GoKawiilThis is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Wednesday. From "oil" to "shock," here are the keywords Kalshi traders think Federal Reserve Chairman Kevin Warsh will say at his press conference this afternoon. Stock futures are lower this morning after a mixed day on Wall Street. Here are five key things investors need to know to start the trading day:
1. Read between the lines
Federal Reserve Chairman Kevin Warsh concludes a news conference after a meeting of the Federal Open Market Committee, June 17, 2026. Tom Williams | CQ-Roll Call, Inc. | Getty Images
2. Ford fiesta
In an aerial view, Ford pickup trucks are displayed on the sales lot at Serramonte Ford on Jan. 6, 2026 in Colma, California. Justin Sullivan | Getty Images
Shares of Ford jumped more than 5% in extended trading after the automaker reported better-than-expected earnings for the second quarter and hiked its earnings forecast for the full year. Revenue for the period came in below Wall Street's estimates, though. "Most important for this quarter, the business isn't just executing to plan. The business has been able to absorb headwinds as they've come at us," CFO Sherry House told CNBC's Phil LeBeau yesterday. Two fires at an aluminum supplier led to production problems for the automaker. But House said on a media call that production of the F-Series pickup truck will continue to recover in the second half of this year and reaffirmed a $1 billion improvement from last year's reported impact.
3. Following the money
US President Donald Trump speaks at Wheeler High School, in Marietta, Georgia, on July 22, 2026. Saul Loeb | AFP | Getty Images
A CNBC analysis of Trump's 2025 annual financial disclosure paints the clearest picture yet of who is managing Trump's $850 million investing portfolio. The disclosure, filed with the Office of Government Ethics, links JPMorgan Chase , Charles Schwab , UBS and Stephens Inc. to at least four of Trump's eight numbered accounts. CNBC's findings were corroborated by three industry experts. Financial experts told CNBC's Luke Fountain that the arrangements put the banks in a unique position, given the president's power to shape financial policy and regulation. Asked about Trump's baking, White House spokesperson Anna Kelly said that there "are no conflicts of interest."
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