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Nasdaq |
23,639.08 |
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S&P |
6,967.38 |
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Dow |
48,535.99 |
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10-Year |
4.256% |
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Bitcoin |
$74,345.51 |
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CarMax |
$41.65 |
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*Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean. |
- Markets: Stocks did an impression of Rory McIlroy at the Masters and landed on the green yesterday, as optimism for a truce in Iran grew. CarMax wasn’t as fortunate, imploding by 15% after investors dismissed its plan to cut prices to boost dreary sales.
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Markets Sponsored by Avalara
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This tax season has the vibe of sneaking into your sister’s closet to borrow the sparkly top she says she loves, but never wears: It might be wrong, but how is she going to find out? As the Trump administration continues to chip away at the IRS’s resources, tax professionals say they are seeing more and more filers who are willing to fudge their numbers, in hopes that the agency will be too understaffed to catch them. On one hand, they’re kind of right. In a pivot from his first-term goals, President Trump has zeroed in on thinning out the IRS during his second term:
- The IRS started 2025 with 102,000 employees. After cuts to probationary workers (those who have been there for less than a year) and buyouts, the IRS ended the year with about 74,000.
- The White House has also snatched back nearly $54 billion of the promised $79.4 billion from the 2022 Inflation Reduction Act to enforce the tax code over the next 10 years.
Tax pros have raised concerns that defunding the IRS—especially its enforcement arm—would kneecap already declining audits of complex cases and high-income individuals. Audits have already been declining for over a decade. Last year, the IRS completed 497,541 audits, a historic low and a huge slide from an average of 1.7 million per year from 2010–2012. Partnership audits (which inspect private equity firms) and audits of Americans making $10 million or more declined last year, too. This could have a big impact on the US’ bottom line: While IRS budget cuts may have freed up an estimated $46 billion in federal spending over the next decade, they could also lead to a loss of $643 billion in revenue collections, according to The Budget Lab at Yale, a nonpartisan group. How’s this year looking? Refunds are slightly up—just not as much as people anticipated. A number of new deductions from Trump’s One Big Beautiful Bill have increased the average refund check by 11% from last year to $3,462. But Americans still feel like they are paying too much.—MM |
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From 100% upfront tuition coverage to comprehensive medical, dental, and vision coverage, paid parental leave, and stock in the company, Starbucks benefits support partners in every part of life. That’s why Starbucks calls all employees partners: because when Starbucks succeeds, everyone succeeds. See Starbucksbenefits.com for eligibility details. |
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  Lebanon and Israel held talks in DC. The two countries engaged in their first direct diplomatic dialogue in more than 30 years yesterday, meeting in Washington to lay the groundwork for future negotiations as Israeli strikes in Lebanon—where Iran-backed Hezbollah is based—have displaced more than 1 million civilians, per the UN. Hezbollah has said it will not abide by any agreements reached between Israel and Lebanon. Meanwhile, several Iran-linked ships appeared to pass through the Strait of Hormuz yesterday, though the US said no ships got through its blockade on Iranian ports. With a ceasefire barely holding, Iran and the US could reportedly meet for another round of in-person talks as soon as this week, and not a moment too soon: Citadel CEO Ken Griffin said yesterday that a recession is inevitable if the Strait stays closed for the next six to 12 months.
 JPMorgan Chase had a champagne-worthy Q1. Revenue for the biggest bank in the US grew 10% to hit nearly $50 billion for the first three months of the year, smashing Wall Street’s expectations as market volatility and elevated dealmaking generated record hauls for big banks. JPMorgan’s trading fees hit a record high, investment banking fees rose more than those of any other global bank, and M&A advising fees surged by a whopping 82%. Still, the firm slightly revised down its full-year guidance for net-interest income, a central earnings driver. CEO Jamie Dimon said that the US economy is resilient, but “an increasingly complex set of risks” lies ahead, including “geopolitical tensions and wars” and “energy price volatility.” Elsewhere on Wall Street, strong trading also propelled Citigroup to an earnings beat, but Wells Fargo fell short of expectations.
