This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Tuesday. Nothing quite says the holidays are over like the beginning of a new corporate earnings season. Stock futures are ticking lower this morning following a winning day. Here are five key things investors need to know to start the trading day:
1. Turn that frown upside down
U.S. Federal Reserve Chair Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee (FOMC), at the U.S. Federal Reserve in Washington, D.C., U.S., Dec. 10, 2025. Kevin Lamarque | Reuters
2. To their credit
The JPMorgan Chase & Co. building before the ribbon cutting ceremony, at the firm's new headquarters at 270 Park Avenue, in New York City, U.S., Oct. 21, 2025. Eduardo Munoz | Reuters
JPMorgan Chase surpassed analyst expectations on both lines for the fourth quarter, sending shares up around 1% in premarket trading. The bank also said trading revenue came in stronger than forecasted. JPMorgan is one of the first major companies to report earnings in the new year. It precedes fellow financial giants Bank of America , Citigroup , Wells Fargo , Goldman Sachs and Morgan Stanley , all set to share results later this week. Bank stocks, including JPMorgan, are coming off a harsh session after Trump called for a 10% one-year cap for credit card interest rates. As CNBC's Hugh Son reports, industry executives scrambled over the weekend to come up with action plans should Trump's idea — which they see as detrimental to their business models — materialize.
3. Hitting some turbulence
A Delta Air Lines Boeing 737 arrives at Los Angeles International Airport on January 2, 2025 in Los Angeles, California. Kevin Carter | Getty Images
Speaking of earnings: Shares of Delta Air Lines tumbled 5% this morning after the airline posted slightly lower revenue than Wall Street anticipated for the fourth quarter. However, Delta beat earnings per share expectations and projected a 20% profit jump in 2026, citing strong travel demand. "We expect not just a 20% increase in EPS for the year," Delta CEO Ed Bastian told CNBC's "Squawk Box" this morning. "We're expecting a 50% increase in EPS for the first quarter." Bookings have been solid for both leisure and business travel in 2026 so far, according to the Atlanta-based company.
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