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This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Tuesday, and happy belated birthday to the bull market, which officially turned four yesterday. As CNBC's Sarah Min writes, it might have a harder time making it to its next birthday. Stock futures are mixed this morning after the S&P 500 kicked off the week with a muted session. Here are five key things investors need to know to start the trading day: 1. Too big to fail? Big banks kicked off the new earnings season this morning, and investors were in for a surprise. JPMorgan Chase posted results that were short of estimates on both the top and bottom lines — a rare earnings miss for the largest U.S. bank by assets. Here's what to know: - The weaker-than-expected numbers from JPMorgan stemmed in part from weaker fixed income trading revenue, as well as expenses that outpaced revenue in the third quarter. CEO Jamie Dimon said trading and investment banking activity in its Wall Street unit "did moderate somewhat." - JPMorgan shares initially fell more than 3% in premarket trading. The stock pared its losses after the bank hiked its net interest income guidance for 2026. - Goldman Sachs, on the other hand, reported a massive revenue beat driven in part by a 72% jump in equities trading revenue from a year ago. - Goldman said its $1.65 billion in advisory revenue during the quarter is a record for the bank. Shares jumped over 3.5% before the bell. - Meanwhile, Wells Fargo shares are lower after the bank beat earnings expectations but missed on revenue. CEO Charlie Scharf said Wells Fargo's consumers remained resilient despite economic risks of "higher interest rates, higher oil prices and persistent inflation." - Get live coverage of this morning's earnings here. 2. Choice words Despite bipartisan pushback, President Donald Trump didn't back down from his decision to ease regulations on Russian diesel exports yesterday. He wrote on social media that he "made the right choice." Despite the deal, which allows Moscow to supply diesel to the global market for the next six months, Brent crude futures topped $106 per barrel yesterday. Higher oil prices pressured the stock market in yesterday's session, but crude futures are slightly lower this morning at over $104 per barrel. 3. Service delay Delta Air Lines delayed the launch of its nonstop service between Atlanta and Riyadh, Saudi Arabia, following recent attacks on the capital city's airport. Riyadh's King Khalid International Airport remains closed after strikes claimed by Yemen's Iran-backed Houthis killed at least 12 people and wounded hundreds more. The Federal Aviation Administration told U.S. airlines to be cautious when flying in or around the country. As CNBC's Leslie Josephs notes, Delta's route was set to be the first nonstop commercial flight between the U.S. and Saudi Arabia operated by an American airline. Delta CEO Ed Bastian said last week that "safety is going to make the call" when he was weighing whether to go forward with the route as originally scheduled. Instead of beginning later this month, the direct service will now launch in March. 4. Pricing power Meta on Monday debuted Muse Wonder, which it calls its most advanced artificial intelligence model for powering digital assistants. To access the model, users will need to pay for a subscription plan costing at least $20 per month. As CNBC's Jonathan Vanian notes, Muse Wonder's price tag reflects a broader effort by Meta to create AI-focused revenue sources beyond its main ad business. The new model will also be available to coders who pay for the Meta Model API. The company's AI chief Alexandr Wang said in an interview yesterday that Wonder was developed to enhance the capabilities of both "personal and professional" agents. The model also boasts Meta's "strongest safeguards to date" against "cyber misuse," the company said. 5. Deep fried McDonald's is hoping to rule the roost by leaning into chicken and drinks. But as CNBC's Brandon Gomez reports, the chain faces stiff competition. Many of the fast-food chains winning consumer dollars from McDonald's specialize in those two areas, according to data from Consumer Edge. Chick-fil-A, 7 Brew and Starbucks are among the top brands gaining market share among McDonald's customers. Speaking of Starbucks: A spokesperson told CNBC's Jim Cramer yesterday that the coffee chain is "not buying" Chipotle, refuting rumors of a potential acquisition. Shares of Chipotle fell nearly 4% in Monday's session. The Daily Dividend Cleveland Federal Reserve President Beth Hammack said that a restrictive monetary policy position would be appropriate amid concerns that the consumer mindset is becoming focused on inflation. Here's what she told the National Association of Business Economics yesterday: With each passing month, persistently elevated inflation raises the risks of an inflationary mindset becoming entrenched in the economy.Beth HammackCleveland Fed President — CNBC's Hugh Son, Laya Neelakandan, Leslie Picker, Ritika Shah, Kevin Breuninger, Sean Conlon, Spencer Kimball, Leslie Josephs, Jonathan Vanian, Brandon Gomez and Amelia Lucas contributed to this report. Caleigh Keating assisted in the production of this newsletter. Josephine Rozzelle edited this edition.
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