Blowout Sept. Jobs Report, Oil Mega Deal, More Tesla Vehicle Price Cuts 10/6/23

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 6 October 2023

⏱️ 43 minutes

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Summary

Carl Quintanilla, Jim Cramer and David Faber kicked off the hour with the September jobs report; Nonfarm payrolls rose by 336,000 for the month blowing past the consensus estimate for 170,000, which sent stocks lower and yields higher. The anchors also discussed Exxon in talks to buy Pioneer Natural Resources, in a deal that could be worth roughly $60 billion. After the bells, the anchors also discussed Tesla, which cut Model 4 and Model Y prices in the U.S. after the company reported third-quarter deliveries that missed market expectations. Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC's Squawk on the Street.
0:04.7	Don't miss a minute of the action.
0:07.8	Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintanayu, with Jim Kramer, David Faber at the New York Stock Exchange. September payrolls, a blistering, 336,000 more than double the estimates, but wage growth up only two-tenths is the smallest gain in more than a year.
0:22.8	That's keeping the 10-year yield at least from taking out the highs earlier in the week.
0:27.2	Right now, 478.
0:28.8	Our roadmap's going to begin with that blowout jobs number, sending stocks sinking, yield spiking a bit.
0:33.9	Plus, we may have a mega deal in the oil patch.
0:36.4	Exxon is reportedly close to buying
0:38.5	shale giant pioneer natural resources, and is it the time to buy tech? Cities upgrading
0:45.0	the global tech sector suggesting the recent pullback might be a good opportunity. We'll talk
0:49.8	through that as well. Let's dive into the jobs number. As we said, 336, we were looking for somewhere
0:56.0	in the 150 range, gym. Hospitality up 96, government up 73. You can't stop this thing.
1:03.1	A hospitality is very interesting because a lot of people feel that the travel leisure
1:06.0	bull market ended two months ago. And yet, it's just the analyst because without exception, whether it be cruise, whether or be hotel, whether it be a restaurant, the numbers are great. And everyone's just predicting, well, that can't last. It can't stay this way. And it's always the same litany. It's student loan. It's consumer strap. It hasn't happened yet. So what you're seeing are numbers, which are still indicative of what the companies are saying, not what the analysts said the companies would say.
1:29.3	And, you know, David, no gibberish here.
1:32.4	This is, this economy is so hard to kill.
1:36.0	It really is.
1:38.2	You know, do you sell a strong economy is kind of the question.
1:41.8	Not if there's no wage.
1:43.3	We see what the impact obviously is, and we've got to keep a close eyes we have for
1:48.2	now weeks on long-term yields, which are skyrocketing, and whether something may, as we
1:54.0	like to say, break in the financial markets in some way that we're unaware of.
	...

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