5 Things to Know Before the Opening Bell 11/28/2025

Summary

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Squawk Pod: 5 Things to Know Before the Opening Bell (11/28/2025)

Podcast: Squawk Pod by CNBC
Date: November 28, 2025
Hosts: Becky Quick, Steve Liesman, Robert Frank
Episode Theme:
A fast-paced breakdown of the five top business headlines shaping the market before the U.S. opening bell, with insight and banter from CNBC’s newsroom.

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1. Trading Disruption at the Chicago Mercantile Exchange

Discussion Points:

• Breaking News: A data center issue halted trading of futures and options on the Chicago Mercantile Exchange (CME).
• Affected markets: Stock futures, foreign exchange, and commodities were all "currently not available to trade."
• Developing Recovery: The CME’s BrokerTech US unit (electronic Treasuries trading) restored service moments before the update.

Quote:
"[A] data center issue has halted trading of futures and options on the Chicago Mercantile Exchange ... stock futures, foreign exchange and commodities are currently not available to trade."
— Becky Quick [01:11]

• The team promised ongoing coverage: "We're going to continue to bring you updates on that story as we get them." — Becky Quick [01:29]

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2. Regulatory Scrutiny: Jefferies and First Brands Group

Discussion Points:

• The U.S. Securities and Exchange Commission (SEC) is investigating investment bank Jefferies' relationship with the bankrupt auto parts manufacturer First Brands Group.
• Focus: Whether Jefferies disclosed enough to investors about the fund’s exposure to the failed business.
• Source: Reported by the Financial Times (FT).

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3. Alibaba Launches AI Smart Glasses in China

Discussion Points:

• Alibaba enters the wireless market with its "Quark" smart glasses, competing against Meta.
• Price point: Approx. $270 USD.
• Integration: Devices work with Alibaba’s ecosystem (Alipay, Taobao, etc.).

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4. Apple Challenges India’s New Antitrust Penalty Law

Discussion Points:

• Apple faces a potential $38 billion fine under a new Indian law that allows regulators to assess fines based on global revenue.
• Allegation: Abuse of monopoly power in the iPhone app market.
• Apple’s stance: Denies any wrongdoing.

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5. Disney’s ‘Zootopia 2’ Breaks Records in China

Discussion Points:

• Box Office Performance: $81+ million globally on opening day; $39.5 million U.S. domestic; $34 million China—the largest ever opening day for a Hollywood animated film in China.
• 4D Theaters Experience: Becky shares a personal anecdote about the immersive, motion-enhanced experience (moving seats, scents, physical effects).

Quotes:

• "Those seats move. My brother said he was almost going to vomit at times ..."
  — Becky Quick [03:08]
• "That's 25 bucks a ticket for two little kids and a matinee in the middle of the day."
  — Becky Quick [03:32]
• "The first one was great ... and then Shakira's song, Try Anything. That was good. And I guess she has a new song for the new one."
  — Robert Frank [03:44–03:54]

Memorable Banter:

• Becky and Robert joke about the cost and experience, debate if their (now older) children are still the target audience.
• "I don't have to worry about it because I don't think I’m the target audience."
  — Janice Henderson [03:39]

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Notable Quotes & Moments

• On the film experience:
  "You’ve been into those 4D theaters where like water sprays in your face ... I think that’s what they’re thinking. The future is these experiences."
  — Becky Quick [03:16]

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Timestamps for Key Segments

• CME trading halt: [01:11–01:29]
• SEC investigating Jefferies: [01:30–01:45]
• Alibaba’s smart glasses launch: [01:46–02:07]
• Apple’s India antitrust fight: [02:08–02:24]
• ‘Zootopia 2’ box office & 4D experience: [02:25–03:39]

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Summary/Takeaways

This tightly packed episode provided a rundown of five significant pre-market stories, ranging from infrastructure problems stalling electronic markets to key regulatory probes, and from cutting-edge tech launches in China to the evolving global antitrust climate. The lighter segment on Disney’s latest film and the "4D" theater phenomenon offered a human, relatable pivot from financial headlines—complete with team banter and personal family stories.
Tone: Informative, conversational, with moments of personal color and media-savvy insight.

