the first one up there as well and watch what is happening with shares of again, some of the other ones out there, take a look at the other moves out there, brinker, one of them, we'll pop that up there, the parent company of chili's and gets upgraded by jpmorgan analysts and etsy, an upgrade at stifel as well, back to you. >> happy mother's day becky. >> happy mother's day. >> and to all of the super women out there. >> "squawk on the street" is next good friday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber futures are on the move on this big miss on april jobs 266,000. well shy of the one million estimate negative revisions yields are lower 10-year below 1.47 that's going to take you back to march 4th. the road map will begin with the job surprise april's hiring boom goes to

bust treasury yields are dropping on that jobs news sending shares of the tech-heavy and growth-laden nasdaq, well, a bit higher and we're going to get the first business response from the biden administration, labor secretary marty walsh will join us later in the program, we will talk about today's jobs report, and the state of the recovery from the pandemic carl >> a lot of questions this morning, guys. jim, heard you talking to andrew about the jobs number a few minutes ago. and i do wonder if you think this print sort of feeds that notion that those stimulus checks have provided a disincentive to work. >> i'm always reluctant to say that, because if you're doing well in life, you want others to do well, too so you can say, well, maybe the disincentive is great, but i have to believe that it's actually correct, carl, and the reason i say that is because anecdotally, and also empirically, i deal with a lot of small business people, many of us have raised our, what

we're willing to pay, and then raised, and then raised, and it's not like people are trying to decide, it just doesn't bring any people in. no matter what we seem to raise, we are not able to beat i guess what tax-free unemployment again, i'm happy to pay whatever the prevailing wang is and then some but people have to come knocking david, i know it's odd because it seems so ridiculous we're in a, the tail end of a recession, you'd think that people want jobs but i think the competition to a natural job, given the commutation, given the fact that many people have moved out, there's a dislocation between the people who would like to work, but can wait until october, and the people who are looking for work but don't know how to find those people who are looking to create jobs, and want those people, we can't find them. >> yeah, we've been hearing about it, a procession of ceos certainly from lower wage jobs,

have said they have had a very hard time filling them we had a conversation bred a about, conversation yesterday about how expensive ubers are and pointing to a driver shortage and trying to lean in to fixing that you are seeing signs of that, and perhaps leaving behind, why we came in so low with jobs. >> i had papa john's last night, doing extraordinarily well and my due diligence, i went to the web site to see, just to see what's going on and there was the top of the web site, there were job hires so i went on, and i asked the ceo, i see so many job openings, he said we would like to fill 10,000 jobs right now. 10,000 assistant managers. i mean you know, how, you know, those are decent jobs, you can then rise up, maybe you can own a franchise, i mean they are not dead end jobs. i mean when you see a ceo come on the show and say you know,

i've got 10,000 job openings that's not 1,000 that's 10,000. so i don't know, carl. where are these people >> so this retreat now into say nasdaq futures and we'll see what we do during the trading day but this idea that oh, a huge miss on jobs, you can remove some of those inflation fear, that doesn't sound like an anti-inflationary story. >> no, it is arguably the opposite arguably, you can just continually try to raise wages until you hit some tipping point, where it's worth someone to take a commute, worry about not being at home with child care, whatever, and they finally can do the calculus and say it is important but what i find really interesting, carl, is that remember, for a restaurant, you don't have to offer full day, you can offer shifts, okay, so someone maybe wants to pick up a little extra money while going to school. carl, i'll offer shifts, i can't find anyone who wants a shift. that used to be something, people would beg me for shifts and i would sit at the bar and

they would say jim, can i have shifts they don't even want shifts. >> that would imply potential wage inflation or until you say we get to the point where there is not as much support any longer >> and if you're jay powell, 9.7% of black people in this great country don't have jobs, that's too high. >> but what about the, you know, the commodity inflation we've talked about, you keep talking about it being temporary, i mean i'm sure you're listening yesterday, i think you have this, we can run it, 30 seconds, ceo of kellogg's, ceo of, back-to-back, talking about inflation. take a listen. >> inflation is real it's here. and it's significant you know, we're bound and determined to keep our margins healthy and grow our margins on a two-year basis, and that's going to mean that we're going to have to keep up with pricing in an inflationary environment. >> so inflation is here.

every input cost that we have has gone up and continues to go up logistics is our biggest worry area because of the shortage of input materials. >> well, i mean last night, i did a piece on "mad money" which talked about, it wasn't a u, and it wasn't a w, and it wasn't an l, it was a v that was sharper than people thought. it is the recovery and the right side is past 2019 in terms of trying to get people to come to work and there's been no write-offs. you know there's no defaults in the high yield market. there's no people coming out of a place where their company has rolled over. so david, is there inflation i think that there has to be some catch-up. there has to be some reduction catch-up we are still dealing with the fact that there are way too many people who thought this was going toen an "l "request, not a sharp "v" and many people didn't bank on science and dfrpt bank on pfizer and didn't bank on moderna and those two things,

those companies, they shocked us they shocked us. >> well, shocked us. >> science turned out to be -- >> oh, yes. >> it was a positive shock. >> yes >> i was just trying to follow you there. the lights, we got a mood lighting here a little bit i noticed while i was sitting here. >> i was so focused on the show and what we're doing, i didn't focus on the lighting. >> and i was in darkness and trying to understand what what going on. >> my bad. i was so busy thinking about the unemployment thing. >> how about the stock market? can we talk about the stock market for a minute now? >> no, i'm - >> how about growth versus value? can we bring up the growth versus valuing chart what does today do to that does it reverse it >> the jobless is not natural. >> the chart. >> it's not like that therefore, let's go back to the companies

that don't need a strong economy, are doing fine and het go back to faang, i mean faang will be short-lived today. the faang rally. carl, the faang rally only exists when you know the economy is bad when the economy is tight, even though the numbers don't look like it, you know, you don't buy faang, you buy companies that can keep up inflation. there's a company called lindy, and everybody loved it today why? because they can raise their prices faster than their input costs. and carl, that's not a good story. i mean it's a good thing, because david wants to talk about stock, not the lighting, that's second now, but i do think that you don't want companies -- you don't want to cheer that companies can raise prices even more than the input costs because in the end someone, jay powell just says okay, i can't take it, i can't take it anymore, let's raise, and maybe get some more people, what's so funny? what am i saying that is so fun qui? >> i can't take it anymore i can't imagine jay powell saying that.

>> it would be great if he said that. >> yeah, that is not the way powell speaks. >> steve liesman, you're right >> why did rates just -- >> i guess to david's question, you know, going into front, jeffries was looking for 2.1 million, i think, and the idea is if the number runs hot, be careful because that does pull forward the taper discussion, but do you think it's possible that even a weak number but with these kinds of wage and labor supply issues, that the taper discussion still gets -- >> it's still on the table you just, this is maybe the employers are waiting, david, until unemployment benefits roll off. but i know the opposite. i just see those help wanted signs. now, look, when ten people see help wanted signs, that's anecdotal, but when everyone sees help wanted signs, is that still anecdotal? >> i don't know. >> it's empirical.

