U.S. President Donald Trump signs the funding bill to end the U.S. government shutdown, at the White House in Washington, D.C., U.S., Nov. 12, 2025.
Kevin Lamarque | Reuters
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. Opening time
President Donald Trump ended the longest government shutdown in U.S. history last night, signing into law a short-term funding bill passed by the House of Representatives earlier in the evening that funds the government through January.
Here’s what to know:
- While the deal does not include the extension of enhanced Obamacare tax credits that Democrats wanted, it does include a guarantee from Republicans that the Senate will vote on a health care bill of Democrats’ choosing next month.
- The agreement also ensures funding for food stamps, the reversal of shutdown-related layoffs and backpay for government employees.
- As he signed the legislation ending the 43-day shutdown, Trump said “people were hurt so badly” and that “we can never let this happen again.” He blamed Democrats for the closure, saying “Republicans never wanted a shutdown.”
- Earlier on Wednesday, White House Press Secretary Karoline Leavitt said key inflation and labor data for October may never be released because of the shutdown. Without these reports, Leavitt said Federal Reserve policymakers will be “flying blind at a critical period.”
- The Department of Transportation also halted the flight cuts it imposed last week as disruptions to air travel eased. The cancellations would have risen from 6% to 10% on Friday.
- The Dow Jones Industrial Average rallied to its first-ever close above 48,000 yesterday as Wall Street hoped that the shutdown’s end was imminent.
- Follow live markets updates here.
2. Testing the magic
A shot of Cinderella Castle in the Magic Kingdom at Walt Disney World Resort in Orlando, Florida.
RandomEye Photography | Twenty20
Mickey Mouse may be joining Pluto in the dog house. Disney missed Wall Street’s revenue estimates for the fiscal fourth quarter this morning, sending shares down more than 4% in premarket trading.
While the company’s Disney+ streaming service grew, the entertainment giant was hampered by its linear TV business and its its theatrical film slate. But Disney’s quarterly earnings came in higher than analysts anticipated.
“Overall we’re leaving the year with a lot of momentum,” Disney CFO Hugh Johnston told CNBC’s “Squawk Box” this morning, referring to the company’s streaming and experience businesses.
3. Personnel matters
U.S. President Donald Trump and Lisa Cook, governor of the U.S. Federal Reserve
Annabelle Gordon | Reuters | Al Drago | Bloomberg | Getty Images
Mark your calendar: The Supreme Court said it will hear arguments on Trump’s attempt to fire Federal Reserve Governor Lisa Cook on Jan. 21. The court in October allowed Cook to keep her job while the case plays out.
Meanwhile, Atlanta Fed President Raphael Bostic announced yesterday that he will leave his position when his term expires in February. Bostic, the first Black and openly gay regional Fed president, said in a statement that he was proud of efforts “to turn the lofty goal of an economy that works for everyone into more of a reality.”
4. Inside the AFP business
Jgi/jamie Grill | Tetra Images | Getty Images
As drug costs in the U.S. skyrocket, a growing industry of businesses called alternative funding programs are promising patients more affordable options for accessing specialty medications — in many cases by obtaining the drugs overseas.
Federal authorities are raising alarm about the legality of AFPs and the potential health risks for patients. Nicole Johnson, a special agent with the Department of Homeland Security, said AFPs are fulfilling prescriptions through “unverified” suppliers and “potentially illicit” online pharmacies.
In a new investigation, CNBC traced medications traveling into the U.S. via a supply chain that’s not authorized by the drug companies that make them. The investigation shows how ubiquitous these companies — which contract with employer-sponsored health plans — are becoming.
5. Electric slide
Samuel Boivin | Nurphoto | Getty Images
Anthropic announced yesterday that it plans to spend $50 billion to build out infrastructure tied to artificial intelligence. As CNBC’s MacKenzie Sigalos notes, the move makes the technology company a major U.S. player in physical AI infrastructure. The project will start with custom data centers in Texas and New York and is expected to create 800 permanent jobs and more than 2,000 construction positions.
But there’s growing political backlash to the AI industry’s data centers, with voters angry over rising electricity prices. Abigail Spanberger, who won last week’s governor race in Virginia, promised to make the industry pay “their fair share” of higher costs.
The Daily Dividend
The House Oversight and Government Reform Committee released more than 20,000 documents obtained from sex offender Jeffrey Epstein’s estate yesterday, among which were emails referencing Trump. The president has denied knowing about Epstein’s sexual abuse of underage girls and young women and has never been charged with wrongdoing in connection with Epstein.
House Speaker Mike Johnson said the House would vote next week on releasing files related to Epstein.
I know how dirty donald is
Jeffrey Epstein in a 2018 email thread
— CNBC’s Dan Mangan, Jeff Cox, Emily Wilkins, Sean Conlon, Lillian Rizzo, Scott Zamost, Paige Tortorelli, Melissa Lee, MacKenzie Sigalos and Spencer Kimball contributed to this report. Josephine Rozzelle edited this edition.



