An employee recruitment sign in the window of a business in Arlington, Virginia, April 7, 2023.
Elizabeth Franz | Reuters
This is CNBC’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.
Here are five important things investors need to know to start their trading day.
1. Economics 101
Investors and economic policymakers alike are eagerly awaiting the delayed release of non-farm employment data, which is scheduled to be released at 8:30 a.m. ET this morning. The statistics come less than a week after the Federal Reserve cut interest rates, marking a new phase in the battle for central bank leadership.
Here’s what you need to know:
Economists compiled by Dow Jones expect this morning’s report to show the U.S. added 45,000 jobs in November, pushing the unemployment rate to 4.5%. Fed Chairman Jerome Powell warned in a press conference last week that there had been a “systematic inflating” of payroll numbers recently, which could lead to a major correction. Meanwhile, there is growing uncertainty in the market about who will succeed Mr. Powell. Sources told CNBC’s Steve Reisman that National Economic Council Director Kevin Hassett’s candidacy is facing pushback from those close to President Donald Trump, and traders are underdogs after this morning’s jobs report. The three major indexes ended yesterday’s session in the red, once again dragged down by artificial intelligence stocks as funding concerns remain. Employment statistics are in the spotlight this week. November’s consumer price index is also scheduled to be released on Thursday, after slowing growth due to the government shutdown. Follow us here for live market updates.
2. Repair fee
Front of Ford F-150 Lightning, Tesla Cybertruck, and GMC Sierra Denali EV (left to right).
Michael Weiland/CNBC
ford’s The transition away from all-electric vehicles will cost the company $19.5 billion in specialty items, the company announced yesterday. Shares rose nearly 2% in extended trading.
The bulk of the charge Ford expects in the fourth quarter is related to the company’s new focus on hybrid vehicles and its decision to discontinue an all-electric truck generation in favor of smaller, more affordable EVs. As CNBC’s Michael Weiland points out, the move comes as the broader EV industry grapples with weak sales after a federal tax credit for EV buyers ended in September.
Ford CEO Jim Farley said yesterday on CNBC’s “Closing Bell Overtime” that the automaker is “following customers to where the market is.” Farley said that luxury EVs in particular “are not selling at all.”
3. Lots of money
U.S. President Donald Trump speaks at the Mexican Border Defense Medal Ceremony held in the Oval Office of the White House on December 15, 2025, in Washington, DC.
Andrew Caballero-Reynolds | AFP | Getty Images
U.S. Customs and Border Protection announced yesterday that it has collected more than $200 billion in revenue from new tariffs imposed by President Trump this year.
President Trump’s wide-ranging and demanding mandate reshaped global trade this year, but their fate is up in the air as the Supreme Court considers its legality. If the court rules against the White House, it could require refunds from companies that have already paid tariffs.
Despite this milestone, toll revenue has been declining recently. Collections in November fell to $30.75 billion from more than $31 billion the previous month, the first decline since President Trump announced significant new tariffs in April.
4. Forget about the price tag
Shoppers inside Serramonte Mall on Black Friday, Friday, November 28, 2025, in Daly City, California, USA.
David Paul Morris | Bloomberg | Getty Images
Consumers remain pessimistic about the economy. But that hasn’t stopped them from spending, as CNBC’s Gabriel Fonrouge and Melissa Repko report.
The number of Americans who shopped in the five days between Thanksgiving and Cyber Monday was the highest in at least nine years, data shows, even as key consumer sentiment indicators are near record lows. Retailers below costco to best buy The company also said it has made a positive start to the all-important holiday shopping period.
There are still signs that the economic outlook is weighing on spending habits. In other words, the strengths of value-oriented retailing include: walmart and TJ Maxx It shows that shoppers are increasingly paying attention to price.
5. Transformers
A Zoox robot taxi runs in San Francisco, California on November 19, 2025.
Justin Sullivan | Getty Images
Ten years ago, robotaxis were still dismissed as the stuff of science fiction. Today, these self-driving cars are commonplace across America, from the Las Vegas Strip to school drop-off areas in Phoenix.
alphabetIndustry leader Waymo currently operates, tests, or plans to launch services in 26 markets around the world. meanwhile, AmazonOwned Zoox and tesla launched the first version of the service this year. Yesterday, Tesla stock soared to a new high in 2025 after CEO Elon Musk confirmed that trials of driverless robotaxis are underway in Austin.
Obstacles remain on the path to becoming more mainstream, including complaints about noise and congestion, consumer concerns about safety, and higher prices than traditional ride-sharing platforms.
daily dividend
Baron Capital founder Ron Baron joined CNBC’s “ETF Edge” yesterday to discuss his company’s new exchange-traded fund and its investment in SpaceX.

—CNBC’s Sean Conlon, Sarah Min, John Melloy, Steve Liesman, Michael Wayland, Lori Ann LaRocco, Gabrielle Fonrouge, Lora Kolodny, Jennifer Elias, Annie Palmer and Yun Li contributed to this report. Josephine Rozzelle edited this version.
