Amazon’s earnings rally, Netflix’s stock split, chocolate inflation and more in Morning Squawk

Published

1 month ago

October 31, 2025

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A customer holds up the new orange-colored iPhone 17 Pro Max smartphone inside an Apple retail store in Chongqing, China, on September 19, 2025.

Cheng Xin | Getty Images News | Getty Images

This is CNBC’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.

Here are five key things investors need to know to start the trading day:

1. FAANGs out

Yesterday brought another big day of earnings reports from the world’s top tech companies. Judging by overnight trading, the numbers aren’t quite spooking investors like Meta’s report did.

Here’s what to know:

Amazon‘s stock surged 13% after the company reported hotter-than-expected earnings and revenue growth of 20% in its cloud business. The e-commerce giant also hiked its capital expenditures guidance for 2025 to $125 billion and said that the figure should be even higher next year.
Shares of Apple rose 2% after the iPhone maker beat analyst expectations. CEO Tim Cook said demand for the new iPhone 17 demand is “off the chart.” Apple has differentiated itself within megacap tech with a more conservative approach to artificial intelligence spending.
Meanwhile, Netflix climbed 3% after the streamer announced a 10-to-1 stock split — a largely cosmetic change that’s typically done to rev up retail trader interest.
Tech stocks sold off in yesterday’s session, with the sector dragged down by Meta and Microsoft‘s post-earnings slides. The three major indexes are still all tracking to end the month — which concludes with today’s closing bell — in the green.
Follow live markets updates here.

2. Federal frights

United Airlines CEO Scott Kirby, joined by U.S. Vice President JD Vance and Transportation Secretary Sean Duffy, speaks to reporters outside the White House on Oct. 30, 2025 in Washington, D.C.

Kevin Dietsch | Getty Images News | Getty Images

Competitors Delta Air Lines, United Airlines and American Airlines came together yesterday to call for an end to the federal government shutdown, which is now on its 31st day. Lobbying group Airlines of America, of which all three carriers are members, joined a roundtable with Vice President JD Vance and Transportation Secretary Sean Duffy at the White House yesterday.

U.S. air traffic controllers missed their first full paychecks this week because of the closure. Delta urged the Senate to “immediately pass a clean continuing resolution,” saying in a statement, “Missed paychecks only increases the stress on these essential workers, many of whom are already working mandatory overtime to keep our skies safe and secure.”

Meanwhile, the Chamber of Commerce reported that government contractors are cumulatively losing about $3 billion for each week of the shutdown. The Congressional Budget Office warned earlier this week that the closure has already wiped out at least $7 billion in gross domestic product by the end of next year.

3. Exxon’s sales scare

FILE: A Chevron Global Technology Services Company logo is seen at an administrative office in Caracas on November 29, 2022.

Yuri Cortez | AFP | Getty Images

Chevron exceeded Wall Street’s expectations on both lines this morning. The Houston-based company also posted a record daily production of 4.1 million barrels in its third quarter, lifted by its acquisition of Hess.

On other other hand, Exxon Mobil reported third quarter revenue that missed analysts’ forecast. The energy company said its net income fell 12% to $7.55 billion in the period.

Don’t miss Exxon Mobil CEO Darren Woods on CNBC’s “Squawk Box” in 8 a.m. ET hour, followed by Chevron CEO Mike Wirth on “Squawk on the Street” at 9:15 a.m. ET. Watch CNBC live on TV, CNBC Pro or CNBC+.

4. Ghost chips

The Honda NSX car is pictured at the Tokyo Motor Show in Tokyo.

Charly Triballeau | AFP | Getty Images

Car makers are preparing for a new nightmare scenario: a potential shortage of auto semiconductor chips.

At the heart of these concerns is a company called Nexperia, a chip supplier owned by a Chinese company that was taken over by the Dutch government last month. China responded by blocking exports of Nexperia’s products, leading automakers to set up “war rooms” to monitor the situation and Honda to reduce production.

U.S.-listed shares of Stellantis also tumbled around 9.5% yesterday after the Jeep and Dodge parent warned it was facing one-off costs. The charges overshadowed what was otherwise a fairly positive third quarter for the automaker.

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5. Trick or treat

Hershey’s chocolate bars and Hershey Co. Reese’s brand peanut butter cups at a store in Crockett, California, on Dec. 9, 2024.

David Paul Morris | Bloomberg | Getty Images

Rising chocolate prices may be leaving lovers of the sweet treat feeling sour. They’re up close to 30% since last Halloween and almost 78% over the last half decade, according to data from Circana and the Bureau of Labor Statistics.

As CNBC’s Luke Fountain reports, chocolate may be loosing its luster thanks to sticker shock and the rise of cheaper, trendier alternatives. Circana found chocolate made up 44% of Halloween candy sales this year, down from 52% in 2024.

The Daily Dividend

With the ongoing government shutdown, Federal Reserve meeting and a barrage of earnings reports, you were bound to miss some headlines this week. Here’s a handful of stories we’d recommend making time for:

— CNBC’s Kif Leswing, Annie Palmer, John Melloy, Luke Fountain, Michael Wayland, Sam Meredith, Spencer Kimball, Emily Wilkins and Sean Conlon contributed to this report. Josephine Rozzelle edited this edition.