>> this was a rhetorical question. >> oh. >> will you play with me here? i'm trying sorry. >> did you see andrew, and becky, and joe, they were playing with each other. with gensler i'm asking for that rapport. >> i think i give you that rapport. i think i give you the best years of my life. >> you have. >> by the way the gensler interview -- >> was that a segue. >> yes, it was because it was an important interview. they didn't even get to spacs, they ran out of time, unfortunately. >> we would have. >> they might. have they got to crypto and archegos which we will get to later in our show but very interesting. >> but they didn't, once again, carl, did gensler, did the chairman say, you know what, we've got to stop this dogecoin, this whole thing is ridiculous no i mean kind of like jay says, i can't take it anymore, gensler did not stop it. no one is will tock s, willing o stop it, no one is saying

enough, dogecoin doesn't exist as of now. >> he did reiterate that crypto tokens are securities. talked about payment for order flow talked about game-ification. talked about the need to at least keep their eye on social media but this is gensler on bitcoin. take a listen. >> digital, scarce store of value but highly volatile. and there's investors that want to trade that, and trade that for its volatility, and some cases just for its, it has lower correlation with other markets i think that we need greater investor protection there. and we don't have a federal regime overseeing the crypto exchanges. so if an investor wants to trade on that bitcoin, understanding it's highly volatile, highly speculative, but if they want to trade on that, that we have in place some investor protection and that's what i was thinking was a gap in our system right now. >> meanwhile, jim, you saw on our dot-com team, we get a look

at a goldman memo, they created a new crypto trading desk that has successfully traded two kinds of bitcoin linked derivatives at goldman it's getting im bedded in institutions >> that's important. they had that a couple of years ago and seemed to go away. what goldman should do is buy square because square has this thing down like you wouldn't believe. they are the most forward-looking financial company, other than maybe paypal, in the world right now and anyone who listens to that conversation call, i'm talking about a team that has figured out what the world wants, what small business wants, what young people want, that you can, the equivalent of venmo each other slivers of crypto, david, is the kind of thing that attracts young people >> you can do that >> venmo slivers of -- >> venmo is paypal but the equivalent >> right and square is so

amazing. and forward looking. and remember they bought a lot of bitcoin, and you can't market the market, but i just find this is a company, if you want to find out the future of finance, it's not goldman figuring out a trading desk for crypto, it's square, square, going with what people want. which is on bitcoin. they want to, and you can buy and sell a piece of bitcoin and buy a piece of a stock >> i can't buy a piece of stock. >> no. >> i mean "you," the larger "you". >> yes it was the royal "you". >> i suggest everyone read the square -- and jack is on the conference call and musicians have their own currency. but square's figured it out. carl, and everybody else is hopelessly behind. >> we will dive more into square, jim, it's a story that you really helped our viewers understand we will get to roku, livenation of course, peloton, beyond meat, and a bunch of others, as

futures have moved around a bit on that big miss on jobs worst miss we're told since 8.'9 we're back in a moment

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it's going to be roku the mover here i think we have at least one upgrade, going to 450. >> great numbers better than expected gross margin, 67%. arpu, a big $32. 32%. gross profit up 132% player price down, that's what people are saying is not the exciting part. but david, they have the strongest revenue growth quarter in history 79% sales growth overall david, roku remains the most exciting nonlinear call. this is the cord cutting call writ large. >> it is and the cord cutting continues and it continues at a fairly rapid pace with what we call cable, it continues to decline basic cable. >> there are obviously a lot of the virtual npds, which is helpful for the programmers and many are paid more to be on those bundles and they are the

traditional cable bundle but just imagining a few years ago that roku would create its own ecosystem, i mean it was a device, it was a device that helps you broadband, to get some of these services. >> i thought it was a commodity and google would come in and wreck it. >> yes all of that. in the same way that some people thought netflix i guess, was a, you know, by mail dvd service. >> right >> and they managed to - >> and it's still roku >> they managed to execute on that business plan and now you have to get distributed on them. remember what malone said. remember i go back to, what was it, october, november, when we did our annual interview and he talked about how much he liked roku back then, because in part because of that model. you now need to be -- we have the leverage, in terms of, we're the distributor, roku is the biggest distributor in many ways. >> but how did they, did people not see them coming? how did amazon not see them coming how did google not see them coming what happened? >> that's a good question. >> they're all such smart companies. why don't they see roku coming

>> amazon has the firestick. it isn't like there aren't plenty of those out there. >> loving the firestick. >> but roku succeeded in a way in terms of creating this, and we all know direct to consumer is now television. that's kind of what it is. >> carl, the stock goes higher, it was just a magnificent quarter. by the way, the ceo is very nonpromotional can this break, carl, the trajectory of what i thought was another stay at home company that the market has hated? this is the one that is threatening to break that, and peloton is, too. peloton had, you know, i've got to hand it to coally, remarkabl numbers. people swear by this a winner during the pandemic and it is staying a winner and i know what happened when the treadmill, i love the fact that he started his letter saying look, i screwed up i apologize. he didn't say, well, he didn't

make it someone else apologizing, or we made a mistake, or mistakes were made he owned it. but connective fitness workouts, up 239%. total revenue growth up 141% carl, this is a magnificent quarter. >> yup and average monthly workouts per sub up to 26 from 21 in the prior quarter, jim, people are still using it even as gyms are reopening. >> i think it's a testament, two machines that were better than we thought, david. two. roku and peloton >> roku, carl, does have an incredible multiple to earnings. the ebitda to revenues i mean wow >> so not allowed to short. >> no. >> not allowed to -- >> any miss there, and it could be, watch out below. but not this quarter carl >> guy, we'll get "mad dash" and the opening bell in 10 minutes on this friday don't go away.

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well, i'm waiting for "the mad dash" just like you are because i asked jim what happened with expedia and he said i'm not going to tell you. >> i'm doing a favor to you, how right you've been. the lead to the releases, travel remains a study in contrast, with strong demand continuing to drive us forward while international travel and business travel and conventional lodging remains challenged you're spot on but the vacation is so strong, everyone is raising numbers and price targets and i think the study is what you are correctly hitting on, which is people

resident going back as fast. now maybe -- people aren't going back as fast and maybe that is different next quarter and people want to get ahead of that and buy expedia, soon. and a good stock post the pandemic, unraveling of the pandemic, whatever you want to call it. but business travel is not there. >> they're still not showing up at the office either so they kind of go together in many ways. >> you'll be interviewing peter kern, the ceo. >> yes, he is coming on. >> 10:00. >> very thoughtful and you got to ask him, does he look at bookings, say out six months, where people are going to talk about travel and entertainment, and i'm starting to see some people mention it as a line, but i'm seeing most people just saying huh huh, we're just not going to make people come back if they don't want to. >> eventually, they will i mean i had those conversations, i have those conversations every day, but not yet. >> and i still don't hear people saying, i'm going to go travel and hit the chicago and try to line up five different clients >> no. >> it's just not that's not happening >> and that may come back if

your competitors do it but i still argue as well, the internal business travel will probably forever not be at the levels it was. >> because it is more meetings >> we can all just zoom. >> the board meeting, three out of four meetings, people will say let's just zoom. as opposed to the great boondoggles of going to new york city, to see a show. >> see a show. in the fall. >> that's right. >> to be able to see a show. >> can't wait. >> also can't wait for an opening bell on this friday. a lot of news to digest. stay with us

things are swirling arn a bit this morning, take a look at the 10-year intra-day, i thought about what you said and the faang name short-lived, we got down to 1.47 and change and some selling again. >> look, i think that this idea that suddenly we're going into a recession because of a number like this, it doesn't add up

