Stocks on display at the Nasdaq on Sept. 10, 2025. Danielle DeVries | CNBC
This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Here are five key things investors need to know to start the trading day:
1. Magnificent or not?
2. Don't hold your breath
Television stations broadcast Jerome Powell, chairman of the US Federal Reserve, speaking after a Federal Open Market Committee (FOMC) meeting on the floor of the New York Stock Exchange in New York, US, on Wednesday, Oct. 29, 2025. Michael Nagle | Bloomberg | Getty Images
3. Compromise
U.S. President Donald Trump greets Chinese President Xi Jinping ahead of a bilateral meeting at Gimhae Air Base on October 30, 2025 in Busan, South Korea. Andrew Harnik | Getty Images News | Getty Images
President Donald Trump said he and Chinese leader Xi Jinping reached a trade agreement following their meeting in South Korea — a significant development after months of tension between the two countries. Trump said he would immediately halve fentanyl-related tariffs on China to 10% from 20%. The reduction moves the overall tariff rate on the Asian country down to 47% from 57%. In return, Beijing will restart soybean purchases and make an effort to quell the flow of fentanyl to the U.S. China will also delay closely monitored export controls on rare earth materials for one year, Trump said.
The Chipotle logo is seen in New York City on July 16, 2024. Jakub Porzycki | Nurphoto | Getty Images
Tech stocks aren't the only thing driving the market this morning. Chipotle shares tumbled more than 18% after the fast casual chain missed third-quarter revenue expectations and cut its sales outlook, citing troubles with its younger consumer base. Starbucks , meanwhile, shed around 3% after the coffee chain posted cooler-than-anticipated earnings per share in its fourth quarter. But the chain recorded same-store sales growth for the first time in almost two years and said its coffee delivery business exceeded $1 billion in sales during the fiscal 2025 year. On the brighter side: Restaurant Brands International beat Wall Street forecasts on both lines for the third quarter, boosted by strength in its Tim Hortons brand and international business. Shares popped 3% in premarket trading this morning.
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5. A media marriage?
UNIVERSAL STUDIOS, ORLANDO, FLORIDA, UNITED STATES - 2019/07/18: Comcast sign logo in the wall of a building at Universal Studios. (Photo by Roberto Machado Noa/LightRocket via Getty Images) Roberto Machado Noa | Lightrocket | Getty Images
Comcast beat analysts' estimates for the third quarter this morning despite failing to grow its broadband subscriber base for the fourth straight quarter. Investors will closely monitor executives' call with analysts this morning for any comments on a potential acquisition of competitor Warner Bros. Discovery or some of its assets. Wall Street has cast doubt over the likelihood that Trump would greenlight a Comcast-WBD deal. But people familiar with the matter told CNBC's Alex Sherman that some Comcast executives think these concerns are blown out of proportion or too early to adequately assess. A Comcast spokesperson declined to comment. Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast's planned spinoff of Versant.
The Daily Dividend
Nvidia became the first stock ever to reach a $5 trillion market cap yesterday. Its valuation is roughly equivalent to that of two Amazons, six JPMorgan Chases or 3,311 JetBlues.