national donut day. let's take a final check on the markets after getting what was a much stronger employment report than we had expected. the dow looking like it would open down 146 points, the nasdaq opening off 76 points, the s&p 500 off 23 points. make sure you get a donut if you do nothing else today. we will see you on monday. sugared up or sugar free. sidewalk on-- "squawk on the street" begins now. good friday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer. too darn hot. jobs number for may 272,000, defies expectations of 185,000. futures are lower.

our roadmap begins with fed expectations following today's hotter than expected number. we're going to break down what it means. >> we continue to be on meme watch. gamestop shares sinking. the company selling a lot of stock and roaring kitty teases a youtube stream today. >> kathy wood praises tesla's ceo. where she says it would be unconscionable to renege on elon musk's pay. reaction to the jobs number, 272,000, minor revisions. household down 400 plus. once again, we have split signals. >> look, i think the public looks at the 4 and says we've had an incredible string of below 4, so things are starting to get a little softer. but the actual number, if you look at the gains in service jobs and government jobs, it's rather extraordinary. all of those service pmis were strong. they're still hiring, the

government. but if you have hospitality, anything involving service, travel, leisure, they're just not stopping. they're just continuing to spend. people keep hiring in those spots. >> i think this number was a disappointment to many market participants who had hoped that any number of weak spots were showing that there was significant softening in the economy. that is why we've seen the ten-year come down in yield over the course of this week and in recent days, and that's all reversing. and the hopes for a rate cut soon, so to speak, let's call it within the next three, four months, perhaps starting to dissipate on this number. jim, it's hard to make sense of where we are right now. do you agree? >> is it really? we put through a huge amount of stimulus, health care got set back by the pandemic and now people are coming back.

medtronics, the nature of operations, how many operations have been held back because of covid, we know that travel and leisure is very strong. all the other industries, manufacturing, wholesale trade, financial activities, nothing, there's no gains there. it's just the government with so much debt that they took down and they're paying people to do infrastructure, and health care, you've got to catch up with all the operations that were delayed or deferred. >> we've got a generation of boomers and we're getting older, we need doctors, we need medical facilities, elderly care, you name it. >> look, this is about knees, backs, it's about hip joints. when you talk to medtronic, involved in just about everything in the operating room, business is really good. that's what you're seeing when you see this number. health care added 68,000 jobs.

look, we are doing ambulatory health care services, the strongest part of this economy. >> that's a sad, sad -- >> consumers are going to travel or go to the hospital. >> you can make that case, which is why there's been this huge move in a lot of the hospitals. the hospitals are doing great. that's not necessarily what you want out of your economy. you would like to -- i mean, people keep talking about the ai economy. ai is bad, ai means fewer jobs. the people in silicon valley are on hold to try to figure out what to do. but if you're in the hospitality industry, you've got to hire more people because more people are traveling. i'm surprised because people have been saying it's overseas travel, but it looks like domestic. it's a good economy. the jobs aren't where we would like them, necessarily. what do we care? if you want a job, you can get one. >> nursing and residential care facilities. >> go to nursing school.

actually, we need more nurses. >> maybe that's where the robots will come in at some point. >> i knew you would bring it up. >> i'm glad. >> remember, when you ingest, if you ingest into blackwell -- >> you ingest into blackwell? >> when you're trying to train a computer -- >> not train a computer. >> it's the blackwell, the chip. >> from nvidia. which, by the way, has yet to ship. >> what's your point about blackwell and robots? >> so let's say -- all right, dr. marcus, do you want to do chicago or whatever? we do a lot of hospital shows on nbc. >> "grey's anatomy." >> it learns how to do whatever is good in "grey's anatomy." if you had a colonoscopy, it

will do one like there's no tomorrow. >> so the robots will take over? >> yes, because they have no errors. medtronic has one with far fewer errors. don't we want precision medicine? intuitive surgery, when that's ai, we won't need humans at all. >> so net-net, jim, is this a push? were you really hoping on a july cut? >> i know jpmorgan and citi are. >> we gave up what we -- it was kind of a bullish week thinking that it would be weaker. i care about where the jobs are being created, and i know when we talk about covid and post-covid, people can't believe -- because covid seems so long ago to us. it's not long if you're in a hospital. people keep coming back and you've read about the boomers. the boomers, david, their joints

suck. >> it doesn't get any better, either. after two hours of sitting in this chair -- >> i saw him down there. you lie to yourself. no one beats father time. it's pretty interesting. >> well, we've got the meme frenzy to talk about. gamestop down premarket after soaring yesterday. the company reports q1 sales declined, filed a plan to sell up to 75 million additional shares. stock did surge 47% yesterday as keith gill schedules this youtube live stream today at noon, his first on that platform in several years, jim. we're definitely going to pay attention today. >> look, i think this has become exciting. i saw david portnoy treating about it. everyone is in on it. now, there's a whole thought -- david is a cynic. but there's a thought, look,

this is the have-nots time to have some fun in the stock market. it's only dominated by -- who do you want me to say? you wanted a fed cut, sorry. >> not feeling so great right now. >> okay, it's dominated by larry fink, okay. >> okay. >> larry fink, this is a repository. but they think i'm a horrible person because i've done okay in life. horrible, because i've called in to you guys and said sell g gamestop. i said, gamestop is overvalued, not realizing that it has nothing to do with gamestop. they just picked a stock. they could have done best buy. >> jim is referring to this journal piece about degenerates.

a lot of folks say it's europe, not america. >> we had gary gensler here. >> it's giving gamestop an enormous amount of capital. >> he's raising capital -- he can buy whatever company he wants. >> up to 45 million shares we've already sold, to the 75 million they're going to sell today, average price, we're talking billions of additional capital for the company. >> right. >> as a result of this run-up, which is pretty much solely the result of one person, roaring kitty, keith gill. >> have you looked into him? >> god bless him. >> have you looked into him? >> who? >> keith gill. he's a good guy. >> i watched the movie. of course, i was also in the movie. >> you were a bad guy. >> no, i was not. i was myself. >> people say you looked great. >> bad guy, good guy.