and i think it's very confusing to people, the play book, carl, is just worthless, frankly there's just too many external forces to make us feel like that we're going to have aslowdown. we're not slowing down we're accelerating so david, i think the rate, they're all over the place - >> right, we're accelerating, there's inflation, but there isn't the job growth that we anticipate that would be associated with that. >> if you raise rates, does that create jobs? >> no, not necessarily. >> i rest my case. your honor, i rest my case. >> what did you say earlier powell was going to do >> i've had it i give up. can you imagine if there was a level of candor like that. how about if gensler came on, it's dogecoin, will you give me a break? wouldn't you just love that if people talk like people talk hey, you know what, doge coin -- >> jim, we had the tenth anniversary of the first fed

presser that bernanke did a decade ago and who would have thought this would be a regular thing, every month who knows how the evolution of fed conferences will change in the years to come. opening bell what a week on this wave of earnings still remains the best earnings season in about 11 years jim, all the talk of inflation has not stopped net margins from setting records. >> no. >> and david kostin pointed out this morning, buybacks are once again out there. >> i am tired of him being so smart and they are long and must-reads in the first quarter, the buybacks were very big and i know a lot of people are saying, where are they when stocks were down well, the answer is they thought they were going to go under for heavens sake that was the point the point was they couldn't buy back the stock because they're trying to figure out whether there is ever going to be an end

to this pandemic, given the fact that it takes four years to develop a vaccine for mumps. and so why should we think, david, that this, a very complex, novel illness, would be solved this quickly, as it was >> because a lot of the technology was there to do it. and had been developed prior to it >> there were a lot of very smart people. >> a year ago, we would have been surprised at how rapidly we were able to have the vaccine. >> and remember when the numbers first came out, i think people take it for granted, 95%, a lot of people felt, listen, it could be 70% that would be big. >> yeah. >> but if we have the glut, like dr. gottlieb said, the glut of vaccines, well, it's time we send them overseas holy cow. >> right, without giving up the i.p. >> that's right. >> carl, did you see that new york city will start vaccinating tourists if you want to come >> get a vaccine >> come to sometimes square, see

a show, get a shot, go to a baseball game, get a shot. interesting. you know, the number of shots administered, guys, is way down, as we know we are doing 3.4 million a day and we're now doing about 2.1. there is a lot of talk yesterday about even if you wave some of these patents, the raw materials, the know-how, it's really not going to get shots to the developing world in a hurry at least and maybe not at all given the fact that moderna and fize remember going to do billions of doses on their own in the coming months >> my biggest fear is that once again we're going to go into the two worlds, europe, advanced countries, they get it, and then countries that have no hope continue to have no hope and david, the disparity once again between rich countries and poor countries is just horrible. >> clearly, the crisis going on in india cannot and should not be ignored over 4,000 deaths a day.

>> there are some who say, there is once again, a giant boeing over with ppe and once again, it's what we're seeing, business is the greatest work fork southerly change, business is very worried and carl, i just think for somehow, because it's not on, well, it's been on the front page, but i mean these numbers are staggering staggering and i just feel like one of the problems we see from the professors that i know who do this, they're still doing surface work they still think that if you just clean surfaces, with clorox, well they don't use that over, there it is their brand, but they're getting it wrong you got to get out of buildings. it's about ventilation. >> enough with the surfaces. >> did you say enough with the surfaces >> yes. >> jay powell with the - >> yeah, i mean you go to offices, they have the pen jar, like you take a pen and put it

in the used area we're not getting covid from sharing a pen. >> my wife went to a temple, a sikh temple and did a day of service and i was looking at the pictures, hundreds of people packed in, doing great things in a very small area. that's how it spreads. that's how it spreads. and i just think that i just feel like i want to go over there and say guys, here's what we learned, but it wasn't like we were nerl , we weren't necessarily the paragon. >> goldman takes moderna to 228. barclay's goes to 194 on the heels of their report earlier in the week so there is some optimism coming out of their quarter and their projections for vaccine revenue, which of course was a big pfizer story, too. >> right, well, i still think that, the other day, i said that pfizer is too cheap and then the president wanted to give away the intellectual property, i'm

reiterating, pfizer is very safe stock and that's out of fashion i know where the world of dogecoin, if saturday night live goes well, but if he comes out with dogecoin, what does it go up, 65 - >> i know it, is interesting to see. and it is live so who knows what he could do at the moment. >> you're right. >> unpredictable fella. >> and trades all around the clock, dogecoin, you could buy dogecoin in your sleep and make millions >> many people wish they had bought it in their sleep. >> it's a joke currency. how does this happen >> when they were trading tulips, no one thought it was a joke. >> started as a joke now it is for real. >> but you can't use it at square you can't use it. >> doge, you can't use at square. >> right. >> it has to be legitimately legitimate not just legitimate. legitimately illegitimate. not just ill length. >> by the way, if you pay attention to "snl" you see musk rehearsing all week, going out

to dinner with the cast and crew and nbc dropped some promos about saturday night >> i'm elon musk and hosting snl with miley cyrus and i'm a wildcard, no telling what we'll do. >> me, too >> we'll be good-ish i'm hosting snl this week with musical guest, miley cyrus. >> what's new you with, elon >> i had a successful rocket launch this week. >> well, i did my laundry. >> con grates. >> well, actually, no, i didn't. >> gensler was asked about the show on squawk this morning, guys, said he has no message for anyone on the show >> you know what, gens ler had to say about a few other things, it was more of more interest, and as i said, we can have him back on our show, come back and talk about spacs, that's the one thing they didn't get to unfortunately. but they did get to archegos,

guys, and take a look at shares of viacom, did not respond well yesterday, and started up, ended down, an upgrade today from rbc. >> an upgrade. >> upgrading to outperform continue to believe investors underappreciate the subscriber and arpu potential across the global streaming marketplace but what about the transparency that perhaps is demanded of some in the total return market where archegos was able to essentially disguise what was enormous positions in both viacom and discovery and a number of other stocks here's what gensler had to say. >> we have a history in the markets to say if you have significant positions there's transparency in the public, if somebody's over 5%, or sometimes it's over 10% of the company, and so that transparency was lacking here and you're absolutely right also that through these derivative contracts and multiple banks, there is a lot of leverage in that, that trade we're going to examine and

enforce the rules, without fear, or favor, we're going to look at individuals, and corporations, and yes, that includes hedge funds. >> so we'll have to wait and see but it does appear that you may get more transparency coming to a total return swap market to you soon. >> look, one of the things that gensler was doing was he was saying, listen, i'm only been in the job for three week, give me a chance to study these things, but when it came to archegos, i think his tone is very different fromthe other issues i think he was saying listen, we got to fix this. we got to fix this >> guys, real quickly, if i can, i did want to update, because we're following it closely the battle for ksu, the two rails, canadian pacific yesterday did get approval for a voting trust. very important component of course of being able to actually move ahead with the deal ksu trading well above the bid because canadian national has a

higher bid made up of cash as well and what is important here i can tell you, people close to canada national indicate to me they are very much happy about the decision that was reached by the stb as regards to voting, based on the two key points they relied on in making the decision, namely whether a voting trust would in some way or would be successful in preventing actual control of cp in this case, from taking control of ksu, and whether it would not damage shareholders of either ksu or cp, they say you apply that to our application for voting trust and we are also very likely to get the same approval it doesn't mean they have yet, carl it will be a bit of time but at least in their opinion, argues for the merits for why they are going to get it and hence why they are going to be in a position to potentially sign a deal up with, with ksu sooner rather than later,

perhaps even prior to receiving voting trust approval from the stb, if it comes i'm told we really have to move on i've got so much more there. you know what, we'll have to wait for another day carl, back to you. >> all right, david. we did get an all-time high on the dow. can't take your eye off the bond market let's get to rick san stel -- rick santelli. >> the fixed income silenced that market globally, all had some real shocks on that shockingly weak number that we received this morning. everything was waeg of course except for ours worked the people that are working and did jump into the jobs market definitely getting compensated better and overtime if they want it look at intra-day charts today the intra-day 10-year, at one point 1.46, down 11, here we sit at 1.55, down 2. 30-year, all the way down to 2.15 minus 9. it's now actually at 224

