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This 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 The stock market battled back from lows in yesterday's session, closing only modestly lower as investors weighed concerns that an artificial intelligence slowdown could be a speed bump for Wall Street. Here's what to know: - The Nasdaq Composite lost just over half of a percentage point after technology stocks regained ground from being down 1% earlier Monday. - AI-linked stocks such as Micron and Nvidia dropped on AI industry fears, but rallies in other pockets of tech such as cybersecurity provided a cushion. - Some investors wrote off the growing chorus of concern around AI, saying the doomsday talk is a political tactic to encourage government regulation. - Stocks also got a boost yesterday when the 10-year Treasury yield backed off from highs not seen in almost three years. But the benchmark note restarted its ascent overnight, hitting its highest level since 2007. - Follow live market updates here. 2. 'Hoax Buster' 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 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. 4. Power plays Ukrainian President Volodymyr Zelenskyy said yesterday that he's open to halting attacks on Russia's energy targets, provided Moscow does the same. Zelenskyy's comment came about an hour after Trump claimed on social media that the two countries had agreed to stop striking one another's energy targets. Trump attributed the recent increase in diesel prices to the Russia-Ukraine war, rather than the U.S. conflict with Iran. Oil prices rose yesterday and are higher again this morning. 5. Spreading out Philadelphia is releasing three new cream cheese flavors today, including Mike's Hot Honey whipped cream cheese, salted caramel and cranberry orange. The 154-year-old brand is expected to launch 10 new iterations over the next two years, a significant ramp-up from its historical average. As CNBC's Amelia Lucas reports, the rollout is part of a broader effort by parent company Kraft Heinz to invest in its brands and get products back into shopping carts. Jerome Drolet, Kraft Heinz's president of taste elevation, said the company has the goal of "creating some excitement" in the cream cheese category, which is dominated by Philadelphia in the U.S. The Daily Dividend In an exclusive interview with CNBC's Annika Kim Constantino, Novo CEO Mike Doustdar discussed the pharmaceutical company's recent rebrand and its strategy in the obesity drug market. See what he said here. — CNBC's Sean Conlon, Samantha Subin, Tobias Burns, Lee Ying Shan, CJ Haddad, Kevin Breuninger, Jordan Novet, Hugh Son, Ritika Shah, Spencer Kimball, Caleigh Keating, Amelia Lucas and Annika Kim Constantino contributed to this report. Josephine Rozzelle edited this edition.
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