U.S. President Donald Trump signs the funding bill to end the U.S. government shutdown, at the White House in Washington, D.C., U.S., Nov. 12, 2025.
Kevin Lamarque | Reuters
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Here are five key things investors need to know to start the trading day:
1. Opening time
President Donald Trump ended the longest government shutdown in U.S. history last night, signing into law a short-term funding bill passed by the House of Representatives earlier in the evening that funds the government through January.
Here’s what to know:
While the deal does not include the extension of enhanced Obamacare tax credits that Democrats wanted, it does include a guarantee from Republicans that the Senate will vote on a health care bill of Democrats’ choosing next month.
The agreement also ensures funding for food stamps, the reversal of shutdown-related layoffs and backpay for government employees.
As he signed the legislation ending the 43-day shutdown, Trump said “people were hurt so badly” and that “we can never let this happen again.” He blamed Democrats for the closure, saying “Republicans never wanted a shutdown.”
Earlier on Wednesday, White House Press Secretary Karoline Leavitt said key inflation and labor data for October may never be released because of the shutdown. Without these reports, Leavitt said Federal Reserve policymakers will be “flying blind at a critical period.”
The Department of Transportation also halted the flight cuts it imposed last week as disruptions to air travel eased. The cancellations would have risen from 6% to 10% on Friday.
A shot of Cinderella Castle in the Magic Kingdom at Walt Disney World Resort in Orlando, Florida.
RandomEye Photography | Twenty20
Mickey Mouse may be joining Pluto in the dog house. Disneymissed Wall Street’s revenue estimates for the fiscal fourth quarter this morning, sending shares down more than 4% in premarket trading.
While the company’s Disney+ streaming service grew, the entertainment giant was hampered by its linear TV business and its its theatrical film slate. But Disney’s quarterly earnings came in higher than analysts anticipated.
“Overall we’re leaving the year with a lot of momentum,” Disney CFO Hugh Johnston told CNBC’s “Squawk Box” this morning, referring to the company’s streaming and experience businesses.
3. Personnel matters
U.S. President Donald Trump and Lisa Cook, governor of the U.S. Federal Reserve
Annabelle Gordon | Reuters | Al Drago | Bloomberg | Getty Images
Mark your calendar: The Supreme Court said it will hear arguments on Trump’s attempt to fire Federal Reserve Governor Lisa Cook on Jan. 21. The court in October allowed Cook to keep her job while the case plays out.
Meanwhile, Atlanta Fed President Raphael Bostic announced yesterday that he will leave his position when his term expires in February. Bostic, the first Black and openly gay regional Fed president, said in a statement that he was proud of efforts “to turn the lofty goal of an economy that works for everyone into more of a reality.”
4. Inside the AFP business
Jgi/jamie Grill | Tetra Images | Getty Images
As drug costs in the U.S. skyrocket, a growing industry of businesses called alternative funding programs are promising patients more affordable options for accessing specialty medications — in many cases by obtaining the drugs overseas.
Federal authorities are raising alarm about the legality of AFPs and the potential health risks for patients. Nicole Johnson, a special agent with the Department of Homeland Security, said AFPs are fulfilling prescriptions through “unverified” suppliers and “potentially illicit” online pharmacies.
In a new investigation, CNBC traced medications traveling into the U.S. via a supply chain that’s not authorized by the drug companies that make them. The investigation shows how ubiquitous these companies — which contract with employer-sponsored health plans — are becoming.
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5. Electric slide
Samuel Boivin | Nurphoto | Getty Images
Anthropic announced yesterday that it plans to spend $50 billion to build out infrastructure tied to artificial intelligence. As CNBC’s MacKenzie Sigalos notes, the move makes the technology company a major U.S. player in physical AI infrastructure. The project will start with custom data centers in Texas and New York and is expected to create 800 permanent jobs and more than 2,000 construction positions.
But there’s growing political backlash to the AI industry’s data centers, with voters angry over rising electricity prices. Abigail Spanberger, who won last week’s governor race in Virginia, promised to make the industry pay “their fair share” of higher costs.
The Daily Dividend
The House Oversight and Government Reform Committee released more than 20,000 documents obtained from sex offender Jeffrey Epstein’s estate yesterday, among which were emails referencing Trump. The president has denied knowing about Epstein’s sexual abuse of underage girls and young women and has never been charged with wrongdoing in connection with Epstein.
House Speaker Mike Johnson said the House would vote next week on releasing files related to Epstein.
I know how dirty donald is
Jeffrey Epstein in a 2018 email thread
— CNBC’s Dan Mangan, Jeff Cox, Emily Wilkins, Sean Conlon, Lillian Rizzo, Scott Zamost, Paige Tortorelli, Melissa Lee, MacKenzie Sigalos and Spencer Kimball contributed to this report. Josephine Rozzelle edited this edition.
Ticket reseller StubHub signage on display at the New York Stock Exchange for the company’s IPO on Sept. 17, 2025.
NYSE
StubHub shares plunged 20% in extended trading on Thursday after the company reported quarterly results for the first time since its initial public offering in September.
