpassed analysts' forecasts, raising its full-year guidance thanks to a $1.3 billion tariff refund following the Supreme Court's overturning of prior tariffs. The automaker's earnings showed remarkable growth compared to last year, despite a drop in wholesale units. Additionally, Carvana's stock rose by 9% in premarket trading as the used car retailer reported record quarterly results, exceeding expectations. Lastly, Bill Ackman's much-anticipated IPO for Pershing Square USA Ltd. debuted with less fanfare than expected, closing down 18% at $40.90, far below its initial price of $50. Ackman managed to raise $5 billion, but the offering fell short of earlier projections. Stay tuned as we continue to update you on these pivotal developments in the financial world.