5 Things to Know Before the Opening Bell 11/24/2025 - Squawk Pod

Summary3 min read

Squawk Pod: “5 Things to Know Before the Opening Bell 11/24/2025”

Date: November 24, 2025
Hosts: Andrew Ross Sorkin, Joe Kernen

Episode Overview

This episode of “Squawk Pod” guides listeners through the top five stories you need to know before the U.S. market opens on November 24th, 2025. From historic Thanksgiving travel numbers and a shifting federal agency to major CEO news, a banking cybersecurity breach, and milestone moves in healthcare equities, hosts Andrew Ross Sorkin and Joe Kernen deliver concise insights and lively banter in trademark “Squawk Box” style.

Key Discussion Points & Insights

1. Thanksgiving 2025: Record-Breaking Air Travel

(00:31) Airlines project an unprecedented 31 million passengers for the holiday period.
The single busiest day: Sunday after Thanksgiving, with an estimated 3.4 million passengers.
Andrew Sorkin frames the news as part of a rebound in both consumer confidence and travel activity post-pandemic era.

“US airlines predicting a record-breaking Thanksgiving travel period with 31 million people taking to the skies. The busiest day expected to be the Sunday after Thanksgiving with 3.4 million passengers.”
— Andrew Sorkin [00:31]

2. Disbanding the Department of Government Efficiency

(00:48) The Department of Government Efficiency (DOGE) has been discontinued ahead of schedule.
Originally intended to operate until July 2026, the initiative was ended by the Trump administration’s chief human resources officer.
Future cost-cutting is now decentralized, with “individual agencies” responsible.

“It was supposed to be in operation until July of next year, but the Trump administration's chief human resources officer now saying the initiative has come to an end.”
— Andrew Sorkin [00:49]
Joe Kernen quips on bureaucratic reform efforts:

“Government 1, Doge 0. Looks like you know, it's impossible. Many have tried and all basically have failed.”
— Joe Kernen [01:46]

3. Kohl’s CEO: Interim Leader Gets the Permanent Job

(01:02) Kohl’s set to appoint Michael Bender as its permanent CEO after serving as interim since spring and board member since 2019.
The decision follows a thorough candidate search.

“Kohl's will name its interim CEO Michael Bender as its permanent CEO. This after interviewing several candidates for that role.”
— Andrew Sorkin [01:02]

4. Cybersecurity Breach: Citus AMC

(01:17) The FBI is investigating a hack targeting Citus AMC, a tech vendor critical for real estate lending.
Clients affected: JP Morgan, Citigroup, Morgan Stanley.
Firms were alerted to the breach on November 12th, with authorities now reporting the attack as contained.

“The agency is saying that the firms learned of that breach on November 12th and it is now they're saying contained.”
— Andrew Sorkin [01:27]

5. Eli Lilly Hits $1 Trillion Market Cap—And Immediate Pullback

(01:37) Pharmaceutical giant Eli Lilly becomes the first health care company (and only the second non-tech company outside Berkshire Hathaway) to reach the $1 trillion valuation mark.
Stock is pulling back in the morning after rival Novo Nordisk’s Alzheimer’s drug results failed to meet expectations.

“Eli Lilly reaching a market valuation of $1 trillion. That’s with a T... But it's pulling back this morning after rival Novo Nordisk said its semaglutide trial did not reduce Alzheimer’s progression—which is a disappointment for a lot of folks who've been looking at that drug, hoping that some of those expectations might be met.”
— Andrew Sorkin [01:37]

Notable Quotes & Memorable Moments

Government reform skepticism:

“Government 1, Doge 0. Looks like you know, it's impossible. Many have tried and all basically have failed.”
— Joe Kernen [01:46]
Industry milestone:

“Eli Lilly reaching a market valuation of $1 trillion. That’s with a T...”
— Andrew Sorkin [01:37]

Timestamps Guide

00:31 – Historic Thanksgiving travel predictions and statistics
00:48 – Department of Government Efficiency discontinued
01:02 – Michael Bender named permanent CEO of Kohl’s
01:17 – FBI cyberattack investigation: Citus AMC
01:37 – Eli Lilly’s $1T valuation and sell-off

Episode Takeaway

This “Squawk Pod” edition delivers a brisk but thorough update for market watchers ahead of Thanksgiving 2025. Major storylines include a holiday travel resurgence, shifting political priorities, executive leadership at a retail giant, heightened cyber-risk in finance, and pharmaceutical innovation’s Wall Street impact. As always, the analysis features a blend of data, perspective, and pithy commentary characteristic of “Squawk Box.”

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[00:03]
A
At Janice Henderson Investors we believe working together is the way to work better. Like combining your portfolio plans and our in depth strategy. Your valued assets and our valuable insights. Your vision and our mission. Working in harmony to seek the right investment opportunities. Janice Henderson Investors Investing in a brighter future together. The heaviest metal credit card of all time, rumored to be one of only 18 in existence, plated with the very same tungsten that forged the international space Station and wielded at business dinners like a samurai sword. It's a classic corporate power move, but the real power move having end to end visibility on your most critical shipments. FedEx the new power move. Hi, I'm Andrew Sorkin, co host of Squawk Box Today. I'm with Joe Kernan and this is five things to know before today's opening bell. US airlines predicting a record breaking Thanksgiving travel period with 31 million people taking to the skies. The busiest day expected to be the Sunday after Thanksgiving with 3.4 million passengers. Meantime, the Department of Government Efficiency it now has ceased to exist. It was supposed to be in operation until July of next year, but the Trump administration's chief human resources officer now saying the initiative has come to an end. He said it's up to individual agencies to carry out Doge's cost cutting mission. And new reports say that Kohl's will name its interim CEO Michael Bender as its permanent CEO. This after interviewing several candidates for that role. Bender has served as interim chief since the spring, has been on the board since 2019. And the FBI says that it's investigating a recent banking sector hack attack targeting Citus amc that's a tech vendor for real estate lending that counts JP Morgan, Citigroup and Morgan Stanley as clients. The agency is saying that the firms learned of that breach on November 12th and it is now they're saying contained and and Eli Lilly reaching a market valuation of $1 trillion. That's with a T in trading on Friday, becoming the first health care company and only non tech company other than Berkshire Hathaway in the trillion dollar club. But it's pulling back this morning after rival Novo Nordisk said its semaglutide trial did not reduce Alzheimer's progression. Which is a disappointment for a lot of folks who've been looking at that drug, hoping that some of those expectations might be met. Joe Government 1 Doge 0 Looks like you know, it's impossible. It's just many have tried and all basically have failed. We're going to be back later today with an all new squawk pod. Our daily podcast featuring the best of Squawkbox. Check it out wherever you get your podcast and listen anytime. Foreign. Day in and day out. The same old route, but also the perfect time to hear what's new in blockchain and crypto. Level up your commute and join Ripple for conversations with some of the best in the business on how institutions around the globe are being reshaped and revolutionized with blockchain and crypto, from digital asset infrastructure to payments, custody, and even our stablecoin rlusd. Listen to special commuter editions of Block Stars, the podcast hosted by David Schwartz. It's happening with Ripple.