<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>Happy Thursday. <span id="SpecialReportArticle-QuoteInBody-2">Nike's<span><span id="-WatchlistDropdown"></span></span></span> first pickleball deal has me thinking I should fish my paddles out of the closet and start practicing.</p><p>I'll be spending this evening with some of our readers at CNBC Pro Live at the New York Stock Exchange, so you'll hear from my colleague, Josephine, in tomorrow's edition. If you're one of tonight's attendees, please say hello.</p><p>S&amp;P 500 futures are higher this morning following yesterday's negative session.</p><p>Here are five key things investors need to know to start the trading day:</p></div><h2>1. Check bounce</h2><div id="ArticleBody-InlineImage-108163987"><div><div><p>A television broadcasts US President Donald Trump during a NATO press conference on the floor of the New York Stock Exchange (NYSE) in New York, US, on Wednesday, June 25, 2025.</p><p>Michael Nagle | Bloomberg | Getty Images</p></div></div></div><div><p>Despite another encouraging inflation report, the <span id="SpecialReportArticle-QuoteInBody-7">S&amp;P 500<span><span id="-WatchlistDropdown"></span></span></span> closed lower yesterday. Losses in both bank and technology stocks pulled the benchmark into the red for a second straight day.</p><p>Here's what to know:</p><ul><li>The soft month-over-month producer price index reading — which followed consumer inflation data a day earlier — didn't give investors enough reason to put risk on the table.</li><li>Meanwhile shares of<span id="SpecialReportArticle-QuoteInBody-9"> Wells Fargo<span><span id="-WatchlistDropdown"></span></span></span>, <span id="SpecialReportArticle-QuoteInBody-10">Citigroup<span><span id="-WatchlistDropdown"></span></span></span> and <span id="SpecialReportArticle-QuoteInBody-11">Bank of America<span><span id="-WatchlistDropdown"></span></span></span> declined following their earnings reports as President Donald Trump's call for a one-year, 10% credit card interest rate cap loomed over the banking sector.</li><li>Every Magnificent Seven stock ended the session lower, led by <span id="SpecialReportArticle-QuoteInBody-13">Amazon<span><span id="-WatchlistDropdown"></span></span></span> and <span id="SpecialReportArticle-QuoteInBody-14">Meta<span><span id="-WatchlistDropdown"></span></span></span> which lost around 2.5% each.</li><li>Gold and silver extended their record-breaking runs yesterday. Investors have flocked to the commodities as a hedge against political risk.</li><li>On the other hand, oil prices pulled back after Trump indicated he may hold off on attacking Iran.</li><li>Follow live markets updates here.</li></ul></div><h2>2. Bank statement</h2><div><p><span id="SpecialReportArticle-QuoteInBody-18">Goldman Sachs<span><span id="-WatchlistDropdown"></span></span></span> and <span id="SpecialReportArticle-QuoteInBody-19">Morgan Stanley<span><span id="-WatchlistDropdown"></span></span></span> reported fourth-quarter earnings this morning, rounding out a marquee week for big bank reports.</p><p>Goldman earned $14.01 per share on $13.45 billion in revenue. It was not immediately clear if those figures were comparable to Wall Street's respective estimates of $11.67 per share and $13.79 billion. Shares oscillated in premarket trading following the release.</p><p>Morgan Stanley, meanwhile, beat analysts' forecasts on both lines for the quarter. Shares rose more than 2% before the bell.</p></div><h2>3. Pledge of allegiance</h2><div id="ArticleBody-InlineImage-108252649"><div><div><p>Denmark's Foreign Minister Lars Loekke Rasmussen and Greenland's Foreign Minister Vivian Motzfeldt meet with U.S. Senators Angus King (I-ME), Lisa Murkowski (R-AK) and Ruben Gallego (D-AZ) in King's office on Capitol Hill, Washington D.C., U.S., Jan. 14, 2026. </p><p>Nathan Howard | Reuters</p></div></div></div><div><p>A White House meeting between top administration officials and leaders from Denmark and Greenland yesterday appeared to do little to ease the tension between the U.S. and the two countries.</p><p>Ahead of the talks, Trump said on social media that anything less than U.S. control of Greenland would be &#34;unacceptable.&#34; But Danish Foreign Affairs Minister Lars Lokke Rasmussen Denmark said after the meeting that any plans that don't respect Greenland's right to self-determination are &#34;totally unacceptable.