Good Friday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with David Faber,

live at Post 9, as always, of the New York Stock Exchange. Carl has the morning off. Coming up this hour,

we will talk about the jump for the major averages from the Iran War lows and more strength

this morning on this news

out of the Strait of Hormuz.

Plus, much more on Netflix results in the quarter

as the stock pulls back hard

after earnings missed

and Chairman Reid Hastings announces

he will leave the board in June

down more than 9%.

And it's another Supreme Court opinion day.

We are awaiting a potential decision this hour on President Trump's authority to fire Fed Governor Lisa Cook. Of course, we'll bring that to you any headlines as soon as we get them, if we get them. But David, I wanted to kick it off with the consumer, as we often do, because we now know how tax returns are looking and tax

refunds are looking, and they are up. And this was expected because of the changes in the

one big, beautiful bill and the, you know, the fact that money is going to get returned to people.

So we do have some numbers and some charts. So here's look, 2026. It's the top line.

And you can see we're tracking a lot higher than we have been in recent years.

So they're up 14% year over year at this point.

You know, how that compares to expectations, Morgan Stanley actually expected a lot more, 15 to 25% increase.

They're the ones we took the chart from,

but the average refund is up 11%. So that's $346 per return. About 75% of refunds are normally paid out by

now. So that gives you a good sense of where we're tracking. It should be good. It should be

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