Morning squawk includes quad witching, Nike slides, weed rules and more.

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Here are five important things investors need to know to start their trading day.

Wall Street could be in turmoil when options on four types of securities expire: index options, individual stock options, index futures options, and index futures options. There are only four “Quadruple Witching” days a year, and this day is going to be a monster.

Here’s what you need to know:

Stock futures prices were little changed in pre-market trading the day before. S&P500 and Dow Jones Industrial Average Goldman Sachs today announced that expiring notional option exposure will exceed $7.1 trillion, a record that includes $5 trillion related to the S&P 500 index and $880 billion related to individual stocks. Goldman said December’s option expirations are typically the largest, but this one beats all records, with the S&P 500 and Dow 30 down about 0.8% and 1%, respectively, this week. The Nasdaq is down 0.8% week to date. Meanwhile, TikTok CEO Shou Zi Chew told employees that the company’s U.S. operations will be based in the new joint venture. Follow us here for live market updates.

nike Shares plunged in pre-market trading after the sportswear giant warned that sales would decline this quarter and executives cited continued challenges in China.

Nike said it expects sales to decline in the low single digits for the third quarter of its fiscal year, with modest growth in North America, and that it expects its gross margin to contract by 1.75 to 2.25 percentage points, including a 3.15 percentage point impact from tariffs.

Investors were hoping for more, but it wasn’t all bad news from Nike. Strong sales in North America offset a decline in China, and results beat Wall Street expectations. CEO Elliott Hill called this the company’s “mid-term comeback.”

President Donald Trump yesterday signed an executive order directing federal agencies to reclassify marijuana, loosening long-standing restrictions on marijuana and marking the most significant change in U.S. cannabis policy in more than half a century.

The order, if finalized by the Drug Enforcement Administration, would move marijuana from Schedule I classification (the most restrictive category under the Controlled Substances Act, along with heroin and LSD) to Schedule III classification (substances with accepted medical uses and a low potential for abuse, such as ketamine and Tylenol, which contain codeine).

The cannabis company’s stock price fell following the announcement, likely due to concerns about new competition.

Separately, Homeland Security Secretary Kristi Noem announced the suspension of the diversity visa program, saying one visa had been issued to the man suspected of killing two students at Brown University.

A new leader in college sports is the University of Texas at Austin. The school’s athletic program topped CNBC’s ratings rankings and is now valued at $1.48 billion, a 16% increase from last year.

The program generated $332 million in total revenue in 2024, more than any other school, a 23% increase from the previous year and a 53% increase from 2023, according to figures from Syracuse University’s Knight-Newhouse College Athletics Database.

Ohio State, the most valuable athletic program last year, dropped to second place with $1.35 billion, a 2% increase from a year ago. Click here to see the full ranking of 75 schools.

Here are some articles I recommend making time for this weekend.

—CNBC’s Laya Neelakandan, Chloe Taylor, Lillian Rizzo, Pia Singh, Luke Fountain, Yun Li, Brandon Gomez, Michael Ozanian, Elsa Ohlen, Jonathan Vanian and Julia Boorstin contributed to this report.