Berkshire buys OxyChem, EV sales hit records, Amazon’s grocery push and more in Morning Squawk

This is CNBC’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.

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

It is day two of the government shutdown, but Congress isn’t expected to make much progress today with the Senate out of session for the Jewish holiday Yom Kippur.

Here’s the latest:

• Treasury Secretary Scott Bessent told CNBC’s “Squawk Box” that the shutdown could hurt U.S. GDP.
• Several federal government functions are shuttered or partially restricted. Here’s a list of some of the affected agencies.
• The Labor Department will not release jobless claims stats this morning, part of a shutdown-induced data blackout that could push the Federal Reserve to cut rates again when it meets this month.
• The Trump administration said it froze about $18 billion in funding for two New York City infrastructure projects amid a review to ensure the funds aren’t “flowing based on unconstitutional DEI principles.” Hours later, OMB Director Russell Vought said the administration also canceled nearly $8 billion in funding for climate-related projects, mainly in Democratic-controlled states.
• As of yesterday, prediction market bettors on Kalshi expected the shutdown to last for around 11 days.
• Yet the S&P 500 ended yesterday’s session above 6,700 for the first time, a record high, signaling Wall Street isn’t anticipating a prolonged shutdown.
• Follow live market updates here.

Breaking news this morning: Berkshire Hathaway said it is buying OxyChem, Occidental Petroleum’s petrochemical unit, for $9.7 billion in cash.

It’s Berkshire’s largest deal since 2022 and comes as the conglomerate boasts a record cash haul of $344 billion. The Warren Buffett-led company is already a key investor in Occidental, with a 28.2% position as of the end of June.

Occidental shares jumped more then 2% in premarket trading, while Berkshire’s B shares were little changed.

Federal Reserve Governor Lisa Cook can stay in her role — at least for the next few months.

The Supreme Court ruled yesterday that Cook will not be removed from her post, pending oral arguments in January on her lawsuit to stop President Donald Trump from firing her. It marks the latest loss for the president, who has asked courts to let him fire Cook while her case plays out.

The ruling means that Cook will get to vote at the central bank’s next two rate-setting meetings, which are set for later this month and December.

Ford Motor, General Motors and Hyundai all reported record electric vehicle sales in the third quarter as consumers rushed to take advantage of an expiring tax credit.

Overall EV sales in the U.S. are poised to hit an all-time high during the quarter, with Cox Automotive expecting sales to reach 410,000. Cox’s forecast not only reflects a 21% rise from a year ago; It would also amount to a record 10% market share for EVs.

Buyers rushed to snap up EVs before federal incentives of up to $7,500 ended last month.

Amazon is making another push to bring your grocery basket online.

The e-commerce giant launched a private-label grocery brand yesterday that will include products ranging from snacks to meat. As CNBC’s Annie Palmer reports, the company is taking aim at price-conscious shoppers, pricing most items under $5.

If this sounds familiar, you’re likely thinking of Amazon Saver. The similar offering, which began last year, was marketed as being “focused on value.”

Intel, 10/1/2025