Here’s how the ticket vendor did in comparison with LSEG consensus:
Loss per share: $4.27
Revenue: $468.1 million vs. $452 million expected
During a conference call with investors, StubHub CEO and founder Eric Baker said the company wouldn’t provide guidance for the current quarter.
Baker said that the company takes “a long term approach,” adding that the timing of when tickets go on sale can vary, making it hard to predict consumer demand. StubHub plans to offer outlook for 2026 when it reports fourth-quarter results, he said.
“The demand for live events is phenomenal,” Baker said. “We don’t see anything with consumer demand that’s any different.”
Revenue increased 8% in its second quarter from $433.8 million a year earlier, the company said.
StubHub reported a net loss of $1.33 billion, or a loss of $4.27 per share, compared to a net loss of $45.9 million, or a loss of 15 cents per share, during the same period last year. StubHub said this reflects a one-time stock-based compensation charge of $1.4 billion stemming from its IPO.
Gross merchandise sales, which represent the total dollar value paid by ticket buyers, rose 11% year over year to $2.43 billion.
The company faced tough comparisons from a year earlier, when results were boosted by Taylor Swift’s massively popular Eras Tour. Excluding that impact, StubHub said GMS grew 24% year over year.
Founded in 2000, StubHub primarily generates revenue from connecting buyers with ticket resellers. It competes with Vivid Seats, which was taken public via a special purpose acquisition company in 2021; SeatGeek; and Ticketmaster parent Live Nation Entertainment.
“We are building a truly differentiated consumer product that improves the experience for fans while unlocking better economics for venues, teams, and artists through open distribution,” Baker said in a statement. “We’re early in that journey, but our progress so far gives us great confidence in our strategy and the long-term value we’re creating.”
StubHub raised $800 million in its long-awaited IPO on the New York Stock Exchange, which came after it delayed its debut twice. The most recent stall came in April after President Donald Trump‘s announcement of sweeping tariffs roiled markets. The company restarted the process to go public in August when it filed an updated prospectus.
On Thursday, the company’s stock closed at $18.82. Shares are now down roughly 20% from the IPO price of $23.50.
The Google corporate logo hangs outside the Google Germany offices on August 31, 2021 in Berlin, Germany.
Sean Gallup | Getty Images News | Getty Images
Google said on Thursday said it has disrupted the foreign cybercriminal group behind a massive SMS text phishing operation within 24 hours of filing its lawsuit.
“This shut down of Lighthouse’s operations is a win for everyone,” said Google general counsel Halimah DeLaine Prado. “We will continue to hold malicious scammers accountable and protect consumers.”
Google filed the suit early Wednesday, seeking to dismantle the organization that some cyber experts have dubbed the “Smishing Triad,” which used a phishing kit named “Lighthouse” to generate and deploy attacks using fake texts.
The company provided translated Telegram messages allegedly posted by the group’s ringleader.
“Our cloud server has been blocked due to malicious complaints. Please be patient and we will restore it as soon as possible!” one message read.
Another message stated that “The reopening date will be announced separately.”
Google did not provide specifics on how the operation was shut down.
Read more CNBC tech news
The crime group had harmed at least 1 million victims across over 120 countries, Google said in a release.
Victims would receive texts containing malicious links to fraudulent websites designed to steal sensitive financial information, including Social Security numbers and banking credentials.
The messages often appeared as fake delivery updates, unpaid fees notifications, fraud alerts, and other texts designed to appear urgent.
“They were preying on users’ trust in reputable brands such as E-ZPass, the U.S. Postal Service, and even us as Google,” DeLaine Prado previously told CNBC.
The company said that it found over 100 templates generated by Lighthouse using the company’s branding to trick victims into thinking the sites were legitimate.
Tesla is recalling around 10,500 units of its Powerwall 2, a backup battery for residential use, according to a U.S. Consumer Product Safety Commission disclosure out Thursday.
“The lithium-ion battery cells in certain Powerwall 2 systems can cause the unit to stop functioning during normal use, which can result in overheating and, in some cases, smoke or flame and can cause death or serious injury due to fire and burn hazards,” the CPSC recall notice said.
While Elon Musk‘s electric vehicle and clean energy company blamed the issue on a “third-party battery cell defect,” it did not name the supplier.
The recall notice said Tesla previously received 22 customer reports of the Powerwall 2 overheating, including five fires resulting in “minor property damage,” but no known injuries.
Read more CNBC tech news
Tesla’s Powerwall products are sold via its Energy division, along with giant, backup batteries that are built for utility-scale projects and use at large business facilities.
The Powerwalls work with Tesla’s solar photovoltaics, or solar rooftops, and can store electricity in a home for use at a later time, including during blackouts or during days or hours when electricity prices are higher.
In a separate notice on Tesla’s website, the company emphasized that the issue does not affect owners of newer model Powerwall systems, specifically Powerwall 3. The company website also said, “all affected units are being replaced at no cost to customers.”
Tesla’s biggest growth engine in the third quarter of 2025 came from its energy division, which sells Powerwalls. Tesla Energy saw revenue jump 44% to $3.42 billion in the third quarter, and as of the end of September, its energy segment represented about one-quarter of Tesla’s overall revenue.
Tesla shares fell by more than 7% on Thursday. Representatives for Tesla did not respond to a request for comment.