225. it's up a basis point on the day. but it doesn't end with our borders. let's look overseas. bund yields dropped to minus 25. gui gilts down to 73 and rocked back same with italian. 92 basis points. the dollar index dropped to about a 90 and a third 90.35 and then came back a bit the comeback on the dollar index, we need to pay close attention to, it has been running on empty so to speak and if you look at the chart, that starts in february, you can see that we are probably going to make a new fresh close low that goes back towards the end of february, moving down a few notches, on the previous close that we experienced last week, that took you back to early march. now, what does this all mean in english? we learned a lot about the markets today. first of all, the path of least resistance from those levels in treasuries, but probably was higher priced and lower yields but you see the way it snapped

back there's always this ongoing notion right now, whether it's the fed can quantitate ive ease if they think rates are too low, or some of the stimulus money is actually going to start to make a difference or the lag time when we start to pull people back in. but the knee jerk reaction does tell us a lot and it also tells us that today's low yields, 1.46 in 10zs, 2.15 in 30s, put a red dot on your chart, they will come back and they will be important. carl, jim, david, back to you. >> thank you very much dow is up 50 nasdaq has benefitted from the trade today, up 109. when we come back, the labor secretary on the jobs number don't go anywhe.er

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take a look at some of the s&p gainers expedia at the top, earnings down 14, way above the estimate given what travel has been doing, strength in leisure and domestic we'll take a break here and talk to the labor secretary about the jobs number in a moment.

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you can even watch your dvr from anywhere. okay, that's just showing off. you get all of this on x1. so go on, get really into your shows. you need a breath mint. xfinity. it's a way better way to watch. get to more discussion about the jobs number this morning on the big miss off of expectations the labor secretary marty walsh joins us mr. secretary, i think it's our first jobs friday together, so

welcome, thanks for the time. >> thanks for having me today. appreciate it. >> i've seen some comments from both you this morning and from jared bernstein that you don't see a correlation between the weakness in employment gains and benefits what makes you say that? why are you so confident about that >> well, you know, under normal circumstances, and certainly we're not living in normal circumstances, the 266,000 job gain a month is a good number, unfortunately we are still limited in the pandemic, and if you look back on the last three months, with the economy, adding 500,000 per month. 500,000 new jobs per month, as compared to the previous three months where it was 60,000 so we're definitely going in the right direction. but we still have a ways to go there's no question about it and we still, we are still dealing with the pandemic. >> so i guess my question is, do you believe that support, fiscal support for the unemployed which obviously was much needed, in the depths of the pandemic, is now creating an inability for

those people, an unwillingness for those people to put up their hand for a job absent higher wage list. >> think we still need unemployment, obviously, we have millions of americans out of work, many of those americans don't have opportunities at this moment i know that we're making a core lution between open jobs twbetw and people unemployed. it's not a fair correlation. the positive sign of this month's report is that more americans look for job in the month of april than the previous month. so i think as we continue to move forward, hopefully in the coming months, we'll see americans looking for jobs finding jobs and i'll be able to stand in front of this camera and talk about the growth we've had. i think 26 6,000 jobs this month is a good number >> mr. secretary, jim cramer thank you for coming on "squawk on the street. i got an idea for you. i think that if the cdc were to say that there are such things as vaccines passports and

businesses that require them including restaurants, say, they would open immediately, and that would make many more jobs come available. it would offer some certainty and yet, if they're not doing that, they've made things uncertain. we'll hear from the cruise industry where they're baffled the cdc is i think responsible for making it so your job is hard >> one of the things i think that -- i don't know if the vaccine passport is the way to go maybe they are but i think we have to continue to push to make sure people get vaccinated there's over 200 million vaccine shots given out in this country in some of our populations that we have i wouldn't call it herd immunity, a portion of people over 60 vaccinated i'll add one more thing, we also have to deal with child care and schools. and those are two barriers right

now in my opinion keeping people from getting back into the work force as well. their children are at home they're learning remotely or their child care facilities aren't open. there's been investments made by the president in those areas but we need to continue to make those investments so people feel that -- know they can go back to work >> all right yeah mr. secretary, do you think that is responsible for the short fall between the jobs added and what at least the people who follow this so closely anticipated? i think it's -- the biggest gap at least in terms of what was anticipated and what we got in 23 years >> yeah. i think that has something to do with it. but also on the bright side, a second ago, more people look for work in the month of april than the previous months. i think we're starting to see the confidence come back i think people are starting to get more comfortable we're seeing people going out and more people bracketing with folks. the leisure hospitality and restaurant industry had the

largest gains. unfortunately we're still dealing with the pandemic and there's lots of uncertainty here i think the answer -- it's not a simple answer. there's lots of different answers. number one, vaccinations is part of the solution to get people back working and getting the economy going again. we saw an increase in retail productivity and people going back shopping. that's another good sign that our economy is coming back strong we do have -- there's no question we have a ways to go when the president and the congress passed the american rescue plan, they were intentional about making investments in different areas of the economy and now we're looking forward at the american jobs plan as well as continuing to rebuild our economy and make it stronger as we come out of recession there's no question. i mean, i can't come here today and say to you that we're fully recovered. but i can say to you today and the american people that we are definitely on a track to full recovery >> although not as much as people hoped what is your rebuttal to those

who say you're paying people not to work and that's why the number is a short fall from what was expected >> there are millions of americans that lost their job, some of their work is not coming back we've lost restaurants we've lost businesses. we're still -- i wouldn't say we're in the midst of the pandemic, i hope not to say that, but still dealing and living with a pandemic as we continue to move forward here, we will continue to recover and continue to add jobs for our economy. >> you know, mr. secretary, we talk all the time about construction, housing, the lack of inventory, the lack of supply seasonally adjusted unchanged. can you help our viewers understand how that's possible >> we saw permits being pulled, rising across the country, building permits being pulled. most of the construction didn't stop a lot of construction continued to move forward. when we talk about need for building more housing, that's a

question we have to ask cities and towns across america i'm a fallen man we permitted lots of housing we have lots of housing in the construction process i think we have to be intentional about building more housing in this country. >> finally, it's been a few days you did talk to routers a few days ago about reclassification of workers the implications for companies like uber and lyft in any way do you want to pull back those comments or do you think this is a discussion that's going to gain momentum? >> i think being an employee is crucial. as we move forward here, and that's a conversation for another day. i think we're going to have. but it's something that when i was talking to the reporter the other day, we were talking about misclassification and the economy. and the question was asked kind of a broad question, i answered it in a broad way. it did spark a reaction. but i do feel that we have to look at our employees that are misclassified and make sure

they're classified correctly and get the wages and what they deserve as employees >> mr. secretary, we look forward to many jobs fridays together really appreciate it i know it's a busy one for you thank you. >> thanks for having me today. labor secretary marty walsh. what's on mad tonight? >> planet fitness. this is really the testimony of fitness peloton. which is which and by the way, elanco jeffrey simmons took the company and made it into a power house that stock goes higher i can't wait to see it >> jim, what a week. >> happy mother's day. >> yes happy mother's day enjoy saturday night live. >> of course >> "mad money" 6 p.m. eastern time mo "ua othstetinresqwkn e re" a moment

