10AM Hour: Jobs Report Analysis, An AI Bull-Bear Debate, & Chip Volatility 7/2/26

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 2 July 2026

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Hear key analysis on this morning's Jobs Report - and what it means for the Fed, rates, and markets - with CNBC's own Carl Quintanilla, Leslie Picker, and Michael Santoli alongside Rick Santelli, Goldman's Chief Economist, and JPMorgan Asset Management's Chief Strategist this hour. Plus: AI demand concerns growing - and taking down chip stocks in Asia... hear one industry analyst make the case for OpenAI and Anthropic to NOT join public markets. Elsewhere this hour: details on one BBQ item seeing record prices, and why Blue Owl shares are gaining in the early trade despite more redemptions from 2 private credit funds. Squawk on the Street Disclaimer

Transcript

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0:00.0	Thursday morning, welcome to Squawk on the Street. I'm Carl Kintania with Leslie Picker,
0:08.8	Mike Santoli here at Post 9 of the New York Stock Exchange. Today's show, Goldman's first take on jobs.
0:13.7	We'll talk to Jan Hotsie, as to Post 9 about his read on this morning's soft print.
0:18.1	We'll talk to one expert who says Open Eye and Anthropica are running
0:21.9	quote horribly unprofitable and unsustainable businesses as Open AI reportedly weighs a 5%
0:28.3	stake for the U.S. government. And speaking of stakes, we'll tell you why your 4th of July
0:33.8	barbecue could cost a whole lot more this year. Love speaking of steaks.
0:38.2	But first, new factory orders data.
0:40.9	Rick Santelli has that for us.
0:42.2	Good morning, Rick.
0:43.8	Good morning, Leslie.
0:45.2	Indeed.
0:45.6	These are May factory orders, expecting down 2%.
0:49.5	Well, we have the sign, right?
0:51.0	Not minus number, but not as bad.
0:53.7	Minus 1.3%. That would be the lightest
0:56.7	month over month change percentage-wise going back to last year, basically June of 2025. However,
1:04.5	when you strip out transportation, zoom, zoom, it goes up to 1.9% pretty much double expectations.
1:12.7	1.9 would be the strongest of the year.
1:15.0	You're going all the way back to the first quarter of 22 to find a stronger X transportation
1:20.9	number.
1:22.4	All right, durable goods.
	...

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