Good Thursday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Kintania and David Faber.

We are live as always from post nine of the New York Stock Exchange. Coming up on today's show,

Treasury Secretary Scott Besson is back on Capitol Hill after fiery exchanges yesterday with the House of Representatives.

Today he's testifying before the Senate Banking Committee will take you there live for Q&A.

Plus, Alphabet is pulling back this morning, despite topping estimates as the volatility in tech builds.

We'll talk about whether it's wise to buy the dip.

And we'll look at what's going on with Bitcoin as prices spiral below $70,000.

Lowest level now since 2024.

But guys, we got a lot of data on the jobs front as we await the Joltz report,

which was delayed from the government shutdown. A few notable data points that show you there's

there's something going on in the jobs market, which is a little bit weaker. And they all tell

that story. Let's start with Challenger. So this is a Challenger, Gray and Christmas.

They're an employment firm, and they track layoffs. And it was a high number in January.

So it wasn't just a figment of your imagination that we've been hearing from a lot of companies that have been laying off workers.

In fact, the number was the highest to start a year since 2009 in terms of layoffs.

108,435 layoffs announced in January.

That was a really big increase, 117% increase from January of last year.

In terms of what was said in that report, high number of job cuts in the first quarter, yes, but this is a high total for January, according to Challenger.

It means most of these plans were set at the end of 2025, signaling employers are less

than optimistic about the outlook in 2026.

So that's not a great sign to start the year.

Claims also kind of backed it up.

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