AI trade stalls, ‘ghost job’ listings, Trump floats tariff rebate checks and more in Morning Squawk

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Here are five key things investors need to know to start the trading day:

While the government shutdown could be over soon, don’t expect the Bureau of Labor Statistics to release all the missed economic data immediately.

As CNBC’s Jeff Cox reports, government agencies will need time to catch up on data collection. If the shutdown ends this week, Goldman Sachs estimated that the BLS could have a schedule for when it would release reports — but not the data itself — out early next week.

Market watchers are especially eager to see what job market data will say, as other data sources point to loosening in the labor force. Adding to the uncertainty is the rise of “ghost job” postings, a term used to describe listings for open roles that have never appeared to be filled.

President Donald Trump floated a tariff rebate check over the weekend. Experts are warning you shouldn’t hold your breath.

Policy analysts and economists told CNBC’s Jessica Dickler that Trump’s idea of paying Americans a “dividend” of at least $2,000 — except for “high income people” — likely wouldn’t happen anytime soon. They also warned that this type of economic stimulus could drive up inflation.

Speaking of tariffs, CNBC’s Lori Ann LaRocco reported that U.S. importers are expecting a simple repayment process if the Supreme Court rules against Trump’s levies and forces a refund.

The Senate Agriculture Committee this week released a draft of its part of a market structure bill for digital assets, a major step toward greater investor adoption of cryptocurrencies. 

The draft lays out a framework for how to place guardrails on the industry and institutions that want to utilize digital assets. Cody Carbone, CEO of crypto trade association Digital Chamber, called it “the most consequential roadmap” for how institutions will utilize these currencies.

Here are our biggest takeaways from the draft.

On, the Swiss sportswear company, isn’t seeing the same slowdown as other shoe makers. The company reported better-than-expected earnings and raised its guidance this morning, saying it wouldn’t need to offer Black Friday deals to juice demand. Shares of On surged nearly 9% in premarket trading.

Elsewhere in fitness, Oura CEO Tom Hale told CNBC in an exclusive interview that the smart ring maker could see $2 billion in sales in 2026, almost doubling sales for a second straight year. Oura raised $900 million in a funding round last month, bringing its value to $11 billion. But public market investors shouldn’t get too excited: Hale said there’s “no news on an IPO” for the Finnish company.

Consumer sentiment varies significantly by the amount of stocks individuals hold. Click here to read more about how the biggest owners are buoying economic confidence, and what could change that.

— CNBC’s Sean Conlon, Kif Leswing, Ashley Capoot, Jordan Novet, Yun Li, Jeff Cox, Jessica Dickler, Lori Ann LaRocco, Liz Napolitano, Gabrielle Fonrouge, Tasmin Lockwood and Arjun Kharpal contributed to this report. Josephine Rozzelle edited this edition.