Berkshire buys OxyChem, EV sales hit records, Amazon’s grocery push and more in Morning Squawk
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Here are five key things investors need to know to start the trading day:
1. Day 2
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:
2. Buffett’s bet
Warren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2025.
CNBC
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.
3. Counting Feds
U.S. President Donald Trump and Lisa Cook, governor of the U.S. Federal Reserve
Annabelle Gordon | Reuters | Al Drago | Bloomberg | Getty Images
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.
4. Race to the finish
Fronts of the Ford F-150 Lightning, Tesla Cybertruck and GMC Sierra Denali EVs (left to right).
Michael Wayland / CNBC
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.
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5. Five below
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.”
The Daily Dividend
Intel popped yesterday following a report that the chipmaker was in early talks to add AMD as a customer.
Stock Chart IconStock chart icon
Intel, 10/1/2025
— CNBC’s Kevin Breuninger, Dan Mangan, Jeff Cox, Sean Conlon, Pia Singh, Fred Imbert, Yun Li, Mike Wayland, Jordan Novet, Annie Palmer and Kif Leswing contributed to this report. Josephine Rozzelle edited this edition.
