An automatic teller machine at the Zions Bank headquarters in Salt Lake City, Utah, on July 10, 2023. Kim Raff | 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. Calling the exterminator
2. Bolton indicted
John Bolton, former national security advisor, speaks during a Senate briefing hosted by the Organization of Iranian American Communities to discuss U.S. policy on Iran, in Washington, D.C., March 16, 2023. Tom Williams | Cq-roll Call, Inc. | Getty Images
John Bolton, a former national security advisor to President Donald Trump, was indicted yesterday by a federal grand jury on charges of mishandling classified information. Bolton is the third Trump adversary to face criminal charges in recent weeks, following the indictments of former FBI Director James Comey and New York Attorney General Letitia James. Meanwhile in Washington, a bill to fund the military during the government shutdown failed in the Senate yesterday. The vote came hours after senators voted down funding legislation for the 10th time. United Airlines CEO Scott Kirby told CNBC yesterday that bookings could start slowing if the government doesn't reopen soon.
3. Paying the piper
In an aerial view, a container ship arrives at the Port of Oakland on Oct. 10, 2025 in Oakland, California. Justin Sullivan | Getty Images
You're likely already feeling the economic impact of Trump's tariff policy, according to S&P Global. The firm's analysis found the levies will run global businesses nearly $1.2 trillion (yes, trillion) this year. Even under conservative estimates, S&P said two-thirds of that cost is expected to be passed down to consumers. While we're on the subject of tariffs' economic impact: The U.S. budget deficit in 2025 shrunk by slightly more than 2%, compared with the 2024 fiscal year. As CNBC's Jeff Cox notes, revenue from Trump's tariffs helped mitigate some government spending. Still, the federal government's shortfall sits at $1.78 trillion.
4. Apple's rights race
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