Trump sues JPMorgan, Intel’s soft guidance, TikTok’s joint venture and more in Morning Squawk

Happy Friday. With TikTok guaranteeing its presence in the U.S. (which we cover below), it looks like my screen time will remain far higher than it should be.

Stock futures ticked lower this morning. The market is coming off another winning day.

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

As investors continue to breathe easier amid easing geopolitical and trade tensions, inflation data released yesterday gave traders another reassuring sign. The latest stats were in-line with expectations, though they were still above the level deemed healthy by the Federal Reserve.

Here’s what to know:

• Both the headline and so-called “core” readings in November’s personal consumption expenditures price index came in at 2.8% — matching the consensus forecasts from economists polled by Dow Jones.
• The Fed-favored inflation gauge showed inflation is still notably higher than the 2% level preferred by the central bank.
• Stocks rose for a second straight session, continuing the rebound that was sparked by President Donald Trump’s cancellation of planned tariffs of several European countries and his announcement of a “framework of a future deal with respect to Greenland.”
• The Dow‘s rally of more than 300 points yesterday pushed it into positive territory for the week, reversing Tuesday’s sell-off. The S&P 500 and Nasdaq Composite are still on track to end the period in the red.
• Retail investors have been big buyers despite the volatility this week, continuing to show their penchant for purchasing equities during market pullbacks.
• But stock futures inched lower this morning, indicating the market might take a break from its two-day recovery rally.
• Follow live markets updates here.

Trump is taking JPMorgan Chase and its CEO Jamie Dimon to court.

In a lawsuit filed yesterday, the president alleged that the bank’s closure of his and related accounts in early 2021 was politically motivated. Trump told reporters yesterday that Dimon “debanked” him, saying that he’s “not allowed to do what he did.” Trump is seeking at least $5 billion in civil damages as part of the suit, which was filed in Florida state court.

As CNBC’s Hugh Son and Dan Mangan note, JPMorgan’s closure of Trump’s accounts followed the Jan. 6, 2021, insurrection and Trump’s departure from the White House later that month. “While we regret President Trump has sued us, we believe the suit has no merit,” JPMorgan said in a statement to CNBC.

Intel surpassed Wall Street’s expectations on both lines for the fourth quarter, but the chipmaker offered soft guidance for the current quarter which sent shares sinking 13% in overnight trading.

CFO David Zinsner told CNBC’s Kristina Partsinevelos that the company’s weak outlook was due in part to supply constraints. While Intel doesn’t have the materials to meet seasonal demand this quarter, supply should improve in the next three-month period, he said.

The stock’s pullback follows a huge run: Shares of Intel have surged nearly 150% over the last 12 months. Trader excitement has been driven by investments from the U.S. government, SoftBank and Nvidia in the California-based company last year.

Big technology news last night: TikTok announced it officially formed a joint venture that will keep it operating in the U.S. Thanks to a law signed in 2024, the short-form video platform faced an effective ban in the U.S. unless its Chinese parent company ByteDance divested from the company’s American business.

Adam Presser — TikTok’s head of operations and trust and safety — will become CEO of the venture, which the company said will operate as an “independent entity.” TikTok CEO Shou Chew will be a director, and Americans will comprise a majority of the seven-member board.

As CNBC’s Dylan Butts reports, TikTok continued to dominate in the U.S. last year despite the potential ban. It was the second most-downloaded app in the Apple App Store and Google Play Store in 2025, according to Sensory Tower data.

After Trump’s market-moving announcement that he reached a “framework” of a deal with NATO over Greenland, European leaders are trying to get the nitty-gritty.

European parliament member Bernd Lange told CNBC yesterday that the European Union needed “greater clarity” on what the agreement entails and that “nobody knows” the details. Greenland Prime Minister Jens-Frederik Nielsen similarly said he did not know the specifics of the framework, but that the island’s sovereignty and territorial integrity were “red lines” that couldn’t be crossed.

Ukrainian president Volodymyr Zelenskyy called out European leaders in a strongly worded Davos address. “Instead of taking the lead in defending freedom worldwide, especially when America’s focus shifts elsewhere, Europe looks lost trying to convince the U.S. president to change,” Zelenskyy said yesterday.

Between Davos and the Greenland deal framework, there’s been no shortage of news to keep up with. Here are some stories you might have missed:

CNBC’s Jeff Cox, Sean Conlon, Hugh Son, Dan Mangan, Kif Leswing, Kristina Partsinevelos, Jonathan Vanian, Dylan Butts, Ashley Capoot, Samantha Subin, Hugh Leask, Kevin Breuninger and Lucy Handley contributed to this report. Josephine Rozzelle edited this edition.