U.S. President Donald Trump speaks to reporters aboard Air Force One en route to the White House on November 2, 2025 after taking off from Palm Beach International Airport in West Palm Beach, Florida. Samuel Corum | 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:
Supreme Court justices appeared skeptical of the legality of President Donald Trump's tariffs on Wednesday, when the nation's highest court heard oral arguments in a case that could determine the levies' fate. Here's what to know: Both conservative and liberal justices pressed Solicitor General D. John Sauer over whether the International Emergency Economic Powers Act grants the president the power to impose tariffs.
Critics say Trump's move encroaches on the power of Congress to set and collect taxes.
"You say tariffs are not taxes, but that's exactly what they are," liberal Justice Sonia Sotomayor told Sauer.
Conservative Justice Neil Gorsuch also seemed wary of Trump's unilaterally imposed duties, saying the move represents a "one way ratchet toward the gradual but continual accretion of power in the executive branch and away from the people's elected representatives."
Stocks gained in Wednesday's session as it appeared more and more likely that the court could rule against the White House and force it to roll back the broad tariffs. Here's what that would mean for the market.
Treasury Secretary Scott Bessent told CNBC on Tuesday that the Trump administration has "lots of other authorities" it could cite to impose the duties, in the case the Supreme Court does not rule in its favor.
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2. Vote of confidence
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