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.

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]

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).

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.).

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.

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]

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]

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]

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.