GoKawiilThis is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Friday. It's Jerome Powell's last day as the chair of the Federal Reserve, marking the end of an era at the central bank. Stock futures are falling this morning. The three major indexes gained yesterday and are on track for a positive week. Here are five key things investors need to know to start the trading day:
1. Back from Beijing
China's President Xi Jinping (R) and US President Donald Trump visit the Temple of Heaven in Beijing on May 14, 2026. Brendan Smialowski | Afp | Getty Images
2. Warm welcome
Andrew Feldman, co-founder and chief executive officer of Cerebras Systems Inc., holds the Wafer Scale Engine 3 AI chip during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, US, on Thursday, May 14, 2026. Bloomberg | Bloomberg | Getty Images
Cerebras shares surged 68% in their Nasdaq debut yesterday, sending the chipmaker's market cap to around $95 billion. It was the U.S. technology sector's largest initial public offerings in years. The stock's surge on Thursday made Cerebras co-founders Andrew Feldman and Sean Lie billionaires, based on their stakes in the company. The day-one surge was also a win for Silicon Valley venture capitalists amid an IPO dry spell. Speaking of going public: Sources told CNBC that SpaceX's IPO prospectus could drop as early as next week. Musk's reusable rocket company is expected to start a roadshow aimed at marketing the deal to investors early next month, according to people familiar with the matter.
3. Round numbers
The Wall Street Bull stands in the Financial District, home to the New York Stock Exchange (NYSE), in Manhattan on March 19, 2026, in New York City. Spencer Platt | Getty Images
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4. Going downhill
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