U.S. government shuts down, Nike earnings, TrumpRX and more in Morning Squawk

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

The federal government officially shut down overnight after Congress failed to reach a funding agreement. You can follow CNBC’s live coverage all day here.

Around 750,000 federal employees are expected to be furloughed, according to the Congressional Budget Office, but the Trump administration has threatened to make some of those cuts permanent. The Bureau of Labor Statistics will not release several key economic data reports as scheduled — including Friday’s nonfarm payrolls report — as long as the federal government is shuttered.

The shutdown can impact everything from your mortgage application, to airport security waits, to national park visits. Here’s what it means for your money.

Stocks registered gains for September and the third quarter, with the Dow ending yesterday’s session at an all-time closing high.

Here’s what to know:

• Tech stocks led the way last month, with the Nasdaq Composite climbing more than 5%.
• CNBC Pro subscribers can read why one analyst thinks the market won’t see “Octoberphobia” this year.
• Stock futures are lower as the reality of a shutdown sets in on Wall Street. Meanwhile gold, which has long been considered a safe-haven trade in times of economic or political volatility, rallied to fresh records.
• While the shutdown will impact government-run data releases, ADP’s private payroll report will be released as expected this morning.
• Follow live market updates here.

President Donald Trump announced a deal with Pfizer yesterday in which the pharma giant will sell its medications at lower prices in the U.S. Medicaid patients will also be able to buy Pfizer products for the lowest price offered in other developed nations through a website called TrumpRX.gov.

With the deal, Pfizer scores a three-year grace period from pharmaceutical tariffs, as long as it continues investing in U.S. manufacturing. Trump said just last week that patented and branded drugs would face 100% levies unless companies build plants domestically.

Pfizer shares rallied nearly 7% in yesterday’s session, its best day since late 2021.

There’s good news and bad news from Nike’s earnings report that dropped last night. Investors seemed to be focused on the former, with the stock popping more than 4% in extended trading.

The athletic apparel maker beat Wall Street’s expectations on both lines and unexpectedly posted sales growth compared with the prior year. On the other hand, Nike said sales would likely fall during the all-important holiday quarter.

Here’s how Nike’s quarterly performance fits into CEO Elliott Hill’s broader turnaround plan.

Parsons Capital Management took the top spot on CNBC’s annual Financial Advisor 100 list released this morning. The firm’s president and CEO John Mullen described the Rhode Island-based firm’s “white glove approach” as what separates it from the pack.

Read the full list and methodology. CNBC receives no compensation from placing financial advisory firms on this list, and inclusion should not be viewed as an endorsement.

Nvidia became the first company ever to reach a $4.5 trillion market cap on Tuesday. Here’s how it got there.

— CNBC’s Kevin Breuninger, Greg Iacurci, Dan Mangan, Sean Conlon, Pia Singh, Annika Kim Constantino, Gabrielle Fonrouge, Jessica Dickler and Kelli Grant contributed to this report. Josephine Rozzelle edited this edition.