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good friday morning. welcome to another hour of "squawk on the street. morgan brennan has the morning off. what a morning

we've been all over the map. record highs on the dow and s&p. big miss on jobs biggest in a couple decades. 266. looking for about a million. it's set up a debate about the degree to which the stimulus checks have affected people's willingness to work. we have data wholesale inventories. rick santelli. rick >> yes we're awaiting wholesale inventories. we'll take our mid march number, 1.4, and toss it for the new final number but the interesting thing about that 1.4, carl, is it was the best level of inventory increase in a month by month basis in ten years. we are waiting that number, and until it pops on the screen, just to touch on that debate we were having this morning on ""squawk box"" it's not whether benefits are having an effect on bringing people back, it's how much there's other issues there

we want to continue to put a face on that and yields which plum etted have for the most part come back. you're unchanged on the 30 of year bond. close to that on ten-year notes. i don't see the numbers popping out yet. we'll give it a couple more seconds. we're expecting the 1.4 mid month to stand it's up 1.3. 1.3 means we subtract just one tenth away from the 1.4. that isn't such a bad number and it's one of the better numbers it's just that it doesn't take you back ten years on the sales side, don't see that one showing up. wholesale sales should be out -- up 4.6 4.6. that is a powerful number. how powerful is it well, up 4.6 equals where we were in january. and you have to consider the all-time high in this series which goes back to the early 90s is 9.5 that was from june we're about halfway to the best

numbers we've seen, and all those numbers are in the last ten months mike, back to you. >> all right rick, thank you very much. we are 30 minutes into the trading session. here are the three big movers we're watching starting with roku rallying after beating on earnings and an upbeat forecast. staying with tech names, square more than doubled the earnings estimates getting a boost from surging demand for bitcoin and we will end on peloton announcing it will take a current quarter hit of $165 million for the recently announced recall of the treadmills the company cutting the sales and profit forecasts for the current fiscal year ending june 30th. let's get to steve for more on today's jobs report it was a big miss from consensus. carl said earlier 23 years big >> yeah. one of the biggest in memory, david. you think of a big miss. the ball was here the bat was down there a lot of head scratching as the

number not only missed the consensus by one of the largest amounts in memory, but so much of this report you have to take this into account, contradicted other trends in the economy. you heard rick talk about wholesale being up -- unemployment rate is up 6 .1%. it was supposed to go down to 5.8. average hourly earnings stronger than expected. the data defied the sense that the economy was really about the launch into a new gear in support of the idea that high unemployment benefits and reluctance of workers to return to jobs. what's happening with schools or health concerns, we're holding back employment. the report is an outlier today a. jobless claims declining businesses reopening and customers returning. look at the specifics in the payroll side of the report manufacturing down 18,000. manufacturing is one of the brightest spots in the economy

retail, down 15,000 jobs when the sftores are reopening. cou couriers, i find it hard to believe they're being fired. government up 48,000 l leisure and hospitality going up three quarters of a million, the number who have come back into the work force that's a sign of a strong labor market so early commentary i'm getting from wall street forecasters, they're expecting better numbers for may. but puzzling over whether some of the factors that kept workers on the sidelines and made hiring difficult for employers might persist. keeping job gains below the gains in the overall economy guys >> that gets somewhat to the key questions. i'll put it to you as we did to secretary walsh. he didn't answer it. the cd that people are getting paid to stay home and not coming

into the work force for jobs that don't by wages equivalent to what they're getting. is that true what do you see in terms of the data is there a way to know >> i think we were pretty clear that when this idea first came up with the first round of benefits back in the spring of last year, that it was not a factor things change and come around, and the market changes i think it could very well be a factor i don't think it's the only factor i think there's health concerns and schools that are virtual when i look at the vrbo data, i'm seeing only two-thirds of the schools are back the way they were. and i think that people are going to take maybe a little more time than they otherwise would to go maybe not think the first job, maybe a second job or wait for higher wages. there could be some of that. i don't think it's a calamity of people taking a couple months to figure it out. if we get here in august and september when the economy is going this strongly and people are still on the side lines, then i would be concerned.

but david, look at that number that i showed you before if you have that chart again about the labor force. it has grown by three quarters of a million we are drawing people off the sidelines who are coming back into work. the tick up at the end of the chart that you see, that's a good sign. we'll have to watch that over time >> meanwhile, steve, we have our first comment from a fed official talking act how the number was nowhere near what was expected as he said, showed little progress in getting to the key measure of the employment to population ratio which apparently is becoming the new thing to watch >> it definitely is. and look, what the fed has said as you know, is they want a string of good reports what we thought we were putting together was the first couple beads. the we thought we were going to put together a million now this sort of -- and you can see the bond market reacting here to this when you look at what's happening. it's kind of like a sigh of

relief that we're not getting closer to the high when the fed is thinking about tightening policy >> steve, huge number. a lot to understand. debates morphing before our eyes we appreciate it steve. watch expedia, shares rallying after a better bookings print than the street was looking for. we are with the ceo of expedia >> good morning. welcome back to cnbc >> thank you for having me >> strong report gross bookings over 15 billion that was about 5 billion higher than the street was anticipating as you really make significant progress in gaining market share in the vacation rental space with your brand vrbo what do you credit the success to is it the location of your homes, price point, the incentives you're offering homeowners what is it >> i think it's everything i mean, i think obviously travelers love the use case. they're really during covid, they liked the idea of staying

in a whole home. that's our specialty we cater to families especially, and so any group or any group that really wants to be by themselves so during covid, it was a great use case we obviously pushed into it. we continue to push into it through marketing. we have a great selection of inventory which we're adding to all the time our hosts make more money than they do on any other platform. so we feel like it's just a great fit for right now. and we're really lucky that people are getting to experience it more and we think the more people that experience it, the more they'll come back to the whole home idea. >> here's the thing, if you try to book a home this summer, peter, a nice home, chances are it's going to be really hard there is a supply issue right now. a race to get more homes listed on not just vrbo but airbnb. one program that you've spearheaded is trying to poach high quality hosts from airbnb that's one of your strategies to increase the number of homes on your platform. how is the program going

how many homeowners have you been able to successfully recruit? tell us more about that program. >> yeah. so that program was really less about stealing as adding, and we wanted to add great homeowners and great property owners who could monetize our platform well we want something called our fast start program it's basically a way for a new host who otherwise wouldn't have reviewed if they were proven owner in another platform, we would take them on, increase their exposure, and make sure they were known as a great property owner and host. and we've seen that be very effective at getting people up and going more quickly than they would have as a brand new entrant into our platform. it's been very successful. i would say while there has been some compression, we are seeing crowding out in some markets that are really popular, in general consumers have been finding things nearby or even finding classic hotel accommodations as a replacement.

