<div id="readability-page-1"><span></span><div id="ArticleBody-InlineImage-108242443"><div><div><p>Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on Dec. 16, 2025.</p><p>Charly Triballeau | Afp | Getty Images</p></div></div></div><div><p><em>This is CNBC's Morning Squawk newsletter. </em><em>Subscribe here</em><em> to receive future editions in your inbox.</em></p><p>Here are five key things investors need to know to start the trading day:</p></div><h2>1. Numbers game</h2><div><p>The <span id="SpecialReportArticle-QuoteInBody-2">S&amp;P 500<span><span id="-WatchlistDropdown"></span></span></span> logged its third straight losing day yesterday as investors weighed jobs numbers for the last two months. The delayed data painted a familiar economic picture — low hiring, low firing — and didn't move the needle when it came to the odds of a January interest rate cut.</p><p>Here's what to know:</p><ul><li>Nonfarm payrolls grew by a seasonally adjusted 64,000 in November, more than the Dow Jones estimate of 45,000. </li><li>The unemployment rate ticked up to 4.6%, higher than expectations and the highest level in more than 4 years.</li><li>The Bureau of Labor Statistics — whose reports have been delayed thanks to this fall's government shutdown — also released an abbreviated report for October, which showed payrolls decreased by 105,000 in the month.</li><li>The <span id="SpecialReportArticle-QuoteInBody-4">Dow Jones Industrial Average<span><span id="-WatchlistDropdown"></span></span></span> joined the S&amp;P in the red yesterday, while the <span id="SpecialReportArticle-QuoteInBody-5">Nasdaq Composite<span><span id="-WatchlistDropdown"></span></span></span> closed the session higher. </li><li>Meanwhile, U.S. crude oil prices closed at their lowest level since early 2021, after falling nearly 3%.</li><li>Follow live market updates here.</li></ul></div><h2>2. Robotaxiing to a record</h2><div id="ArticleBody-InlineImage-108222736"><div><div><p>Elon Musk, CEO of Tesla, speaks during the 2025 Annual Shareholder Meeting on Nov. 6, 2025.</p><p>Courtesy: Tesla</p></div></div></div><div><p>Shares of <span id="SpecialReportArticle-QuoteInBody-8">Tesla<span><span id="-WatchlistDropdown"></span></span></span> climbed 3% yesterday, setting both new intraday and closing highs as traders bet on the EV maker's robotaxi ambitions.</p><p>Tuesday's gain puts the stock up 21% for the year, a stunning turnaround from the 36% drop it logged in the first quarter. The rise this week was spurred by comments from CEO Elon Musk, who said in an X post on Sunday that Tesla is testing driverless vehicles in Austin with no one in the car.</p><p>But it's not all green lights for Tesla. A California judge ruled that the EV maker's marketing of its &#34;Autopilot&#34; and &#34;Full Self-Driving&#34; features was deceptive. The California Department of Motor Vehicles said last night that Tesla has 60 days to remedy the issues, or else it will face a 30-day suspension of its sales license in the state.</p></div><h2>3. 'Inadequate'</h2><div id="ArticleBody-InlineImage-108242021"><div><div><p>Jaque Silva | Nurphoto | Getty Images</p></div></div></div><div><p>The <span id="SpecialReportArticle-QuoteInBody-11">Warner Bros. Discovery <span><span id="-WatchlistDropdown"></span></span></span>board said this morning that it unanimously told its shareholders to reject <span id="SpecialReportArticle-QuoteInBody-13">Paramount Skydance's<span><span id="-WatchlistDropdown"></span></span></span> takeover bid, calling the offer's value &#34;inadequate.&#34;</p><p>Paramount launched its hostile bid last week after <span id="SpecialReportArticle-QuoteInBody-14">Netflix<span><span id="-WatchlistDropdown"></span></span></span> announced it had reached a $72 billion deal for WBD's film and streaming assets. &#34;Netflix made a compelling offer — it was heavy in cash, certainty of close, a high termination fee, and they responded to the operating issues that we were concerned about,&#34; WBD board chair Samuel Di Piazza told CNBC's David Faber on &#34;Squawk Box&#34; this morning. </p><p>Last night, Jared Kushner's Affinity Partners said it exited Paramount's bid. Affinity's role in the offer raised eyebrows, as Kushner is President Donald Trump's son-in-law. Trump has said he would be involved in the approval process for the Netflix-WBD deal.