Treasury Secretary Scott Bessent speaking at the CNBC Invest In America Forum in Washington, D.C. on Oct. 15, 2025.
Aaron Clamage | CNBC
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:
1. Tariff troubles
As the U.S.-China rare earth dispute reignites fears of a trade war, tariffs are back in the spotlight for both investors and policymakers. Stocks have oscillated in recent days as traders make bets on whether President Donald Trump will back off his threats — following the “TACO” playbook, as some have called it.
Here are the latest updates:
The Dow swung more than 650 points between its high and low yesterday, while the S&P 500 finished the day up just 0.4% after gaining as much as 1.2% earlier in the session. The Nasdaq similarly closed well off its highs.
Federal Reserve Governor Stephen Miran meanwhile told CNBC that the trade dispute raises concerns around economic growth, and that it is another reason for the Fed to cut interest rates.
The Fed’s Beige Book report released yesterday showed that tariffs are pushing inflation higher, and consumers are feeling the pinch. The report said overall economic growth “changed little” since its previous edition in early September.
The Supreme Court is set to hear oral arguments next month in a case that could decide the fate of many of Trump’s steepest tariffs, and Trump said yesterday that he may be in attendance. He would be the first sitting president to ever attend arguments at the nation’s highest court, CNBC’s Kevin Breuninger reports.
People hold signs as they hold an “informational picket” over DOGE’s reductions to the federal workforce outside the Jacob K. Javits Federal Office Building on March 19, 2025 in New York City.
Michael M. Santiago | Getty Images
A federal judge yesterday blocked Trump from firing federal workers during the government shutdown — at least for now. San Francisco U.S. District Court Judge Susan Yvonne Illston’s temporary restraining order blocks the White House from taking any action to follow through with the layoffs and from firing other federal employees protected by the unions that filed the lawsuit.
The ruling comes days after the Trump administration began sending out reduction-in-force notifications to more than 4,000 federal employees. Russell Vought, the White House’s budget director, said yesterday that he expects more than 10,000 total cuts.
There’s still no end in sight for the shutdown, which is now on its 16th day. The Senate yesterday rejected stopgap funding bills for a ninth time.
3. On the move
A United Airlines airplane is towed from a gate at Newark Liberty International Airport on August 10, 2025, in Newark, New Jersey.
Gary Hershorn | Corbis News | Getty Images
4. Rollouts and rebuttals
Supercharged by the powerful M5 chip, the new 14-inch MacBook Pro delivers even more performance and takes the next big leap in AI for the Mac.
Courtesy: Apple Inc.
Apple unveiled new MacBook Pro, iPad Pro and Vision Pro models yesterday, the latest releases after it revealed its new iPhone 17 and watch models last month. The new products all feature Apple’s updated M5 chip, which the company says has four times the peak compute performance of its predecessor.
On the software front, artificial intelligence startup Anthropic launched a smaller and cheaper AI model for all users, named Claude Haiku 4.5. Its competitor OpenAI, meanwhile, is facing criticism for its decision to allow content such as erotica on ChatGPT. CEO Sam Altman defended the move, saying yesterday that OpenAI is “not the elected moral police of the world.”
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5. The road ahead
A Tesla Model 3 at the company’s store in Vallejo, California, US, on Thursday, Oct. 9, 2025.
David Paul Morris | Bloomberg | Getty Images
Legacy automakers are sounding the alarm on the electric vehicle business, but Tesla is staying largely quiet.
While Tesla is the clear leader in the U.S. EV market, the company has given up market share amid rising competition and sliding brand value, CNBC’s Lora Kolodny reports. The broader EV industry is also no longer benefitting from now-expired $7,500 tax credits that helped rev up consumer interest.
With its quarterly earnings report due in next week, Wall Street is eager to see if Tesla — or its famously opinionated CEO Elon Musk — will report similar challenges as its competitors.
The Daily Dividend
With what feels like a new billion-dollar tech deal every day, it’s hard to keep track of who’s paying who for what. Here’s the $1 trillion web of artificial intelligence deals, visualized.
— CNBC’s Jeff Cox, Dan Mangan, Liz Napolitano Leslie Josephs, Kif Leswing, Ashley Capoot, Lora Kolodny, Jonathan Vanian, Magdalena Petrova, Jordan Novet, Kevin Breuninger and Lillian Rizzo contributed to this report. Josephine Rozzelle edited this edition.
Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., speaks during an unveiling event in New York, US, on Wednesday, May 14, 2025.
Yuki Iwamura | Bloomberg | Getty Images
Uber plans to offer drivers and couriers in the U.S. ways to make money through the company’s app when they’re not ferrying around people or food.
The ride-hailing company said on Thursday that it’s starting a pilot with its AI Solutions Group that will allow drivers to complete small online jobs. The example Uber gave is “uploading photos to help train AI models,” which the company said is already being tested in India.
Uber CEO Dara Khosrowshahi announced the news at the company’s Only on Uber 2025 conference in Washington, D.C. Uber uses the event to reveal changes the company is making based on the best suggestions from drivers and couriers.
In prepared remarks, Khosrowshahi said Uber held “more than 60 Crew sessions with over 100 Uber team members, gathering hundreds of hours of feedback on everything from product design to policy changes,” before making product and business changes.
Meghan Casserly, an Uber spokesperson, said in an email that another example of a job drivers will be able to do is “recording themselves speaking in certain languages or accents (following prompts).” Casserly said that tasks will not be related to any of Uber’s autonomous partnerships or the development of driverless vehicles.
Pay for tasks will vary based on complexity and estimated time to completion. Drivers can see how much they will be paid before accepting a task.
The work is reminiscent of the small online jobs offered by Amazon’s Mechanical Turk, Upwork and other data labeling and freelance platforms. Uber said it doesn’t disclose the client names or nature of the specific AI-related projects that gig workers may be working on when completing a task.
