Tourists walk past the U.S. Capitol more than a month into the continuing U.S. government shutdown in Washington, D.C., U.S., Nov. 7, 2025.
Nathan Howard | Reuters
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. Light at the end of the tunnel?
All eyes were on Capitol Hill last night when the Senate approved the first step of a deal that could end the federal government shutdown. Effects of the 41-day closure escalated in the last week, as the FAA ordered airlines to cancel some flights and as the Trump administration refused to fund food stamps.
Here’s the latest:
A group of eight Democratic Senators broke with party leadership to vote yes on the agreement that would fund the government through January. The procedural measure passed with a vote count of 60-40.
The package doesn’t include an extension for enhanced Affordable Care Act tax credits, which Democrats made a lightning-rod issue during the shutdown. However, it contains a guarantee by Republicans for a vote on the matter next month.
The measure’s passage sets up more votes on the agreement starting today. The House of Representatives and President Donald Trump will also need to sign off on the deal to officially end the shutdown, which is now the longest in American history.
Transportation Secretary Sean Duffy warned earlier Sunday that U.S. air travel would be slowed to “a trickle” ahead of Thanksgiving after the Trump administration ordered the cancellation of hundreds of flights amid the shutdown.
The Department of Agriculture, meanwhile, told states not to issue full SNAP benefits for this month and said it would slap penalties on any that didn’t “undo” full payments already made.
The Supreme Court on Friday temporarily paused a federal judge’s order directing the Trump administration to fully fund food stamps for November.
2. Bridge over troubled water
Traders works on the floor of the New York Stock Exchange.
NYSE
Stocks are coming off a rough week, with the Nasdaq Composite recording its biggest weekly loss since April. Several well-known tech names including Oracle, Advanced Micro Devices and Broadcom weighed down the broader market, raising alarm about the health of the artificial intelligence trade.
But stock futures are higher this morning after the Senate’s vote gave traders hope that the end of the shutdown is in sight. It’s a light week for economic data and corporate earnings, which CNBC’s Sarah Min notes could allow space for some digestion of recent market action.
Thomas Fuller | SOPA Images | Lightrocket | Getty Images
Startup data provider PitchBook announced this morning that it’s launching a new artificial intelligence tool called PitchBook Navigator.
Beginning later this month, subscribers will be able to get insights on market deals and trends by asking the AI assistant questions. PitchBook is also integrating its product with ChatGPT.
As CNBC’s Jaures Yip points out, the new AI-powered tool comes amid a boom of interest in private market deals as the valuations of buzzy startups balloon.
4. Foul ball
Emmanuel Clase #48 of the Cleveland Guardians pitches during the game between the Cleveland Guardians and the Kansas City Royals at Kauffman Stadium on Saturday, July 26, 2025 in Kansas City, Missouri.
Tanner Gatlin | Major League Baseball | Getty Images
Cleveland Guardians pitchers Emmanuel Clase and Luis Ortiz were indicted for their alleged roles in a sports betting scheme, federal prosecutors said yesterday. Authorities said the pair took bribes to rig bets on pitches thrown during MLB games.
The duo could face up to 20 years in prison if they are found guilty of the highest-offense charges. The MLB placed both players on leave in July as the league conducted an investigation.
It’s the latest betting scandal to rock major league sports after the federal government said in an indictment last month that confidential information about NBA players was leaked to bettors.
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5. What millionaires want
Cg Tan | E+ | Getty Images
New data shows it might be more lucrative to help a millionaire work out than handle their money.
Professional network Long Angle found that about 1 in 5 millionaires are planning to axe their wealth advisors, and that only a third use one for financial planning. On the other hand, millionaires reported high satisfaction levels with their personal trainers and therapists, as well as with private schools for their kids.
Click here to read which services this group is most and least satisfied with.
The Daily Dividend
Here are some key releases we’re keeping an eye on this week. Some economic data could not come out as scheduled depending on the government shutdown.
— CNBC’s Dan Mangan, Emily Wilkins, Sarah Min, Leslie Josephs, Jeff Cox, Sean Conlon, Jaures Yip, Ian Thomas and Robert Frank contributed to this report. Josephine Rozzelle edited this edition.
At ThredUp‘s 600,000-square-foot warehouse in Suwanee, Georgia, roughly 40,000 pieces of used clothing are processed each day. The company’s logistics network — four facilities across the U.S. — now rivals that of some fast-fashion giants.
“This is the largest garment-on-hanger system in the world,” said Justin Pina, ThredUp’s senior director of operations. “We can hold more than 3.5 million items here.”
Secondhand shopping is booming. The global secondhand apparel market is expected to reach $367 billion by 2029, growing almost three times faster than the overall apparel market, according to GlobalData.
About 97 percent of clothing sold in the U.S. is imported, mostly from China, Vietnam, Bangladesh and India, according to the American Apparel and Footwear Association.
“When tariffs raise those costs, resale platforms suddenly look like the smart buy. This isn’t just a fad,” said Jasmine Enberg, co-CEO of Scalable. “Tariffs are accelerating trends that were already reshaping the way Americans shop.”
For James Reinhart, ThredUp’s CEO, the company is already seeing it play out.
“The business is free-cash-flow positive and growing double digits,” said Reinhart. “We feel really good about the economics, gross margins near 80% and operations built entirely within the U.S.”
ThredUp reported that revenue grew 34% year over year in the third quarter. The company also said it acquired more new customers in the quarter than at any other time in its history, with new buyer growth up 54% from the same period last year.
“If tariffs add 20% to 30% to retail prices, that’s a huge advantage for resale,” said Dylan Carden, research analyst at William Blair & Company. “Pre-owned items aren’t subject to those duties, so demand naturally shifts.”