>> i'm saying this guy is -- he's an every man guy. he seems like a good guy. he doesn't sound like he's talking to ryan cohen and he's saying, listen, the numbers are good when the numbers were awful. >> he's a rich guy and he has helped gamestop put together a huge stockpile of funds, which, by the way, is something you said they should have been doing years ago. >> they laughed at me. >> obviously amc previously benefitted from this in terms of being able to raise money for a very much stressed balance sheet. so there have been beneficiaries. ultimately i don't know if those are going to include the shareholders. along the way, many have made money, and if they've sold at certain points, they've locked in big gains. >> don't you think it is a tug of war? remember mcguffen and hitchcock?

there was nothing in the maltese falcon. it doesn't matter. >> we're still talking about it. >> we have to. my trainer game, the 4:00 a.m. trainer. what the hell is that about? >> trying to stave off father time. >> i'm crushing father time. the first thing he says, so what do you think? i don't know. yankees won, phillies didn't play. no, does gill have it, will gill have it? >> you did write this morning, maybe with this money they can buy something that makes money. >> yes, because this thing doesn't. >> to his point, it's almost like a spac and they can now throw some money out. i assume they're not just going to reinvest it in the business itself. i don't know what his point is. he doesn't communicate. i doubt he's watching. >> look, these people are not us. >> they're not us?

>> the meme people. they're regular people who think that this market is rigged. >> i'm not a regular person? >> no, the degens, they think rich people have it made. you're not going to convince them they don't. there was a time in my life where i would have been -- people united will never be defeated because the workers united will never be defeated. it's not the people. the workers own it. >> this is revenge against capitalism using capitalism. >> yes, and i don't disagree with their right to do it. i'm not doing a mean thing. i'm just saying that what's happened is there a group of people who feel that rich people are in control of the country. i think president biden is not different from these people. >> the solution is to give those people your money?

>> the solution is to take the wealthy people's money. robinhood. >> the first go-around, yeah, it was the rich hedge fund manager, short the stock and inflict a lot of pain. that said, he still was fine. this time, i don't know. >> you don't have the same shortage. >> there's no hedge fund. look, this time it's -- >> this time you're giving ryan cohen an enormous amount of money. mike santoli says he was handed control of corporate investments. >> cohen takes the money, makes something of it. to me, gill is betting on a company that a few days ago -- well, three weeks ago less money. now he has more money, gensler goes after him if he says anything good and sells. that's gensler sitting there, just bring him right in. but i don't think he's going to

do that. >> i don't know what law he would prosecute him. >> if he pumps and dumps? he's not going to dump. >> he doesn't know anything. how is sit any different than kathy wood coming on and saying i love tesla? how is it any different? >> i think that he's far more responsible. >> gill, you mean? >> yes. >> as it was pointed out this morning, a former compliance officer. >> far more responsible, i totally get where he's coming from. i always felt that rich people had this place rigged and i went to goldman sachs and it turned out they didn't, but then i became the man. i wasn't the man. i was a union leader. >> you are the man. >> i was not the man. >> now you're barely a man. >> j.p. stevens. i led the strike efforts. >> all right, trotsky, that's great. >> i'm just saying i like keith

gill. i think keith gill is trying to make money and he's not taking it from other guys. we have to stop with the music. i saw what happens if you keep talking, they just cut you off. i don't want to do that. >> you have more to say about this? what more could you possibly have to say? >> i was waiting. >> century 21, man. >> it took 15 minutes for him. >> i wanted to finish my i like keith gill discussion. >> some familiar names on the spreadsheet weighing in on elon musk's pay package vote next week. we'll watch futures and talk a bit more about the jobs number. d docusign, regional banks, in a minute. power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis, help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley with powerful, easy-to-use tools,

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package. kathy wood came out in favor of the package, while dan ives says he does expect ratification with overwhelming approval. jim, i wonder what you made of both of those. >> i think the idea that -- kathy woods, very sane. got a good deal. might not have been a good deal. it is a contract. i think that the prevailing wisdom is this man created this $500 million thing. that's a huge win. just because it went down from the top, still made you a fortune. >> the debate seems between those who argue that a contract is a contract, this was approved by 73% of the shareholders who voted versus those who are shareholders now say, well, the

times have been tougher for tesla. we're talking about an enormous amount of money. does it really need to be that much? the dilution is not going to be insignificant. he's got a five-year hold, without a doubt. it does sort of take him back up in terms of his ownership back into the 20s after, of course, he sold a lot of stock, in part to fund his purchase of twitter, now called x. it's going to be interesting. i'm curious to hear that dan ives said overwhelming. that is not the read i'm getting. >> was he wearing the pink jacket or green? the pink means speculative. >> overwhelmingly reapproved. we'll see. certainly if you get a big retail vote, you would expect that that would be very much in favor. institutional is going to be important. i've pointed out the index

funds, other institutions. we're not getting a read, by the way, at this point. at least in terms of -- the votes haven't begun from the institutional side. they all vote, it will kind of come in next week. so no read yet in terms of where this thing is heading. >> yesterday andrew interviewed the chair. >> the chairman of tesla, yes. >> anything convincing you that there are real board meetings with real conversations and things get rejected? >> that's what she said. so are you questioning whether you believe her? >> i'm just saying that you have a certain who is a dominant board member with a board that doesn't seem all that independent. i don't care about that. he created a lot of wealth. >> the court overturned the compensation to begin with, basically saying the rule didn't apply, a non-independent board. >> that's why i'm saying that's the only way you should be able to defeat this. carl, we have -- why don't we look at the 499 other people in the s&p 500 and see who has

created more wealth. >> do i care? >> no. >> jensen huang created more wealth. >> yes, he did, in 74 trading days. >> who hates him? >> the people. the people who are united, never defeated. >> we're going to hate him in the future when sky net is created and we look back. >> the workers league, that was a good league. >> good times. >> i joined it mostly because -- never mind. >> cramer's mad dash and the opening bell coming up after a short break. we try to ase meerso of those premarket losses. stay with us. n more ways to sharpen their skills with tailored education. get an expanding library filled with new online videos, webcasts, articles, courses, and more - all crafted just for traders.