Also on Thursday, Uber announced the official rollout of its women rider preference offering that pairs women drivers and riders. The service, which was introduced in July, will now be available for drivers in Baltimore, Minneapolis, Philadelphia, Seattle, Portland, Oregon, and Washington, D.C.
“In markets where it’s already live around the world, women drivers have embraced the choice — using it on more than 100 million trips,” Khosrowshahi said.
All Uber drivers can now set a rider rating preference to avoid being paired with a low-rated passenger, the company said on Thursday. Drivers can adjust their minimum rider rating level for different times of day or night.
Uber is also launching what it’s calling a delayed ride guarantee for drivers, ensuring that rides that take more than five minutes longer than estimated result in a higher payout.
“In some instances costs may be passed onto the rider,” Casserly said. It depends if a trip was delayed for something like heavy traffic or if more stops were added by the passenger.
Aerospace manufacturer BETA Technologies’ electric aircraft, ALIA, is seen at John F. Kennedy Airport in New York City, U.S., June 3, 2025. It is the first Advanced Air Mobility flight into JFK Airport.
Kylie Cooper | Reuters
Beta Technologies updated the prospectus for its initial public offering on Wednesday, setting a price range that could value the company at $7.2 billion at the top end.
The electric aircraft maker said it plans to sell 25 million shares at $27 to $33 each. The deal would raise as much as $825 million.
The planned offering comes amid a dayslong government shutdown that threatens to stall a healthy resurgence in IPO activity following a multi-year drought. Earlier this month, the SEC shared guidance to allow IPO proceedings to continue despite reduced operations.
Beta joins a growing list of electric aircraft makers that have taken a shot at public markets as the technology gains steam.
Key players Joby and Archer Aviation have accelerated in value this year as they beef up production and ink new partnerships at home and abroad. The sector has also gotten a boost from President Donald Trump‘s plans for an eVTOL, or electric vertical takeoff and landing, pilot program.
Read more CNBC tech news
Archer was recently named an official partner for the 2028 Olympics, while Joby announced a partnership with defense contractor L3Harris.
Proponents have touted eVTOLs as a way to cut traffic in crowded metropolitan areas, but the technology has yet to be approved by the Federal Aviation Administration
Beta has yet to turn a profit.
The company reported a net loss of $183 million during the first six months of the year. which grew from a $137 million loss in the same period the year prior. Revenues more than doubled to $15.6 million in the first six months of 2025 from $7.6 million a year ago.
Microsoft Executive Vice President and Consumer Chief Marketing Officer Yusuf Mehdi speaks at company headquarters in Redmond, Wash., on May 20, 2024. Microsoft unveiled a new category of PC that features generative artificial intelligence tools built into the Windows operating system. Microsoft estimates that over 50 million AI PCs will be sold over the next 12 months, given the appetite for devices powered by ChatGPT-style technology.
Jason Redmond | AFP | Getty Images
On Tuesday, Microsoft stopped supporting Windows 10, the operating system it introduced 10 years earlier.
The software company is enticing people to upgrade their PCs with a slate of artificial intelligence features it will test in Windows 11, the successor to Windows 10.
Those who participate in both the Windows Insider Program and the Copilot Labs group for trying AI experiments will gain access to an updated Copilot assistant app in Windows 11 that can use desktop and web applications to complete certain tasks, such as resizing photos, with locally stored files.
Or perhaps a person could tell Copilot to put all available Brian Eno songs into a Spotify playlist and have the assistant push play, Yusuf Mehdi, Microsoft’s consumer marketing chief, told reporters in a briefing.
Anthropic, Google and OpenAI have all developed AI models known as computer-use agents that accept people’s directives to perform actions in multiple steps that involve typing and clicking.
Microsoft has brought this technology to corporate workers who build AI agents, and consumers with premium subscriptions can try a computer-use agent called Copilot Actions. Now the software company is planning a variant for Windows 11.
Copilot Actions will be turned off by default. If enabled, it will operate in a contained environment with its own desktop, Microsoft said. People can watch the software working step by step and take over at any point, although they’re free to navigate away and do other things on their PCs as the work happens in the background.
Read more CNBC tech news
“You may see the agent make mistakes or encounter challenges with complex interfaces, which is why real-world testing of this experience is so critical to help us apply learnings to make this experience more capable and streamlined,” Mehdi wrote in a blog post.
It’s the sort of thing that might help Microsoft get the attention of people who today own Apple’s Mac computers or Chromebooks that run Google’s Chrome OS. In the second quarter, Microsoft generated $4.3 billion in Windows and devices revenue, up just 2.5% from last year.
Windows 11 became available in 2021, bringing the Start button and app icons to the center of the taskbar on the bottom of the screen, instead of the traditional left side. In July, the new operating system became more popular than Windows 10 for the first time, according to data from web analytics software maker Statcounter. Microsoft controlled 72% of operating system market share in September, the data showed.
Microsoft wants to proceed carefully as it rolls out Copilot Actions. During the preview, the feature will only work with common folders such as desktop, documents, downloads or pictures, and people will have to approve the use of data elsewhere on their computers.
Those enrolled in the Windows Insider Program will be first to test an action in the Windows 11 File Explorer that draws on technology from Singaporean startup Manus. People can right-click on a file and click the “Create website with Manus” option.
Windows Insiders will also gain the ability to ask Copilot to analyze what’s onscreen through chat messages. Until now, people could only engage with this Copilot Vision feature by talking aloud.
Finally, Microsoft intends to provide a redesigned shortcut to Copilot directly to the right of the Start button. The new widget will include buttons that activate Copilot Vision or spoken AI conversations with one click. Alternatively, people can summon the assistant by saying, “Hey Copilot.”