ingrained in this weird economy that mean that the market is not going to like this because the feds are not going to go much further. who knows? >> who knows? >> i want to be happy about the jobs number. >> what a big week of news. >> what? >> what a big week of news. >> a big week of news. what was your favorite story? the visa one? make sure you join us. >> so many. i can't even. >> i like schumer work, schumer working through cinema to get the deal to get the interest on. make sure you join us next week. squawk on the streets. good friday morning. welcome to squawk on the street. i am here with jim cramer,

david faber as the morning off july. 528,000 more than double the estimate. that since february and the two- year rockets back to 316. we will break it down and talk about where it leads the fed and cpi next week. job surprise, hiring source. stocks down on the news. warner bros. discovery sliding into the pre market following its discovery. we will talk with ancc adam aaron on the company's earnings and his plans to issue more than 500 million shares under the symbol eight. but we have to begin with the jobs number, jim. as we said, earnings, 5/10 up from the prior 0.4 but it leaves the year unchanged. >> it is as hot as can be. my theory has been that the bodies roll over and then job growth rose over. so i think, is it peaked? whatever it is, you can get a job in this country in that month like i have never seen in my life i want to celebrate that while i also recognize

that the feds have got a job to do. our country is the greatest country on earth. the chinese would kill for this. the europeans will never see this happen. we do have to run it in because there is a slight wedge. i am not saying there is no wage inflation. we do have this tremendous commodity deflation, and they will not talk about the fact that oil just went from $1.26 to $1.85. everything goes down. company sells, mostly earnings are not good. so enjoy it. it is still going to chase away. i think he has got one more. there is no need, i think, for an emergency, but he maybe feels this is that bad. but this is in the book. congratulations, america. do we ever have a lot of business. >> enjoy what? enjoy the goldilocks scenario? >> we have commodities down.

we have wages okay. so, yeah. this is a period where you will be able to buy things, good prices, because it's everywhere in the system. i also know that we see, we are beginning to see layoffs and technology. we are seeing layoffs by amazon. the first thing they do is layoffs. i know that i had one of the largest trucking companies on earth last night by jacobs spo. and they are getting many more resumes that they can hire. remember, trucking was where we had the toughest recruiting. now it is like they are just inundated. i don't know. i'm not going to say peaked. just as they said peak commodity, i am saying peaked job. >> that is exactly what elon musk treated. >> right. but you know. >> you said it was an important

tweet at the time. he expanded on it. i have some comments. do we have that now, sam? do you want to go to it? elon musk on inflation. don't have it. but, jim, the line is, most of our commodities, the things that go into a tesla, not all, but more than half the prices are trending down. this could change, but the trend is down. >> i am all on musk. i think that he should know better than anyone, he is a huge manufacturer. maybe the greatest manufacture of our lifetime. but he is also very close to the customers, because of their unusual direct cell. and i think he is just spot on. that is what is going to happen. it is going to come true. and boy, does he ever have a handle on the commodities. so, yeah. i am all in on what he said. i think he is going to prove it exactly right. he is. he is smarter than -- he may be

smarter than almost anybody. >> how would you characterize how the markets absorb? >> i would say this week if we had a red-hot number, we are going to repeal a pretty key schematic of the july. i think so many people are fearful. >> on top of that, the bfa desk this morning suggested that the squeeze we are seeing for consumer names especially, the biggest in a couple years, is starting to ease off in the latter part of yesterday's action. >> i do think that we have had a dramatic decline in a lot of commodities. that was predicated upon the economy going off. watch oil. oil might be the tail, because oil has been my reason to be optimistic about the rest of

the market. remember, it all goes down. almost everything has caught up. if oil comes back, and oil is still nicely down, then i think we will see a real repeal. but right now, the commodities are not acting the way i thought they would. i thought the commodities would spike on this. we have lumber. we have oil, gas down. we have natural gas. they are not acting the way i thought they would. i thought that they would spike. so i am still meaning that we have to deal with this, because people just know, red-hot employment sell. they don't really think red-hot employment, let's sell something. let's go to the sp and bring out the futures. this is big money we are talking about. the money we are talking about, individual is too small for them. i do think this was not the number i wanted to see. as someone who is bullish. >> but it doesn't sound like it is enough to make you think, maybe we switch back to banks

and energy. >> no. no. no. i just think that is what is going to happen is there is going to be a pause cast over everything. because now there is people saying, they say, no. what do they know? all of these hawks. and they are going to focus just on employment and not all think about what musk talked about when it comes to commodities. i think they are going to make a mistake because i think that we didn't have, he is going for a soft, shallow recession. that is what i am hoping for. >> you are talking about musk. >> that's exactly what i am hoping for. >> musk treated the idea that we are maybe in for 18 months of a milder session. >> i think he is right. if i were the governor or the president, i would go over what he said. i don't know if you would take a call, what does he see the economy better than anyone else in the world? yes. remember, he has berlin.

he's got china. he's got parts of america. he's got direct cell data that he gets everyday. he knows what he can and can't hold. i think his call is perfect. >> we are going to talk a lot more about this. >> the twitter post about him does not make him out to be a gentleman and a scholar. the one that came out last night was basically saying that he is a pack of lies. >> and he would argue backward that they are their own metrics that are deceiving as well. >> this one, i thought it was killer. i thought it was positive and i felt that, all right. elon musk, you are also on twitter and are figuring out the economy. >> a lot to get to with tesla in a bit. let's move to some earnings this morning, as well. expedia, warner bros. with results. speaking of amc, we will talk to adam aron later this hour. they are going to open down around nine, last i saw? >> yeah.

