This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Thursday. Taco Bell's parent company reported strong same-store sales growth for the chain yesterday, which makes me wonder how much my Crunchwrap Supreme orders contributed. Stock futures are falling this morning. The S&P 500 saw another losing session yesterday. Here are five key things investors need to know to start the trading day:
1. Hard reset
Piotr Swat | SOPA Images | Lightrocket | Getty Images
2. Spending spree
The Google logo is displayed on a building at Google headquarters on Feb. 4, 2026 in Mountain View, California. Justin Sullivan | Getty Images
Alphabet beat Wall Street's fourth-quarter expectations on both lines yesterday. The Google parent's cloud business reported a better-than-expected quarter, though its YouTube advertising totals came in lower than forecast. Alphabet also announced that its capital expenditures spend for this year could be more than double its 2025 total, as the California-based company focuses on building out AI infrastructure. But Wall Street didn't seem to approve: Shares dropped more than 4% in premarket trading this morning. On the other hand, companies who provide AI-related products to Google jumped after it unveiled its bold AI spending plan. Broadcom , which helps Google make the tensor processing units its AI software runs on, climbed as much as 6% in extended trading.
3. Jobs (Wednes)day
A 'now hiring' sign is displayed in a business's window in Manhattan on Jan. 9, 2026, in New York City. Spencer Platt | Getty Images
The Bureau of Labor Statistics said it would release December's Job Openings and Labor Turnover Survey at 10 a.m. ET today, two days after its planned release date. The data was delayed by the short-lived federal government shutdown. Looking ahead, the all-important nonfarm payrolls report for January was pushed to next Wednesday, instead of tomorrow. Data on consumer prices and earnings will also be postponed, according to the BLS. Other labor data this week has offered a bad omen for the forthcoming jobs data. The ADP said yesterday that private companies added fewer jobs than economists anticipated in January. This morning, Challenger, Gray & Christmas reported that January layoffs were the highest for the month since 2009, surging more than 200% from December.
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