Meta-AMD chip deal, Wall Street's AI angst, Trump's State of the Union and more in Morning Squawk

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Happy Tuesday. I found yesterday's snowfall to be quite idyllic, granted I didn't actually step foot outside until it had stopped (don't repeat that to my many colleagues who found themselves on shoveling duty).

S&P 500 futures are little changed this morning following a losing day.

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

New tariffs and continued artificial intelligence disruption fears were a recipe for trouble on Wall Street yesterday. The Dow Jones Industrial Average tumbled more than 800 points in the session, while the S&P 500 and Nasdaq Composite each dropped more than 1%.

Here's what happened:

The Supreme Court's tariff ruling continued to ripple through Wall Street and Washington, D.C. yesterday, as economists race to figure out what President Donald Trump's new global tariffs mean for the economy.

FedEx sued the U.S. government yesterday in a bid to get a "full refund" of the money it paid for the now-reversed tariffs — the first major company to do so in the wake of Friday's decision. Congressional Democrats are trying to force the government to issue refunds to businesses who paid the duties.

The Supreme Court's decision and Trump's new tariffs are likely to be a topic of the president's State of the Union address tonight, which comes as voters turn negative on the economy under his leadership.

Meta this morning announced a multiyear deal with Advanced Micro Devices that will see the social media company deploy up to 6 gigawatts of AMD's graphic processing units.As CNBC's Katie Tarasov notes, the chip agreement comes just one week after Meta inked a deal with Nvidia to use its processors. Today's announcement is seen as a major win for AMD, which has lagged Nvidia in the AI chip market. Shares of AMD soared more than 13% in premarket trading.AMD CEO Lisa Su will join CNBC's "Squawk on the Street" at 9:30 a.m. ET to discuss the deal. Watch live on CNBC+ or CNBC Pro.

CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning.

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Eli Lilly yesterday launched a new version of Zepbound, its popular obesity drug, that contains a month's worth of doses in one pen.

As CNBC's Annika Kim Constantino reports, the pen could be a more convenient alternative for patients, who would need fewer devices each month to administer the drug. Prices began at $299 for the lowest-dose offered on the company's LillyDirect platform.

Meanwhile, Novo Nordisk said yesterday that its experimental weight loss drug failed to match Eli Lilly's tirzepatide in a trial. Novo Nordisk's U.S. shares plunged more than 16% in Monday's session, while Eli Lilly's stock climbed nearly 5%.

A Mexican military operation aided by U.S. intelligence over the weekend killed the head of the Jalisco New Generation Cartel. Violence has since broken out in several Mexican states, creating challenges for air freight, trucking and ports.

Tourism has also been upended: Carnival and Norwegian Cruise Line canceled planned stops in Puerto Vallarta, while Airbnb activated its "major disruptive events policy" in Jalisco and other impacted areas. Passenger airlines, which carry around 50% of air freight, cancelled flights to Puerto Vallarta and Guadalajara.

Trading volumes in leveraged funds and options have surged since the pandemic, according to data from Direxion first reported by CNBC.

— CNBC's Sean Conlon, Pia Singh, Samantha Subin, Leslie Josephs, Melissa Repko, Liz Napolitano, Justin Papp, Dan Mangan, Garrett Downs, Annika Kim Constantino, Elsa Ohlen, Lori Ann LaRocco and Contessa Brewer, as well as The Associate Press, contributed to this report. Josephine Rozzelle edited this edition.