SOTS 2nd Hour: Jobs Report Takeaways w/Goldman’s Chief Economist, Plus: Tax Bill Winners & Losers 7/3/25

Squawk on the Street

CNBC

Investing, News, Business

4.1 • 567 Ratings

🗓️ 3 July 2025

⏱️ 44 minutes

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Summary

Private jobs jumping more than expected in June: Sara Eisen, David Faber, and Wilfred Frost broke down the latest as the S&P and Nasdaq hit fresh record highs. Hear key takeaways from JPMorgan Asset Management’s Chief Global Strategist, plus Goldman Sachs Chief Economist Jan Hatzius – fresh off news earlier in the week that he’s moving up his expectations for the Fed’s first rate cut to September. Also in focus: a number of huge headlines out of D.C. – the team got the latest from D.C. as investors await final passage of President Trump’s “Big Beautiful Bill”, breaking down the key winners and losers when it comes to future tax breaks… And discussed the outlook for chip stocks, on the heels of the U.S. lifting some export curbs on China around design software earlier this morning. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market moving insight and analysis.
0:02.1	Join Jim Kramer, David Faber, and me, Carl Cantonia,
0:04.9	on the opening bell hour of CNBC Squawk on the Street.
0:13.4	Good Thursday morning.
0:16.7	Welcome to Squawk on the street.
0:17.8	I'm Sarah Eisen with David Faber and Wilford Frost.
0:20.6	We are live from post nine of the New York Stock Exchange. Carl has the morning off. Stocks are rallying. We're record highs for the S&P and the NASDAQ. Another strong day where tech is leading. Information technology, best performing sector in the S&P right now led by Microsoft, NVIDIA, Amazon, Broadcom, Palantir, Data Dogs having a great day. It's going to be added to the S&P next week. But overall, strong. Financial's up a lot. The only groups that are lower are defensives like consumer staples and real estate, also materials a bit lower. As for Treasuries, reaction to better than expected jobs report sends, higher, dollar stronger, 10-year yield,
0:55.1	433, two-year yield, also firmer, 3.87%.
1:00.5	Today, Goldman Sachs' first take on the jobs report. Global chief economist Jan Hatzias
1:04.9	will join us to talk about why this week they moved up their expectations about when
1:08.7	the Fed's first rate cut could come.
1:15.5	Plus, chip design companies popping on news that the U.S. is lifting restrictions on China.
1:20.2	But we have an analyst who says it may not be in all clear for investors in those names just yet.
1:24.4	First, let's get some breaking economic data just crossed.
1:25.7	Rick Santelli has that for us.
1:25.9	Rick.
1:32.4	Yes, and there's a lot of it. If we look at the factory orders, durable goods, let's start there. Fact you orders for May up 8.2 percent, up 8.2 percent. I have five years here. I don't
1:40.1	have a higher number. That is a huge number number and that follows a slightly revised minus 3.7
1:46.4	that moves to minus 3.9. We started out the year in single digits. It certainly seems though
1:51.7	this is telling us that all the trade pull forward may indeed be over. Now let's look at ex-transportation
1:58.8	because maybe this is just all aircraft.
2:01.1	And indeed, 8.2% drops down to as expected up to 10th.
	...

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