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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. Faces of the Fed
Federal Reserve Governor Lisa Cook will keep her seat at the table at this week’s central bank meeting. An appeals court last night blocked President Donald Trump from firing Cook ahead of the Fed’s September gathering, which kicks off today, meaning Cook will get to cast a vote on interest rates.
Newly confirmed Governor Stephen Miran will also get a vote at the meeting. The chair of the White House’s Council of Economic Advisors was confirmed by the Senate last night to fill the Fed Governor seat vacated by Adriana Kugler last month. Miran said he will take an unpaid leave of absence from his role at the CEA while serving at the central bank.
2. The tech trade
Peter Kramer | CNBC
The S&P 500 and Nasdaq Composite rallied to new closing highs yesterday, helped by jumps in some well-known tech names. That gain propelled the S&P 500 to close above the 6,600 threshold for the first time ever.
Here are the stock moves we followed:
Alphabet jumped 4.5%, leading it to become the fourth company to join the $3 trillion market cap club.
Tesla added more than 3% after CEO Elon Musk disclosed a $1 billion stock purchase. Shares are now positive on the year, up a whopping 85% from the stock’s April low.
CoreWeave jumped more than 7% after disclosing an order from Nvidia.
Nvidia inched lower after China said the company violated anti-monopoly law.
Follow live market updates here.
3. Quarter quell
Jonathan Ernst | Reuters
Trump is known to opine on business and economic matters. His latest focus: quarterly earnings reports.
The president said on social media yesterday that companies should switch to providing semiannual earnings reports, rather than the current quarterly cadence. Trump said this would “save money” and “allow managers to focus on properly running their companies.” The Securities and Exchange Commission later told CNBC that it is “prioritizing” Trump’s proposal “to further eliminate unnecessary regulatory burdens on companies.”
As CNBC’s Jeff Cox notes, regulations can be changed by a majority vote from the SEC. Republicans currently hold a 3-to-1 voting majority at the commission, with one seat vacant.
4. TikTok, on the clock
Vcg | Visual China Group | Getty Images
Treasury Secretary Scott Bessent told CNBC this morning that Trump’s willingness to let TikTok go dark motivated China to make a deal for the sale of the popular social media app’s U.S. business. Bessent said yesterday that there was a “framework” for an agreement on TikTok’s U.S. arm, and that Trump and China President Xi Jinping were expected to meet on Friday to finalize it.
While Bessent provided few details about the “framework,” Oracle shares jumped in premarket trading after CBS News reported, citing sources, that the tech company could play a central role in the TikTok deal. No matter which company ends up taking ownership, CNBC’s Jim Cramer has some advice for investors: “You want to buy their stock.”
5. Car troubles
Frederic J. Brown | AFP | Getty Images
The number of car drivers who are “underwater” is hitting levels not seen in more than four years. If you’re unfamiliar with the term, it refers to people who owe more on their auto loans than their vehicles are worth.
The average amount owed on an underwater loan in the second quarter topped $6,700, according to auto site Edmunds. As CNBC’s Ana Teresa Solá reports, drivers trading in “underwater” cars will need cash to pay off the balance, or plan to roll it into their next loan.
The Daily Dividend
Congressional Budget Office director Phillip Swagel joined CNBC’s “Squawk Box” to discuss tariffs, inflation and the economy. Watch the interview here.
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