This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Wednesday. Or maybe not, if you held U.S. assets amid yesterday's sell-off. S&P 500 futures are little changed this morning. The three major indexes are coming off their worst day in months. Here are five key things investors need to know to start the trading day:
1. Red, white and blues
A trader works as American flags are displayed on the floor of the New York Stock Exchange (NYSE) in New York Michael Nagle | Bloomberg | Getty Images
2. Trump in Davos
Attendees at the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 20, 2026. Chris J. Ratcliffe | Bloomberg | Getty Images
All eyes are on Trump today, as he arrives in Davos, Switzerland for the World Economic Forum. The president, who is making his first in-person visit to Davos since 2020, is scheduled to address the summit at 8:30 a.m. ET. Later, Trump will sit down with CNBC's Joe Kernen for an interview. Watch on CNBC TV or CNBC+. In the run-up to Trump's arrival in Switzerland, other attendees have been making their fair share of headlines. Special Envoy Steve Witkoff told CNBC that he and Trump's son-in-law Jared Kushner will meet with Russian President Vladimir Putin tomorrow. U.K. Chancellor Rachel Reeves meanwhile said the U.S. is still the "closest of allies," despite brewing trade disputes.
3. Technical issues
The Netflix logo is shown on one of their buildings in the Hollywood neighborhood of Los Angeles, Dec. 2, 2025. Mike Blake | Reuters
Netflix narrowly beat expectations on both lines for the fourth quarter, but shares of the company fell 7% overnight as Wall Street compared the results to the streaming giant's reportedly loftier internal targets. Netflix co-CEO Greg Peters said yesterday that investors should think of those goals as "long-term aspirations" rather than a forecast. Peters also said they did not include merger or acquisition impacts — an important caveat given the streamer's accepted bid to acquire Warner Bros. Discovery 's streaming and film studio assets. In other earnings news, United Airlines shares jumped 3% after the air carrier said earnings could hit a record this year. United surpassed earnings per share expectations for the fourth quarter, while revenue came in line with Wall Street's consensus estimate.
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