A customer holds up the new orange-colored iPhone 17 Pro Max smartphone inside an Apple retail store in Chongqing, China, on September 19, 2025. Cheng Xin | Getty Images News | Getty Images
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. FAANGs out
2. Federal frights
United Airlines CEO Scott Kirby, joined by U.S. Vice President JD Vance and Transportation Secretary Sean Duffy, speaks to reporters outside the White House on Oct. 30, 2025 in Washington, D.C. Kevin Dietsch | Getty Images News | Getty Images
Competitors Delta Air Lines , United Airlines and American Airlines came together yesterday to call for an end to the federal government shutdown, which is now on its 31st day. Lobbying group Airlines of America, of which all three carriers are members, joined a roundtable with Vice President JD Vance and Transportation Secretary Sean Duffy at the White House yesterday. U.S. air traffic controllers missed their first full paychecks this week because of the closure. Delta urged the Senate to "immediately pass a clean continuing resolution," saying in a statement, "Missed paychecks only increases the stress on these essential workers, many of whom are already working mandatory overtime to keep our skies safe and secure." Meanwhile, the Chamber of Commerce reported that government contractors are cumulatively losing about $3 billion for each week of the shutdown. The Congressional Budget Office warned earlier this week that the closure has already wiped out at least $7 billion in gross domestic product by the end of next year.
3. Exxon's sales scare
FILE: A Chevron Global Technology Services Company logo is seen at an administrative office in Caracas on November 29, 2022. Yuri Cortez | AFP | Getty Images
Chevron exceeded Wall Street's expectations on both lines this morning. The Houston-based company also posted a record daily production of 4.1 million barrels in its third quarter, lifted by its acquisition of Hess. On other other hand, Exxon Mobil reported third quarter revenue that missed analysts' forecast. The energy company said its net income fell 12% to $7.55 billion in the period. Don't miss Exxon Mobil CEO Darren Woods on CNBC's "Squawk Box" in 8 a.m. ET hour, followed by Chevron CEO Mike Wirth on "Squawk on the Street" at 9:15 a.m. ET. Watch CNBC live on TV, CNBC Pro or CNBC+.
4. Ghost chips
The Honda NSX car is pictured at the Tokyo Motor Show in Tokyo. Charly Triballeau | AFP | Getty Images
Car makers are preparing for a new nightmare scenario: a potential shortage of auto semiconductor chips. At the heart of these concerns is a company called Nexperia, a chip supplier owned by a Chinese company that was taken over by the Dutch government last month. China responded by blocking exports of Nexperia's products, leading automakers to set up "war rooms" to monitor the situation and Honda to reduce production. U.S.-listed shares of Stellantis also tumbled around 9.5% yesterday after the Jeep and Dodge parent warned it was facing one-off costs. The charges overshadowed what was otherwise a fairly positive third quarter for the automaker.
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5. Trick or treat
Hershey's chocolate bars and Hershey Co. Reese's brand peanut butter cups at a store in Crockett, California, on Dec. 9, 2024. David Paul Morris | Bloomberg | Getty Images
Rising chocolate prices may be leaving lovers of the sweet treat feeling sour. They're up close to 30% since last Halloween and almost 78% over the last half decade, according to data from Circana and the Bureau of Labor Statistics. As CNBC's Luke Fountain reports, chocolate may be loosing its luster thanks to sticker shock and the rise of cheaper, trendier alternatives. Circana found chocolate made up 44% of Halloween candy sales this year, down from 52% in 2024.
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