Treasury Secretary Scott Bessent speaking at the CNBC Invest In America Forum in Washington, D.C. on Oct. 15, 2025. Aaron Clamage | CNBC
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. Tariff troubles
2. Lay off the layoffs
People hold signs as they hold an "informational picket" over DOGE's reductions to the federal workforce outside the Jacob K. Javits Federal Office Building on March 19, 2025 in New York City. Michael M. Santiago | Getty Images
A federal judge yesterday blocked Trump from firing federal workers during the government shutdown — at least for now. San Francisco U.S. District Court Judge Susan Yvonne Illston's temporary restraining order blocks the White House from taking any action to follow through with the layoffs and from firing other federal employees protected by the unions that filed the lawsuit. The ruling comes days after the Trump administration began sending out reduction-in-force notifications to more than 4,000 federal employees. Russell Vought, the White House's budget director, said yesterday that he expects more than 10,000 total cuts. There's still no end in sight for the shutdown, which is now on its 16th day. The Senate yesterday rejected stopgap funding bills for a ninth time.
3. On the move
A United Airlines airplane is towed from a gate at Newark Liberty International Airport on August 10, 2025, in Newark, New Jersey. Gary Hershorn | Corbis News | Getty Images
United Airlines beat Wall Street's earnings expectations yesterday, but the carrier's stock slid in extended trading as investors focused on its weaker-than-expected revenue. United, which had a bumpy ride to start the year, forecast higher-than-expected earnings for the current quarter. We're also keeping an eye on Hewlett Packard Enterprise , whose shares tumbled more than 9% in today's premarket after the company gave a weak outlook for its 2026 fiscal year. On the other hand, Salesforce gained more than 5% on the heels of its upbeat forecast for 2030.
4. Rollouts and rebuttals
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