SOTS 2nd Hour: Steeling For More Tariffs, The Energy Outlook - Plus: CEOs of Hilton and Bristol Myers Squibb 6/2/25

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 2 June 2025

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Another day of tariff headlines: President Trump vowing to double duties on steel and aluminum imports starting as soon as this week… Sara Eisen and Carl Quintanilla broke down the latest out of Washington – including news crossing that Trump is likely to speak with China’s President Xi about trade this week. Evercore’s Julian Emanuel warning: brace for volatility either way, breaking down what all the headlines mean for broader markets. Plus: gas prices popping higher on new OPEC+ headlines – Paul Sankey joined the team at Post 9 with his predictions on the road ahead. Also in focus: a number of reads from the frontline – be it pharma or hospitality – as the CEO of Bristol Myers Squibb joins the broadcast from the world’s largest cancer conference (ASCO) to talk their new drug partnership with BioNTech… while the CEO of Hilton discussed what he’s seeing when it comes to international demand - and whether trade tensions are a real headwind here. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Monday morning. Welcome back to Squawk on the Street. I'm Sarah Eisen with Carl Kintania.
0:04.1	We are live from post nine of the New York Stock Exchange. David has the morning off. Take a look at stocks. We kick off the week and the month in the red. S&P down six-tenths of a percent. We got some new tariffs today, steel and aluminum, energy, information technology, and materials bucking the trend. Those are all up right now.
0:20.6	Everything else is lower.
0:22.7	NASDA composite down 410.
0:24.4	So actually... Energy, information, technology, and materials bucking the trend. Those are all up right now. Everything else is lower. NASDA composite down 410, so actually outperforming right now. Thanks to strengthen names like Broadcom ahead of earnings, NVIDIA's up this morning. A lot of the chip stocks are higher. Meta, too. Take a look at Treasuries as we kick off the week. We've got some big data releases coming out this week,
0:37.6	and we start firmer on yields, a tenure at 4-4-26, so elevated a little bit, the two-year just below
0:44.3	3%. We watch the 30-year carefully. It's just below that key round number of 5%. Coming up this hour,
0:49.8	the CEO of Farma Giant Bristol-Myers Squibb joins us from the Big Cancer Asco Conference on the back of breaking news around a new partnership with Biontech.
0:59.3	And we'll talk to the CEO of Hilton this hour as well about how tariffs and global tensions are impacting travel demand.
1:06.5	Let's get some economic data crossing just now. Rick Santelli's got it. Morning, Rick.
1:11.4	Yes, good morning. Let's start out with our April construction spending read. Expecting up
1:16.6	two tenths. It's down four tenths of a percent, down four tenths of a percent. And that follows a rather
1:24.2	large negative revision to last month, from down half 1% to down 8 tenths of a percent.
1:30.9	So back-to-back negatives there on construction spending.
1:34.2	Let's go to ISM.
1:35.4	These are May reads, and these are the entire read.
1:39.0	There's no mid-month on the ISM.
1:41.4	Manufacturing, 48.5.
1:43.5	That means three consecutive readings in contraction territory
1:47.4	under 50. Weakest since November of last year. So obviously weakest of this year. If we look at
1:53.8	prices paid, moving in the wrong direction in terms of expectations, looking for a number
1:59.7	around 69.3.
	...

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