SOTS 2nd Hour: Goldman's Chief U.S. Equity Strategist, Plus: Airbus, Starbucks, PNC CEOs 9/9/25

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 9 September 2025

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

U.S. payroll growth revised down by 911,000 jobs to start the hour: Carl Quintanilla, Sara Eisen, and David Faber broke down the new data and what it means for stocks with Goldman's Chief U.S. Equity Strategist David Kostin. Plus: a make-or-break product event out of Apple at 1 PM EST... Hear one analyst's take on what to watch out for, and whether it could kick off a rebound for shares. Also this hour: Squawk on the Street gets the view from the C-Suite... with the CEO of one of Europe's largest companies, Airbus - breaking down their confidence in greater deliveries ahead - the CEO of Starbucks, talking their China business - *and* the CEO of PNC, bringing his read on the consumer, rates, and whether a wave of bank M&A could be ahead. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Tuesday morning.
0:10.0	Welcome to Squawk on the Street.
0:11.0	I'm Sarah Eisen with Carl Kintanilla and David Faber.
0:13.0	I'm joining you today from the Barclays Global Financial Services Conference in New York City,
0:18.0	where we've got a great lineup of guests for you, including PNC CEO Bill Demchuk, joining us this hour, fresh off a multi-billion dollar deal to buy First
0:26.5	Bank just announced this week. Plus, the CEO Barclay is coming up later this morning as well.
0:31.6	Also, in just a few minutes, breaking employment numbers when we get those preliminary benchmark
0:36.7	revisions to employment data going back a year could show a big downward correction.
0:41.7	But first up, check out the markets this early Tuesday morning.
0:45.8	We are seeing some strength, the S&P 500 up a little more than a tenth of a percent.
0:49.2	Leaders energy, oil prices firm with geopolitics and focus.
0:53.6	Communication services also doing well. Some of the media names like AT&T and Verizon, also Google and Meta, helping that trade. Industrials and materials lag, the NASDAQ is unchanged. Treasuries, quickly, I'll just show you, because they halted a four-day win streak. Coming off of that weaker employment data last week. Let's see how they react to the job
1:12.0	revisions in just a moment. The tenure yield lower though now. There is a little bit of a turnaround
1:16.1	4.04%. Guys, there's this narrative in the markets now around stagflation, which it just means
1:23.6	slower growth and higher inflation as a risk. I'm going to push back against it with some of
1:28.1	the data that we got today. Just put it on your radar. The small business survey. That's NFIB optimism.
1:34.7	We get it every month. And guess what? It showed another improvement. And that's a good thing.
1:39.5	Small businesses feeling a little bit more confident about the outlook. The number there goes above 100.
1:46.1	So we're not as confident as we were, say, you know, early after the election.
1:52.1	But things are getting a little better from the small business world.
1:54.7	We are getting those payrolls revision.
1:56.3	Let's go to Steve Leasman, who's been looking into that.
	...

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