Jobs data revisions, Lisa Cook’s firing blocked, Klarna prices IPO and more in Morning Squawk

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

The labor market added 911,000 fewer jobs than the Bureau of Labor Statistics previously estimated in the year leading up to March 2025, according to data revisions released yesterday. That’s the largest annual adjustment in more than two decades.

Here’s what else you should know:

• Between the annual revision and monthly corrections since March, the labor market has actually added 1.2 million fewer jobs that initially expected over the last 16 months, CNBC’s Jeff Cox reports.
• Yesterday’s revisions add to an already worrisome economic picture, following last week’s lackluster jobs report.
• The release also follows President Donald Trump’s criticism of the BLS, whose commissioner he fired last month. White House Press Secretary Karoline Leavitt said in a statement that the data revisions prove that the agency is “broken.”
• Now, we’re turning attention to inflation data: The producer price index is due this morning, followed by the more closely watched consumer price index tomorrow. The reports are expected to show that inflation is still rising, which could complicate the outlook for the Federal Reserve heading into its interest rate decision next week.
• Despite growing economic concerns, investors still sent all three major averages to all-time highs on Tuesday. Follow live markets updates here.

A federal judge blocked Trump from firing Fed Governor Lisa Cook — at least for now.

The ruling issued last night stops the president from removing Cook as her lawsuit challenging her termination — which is expected to reach the Supreme Court — plays out. The judge wrote in the order that “Cook has made a strong showing that her purported removal was done in violation of the Federal Reserve Act’s ‘for cause’ provision.”

Meanwhile, the Supreme Court agreed to hearing Trump’s appeal of lower court decisions blocking many of his tariffs, also granting the administrations request to fast-track the case. Mark your calendars: Oral arguments will take place the first week of November.

Oracle surged more than 30% in overnight trading after booming growth estimates for its cloud business thrilled analysts, helping investors look past the software company’s weaker-than-expected quarterly earnings report. “We’re all kind of in shock, in a very good way,” Deutsche Bank’s Brad Zelnick said on the company’s earnings call.

Oracle projected that revenue in its cloud infrastructure business will jump 77% this fiscal year. Shares’ afterhours gains set the stock up for its biggest daily jump since the 1990s on Wednesday.

Meanwhile, Apple debuted several new products at its launch event yesterday, including the latest iPhones, Apple Watches and AirPods. Despite the hubbub, shares of the megacap tech stock ended the day 1.5% lower.

Buy now, pay later company Klarna priced its IPO at $40 — above the expected range — yesterday. That puts the Swedish firm’s valuation at around $15 billion ahead of its expected public market debut today.

Crypto exchange Gemini is also set to join the public market this week, and CNBC’s Tanaya Macheel reported yesterday that the company has locked in Nasdaq as a strategic investor. Nasdaq will invest $50 million as part of a deal providing Gemini’s custodial service to the stock exchange’s financial institution clients.

Novo Nordisk, the Danish company behind the blockbuster weight-loss medication Wegovy, is making some cuts.

Novo said it would axe around 9,000 jobs, which represents approximately 11.5% of its total workforce. The move will result in a one-time cost of 8 billion Danish kroner (or about $1.26 billion).

While Novo has been a leader in the booming GLP-1 market, CNBC’s Karen Gilchrist and Katrina Bishop report that the company has struggled to hold onto market share, particularly in the U.S. That comes amid supply chain snafus and growing competition.