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This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Monday. I saw "The Social Reckoning" over the weekend, the first of a string of new movies and TV shows focused on technology executives. Stock futures are little changed this morning. Stocks finished last week higher. Here are five key things investors need to know to start the trading day: 1. Refining ideas Following a phone call with Russian President Vladimir Putin, President Donald Trump on Friday said that Moscow would supply more than 4 million tons of diesel to the global market. The deal comes as Trump faces pressure to bring Americans relief at the pump before the midterm elections, but analysts are skeptical the agreement will lead to lower prices. Here's what to know: - Many experts and lawmakers pointed out that the deal appears to contradict sanctions the U.S. put on Russian oil sales amid the Russia-Ukraine war. Trump just last month signed into law legislation that enables him to tariff the top purchasers of Russian crude oil or gas. - Trump said Sunday that Russia and Ukraine had reached an "energy ceasefire." Such a truce also has the potential to ease the global oil and gas crunch. - Ukrainian President Volodymyr Zelenskyy said Kyiv would agree to the ceasefire if Russia does as well, claiming in a livestreamed address this morning that Moscow already violated the truce. - Meanwhile, tanker attacks in the Strait of Hormuz have surged to their highest levels since the start of the Iran war. The spike in attacks casts doubt over whether the global crude supply can meaningfully increase. - Oil futures are higher this morning, reversing an initial decline. Crude prices rose last week, but that wasn't enough to stop U.S. stocks from ending the week in the green. - Follow live market updates here. 2. Riding the brakes Independent evaluators once occupied a quiet corner of the artificial intelligence world. Now, as safety concerns mount, they're being tapped to help get the industry on the right track. AI titans are turning to third-party evaluators such as Model Evaluation and Threat Research (METR) and Transluce to monitor their models. As CNBC's Ashley Capoot reports, the role of these organizations has become even greater in the absence of a federal government safety framework. Speaking of AI safety: Microsoft CEO Satya Nadella became the latest industry leader to voice concern over AI risks, writing on social media Saturday that the technology needs an "emergency brake." Nadella said models should be built with containment and independent controls. 3. On the ground The Justice Department is investigating whether the White House television press pool violated antitrust laws by suspending their coverage of Trump when the president banned CNN, MS NOW and Politico from accessing the White House. The DOJ said it is looking at whether the press pool's pause in coverage broke the Sherman Act, a federal law prohibiting agreements that unreasonably restrain trade. Members of the press pool — which includes CNN, Fox News, ABC, CBS and NBC — did not immediately respond to CNBC's requests for comment. Meanwhile, Katie Zacharia, a lawyer and conservative commentator, will take over as White House press secretary today. Zacharia succeeds Karoline Leavitt, who left the Trump administration in August and is expected to begin a role at Fox News next month. 4. Bonds and budgets French bond yields are trading near levels last seen in 2002. Some investors are wondering whether Italy could face a similar fate as the country considers widening its budget deficit. The Italian government is set to present a budget that includes recently confirmed allocations for defense and energy. The new spending levels could enlarge Italy's deficit over the next two years and make its debt-to-GDP ratio the highest in Europe, according to Goldman Sachs. As a result, Italy's government bonds could feel more pressure heading into the country's general election next year. Still, some investors see Italy as better off than France thanks to its largely domestic bond ownership. 5. Two sides of the same coin Retailers are trying to clean up their balance sheets. To do so, many are taking products off of their shelves. As CNBC's Ryan Baker writes, less inventory can help businesses stabilize sales and reduce the likelihood of ending up with a glut of product. But on the other hand, fewer items leaves shoppers with fewer choices. That's a compromise many well-known retailers have made amid surging energy and food prices. Brands from Dollar General to BJ's Wholesale Club to Lululemon have all announced plans to reduce the number of products they sell. The Daily Dividend Here's what we're watching this week: - Tuesday: UnitedHealth, JPMorgan Chase, Wells Fargo, Goldman Sachs and Citi earnings (before the bell) - Wednesday: ASML, Bank of America and Morgan Stanley earnings (before the bell); consumer price index for September; Federal Reserve Beige Book - Thursday: Producer price index for September — CNBC's Spencer Kimball, Kevin Breuninger, Garrett Downs, Elsa Ohlen, Deena Zaidi, Mike Sheen, Sean Conlon, Ashley Capoot, Greg Iacurci, Liz Napolitano, Terri Cullen, Hugh Leask and Ryan Baker contributed to this report. Caleigh Keating assisted in the production of this newsletter. Josephine Rozzelle edited this edition. Disclosure: CNBC and MS NOW are divisions of Versant Media.
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