💲 Fed nominee Kevin Warsh would be the wealthiest chair ever. Warsh, President Trump’s pick to succeed Fed Chair Jerome Powell, is worth between $135 million and $226 million, according to financial disclosures released ahead of his nomination hearing next Tuesday. That would make him significantly richer than Powell, who is currently worth between $19 million and $75 million and was considered the wealthiest chair when confirmed in 2018. If Warsh becomes the next chair, he said he would divest from assets that may pose a conflict of interest and resign from other positions he holds. Warsh also disclosed millions of dollars in holdings belonging to his wife, Jane Lauder, heir to the Estée Lauder fortune. Forbes pegs her net worth at $1.9 billion.—ML |
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The States are united and American, so why can’t that be true of an airline? That’s probably what United CEO Scott Kirby said when he recently floated the idea of his company acquiring American Airlines to President Trump, several news outlets reported yesterday. The marriage of the two rivals—which control over 40% of the domestic market—would create the world’s largest airline and take the revenue crown from Delta. But any deal is likely to trigger antitrust alarms. Instead of flying soloKirby reportedly told Trump the tie-up would help the carriers compete on international routes. He previously noted that two-thirds of long-haul seats to and from the US are offered by foreign airlines, while 60% of the flyers are Americans. Plus, American has underperformed rivals in recent years, while United recently said it sees an opportunity to buy airlines buckling from rising fuel prices. Transportation Secretary Sean Duffy appeared to be open to the idea, saying he thinks there’s room for airline consolidation, while adding that any deal would face scrutiny. But you might pay more and have longer layovers: Airline experts warn that American and United no longer competing would push up airfare and reduce passenger choice. Industry observers don’t expect antitrust regulators to approve the deal, unless the airlines divest from overlapping routes, of which there are hundreds.—SK |
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What some consider to be the digital library of Alexandria is in danger of losing valuable scrolls. Major media outlets are blocking the Internet Archive’s Wayback Machine from saving web pages to prevent AI giants from training models on snapshots of old articles. Wired reported that 23 news organizations, including USA Today and the New York Times, are among the 241 sites denying Internet Archive’s web crawler access to their articles. It’s not personal—some outlets still use the Archive in their reporting—it’s about the looming threat of AI:
- Tech companies can skirt copyright laws by using the Wayback Machine as a workaround for training language models on their content (including recipes, probably).
- Mark Graham, the director of the Wayback Machine, emphasizes that the digital archive has controls to limit abuse of AI automation and prevent large-scale data extraction.
Publishers can archive their material, but a third party maintains a more incorruptible version of stories that can hold outlets accountable when it’s revised after publication. Nothing new: Last year, Reddit barred the Wayback Machine from data scraping for similar AI concerns. The archive also lost a slew of information when federal government websites were deleted. Still working: Graham is reportedly in talks to regain access to the material, while more than 100 media workers signed a letter supporting Wayback.—DL |
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Jolene may have won the battle, but Dolly has won the war. According to a survey by UMass Lowell and YouGov, Dolly Parton is by far the most popular person among a group of 20 major global figures:
- 70% of Americans have a favorable opinion of the 11-time Grammy winner, while only 5% have an unfavorable impression, giving Parton a net favorability of 65%.
- Barack Obama and Volodymyr Zelensky placed a distant second and third, with 14% and 12% net favorability, respectively.
The Guardian attributes Parton’s popularity in part to staying out of politics. “I’ve got as many Republican fans as Democrats, and I don’t want to make any of them mad at me,” she said in 2017.—AE |
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Going, going, global  . Trusted by 200k+ businesses operating across 75+ countries, Avalara helps teams scale globally without needing to master local tax rules alone. It applies 60k+ continuously updated regulatory rules automatically and integrates seamlessly with 1,400+ business systems and platforms. Like the sound of those numbers? Learn more here. |
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- Amazon is buying satellite company Globalstar for $11.6 billion, in a bid to expand its Leo satellite internet provider to compete with SpaceX’s Starlink.
- Boeing delivered more jets than rival Airbus in Q1, continuing its comeback after also besting Airbus in planes sold in 2025.
- Netflix co-CEO Ted Sarandos reportedly met with theater owners at CinemaCon this week as the streaming giant mulls putting more of its movies in cinemas.
- Grok, Elon Musk’s AI bot, is still generating sexualized deepfakes of people without their consent, according to an NBC News review.
- Dianna Russini, a prominent NFL reporter for The Athletic, resigned yesterday, less than a week after photos were published of her and New England Patriots coach Mike Vrabel at an Arizona resort.
- The Pittsburgh Post-Gazette was saved from shutting down by the nonprofit Venetoulis Institute for Local Journalism, which also publishes the Baltimore Banner.
- Timothée Chalamet actually boosted opera ticket sales after the A-list actor’s viral critique of the art form last month, the head of the UK’s Royal Ballet and Opera said.
- Rolls-Royce introduced an invite-only, ultraluxury $3.5 million car. Ours must have gotten lost in the mail.
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Word Search: This week’s puzzle could be called a love letter to the Midwest…or a test of whether you can tell the difference between North Dakota’s silhouette and Kansas’s. Play the Word Search here. US triviaWhat is a characteristic shared by Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, and Wyoming (and no other states)? |
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 Share the Brew, watch your referral count climb, and unlock brag-worthy swag. Your friends get smarter. You get rewarded. Win-win. Your referral count: 0 Click to Share Or copy & paste your referral link to others:
morningbrew.com/r/?kid=eaab23a8 |
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They don’t have a state personal income tax of any kind. Happy Tax Day! Word of the Day Today’s Word of the Day is: municipalities, meaning “defined areas, like cities or towns, with their own local governments.” Thanks to Jonathan from Lancaster, PA, for the suggestion. Submit another Word of the Day here. |
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✳︎ A Note From iShares by BlackRock 1 Source: Morningstar as of 1/28/2026, based on assets under management. Visit www.iShares.com to view a prospectus, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing. Investing involves risk, including possible loss of principal. Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in the value of debt securities. Credit risk refers to the possibility that the debt issuer will not be able to make principal and interest payments. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, and its return and yield will fluctuate with market conditions. The Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”). BLACKROCK and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. [MKTG0226-5217840-EXP0227] |
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