Weak jobs data, Salesforce earnings, GM’s ‘Silicon Valley cowboy’ and more in Morning Squawk

Published

2 days ago

December 4, 2025

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A sign at a NYS Department Of Labor job fair at the Downtown Central Library in Buffalo, New York, US, on Wednesday, Aug. 27, 2025.

Lauren Petracca | Bloomberg | Getty Images

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. Silver linings playbook

Yesterday highlighted the relevance of a market adage: Bad news can actually be good news for investors. After private payroll data showed weakness in the labor market, stocks climbed as investors hoped the report would strengthen the case for an interest rate cut at the Federal Reserve’s meeting next week.

Here’s what to know:

The ADP reported a surprise decline of 32,000 jobs in November. Economists surveyed by Dow Jones were forecasting a gain of 40,000.
The Dow Jones Industrial Average rallied more than 400 points in Wednesday’s session, pulling the 30-stock index into positive territory for the week.
Traders are now pricing in a roughly 89% likelihood of a rate cut, up from under 70% a month ago, according to CME’s FedWatch tool.
Data released by Challenger, Gray & Christmas this morning also showed layoff announcements this year totaled the most since 2020, another sign of the labor market’s slowdown.
Commerce Secretary Howard Lutnick told CNBC yesterday that the poor ADP numbers were due to the government shutdown and mass deportations — not tariffs.
Speaking of tariffs, Treasury Secretary Scott Bessent said that the Trump administration can replicate the sweeping levies if the Supreme Court rules the president exceeded his authority to enact the duties.
Follow live markets updates here.

2. In full force

Sheldon Cooper | Lightrocket | Getty Images

Salesforce blew past earnings per share expectations for the third quarter, sending shares higher in today’s premarket. While the company’s quarterly revenue came in slightly under Wall Street’s consensus forecast, Salesforce offered stronger-than-anticipated revenue guidance for the current three-month period.

Salesforce also said annualized revenue from its Agentforce AI software jumped 330% year over year. The firm set a better-than-expected revenue target of $60 billion for fiscal 2030 for Agentforce.

3. Jensen’s jaunt

Nvidia President and CEO Jensen Huang speaks to the media as he arrives for a meeting with the Senate Banking Committee on Capitol Hill on December 3, 2025 in Washington, DC.

Anna Moneymaker | Getty Images

Nvidia CEO Jensen Huang returned to Washington, D.C. yesterday to meet with Trump and discuss chip export restrictions. Huang then went to Capitol Hill, where lawmakers are weighing whether to approve a rule that would limit AI chip exports.

Huang said the Guaranteeing Access and Innovation for National Artificial Intelligence Act — known as the GAIN AI Act — “is even more detrimental to the United States than the AI Diffusion Act.” Huang also broke with some of his fellow AI executives by slamming state-by-state AI regulation. Such oversight would “drag this industry into a halt” and would “create a national security concern,” he said.

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4. Vaccination vote

Massachusetts Institute of Technology professor Retsef Levi speaks during an Advisory Committee on Immunization Practices meeting at the Centers for Disease Control and Prevention in Atlanta, Sept. 19, 2025.

Alyssa Pointer | Reuters

Health and Human Services Secretary Robert F. Kennedy Jr.’s hand-picked Advisory Committee on Immunization Practices is slated to vote today. On the docket: whether to change its longstanding recommendation that babies gets the hepatitis B vaccination within 24 hours of birth.

While it’s unclear how the committee will rule, any change to the recommendation would have major impacts within public health. Some experts caution that doing away with the decades-old recommendation could lead to a higher rate of chronic infections in children.

5. New terrain

GM Chief Product Officer Sterling Anderson during the automaker’s “GM Forward” event on Oct. 22, 2025 in New York City.

Michael Wayland / CNBC

Meet Sterling Anderson, General Motors‘ new executive vice president and product chief. As CNBC’s Michael Wayland reports, the self-proclaimed “Silicon Valley cowboy” is taking the Detroit automaker by storm.

Anderson’s remit includes overseeing “the end-to-end product lifecycle” of GM’s vehicles, according to the company. He told CNBC that the he wants to see a faster rate of innovation and create a “unified approach” to product.

Also helping General Motors: Trump’s decision to cut tariffs on South Korea. The company is the second-largest new vehicle importer from the country, behind South Korea-based Hyundai Motor.

The Daily Dividend

Delta Air Lines detailed the impact of the government shutdown on its profit. Here’s what the air carrier said:

Approximate cost to pretax profit: $200 million
Current-quarter earnings per share impact: 25 cents

— CNBC’s Sean Conlon, Jeff Cox, Kevin Breuninger, Jordan Novet, Annie Palmer, Ashley Capoot, Annika Kim Constantino, Mike Wayland and Leslie Josephs contributed to this report. Josephine Rozzelle edited this edition.

Technology

SpaceX aims for $800 billion valuation in secondary share sale, WSJ reports

Published

13 hours ago

December 6, 2025

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SpaceX aims for 0 billion valuation in secondary share sale, WSJ reports

Dado Ruvic | Reuters

Elon Musk’s SpaceX, is initiating a secondary share sale that would give the company a valuation of up to $800 billion, The Wall Street Journal reported Friday.

