Jensen Huang, chief executive officer of Nvidia Corp., during the US-Saudi Investment Forum at the Kennedy Center in Washington, DC, US, on Wednesday, Nov. 19, 2025. Stefani Reynolds | 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. No bubble, no trouble?
2. Walmart's win
Sign at the entrance to a Walmart in Venice, Florida. Erik Mcgregor | Lightrocket | Getty Images
Walmart beat analysts' expectations on both lines this morning and raised its outlook for the second straight quarter, boosted by strength in its e-commerce business and new customers. CFO John David Rainey told CNBC that Walmart won over "value-seeking" customers from varying income brackets. While the company saw an impact from the SNAP pause during the government shutdown, Rainey said the retailer is seeing a "rebound" as funds begin to be distributed again. CNBC reported yesterday that Walmart is in talks to acquire R&A Data, an Israeli startup that monitors online marketplaces for scams and counterfeits. Two months ago, a CNBC investigation found Walmart over time loosened its controls for vetting online sellers and products to better compete with Amazon.
3. Fed feuds
Jerome Powell, chairman of the US Federal Reserve, during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, Oct. 29, 2025. Al Drago | Bloomberg | Getty Images
Federal Reserve officials were divided over whether to cut interest rates at last month's policy meeting, minutes released yesterday showed. The report also threw cold water on hopes for another rate cut at the central bank's December meeting: "Many" of the officials, according to the minutes, said no more cuts are needed this year. Meanwhile, Trump once again took aim at Fed Chair Jerome Powell yesterday, saying "I'd love to fire his ass." The president urged Treasury Secretary Scott Bessent to "work on" Powell to lower rates. We're awaiting September's jobs report due out this morning after it was delayed by the government shutdown. The Bureau of Labor Statistics said yesterday that October's nonfarm payrolls won't include an employment rate because the data "could not be collected" during the shutdown.
3. Epstein bill
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