This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Thursday. With each passing day of the World Economic Forum, my envy grows for those spending the week in Switzerland. Stock futures are higher this morning. The three major averages are coming off a positive session. Here are five key things investors need to know to start the trading day:
1. Swiss watch
President Donald Trump speaks with CNBC’s Joe Kernen at the World Economic Forum in Davos, Swiztzerland on Jan. 21st, 2026. CNBC
2. Not Cooked yet
Federal Reserve Governor Lisa Cook, accompanied by lawyer Abbe Lowell, looks on outside the U.S. Supreme Court, as Supreme Court justices consider U.S. President Donald Trump's effort to fire her, in Washington, D.C., U.S., January 21, 2026. Nathan Howard | Reuters
The Supreme Court yesterday appeared skeptical of the Trump administration's argument that the president could fire Fed Governor Lisa Cook, indicating that Cook's job could be safe. Justice Brett Kavanaugh told Trump's team that the president's ability to fire Fed governors without judicial review "would weaken, if not shatter, the independence of the Federal Reserve." Justice Samuel Alito, a fellow conservative voice on the bench, said Trump's firing of Cook appeared to be done in a "very cursory manner." Speaking of the Fed: Trump told CNBC yesterday that he was "down to maybe one" candidate to be the next central bank chair. Trump declined to name his favorite.
3. Card declined
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks at the US Chamber of Commerce in Washington, Jan. 15, 2026. Luke Johnson | Bloomberg | Getty Images
Trump called on Congress yesterday to adopt his plan for temporary 10% credit card interest rate caps into legislation. But JPMorgan Chase CEO Jamie Dimon didn't mince words on the proposal, saying at a Davos event that "it would be an economic disaster." Dimon suggested that Trump try out a version of the idea in Vermont and Massachusetts. While Dimon didn't name them, those happen to be the home states of Sens. Bernie Sanders and Elizabeth Warren, who both support a five-year, 10% cap on credit card rates. Dimon also issued a rare rebuke of Trump's immigration reform efforts while in Davos. ″I don't like what I'm seeing," the bank chief said, adding that he wanted details about who was being taken in Immigration and Customs Enforcement raids.
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