do you want to start from the top of these? >> amc, while we're at it. >> anc. they did this thing. it is legend to some degree. they have created a second class of stock. i think that the most salient thing about it is that it is called eight, amc eight preferred equity. as much as i love adam, the story was that the quarter is good. i think that the preferred is chimerical. it doesn't make sense unless you want to make it so that the rabid people who really love him love him even more. and there is an nft for basically a shirt. anybody else would be laughing. because he made the numbers. he made the darn numbers. he gets to come on and we can treat him seriously, even as i am looking at the play that we

had to read that was so horrible. >> what are you talking about? >> harriet. yeah. i thought it was horrible. there is an introduction to the play. they destroy any thing you might like to play when you are in high school. but they love him. they are a group of people who have two things in mind. they love him and they hate me. that is fine, because you see, they exist in a zoo and they can't get out. i, on the other hand, have total freedom. >> you have free reign. you are free range. >> i am a free range chicken and they are going to find me. they are incredibly nice. just don't go into their area. not cage. that's not right. >> how about wbt? some of the targets on global subs by 2025 are in the one 30 million range. they are wondering, on cue two, dtc is much below what netflix

is doing, what disney is doing at this point. >> there is this thing that i know is hard for viewers, but i will tell you they don't have it. this was a quarter, actually one of the worst orders -- notice, we have highs on today. how about this. one of the worst legal quarters i have ever seen. this man, let's just start from the beginning. when you go to a restaurant, let's say you go to porterhouse, which is a beautiful restaurant, and you have the maitre d' and it's great. and don't forget you probably want to say hi. you want to say hi, why? because he is a great person. so let's start with there. he is a great person, but the numbers were so off that it made me feel like he got had by at&t. he is never going to say that because he is too nice. by the way, dave, what is with the best, no matter how hot it is? >> it is a serious look. it is a look as well.

>> do you trust me in a vest in 100 degree heat? no. i get that in the end balance that is something he lacks. a good balance sheet. if i were him, i would raise money and raise money quickly. because it is selling at more than he thought, which is historically a bad level. but he would offer to do it, and people would love it. because everyone likes him. everybody is pulling for zazz. i do like him very, very much. but it is a bad number. >> so you are back to worrying about balance sheet issues. >> yes. i mean, he has got to make some moves and they are not offense. they are defense. i wanted a good number. i expected a bad number. this is bad. >> good numbers? if you are looking for them today, you can look at draft kicks. >> we have operations going into the football season and he

is doing incredibly well. you speak with jason. we are dealing with a plethora of nice people, but jason came into arizona hot. this obviously is the quarter coming into the football season that is exactly what you want. so i think that people who by drifting stock off of this, knowing that football is so fundamental. >> we had some last night. if you count that. >> i would. i would. >> they did talk about very little sign of macro pressure. i don't know if you saw the story yesterday from saying that vegas is just on fire. >> oh, no. this is the disposable income issue. i know when i speak to jason, jason will get the wear on one, the draftkings board for five dollars. i say, you are doing pretty well. there are many jason's. we loved every one of them. i wanted this number to be good and it was much better than

good. >> revenue had better-than expected loss. they raise the guide. >> this is going to be the winner. a lot of people told me that they would never make it. that he spent too much time and money to get individuals. now he is proving them wrong. this was a great quarter, and i would buy the stock. >> we will talk more about that. and a bunch of other numbers. >> it is another robbins. >> including expedia. we will talk more tesla as we said, and then shareholder meeting yesterday. talking about the economy, inflation, and his battle with twitter, and a lot more. >> i'm telling you! i am all in musk. when it comes to the economy. >> to adapt in a fast changing world, you could hire a professional pit crew. loa jobs number if you missed it for july. 528,000, well above estimate. >> is musk the only person who when he was younger looks worse

than when he was older? than when he was older? >> we will be back in a minute . or y. could use workday. the finance, hr and planning system that helps cfos make better decisions faster. on the other hand, we had a great fourth quarter. for a accelerate your decision-making world. workday. for a changing world.

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tesla holding its annual shareholder meeting last night. elon musk did take the stage and touch on a bunch of topics, including the possibility of buybacks. >> i think we want to make sure we have plenty of capital, and a huge cash flow is looking very solid. the world is relatively stable. i think a share of buyback is on the table. >> i would enter a new chapter for tesla, jim. >> this is one of the seats

where i have seen it happen before. i have seen it where you get this marginal sale, where everything else is just pure gravy. and you want to reward your shareholders with you. jim farley, don't forget. he is doing dividends. a buyback is obviously less permanent. once you raise dividends, you have to cut it. this just shows his model and what he can accomplish. i believe him. i think that when you have a business where you have no needs to advertise because you are so great and the ad budget is so huge, you will crush it. >> not to mention the friction of the dealer network as well. >> i just think that the dealers, look. i like my dealers. understand that. >> they provide a service. >> i have tremendous appreciation for what they do for me. but i just feel that he just has a great model. and i think when he does, he

may not be able to build as much. let's say there is more ev. let's say he wants to do a big truck. he doesn't have to do the buyback. right now, how it is set up, if he makes everything and he starts taking on the flatbed for it, if you are going to take around and take a look at him. >> speaking of can returns, not to turn the conversation away too much. we are talking about the offer this week about market debut and the timing of apples offer. >> there is nothing like it. the cfo of apple. he timed that thing so perfectly . i actually have never seen that good of timing. >> word is down to -- >> know, the day. he is a remarkable man. and he is so, sometimes i just want to tell people at home what people are like. he is maybe the most self-

effacing person, but what did he do? he timed this perfectly. unlike everyone else, they had a question about the tremendous -- yesterday. he hit it perfect. do you know how hard it is to hit it perfectly? he hit. he picked the right countries to hit. he made this in terms of what we thought apple would do, the four to eight. the reason why they weren't over the 4 to 8 billion is because he did it so perfectly. no one is like him. there is him and then there is everybody else. i don't mean to slight -- >> yeah. >> he must come in here and see who can come to the cfo council and we will just worship him. you are not a golden calf. you are the real deal. >> welcome to kramer's mad dash, and the opening bell on friday morning with these job openings. the future is still red. we are back in a moment.

