Jobs data, Tesla's rally, tariff revenue hits $200 billion and more in Morning Squawk in Morning Squawk
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This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.Here are five key things investors need to know to start the trading day:Investors and economic policymakers alike are counting down to this morning's delayed nonfarm payroll report, due out at 8:30 a.m. ET. The data comes less than a week after the Federal Reserve cut interest rates and as the race to lead the central bank takes another turn.Here's what to know:Ford's shift away from all-electric vehicles is costing it $19.5 billion in special items, the automaker said yesterday. Shares rose nearly 2% in extended trading.The charges, most of which Ford expects in the fourth quarter, are related to Ford's new focus on hybrid vehicles and its decision to cancel a generation of all-electric trucks in favor of smaller and more affordable EVs. As CNBC's Michael Wayland notes, the move comes as the broader EV industry grapples with a sales slump following the end of federal tax credits for EV buyers in September.Ford CEO Jim Farley told CNBC's "Closing Bell Overtime" yesterday that the carmaker is "following customers to where the market is." For high-end EVs in particular, Farley said that they "just weren't selling."Revenue from the new tariffs imposed by Trump this year has surpassed $200 billion, the U.S. Customs and Border Protection agency said yesterday.Trump's broad and steep duties have reshaped global trade this year, but their fate hangs in the balance as the Supreme Court weighs their legality. If the court rules against the White House, it could require refunds for companies that have already paid the tariffs.Despite the milestone, tariff revenue recently pulled back. Collections fell to $30.75 billion in November from above $31 billion in the prior month — the first decline since Trump announced his sweeping new tariffs in April.CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning.Subscribe here to get access today.Consumers are still feeling doom and gloom about the economy. But as CNBC's Gabrielle Fonrouge and Melissa Repko report, that isn't stopping them from spending.Even as a key consumer sentiment gauge sits near record lows, data shows that the highest number of Americans shopped in the five-day period from Thanksgiving to Cyber Monday in at least nine years. Retailers ranging from Costco to Best Buy have also said they've had positive starts to the all-important holiday shopping period.There are still signs that the economic outlook is weighing on consumption habits. Namely, strength in value-oriented retailers like Walmart and T.J. Maxx signal shoppers' increased attention to prices.A decade ago, robotaxis were still being written off as the work of science fiction. Today, these driverless cars have become commonplace across America, from the Las Vegas Strip to school drop-off lines in Phoenix.Alphabet-owned Waymo – the industry leader – is now operating, testing or planning to launch service in 26 markets around the world. Meanwhile, Amazon-owned Zoox and Tesla launched the first iterations of their services this year. Tesla shares surged to a new 2025 high yesterday after CEO Elon Musk confirmed that driverless robotaxi tests were happening in Austin.There are still obstacles on the road to becoming more mainstream, whether it's complaints around noise and congestion, consumer concerns about safety or higher prices than traditional rideshare platforms.Baron Capital founder Ron Baron joined CNBC's "ETF Edge" yesterday to discuss his firm's new exchange-traded funds and SpaceX investment.— 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 edition.Got a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.© 2025 Versant Media, LLC.
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