9AM Hour: NEC's Hassett on Jobs Report, OpenAI Government Stake Buzz, Tesla Delivers 7/2/26

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 2 July 2026

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

On the last trading day of a holiday-shortened week, Carl Quintanilla and Jim Cramer reacted to the June employment report showing weaker-than-expected job creation. Stocks rose on that data, which fueled hopes that the Fed would be less likely to hike rates. National Economic Council Director Kevin Hassett joined the program with White House reaction to the jobs numbers. The anchors asked him about OpenAI reportedly discussing a proposal to give the U.S. government a 5% stake in the company. Also in focus: Tesla Q2 deliveries beat forecasts, Microsoft's new AI "Frontier," what's next for Meta one day after shares rallied on its push into cloud computing, new redemptions at Blue Owl. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:11.8	Good Thursday morning. Welcome to Squawk of the Street. I'm Carl Kingtonia with Jim Kramer at Post 9 of the New York Stock Exchange. Faber has the morning off.
0:18.4	Futures get a bit of a lift from a soft June jobs number.
0:21.5	57K is nearly half of the consensus.
0:24.2	Private payrolls down for the third consecutive month.
0:27.5	But the unemployment rate dips to 4-2.
0:29.5	That's a one-year low.
0:30.8	Oil inching closer to 67 this morning as China reportedly not really soaking up all that Iranian
0:36.6	crew that's sitting idle in some Asian waters.
0:39.1	Saudi exports also at a post-war high. Our roadmap begins with June jobs, in below expectations.
0:45.5	NEC director Hassett will join us in a few moments with White House reaction. Open AI reportedly
0:50.1	trying to diffuse growing political pressure in D.C. proposing to give the government
0:55.2	a 5% stake in their company and some new redemption numbers from Blue Owl just now as credit concerns
1:01.3	continue to impact the alts. First though, let's get to market reaction to the jobs number
1:06.5	this morning, Jim. Interesting internals. Manufacturing really doesn't go very far. Government up eight.
1:11.8	The weakness and leisure hospitality got some notice. Yeah, look, I think that that's just to
1:16.9	plan out negative. It's interesting because a bunch of airlines got price target raised today.
1:21.1	That group is doing very well. Hotels are doing very well, so I don't know exactly where the
1:25.6	weakness comes in. I will say that the biggest story in this country is the growth of the data set.
1:32.5	Where is it in these numbers?
1:34.4	Construction, manufacturing, nothing.
1:37.2	Where are they getting these people?
	...

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