it is time for kramer's mad dash as we countdown. >> the ceo of door dash. we had lunch down in the village. i basically said, look, i don't think he can do it. that was before the pandemic. tony hsu used that pandemic to be able to expand the network to make it so he is the national delivery company, and they make a lot of money. last nights number was extraordinary. he, along with airbnb, and just a handful of others. people don't know that one. coming out of this period on top. i have to tell you, i think that tony xu is here to stay.

these numbers were terrific. fantastic. this man is, by the way, his whole background. he worked in his mom's chinese restaurant, got an education, stanford comes out. and just doesn't amazing things. this is a celebration of america, what he has done. when things were bad, and restaurants, including my restaurants, he cut. he cut his take so you could stay in business. who does that? >> well, salesforce, a lot of people made concessions. >> these are great people. -- but tony was and is a gentleman and a scholar. and he is just a great national treasure. i know that sounds ridiculous, but there are people in business who should have gone other who, through persistence, came out on top and are doing amazing, amazing things.

brian teske, too. brian also should have gone other. they just wouldn't let it happen. >> we will talk more about -- and we will talk about lyft. >> good times. it has to end. right? my late mother in law. i don't have the time of. >> we will be back in about five minutes. stay with us.

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jim mentioned a deal with amazon today buying irobot for $61 in share. it values at about 1.7 billion, and you have to look at everything amazon buys. >> i think that putting together a suite of things that you can just say, alexa. last night, i was saying, alexa, and i got two alexa's. my ipod over here, and i was like, oh my god. i realize there is music playing. now, when i say alexa, mop my floor. i guess she will mop my floor.

she is a lot more hopeful than siri. siri does ot do much for me. >> right. coming off of the one medical thing, do you think amazon is establishing a pattern here? >> i think amazon is going to become your life. by the way, the fee for the medical is low. i am looking at it to supplement my current prestige, what, i've got one of those concert systems. this takes the zero off of it for me. i think that, yes. i think that they are going to be changing bezos' strategy. whatever they touch, i want to own. ultimately, i bet they do another thing where everything, you get everything. >> what do you make of headlines like yesterday where ftc, and a prime? >> they still want the

reservation. i find it almost, i don't want to say american, because we are a good country. but going after mark zuckerberg. they are in a very good position . i mean, i am not sure what the game plan is, but i know what she hates. by the way, let me say that the real department, they are not doing that stuff. they are going after the real. >> let's not forget to mention -- commemorating the 10th anniversary. >> that's fabulous. that's fabulous. well, look at what we've got. the ftc seems to be possessed with that. it is almost like, you have to

get out of fang to not have her go after you. the interest department is trying to find genuine collusion. when they do, they come in with hotmail boots. so these, this is an organization that i think is just picking one, big american companies. >> we have a lower open for the course. on the job, 41, 12. her had been some work yesterday. steeple, for example, rallied to 4200. update to 4400 because they were made to believe, as he said, the inflation had stopped. >> i think today is the day, with very thin trading, by the way, where you have to say, okay. this was not in the scenario. the scenario was, if they bumped it twice, these giant rate hikes, the confidence

would be rolled up to the higher. if you look through where the hiring was, yeah. travel, entertainment, everything involving leisure. healthcare is doing great. government is hiring, which will show that the government is putting bills to hire more people. >> this was being said last night. the point is, jim, june, you can call it a bunch of things, but overall, it was capitulation of fear. >> right. >> when we got down to those numbers. >> july was a great month. i am not giving up on us yet. because i want the consumers a strong and i want the commodities down. i think that this has to be the peak of employment, or else i think 0.75 could get back on the table. even though they are doing the tester. this number is too high. i feel badly, most americans do, that it is such a great thing and it is easy to get a

job. this is not a perfect country, but at the same time, we can have inflation make it --. >> i think everybody knows. you want to root for america and employment, but you have got to be responsible about it. fitch says, recession? what recession? the u.s. economy is creating new jobs at an annual rate of 6 million, three times faster than what we normally see historically in a good year. >> in a good year. i think one of these we don't even bother to talk about. let's say you are in france and you see a number like this. you don't think about the inflation. you don't say, what a country. if you are in country, you don't say inflation and say, oh my. everybody who wants a job gets a job. i wish our country was like that. but instead, what do they do? they make it so that nancy pelosi can't visit. what is it? sanctions on nancy. and her family. now it gets personal.

are you kidding me? it's not just nancy pelosi, but it's her family. i know her grandson. is she out? is it like, what michael corley says. you're out. >> they did cancel some defense officials meeting. some climate negotiations. not to mention the military. >> stopped. now you are starting to get their battle plan of what they are going to do and whether it is going to be squeeze, which is what i think they are going to do, or actual war, which they can't do. they can't. although i am sure there was a crucial moment. we don't talk about it anymore, with ukraine and russia, where the russians, do they have to co-opt, have a real conscript, have a real army? there are a lot of people within the government, was in the white house, who are thinking, let's crush them. but then there are other people, including the national security council, who just says, it is a ukraine fight.