Inside the ThredUp warehouse, where CNBC got a behind-the-scenes look. automation hums alongside human workers. AI systems photograph, categorize, and price thousands of garments per hour. For Reinhart, the technology is key to scaling resale like retail.
“AI has really accelerated adoption,” said Reinhart. “It’s helping us improve discovery, styling, and personalization for buyers.”
That tech wave extends beyond ThredUp. Fashion-tech startups Phia, co-founded by Phoebe Gates and Sophia Kianni, is using AI to scan thousands of listings across retail and resale in seconds.
“The fact that we’ve driven millions in transaction volume shows how big this need is,” Gates said. “People want smarter, cheaper ways to shop.”
ThredUp is betting that domestic infrastructure, automation, and AI will keep it ahead of the curve, and that tariffs meant to revive U.S. manufacturing could end up powering a new kind of American fashion economy.
“The future of fashion will be more sustainable than it is today,” said Reinhart. “And secondhand will be at the center of it.”
CNBC’s Deirdre Bosa asked those at the epicenter of the boom for their take, sitting down with the founders of two of the buzziest AI startups.
Amjad Masad, founder and CEO of AI coding startup Replit, admits there’s been a cooldown.
“Early on in the year, there was the vibe coding hype market, where everyone’s heard about vibe coding. Everyone wanted to go try it. The tools were not as good as they are today. So I think that burnt a lot of people,” Masad said. “So there’s a bit of a vibe coding, I would say, hype slow down, and a lot of companies that were making money are not making as much money.”
Masad added that a lot companies were publishing their annualized recurring revenue figures every week, and “now they’re not.”
Navrina Singh, founder and CEO of startup Credo AI, which helps enterprises with AI oversight and risk management, is seeing more excitement than fear.
“I don’t think we are in a bubble,” she said. “I really believe this is the new reality of the world that we are living in. As we know, AI is going to be and already is our biggest growth driver for businesses. So it just makes sense that there has to be more investment, not only on the capability side, governance side, but energy and infrastructure side as well.”
Alphabet and Disney on Friday announced that they’ve reached a deal to restore content from ABC and ESPN onto Google’s YouTube TV.
The deal comes after a two-week standoff between the two companies that started on Oct. 31. The stalemate resulted in numerous live sporting events, including college football games and two Monday Night Football games, being absent from the popular streaming service.
“We’re happy to share that we’ve reached an agreement with Disney that preserves the value of our service for our subscribers and future flexibility in our offers,” YouTube said in a statement. “Subscribers should see channels including ABC, ESPN and FX returning to their service over the course of the day, as well as any recordings that were previously in their Library. We apologize for the disruption and appreciate our subscribers’ patience as we negotiated on their behalf.”
Disney Entertainment’s co-chairs Alan Bergman and Dana Walden, along with ESPN Chairman Jimmy Pitaro, said in a statement that said the agreement reflects “how audiences choose to watch” entertainment.
“We are pleased that our networks have been restored in time for fans to enjoy the many great programming options this weekend, including college football,” they said.
More than 20 Disney-owned channels were removed from YouTube TV, which offered its subscribers $20 credits this week due to the dispute. In addition to ABC and ESPN, other networks that were unavailable included FX, NatGeo, Disney Channel and Freeform.
The main sticking point between the two companies was the rate Disney charges YouTube TV for its networks. Disney’s most valuable channel, ESPN, charges carriage of more than $10 a month per pay-TV subscriber, a higher fee than any other network in the U.S., CNBC previously reported.
It’s not the first conflict this year between YouTube and legacy media.
NBCUniversal content was nearly removed from YouTube TV before the companies reached an agreement in October, preventing shows like “Sunday Night Football” and “America’s Got Talent” from being pulled.
YouTube TV also found itself in a standoff with Fox in August that almost resulted in Fox News, Fox Sports and other Fox channels going dark on the service just before the start of the college football season. The two sides were able to strike a deal to prevent a blackout.
YouTube said it has the option for future program packages with Disney and other partners.
Disney said that access to a selection of live and on-demand programming from ESPN Unlimited, which includes content from ESPN+ and new content on its all-inclusive digital service coming later this year, will be available on YouTube TV to base plan subscribers at no additional cost by the end of 2026.
Here’s the memo that Disney executives sent to employees:
Team,
We’re pleased to share that we’ve reached a new agreement with YouTube TV, and all of our stations and networks are in the process of being restored to the service.
While this was a challenging moment, it ultimately led to a strong outcome for both consumers and for our company, with a deal that recognizes the tremendous value of the high-quality entertainment, sports, and news that fans have come to expect from Disney.
Over the past few years, we’ve led the way in creating innovative deals with key partners – each one unique, and each designed to recognize the full value of our programming. This new agreement reflects that same creativity and commitment to doing what’s best for both our audiences and our business.
We’re proud of the work that went into this deal and grateful to everyone who helped make it happen — especially Sean Breen, Jimmy Zasowski, and the Platform Distribution team for their tireless commitment throughout this process.
Thank you all for your patience and professionalism over the past several weeks. As you all know, the media landscape continues to evolve quickly, which makes these types of negotiations complex. What hasn’t changed is our focus on the viewer. Our priority is — and will always be — delivering the best experiences and the best value to fans, and we’ll continue working closely with our partners to ensure we’re fulfilling that mission for our audiences.
We’re incredibly optimistic about what’s ahead and grateful to all of you for continuing to set the standard for entertainment around the world.
Alan, Dana & Jimmy
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast’s planned spinoff of Versant.