Technology

Judge finalizes remedies in Google antitrust case

Published

2 hours ago

December 5, 2025

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Judge finalizes remedies in Google antitrust case

The logo for Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, U.S., November 17, 2021.

Andrew Kelly | Reuters

A U.S. judge on Friday finalized his decision for the consequences Google will face for its search monopoly ruling, adding new details to the decided remedies.

Last year, Google was found to hold an illegal monopoly in its core market of internet search, and in September, U.S. District Judge Amit Mehta ruled against the most severe consequences that were proposed by the Department of Justice.

That included the proposal of a forced sale of Google’s Chrome browser, which provides data that helps the company’s advertising business deliver targeted ads. Alphabet shares popped 8% in extended trading as investors celebrated what they viewed as minimal consequences from a historic defeat last year in the landmark antitrust case.

Investors largely shrugged off the ruling as non-impactful to Google. However some told CNBC it’s still a bite that could “sting.”

Mehta on Friday issued additional details for his ruling in new filings.

“The age-old saying ‘the devil is in the details’ may not have been devised with the drafting of an antitrust remedies judgment in mind, but it sure does fit,” Mehta wrote in one of the Friday filings.

Google did not immediately respond to a request for comment. The company has previously said it will appeal the remedies.

In August 2024, Mehta ruled that Google violated Section 2 of the Sherman Act and held a monopoly in search and related advertising. The antitrust trial started in September 2023.

In his September decision, Mehta said the company would be able to make payments to preload products, but it could not have exclusive contracts that condition payments or licensing. Google was also ordered to loosen its hold on search data. Mehta in September also ruled that Google would have to make available certain search index data and user interaction data, though “not ads data.”

The DOJ had asked Google to stop the practice of “compelled syndication,” which refers to the practice of making certain deals with companies to ensure its search engine remains the default choice in browsers and smartphones.

The judge’s September ruling didn’t end the practice entirely — Mehta ruled out that Google couldn’t enter into exclusive deals, which was a win for the company. Google pays Apple billions of dollars per year to be the default search engine on iPhones. It’s lucrative for Apple and a valuable way for Google to get more search volume and users.

Mehta’s new details

In the Friday filings, Mehta wrote that Google cannot enter into any deal like the one it’s had with Apple “unless the agreement terminates no more than one year after the date it is entered.”

This includes deals involving generative artificial intelligence products, including any “application, software, service, feature, tool, functionality, or product” that involve or use genAI or large-language models, Mehta wrote.

GenAI “plays a significant role in these remedies,” Mehta wrote.

The judge also reiterated the web index data it will require Google to share with certain competitors.

Google has to share some of the raw search interaction data it uses to train its ranking and AI systems, but it does not have to share the actual algorithms — just the data that feeds them.” In September, Mehta said those data sets represent a “small fraction” of Google’s overall traffic, but argued the company’s models are trained on data that contributed to Google’s edge over competitors.

The company must make this data available to qualified competitors at least twice, one of the Friday filing states. Google must share that data in a “syndication license” model whose term will be five years from the date the license is signed, the filing states.

Mehta on Friday also included requirements on the makeup of a technical committee that will determine the firms Google must share its data with.

Committee “members shall be experts in some combination of software engineering, information retrieval, artificial intelligence, economics, behavioral science, and data privacy and data security,” the filing states.

The judge went on to say that no committee member can have a conflict of interest, such as having worked for Google or any of its competitors in the six months prior to or one year after serving in the role.

Google is also required to appoint an internal compliance officer that will be responsible “for administering Google’s antitrust compliance program and helping to ensure compliance with this Final Judgment,” per one of the filings. The company must also appoint a senior business executive “whom Google shall make available to update the Court on Google’s compliance at regular status conferences or as otherwise ordered.”

This is breaking news. Check back for updates.

WATCH: Judge Issues final remedies in Google antitrust case

Technology

Amazon had a very big week that could shape where its stagnant stock goes next

Published

4 hours ago

December 5, 2025

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Amazon had a very big week that could shape where its stagnant stock goes next

Technology

Meta acquiring AI wearable company Limitless

Published

5 hours ago

December 5, 2025

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Meta acquiring AI wearable company Limitless

Meta CEO Mark Zuckerberg wears the Meta Ray-Ban Display glasses, as he delivers a speech presenting the new line of smart glasses, during the Meta Connect event at the company’s headquarters in Menlo Park, California, U.S., Sept. 17, 2025.

Carlos Barria | Reuters

Meta is acquiring artificial intelligence wearable startup Limitless, the companies said Friday.

“We’re excited that Limitless will be joining Meta to help accelerate our work to build AI-enabled wearables,” a Meta spokesperson said in a statement.

Limitless makes a small, AI-powered pendant that can record conversations and generate summaries.

Limitless CEO Dan Siroker revealed the deal on Friday via a corporate blog post but did not disclose the financial terms.

“Meta recently announced a new vision to bring personal superintelligence to everyone and a key part of that vision is building incredible AI-enabled wearables,” Siroker said in the post and an accompanying video. “We share this vision and we’ll be joining Meta to help bring our shared vision to life.”