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Squawk on the Street

Jobs Report Reaction, Treasury Sec. Bessent's Market Message, Broadcom Jumps 3/7/25

Squawk on the Street

CNBC

News, Business, Investing

4.1567 Ratings

🗓️ 7 March 2025

⏱️ 43 minutes

🧾️ Download transcript

Summary

Wrapping up a volatile week for stocks, Carl Quintanilla, Jim Cramer and David Faber explored market reaction to the February jobs report. The anchors also discussed what Treasury Secretary Scott Bessent told CNBC about a "detox period" for a market and economy he said are "hooked" on public spending. The AI trade: Broadcom shares jump on earnings and guidance in midst of a rough week for the chip sector. Also in focus: Costco slides and Gap soars on earnings, Tesla poised for an "unlucky 7," bitcoin strategic reserve, Faber Report: Walgreens to go public. Squawk on the Street Disclaimer

Transcript

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0:00.0

Market moving insight and analysis join Jim Kramer, David Faber, and me, Carl Kintanilla,

0:04.9

on the opening bell hour of CNBC Squawk on the Street.

0:08.7

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintania with Jim Kramer, David

0:12.2

Faber, post nine of the New York Stock Exchange. Futures are a bit mixed on February jobs, up

0:16.8

$151,000, the 50th consecutive month of job growth, but the work week, new cycle lows, and

0:24.2

U6 underemployment, biggest jump in five years, 10 years still below four and a quarter.

0:29.6

And that's where our roadmap will begin.

0:31.0

Payroll growth coming in a bit less than expected.

0:33.2

S&P coming off the worst day of the year so far.

0:36.2

Plus, Broadcon is the best stock so far in the S&P this

0:39.4

morning. The AI boom, of course, leading to a strong sales forecast. But it's a different story for

0:44.8

Tesla. It would be on pace for its seventh straight week of declines. It's already down 35% just this

0:51.3

year. Let's begin with the jobs number, adding to this volatile week for stocks.

0:56.4

Earlier this morning on Squawk Box, the Treasury Secretary, Scott Besson, offered his take

1:00.5

on market behavior and the economy.

1:04.1

We're trying to get rates down, and could we be seeing that this economy that we inherited starting to roll a bit?

1:15.3

Sure.

1:16.1

And look, there's going to be a natural adjustment as we move away from public spending to

1:22.9

private spending.

1:24.3

The market and the economy have just become hooked. We've become addicted to this government

1:29.8

spending, and there's going to be a detox period. That was the headline for most of the stories,

1:35.4

Jim, the detox period. President calls it a disturbance. He called it an adjustment. I think that the

...

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