another ukraine fight. it's ridiculous. >> remember back in july when people said, in an extreme scenario, oil, bread, goes to 380? who does not make it up to 50 or 60? >> i did and i would to those people last night, saying what would happen. oil is going to 8085 because there is a bit of a chart factor and people are charting this. if consumers are strong, oil should be going up. the market, if china were to do anything positive, oil spikes. so the presidency does not seem to be inclined to do that. we made presidency even more powerful by taking one, just like when he was at his most weakest state. i have enough sources to know if that's actually true. >> so you want to just let them hang. and try to bolster his irrelevance to the good degree that they become increasingly

more relevant. >> there is a moment that has now passed with speaker pelosi where i think you would find it would be more of a shared level of power, and not necessarily -- because his position was so weak because of his zero covid policy and the tax in front of banks. at no. we challenged him. we made him strong. i think that we tactically had an interesting idea, and strategically it was an incredible failure. >> tactically, jim, on the consumer, we are going to get a bunch of retail starting tuesday. walmart, home depot, wednesday target, lowe's. >> you are going to start stan, and there is an interesting note saying home depot is going to do better because they have the professionals. i think people are still going by that number. what is happening, by the way, you can get a lot of products. if you want to receive a

dishwasher, you have to weigh in. these guys are more advanced than that. i want to say, is it snowing outside? >> not yet. >> because walmart is up twice its sales. i think it's snowing. could you check to see if it snowing? because walmart is up. >> you are asking whether things are frozen. >> think about the way that walmart is handling this notion of, let's just say disclosure. first they say, you know what, we have way too many, way too much hard goods. then they come out and say, we have way too much soft goods. then they come out and they say, we have way too many people. what else is left? i mean, it is a claim with four engines. we have one more in here. i don't know what is happening at walmart, but i fear that they don't either. it is time for john ring, who was a darn good cfo, to assert himself, come on, and explain what the hell is happening in

bentonville. >> we will get back to school. >> target is going to have good back-to-school numbers. i am telling you. the separation between doug and brian cornell started this year. you are going to see brian cornell through target just do great things. he took the chart all at once. you buy target right here? you can't. you have to wait until everybody comes in on monday and you have all of the mike wilsons come on tv. i think it's a beautiful day. mike will come in. wherever mike is. whether he zooms in, he will be sitting right there, telling you you are an idiot to buy. so you just have to go through the idiot factor. let that happen. don't buy ahead of the idiot factor. >> a lot of the calls to buy, for example, tomley last night, arguing that many time, stocks bottom six months before the last hike.

ostensibly, this morning, the last hike gets pushed down a bit. >> i think tom lee could only be right, but can we just admit it let's have a little pain. remember. it is not to say that it's because of the climate, which is just staggered. remember. we were so afraid of the increase when we went from 80 to 130. now we were almost back to 80, and you know what, i have been driving around a little more. i notice i have a little more left. that is not happening. what i am betting on with my travel trust, and so far, i have been so wrong on this. disney could make a come back here. because warner bros. shows you, warner bros. discovery, shows you that maybe it is not so easy to get a streamer. i know that paramount, everyone hated paramount. >> a downgrade today. >> like hey, what the hell. the business has been ordered by everybody, and he has been after him for so long that

maybe it's boring. i do think that disney could have a move here. by the way, it is an iconic franchise. unlike warner bros. >> w bd is the biggest logger at the moment. speaking of downgrades, truist tics virgin galactic. >> oh my god. >> they go from eight to five. they once again delay their commercial service. >> that was a very tough downgrade. this is going to be hundreds of millions of dollars. that is a very open compact. go advised and ill-conceived. >> do you want to bring him in sin? >> to i want to or do i have to? just kidding. here i go. apes, turn your sound on, even if it is not for me. shares of amc entertainment. you all know what that is. they are falling, but don't worry. that won't come up at all in the interview. they are reporting their losses

for the quarter and reporting the apes, which happened to also be shareholders. this is not jane goodall. we are not talking about that. let's take that off the table. with a special apd dividend. joining us now, hopefully fully closed. it is amc entertainment chairman and ceo, adam aron. you are a delight. thank you for coming to squawk on the street. >> i am delighted to be on the program. i have to tell you, you are far too sensitive. a lot more apes love you, too. >> they do. okay. so now, i want to start with pure substance. this was a remarkable quarter. people did not think it could happen. people didn't think that you could ever do anything other than bring cash. then you are basically a chimney of money. not true, correct? >> correct. we reported yesterday terrific quarterly results. april to june.

the movie industry is clearly coming back. the movie theaters are clearly coming back. 59 million people were in our theaters the second quarter. attendance was up 168%. we are already in the same quarter. we had positivity in the second quarter. this was more than a quarter billion dollars stronger than it was last year. we are on a path to recovery. maybe this horrible pandemic is something that one day we can all put in the rearview mirror. >> adam, i read this and the first thing i said was, okay. i know why people aren't watching netflix. they are going to amc. there is a correlation, where people are sick of going home and they want to go out and they want to see a movie and they go to amc. >> i do think, the bigger picture is, i think theaters and streaming can coexist peacefully. a few years ago, avengers was

the biggest movie of all time. netflix was in business. there were people streaming. fast-forward, post-pandemic. i do think that trapped in your house or your apartment for a year and a half, people learn in a pandemic they want to get off of the couch. i want to get out of the house. they want to do things, be with people, be with friends, go to the theater. yeah. theaters have been central to cultural fabric of the united states for a century. we are a resilient industry. we are on our way back. >> they told me that was cheap at one point. let's take a look at this. you have decided, somewhat high miracle, to give the special to shareholders, which includes apes. other than the actual ticker, apd, to me, it seems like a stocks move. >> is almost exactly like a

stock split. except for one technical difference. in a typical 2 to 1 stocks blip, you get one common share. in this case, you are getting a new preferred unit at a common share. but this is an extremely important development for our company. i could not stress. one of the reasons why amc survived a pandemic is because we raised over $2 billion. we did it by selling shares, and we basically sold every share that we had. we went there 100 million shares outstanding, to over 500 million shares outstanding. there were no shares left in the corporate. in the future, if we wanted to raise, that was not an option available. now, through the creation of this new class of preferred securities, not that we would ever use all 5 billion of them,

that they could take the market. that would be crazy. but we do, essentially, have a lot of preferred shares that we could take to raise cash, to pay down debt, to use the mna and resolve that. this was great. it pretty much takes near-term survival completely off the table because we eventually could raise money. anything that's good for amc is good for our shareholders, and it is good for the people. >> adam, it is interesting that you mentioned the marvel franchises, because it seems like all the success has come on the back of the "top gun" and maybe the "black panther " are they trying to get people to release more movies like jordan peele's "nope?"?

