Trump Accounts, the Dow’s latest record, Microsoft layoffs and more in Morning Squawk

Happy Tuesday. It’s also slated to be SpaceX’s first day in the Nasdaq-100.

Stock futures are mixed after a winning day for Wall Street.

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

A piece of Wall Street came to the White House yesterday. President Donald Trump rang the opening bell for the stock markets in the Oval Office yesterday, part of a first-of-its-kind collaboration in celebration of Trump Accounts.

Here’s what to know:

• More than six million children were signed up for Trump Accounts heading into the launch over the holiday weekend, the Treasury Department said.
• These accounts are expected to add nearly $20 billion to the U.S. stock market this year, according to Wells Fargo.
• Trump’s White House event was attended by several CEOs and business moguls, along with leaders from the New York Stock Exchange and Nasdaq.
• Trump said people should “go out and buy” a computer from Dell, sending shares of the technology stock up 4%.
• SpaceX President Gwynne Shotwell announced yesterday that she would donate stock to the program.

Hesai Technology was deemed a national security threat by the U.S. Defense Department. But as CNBC’s Melissa Lee, Paige Tortorelli and Scott Zamost report this morning, that hasn’t stopped the Shanghai-based manufacturer from expanding its reach in the U.S.

The U.S. government said Hesai, which is known for making sensors that allow robots and self-driving cars to see, is a Chinese military entity. However, Hesai is still able to work with U.S. companies and has a partnership with artificial intelligence titan Nvidia.

Researchers and critics said there are serious ramifications if the lidar technology is compromised through malware. But Hesai CEO David Li said its products are safe and that the company does not work with China’s military.

Belgium defeated the U.S. 4-1 in last night’s World Cup knockout-round game. The U.S. is now out of the tournament, making it the last of the three co-host countries to be eliminated.

Notably, American striker Folarin Balogun was permitted to play by FIFA despite receiving a red card and ejection in the prior game. Belgium’s soccer association had unsuccessfully lobbied to reverse FIFA’s decision to allow the star player into the match.

Earlier in the day, Trump defended his controversial phone call to FIFA President Gianni Infantino over Balogun’s suspension. Trump said “I didn’t think it was a foul” after Balogun received a red card, but said he “didn’t tell” Infantino how he should have proceeded.

Microsoft said yesterday that it’s cutting 4,800 jobs — or just over 2% of its workforce — immediately. As CNBC’s Jordan Novet notes, it’s part of the software company’s efforts to reduce costs in the AI era.

The Xbox business would lose 3,200 employees, which a person familiar with the matter told CNBC equates to around one-fifth of its headcount. Half of those cuts took place yesterday, while the remaining half will be let go in the coming months.

Microsoft also announced yesterday that it would spin out four gaming studios and cut some workers in the commercial business tasked with selling to customers. Shares fell around 1% in yesterday’s session.

Bitcoin rebounded yesterday after Trump gave a show of support for cryptocurrency. As CNBC’s Liz Napolitano reports, here’s what he said when asked if bitcoin could get added to Trump Accounts:

— CNBC’s Kevin Breuninger, Sharon Epperson, Stephanie Dhue, CJ Haddad, Sean Conlon, Dan Mangan, Liz Napolitano and Jordan Novet contributed to this report.

Luke Fountain assisted in the production of this newsletter. Melodie Warner edited this edition.