SpaceX is also telling some investors it will consider going public possibly around the end of next year, the report said.

At the elevated price, Musk’s aerospace and defense contractor would be valued above ChatGPT maker OpenAI, which wrapped up a share sale at a $500 billion valuation in October.

SpaceX has been investing heavily in reusable rockets, launch facilities and satellites, while competing for government contracts with newer space players, including Jeff Bezos‘ Blue Origin. SpaceX is far ahead, and operates the world’s largest network of satellites in low earth orbit through Starlink, which powers satellite internet services under the same brand name.

A SpaceX IPO would include its Starlink business, which the company previously considered spinning out.

Musk recently discussed whether SpaceX would go public during Tesla‘s annual shareholders meeting last month. Musk, who is the CEO of both companies, said he doesn’t love running publicly traded businesses, in part because they draw “spurious lawsuits,” and can “make it very difficult to operate effectively.”

However, Musk said during the meeting that he wanted to “try to figure out some way for Tesla shareholders to participate in SpaceX,” adding, “maybe at some point, SpaceX should become a public company despite all the downsides.”

WATCH: What retail investors should know about OpenAI and SpaceX

Technology

Judge finalizes remedies in Google antitrust case

Published

14 hours ago

December 5, 2025

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Judge finalizes remedies in Google antitrust case

The logo for Google LLC is seen at the Google Store Chelsea in Manhattan, New York City, U.S., November 17, 2021.

Andrew Kelly | Reuters

A U.S. judge on Friday finalized his decision for the consequences Google will face for its search monopoly ruling, adding new details to the decided remedies.

Last year, Google was found to hold an illegal monopoly in its core market of internet search, and in September, U.S. District Judge Amit Mehta ruled against the most severe consequences that were proposed by the Department of Justice.

That included the proposal of a forced sale of Google’s Chrome browser, which provides data that helps the company’s advertising business deliver targeted ads. Alphabet shares popped 8% in extended trading as investors celebrated what they viewed as minimal consequences from a historic defeat last year in the landmark antitrust case.

Investors largely shrugged off the ruling as non-impactful to Google. However some told CNBC it’s still a bite that could “sting.”

Mehta on Friday issued additional details for his ruling in new filings.

“The age-old saying ‘the devil is in the details’ may not have been devised with the drafting of an antitrust remedies judgment in mind, but it sure does fit,” Mehta wrote in one of the Friday filings.

Google did not immediately respond to a request for comment. The company has previously said it will appeal the remedies.

In August 2024, Mehta ruled that Google violated Section 2 of the Sherman Act and held a monopoly in search and related advertising. The antitrust trial started in September 2023.

In his September decision, Mehta said the company would be able to make payments to preload products, but it could not have exclusive contracts that condition payments or licensing. Google was also ordered to loosen its hold on search data. Mehta in September also ruled that Google would have to make available certain search index data and user interaction data, though “not ads data.”

The DOJ had asked Google to stop the practice of “compelled syndication,” which refers to the practice of making certain deals with companies to ensure its search engine remains the default choice in browsers and smartphones.

The judge’s September ruling didn’t end the practice entirely — Mehta ruled out that Google couldn’t enter into exclusive deals, which was a win for the company. Google pays Apple billions of dollars per year to be the default search engine on iPhones. It’s lucrative for Apple and a valuable way for Google to get more search volume and users.

Mehta’s new details

In the Friday filings, Mehta wrote that Google cannot enter into any deal like the one it’s had with Apple “unless the agreement terminates no more than one year after the date it is entered.”

This includes deals involving generative artificial intelligence products, including any “application, software, service, feature, tool, functionality, or product” that involve or use genAI or large-language models, Mehta wrote.

GenAI “plays a significant role in these remedies,” Mehta wrote.

The judge also reiterated the web index data it will require Google to share with certain competitors.

Google has to share some of the raw search interaction data it uses to train its ranking and AI systems, but it does not have to share the actual algorithms — just the data that feeds them.” In September, Mehta said those data sets represent a “small fraction” of Google’s overall traffic, but argued the company’s models are trained on data that contributed to Google’s edge over competitors.

The company must make this data available to qualified competitors at least twice, one of the Friday filing states. Google must share that data in a “syndication license” model whose term will be five years from the date the license is signed, the filing states.

Mehta on Friday also included requirements on the makeup of a technical committee that will determine the firms Google must share its data with.

Committee “members shall be experts in some combination of software engineering, information retrieval, artificial intelligence, economics, behavioral science, and data privacy and data security,” the filing states.

The judge went on to say that no committee member can have a conflict of interest, such as having worked for Google or any of its competitors in the six months prior to or one year after serving in the role.

Google is also required to appoint an internal compliance officer that will be responsible “for administering Google’s antitrust compliance program and helping to ensure compliance with this Final Judgment,” per one of the filings. The company must also appoint a senior business executive “whom Google shall make available to update the Court on Google’s compliance at regular status conferences or as otherwise ordered.”

This is breaking news. Check back for updates.