>> well, don't forget "avatar," one of the greatest movies of all time. i went to hollywood every month or two and sit down in various studios. we have been making it clear for quite some time that we need to bring these medium sized movies back, not just live on the so-called blockbusters. you know what is really interesting? if you look at the attendance per movie, it is actually higher now than it was pre pandemic. we just don't have quite as many titles coming out as we used to have pre-pandemic. i think we can reverse that trend if we combine more movies that have been released with this beautiful picture that we are now seeing. >> i have been a little too facetious, but what you have done is you have bought shareholders in a way i have never seen anybody else do

clearly on your side. and you did it because you catered to them. i want to know about this additional nft that could make it so that these people stay with you for life. because i quite frankly did not understand exactly what you offer. >> so we have had nfts since last november, and we did that because our shareholders told us that they like nfts. and now, just about every major movie that comes out has been nft. and we put out one in january. amc. now we have this second class of securities, and similar apa or similar equity. we now have enough nft that are shows work for us. -- brand, and i bet they are going to like that.

>> you are sure right. adam, i have got to tell you. in the depths of things, someone who could have had his company wiped out, but you just stayed and stayed. congratulations to you for being creative and being faithful to your shareholder base, which you really are. thank you for coming on, adam aron, ceo of amc. good to see you. >> thank you. >> isn't that interesting, jim. we keep coming back to that today. this notion of survival through economic conditions that no business model is really built for. >> i want to point out that a lot of this is true ingenuity. whether it be tony xu, who perseveres unwilling to fold. just unwilling to fold. brian chesky, having to light the fuse and say, i am not giving up adam aron saying, you know what, i can make this work, but i have to be more creative. these are my kinds of heroes. we are having heart market and all that stuff. but we don't do enough celebration. my hats off to adam, and to

tony when we have him on monday. let's just take a moment to say, you know what, look at where you have come in life. no matter how much of it is perseveres and how much of it is this great country. >> we are lucky to be here. no doubt about that. either way, dell is shaving some opening offices. now 133. before you go, take a look at the bond report. we mentioned this at the front end. two-year back to 319. the range this week alone on the two-year, 281 to 3.20. amazing. and now we are back to 2.82. we will be back in a moment.

it's been quite a week for some of these travel names take a look at expedia, in the green today, it's going to be your first peek above the 50-day

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it's time for jim's stop trading. >> one week ago, chevron was the story of the year. by the way, chevron is not a small-cap company. since then it's been down pretty much every day, and it's up. chevron is the leader, because it's the least hedged of oil so the fact that chevron is up is telling me you're going to get the first rally in oil we've had maybe of any consequence for many, many weeks chevron is the tell for oil. i know the employment number, the commodities, but watch out chevron is up. chevron is a tell. >> oil is higher, as we did get our first gas buddy with sub-$3 again in oklahoma. >> there you go, americans let's roll up our sleeves, go

back to work, travel maybe to disney. i'll wear mickey ears. starting monday, you get faber back. >> who >> david faber jim, have a good weekend [ laughter ] we'll see you later. dow is down 102, close to session highs, narrowing some losses at the top of the hour. srs miss the interview with marc lay. don't go away. advisor will work with youd on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect.

good morning the market is trying to absorb an incredibly surprising jobs numbers not only the estimate, but pretty much above the range of all estimates the dow is down 85. >> here are three big movers, starting with shares of lyft,

the ridesharing company reporting an unexpected quarterly profit while see rider ship rise since before the pandemic that comes about a week before uber shares -- lyft sharing up 7.7% a look at galactic they delayed the commercial launch of space flights to the second quarter of 2023 truist also downgrading the stock lower the price target to $5 a share let's look at doordash, off its pre-market highs they raised guidance despite reporting a greater than expected loss. a big revenue beat has wall street bullish for now, and we'll talk to tony xu on monday in the 9:00 a.m. hour. as we said,ed economy adding 528,000 jobs in july,

surprisingly strong. the unemployment rate falls to 3.5. steve, you put it best on squawk today, the fear of being without labor is offsetting the fears of a slowdown. >> i think that's right. job growth, carl, really surging in july. to my mind, it doctors this call that we slipped into a recession. you can't have a recession with this kind of job growth. it's bolstering the case to continue the pretty hefty fed rate hikes these only support the plans to continue with rate increases data suggests employment is responding to something other than the negative gdp numbers and is likely to struggle by employers just to get back to the level they were before the pandemic, and also what appears to be a secular decline in labor supplies while it surpasses the march

