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 Kinteneer with Jim Kramer, David Faber at Post 9 of the New York Stock Exchange.

Two darn hot. Jobs number for May, 272,000 defies expectations of 185. Futures are lower. Yields pop to the highest level since about Monday. Our roadmap begins

with Fed expectations following today's hotter than expected number. We're going to break down what

it means for the rate policy outlook. Plus, we continue to be on meme watch. GameStop shares are

sinking pre-market. The company's selling a lot of stock. It also has falling revenue

Roaring Kitty, by the way, teases a YouTube stream today. And

Kathy Wood praises Tesla's CEO. That's ahead of next week's shareholder vote why she says it would be

unconscionable to renege on Elon Musk's payback. Let's begin with reaction to the jobs number,

as we said, 272. Minor revisions downward. Jim, household down 400 plus.

So once again, we have these split signals. Right. I mean, look, I think that the public looks at the

four and says we've had this incredible string of below four. So things are starting to get a little

softer. But the actual number, if you look at the gains in service

jobs and government jobs, I mean, it's really rather extraordinary. All those service PMIs that

look at they were strong, they were strong. David, they're still hiring. The government's putting

a lot of people in a little bit. If you have hospitality, if anything involving service,

anything travel, anything leisure, they're just not stopping.

They just continue to spend. People keep hiring in those spots.

I think this number was a disappointment to many market participants who would hope that any number of weak spots were showing that there was significant

softening in the economy.

Health care. Wow.

And that is why we'd seen the tenure come down and yield over the course of this week and in recent days.

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