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on the final trading day of the week. you had chubb's ceo on "mad money" last night. >> i'm going to be really careful but warren buffet owns 6.4%. sells at ten times earnings. one of the biggest underwriters in the world, business in china. it has a letter that puts jamie dimon's letter to shame. this thing is still 12 times earnings. this stock is going much higher. i think buffet could continue to buy it. but i was just so impressed. >> he's always liked insurance. >> geico is not as big as chubb. in terms of an endorsement by someone who knows insurance, warren buffet knows insurance probably better than anybody else in the world, and he bought chubb. and the stock is up, but it is still undervalued versus the other insurers. >> the insurance can be a dangerous place to play.

>> absolutely. so you have to rely on an underwriter who knows how to underwrite. they had the $350 million for the baltimore bridge. exposure was almost nil because he knows how to lay off better than anyone. why the stock is where it is -- [ bell ringing ] >> let's take travelers, where is the price to earnings ratio higher than chubb? i don't get it. people should look at the interview. if you don't come away impressed, i don't know what to say. it was as good as it gets. >> at the big board, quadratic celebrating the 50th anniversary of its hedge and waystar health care payment celebrating ipo,

the ceo will be on "the exchange" today. >> that's where the action is, health care. the whole system, the whole chain from the operating room to the doctors, to the nurses, if you take a look at what walmart did when they had 51 units that had health care and they got out, they closed them. they closed them because they could not find workers. that is the area of the economy, david, where you cannot find workers. and that's important. >> yes, it is. it is important. you've made that point. and it's growing. >> yes. >> because there is a need to service this growing population of old people. getting old. >> well, just so you know, vail

didn't do as well as we thought. >> one of your favorite analysts goes to underweight. some of the spring skier trends, the pricing they got out of covid -- >> i think we're seeing -- everyone uses the term normalization. normalization means we raised prices too much, people stopped coming and now we've got to cut prices. that's what normalization means. i've got to tell you, it isn't like they were off that much, but this thing is just one of those things, it fields 5% and you've got to hope for snow and a white christmas and bing crosby. underrated. >> you look at this thing and say how could it be yielding 5%? the answer is that they priced wrong and now every analyst,

very unusual. >> do you think there's an example of price normalization and disinflation? is that why the market is taking this jobs number in stride? >> yes, normalization. people are switching to norwegian cruise and viking. campbell's soup, they can't raise price. the raos acquisition is paying off. but i do think that everybody that raised prices big realizes they have to take them down. remember, walmart has rolled back 7,000 items, 7,000. >> great piece today on reuters, looking at the consumer still spending, but getting pickier. and the list of things they really want is narrowing too decker's and burke. >> and i sent david this.

aldi's has a croc knockoff for $3. >> a knockoff opportunity at ollie's. take a look at five below. they ought to go into mountain climbing equipment, north face. >> i think this is the third day in a row you've mentioned ollie's. >> i'm part of ollie's army. >> we know you are. >> and the quaker town store has unbelievable merchandise. they had a collection of world war ii books that were in a fire and water damaged. do you think they're not readable? i made a killing. you can buy tarps at ollie's. i'm just saying that ollie's is the lowest of the low. even dollar tree is too high. five below is too high. t.j., i went in to buy a coat.

they don't have anything other than summer. there's a couple of guys who figured this out. there's a lot of retailers that haven't figured it out. and they're doomed if they don't figure it out. >> jim, here we go with the volatility on gme. >> he remembers ross perot. >> that was the symbol. >> i do remember that. >> perot systems. >> it's blood sport, david. >> it's not bad. maybe they've already sold it. i don't know. >> did you see that they didn't load up on calls? the idea is, trap the market makers and they get a corner. they're not doing a corner. >> right. >> they're not. there's no corner. they didn't trap them and make it -- >> the stock was 10 bucks not

long ago. >> they're overjoyed. >> ryan cohen is like, oh, my god, i'm going to have billions of dollars to decide what i want to do with. >> do you want to talk about the combined ratio of the insurers? >> i'm happy to do that. actually, i was thinking -- jeffries is operating in the marketplace. they sold stock for hertz when they were bankrupt and created a lot of equity value. i mention it because hertz, you saw, right, jim? weighing a $$700 million sale of secured debt and convertibles? i think it's a bloomberg story. it's a tough road for hertz. >> exactly. >> the evs have hurt them.

>> steve wanted to reverse that. the first thing he did, he said, we have way too many teslas, we've got to get out. what does that mean? >> put up a stock price of hertz, take off gamestop. that's what it means. because we're talking about hertz. >> how is that going? >> maybe they're stuck. maybe they can't get it to move. >> the fact is, ryan cohen is genius, he's taking advantage of it because they are doing terribly. gill doesn't care. it's about winning. >> now we're back to that. i wanted to finish my point on hertz because it was interesting on evs. it was not just the price cut that musk took, it was also so many people who were actually getting rear-ended. i'm sure you've heard this. because of the way the brakes were and then the damage that is done as a result of a rear end is much more apparently in a tesla in terms of the way it's built than perhaps another car

where you could replace a bumper. >> steve told me a lot of people wanted to figure out if they wanted to buy an electric vehicle and they realized they put it in reverse and hit the guy behind them. >> it's the fact that you don't need to hit the brake to stop. >> they don't understand that. and it costs a fortune. there we go, gamestop. but the point of what steve was getting at is that if you had 10,000, maybe it would be okay. but to have a whole fleet is devastating. >> meanwhile, to david's point about cars, did you see the journal piece about new car deniers? they don't want a new car because they don't trust the data delivery to whoever it is, the chinese or the insurers. they want a stick. >> go to carvana, will you? >> apparently they are. >> i'm with them. >> i can't stand that thing i have to hit in my car. half of the time it doesn't work. >> really? >> i don't like the screen. >> why not? >> because it doesn't respond. >> okay, that's your car.