and more and more as people are va vaccinated, the hotel and the beach front area is as good a solution for most people as a vrbo so both solutions work right now. >> the demand for hotels now starting to rise as more people get vaccinated can you expand on that when you look at the percent of bookings for vrob versus hotels, how does it look >> hotels are lagging vacation rentals. vacation rentals across the globe. what we're seeing is in strong leisure markets, for example, in the u.s., take miami or something like that, the conventional lodging and hotel space -- i don't know if it's just as robust but very robust and in many cases worsening now into the summer above where they were in 2019 for the conventional hotels. so very strong there now, obviously in some of the big cities around the world, and

even in north america, that's lagging much further, but with the news on new york and chicago, planning to open more we're hopeful that we'll start to balance out and people will go back to cities. >> what about business travel? you commented on the past and commented recently given the quarter. you know, do you feel like you really have a sense for when it is actually going to come back or is it still simply too hard to tell right now? >> it's pretty hard to tell. i mean, i think you have to split it into -- there is still business travel going on it may not be the business travel you think of when you say that it's truck drivers and people that have to move around the country or the world and those people are still active that's still a real category but when you go up to the sort of old fashioned what we think of as lawyers, consultants, et cetera, traveling around the country, that feels like we still don't really know. it's low it's lagging the market considerably

but we feel -- i've said i think on the show that i think once people start getting back to it, i'm in the office today which is awesome, and i'm looking forward to having our teams back here. once people are back in the office, i think we're going to see business travel pick up. it will depend on how international openings happen, how we're able to travel the world. within north america, i think we'll see business travel lag. but come back hopefully in the fall certainly into the end of the year and next year >> one story that kind of got -- probably not enough coverage the other day was that this joint venture partially owned is planning to acquire your corporate travel arm read as a vote that eventually corporate will come back can you talk about the thinking behind that move >> totally we totally believe that corporate is coming back we wanted to put our corporate travel business in the best position to succeed which we believe was by combining it with

mxgbt. it's going to be a great company, and we're excited about that we're excited about the return to corporate travel and the ability for that enterprise to really focus on the corporate use cases which are complicated and different. and because we will have a supply and technology agreement with that company which is a business we are leaning into heavily, our b 2 b business, that's a great extension of our b 2 b products as we work to supply the whole industry to supply technology to the whole industry, and we're going to be able to focus on that b 2 b business and the consumer business, and what the corporate business really focussed on, what it can do but we have a great business with great technology, our team is skplent, and i think will be a great addition and we're excited to own a piece of that company. >> part of seeing corporate travel return, peter, is seeing restrictions on international travel lifting and i think one strategy countries seem to be talking about is using the travel corridors i know the u.s. and uk are

talking about one being launched very soon here is that the strategy to reopening international travel >> yeah. i think the strategy to reopening international travel is let's get everybody in the world vaccinated i think that's the best thing we can do inbetween now and then, yeah, it's likely that it will depend on how different countries and different regions figure out how to collaborate and cooperate in terms of travel between countries, travel tweeb between areas. the euro zone has a bunch of ideas for the summer that seem to be working. i hope they work in terms of how people will be able to travel between the country and europe the u.s. is talking to the uk. our industry, the u.s. travel industry has been trying to urge our government to work with europe to try to find more ways to do that so i think it will come along. i think it's going to be a little bumpy no one has the plan that everyone has accepted. we all talk about travel passports, et cetera, but nobody has the answer and the

governments don't certainly all agree on it. but i think there's going to be a between period where we have the bumpiness, come corridors open, some tools become available, but really the goal has to be to vaccinate everybody. and get to a point where we can open the world up. >> a lot of travelers, especially in america dreaming of that summer vacation in europe thank you for joining us today stock up about 7% here on earnings appreciate it. >> thank you take care. thank you for bringing us that a quick break. look at the road map for the rest of the hour including an exclusive with goldman's chief economist. got to get his take on this big miss on jobs today plus a closer look at the tech turbulence rebounding in today's trade. the nasdaq having the worst week in two months. and it is the world's largest commercial real estate firm, the ceo of cvre will talk the return to office, the economic recovery. a lot to talk to him about bia g show ahead don't go anywhere. iggest projec.

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which shows will you be getting into tonight? how 'bout all of them. for thnetflix.head. 'cause xfinity gets you really into your shows. when one burns for someone who does not feel the same. daphne, let's switch. from live tv to sports on the go. felix at the finish! you can even watch your dvr from anywhere. okay, that's just showing off. you get all of this on x1. so go on, get really into your shows. you need a breath mint. xfinity. it's a way better way to watch.

shares of cbre up more than 100 plkt over the last year. expecting the adjusted ebs to surpass 2019 numbers despite that significant pressure on the office market. the cbre group president and ceo joins us now bob, the numbers speak to the diversity of your business which i'm sure you want to speak to. we always like to start off on the office market. i would like to start there.

i go into midtown often. i'm sort of shocked by how few people are there i wonder if you share that and what your expectations are i mean, half of new york city has been vaccinated and we're talking 15, maybe 20% of people showing up at the office >> well, first of all, new york is one of the most impacted markets in the world because of the density in mass transit. you've also heard some of the most prominent companies in the world who are in new york as their head quarter city saying they will be back to the office in a very big way later this year i can tell you the experience of our laesing people in new york is that activity is picking up significantly. and what you're seeing there today is not what you'll see there when you get to the third and fourth quarters of this year when we get to the other side of covid, it's a different story. >> you think so? we focus on new york because it's here and the largest office market in the country. rents are down dramatically.

is that going to continue, and will there be endless capacity for anybody looking? >> well, we think vacancy will probably peak slightly higher than during the financial crisis slightly higher, not dramatically but we also believe this suggestion that there will be a dramatically greater work from home less in the office scenario isn't really what's going to happen we believe that maybe on average people will work from home one more day a week than they worked before but there's some underlying things that get missed there for instance, when people are in the office, they want to be in the office when other people are in the office. so that it won't be work from home spread evenly across the week so downward pressure on occupancy in the office buildings won't be what the headline numbers suggest there is a lot of pressure, a lot of pressure for people to get back to the office to

collaborate, to solve problems to bring new people on board you heard the expedia ceo auk about how excited he was to get back in the office that's what we're hearing from our clients across the u.s. and in new york city >> bob, you mentioned that people want to be back in the office when others aren't. does that mean you're suggesting companies are not rethinking they're overall physical footprint. they want the space for everybody and are not trying to slim down longer term? i'm wondering about whether this created an opportunity for a much broader rethink of exactly how things are configured. >> there's a very, very aggressive rethink of how office space is going to be used in the future going on right now. our company is doing it ourselves. all of our clients are doing it. but every version of the rethink, every version of the rethink includes people being back in the office more than working from home. and then once you get back into the office, how are you going to do it?

