Bank earnings, China Q1 GDP, U.S. tax deadline: 3 things to know

Yahoo Finance Live’s Brad Smith summarizes three key topics to watch for this morning.

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BRAD SMITH: This is "Yahoo Finance Live." Let's get the top three things that you need to start off your morning.

First thing you need to know, another big day for bank earnings. First up, Bank of America. The company's rise in profit was boosted largely by higher interest payments. The bank's net interest income jumping by 25%, matching reported performances seen at JPMorgan and Citi. Deposits at the bank were down after March's banking crisis spooked customers looking to move their cash.

Goldman Sachs was harder hit this quarter, posting an 18% fall in profit. Now, Goldman's revenue is heavily reliant on Wall Street activities, unlike its more diversified rivals who enjoyed boosted income from fixed-income trading. Chairman and CEO David Solomon called the first quarter a real-life stress tests.

All in all, large banks appear to have held up well during March's upheaval, easing worries about the banking systems health.

Second thing that you need to know, China's economy is gaining at a faster-than-expected pace. The country reported its first-quarter GDP rose by 4 and 1/2% year over year, marking the strongest three-month growth span since last year. China's economy is seeing benefits since lifting strict COVID restrictions and easing crackdowns on large tech firms.

Retail sales, they climbed by 10.6% in March, significantly beating expectations. Industrial output and investment, they were also up, although both came in shy of forecasts.

The one troublesome outlier in China's economic report is the near record high unemployment rate among 16- to 24-year-olds. One Macquarie economist speculating that boosting youth employment may be a challenge with several businesses in wait-and-see mode.

And the third thing that you need to know, the playoff season for the IRS, it begins today. Midnight tonight is the official cutoff to file your federal tax returns, but taxes must be paid today, extension or not. If you're cutting it close, we'll have some last-minute tax tips later on in our show that you do not want to miss.

Plus, the IRS has cut down call waiting times and cleared a massive backlog of returns thanks to additional staff. We'll look at what the agency's $80 billion boost in funding means for the taxpayer experience moving forward.