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Squawk on the Street

SOTS 2nd Hour: Shutdown Day 3 - JPM Asset Management's Top Strategist, Goldman's Chief Economist Talk Impact + A Rare Apple Downgrade 10/3/25

Squawk on the Street

CNBC

Investing, Business, News

4.1567 Ratings

🗓️ 3 October 2025

⏱️ 43 minutes

🧾️ Download transcript

Summary

Another day of record highs on the S&P and Nasdaq: Carl Quintanilla, Leslie Picker, and Michael Santoli broke down what investors need to know as the government shutdown continues into Day 3 - with the latest from Washington and more on the market impact (besides a lack of jobs data today) with J.P. Morgan Asset Management's Chief Global Strategist David Kelly along with Goldman Sach's Chief Economist Jan Hatzius. Plus: get the tech playbook with one T. Rowe Price portfolio manager who's betting on Apple, Alphabet, and Nvidia here after a great week for chip names - and hear from the Jefferies analyst making a rare downgrade of Apple to sell. Squawk on the Street Disclaimer

Transcript

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0:00.0

Good Friday morning. Welcome to Squawk in the Street. I'm Carl Kintanao with Leslie Picker, Mike Santoli, live at Post 9 of the New York Stock Exchange. Sarah Eisen and David Faber have the morning off. All-time high number 31 for the year is in the works. Nasdaq all-time high as well. Yields are creeping a little higher this

0:22.0

morning. Ten years back above four one. Today, a rare downgrade for Apple. We got the man behind

0:27.8

the call here to tell us why he put his cell rating on the tech giant. And new report says

0:32.3

NVIDIA's chief Jensen Wong frustrated with delays over its chips deal with the UAE. We've got a shareholder to discuss

0:39.3

how important that market could be for the company and the stock. And the government shutdown

0:43.7

means no jobs number today, but Goldman's Jan Hatzius still with us. He'll give us his latest

0:48.4

take on the economy, talk about what data he is looking at in light of the shutdown.

0:53.1

And speaking of data, we are getting some breaking

0:55.5

economic data right now, not the jobs report, but Rick Santelli has that for us, Rick.

1:01.0

Yes, ISM services. We had the PMI services, and they were sequentially mixed, but they were

1:07.7

still about 50. Here's a September September read 50 on the nose for the

1:12.6

headline that happens to be the weakest actually since May of this year when we

1:17.4

had our sub 50 reading the only one of the year at 49.9 and obviously it's

1:22.5

sequentially lower than our last look for August which was 52 on the

1:27.1

prices paid well it's sequentially higher,

1:29.8

but this is one of the components we'd rather have lower.

1:32.8

69.4 follows 69.2, warmer than expected as well.

1:38.1

We were looking for a number closer to 68.

1:40.4

On the new orders front, 50.4. Big miss here.

1:44.7

We were looking for a number somewhere around 54.5.

1:47.6

Our last look was at 56.

1:50.0

This is the weakest.

...

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