A trader works at the New York Stock Exchange on Nov. 3, 2025. NYSE
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. Shock value
2. Clean sweep
New York City mayoral candidate Zohran Mamdani reacts during a "New York is Not For Sale" rally at Forest Hills Stadium, in the Queens borough of New York City, U.S., October 26, 2025. Eduardo Munoz | Reuters
It was a big night for Democrats, whose candidates swept key races in New York, New Jersey and Virginia. Self-described democratic socialist Zohran Mamdani will become the next mayor of New York City, NBC News projects, defeating former New York Gov. Andrew Cuomo. More than 2 million New Yorkers turned out to vote in the election, the most since 1969, according to the city's Board of Elections. In New Jersey, Democrat Mikie Sherrill is projected to become the state's next governor. The closely watched race against Trump-endorsed Republican Jack Ciattarelli was seen as a bellwether for the GOP, which made inroads in the state in 2024. NBC News also projects Democrat Abigail Spanberger will become the first female governor of Virginia and Democratic nominee Jay Jones will win the state's attorney general race. Unlike Mamdani, Sherril and Spanberger, Jones was not seen as the betting favorite going into yesterday's election.
3. Drive-thru disappointment
A view of the McDonald's restaurant in Mogilany, Poland on August 1, 2025. Jakub Porzycki | Nurphoto | Getty Images
McDonald's missed Wall Street's third-quarter expectations on the top and bottom lines this morning. The fast-food giant reported $7.08 billion in revenue during the period — a 3% increase from a year ago, but slightly below analysts' $7.1 billion estimate. Despite coming up short, the company's shares rose about 1% before the bell. Indeed, the report wasn't all bad: McDonald's said same-store sales grew 3.6% globally and 2.4% in the U.S. CEO Chris Kempczinski called the results "a testament to our ability to deliver sustainable growth even in a challenging environment." Meanwhile, shares of Cava sank nearly 8% in overnight trading after the fast-casual chain cut its full-year forecast for the second straight quarter.
4. 'AI-washing' layoffs
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