</p></div><h2>4. Crunch time</h2><div id="ArticleBody-InlineImage-108242503"><div><div><p>U.S. House Speaker Mike Johnson (R-LA) speaks with the media following a classified briefing for all members of the U.S. House of Representatives on the situation in Venezuela, on Capitol Hill in Washington, D.C., U.S., Dec. 16, 2025. </p><p>Kevin Lamarque | Reuters</p></div></div></div><div><p>Speaker of the House Mike Johnson said yesterday that his chamber would not vote on extending enhanced Affordable Care Act tax credits this week, all but ensuring that the Obamacare subsidies will expire at the end of the year.</p><p>The House is not in session next week, but the ACA credits could still get a vote if enough Republicans support a Democrat-led effort to force an effective vote on the matter. </p><p>About 22 million Americans received enhanced subsidies, according to estimates from health policy research group KFF. If they expire, KFF has estimated that premiums would, on average, more than double next year.</p></div><div><div id="SpecialReportArticle-RelatedContent-1"><div><div><h2>Get Morning Squawk directly in your inbox</h2><div><p>CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning.</p><p>Subscribe here to get access today.</p></div></div></div></div></div><h2>5. Hey Siri, what's next?</h2><div id="ArticleBody-InlineImage-108239926"><div><div><p>Tim Cook, chief executive officer of Apple Inc., at the US Capitol in Washington, DC, US, on Wednesday, Dec. 10, 2025. </p><p>Al Drago | Bloomberg | Getty Images</p></div></div></div><div><p><span id="SpecialReportArticle-QuoteInBody-18">Apple<span><span id="-WatchlistDropdown"></span></span></span> largely sat out of the artificial intelligence race this year, but it has big plans for 2026.</p><p>The iPhone maker has promised that it will launch the next generation of its AI voice assistant Siri sometime next year. The upgrade — which was originally scheduled for 2025 before being delayed in March — is seen as a chance for Apple to catch up to the likes of OpenAI, <span id="SpecialReportArticle-QuoteInBody-20">Google<span><span id="-WatchlistDropdown"></span></span></span> and their respective chatbots.</p><p>&#34;They basically said that this year, don't bother us about AI, and we'll blow you away by what we show next year,&#34; Deepwater Asset Management's Gene Munster said.</p></div><h2>The Daily Dividend</h2><p>Auction prices for the iconic Birkin and Kelly bags are falling, according to data from Bernstein. Experts chalk up the trend to fewer Birkin buyers at auctions — as aspirational luxury consumers feel pressure from inflation and a slowing labor market — and more secondhand Birkins on the market.</p><p>—<em> CNBC's Sean Conlon, Pia Singh, Jeff Cox, Spencer Kimball, Lora Kolodny, Dan Mangan, Garrett Downs, Sara Salinas, Alex Sherman, Eamon Javers, Kif Leswing and Robert Frank contributed to this report. Melodie Warner edited this edition.</em></p></div>

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<p>The unemployment rate rose to 4.6%, the highest in over four years, while Tesla's stock surged 3% amid robotaxi developments. Warner Bros. Discovery rejected Paramount's takeover bid, calling it inadequate. The U.S. House will not vote on extending ACA tax credits, risking their expiration. Apple plans to launch an upgraded AI Siri in 2026.</p>

- The S&P 500 faced its third consecutive losing day as job growth slowed, with nonfarm payrolls increasing by 64,000 in November and the unemployment rate rising to 4.6%.  
- Tesla shares climbed 3% due to positive speculation around its robotaxi initiative, despite facing legal challenges over misleading advertising.  
- Warner Bros. Discovery rejected a takeover bid from Paramount Skydance as inadequate, while U.S. lawmakers delayed voting on Affordable Care Act subsidy extensions, risking higher insurance premiums for millions.

Unemployment rate rises, Tesla's 2025 turnaround, Siri's AI upgrade and more in Morning Squawk