Hi, I'm Andrew Ross Sorkin, co-host of Squawk Box, and this is Five Things to Know before today's opening bell.

Chairs of Industrial John Caterpillar, they are down in the pre-market.

The company says that tariff-related costs will be higher than previously forecast.

For 2025, Cat is now expecting a tariff hit of between $1.5 and $1.8 billion. That's up from its guidance

earlier this month of up to $1.5 billion. Meanwhile, shares of retailer gap, they're under

pressure. The retailer that has gap, but now a republic, old Navy brands all saw comp sales

increase, but athletic comps fell by 9%.

The company also raised its estimate for the impact of tariffs from $150 million on the top end of the range to $175 million, but current quarter and full year guidance was in line with expectations.

And Vindia's CEO, Jensen Wong, saying talks have started with the

White House on selling a less advanced version of its industry leading Blackwell Chip to China. And

shares of Dell technologies, they're falling. Earnings and revenue beating estimates in the company

raising its fullier outlook above Wall Street expectations for the current quarter earnings

guidance coming in a bit

lighter than expected, although revenue guidance atopped estimates. And shares of Buy Now Pay Later

Company affirm their soaring earnings and revenue beating estimates, gross merchandise volume

was up 43% year-over-year to $10.4 billion. The company issued upbeat guidance for the current quarter.

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