SOTS 2nd Hour: The Jobs Breakdown w/Chicago Fed President Goolsbee, Plus: Constellation Energy CEO 1/10/25

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 10 January 2025

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Sara Eisen and David Faber broke down this morning’s blowout Jobs Report with Senior Economics Reporter Steve Liesman, alongside Chicago Fed President Austan Goolsbee, who says inflation remains sticky – so investors might need to wait for more rate cuts ahead. The team also got the latest from California – with a live read from the ground in Altadena, alongside a check-in with one of California’s Fire Battalion Chiefs. Analysts out of JPMorgan now estimating the Palisades blaze could be the costliest fire in U-S history at more than $20B. Plus: a deep dive on energy with the CEO of Constellation Energy, as those shares surge on a new deal announcement with Calpine – combining two of the country’s largest power generators amid surging demand.

Transcript

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0:00.0	Good Friday morning and welcome to another hour of squawk on the street. I'm Sarah Eisen with Carl
0:10.7	Cantania and David Faber Live, as always from post nine of the New York Stock Exchange. Stocks are
0:15.0	under pressure today. We've got a more than 1% sell-off across the board, 1.4% for the S&P 500.
0:21.7	NASDAX down, getting hit especially hard.
0:24.6	1.8% adding to its losses for the week.
0:27.4	Now, down 2.5% week to date.
0:29.9	It's those tech stocks in particular that do not like the rising treasury yields.
0:34.4	We just showed you for a second, but take another look here.
0:37.1	Bond selling off, treasury yields higher on just showed you for a second, but take another look here. Bonds selling
0:37.7	off, treasury yields higher on a very strong jobs number. That's the reaction, 4.76 on the 10-year yield,
0:45.1	two-year yield, 4.35%. You do have some pockets of green in the overall market. Energy and utilities are
0:51.1	higher, but everybody else is lower. And as I said, Carl, technology getting hit the hardest,
0:55.7	financials, real estate, communication services, right down there with it. Yeah, Street doesn't like this
1:00.1	a U-Mish number either, which we'll get to in a moment. We're keeping a close eye meantime on the deadly wildfires in Los Angeles.
1:06.4	At least 10 people are dead. 180,000 have been told to evacuate.
1:11.5	The Palisades fires burn through more than 30 square miles and has destroyed thousands of
1:17.1	structures.
1:17.9	We're going to be live on the ground this hour with the very latest and some new estimates
1:21.3	on the possible cost of that devastation.
1:24.2	But we do have some economic data just crossing the tape.
1:26.5	Consumer confidence.
1:27.4	Rick Santelli has it for us. Hi, Rick. Yes, and there are surprises that Carl hinted at.
	...

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