Jensen Huang, chief executive officer of Nvidia Corp., during a Bloomberg Television interview at the Nvidia AI summit in Washington, DC, US, on Tuesday, Oct. 28, 2025. Kent Nishimura | Bloomberg | 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. Hand over fist
2. Decision day
Jerome Powell, chairman of the US Federal Reserve, during the International Monetary Fund (IMF) and World Bank Fall meetings at the IMF headquarters in Washington, DC, US, on Thursday, Oct. 16, 2025. Kent Nishimura | Bloomberg | Getty Images
The Federal Reserve will announce its penultimate interest rate decision for 2025 at 2 p.m. ET today, and traders see a cut as a foregone conclusion: Fed funds futures are pricing in a 99.9% chance of a 25 basis point cut, according to the CME's FedWatch tool. Still, investors will keep an eye on whether any Fed officials break with the majority, and whether Fed chair Jerome Powell's post-announcement press conference provides any clues into the future path on monetary policy. Respondents to CNBC's October Fed Survey also expressed concern about how the central bank is analyzing the economy with some data on hold thanks to the government shutdown.
3. What's in a name?
Sam Altman, chief executive officer of OpenAI Inc., during a media tour of the Stargate AI data center in Abilene, Texas, US, on Tuesday, Sept. 23, 2025. Kyle Grillot | Bloomberg | Getty Images
OpenAI officially wrapped up its restructuring into a nonprofit yesterday. The startup's nonprofit, now named the OpenAI Foundation, has a controlling stake worth around $130 billion in OpenAI's for-profit business, which is called OpenAI Group PBC. (PBC stands for public benefit corporation.) The buzzy AI startup also confirmed that longtime backer Microsoft holds an investment in the for-profit arm that amounts to $135 billion. As CNBC's Ashley Capoot notes, that's equivalent to about 27% of the company on an as-converted diluted basis. Microsoft is set to report earnings after the bell today, along with Big Tech peers Alphabet and Meta .
4. One month in
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