2020 level the key industries to run below where they were. education is adding a whopping is 22,000, could be some seasonal stuff in there. leisure and hospitality still down 2 million workers, but adding 96,000. construction still doing well, and local education, they're still down some 300,000 jobs from where they would have been. average hourly everyone reflecting the tight labor market, and the revisions to the positive side, participation rate coming down affect. fed chair powell and others, they said they believed the job numbers could withstand, and this report helps their case the only question is whether it's being too resilient and if

that means more and heavier doses of rate hikes at end >> steve, so break down expectations for 5075, even some of those who thought we might be able to get away with 25 >> the latest number, carl, is a 65% chance of a 75 in september. yesterday was 60% chance of a 50 so that's flipped as well. if you look at the longer term where we are in terms of where we're going, the 355 for january, it's been as low as 320, it was in the 330 range a couple days ago, so now we're about 20 basis points higher, which means the fed has 100 and change, 120 basis points to do if the market ends up being right. interestingly that number at the end, how much the market is banking on rate cuts as you know, carl, that followed the rhetoric in the last several

days from several fed officials say the market has that rate cut story wrong. >> and the equity market is responding thanks, steve. for more on the markets and the reaction to this morning's jobs report, let's bring in marc lasry. agreed great to have you on today. >> my pleasure thank you for having me. >> we're parsing through the jobs report. i think the question the market is trying to answer whether the stronger than expected will embolden the fed to raise rates at a faster pace than expected your thoughts there? >> look, i think they do, but i think what we're missing -- we keep talking about the fed raising rates. we know they are so to me whether they raise them by 50, 75, that's not what i'm focused on what i'm focused on is, when do they start lowering rates again and sort of, you know, you're

going to have that happen sometime next year the question is, is it the middle of next year, the end of next year? but definitely by the end of next year. i think you'll have this raising of rates a while you'll have page, and the focus is really on make sure you have tamed inflation, but then the focus is we don't want to be in a recession, we don't want to stay in a recession, so inflation is what we are focused on today, but then the next focus will be getting out of a recession. >> yes stocks are down today, though we have seen a vicious rally in the s&p 500, marc, i'm curious if what we're seeing today is sort of a reset and what the bond market is pricing in, more of a slowdown >> i think there will be an economic slowdown. it's impossible for there not to be you can't have rates moving up

and up and not have that slowdown so, you know, the question is just how long does it take people's interest rates are going up on the mortgages, people are going to have less money to spend, so, you know, consumer spending is two thirds of gdp, so you're just going to have less money, as rates move up so the market knows that the market is focused on where are we a year from now, and i think what this jobs growth number has done is sort of push everything back. >> at this point, though, rates are rising, the cost of capital is rising. let's talk about corporate credit is this creating more distress opportunities? many corporations were not expecting this rate in hikes. >> i lost you for a minute there you go >> what's happening in the

credit market as the cost of capital continues to rise? is that creating distressed opportunities for you? >> it is, actually it's creating a lot of opportunities. much more on the special lending side the reason for that is just people need capital, right so when people need capital, we're able to lend it. i would say for us right now, especially on our specialty lending business, before we were lending around 8 to 10, now we're lending between 10 to 12 we're just finding more and more opportunities, especially in europe there's a lot of issues, there's a lack of capital there, and in asia i think for us, the more rates move up, the better it is for our business. >> that's interesting, marc. i'm looking at more warnings today about the rhine river levels and basf, and how will these chemical companies produce going into the winter. do you think the fears of this

winter regards energy security have been overstated >> i don't know if it's been overstated it's going to be difficult it's going to be hard. the question is, what does russia do? do they start playing games? i don't see why they wouldn't. i think you are going to have a bunch of issues, and people are nervous about that the problem is i don't know where they get the, you know, the supply it seems like the only solution ends up sort of cutting back by cutting back, you're going to create some huge issues in europe, because you're going to have to choose between industry and people obviously people are going to win, so you're going to end of heating people's homes and close factories, whether it's for a day, two days, but that will lower gdp. that's what's going to create the issues. >> so peak oil, your thoughts there, as we watch wti trade below 90 >> i think at the end of the day

it will start moving back up, just as you start having the demand, you know, when winter starts coming in so oil stayed between 85 to 100, or a bit higher, but it's not going back down to where it is you know, if you have to make the bet, the bet is it's going to be higher >> to that point, still below 90 here, how much of a pivot point is china's reopening do you see china demand coming back if it does, does it come back to the level we would wee resort back to prior highs? >> i think china is absolutely reopening t we had the reopening trades here in new york and the u.s. -- you have -- >> oh, i think we lost him for a second here. interesting comments on oil, as we try to better understand, is it in, the peak? is it not?

does the jobs report tell us that inflation could surprise to the up side next tuesday seven weeks of losses here for gas prices i think we have marc, who is here now, just continues your thought there on energy -- i'm sorry, on china. >> i was just saying that if you look at shane high with the ports, it was a 14-day turnaround now it's about 78 days, so to -- as that number starts coming back down, you'll see a massive reopening. china's gdp had grown around 0.8%, that's the lowest in about 15 years it will get back up to 2%, 3%, 4% you'll see growth. >> other funds that were so overweight tech this year experiencing some pretty tough months your thoughts on the fund-raising environment has that changed >> i think it definitely has changed. it's harder.

i think people are a bit nervous, they don't know what to do so, you know, i think people who are down, you're going to have people taking money out of them. it's not that complicated. people who are doing well probably will raise a bit of money. the hard part, what investors need to understand, if you do nothing, you're losing 8% a year on your money. so, you know, you son of have three choices -- do nothing, that means you're down 8%. invest and try to make 8%. that's break-even, or at least beat inflation for the next year, inflation will be somewhere from 5% to 8%, so i think you need to put your money somewhere and try to do with people who you think are not taking a lot of risk. >> finally bitcoin i know has garnered from interest from you. i'm curious what you make of the volatility of cryptocurrencies as of late. >> it's a currency that's come

down, but a lot of that is because people are nervous what ends up happening, people try to figure out what is my down side, what is the asset value? when you can't understand or know, you know, what's the bottom, that's why people are getting out. so, you know, crypto is more a currency when people are excited about the future when you're nervous about the present, or about the future, you're going to try to be in sort of securities or currencies where you know what your down side is. that's the problem with any of the cryptos, you don't know what the down side is. >> finally, marc, it's been quite a week in terms of watching geopolitical tensions after the speaker's trip to taiwan do you think the market looks past that? and to what degree do we need to be focusing on, i guess, this

