SOTS 2nd Hour: May Jobs Report: w/JPMorgan’s Chief Strategist, Goldman’s Chief Economist; Plus: Trump vs. Musk Latest 6/6/25

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 6 June 2025

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

The economy adding more jobs than expected in May: Sara Eisen, David Faber, and Carl Quintanilla broke down the numbers and what it means for stocks, the Fed, and rates. White House Council of Economic Advisers Chair Stephen Miran kicking off the hour – arguing the economy remains strong here. Plus: Chief Global Strategist for JPMorgan Asset Management David Kelly joined the team with his volatility playbook, which does NOT include the Mag-7 – but a different key sector… In addition: hear Goldman’s Chief Economist with his take on the jobs report. Also in focus: the gloves come off. President Trump and Elon Musk trading blows publicly as their alliance implodes – and Tesla shares slump. Former Trump Admin insider Marc Short – and Tusk Ventures Bradley Tusk – gave their thoughts on the action and what it could mean for the tech ecosystem at large. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Friday morning. Welcome to Squawk on the Street. I'm Sarah Eiffin with Carl
0:10.5	Kintanian, David Faber, live as always from Post 9 of the New York Stock Exchange. Stocks
0:14.5	are going strong this morning after better than expected jobs report. A lot to get into there.
0:18.8	But we're looking at a more than 1% gain here for the S&P coming back. The NASDAQ up 1.3%, so technology leads, and the Dow is up
0:26.8	552 points. As for treasuries, take a look at the reaction to jobs. They're selling with yields higher
0:33.8	as the odds go down for two rate cuts this year. The 10-year yield, 4.47%. Coming up this hour,
0:40.7	Council of Economic Advisors Chair, Stephen Myron, joins us. First comments on the jobs report
0:45.7	from the White House and how the latest on tariffs and trade are factoring into the economic
0:50.3	picture. Plus, the latest on the Trump-Musk feud, rocking Wall Street and Washington.
0:55.2	We'll talk about the impact on Tesla investors, on the tech community, but right now we've got
1:00.2	every sector higher in the S&P 500. Palantir is actually leading the way after a sell-off. Tesla is
1:07.9	higher by 3.6% after yesterday's squirmish left Tesla down, double damages.
1:14.6	Let's talk about jobs.
1:16.0	Because on one hand, the number was better than expected.
1:18.6	Yeah.
1:18.9	Right?
1:19.3	Overall, got a better headline number than we were looking for for the month of May,
1:24.0	more than 130,000 jobs.
1:26.8	Unemployment rate stays at 4.2%. But look at where the jobs are.
1:29.5	There's a lot of moderation here beneath the surface. Health care was the big contributor,
1:33.2	more than it's been on average. 62,000 jobs added. Leisure and hospitality. Very strong.
1:38.5	That was a lot because of restaurants. But we've also heard some bullish commentary lately
	...

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