Transcript

[Janice Henderson]

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, we all take good care of the things that matter. Our homes, our pets, our cars. Are you doing the same for your brain? Acting early to protect brain health may help reduce the risk of dementia from conditions like Alzheimer's disease. Studies have found that up to 45% of dementia cases may be prevented or delayed. By managing risk factors, you can change make brain health a priority. Ask your doctor about your risk factors and for a cognitive assessment. Learn [e-mail].

[Becky Quick]

Hi, I'm Becky Quick, co host of Squawk Box Today. I'm with Steve Liesman and Robert Frank and this is five things you need to know before the opening bell Listen up if you are just waking up. A data center issue has halted trading of futures and options on the Chicago Mercantile Exchange. That means that stock futures, foreign exchange and commodities are currently not available to trade. But in the last few minutes, BrokerTech US, which is the CME unit that deals in electronic trading of Treasuries hedge fund, has had its service restored so you can see yields we believe that are accurate at this point. We're going to continue to bring you updates on that story as we get them. In the meantime, the securities and Exchange Commission is investigating Jefferies relationship into a bankrupt auto parts maker, First Brands Group. That's according to an FT report. That said the regulator is looking into whether Jefferies gave investors enough information on its fund's exposure to the failed auto business. And Alibaba has started selling its new AI Smart glasses in China. That's its first attempt to break into the wireless market dominated by Metta. Prices for the Quark glasses start at about US$270. Alibaba says that they'll be integrated with its apps, including Alipay and its shopping site Taobao. And Apple is challenging India's antitrust penalty law, under which the company could face a fine of up to $38 billion. This is the first challenge since that law went into effect year, allowing regulators to use global revenue when calculating fines. Investigators say Apple is abusing its monopoly in the iPhone app market. Apple has denied all wrongdoing and Disney's Zootopia to taking in just over $81 million globally in its opening day on Wednesday. That included 39 and a half million dollars in Domestic ticket sales. The release marks the biggest opening day in China ever for a Hollywood animated film at $34 million in. And guys, I guess there are different ways that you can see this one. You see it in 4D as my brother and sister in law and their kids did.

[Robert Frank]

What is that? It smells.

[Becky Quick]

It smells. Those seats move. My brother said he was almost going to vomit at times because of the way it moved around. But you've been into those 4D theaters where like water sprays in your face as you're doing some of these things along the way too. I think that's what they're thinking. The future is these experiences. And by the way, it was 100 bucks for four tickets. So they get you for a matinee with two kids.

[Robert Frank]

That's 25 bucks a ticket.

[Becky Quick]

That's 25 bucks a ticket for two little kids and a matinee in the middle of the day.

[Janice Henderson]

I don't have to worry about it because I don't think I'm the target audience.

[Becky Quick]

Maybe not for Zootopia too.

[Robert Frank]

The first one was great.

[Becky Quick]

It was.

[Robert Frank]

It was really good. Zootopia, yeah. And then Shakira's song, Try Anything. That was good. And I guess she has a new song for the new one, so that's.

[Becky Quick]

Much to see there.

[Janice Henderson]

Very hip. Robert Frank, not expecting.

[Robert Frank]

You have two daughters. You know, they were both younger when that came out.

[Becky Quick]

Ten years ago when the first one came out.

[Robert Frank]

So they're. They're teenagers.

[Janice Henderson]

Are they gonna go to the second one?

[Robert Frank]

I don't think so.

[Janice Henderson]

Too old.

[Robert Frank]

Yeah, they might listen to the song.

[Becky Quick]

Yeah. We'll be back later today with Squawk Pod, our daily podcast featuring the best of Squawkbox. Stay tuned to your feed, wherever you get your podcasts and listen anytime.

[Janice Henderson]

We all take good care of the things that matter. Our homes, our pets, our cars. Are you doing the same for your brain? Acting early to protect brain health may help reduce the risk of dementia from conditions like Alzheimer's disease. Studies have found that up to 45% of dementia cases may be prevented or delayed. By managing risk factors, you can change. Make brain health a priority. Ask your doctor about your risk factors and for a cognitive assessment, learn more at brainhealthmatters. Com.