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This is CNBC’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.
Happy Thursday. Don’t fire up that grill just yet: President Donald Trump joins CNBC’s Joe Kernen today at 5 p.m. ET. Watch live on CNBC or CNBC+.
Stock futures were little changed this morning. The S&P 500 is coming off a down day.
Here are five key things investors need to know to start the trading day:
1. One day less
A pedestrian walks by a now hiring sign posted at a gas station on June 5, 2026 in Los Angeles, California. Justin Sullivan | Getty Images
With the holiday, we have jobs data this morning instead of tomorrow. Economists polled by Dow Jones expect nonfarm payrolls to rise by 115,000 in June, which would mark a slowdown from the 172,000 gain a month prior.
Here’s what to know:
- Some economists are wondering if this month’s print could get a significant boost due to hiring around the World Cup.
- Prediction market traders don’t expect the topline number to come in as strong as the Dow Jones consensus predicts.
- Private payroll data from ADP released yesterday came in below what economists anticipated for June.
- Despite a losing session yesterday, stocks are heading into the report on track to finish the shortened week higher.
- Follow live markets updates here.
2. Trade review
A Toyota car dealership stands in Manhattan on May 8, 2026, in New York City. Spencer Platt | Getty Images
The U.S. said that its USMCA trade agreement with Canada and Mexico will not be extended, as of yesterday. As CNBC’s Michael Wayland reports, the decison throws American automakers into a fresh period of uncertainty.
Instead of reaching a 16-year extension, the deal now needs to be reviewed annually. Automakers have worried that reopening the deal could reignite uncertainty around trade, which could in turn hamper investments and hiring.
Ford Motor CEO Jim Farley told CNBC that he hoped to see a more even playing field as a result of the talks restarting. Specifically, Farley said he wanted the deal to help carmakers that mainly produce vehicles in the U.S.
3. Too hot
Kevin Warsh, Chairman of the Federal Reserve, speaking at the ECB Forum in Sintra, Portugal on July 1st, 2026.CNBC
Federal Reserve Chairman Kevin Warsh wouldn’t offer insight into what the central bank would do next during a panel discussion yesterday. However, he shared that he felt inflation was running too hot.
Warsh, who was joined on stage by other leaders of central banks around the globe, told CNBC’s Sara Eisen that he found prices were “too high.” The Fed chief also said he hoped that the central bank would begin using “new technologies” in the futures to paint a better picture of the state of inflation in the economy.
See all the big moments from the discussion here.
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4. Excess power
The Meta corporate logo is featured at the Fira Gran Via booth, highlighting the company’s ”AI-First” hardware ecosystem during the Mobile World Congress.Joan Cros | Nurphoto | Getty Images
CNBC learned yesterday that Meta will sell excess computing power to outside customers amid the artificial intelligence boom. Shares jumped more than 8% in the session, notching the stock’s best day since January.
The Facebook parent is reportedly aiming to build a new cloud business. That could help the megacap technology company recoup some of its investment on AI infrastructure.
Elsewhere in AI: Palantir CEO Alex Karp criticized the token structure used by Anthropic and OpenAI. Karp told CNBC that “I’m not throwing shade at them, but something has gone completely wrong.”
5. Opening day
President Donald Trump onstage at the Treasury Department’s Trump Accounts Summit, in Washington, Jan. 28, 2026.Kevin Lamarque | Reuters
The so-called Trump Accounts officially open this weekend. Known previously as 530A accounts, this type of investing platform for minors is focused on long-term retirement savings.
These accounts, which were enacted as part of Trump’s “big beautiful bill,” function similarly to an IRA. For babies born from 2025 through 2028, the Treasury Department is offering a $1,000 pilot program contribution.
Here’s what to know about the accounts.
The Daily Dividend
Here’s some stories we’d recommend bookmarking for the long weekend:
- Trump bought as much as $5 million in Axon stock before ICE sought $220 million Taser deal
- America can’t get enough of protein. The dairy industry can’t keep up
- The AI boom is colliding with a new threat: Severe weather
- Trump’s annual financial disclosure shows more than $580M in crypto-related income
- Trump administration’s AI crackdown opens door for China to close gap
- Prolific tech analyst Dan Ives is exiting Wedbush for a new venture
— CNBC’s Jeff Cox, Ananya Chetia, Michael Wayland, Ashley Capoot, Samantha Subin, Jessica Dickler and Kate Doore contributed to this report.
Luke Fountain assisted in the production of this newsletter. Melodie Warner edited this edition.
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