SOTS 2nd Hour: RFK Jr. & Miran Hearings, Jobs Data Takeaways, & Best Buy + Baker Hughes CEOs 9/4/25

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 4 September 2025

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

A big morning in Washington with 2 blockbuster hearings kicking off this hour: Stephen Miran in the hot seat before the Senate Banking Committee for his confirmation hearing to be Federal Reserve Governor, while Health Secretary Robert F. Kennedy Jr. took questions from the Senate Finance Committee on the President’s 2026 health agenda… Carl Quintanilla and Sara Eisen broke down the latest headlines as they happened along with the key data of the morning (Jobless claims/ADP) and biggest earnings movers (namely Salesforce). Also in focus: the view from C-Suite from retail and energy… Hear how the consumer’s holding up with the CEO of Best Buy, along with what’s next in the energy patch according to the CEO of Baker Hughes. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Thursday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl
0:11.3	Kintania. We are live, as always, from post-9 of the New York Stock Exchange. David
0:14.6	Faber has the morning off. This hour, two huge events kicking off right now on Capitol Hill.
0:19.1	Stephen Myron in the hot seat before the Senate
0:21.4	Banking Committee for his confirmation hearing to be Federal Reserve Governor, while Health Secretary
0:26.2	RFK Jr. takes questions from the Senate Finance Committee on the President's 2026 health agenda.
0:32.2	We'll bring you key headlines from both of those hearings as we get them. And we've got two
0:36.6	big interviews as well. Best Buy CEO will join us here at Post 9 in a rare exclusive interview to talk about her business, what she's seeing from the consumer right now, tariffs, and more. Also, the CEO of Oil Services giant Baker Hughes with his outlook for the energy space and his new almost $10 billion deal. It's been a busy morning for economic data.
0:54.9	Let's get some more with Rick Santelli.
0:56.3	Hi again, Rick.
0:58.2	Hi, well, this is good day to watch yields climb up a little bit.
1:02.2	I wouldn't be surprised to see stocks do a little better as well.
1:05.6	ISM, first time look at the August read on the service sector, the important swat to the U.S. economy.
1:11.6	And the numbers are good.
1:13.6	52.0 on the services index, better than expected, sequentially higher than 50.1 in the rearview mirror.
1:20.6	That would be the best since Feb of 25 when it was at 53.5.
1:25.6	So this is definitely a solid number. And if we look at prices paid,
1:31.3	it's still too high, but we're making some progress. 69.2, a bit lower than expected, definitely
1:38.3	lower than the rearview mirror at 69.9. However, taken together, there's still the two highest reads going back to the fall of
1:46.5	22. So we are making progress, but very slowly on prices paid. New orders. Nice jump. From 50.3
1:55.0	final, 51 and change expected, all the way up to 56. That's the best read on new orders since October of last year.
2:03.4	And finally, on the employment side after a week 80P report and in front of the big August
	...

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