>> it's distracting. >> my wife has a 1994 defender. that is a monster. but it's analogue, not digital. >> guys, on the deal front, i wanted to mention a relatively small deal, but not that small. power school holdings -- >> are you kidding me? >> i'm not kidding. >> just a second. let's go over that. >> yeah, let's go over that. it's an interesting transaction in part because it is private, bain is taking the company private. $5.6 billion. we're talking 2280. it had been previously reported the stock price had moved up so they're talking about it representing a premium 37% before the stock moved up. so the unaffected stock price is the way we like to put it. i mention it in part because it is a nice cashout for vista. they bought it for $350 million back in 2015 and sold a stake in 2018. the company went public in an

ipo in '21, raising $711 million. i'm not sure where vista's stake is, maybe in the 30% range, but they're a seller. >> it is an enterprise software. >> for k through 12. >> i did not mean to do that. i apologize. that's important. >> it takes me to something else about vista that has had an impact in the private credit arena, in particular the public companies that -- great, it's halted again. okay, thanks. really? >> don't take it personally. >> i do take it personally. can we move on and get back to that? thank you. it's making me sweat, it's making me so angry. my point was, before i was rudely interrupted by another halt on gamestop, that earlier in the week or late last week

vista wrote down its entire equity value in a $3.5 million buyout called plural site. the actual equity check was not that large. obviously you had about a billion and a half in debt financing associated with it. but this worried a lot of people who are invested in the private credit platforms. blue owl was one of the lenders. this was tiny in terms of a percentage of exposure. tiny, and yet take a look at blue owl this week and what happened on that stock. we've got a number of firms weighing in. many fear the math doesn't add up. but it did bring up this idea of credit risk. in part, carl, we talk about it a lot, is there a lack of transparency and fully understanding what the portfolios for these private credit alternative asset managers look like? >> they've been a frequent guest on money movers. we had a conference in berlin.

hell to pay, eventually. >> any time we have unregulated entities, you have to believe that some are going to blow up. it's going to happen. but i think the system is much stronger than -- jamie knows it's strong. what happens when jamie retires? >> in four and a half or thfour and three-quarters -- >> let's say he retires and says, let's make it so they all make x, they can't charge this, they have to do that, they can't charge for checking. jamie, he represents the industry. david, who is going to -- fulton financial? who is going to take over? >> interesting, i was having that conversation with somebody recently as well. i don't think it was the same conversation. >> gamestop. >> sorry, gamestop. >> that was cruel. >> that was really cruel. you're going to make me sweat again. >> you're talking about what everyone is talking about. >> to carl's point, jamie dimon

is probably in his role for at least another few years. i know he's going to wait until that beautiful headquarters is completed and that's a little ways away. but who will be the spokesman for the industry? right now it's hard to know who that will be. will there be somebody who replaces him in terms of his weight, so to speak? >> exactly. >> i don't know: good question. >> jim, we have calls on the industrial economy. got an upgrade of 3m. >> that was important. >> some rails overweight. >> union pacific. but i thought that the 3m piece was very good, because brown, who is coming in, made a lot of money for a lot of people. i really thought that was just a great piece. we were going back and forth about what a breath of fresh air. mike roman put that back on track. let's not forget that. roman saved the darn company. but this is a bank of america piece we're talking about.

the new ceo is focused on operations and innovation. it's a very compelling piece. combat arms, incredible, you have no idea -- he got that one done. forever chemicals, obviously we can defer to a piece, we've been reading some of the journalism about forever chemicals. >> i have read some. there was a new yorker piece. there were a lot of people in terms of what they knew, when they knew it, it's a worthwhile read a few weeks ago. >> bill brown, who had nothing to do with that, is a money maker, and i think this is a company that people should look at, because i think it has a lot of opportunity. >> the other b of a upgrade, a double upgrade, is of lyft. >> so good, he comes to play. he came in yesterday, he's got

this new lock-in thing you can do for commuters. david, what they're doing is attracting drivers. that's what they had to do. once they attract drivers, it's a circle. >> like a lot of people, you'll check your phone. you'll take a look at lyft because the prices, there can often be a disparity in your favor. >> that's exactly why you have more drivers, you have a very lean system. there was tremendous fat to that organization. he worked at amazon and i think he's an amazing person. by the way, he's a bezos guy. >> the guy who runs lyft, got it. >> jim, do i want to own apple

at $194 ahead of monday? >> no, no matter what they say, people will say, i was a little disappointed. >> it's classically not a bullish day. >> exactly right. and guys like me who want something for the vision pro, we'll be let down. they don't give you all the things you want for ai. you can write the script about how disappointed everybody is. >> that's what's different about this year's conference, we think. they usually don't talk about the phones. >> no, they don't. look, they want people to -- this is an opportunity to talk about all the businesses that have been created, and we need -- let's say benioff is here, the ceo of salesforce. what do you think of the vision pro? he would say there's not enough people writing for it yet. they want to know -- by the way, when you talk to jensen huang, he says the reason we're doing

well is everybody is writing for us. it's a group of very smart people who either write for apple or write for samsung or amd. and the winner takes everything. that's the way it works. >> the code. >> we'll soon be replaced by generative ai. >> don't worry, you can take the eli lilly drug and live forever and have cognitive sense. eli lilly has a new drug. >> for alzheimer's. monday we're going to get the data, is that correct? >> the fda has already said -- don't believe them when it says narrow. once it's approved, the country is going to fight for this drug. you're going to want this drug. the numbers are good. >> really? >> giving us a heads-up. we know what the numbers are? >> the numbers are really good. you're going to want to be on this if you have anybody in your family. you're going to want to take this. >> that has been one of the very, very difficult things for

the last 25 years, given the potential market you might imagine a lot of companies spent a lot of time trying to do it. >> guys, we're going to see if the bulls can get the ball back after that hotter than expected jobs number. s&p down just a handful of points. watch bonds today as well. ten-year, 4.42, not near the 4.50 we had on friday. we will get inventories in a few minutes. stay with us.

