Powell’s criminal investigation, Google’s AI shopping push, Boeing deliveries and more in Morning Squawk

Happy Monday. I find myself at an impasse trying to decide what to write in this intro. As someone who’s committed to their skincare routine, I should write about this story on the latest men’s beauty trend. But as a Michigan native, I’d be remiss not to mention GM‘s new headquarters in Detroit.

Stock futures are down this morning. The stock market is coming off a winning week.

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

Federal Reserve Chair Jerome Powell announced last night that he was under criminal investigation tied to the central bank’s building renovations. Powell’s statement marks a significant escalation of the conflict between the central bank chief and President Donald Trump over the Fed’s stance on interest rates.

Here’s what to know:

• In a video statement, Powell said federal prosecutors were reviewing the $2.5 billion renovation to the Fed’s Washington, D.C., headquarters and his testimony to Congress.
• Powell said that “the threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences” of Trump.
• When asked about the probe, Trump told NBC News last night: “I don’t know anything about it.”
• The president has repeatedly taken aim at Powell for not slashing rates; he has previously floated firing Powell.
• Stock futures fell in overnight trading after Powell’s video was published. Gold futures, a safe-haven trade that’s viewed as a hedge against the Fed losing its independence, jumped.
• Follow live markets updates here.

Bank earnings are top of mind for investors this week as they gear up for another corporate earnings season. But there’s another notable sector event taking place this month: JPMorgan Chase CEO Jamie Dimon’s 20th year in the role.

As CNBC’s Hugh Son reports, some are wondering if JPMorgan Chase’s era of dominance will conclude when the executive departs. It’s unclear exactly when Dimon plans to step down, but the succession timeline is of particular interest as the CEO nears his 70th birthday.

JPMorgan helps kickstart earnings season tomorrow, followed by peers including Citigroup, Morgan Stanley and Goldman Sachs later in the week.

Bank stocks plunged in premarket trading today after Trump said there should be a 10% cap on credit card interest rates for one year.

Walmart and Google are teaming up. Gemini, Google’s artificial intelligence assistant, will help shoppers discover and purchase products from the retailer and its warehouse chain, Sam’s Club, the companies announced yesterday.

It’s not yet clear when the new feature will launch or what the financial terms were, but the plan is to begin in the U.S. before expanding abroad. As CNBC’s Melissa Repko notes, Walmart struck a similar deal with OpenAI’s ChatGPT — a Gemini rival — in October.

Google also launched the Universal Commerce Protocol yesterday, which the tech giant hopes will become an industry standard among shopping agents looking for and purchasing products.

This week, Boeing is expected to report its highest airplane delivery volume for 2025 since 2018. As CNBC’s Leslie Josephs points out, it’s a symbol of the plane builder’s turnaround efforts following years of reputation-marring safety crises.

Looking ahead, Boeing is planning to ramp up production of the 737 Max and 787 Dreamliners. Such increases can help the company swing back to profitability like Wall Street expects this year.

Speaking of air travel, Allegiant said yesterday that it was acquiring rival budget carrier Sun Country in a $1.5 billion deal comprised of cash and stock. This agreement comes as value-focused airlines have grappled with surging costs stemming from the pandemic.

The blockbuster GLP-1 market has been centered around weekly injections. But as CNBC’s Annika Kim Constantino reports, obesity pills can bring the industry into its next chapter in 2026.

Patients have begun receiving the first GLP-1 pill for obesity from Novo Nordisk to take daily. Rival Eli Lilly is expected to have a similar product winning regulatory approval within months.

The pills aren’t expected to offer more weight loss. But they can be seen as a simpler and possibly more affordable alternative to the shots, in turn expanding the market. Pills can entice new patients who were potentially deterred by needles, or those who did not see losing weight as a high enough priority to get a weekly shot.

• Tuesday: Consumer Price Index; JPMorgan Chase and Delta Air Lines earnings (before the bell)
• Wednesday: Producer Price Index; Citigroup, Wells Fargo and Bank of America earnings (before the bell)
• Thursday: Morgan Stanley and Goldman Sachs earnings (before the bell)

CNBC Pro subscribers can see a calendar and rundown for the week here.

CNBC’s Dan Mangan, Yun Li, Hugh Son, Sarah Min, Melissa Repko, Jennifer Elias, Leslie Josephs and Annika Kim Constantino contributed to this report. Terri Cullen edited this edition.