minor irritation now between defense officials, meeting getting canceled, climate meetings getting canceled, sanctions on pelosi's family >> look, i think it's a real issue. i think china takes the issues with taiwan very, very seriously. you know, at the end of the day, what speaker pelosi did was decided she wanted to poke the bear she did. you'll have repercussions from that so, you know, the question is how much of a repercussion we'll find out how upset china was. so, look, at the end of the dayi is allowed to do what she wants, but there will be repercussions that affect a lot of people. we'll see over the cost of the next month. >> marc, thank you for joining us today >> thank you marc lasry of avenue

we should point out stocks are off the lows of the day. we're about to go green on the dow. s&p approaching 4150 once again. warner bros. discovery not necessarily helping, though, saying they the direct-to-streaming strategy is not economically viable option ju julia boorstin covered the call last night. >> a number of notes hitting the shares, after david zaslov talked about unexpected challenges and how he's working for new ways to make money, also licensing more of their content to others, and also working to preserve the theatrical window wells far og downgrading to

equal weight, warning, quote, the assets are great, but the risks and capital structure create a greater range of outcomes we prefer names without the added baggage, for now now, move fit nathan son lowering its estimates, without hurting the linear networks portfolio, citing concerns about the elevated dead load, make rho headwinds and faster cord cutting. paramount is trading down after a downgrade by jpmorgan -- now down about 5%, downgrade to underweight, saying pay tv declines continue to be a substantial headwind while the evolution of the film instrument is more uncertainly. some cord cutters are likely to move to paramount's streaming, but it will require increasing investment in 2022 and 2023.

with jpmorgan raising concerns about softer revenue and higher losses this year, the whole media industry is reckoning with this question of how much of these streaming services can succeed, and how to make them profitable carl >> we'll talk more about it later on today, julia. a lot to get to in the media space. a road map for the rest of this hour, including more on the jobs number. we'll talk to jan hatzius. and we will talk to the ceo of expedia in a few mys. tesla set to split, and a dow goes green, up ten points don't go away.

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expedia shares are trading higher on strong travel deup and down beating top and bottom-line estimates in the second quarter. the stock up 1.7%, losing some of those gains joining us to discuss their first highest-ever lodging bookings for the second quarter is ceo and vice chair of expedia group. peter good to have you on. >> good to see you how are you? >> let's talk about what you're seeing in the month of july. bookings, you say the softs in

in that month is temporary what data can you point to that's giving you this confidence that the recovery in travel will stay strong? >> we've seen continued demand past july into the coming months and through the summer the rest of the year we're still tracking ahead of our pacings from 2019, for example july in particular we saw some bumpiness in the beginning of the month, which we think is largely due to some of the airline sures that were going on, travelers being dislocated in the back half we've seen it pick up in the similar strength we saw in most of q2 we think the trends are positive, and there's no often data point that show it's going to weaken. obviously everything you're talking about this morning, you know, the macro backdrops are tricky, so it's hard to know, but right now everything looks strong. >> you mentioned flights

you speak to the ceo of major airlines on a regular basis. what are you hearing from them >> i think we have to face the fact, you know, that some of the airlines are not putting as much airlift into the skies as we hoped, and into a stronger recovery withouted headwinds i think it's harder to hire people, fuels costs are higher, and many are willing to one at lower capacities, essentially pushing price up and making for a more profitable model for their business i think we're going to see some caution in that, but and that will constrain availability for some time. obviously if demand stays up, i'm sure that will repair itself and the airlines will start to put more in the air.

we've seen considerably reduced long haul, and we're very hopeful the airlines will put that in the air sometime this fall. >> back to your numbers, there is this perceived market share loss between exceedia and booking holtings that jay fuller mentions in his note you say this is not a loose. this is about expedia being more strategic about where you put your money to work can you explain what you mean by that >> yeah, absolutely. we talked about it at length what we're trying to do is invest in longer-term higher lifetime investors what the industry has done for many year is buying traffic and performance marketing, and just arbitraging their way through customers. we are much more focused on driving value, a stickier product, a better loyalty program, so we're focused on getting the right customers in the funnel and building them up.

we've got successful adding loyalty members, and those are the real avenues that we get to customersed best product and the stickiest product, and ultimately build the longest-term value for our business we have given up some of the short-term easy calories we don't make money on for longer her term high-value customers. >> talking about the jobs market, you've been hiring a number of prominent senior executives within the technology world, as you try to strengthen your offering in comparison so booking holdings and airbnb. when does it start to pay off? >> it's starting to pay off now. again, the share issues, i mentioned this yesterday at earnings the share issues take time when you build in the travel business people don't travel every three weeks. most people travel maybe a couple times a year.

it takes a little while for that to stack up, but the product innovation we've had, i think, we talked about our price tracking product for air tickets, which has been hugely successful, we introduced it a few months ago on ios and now on android a week ago it's been incredibly engaging. we've been investing in great talent and investing in product in the business. we think the product has to be better and all the offerings to the consumer have to be better that's what's going to drive a sticky relationship and drive direct traffic back to our business. >> peter, just on airfares, a lot of forecasts for declines coming in august, hopper locking at 29% drop, even some year-on-year drops you think that's too aggressive? how much of it do you think is related to what oil has done >> i think air will be tricky. obviously airline fares were

going up long before oil started to go up i think the airlines had the benefit of that for a long time. obviously different airlines are positioned differently, but i think that's definitely going to push things. as long as they keep demand constrained i think the prices will remain high for the foreseeable future. >> lastly the resurgence in travels to big cities, do you think it's a one-off these cities were clearly not in favor during the pandemic, but i'm curious if this recovery can last, or it would just happen the summer and people go back to the beach starting next year. >> i was saying all along cities would be back. i think this summer proved that. i don't see a reason why people would decide cities are not a good place, unless there's concerns that drive people into different patterns as long as we don't have a big

outwreak with covid or something else, i think people will be back in all the major cities of the world, for all the reasons they've been attractive for 300 or 400 years obviously asia hasn't come back in the same way, but there'sment of opportunities in the big cities of europe, and the u.s. are crowded this hour. >> you were right, peter thank you for joining us, peter kern, from expedia. >> thank you very much take care. a q2 eps of revenue beat moves forward, the company expects -- does warn about the impact of currency, but that's about a two-month high we're back after a short break