for instance, everybody that's talking about this is talking about more spacing more social spacing. everybody is talking about more use of collaborative space so on and so forth yes, office space is going to be rethought and work from home is going to be part of it but there's going to be a big presence in the office, and companies are coming back. that's for sure. >> yeah. well, if you're right, one would expect that chart is going to continue to look like what it looks like right now other parts of your business have taken up the slack for what has been weakness in the office market is it your expectation it's going to come back strongly in the second half of the year and your other businesses will continue to put up those kinds of numbers >> it is our expectations. q-1 was the strongest ever in terms of earnings. we've told the world we expect to dramatically exceed our prior peak earnings during 2021. the whole sector is doing quite

well right now q-1, if you look across the business, both sales and leasing were down in q-1 we think by the end of the year, sales and leasing will be up materially then you have things like the use of distribution space. and medical office space and data centers and multifamily buildings that are in the commercial space because of the institutional financing. all of those things have held up quite well during the covid period, and we expect that to continue once we get to the other side of covid. >> yeah. you think anybody will ever build a big office building in manhattan or frankly -- let's call it manhattan or san francisco? some of the harder hit citys >> i think that will happen again. after the early 90s and after the financial crisis, you know, there were these prognostications that the last office building had been built one of the things to think about

going forward, what will be in favor very much is office buildings that have great systems. great elevators, great hvac systems, et cetera so new modern j very well-built j very well-structured office buildings are going to be in demand for some time to come that's an opportunity that's going to be out there for somebody as well >> bob, we always appreciate you joining us thank you. >> thank you very much >> bob from cbre shares of beyond meat and shake shack are under pressure after both companies missed revenue estimates due in -- resulting impact on demand shake shack and beyond both more than 30% off the recent his.gh we'll be right back. stay with us

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and there's investors who want to trade that and trade that for the volatility and some cases just for the -- it has lower correlation with other markets. i think that we need greater investor protection there.

we don't have federal regime overseeing the crypto exchanges. so if an investor wants to trade on that bitcoin, understanding it's highly volatile, but if they want to trade on that, that we have in place an investor protection that's what i was saying i think is a gap in our system right now. >> this is the chair on "squawk box" as david pointed out, they didn't have taime to get to spacs. he called the balancing a gap. >> it's a question as to whether and how closely they'll regulate that gap, so to speak, and then there are larger geo political questions in terms of china's benefitting if it's a worldwide phenomenon as it wants it to be and what it means for the dollar, for example. you can go on and on in terms of the implications >> right

interestingly, exchange has always had a very specific meaning in u.s. securities and futures regulation the nasdaq wasn't even technically an exchange until maybe 15 years ago right? so what i mean by that is maybe we have to define what the exchanges are, what their responsibilities are, how they have to be kind of capitalized or have a safeguard for investor accounts it was a broad sense of making sure people are safe but without a lot of detail on exactly what approach to take >> yeah. interesting. and we talked with jim earlier this morning about the latest headlines, various financials, setting up crypto trading desks and different types of etfs and futures tools that are still in the works. and it's interesting -- it will be interesting to see how those players have to adjust to regulation that's still being written or still being thought about being written. >> yeah. we are certainly in the early days here it would seem with crypto it keeps coming.

there's no doubt about that. and we'll all be watching saturday night live to see what if anything musk has to say about his favorite dodge kellyanne conway india reporting 414,000 new cases of covid nearly 4,000 deaths were also recorded, but experts believe that the actual death toll is much higher due to reports of overwhelmed crematoriums and cemeteries pfizer and biontech are seeking full approval for the vaccine. if approved the shots could be directly marketed to consumers and would remain on pharmacy shelves after the public health crisis is over the united kingdom will not give those under 40 the astrazeneca vaccine as long as there's an alternative available. the shot has been linked to rare clotting disorders in young adults and a fresh pandemic era

high yesterday airport traffic has been on the rise, but still does remain below prepandemic levels you're up to date. carl, back to you. all right. thank you very much. coming up after the break, goldman talks about the miss on the jobs number as the u.s. chamber of commerce is calling for ending the $300 weekly supplement cal unemployment benefit to address the labor shortage we're back in a montme llenge ev. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;) keeping your oyster business growing has you swamped. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

an hour into the trading session. let's look at the biggest leaders on the s&p 500 you see expedia leading the way up more than 8 % the laggards on the s&p at this hour is monster beverage down more than 4 % >> all right back to the job shocker this morning. as we said all morning long,

266,000 jobs shy of the 1 million estimated by the street. now the chamber of commerce is calling for the end of that $300 weekly supplement cal unemployment benefit the chamber says the disappointing jobs report makes it clear that paying people not to work is dampening what should be a stronger jobs market. goldman's chief economist joins us this morning to talk about that and the print itself. jan happy friday good to see you. >> good to see you >> first the take on the number itself, especially given that some of the high frequency data suggest an even greater acceleration than what consensus was saying >> it was a huge surprise. we thought it was going to be even stronger. i think, though, that you always have to take every data release with a grain of salt, and i think this one you probably have to take with a rock of salt, because adjusting for seasonal

factors just plays such an enormous role in this. if you take the seasonally unadjusted number, you're over 1 million, and if you mechanically adjust the seasonably unadjusted numbers using the standard program, you get even stronger numbers. so basically what happened here is that the labor department adjusted what they otherwise would have gotten because of the enormous decline in april, 2020. and i'm not saying that they got it wrong, but there's just a lot of uncertainty in terms of just how one should adjust these numbers for seasonal factors so when i look at all the other indicators that we're getting, other labor market indicators and other indicators of activity, whether they're standard indicators or more high

frequency realtime indicators, i think the economy is in a strong recovery, and this report doesn't really change that although, obviously it was a huge disappointment just on the print. >> right when do you think those adjustments and the disparity between adjusted and nonadjusted seasonally, when is it evened out? is this something we get a clearer picture on next month, or do we have to wait until the fall or longer >> it really depends on what exactly is going on. i don't think we can say for sure my expectation, though, would be that it probably takes a few months for these things to even themselves out one possible story is that employers basically prioritize hiring on the back of the improving pandemic, and some of the seasonal hiring that

normally would take place and that the seasonal factors effectively expect did not take place in april, 2021 maybe that was just deferred by a month or two maybe it's something that doesn't really happen this year because it's such an unusual year, in which case the tis torsions if they are distortions, couldn't work themselves out until later in the year i think it's too early to tell what we can say is this number is at odds with a lot of the other indicators we get, and, therefore, i think you should just put much less weight on it than you normally would to figure out what's going on in the economy. >> jan, obviously only in the reaction of the markets do you know maybe what investors are most afraid of and we see a pretty positive response here. initially just in kind of gross stocks from lower yields

now in general clearly the conversation up until today was what might force the fed to move up the timetable for tapering an tightening this says we want to see the numbers in front of us we're not going to base our decisions on forecast. does it do anything to change your expectation for fed posturing no. >> no, but we have a dovish view before the number. that's something we'll change. we're expecting tapering of qe starting in early 2022, and we have the first rate hike in early 2024 so at least the latter where you have a read on market pricing was significantly later than what's priced in the market. i would also add to your observation on market reactions that the bond market initially rallied pretty dramatically on the print, but then reversed a lot of that subsequently, because i think as on traders

looked at the numbers and at some of the inconsistencies i think with other indicators, they decided this probably is a distorted number and that would be my view as well >> you know, there's going to be a lot of knee jerks on this one, jan. we mentioned the chamber of commerce asking to have that supplement cal killed, but in the meantime, some are saying it's actually a ratification of powell's patience that it's clear that employers are not willing to hire anybody for any price, and that fits with the fed's long-term view that wage inflation won't spiral out of control. will you go that far >> no. i agree with the fed's patience. i think that's absolutely the right place to be. but that's not really related to this one print i mean, if this is a basically distorted print, it just shouldn't change your view very much, but i do think that it's right to be patient. as far as the $300 supplement

cal unemployment benefit goes, i mean, it is expiring in september anyway so we're really talking about a few months, and so my view is that it's probably not -- it's probably not the most important explanation of this print today. could it have had something to do with it i think so, but it's not the most important i think the seasonal issues and the difficulty of seasonally adjusting the numbers is probably significantly more important. and the supplemental expires anyway >> jan, these prints always give us some curveball to kick around we really appreciate this one. thanks good to see you. >> thank you very much on may 11 lt, we're bringing together top health care ceos, technologists and investors.