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energy fuels, a leading american uranium producer, is ramping up production to supply expanding nuclear markets and diversifying into rare earth elements, key ingredients in many clean energy and defense technologies. energy fuels. docusign tweets the guidance slightly higher, but it's currently down about 6 1/2. jim, thoughts? >> they are true believers in themselves, but the -- you know,

they just don't understand that things aren't that great. they just don't seem to understand. >> all of that, and it was a rough open tape, the s&p is down now only four. stay with us.

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let's get to jim in "stop trading." >> they had a ceo ma made in misstep, but they're very much back. this is a company that provides -- when you have a hot chip, the hot is by them. you want a smoky flavor, they do the smoke. they have been a remarkable company, and the company is back. it's had a series of upgrades. this company is indispensable. jim how are you going to wrap up this week? >> making fun of david for gm -- no, medtronic. >> he's had the chart up. >> i think that cutting-edge medical is the reason why we see health care keep hiring people, because they've been

breathtaking since covid. people are now -- is it power school in power tool? >> it's m&a to change with you. there's not much to go around these guys. >> good-bye, kitty. >> sadly not to the finish line. >> sorry. >> whatever? >> whatever? that's all you have to say? that's how you end the show? whatever? >> you're a rebel. >> without a cause, for certain. we'll see you at 6:00, jim. "mad money." when we come back, lael brainard is with us with white house reaction to the jobs number.

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the street." i'm sara eisen, with carl quintanilla and david. we have recovered some earlier losses, still negative. and the nasdaq is down one third of 1%. treasuries as well, a bigger reaction there, where treasuries sold off, and yields went higher. bond, unfriendly report is how it's being characterized the two-year 4.857. 30 minutes into the trading session. gamestop halted a number of times for volatility, after an early release of earnings. this comes ahead of a highly anticipated livestream event from roaring kitty today. we'll have all the details you need to know in a few minutes.

moody's adding banks to downgrade review. especially in the event of a harder landing for the economy. watch shares of nvidia. the stock split officially goes into effect today. up 10% this week, on pace for the seventh weekly gain in a row. let's get some wholesale inventories. good morning again, rick. >> good morning, carl. >> april final read moves from up 0.2 to mid month up to 0.1%. it reversed a negative number. minus 1.3 was the previous month, that now moves to up 0.1 as well. as for the remnants of the wild number we had this morning, with strong wages and better job growth, indeed treasury yields zoomed all right, but here's some context.

487 was the closes in twos. we're still below that level, and when it tums to tens, they settled at 4.5 last week. we're still seven basis points lower on the week. when stocks seem to be dealing with this, what happened with the big drop in rates was mostly negated. sara, back to you. >> thank you, rick santelli. let's talk about this jobs report. it was a weird one. there were so many divergences, wtf kind of reactions to an economic report. it was a stung amount of jobs created for a month it was a lot better than expected. on the plus side, the jobs were spread out in good paying industries, like health care,

trade and transport, government, manufacturing even advanced 8,000 jobs, but then we get this household survey of employment. remember the government does kind of two surveys of employment. dropped 408,000. that's a pretty notable divergence, and into the unemployment rate actually rose to 4%, the highest we have seen since november 2021. so a lot of mixed signals, perhaps the most important number no the markets and the fed was average hourly earnings. they rose 0.4% on the month, more than 4% compared to last year. that was a step back in terms of progress on inflation. the bottom line, because it's really hard to know what to make of this jobs report and what is the most important. so i just went to the experts, and look for comment tear on the treatment. he frequency economics says no

way supportive, and that's how it's being taken by the bond market and taken on the street. between the higher job growth and nonfarm payrolls and higher wages, it doesn't look like the fed can move forward, at least as soon as make june/july. some are taking september off the table as well. >> citi just took july off. they moved to september, where morgan stanley already is, but it's amazing the fluidity of these first-cut calls so as far as this year. just the discrepancy in the data. it was looking like, okay, the economy is starting to show? weakness, but when you get a jobs peter. here's peter boockvar -- they didn't find a reason to cut today. even david rosenberg, who we know has warning that the economy is worse than we think -- >> for 30 years. >> but lately, finding the

negatives in the data, he says the wage data is a number that the wage-crept rick -- deflator fronts as in 0.2s were lower. >> so, all right, now we turn to cpi and try to figure that out and all the disparate points. clearly there was an expectation it would be lower than -- well, below 272, but even lower than the 191 that was forecast. >> the fed is itching to cut. data points have started to show they're cooling, you have the ec broadcast moving yesterday and cutting rates. i'm sorry i couldn't be here, it was the last day of kindergarten. >> and so now everybody is

saying the fed should go. the fed neither the data to point them in the direction to go. let's get more reaction from the biden administration to the latest strong jobs report. joining us from the white house, national economic council director, lael brainard. good morning. >> good to be here. >> what was your reaction to what was a mixed and divergent jobs report? >> look, i think when we look at the strong jobs creation, 272,000 jobs in the month, as well as very high participation among prime age workers, the highest rate ever historically, women working, it's a good jobs report for american workers. it suggests that the economy

continues on a strong but stable course. so, generally speak, good news. of course, real wages rising, that's also good for american workers. >> so what do you make of the fact that the household survey showed 400,000 subtraction on job. the unemployment rate ticked up to 4%, the first time we've seen that in a few years, and the labor force actually shrink. >> there's churn in those numbers that's perhaps related in particular to workers in the 20 to 24 age bracket, who may be transitioning into the job market during this time of year. i think it's a little too soon to tell. if you look at the unemployment rate until president biden, the unemployment rate has been at or below 4% for 30 months, 2 1/2 years?

