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This is CNBC’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.
Happy Tuesday. With another decline yesterday, SpaceX has now relinquished the equivalent of Tesla‘s entire market valuation. Yes, you read that correctly.
Nasdaq-100 futures are falling this morning as chipmakers weigh on the index for a second straight day. The S&P 500 finished yesterday’s session near flat.
Here are five key things investors need to know to start the trading day:
1. On the move
Kelly Ortberg, chief executive officer of Boeing Co., during a media event at the Boeing Delivery Center in Seattle, Washington, US, on Wednesday, Jan. 7, 2026. M. Scott Brauer | Bloomberg | Getty Images
Transportation industry investors have a lot to analyze this morning. Boeing, JetBlue and UPS all reported quarterly results before the bell, kicking off what’s slated to be one of the busiest earnings weeks of the season.
Here’s a recap:
- Boeing posted a wider-than-expected quarterly loss as costs tied to its delayed Air Force One program offset higher revenue and aircraft deliveries. The stock is up more than 1% before the bell.
- Shares of UPS are also higher after the company beat expectations on the top and bottom lines. The delivery giant raised its full-year outlook as its turnaround strategy gained momentum.
- JetBlue, meanwhile, posted a smaller-than-expected loss for the second quarter a day after the airline overhauled its fare choices.
- Tune into CNBC today for interviews with the CEOs of all three companies. Catch Boeing’s Kelly Ortberg at 9:05 a.m. ET, UPS’s Carol Tomé at 10 a.m. ET and JetBlue’s Joanna Geraghty at 2:15 p.m. Watch live on CNBC or CNBC+.
- Plus: Keep an eye out for Ford‘s earnings report after the bell.
2. Downstream
Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on July 27, 2026. Angela Weiss | Afp | Getty Images
Brent oil posted its biggest daily drop in more than three months yesterday, ending the session below the $90 per barrel mark. Monday’s slide marked a reversal from oil’s recent surge as investors cheered the pause in fighting between the U.S. and Iran.
But the decline in crude prices didn’t spark a broad market rally: While the Dow Jones Industrial Average jumped more than 250 points, the Nasdaq Composite was pulled into the red by struggling semiconductor stocks. Chip names including Micron, Marvell and Advanced Micro Devices are weighing down the tech-heavy index again this morning.
Follow live market updates here.
3. Earnings pop
This view shows bottles of regular Coca-Cola soda displayed for sale on shelves at a Walmart store in Mexico City on October 27, 2025. Yuri Cortez | Afp | Getty Images
Shares of Coca-Cola are up more than 3% this morning after the company beat Wall Street’s quarterly expectations and raised its full-year earnings outlook.
The beverage giant said its results were boosted by resilient demand, which was driven in part by its global World Cup campaign. As CNBC’s Amelia Lucas notes, Coke continues to outperform rival PepsiCo in North America: The company reported 3% volume growth in the continent even as high gas prices pressure consumers’ wallets.
Coca-Cola CEO Henrique Braun will sit down with CNBC’s Sara Eisen this morning “Squawk on the Street.” Watch the interview live from Coca-Cola’s home city of Atlanta at 10 a.m. ET.
4. House tour
WASHINGTON, DC – JANUARY 21: OpenAI CEO Sam Altman appears during a news conference with U.S. President Donald Trump in the Roosevelt Room of the White House on January 21, 2025 in Washington, DC. Trump announced an investment in artificial intelligence (AI) infrastructure and took questions on a range of topics including his presidential pardons of Jan. 6 defendants, the war in Ukraine, cryptocurrencies and other topics. (Photo by Andrew Harnik/Getty Images)Andrew Harnik | Getty Images News | Getty Images
OpenAI CEO Sam Altman heads to Washington, D.C. this week to preview his company’s forthcoming family of artificial intelligence models in meetings with White House officials, lawmakers and economists.
A source familiar with the plans said Altman will also take questions about cybersecurity — a hot topic following OpenAI’s “unprecedented cyber incident” disclosed earlier this month — as well as OpenAI’s position on open-weight models. As CNBC’s Ashley Capoot and Kate Rooney report, his visit comes as Silicon Valley and Washington debate whether to restrict Chinese open-weight models.
Nvidia CEO Jensen Huang is also slated to meet with lawmakers in the nation’s capital this week to talk about open models and America’s AI leadership.
5. Garden variety
Taylor Farms bagged salad mixes for sale at a grocery store in Hercules, California, US, on Friday, July 17, 2026. David Paul Morris | Bloomberg | Getty Images
The cyclospora outbreak has already left thousands of Americans sick. Consolidation in the food chain could be partly to blame.
As CNBC’s Brandon Gomez reports, decades of mergers and acquisitions within farming, processing and distribution have made it more likely for a single contamination to grow into a national problem, according to experts. While consolidation alone may not directly lead to outbreaks like this one, food safety experts said it can intensify the impact when one does occur.
To be sure, some say that larger producers can be better because they often have higher-grade safety systems and a better ability to trace a product. But these companies also face broader recalls when a contamination is reported.
The Daily Dividend
Apple surpassed Nvidia yesterday to become the world’s largest company by market cap. Here’s a look at their battle for the top spot:
— CNBC’s Leslie Josephs, Laya Neelakandan, Michael Wayland, Lee Ying Shan, Liz Napolitano, Amelia Lucas, Ashley Capoot, Kate Rooney, Brandon Gomez and Kif Leswing contributed to this report.
Luke Fountain assisted in the production of this newsletter. Josephine Rozzelle edited this edition.
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