Dow 50,000, Super Bowl 60, Meta’s big week in court and more in Morning Squawk

Happy Monday. Congratulations to the Seattle Seahawks, who stifled the New England Patriots in a 29-13 Super Bowl win last night. Congratulations also to Lady Gaga fans, who got a surprise performance from the singer during Bad Bunny’s halftime show.

Stock futures are down in premarket trading this morning. The three major averages surged on Friday.

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

Stocks rocketed higher on Friday, staging a forceful comeback from their sell-off earlier in the week. The Dow Jones Industrial Average surged more than 1,200 points to hit the 50,000 mark for the first time ever and closed the week up 2.5%.

Here’s what to know:

• The S&P 500 and Nasdaq Composite also rallied in Friday’s session, but the two indexes still logged losses on the week.
• After leading the market rout earlier in the week, tech stocks recovered with sizable gains.
• Bitcoin also got in on the recovery rally. The cryptocurrency rebounded back above $70,000 on Friday, just a day after a sharp sell-off saw it nearly fall below $60,000.
• That drop had put bitcoin at its lowest level since October 2024 and more than 50% off its record high.
• Stocks futures are lower this morning as traders look ahead to Wednesday’s big jobs report and Friday’s consumer price index reading.
• Follow live market updates here.

Novo Nordisk is suing Hims & Hers over the telehealth provider’s copycat versions of Novo’s Wegovy obesity pill and injections. The Danish drugmaker said this morning that it is asking the court to stop Hims from selling compounded versions of its drugs, accusing the company of “deceiving patients and putting their health at risk.”

Hims said Saturday that it would pull its copycat weight-loss pill off the market after Novo threatened to take legal action. Hims had said its offering — which contains semaglutide, the active ingredient in Wegovy — would sell for $49, roughly $100 cheaper than Novo’s pills. The U.S. Food and Drug Administration on Friday also said it would take action against Hims & Hers.

Shares of the telehealth provider are down more than 20% before the bell this morning, while U.S.-listed Novo shares are roughly 5.5% higher.

It’s a big week for Meta. Opening arguments are set to kick off in two trials brought against the technology giant, both of which could have significant repercussions for Meta and the social media industry.

In New Mexico, Meta is facing accusations that it failed to safeguard its apps from online predators who targeted child users. The 2023 lawsuit alleges that the company “steered and connected users — including children — to sexually explicit, exploitative and child sex abuse materials and facilitated human trafficking.”

A separate trial will get underway this week in Los Angeles, where plaintiffs allege that Meta, YouTube, TikTok and Snap didn’t tell users that their social media apps could harm the mental health of young users. TikTok and Snap settled with a plaintiff involved last month, but the trial will proceed against Meta and YouTube.

We’re just over a month into 2026, but Gen Z is craving 2016. Playlists of 10-year-old songs are surging, and Google searches for the year’s aesthetic are at all-time highs.

Experts say the trend reflects consumers’ economic unease. “What’s clearer now is that it is not just nostalgia, it’s also a form of risk aversion,” retail consultant Jan Kniffen wrote in an email to CNBC. “When society feels unstable to the consumer, they don’t innovate aesthetically. They revert to the last era that felt ‘manageable.'”

Gen Z’s obsession with 2016 could be a boon for brands strongly associated with that era, CNBC’s Lisa Kailai Han reports. Industry experts say Abercrombie & Fitch, Victoria’s Secret and Urban Outfitters could capture and capitalize on the vibes Gen Z is seeking, while Levi Strauss and American Eagle Outfitters stand to benefit from the return of skinny jeans.

Here are the key reports and data releases we’re watching this week:

— CNBC’s Sean Conlon, Alex Harring, Nick Wells, Liz Napolitano, Arjun Kharpal, Sarah Whitten, Sara Salinas, Sarah Jackson, Leslie Josephs, Julia Boorstin, Lillian Rizzo, Michael Wayland, Annika Kim Constantino, Laya Neelakandan, Elsa Ohlen, Jonathan Vanian and Lisa Kailai Han contributed to this report. Melodie Warner edited this edition.