<div id="readability-page-1"><span></span><div><p><em>This is CNBC's Morning Squawk newsletter. </em><em>Subscribe here</em><em> to receive future editions in your inbox.</em></p><p>Here are five key things investors need to know to start the trading day:</p></div><h2>1. Shop 'til you drop</h2><div id="ArticleBody-InlineImage-108234440"><div><div><p>A person carries shopping bags during Black Friday shopping at Garden State Plaza on November 28, 2025 in Paramus, New Jersey.  </p><p>Eduardo Munoz Alvarez | Getty Images</p></div></div></div><div><p>The U.S. economy expanded more than economists expected, the Commerce Department said in a government shutdown-delayed report.</p><p>Here's what to know:</p><ul><li>The U.S. economy grew 4.3% in the third quarter, according to an initial reading.</li><li>Consumers appear resilient, as spending expanded 3.5% in the third quarter after rising 2.5% in the second quarter.</li><li>The Commerce Department's initial read of economic growth over the summer comes after a consumer sentiment report shows more pessimism about the economy.</li><li>Holiday retail spending rose 4.2% this season, driven by e-commerce and electronics, according to a preliminary <span id="SpecialReportArticle-QuoteInBody-6">Visa<span><span id="-WatchlistDropdown"></span></span></span> report. Meanwhile, 37% of Americans racked up holiday debt this year, at an average of $1,223 — up from $1,181 last year, LendingTree said. </li><li>The GDP report was delayed almost two months because of the government shutdown and was enough to alarm investors into thinking that the Fed is less likely to lower interest rates in early 2026.</li><li>Follow live market updates here.</li></ul></div><h2>2. All is calm </h2><div id="ArticleBody-InlineImage-108225070"><div><div><p>Traders work on the floor of the New York Stock Exchange (NYSE) on Nov. 12, 2025 in New York City.</p><p>Spencer Platt | Getty Images</p></div></div></div><div><p>Stock futures and Treasury yields were little changed Wednesday morning after the <span id="SpecialReportArticle-QuoteInBody-11">S&amp;P 500<span><span id="-WatchlistDropdown"></span></span></span> hit another record as investors shook off concerns that stronger-than-expected GDP growth would chill the Fed's plans to lower interest rates. Tech stocks like <span id="SpecialReportArticle-QuoteInBody-13">Alphabet<span><span id="-WatchlistDropdown"></span></span></span>, <span id="SpecialReportArticle-QuoteInBody-14">Nvidia<span><span id="-WatchlistDropdown"></span></span></span>, <span id="SpecialReportArticle-QuoteInBody-15">Broadcom<span><span id="-WatchlistDropdown"></span></span></span> and <span id="SpecialReportArticle-QuoteInBody-16">Amazon<span><span id="-WatchlistDropdown"></span></span></span> buoyed the market.</p><p>Precious metals held onto their luster, continuing a record rally. Across the pond, <span id="SpecialReportArticle-QuoteInBody-18">BP<span><span id="-WatchlistDropdown"></span></span></span> agreed to sell a 65% stake in its lubricants business Castrol to Stonepeak for $6 billion, months after the oil giant sought a buyer for the unit.</p><p>U.S. stock markets will close at 1 p.m. ET for Christmas Eve, while bond markets are set to close at 2 p.m.</p></div><h2>3. Degrees of separation</h2><div id="ArticleBody-InlineImage-106974243"><div><div><p>The University of Maryland</p><p>The Washington Post | The Washington Post | Getty Images</p></div></div></div><div><p>The Trump administration said it will start garnishing the wages of student loan borrowers in default in early January. It would mark the first time student borrowers' paychecks have been at risk since the beginning of the Covid pandemic, when collections were halted.</p><p>Starting the week of Jan. 7, the Education Department expects around 1,000 defaulted student loan borrowers to receive notices of administrative wage garnishment, a spokesperson said. More than 5 million student loan borrowers are currently in default, the Education Department said earlier this year.</p></div><h2>4.  China chip duty delay</h2><div id="ArticleBody-InlineImage-108095609"><div><div><p>People work at a semiconductor manufacturer of automobile chips in Binzhou city in east China's Shandong province Wednesday, Dec. 25, 2024. </p><p>Future Publishing | Getty Images</p></div></div></div><div><p>The U.S. plans to increase tariffs on Chinese semiconductor imports in June 2027, the Trump administration said in a Federal Register filing. Until then, the initial tariff rate on semiconductor imports from China will be zero for 18 months, according to the filing from the Office of the U.S. Trade Representative.</p><p>The agency said in an investigation that started a year ago that China is engaging in unfair trade practices in the industry. The decision to delay new tariffs for at least 18 months signals that the Trump administration is seeking to cool any trade hostilities between the U.S. and China.</p></div><h2>5. At your ServiceNow</h2><div id="ArticleBody-InlineImage-108217776"><div><div><p>Signage outside the ServiceNow headquarters in Santa Clara, California, US, on Thursday, Sept. 4, 2025. </p><p>David Paul Morris | Bloomberg | Getty Images</p></div></div></div><div><p>Enterprise software giant <span id="SpecialReportArticle-QuoteInBody-26">ServiceNow<span><span id="-WatchlistDropdown"></span></span></span> will acquire cybersecurity startup Armis in a cash deal valued at $7.75 billion, part of a plan to boost its cybersecurity capabilities in the age of artificial intelligence.</p><p>&#34;ServiceNow will have the only AI control tower that drives workflow, action and business outcomes across all of these environments,&#34; CEO Bill McDermott told CNBC's &#34;Squawk on the Street.&#34;</p></div><h2>The Daily Dividend</h2><div><p>Self-driving in the dark? We're getting there. Alphabet-owned Waymo said it's updating its fleet so its vehicles are better prepared to respond during future outages, days after a blackout in San Francisco caused Waymo to pause its driverless car service.</p><p>—<em> CNBC's Pia Singh, Annie Nova, Jessica Dickler, Luke Fountain, Samantha Subin, Kai Nicol-Schwarz,</em> <em>Jeff Cox, Fred Imbert, Kif Leswing and Ari Levy contributed to this report. Melodie Warner edited this edition. </em></p></div></div>

SOXL

<p>The U.S. economy grew 4.3% in Q3, surpassing expectations. Stock futures and Treasury yields remained stable after the S&P 500 hit a new record. The Trump administration will start garnishing wages of defaulted student loan borrowers in January. The U.S. will delay tariffs on Chinese semiconductor imports until June 2027. ServiceNow will acquire cybersecurity startup Armis for $7.75 billion.</p>

- The U.S. economy grew 4.3% in Q3 2025, with consumer spending rising 3.5%, exceeding economists' expectations.  
- Holiday retail spending increased by 4.2%, and 37% of Americans reported holiday debt averaging $1,223, raising concerns about the Federal Reserve's interest rate plans.  
- The Trump administration will begin garnishing wages for defaulted student loans in January, and delayed tariffs on Chinese semiconductors will remain at zero for 18 months to ease trade tensions.

Economy grows, chip tariff delay, new S&P 500 record and more in Morning Squawk