joint leaders from pfizer, eli lilly, the cdc and more. you can register now at c cnbcevents.com/healthyreturns. "squawk on the street" will be right back

the fed is watching one chart and investors should too says one economic forecaster he explains on trading nation. more "squawk on the street" coming up.

cal: our confident forever plan is possible with a cfp® professional. a cfp® professional can help you build a complete financial plan. visit letsmakeaplan.org to find your cfp® professional. ♪♪ etf is trying to rebound following a rough week for the tech names >> arc innovation is recovering today. a rotation out of the hyper growth tech names has been weighing on kathy wood's flag ship fund. our ark innovation fund is down about 7% this week it had been on track for its biggest slide in more than two years. as far as outflows, roughly $770

million has left the etf the last week. across ark's other five core etfs, the firm lost about 1 billion investor dollars this week according to fact set the etf is seen as a barometer for much of the tech sector. weakness is a worrysome data point. and some tech stocks with blowout earnings signaling some of the growth for the names appears to be priced in ark is one of the big pandemic era winners with bets on the stay at home tech stocks and tesla. investors have soured on names like zoom and teledoc on ark's top ten holdings wood is known for long-term investing philosophy and she doubled down on some of the picks. buying up twilio and peloton some of the bets are recovering.

roku and square getting a boost after earnings be sure to tune in to closing bell this afternoon for a cnbc exclusive with ark founder and ceo cathie wood. >> that's a big one. thank you. also before then, an exclusive with drop box's ceo. stock is up today. the gains for the year so far in line with the s&p. that's coming up at 11:00 a.m. eastern time in about 15 minutes. we'll be right back. ♪ ♪ (upbeat music) ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

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namely the growth names encapsulated and comp, nasdaq are up more than the broader market a bit of a reversal in response to the jobs number and yield which fell value has been doing very well versus growth this year. >> it looks like a whipsaw because the whole story of this week was the broad market kind of going sideways but within it you had all the kind of hyper growth tech, all the big expectation growth names really being sold hard. f.a.a.n.g. has been waffling around yields have been doing nothing everyone wanted to own materials and transport stocks and they've been ripping you had everybody perfectly poised for a weaker than expected jobs number which confounds that boom-time trade and yields calming down and not moving much, but giving an excuse for some of the oversold tech names to bounce not leading, still well below their highs if you look at the nasdaq but definitely shows you that it's been a little bit of a treacherous rotation here. >> yeah. >> in the meantime we'll talk

about summer blockbusters in the pipeline, but will moviegoers head back to theaters? our next guest is reopening her company's brooklyn location this weekend and planning over a dozen more reopenings by summer. joining us is a cnbc exclusive ceo shelly taylor. great to see you good morning >> hey, good morning thanks for having me. >> absolutely. so you're poised to open in brooklyn what's your expectation here about the appetite what are you seeing in terms of advanced ticket sales and just in general are people going to, you know, return to the movie going experience >> well, absolutely, people are going to return to the movie going experience week after week our sales continues to increase. if you want to go to the brooklyn opening tonight, if you haven't bought tickets i suggest you hurry up a number of our shows are already sold out and most are nearly sold out. don't wait, but don't worry,

we're now reopen and you can come if it's not this weekend in the next couple weeks. >> i did check on your site for the screenings of "mama mea" for mother's day weekend and they seem to be sold out. i guess i need to have another plan you operate in a particular segment of the film theatrical release market, where you have dining and things like that and it's not necessarily, i wouldn't think, as dependent on just how big a box office kind of blockbuster is on the screen is that correct? >> absolutely. we show more than 2,000 titles a year, which is double our next competitor, and many of those are curated by us and our repertoire films some of our biggest hits over the last few weeks have been our past ringing in with the 20th anniversary of "the lord of the rings" trilogy as well as the cast reunion for "dazed and

confused." there is something for everyone and while we love the big blockbuster movies, we can create a great experience and bring out great crowds with our own curated slate. >> while we have you, a big topic right now has been, you know, lash shortages, people trying to find people to come back to work have you had any issues there or had to raise wages along the way? >> you know, that's a great question we're really fortunate the love of our team is immense and we've been overwhelmed by the number of folks that are coming back and want to continue to work with us, so, you know, we hears the stories but we've had great experiences of our team returning >> shellie, good luck as you reopen and thanks for being with us today >> thank you come out to brooklyn we look forward to seeing you. >> thank you on the heels of today's disappointing jobs report congress calling for the end of the $300 weekly supplemental

employment eamon jabers has a first on cnbc for us eamon? >> david, that's right i spoke with neal bradley the executive vice president of the chamber of commerce a couple minutes ago and said the unemployment benefit might have been the right time last year but now the time has passed. they're calling for an end to this supplemental $300 a week saying there's a worker shortage in this country. i asked, isn't there a wage shortage if you're struggling to get people to come out to work isn't that about wages than workers? >> wages were a bright spot in this jobs report, right. wages were up about 0.7% here. employers are responding but remember, now employers are having to compete not just with each other for workers but they're competing with the government for more than they

made working. >> neal bradley is saying workers here are benefitting from the hot labor market but for companies, it's really stressful. he said companies are struggling to get people to show up for interviews, paying bonuses to get people to interview. he talked to one construction executive who said that he's just simply not taking new bids for new projects because he can't guarantee he will have the workers there to do the work the solution here from the u.s. chambers perspective is to lower that weekly unemployment benefit and say the time is now and this jobs report is an indication of why that is. back over to you >> yeah. it's interesting, it's been a topic of discussion this morning including with the labor secretary marty walsh earlier. we had the goldman sachs economist join us a while ago and he points to seasonality and the number of other things, not necessarily this idea that people are being paid to stay home as the key reason why it came in with a significant shortfall of expectations. >> yeah. look, that's right the chamber of commerce has been against these ideas from the

start. they lobbied against some of the supplemental unemployment provisions early on in the negotiations around the package of relief to begin with, arguing that just this thing would happen so to some extent they're making the point here that, you know, they were right all along about this from their perspective they're saying we're simply paying workers too much from the government and companies can't compete with that. >> yeah. well this debate is certainly far from over. thank you. in the last minute we have here, mike santoli back to you in terms of what you may be looking for for the remainder of the day given it's been a fairly not volatile but interesting morning. >> it's kept people off balance. that's the key i'm seeing kind of bank stocks come off their lows. they started lower it seems we're in this active rotational tape. remind people, s&p is now at a record, up over 12% year to date a lot of people figuring coming into may it sort of builds in good news.

earnings estimates goss in the right direction. you wonder if anybody will feel the need to tweak their near-term gdp estimates based on this number. i kind of doubt it. >> yeah. as well. that pain has been real, though. it's been funny. talking to a number of hedge fund managers who loaded up on the growth stocks, they've been suffering, but perhaps not today. that will do it for us on "squawk on the street. "techcheck" starts now ♪ good friday morning. welcome to "techcheck. i'm carl quintanilla with jon fortt and deirdre bosa big hour setting up. amazon's going to break some news as we speak in a direct challenge to apple amazon's head of services and devices is coming up next. later on, dropbox's ceo drew houston in an earnings