Inflation data, Bank of America's penalty, Apple's new home hub and more in Morning Squawk

Happy Wednesday. There's a strategy war brewing to win Gen Z's attention — and it involves everything from neon signs to dead mascots.

Stock futures are lower this morning. The S&P 500 ended yesterday's session little changed.

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

September's consumer price index — the closely followed basket of goods and services tracked by the Bureau of Labor Statistics — comes out this morning. It's the last CPI print before the midterm election, and economists are expecting it to show that price growth is reaccelerating.

Here's what to know:

• Economists polled by Dow Jones expect headline CPI to rise 0.6% from August and 3.6% from a year ago.
• Rising energy costs have been a significant driver of inflation since the Iran war began in February. Oil prices are higher this morning after the International Energy Agency said it expects diesel supply to remain squeezed into the second half of next year.
• Ahead of today's data, New York Federal Reserve President John Williams told Bloomberg News he sees "disinflationary forces at play" and that the central bank may not have to raise rates in 2027.
• Many investors have looked to inflation-linked bonds as they worry about higher prices.
• We'll get more data tomorrow with last month's producer price index, a measure of wholesale inflation.
• The S&P 500 has so far had a sleepy week while Wall Street awaited this morning's report.
• Follow live market updates here.

Shares of Bank of America are more than 4% lower in premarket trading after the bank reported a steep drop in profit in the third quarter thanks to a $1.2 billion penalty from the U.S. Treasury Department. The company's revenue for the period also disappointed, coming in below Wall Street's estimates.

The Treasury Department announced the ten-figure fine yesterday, saying the bank allegedly violated anti-money laundering and sanctions laws. The penalty weighed heavily on Bank of America's earnings, cutting income by 17 cents a share. As CNBC's Hugh Son writes, the fine could lead to questions about CEO Brian Moynihan's handle on the bank.

Meanwhile, Morgan Stanley beat top- and bottom-line estimates this morning, posting equities trading revenue numbers that topped analysts' expectations by more than $900 million. Bank of America's Moynihan and Morgan Stanley CEO Ted Pick will both join CNBC's "Squawk on the Street" today. Watch live on CNBC or CNBC+.

Anthropic is expected to disclose its third-quarter financials to a group of institutional investors today, two people familiar with the matter told CNBC. The meeting, set to be held at its San Francisco headquarters, comes as the Claude maker gears up for what could be a record-setting initial public offering.

Revenue numbers from private AI giants have also become increasingly important for tech investors. Just last week, updated revenue figures from OpenAI sent stocks across the sector lower and raised questions about how Anthropic will account for sales and partner revenue.

Speaking of OpenAI: The company and Department of Justice said yesterday that one of its employees was arrested after a "sophisticated recording device" was discovered in its executive conference room. Abdulrahman Alfozan, a national of the Kingdom of Saudi Arabia, was arrested in connection to the case last week, the DOJ said.

Latino voters in South Texas surprised election watchers in 2024, when the historically Democratic-leaning group flipped for President Donald Trump. In next month's midterm election, they could be up for grabs.

After their sweep in 2024, Republicans grew optimistic that they could continue to build on their momentum with Hispanic voters. But enthusiasm for the GOP appears to be waning amid concerns over inflation and immigration policy.

CNBC's Justin Papp went to the Lone Star State to speak to these voters in South Texas, where three House races in majority-Hispanic border districts could decide which party controls Congress next year.

Apple on Tuesday debuted its new home hub called HomeView. Priced at $299, the device has a seven-inch screen and is designed to sit a table or mount to a wall. It also can act as a smart hub for Apple devices across members of a household.

As CNBC's Kif Lewsing writes, Apple appeared to use HomeView — as well as new Apple TV and HomePod hardware announced yesterday — as a showcase for its new Siri capabilities. The new products also mark Apple's first non-iPhone launch under new CEO John Ternus.

Attacks on Saudi Arabia's second-busiest airport have put a spotlight on how commercial aviation has become a greater target in global conflicts. Here's how volume at the busiest airports in the Middle East has changed in the last year:

— CNBC's Michelle Fox, Chloe Taylor, Hugh Son, Leslie Picker, Kate Rooney, CJ Haddad, Justin Papp, Kif Leswing, Leslie Josephs and Gabriel Cortes contributed to this report.

Caleigh Keating assisted in the production of this newsletter. Josephine Rozzelle edited this edition.