Good Friday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with David Faber. We're live, as

always, from post nine of the New York Stock Exchange, Carl's off today. Stocks are under some pressure

for a change. We've got an S&P down now accelerating of those losses, almost 2%. Combination of new

tariffs, got a weaker jobs report all in the mix. The NASDAQ down 2.3%. Amazon is really the story here as well. It's August. I mean, always, August, just every time we get volatility. Well, we have a lot of news and a lot of them. We got a lot of news. Take a look at Treasury's. Also, big-time rally today. After a weaker jobs report, Spurs bets that the Fed is going to cut now in September. And we'll get two cuts by the end of this year. We'll talk about it. We've got the perfect guess ahead this hour. Atlanta Fed President Rafael Bostic joins us exclusively to talk about today's jobs number, the Fed's decision this week, and how the

latest tariff news is impacting the inflation outlook. Plus, we will speak with SEC Chair,

Paul Atkins, as the Securities and Exchange Commission debuts what it's calling Project

Crypto, really important speech he gave last night. We'll also break down Amazon and Apple,

two tech names

driving the action today on the back of earnings, both lower, but that 7% slide on Amazon is

really weighing on the NASDAQ. Yeah, of course, as is potentially that job's number as well,

that crossed at 830. Speaking of, we got more economic data just crossing. Rick Santelli, has that

for us. Rick? Yes, David. Let's start out with June construction spending down four tenths of a percent.

We're expecting an unchanged number. That would equal last month with a revision, which equals down four tenths now.

But you have to go to March to find a bigger drop in construction spending.

ISM on the manufacturing side. The headline number

comes in light at 48.0. That means it's the fifth consecutive number in contraction territory,

and that would comp to, well, 48.0, you have to go back to October of last year to find a lower

number. Price is paid moving down last year to find a lower number.

Prices paid moving down, but that's a good thing.

64.8, that would be the lowest since February at 62.4.

Good news there on new orders.

47.1 definitely light.

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