This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Wednesday. When you work in journalism, there's a new surprising story each day. Yesterday, it was about what gold investors can learn from King Henry VIII's reign. S&P 500 futures are rising this morning after a winning day. Here are five key things investors need to know to start the trading day:
1. Decisions, decisions
Federal Reserve Chair Jerome Powell speaks after a Federal Open Market Committee meeting at the Federal Reserve in Washington, D.C., Dec. 10, 2025. Chip Somodevilla | Getty
2. Mug half full
People walk onto an escalator under a Starbucks coffee sign in Manhattan on Dec. 2, 2025 in New York City. Spencer Platt | Getty Images
Starbucks shares surged more than 7% this morning after the coffee chain posted stronger-than-expected revenue for the first fiscal quarter and reported traffic growth for the first time in two years. The company missed analysts' earnings estimates. In a statement, CEO Brian Niccol said the results are a sign that Starbucks' business turnaround plan is working. Same-store sales grew for a second straight quarter, helped domestically by demand for its holiday offerings such as specialty menu items and the viral "Bearista" cup. Later today, all eyes will be on Meta , Microsoft and Tesla when they report earnings after the bell. IBM and ServiceNow will also share their quarterly financial reports this afternoon.
3. Dispatch from DC
A demonstrator holds a placard during a protest against the presence of federal immigration agents after U.S. Border Patrol Commander Greg Bovino was removed from his role, in Minneapolis, Minnesota, U.S., Jan. 27, 2026. Shannon Stapleton | Reuters
Following federal agents' killing of two U.S. citizens in Minneapolis this month, House Democrats said yesterday that they will launch impeachment hearings against Homeland Security Secretary Kristi Noem unless Trump fires her. Democrats are also vowing to oppose funding for the Department of Homeland Security in the wake of the deaths, putting the federal government on the path to a partial shutdown that could start Saturday. Meanwhile Trump, whose administration has in recent days sought to ease its stance on the killings, said yesterday that "we're going to de-escalate a little bit" in Minnesota. The president also said he wanted "a very honorable and honest investigation" into the killing of Alex Pretti, who was fatally shot by federal agents over the weekend.
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