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Happy Tuesday. We’re not even a week into the new year and I’ve already started telling myself that my resolution to read more can include reviewing drafts of this newsletter.
Stock futures are little changed this morning. The market is coming off a winning session.
Here are five key things investors need to know to start the trading day:
1. Maduro’s plea
Captured Venezuelan President Nicolas Maduro and his wife Cilia Flores are escorted, as they heads towards the Daniel Patrick Moynihan United States Courthouse in Manhattan for an initial appearance to face U.S. federal charges including narco-terrorism, conspiracy, drug trafficking, money laundering and others, at Downtown Manhattan Heliport, in New York City, U.S., Jan. 5, 2026.
Adam Gray | Reuters
Investor attention yesterday concentrated on the U.S.’ strike on Venezuela over the weekend. Ousted Venezuelan leader Nicolas Maduro pleaded not guilty to drug trafficking charges in a New York City court yesterday, saying he was “kidnapped” and a “prisoner of war.”
Here’s how the market reacted to the military operation:
2. Bank teller
Neel Kashkari, President and CEO, Federal Reserve Bank of Minneapolis, speaks at the Milken Conference 2024 Global Conference Sessions at The Beverly Hilton in Beverly Hills, California, U.S., May 7, 2024.
David Swanson | Reuters
Minneapolis Federal Reserve President Neel Kashkari told CNBC yesterday that interest rates may not need to come down much further.
“My guess is we’re pretty close to neutral right now,” Kashkari said on “Squawk Box.” He said he believes inflation is still too high and that monetary policy appears to not have been tight enough in recent years.
On the labor front, Kashkari said artificial intelligence has caused a slowdown in hiring among big companies while also creating productivity gains. His comments come ahead of tomorrow’s ADP employment report and November’s Job Openings and Labor Turnover data, followed by the all-important nonfarm payroll report on Friday.
3. Mileage may vary
The Camp Jeep outdoor terrain at the New York International Auto Shown on April 16, 2025.
Danielle DeVries | CNBC
General Motors reported a 5.5% annual U.S. sales increase in 2025 yesterday. As CNBC’s Michael Wayland notes, that should make it a top performer: Cox Automotive expects the broader sector to rise around just 2%.
On the other hand, Chrysler parent Stellantis saw its sales slide 3.3%. But it wasn’t all bad: The automaker’s Jeep brand posted growing sales for the first time since 2018.
Electric vehicle maker Lucid, meanwhile, said deliveries surged 55% in 2025, driven by a 70% annual increase in the fourth quarter. Lucid has been building out production of its Gravity SUV despite supply chain snafus.
4. AI in AVs
Nvidia founder and CEO Jensen Huang speaks during Nvidia Live at CES 2026 ahead of the annual Consumer Electronics Show in Las Vegas, Nevada, on Jan. 5, 2026.
Patrick T. Fallon | AFP | Getty Images
Nvidia is testing the robotaxi waters. The company said yesterday that it’s working with operators in hopes of having them use Nvidia’s AI chips and software in their autonomous vehicle fleets as early as next year.
As CNBC’s Kif Leswing notes, it’s the AI titan’s latest foray into the automotive sector. Nvidia announced a robotaxi partnership with Uber last year. The company also said last month that Mercedes-Benz models released in later this year should be able to use its software for navigating cities like San Francisco.
5. ‘Secret sauce’
Exterior view of the new JPMorgan Chase global headquarters building at 270 Park Avenue on Nov. 13, 2025 in New York City.
Angela Weiss | AFP | Getty Images
JPMorgan launched a new initiative yesterday that gives select clients access to insights on the bank’s approach to major topics. In other words, its new “Special Advisory Services” will provide a look at parts of the recipe for JPMorgan’s “secret sauce.”
Liz Myers, the bank’s global chair of investment banking, is leading the effort. Myers told CNBC’s Leslie Picker that JPMorgan’s capabilities are “on par or better” than what some specialized consultancies offer.
JPMorgan will offer insights on a range of topics, including investor relations and real estate selection. Initially, the bank will not charge for these services, but it said it could institute a fee structure for clients needing support on prolonged or more time-consuming projects.
The Daily Dividend
Matt Mahan, the mayor of San Jose, California, rebuked the so-called billionaires tax that has been the talk of Silicon Valley. It was a notable break from Rep. Ro Khanna, a fellow Democrat who has been under fire from the technology elite over his support of the proposed ballot measure.
Driving billionaires out of state might feel good in the short run but working people (as is almost always the case) will pick up the tab for this political ploy.
Matt Mahan
Mayor of San Jose, California, on X
CNBC’s Dan Mangan, Spencer Kimball, Hugh Leask, Sean Conlon, Jeff Cox, Ashley Capoot, Michael Wayland, Kif Leswing, Leslie Picker and Jordan Novet contributed to this report. Josephine Rozelle edited this edition.
