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Squawk on the Street

Pres. Trump Speaks to CNBC, Palantir's AI Boom, Caterpillar’s Earnings Miss 8/5/25

Squawk on the Street

CNBC

News, Business, Investing

4.1567 Ratings

🗓️ 5 August 2025

⏱️ 45 minutes

🧾️ Download transcript

Summary

David Faber and Jim Cramer engaged in wide-ranging discussion about President Donald Trump's Tuesday morning appearance on CNBC. The anchors reacted to what he had to say about everything from trade to who might replace Jerome Powell as Fed Chair. JPMorgan Chase responded to Trump's accusation that big banks discriminate against conservatives. Palantir -- this year's top performing stock on the S&P 500 -- jumped to a fresh record high on a blowout quarter fueled by AI. Also in focus: Earnings winners and losers including Caterpillar, which missed on the bottom line and said it expects up to $1.5 billion in tariff-related costs this year. 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 squawk on the street.

0:04.7

Don't miss a minute of the action.

0:07.8

I think when somebody says the commissioner is not involved, I don't want to get into any arguments with anybody.

0:13.8

Why should I? She's a very nice woman.

0:16.2

But when they say that nobody was involved, that it wasn't political.

0:21.9

Give me a break.

0:22.7

It's a highly political situation.

0:25.0

It's totally rigged.

0:26.4

Smart people know it.

0:27.8

People with common sense know it.

0:29.9

And a lot of people like to keep their head under the covers.

0:34.6

That was President Trump in the last hour, of course, here on CNBC, sounding off about the jobs data, his firing of the BLS chief. Good Tuesday morning. Welcome to Squamuck on the Street. I'm David Faber. That's Jim Kramer. We're live from post nine at the New York Stock Exchange. Carl has the morning off. Let's give you a look at futures as we get ready to start trading on this Tuesday. You can see we are looking for what

0:54.9

very modestly higher open this morning, Jim. Let's start with the president's appearance on

1:01.3

CNBC in the last hour. I mean, again, you and I discussed this yesterday. He continues to say

1:08.6

that he used the words rigged. It's political, there's nothing at all that

1:14.1

seems to back up that contention.

1:16.7

Plenty of people who certainly say the methods by which we collect the data, you included

1:21.9

amongst those, needs to change.

1:24.7

But no one that I'm aware of who said that they believe in any way these numbers are rigged.

1:29.3

That said, the market yesterday did not react at all to this firing in the way that perhaps

1:37.3

some might have believed it would in the sense of undermining the data in the future.

1:45.0

Right. I mean, look, I think that the market looked at the numbers and said, well, things have slowed.

...

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