Jobs data, a potential tariff ruling, the latest on Venezuela and more in Morning Squawk

• December jobs data expected to show 73,000 nonfarm payroll growth with unemployment rate falling to 4.5%, while announced layoffs hit a monthly low according to Challenger, Gray & Christmas
• Supreme Court may rule on Trump tariff legality, though the administration has indicated it would impose duties through alternative means if the current policy is struck down; U.S. trade deficit fell 39% month-over-month in October to its lowest level
• Saks Global struggling to secure $1 billion debtor-in-possession loan needed for Chapter 11 bankruptcy, raising liquidation concerns for the 159-year-old luxury retailer that owns Neiman Marcus and Bergdorf Goodman

Market Summary: Jobs Data, Tariff Ruling, and Corporate Developments

Jobs Report Focus

December nonfarm payrolls data released at 8:30 a.m. ET, with economists expecting 73,000 job additions and unemployment declining to 4.5%. Positive indicators include announced layoffs hitting monthly lows per Challenger, Gray & Christmas, and sustained consumer spending expectations despite labor concerns, according to NY Federal Reserve survey. Markets tracking for a winning week ahead of the report.

Supreme Court Tariff Decision

Potential ruling expected on the legality of President Trump's tariff policy. Decision may grant limited presidential powers, though the administration has stated it would pursue alternative means if tariffs are struck down. October trade deficit data showed immediate effects, falling 39% month-over-month to lowest levels, per Commerce Department.

Venezuela and International Developments

Trump ruled out additional military strikes on Venezuela via social media, stating countries "are working well together." Senate passed procedural measure blocking further military action. White House meeting scheduled with energy CEOs from major oil companies and OPEC representative to discuss Venezuela following weekend strike and Maduro's ousting. Separately, U.S. government investing in Greenland critical mineral mining projects through Amaroq.

Corporate Developments

Saks Global struggling to secure $1 billion in financing, considering Chapter 11 bankruptcy. Without debtor-in-possession loan, the 159-year-old Neiman Marcus and Bergdorf Goodman parent faces potential liquidation.

General Motors announced $7.1 billion in Q4 2025 charges: $6 billion related to electric vehicle plan changes amid cooling demand, $1.1 billion from Chinese joint venture restructuring. Charges affect net income but not adjusted results.