&#34; He said Denmark and the U.S. would &#34;agree to disagree&#34; and &#34;continue to talk.&#34; </p><p>Greenland foreign minister Vivian Matzfeldt said that the self-governing Danish territory wants &#34;to strengthen our cooperation&#34; with the U.S., &#34;but that doesn't mean that we want to be owned by [the] United States.&#34; Five NATO nations said they would send a small number of troops to Greenland for a joint military exercise following the White House meeting.</p></div><div><div id="SpecialReportArticle-RelatedContent-1"><div><div><h2>Get Morning Squawk directly in your inbox</h2><div><p>CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning.</p><p>Subscribe here to get access today.</p></div></div></div></div></div><h2>4. Money where your mouth is</h2><div id="ArticleBody-InlineImage-108237424"><div><div><p>Netflix's headquarters are pictured in Hollywood, California on December 5, 2025. </p><p>Patrick T. Fallon | Afp | Getty Images</p></div></div></div><div><p><span id="SpecialReportArticle-QuoteInBody-25">Netflix<span><span id="-WatchlistDropdown"></span></span></span> will likely alter its acquisition offer for <span id="SpecialReportArticle-QuoteInBody-26">Warner Bros. Discovery's<span><span id="-WatchlistDropdown"></span></span></span> assets to be an all-cash deal, CNBC's David Faber reported yesterday.</p><p>Such an adjustment would allow WBD shareholders to vote to approve the offer quicker, according to sources familiar with the matter. That means the vote could be moved up from the current expectation of spring or early summer to as soon as late February or early March.</p><p>The report came just two days after <span id="SpecialReportArticle-QuoteInBody-28">Paramount Skydance<span><span id="-WatchlistDropdown"></span></span></span> announced it was suing WBD amid its own attempt to acquire the media giant via hostile takeover. Paramount also said it planned to launch a proxy fight.</p></div><h2>5. Supply and demand</h2><div id="ArticleBody-InlineImage-107332323"><div><div><p>Nvidia H200 chips in an eight-GPU Nvidia HGX system.</p><p>Nvidia</p></div></div></div><div><p>Trump yesterday confirmed that the U.S. would approve sales of <span id="SpecialReportArticle-QuoteInBody-31">Nvidia's<span><span id="-WatchlistDropdown"></span></span></span> H200 AI chip to China, with a previously announced 25% cut for the U.S. government. &#34;It's not the highest level, but it's a pretty good level,&#34; Trump said of the chips, &#34;and China wants them.&#34;</p><p>But as CNBC's Kif Leswing points out, it's not clear whether China will accept the chips, which are less powerful than other Nvidia models. Reuters reported Wednesday morning that Chinese customs told agents that the H200 chips weren't permitted to enter the country, sending shares of Nvidia and other chip stocks lower.</p></div><h2>The Daily Dividend</h2><p>Sen. Elizabeth Warren, D-Mass., told CNBC's &#34;Squawk Box&#34; yesterday that Trump called her to discuss his idea for a credit card interest rate cap. Watch the interview here.</p><p><em>CNBC's Jeff Cox, Sarah Min, Spencer Kimball, Sean Conlon, Pia Singh, Hugh Son, Kevin Breuninger, Sam Meredith, Lillian Rizzo, Kif Leswing and Garrett Downs contributed to this report. Josephine Rozzelle edited this edition.</em></p></div>

NFLX

<p>In today's Morning Squawk, investors are informed about key market updates. S&P 500 futures are up despite a previous decline, influenced by disappointing bank earnings and political tensions. Goldman Sachs and Morgan Stanley reported earnings, with Morgan Stanley exceeding expectations. Tensions between the U.S., Denmark, and Greenland persist over control issues. Netflix may revise its acquisition offer for Warner Bros. Discovery to expedite shareholder approval. Additionally, Trump confirmed U.S. approval for Nvidia's H200 chip sales to China, amid ongoing trade discussions.</p>

- S&P 500 futures rose following a negative session where bank and technology stocks declined despite a positive inflation report.  
- Goldman Sachs and Morgan Stanley reported their fourth-quarter earnings, with mixed reactions in premarket trading.  
- A recent U.S. meeting with Danish and Greenland officials failed to resolve tensions, with Denmark emphasizing Greenland's right to self-determination amidst U.S. claims.

Greenland talks, oil's retreat, the latest on the Netflix-WBD deal and more in Morning Squawk