Jobs data, a potential tariff ruling, the latest on Venezuela and more in Morning Squawk

Happy Friday. These introductions have been helpful in reminding me what day it is amid such a busy news week, but I’m still struggling to get the hang of writing that we’re in 2026.

Stock futures are near flat this morning. The S&P 500 finished yesterday’s session little changed.

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

We’re counting down to the all-important December jobs report due at 8:30 a.m. this morning. The labor market data is a key to gauging the health of the U.S. economy and predicting the future path for interest rates.

Here’s what to know:

• Economists polled by Dow Jones expect the nonfarm payrolls to grow by 73,000 in December and the unemployment rate to tick lower to 4.5%.
• Data from Challenger, Gray & Christmas released yesterday offered reason for optimism: The consulting firm found announced layoffs hit a 17-month low in the month.
• Plus, the average consumer’s overall outlook is improving despite labor market concerns, according to a New York Federal Reserve survey released yesterday.
• Following the release of the jobs data, National Economic Council Director Kevin Hassett — a top contender to be the next Federal Reserve chair — will join CNBC’s “Squawk on the Street” at 9 a.m. ET.
• Stocks are on track for a winning week. Follow live markets updates here.

The jobs report may not be the only potentially market-moving economic event this morning: The Supreme Court could announce its ruling on the legality of President Donald Trump’s tariff policy today.

As CNBC’s Jeff Cox reports, the court’s decision might not be black and white. The court could, for example, grant Trump limited powers that would lead to the limited repayment of previously set tariffs. In any case, the Trump administration has repeatedly said it would impose the steep tariffs through other means if the Supreme Court knocks them down.

While the world awaits a decision, data released yesterday showed the effect of the duties Trump rolled out last year. The U.S. trade deficit in October fell 39% month over month to its lowest level since 2009, according to the Commerce Department.

Trump said this morning that he canceled a second wave of military attacks on Venezuela, writing in an early-morning social media post that the U.S. and Venezuela “are working well together.” The news comes after the Senate yesterday voted to block Trump from carrying out further military strikes on Venezuela. While procedural, the measure’s passage signaled it has the support to succeed when a final vote takes place.

Trump will meet with oil industry leaders this afternoon to discuss Venezuela following the weekend strike and ousting of President Nicolás Maduro. The CEOs of Exxon, ConocoPhillips and Shell, along with a Chevron representative, are expected to attend the White House meeting, sources told CNBC.

Meanwhile, the U.S. government is considering investing in critical mineral mining projects in Greenland operated by Amaroq, the company’s CEO Eldur Ólafsson told CNBC. Trump has repeatedly floated buying Greenland as a whole, but, as CNBC’s Kevin Breuninger reports, such a deal could cost trillions.

Saks Global is hitting hard times. The embattled luxury retail chain is having trouble locating up to $1 billion in financing it needs to stay alive as it considers a Chapter 11 bankruptcy filing, people familiar with the matter told CNBC’s Gabrielle Fonrouge.

Investors haven’t been chomping at the bit to lend to the Neiman Marcus and Bergdorf Goodman parent due to concerns about its ability to reorganize and subsequently pay them back, sources said. That’s created difficulties for the 159-year-old company amid its quest for a so-called debtor-in-possession loan.

Why that matters: Without bankruptcy financing, Saks is more likely to face liquidation. Saks declined to comment.

General Motors announced yesterday that it will log $7.1 billion in special charges for the final quarter of 2025. Around $6 billion of that is related to changes from its electric vehicle plans amid cooling demand, while the other $1.1 billion is tied to the rejiggering of a Chinese joint venture.

As CNBC’s Michael Wayland notes, the charges will have an impact on GM’s net income but not the company’s adjusted results. The Detroit-based automaker’s release comes ahead of its earnings report later this month and follows a bumper year for the stock.

Have I already mentioned how many big headlines there were this week? Here’s some stories you might have missed:

CNBC’s Jeff Cox, Jessica Dickler, Lori Ann LaRocco, Gabrielle Fonrouge, Chloe Taylor, Garrett Downs, Kai Nicol-Schwarz, Kevin Breuninger and Michael Wayland contributed to this report. Josephine Rozzelle edited this edition.