Berkshire Hathaway meeting, Spirit shuts down, Meta's return to court and more in Morning Squawk

As we kick off a new trading week, investors are greeted with a mix of news that could impact the markets significantly. The first major event is Berkshire Hathaway's annual meeting held over the weekend, marking the first since Warren Buffett stepped down from his CEO position. Current CEO Greg Abel took the stage to discuss the company's recent performance and address questions from shareholders, with other top executives joining him. In a significant development, Spirit Airlines has officially ceased operations after failing to secure support from bond investors for a crucial $500 million government bailout. The budget airline's abrupt closure, noted for its iconic yellow planes and budget-friendly service, has resulted in the loss of jobs for approximately 17,000 employees. Spirit has announced it will automatically refund tickets purchased directly through credit or debit cards, while other airlines are taking measures to assist stranded passengers. On the geopolitical front, former President Donald Trump announced efforts to "free" vessels trapped in the Strait of Hormuz in light of ongoing tensions following the Iran war. Though the specifics of this operation remain vague, rising oil prices have already begun to affect stock futures, which are down by more than 200 points or 0.40% ahead of the market opening. Meanwhile, Meta is set to return to court in New Mexico, where it faces allegations regarding child safety on its platforms. The state's attorney general is pursuing approximately $3.7 billion in costs related to the case, which stems from claims that the tech giant failed to sufficiently protect children from predators on its apps. Following a previous ruling against Meta, the upcoming proceedings will determine if the company's practices constitute a public nuisance. Lastly, the trial involving Tesla's Elon Musk and OpenAI's Sam Altman is set to continue this week, with Musk's initial testimony stealing the spotlight during the trial's first week. Additionally, discussions surrounding the potential leadership of the Federal Reserve are heating up, as nominee Kevin Warsh has drawn mixed reactions from former Fed officials regarding his views on central bank independence. Stay tuned for further updates as the week unfolds.