This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Friday. I've spent the last 24 hours going back and forth on whether I need to hop on the "dad shoe" trend. Stock futures are little changed this morning. The major indexes are coming off a down day. Here are five key things investors need to know to start the trading day:
1. Darkest before the dawn?
Blue Owl signage outside the Seagram Building at 375 Park Avenue in the Midtown East neighborhood of New York, US, on Tuesday, Jan. 20, 2026. Bing Guan | Bloomberg | Getty Images
2. Follow the numbers
A customer shops for vitamins in a supermarket in New York on Jan. 22, 2026. Charly Triballeau | Afp | Getty Images
Economic data nerds, rejoice: We're getting December's personal consumption expenditures price index report, also known as the Federal Reserve's favorite inflation gauge, at 8:30 a.m. ET. Gross domestic product, consumer spending and income data are also on the docket for this morning. These reports follow yesterday's data on the U.S. trade deficit, which came in at $901.5 billion for the full 2025 year. As CNBC's Jeff Cox notes, that's a 0.2% decrease from the prior year, despite Trump's broad and steep tariffs. Speaking of tariffs: There's a chance the Supreme Court will rule on the legality of many of Trump's levies this morning. Regardless of when the ruling comes and which way it sides, the court's decision could have big implications for consumers and companies.
3. The retail leader board
A worker delivers Amazon packages in San Francisco, California, US, on Monday, Feb. 2, 2026. David Paul Morris | Bloomberg | Getty Images
There's a new king of the retail jungle by one measure. Amazon dethroned Walmart in quarterly revenue for the first time ever. Walmart said in its earnings release yesterday that it saw $180.5 billion in sales for the fourth quarter, below the $187.8 billion figure that Amazon reported earlier this month. As CNBC's Annie Palmer reports, Walmart has been retail's top quarterly revenue generator since 2012 and still ranks first in annual sales, though Amazon is catching up. Meanwhile, Bath & Body Works announced this morning that it launched an authorized storefront on Amazon. It's the home goods retailer's latest push to hawk products outside of its namesake storefronts.
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