that's the longest stretch in 50 years. we continue to see very low unemployment. if you look at prime age workers, participation rate is up, high rim participation is very strong. a lot to like overall, even as we're seeing measures that the labor market is coming into better balance. >> do you think that the inflation rate that the fed targets do you think it can get to it% with wages rising and job creation at these levels. >> it's always bumpy, but pce inflation in and out at 2.7%, moving down to the federal reserve's target. what's interesting is if you look on at anales-to-apples

basis, compared to the g7 peers, we're actually at the same level as the european peers, canada and other g7 members, and it's the outlier here is not included in some of those comparable mea measures costs been still too high. that's important to the president, continuing to fight to lower cloths, the costs that americans pay every week. >>. >> i'mglad you brought that up. there's been some analysis of the white house's management, if it were an energy trader, you

would be beating the benchmark by about 7%, on releasing supply, are you sort of guaranteeing you'll manage gas prices throughout the summer and into the election? >> no, i think what is important gas prices are a very important obvious weekly expense. so it's a very positive thing. we recognize in the wake of russia's invasion of ukraine, it was important to give that relief, so the strategic reserve has been an incredible tool. we've been refilling it in a way that i think has been smart, and we'll continue to be focused on that. the president will focus on gas, very focused on grocery costs. he's been calling for big

grocers to bring prices down. we are seeing many of those gro grocery chains now answering the call, so that will be a continued focus for the president, as it is for so many families around the country. >> director brainard, we're already starting to get commentary and reporting on an upcoming debate about tax policy that really won't take place unit the post-election congress. i know you spoke about this fairly recently, about a month ago. why should, in your opinion, at least, the corporate rate be brought back to 28%? >> look, i think what is important is 2025 is shaping up ton an incredibly pivotal year for the tax debate. the tax cuts that were enacted

by president trump, renewing those will lead to a $5 trillion increase in our national debt. so we have to figure out an approach to taxes that gets our fiscal deficit on a sustainable trajectory, that gives working americans a fair shot, to make sure the ultra-wealthy and big corporations pay their fair shares. those are basic principles. the president looks forward to having that discussion to make sure we protect social security and medicare. we can do that by some adjusts in the tax system to make it fairer. >> with rates obviously staying persistently high and moving up a bit today, of course, it reminds people that interest costs -- are going to eclipse virtually every other area of spending. you mentioned enormous deficits that might be brought on by

continuing the tax cuts of 2017, but i wonder, your administration has spent an enormous amount beyond revenues. how concerned are you about the interest costs in general, given rates perhaps will stay high because the economy remains strong? >> so, we absolutely needs to bring or fiscal picture into a more sustainable path. that is the president's priority. he signed into law $1 trillion in cuts already, and has a budget that would reduce the deficit by $3 trillion over the next ten years. he's always put on the table very transparently how he would pay for protecting social security for our seniors. those are promises we made to our seniors. they paid into their social security every paycheck, we need to make sure we honor those benefits. it's not that difficult to show

how that can be protected, simply by making the tax system fairer, making sure the ultra-wealthy and corporations just pay a fair share. we believe in a gives working americans a fair shot. we look forward to that discussion to put the nation on a fiscal source that's sustainable. >> but the narrative, directionor, is the opposite, that the administration has ballooned the debt and defer sits at a time when we have seen good growth and infused trillions more into an economy that was already hot. americans are feeling cumulative effects of inflation, even if the rates are coming down. it's not getting through. you see it in the confidence data, in the polls -- >> actually that's not -- >> -- that we're going into recession. >> that's interesting. that's actually not the narrative. the narrative is that the tax cuts ballooned the deficit by $2 trillion and produced very

little in terms of any additional investment or growth. so, you know, if you look at contributions to the debt and deficits, those really -- the large contributions came under the previous president. this president has presided over a period where deficits have come down. he just signed into law a trillion in cuts. he has a budget transparently that reduces the deficits. what we're really talking about is being transparent about the cost of additional tax cuts. the cbo just put out an estimate that said it would be 4.8 trillion in addition to the deficit. that's, i think where we need to have the debate. revenues as a share of gdp have come down substantially at a time we all know we have a

population, an aging population and promises made on social security that need to be fulfilled. actually, we just need to get revenues back in line with historical norms as a share of gdp. >> we certainly appreciate you coming on and talking us through the white house's view. lael brainard, thank you. >> thank you. good to see you. >> you too. gamestop has been halted multiple times this morning. they did release quarterly results early, showing a 29% sales drop. and fresh plans to sell an additional 75 million shares of class a. . gamestop has surpassed the volume, dom chu has been all over this since early this morning. man, dom, the dollar swings over

24 hours is pretty remarkable. >> i don't think i've ever seen anything like this. by the way, we're talking over 80 million shares of volume at this point. this just gets more and more action and activity oriented. to carl's point, the last 24 to 48 hours has been a microcosm in what's been an evident volatility trade in gamestop. just yesterday around 1:00 p.m. eastern time. gamestop shares kicked off what would be a massive intraday rally on news that he -- from back in 2021, known as roaring kitty said he scheduled first livestream for noon eastern time. immediately that kicked off speculation he would talk about his reported massive stake in the video gape retailer, a stake that's not been independently verified by cnbc, but the livestream announcement itself

was then followed up with screen shots from gil, showing a stock position in gme that totalled at the time more than half a billion in market value. fast forward to this morning when gamestop shocked the world by releasing the early report, showing narrower than expected loss, but worse than expected revenues. that regulatory filing, that is what really kind of fueled the losses that we saw in the premarket kind of down sharply lower, as you can see there. we're now down 21% of the session, it was most likely driven by the stock sale plan, so it looks like gamestop itself got a lot of ducks in a row to take advantage of the roaring kitty livestream today. they got out their relative financials, as well as their intention to sell stock into the recent rally, all ahead of the

show at noon today. by the way, if you want to talk being how much activity has generated here, you couple the moves with the volume that you guys have been talking about, that's why the construct has been such a sight to behold over the last couple months. i don't know, guys. we're going to be prepared to watch it at noon eastern time. i'm not sure what to expect. we hope it will be clean, somewhat, in the first 5, 10 minutes or so. we'll continue to monitor it, guys. >> did they sell the 45 million previously? this is an additional 75 million? or did they simply up the 45 mill union to 775? >> up to 75. the dilutive effect over the saga has been highly scrutinized by many investors who have been

long in the stock. what will be curious is what we hear from keith gill, roaring kitty about the intention of the stock. we haven't -- we've seen the screen shots, just like everybody else has, but is this a scenario from this might be some conflict? you have at the same time somebody like keith gill, who has a massive options and stock position reportedly in gamestop, at the same time when gamestop and ryan cohen, the chairman of the company, are looking to capitalize on the move by selling more into it. so you have these divergent moves, sara about what's going to happen. that's why the noon livestream will be curious to watch. >> are we issue it's him? inches the live stream? >> yes.

