Big bank earnings, Broadcom's OpenAI chip deal, record-high car prices and more in Morning Squawk

In the latest developments shaping the financial landscape, OpenAI has confirmed its collaboration with Broadcom, focusing on a custom chip designed for artificial intelligence applications. Following the announcement, Broadcom's stock surged by nearly 10% during Monday's trading session, although it experienced a slight decline of 3% in premarket activity today. As the earnings season kicks off, major financial institutions are reporting strong performances. JPMorgan Chase exceeded forecasts for the third quarter, boasting record trading revenues close to $9 billion. Goldman Sachs also reported better-than-expected earnings, just a day after unveiling its plan to acquire the venture capital firm Industry Ventures. Additionally, BlackRock and Wells Fargo showed results that beat analyst predictions, while Citi reported revenue that surpassed Wall Street's expectations. In international news, former President Donald Trump made headlines with his visit to Israel and Egypt, where he announced a peace deal that he claims has brought an end to the conflict in Gaza. Speaking in Tel Aviv, Trump highlighted the release of Israeli hostages taken by Hamas, declaring that the "long and painful nightmare" for both Israelis and Palestinians has concluded. However, analysts caution that maritime trade routes in the Red Sea are still at risk due to ongoing threats from Houthi rebels. Meanwhile, shares of U.S. rare earth mining companies are on the rise ahead of market opening. This increase follows China's recent tightening of export controls, which has reignited tensions in the U.S.-China trade relationship. The Department of Defense is reportedly expediting efforts to stockpile $1 billion worth of these critical minerals, essential for various U.S. weapons systems, as the nation lacks its own rare earth reserves—a situation deemed "scandalous" by Jeremy Siegel from the University of Pennsylvania. Lastly, the automotive market is facing significant shifts as the average price for a new car reached unprecedented heights, exceeding $50,000 for the first time in September, according to Cox Automotive. This price surge is occurring alongside rising auto loan delinquency rates among individuals with low credit scores, reflecting the growing economic disparity in the U.S. Stay tuned for more updates as these stories develop and influence market movements.