Google’s antitrust ruling, Trump’s Supreme Court request, Macy’s earnings and more in Morning Squawk

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

Google seems to have escaped its antitrust case better than some feared.

U.S. District Judge Amit Mehta ruled that the technology giant can keep its Chrome browser, but Google cannot have exclusive contracts and must share some search data. The ruling comes nearly a year after Mehta ruled that Google had a monopoly on internet search.

Shares of Google parent Alphabet popped after the ruling and were still up more than 5% before the bell this morning. Shares of Apple, to whom Google pays billions of dollars a year to be the default search engine on iPhones, also surged in extended trading.

Stocks kicked off the new trading month with a sharp slide yesterday. Investors appeared jolted by a pang of uncertainty following a federal appeals court’s ruling that many of President Donald Trump’s tariffs are illegal.

Here’s what else to know:

• Kraft Heinz recorded its worst day since 2022 after Warren Buffett told CNBC he was “disappointed” with the food company’s split.
• Constellation Brands shares tumbled more than 6% after the Modelo and Corona parent company cut its outlook for the fiscal year.
• PepsiCo shares meanwhile bucked the downtrend after activist firm Elliott Investment Management took a stake in the soda maker.
• Follow live markets updates here.

Speaking of those tariffs, Trump said yesterday that he would ask the Supreme Court for an “expedited ruling” to overturn the appeals court’s Friday decision.

Trump told reporters that his team’s appeal to the Supreme Court could come today. He said the “financial fabric of our country” is at risk and that the U.S. could “end up being a third-world country” without his tariffs.

Elsewhere on the judicial front, a federal judged yesterday also blocked the Trump administration from using the National Guard and military to enforce laws in California.

Two major chains announced refreshed menus yesterday. (No, they weren’t just new pumpkin spice-flavored items.)

McDonald’s said it would bring back its Extra Value Meal, which offers a 15% discount compared to buying individual menu items separately. The deal was last promoted before the Covid-19 pandemic.

Starbucks also said it will launch protein-packed lattes and cold foam later this month. As CNBC’s Amelia Lucas reports, the additions come as many Americans are increasingly focused on their protein intake.

Macy’s shares surged more 12% before the bell this morning after the retailer struck a more positive note with investors this quarter.

The department store operator blew past earnings expectations from Wall Street for its second quarter, also raising its full-year outlook. That marks a turn from last quarter, when Macy’s cut its full-year guidance and cited sales uncertainty tied to Trump’s tariffs.

Artificial intelligence startup Anthropic’s valuation just keeps climbing. Here are the big numbers from the buzzy AI company’s latest funding round:

• Latest funding round: $13 billion
• Post-money valuation: $138 billion

— CNBC’s Arjun Kharpal, Jennifer Elias, Kif Leswing, Amelia Lucas, Yun Li, Dan Mangan, Laya Neelakandan, Sean Conlon and Ashley Capoot contributed to this report. Josephine Rozzelle edited this edition.