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This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Friday.
Don't miss Federal Communications Commission Chairman Brendan Carr on "Squawk on the Street" at 11 a.m. ET. Watch live on CNBC or CNBC+.
Stock futures are higher this morning following a losing day for the S&P 500 . Here are five key things investors need to know to start the trading day: 1. Open questions Open AI CEO Sam Altman does a television interview with CNBC's Kate Rooney before delivering the keynote address at the OpenAI developers conference at Fort Mason on September 29, 2026 in San Francisco, California.
Heather Diehl | Getty Images OpenAI told investors that its annualized revenue at the end of September was roughly $18 billion shy of what was previously reported, CNBC confirmed yesterday. The news from one of the most dominant players in the artificial intelligence ecosystem led stocks across the tech sector to slide. Here's what to know: As CNBC's Ashley Capoot and Kate Rooney write, the new details on OpenAI's revenue come as the company faces pressure to justify its enormous valuation ahead of its potential IPO.
Shares of CoreWeave sank nearly 8%, shares of Oracle dropped almost 6% and Nvidia shares fell 3% following the news. Advanced Micro Devices , Broadcom , Intel and Super Micro Computer also all closed lower. The drop in AI names pushed the technology-heavy Nasdaq Composite down more than 1%, its worst day since mid-August.
The index is still close to record levels after hitting fresh all-time highs earlier this week. SpaceX is a bright spot for the tech sector this morning. Shares of the company are climbing after it announced a deal to purchase a nationwide spectrum portfolio as it looks to take on the U.S. telecommunications market.
Follow live market updates here. 2. Political calendar US President Donald Trump during a campaign event at the Freeman Coliseum in San Antonio, Texas, US, on Wednesday, Oct. 7, 2026. Christopher Lee | Bloomberg | Getty Images President Donald Trump said yesterday that the U.S. would not attack Iran before the midterm election on Nov. 3, writing in a post on Truth Social that the two countries were having "productive discussions." As CNBC's Luke Fountain reports, the announcement marked a shift from Trump's comments a day prior, in which he said making a deal with Tehran was "not really something that I wanted to do." Trump said Thursday that the U.S. naval blockade of Iran's ports would "remain in full force and effect" and maintained that the country wouldn't be able to have a nuclear weapon.
Oil prices still finished yesterday's session higher. 3. Squeezed margins Hy Luu sits at the computer in his Houston home office, where he monitors his investments. Daoud Qamar for CNBC Mom-and-pop investors are getting in on Wall Street's stock-borrowing surge.
CNBC's Sean Conlon traveled to Houston, Texas to see how it changed one retail trader's life. Hy Luu has turned to margin investing — the practice of borrowing from a broker to buy securities and using existing investments as collateral — to build out a concentrated Tesla position. When the stock tumbled in 2022, he refinanced the house he shares with his mother to pay down his balance.
Investors are reportedly borrowing record levels of money from brokerages to purchase securities. Experts warn that margin is a double-edged sword: While it can intensify gains, a falling asset can deepen losses seen by shareholders. 4. Turbulence A Delta Connection Republic Airways Embraer E175LR airplane departs from Ronald Reagan Washington National Airport en route to Boston on June 9, 2026 in Arlington, Virginia.
Kevin Carter | Getty Images Delta Air Lines missed Wall Street's earnings estimates for the first time in two years this morning. The airline also cut its full-year profit outlook as high fuel prices from the Iran war continue to weigh on the industry. Airfare prices were up more than 23% from the same time a year earlier, according to inflation data released in September, but Delta CEO Ed Bastian said higher fares haven't deterred travelers.
"We're not seeing any slowdown at all. Our consumer is incredibly resilient," Bastian told CNBC's Phil LeBeau this morning. Shares of the company are about 2% lower before the bell. 5.
Chip off the old buck? Employees serve customers at the first Chipotle fast-food restaurant in northeastern Mexico on its opening day in San Pedro Garza Garcia, July 16, 2026. Daniel Becerril | Reuters Burritos with a side of ... cold foam?
Starbucks has reportedly explored buying Chipotle Mexican Grill , but Wall Street isn't certain it'd be a good deal. As CNBC's Amelia Lucas writes, such an acquisition has the potential for synergies and could create a conglomerate like Yum Brands or Restaurant Brands International . But the price of the acquisition — and the fact that Starbucks is currently in the midst of a yearslong turnaround — are drawbacks.
Don't forget that Starbucks CEO Brian Niccol joined the coffee chain in 2024 following six years at the helm of Chipotle. Shares of Chipotle rose 6% yesterday following the report, while Starbucks pulled back. The Daily Dividend
Source: CNBC
