It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street. Don't miss a minute of the action. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintenea with Jim Kramer at post-9 of the New York Stock Exchange. David Faber has the morning off. Big day. August Jobs comes in 142K, as slightly below estimates with some negative revisions. Unemployment pretty steady at 4-2.

Yields dropped to some fresh one-year lows. Our roadmap begins with jobs, slowdown fears,

and the Fed. Job growth rebounding slightly last month, keeping interest rates likely

untapped this month. Chips remain in focus, Broadcom under pressure as guidance somewhat

disappoints. And then politics watch. Trump

vowing a 15% corporate tax rate for some companies, while dozens of corporate leaders line up

behind the vice president. Let's begin, though, with market reaction to this morning's jobs number,

Jim. The take, at least for now, is doesn't neatly answer the 2550 debate. Well, I think that, no, it doesn't neatly do it. I mean, it certainly makes it a certainty that there's going to be one or the other. I would say that this morning, at 3.30, the futures were down horrendously. One and a quarter percent on the NASDAQ. Now, we left here, it wasn't down that much. And we can talk about Broadcom later. But the idea seemed to be, it was almost as if we might report a number

where there would be no cut. And that was completely wrong. There seems to be a series of

tremendously bad bets being made by people who can't sit on their hands. Look, this is the kind of revisions to say,

we've got to do something. Pal might have 50 if he thinks. He's got either one, but boy,

I'll tell you, if you care about interest rates like I do, you're going to have a good market.

And we're not supposed to, it's September. And I understand this week is down more than 2%.

It may not be the solution instantly.

And we do feel that the semis are overwhelmed by weakness in the economy.

I hate that.

That's a bad theory.

We got to dispel that this very morning.

But the picture of employment right now doesn't make you think that the soft landing is teetering in any way?

No, I do think that it's negative that you had a loss of 25,000 manufacturing jobs.

I had Caterpillar on last night. They had nothing but good things to say. I do think that this is,

again, part and parcel. You don't get a rate cut unless you start seeing these numbers. So we have to

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