>> yes. it's slated to be him. we think it will be that way. there's been so much media coverage about what's going to happen. we don't know if it's gamestop itself, but if it's not about gamestop, there will be a sense of disappointment on wall street. >> thanks, dom. as we head to break, with the hot jobs report and what it means for this stock market. plus bitcoin is trading back above 70,000. hour options traders are betting now. don't forget, there's a new red-hot spt,or as "squawk on the street" continues after this.

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welcome back to "squawk on the street." what does it mean for the markets here? chief global strategist david kelly is here. >> he's saying it doesn't really matter much, this number, and it would be the next few months to. >> i think that probably is correct, because i think an important thing is next week the fed will put out new projections.

>> so i think two rate cuts, that's toward the upper end of what people were expecting. it's really a mixed picture. >> these two are so far apart, so one of them is wrong. i think the at the is looking at this, saying we don't really know what's going on here. how as an investor --. >>ic lee at the overall mosaic. >> we look at what they're

saying, and you put all this together, and what it tells you is you have arch economy that's been in soft landing moe for years now. >> that's okay. it's great for main street, but no reason for the fed to strong ones don't necessarily delay it as much, do you agree? >> i think, yeah, that's right. what the fed has said, if we see noticeable weakness in the labor market, they will move faster, clearly that's not there. they don't have to see a threat of recession to bring rates down to more normal left. so long as inflation is gradually easing, i think we still get at least one rate cut next year.

the s&p is recovering. >> if you think about the stock market money need to go somewhere, so you make one more bet. >> this slow, soft landing is causing you to gradually add to the market. >> the longer we extend this window, the higher chance of an -- >> areas will eventually get hurt by the higher rates, so there are potsoles, but we can't sigh anything so big that will

derail the economy. seal see what it gives to us. as we head to break, the biggest gainers on the s&p this week. there's an ai theme here. we talked to the ceo off earnings. nvidia is on there as well, having a good week. what investors need to know after this. don't go anywhere. we are so excited to welcome you to our community. today is all about you. (♪♪) (♪♪)

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welcome back to mosquitoes squos. i'm contessa brewer. president biden apologized to the ukrainian president over long delays in u.s. military aid to kyiv. it took the u.s. months to pass a package of funding. the president announced a new weapons package as he met with volodymyr zelenskyy in paris.

prosecutors are expected to rest their case today in the federal gun trial of the president's son. the president told abc news yesterday he would not use his presidential power to pardon his son if he's convicted in the case. netflix is facing a $170 definite nation shot over "baby reindeer." in the series, that person is named martha. the suit claims the show made it possible to unmask quickly fiona harvey. she said she was nerve imprisoned for stalking. netflix says it would defend richard's right to tell that story. >> contessa, thank you so much. crypto is off to a strong start in june, option traders believe the rally can continue, new data from the largest crypto auction exchange, showing high

interest in call options expiring the 28th. the recent bullish sentiment also giving coinbase a boost. up over 20% during the last 20 days of trading. we want to go back to shares of gamestop to clarify some of the reporting we have shared this morning, to make sure we are clear. there is 75 million shares for sale from the company, unclear whether that trade has taken place. that could raise as much as $2.7 billion, in addition to 45 million shares that the company has already sold. that was back when they originally entered into an open market sale agreement with jeffries on may 17th of this year, all of it designed to take advantage of what has been, perhaps, from gamestop's perspective, you unexpected

run-up for the stock. we just wanted to clarify, it's 120 million sales to be sold, very dilutive, but also bringing in billions to the company, ryan cohen, who runs the company, will have that money at his discretion. >> we'll see how it gets spent. >> there hasn't been evidence of a operational turnaround. >> right. still to come, hotter than expected jobs number. what does it mean for the rate cut fine line. as we go to break, continue to watch docusign, lower after it marginally beat estimates. it calls the quarter an inflection point.

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stocks posting a turnaround here. s&p has gone green along with the dow. steve liesman is here on what it means for the fed going into next week. his, steve. >> the up shot for a rate cut is gown, and the market is clinging to the chance of two rate cuts, but most likely in november and december. here are the number, blowing out of the top stop. unemployment ticking up above 4%. and the 3.9%, going to 4.1% on the wages, that got rid of the improvement we saw last month. moving on to -- now what was also gone is the concern that a

slowing in the economy. health care surging ahead, we expected that rebound, but we thought we were done with leisure and hospitality. construction is surging ahead, too. at the same time, sara, the divergence, a bit of a head scratcher. total jobs ran together, but then they split and the gap has gotten wider. the gap is now the widest on record, going back to 1994, more than 4 million jobs. over time they tend to come together, haven't so far. the payroll is tub to annual revisions, but it's clear that the market is taking the could you from the strength of the payroll survey. and it makes the possibility of cuts later this year more of a hope. sara, i fact checked lael brainard. there was an issue with people 20 to 24 with their participate

really plunging. it looked to be focused on concentrated on black women, both when it comes to employment. i don't know if that's a quirk of the survey or something indicating wrong in the market. let's bring in head of global investment research, jan tohzias. >> we were surprised in part because we thought the spring hiring season, but actual hiring blew past that, so, yeah, it was a surprise. if you look at the household survey, i think the takeaway is

