Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintanao with Mike Santoli,

Morgan Brennan here at Post 9 of the New York Stock Exchange. Jim and David have the morning off.

July jobs comes in with a second straight miss, 187,000 with some negative revisions.

Two straight months now below 200K. Pre-market pretty steady as we look over last night's stack of earnings as well.

Our robot begins with that cooling labor market, July payroll growth below expectations. What does that mean for the Fed?

Plus, Apple weighing on the markets, the company delivering a surprise profit and record services revenue, but says weakness

in PC and iPad could continue to drag down sales. And Amazon shares rallying after reporting

blowout profit, beating on sales, and the company issuing optimistic guidance as well.

Interesting internals in the jobs report this morning, as we said, 187K, unemployment 3.5, average hourly earnings, a touch hot, but the work week shrank, Mike, so total weekly pay actually below expectations.

I think it all nets out to consistent with a slowing but still tight labor market and a relatively soft landing for the economy.

You did have those downward revisions, as you mentioned.

So decelerating, but also the lower unemployment rate implies it's just not a huge supply

of idle workers to draw from here.

The main market kind of bank shot on this is what does it mean for treasury yields?

That's been the story all week.

You've had longer term yields really going higher. Not much because of repricing what the fed's going to do but just in general

a lot of dynamics pushing in that direction mispositioning japan yields a lot of things happening anyway

the yields have cooled off at least right now they're at the top end of their range back uh to uh

the fall oct October, November.

Yeah, as Rick Santelli pointed out when we did get that jobs report hitting the tape earlier,

Treasury yields largely untranged, if anything, down slightly, at least the 10-year yield right now,

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