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This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Friday. The U.S. launched 60 more trade investigations last night, as the Trump administration continues to look for ways to replace the president's now-overturned duties. The new probes focus on forced labor trade practices. Stock futures are higher this morning after a negative session. Here are five key things investors need to know to start the trading day:
1. Strait talk
A foreign tanker carrying Iraqi fuel oil damaged after catching fire in Iraq's territorial waters, following unidentified attacks that targeted two foreign tankers, according to Iraqi port officials, near Basra, Iraq, March 12, 2026. Mohammed Aty | Reuters
2. Cutting it close
US Federal Reserve Chair Jerome Powell speaks during a press conference at the Federal Reserve Board Building in Washington, DC, on Jan. 28, 2026. Saul Loeb | AFP | Getty Images
Hopes for interest rate cuts this year are dwindling, as the Iran war raises both energy prices and inflation concerns. Before the conflict erupted nearly two weeks ago, traders were expecting the Federal Reserve to cut rates by a quarter percentage point in June and September, with possibly a third reduction before the end of the year. Now, the CME Group's FedWatch tool shows fed funds futures traders anticipate only one cut in December. The Fed is set to issue its next rate decision on March 18, and traders are all but certain the central bank will stay on hold. Market watchers will get another read on inflation at 8:30 a.m. ET with the release of January's personal consumption expenditures price index. Economists are expecting the report, the Fed's preferred inflation gauge, to show headline PCE increased 0.3% month over month and 2.9% annually.
3. C-suite shakeup
Adobe CEO Shantanu Narayen speaks during an interview with CNBC on the floor of the New York Stock Exchange on Feb. 20, 2024. Brendan Mcdermid | Reuters
Shares of Adobe are down more than 7% in premarket trading after the software company said yesterday that its CEO, Shantanu Narayen, will depart once his successor has been named. The announcement came in tandem with Adobe's first-quarter results, which beat analysts' expectations on the top and bottom lines. The company reported a 12% increase in revenue compared with a year ago and issued better-than-expected guidance for the current quarter. Narayen wasn't the only tech exec to announce a career update yesterday. Rajesh Jha, Microsoft's top Office chief, will retire this summer after a 35-year stint with the company.
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