we can add a lot of jobs and nevertheless have the unemployment rate go sideways or even a bit higher. the break-even pace of payroll is higher. i do think it has a lot to do with the strong immigration trends, immigrants coming into the workforce, and rebalancing the labor market even with very strong payroll growth. >> can you explain this discrepancy between the nonfarm survey? they're measured differently. we always include both of them, household includes people on leave, who are not getting paid. can you explain how this happens and how we get such a gap here? >> yeah. one is a survey of firms, one is a survey of households. the survey of firms is much bigger, so the sampler is smaller in the payroll survey. that's why it typically gets

more weight in the way that markets look at employment. the household survey is valuable, but you typically have to average a bit more. you don't want to put too much wait on a month-to-month move. you know, over the past year about half a percentage point, i think that's a real signal that the labor market is less super tight than it was a year ago. i wouldn't necessarily put a ton of weight on the latest month to month. >> what's with that wage number that accelerated more than excepted? >> the wage number comes from the survey of firms. again, it's -- it can move around. i do think it's a signal that, yes, wage growth is still pretty strong. >> is that a problem for the fed? >> i think if you saw 0.4% month

after month after month, that would be a problem. the year-on-year rate has been coming down. that's probably still a little high. they were at five, but i think we want to be somewhere in the mid threes. >> what about the labor force participation rate. we saw a decline, so the move up in the unemployment rate can't be explain by more people coming into the labor market. what do you think is happening there? >> it was a weak household survey, and the decline in labor force participation. if you just take the month on month changes. again, i would caution against putting too much weight on a month to month change. it's a pretty small sample and can move around quite a lot. the data point was softer. >> you mentioned wages, some discussion baa today about how wage growth is a liability for the doves over there.

is it? how long can dan ada, the swiss and the eu move ahead of the fed? >> we've seen stronger wage numbers in a number of places. the canadian numbers were also stronger on that score. i think, you know, they have taken the view that their outlook is for the economy to get back to, you know, to 2% inflation environment, and they're a little bit less responsive to the latest wiggles in the numbers than what we have perhaps seen in the u.s. the latest inflation numbers in canada have been low, but in the euro area, thieves on the high side. nevertheless they went ahead with a rate cut. we expect them to continue to go ahead not in june, but another cut in september. >> where you hanging on to the

fed cut in september. >> yes. >> so september, december? >> yes. >> what do you expect out of cpi next week? >> probably three tenths. the key is more pce and core pce i think will be in the 0.2 range. the last report was 17 basis for market pace. those kinds of numbers i think would be encouraging after the much higher than expected numbers. >> jan, thank you, very good to have you after a somewhat confusing jobs report. still to come this morning, a closer look at the billions of dollars flowing into cricket. there was a shocking win to family usa. stay with us.

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the street." the u.s. national cricket team pulling out a historic win against pakistan, and it comes as business leaders invest billions in order to bring the sport to america. seema mody is here with more. >> it's significant that the t-20 world cup is being co-hosted here in the u.s. the sport may not be pop uullr, but a group of investors are trying to change that. they founded america's own cricket teams, currently six teams, every team in the league has the obligation to build their own stadium, in it seems to me i'm told nearly $850 million is being invested. the owner of willow tv says the

goal is to make this a mainstream sport. >> i think the opportunity and potential is to give exposure to the market. it's a statement how important america is for the global potentially hosting the oichllics in los angeles and cricket being included in that, it's just these are great shots in the arm for the sport and the country. >> fans are now counting down to the highly anticipated india, pakistan match where tickets go up to as much as $10,000. the last time these two rivals played in 2019 around $300 million viewers. >> what we have seen franchise tags in terms of the numbers go up enormously for major league soccer, for the wnba, i guess the hope on part of these owners you get a big tv contract and/or

can increase the rates dramatically, the value for franchise goes up, too. >> i think that's absolutely the goal especially when you have these high profile investors who continue to put money into this league. they want to make this is success and not only appeal to the every day person who likes to watch sports but the expat population from the u.s., the u.k. >> one thing they have going for them from younger kids, in buoy cricket is a big thing in australia. >> there are ways to inject the sport into u.s. -- >> how big is this upset? >> huge. the u.s. is not know for having a great team. now we'll wait for sunday that

match, india and pakistan. i know you guys will be watching. i'll be watching for sure. >> it's a cool story. they wanted to be the next formula one. >> i'm just looking at the formula one signed a new deal as well, tv deal. >> all right, thank you, seema. coming up gary cohn on this morning's hotter than expected jobs number, what to make of it for investors, for the fed. more squawk on the street with now all the major averages in positive territory. we'll be right back. car, take me home. (♪♪)

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as we closeout the hour dow's up 145. get another check how the meme stop is doing. coming up at half time today andrew left is going to be with

scott. that will happen as roaring kitty's livestream kicks off. david, i can't believe i just said that. >> that was interesting. as roaring kitty's live stream kicks off. we'll all be waiting. >> they're going have to do a sequel to the movie. >> i'm not sure the movie did that well in box office. >> i thought it was a good movie. >> there were excellent cameos. the only point i would make we've made a nub of times the company after the issuance of the 75 million shares in addition to the 45 million that have been previously sold will have 426 million shares outstanding. so do your math at $36 a share you get to about $15.3 billion in market value. of course we talk about dilution because you've increased the share count per earnings number. if you look right now 303 is what i've got -- 306 in terms of the outstanding shares. that's obviously going to go up

a lot given the 45 million and 175 million and that gets you to 426. as for the overall market, we're looking at an s&p that's recovered given what we saw in term of the job report and the impact on the bond market. we have a lot more market coverage, a lot more to say about that jobs report, oh, and any number of other things including have a great weekend, everybody. protect patient inf. but what if they didn't? [ominous background sounds] this is what it feels like when cyber criminals breach your network. don't risk the health of your business. crowdstrike. we stop breaches.

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good morning. happy friday. welcome to "money movers." i'm sara eisen. and today a morn of surprises. first a surprisingly hot jobs report. former nec director and goldman sachs gary cohn joins us to break down the earnings and the political landscape and much more. >> we'll take a look at the options market. >> and ahead of next week's inflation data will cpi surprise and further impact the outlook for rates