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we'll continue to follow the housing closely. time now for a news update comp kristina partsinevelos has that. >> senator sinema says she will move forward her support means democrats will likely have 50 votes to push it through the senate before it moves to the house next week for final approval. at least 13 people were killed at a fire broke out in thailand in a nightclub.

and three more ships with grain have left ukrainian ports, headed to turkey for inspection. they're loaded with over 50,000 tons of corn ukraine is one of the world's main breadbaskets, and the trapped shipments were causing rising prices. carl, back over to you. up next, jan hatzius is with us, and a check on the dow for the week, negative for the week to date so far, though for the month, a 5% gain the nasdaq is still 1up2. "squawk on the street" is back in a moment. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq,

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when i say inflation is per

investigative, it's around every cost if you're in packaged foods, you're talking about very high teens inflation. >> value for money is definitely top of mind for the consumer historically in times like this, challenging times like this, we tend to see some trade down from the lower-income consumer, but we also see some trade-down into the quick-serve category from folks frequenting casual dining or other kind of full-service restaurants. welcome back to "squawk on the street." tha that was yesterday talking about the impact on consumers. this morning to break down today's jobs numbers is jan hatzius, who joins us at poll 9. happy friday. >> happy friday. good to be here. >> what explains the surprise today on this number

>> well, it's across the board payrolls, the wage numbers, so i think it's just an indication that the economy is still expanding, and i think that's the most important take away probably i would stay this as face value with the usual caveat, of course, it's just one month. >> the discussion centers around anyone who thought we were in recession, should set that discussion aside do you agreed? >> at least for the time being what happens down the road will be subject to debate. >> does the fed want a recession? if so, what should we expect in the next fed meeting of course, it is just one of four economic reports that will come out before chair powell makes a decision. >> they don't want a recession

they still see a path to a soft landing. while the report today i think is somewhat accusing, they are other indicators that point more in that direction. they obviously happen going higher maybe more importantly you've seen significant declines in job openings that's something that chair policy has emphasized repeatedly, so we are seeing signs of labor market adjustment in the broader data set, even though it wasn't so visible today. >> walmart, names in the retail and technology space, does today's jobs report suggest that the job losses are confined? >> it could be a bit of a timing issue, because sometimes they announcements don't show up in the data until a few months down the road i think what the report shows, so far we haven't really seen a

weak in the labor market they continue to strengthen with job groust well above the trend rate i should have one move caveat. at it's not been as strong as the payroll survey, but in today's report, it was somewhat stronger. >> significant resistance, there's been some discussion yesterday that the argument for higher rates had begun to erode, has anything changed on that front? >> this was a hawkish report as far as monetary policy is concerned, so it's not surprising that the bond market is selling off i think it does increase the possibility that the fed is going to have to do more our expectations is a 50 basis point move at the next meeting, but i think this increases the risk of 75

the market moved in the direction of 75, but, you know, there are still a number of reports, although payroll report, two cpis, so we're going to see what ultimately happens. >> i think your number was low twos, right? >> yeah. >> and others in that camp said if the relationship remains intact, you would put it around 200k you mentioned jolts, too which metrics do you trust more? >> jolts i think is not as directly related job openings are not as directly related as month-to-month payrolls, but this number is significantly stronger that either of the claims numbers or the employment components, or for ma theater the household survey for several months would have indicated i think the payroll numbers, if i had to choose, i would say

payrolls deserve the most weight. >> so you're sticking with 50 to 75, depending on the data over the next few weeks if it shows inflation has not peaked, what would you say >> on a headline basis, you know, it will very likely be down, because the relationship with gas prices is very strong there. i think the question is really more, what do you see in the core what do you see in rents what do you see in service prices i think that's less clear. we see another very strong core number, then, you know i think that would solidify probably the expectations for 75. >> a lot of what your team has written, i would argue, over the past week has been, at least on shelter higher for longer? >> i think shelter has generally come in higher, and it's a pretty trending component. it could be another very firm

shelter number, in the 0.7 range or something like that housing is complicated, because it's pretty clear in reality, the growth rate of new lease/rent inflation has slowed. the question is how much is still in the pipeline. how much capture is still in the pipeline it's definite live an area of outside risk. >> cost of capital is going up we discussed this with marc lasry at the top of the show, how that's creating more opportunities in the distressed parts of the credit market how does that translate corporate earnings, signs of productivity slowing down? >> productivity is a bit of a -- it's a real question mark. productivity is always very noisy, of course it's generally something that you really don't want to put a lot of weight on the quarter-to-quarter measure, but

i think especially in on post-pandemic environment, it's hard to know what is clear is an increase in the cost of capital, especially if it translates into wider corporate spreads as well, you know, that is, of course, tighter financial conditions, and a drag on future gdp growth. so far, i would say cost of capital still looks reasonable. >> jan, we'll talk again soon, i hope hopefully before jackson hole. great to have you in. >> thank you after the break, why b of a is sticking with warner bros./discovery despite that earnings miss, we're back in a moment

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the bigger picture, i think streaming and theaters can coexist peacefully

attendance was up 168% year over year, the same quarter we are on a path to recovery amc's chair adam aron joining us in the last hour about the resurgence of theaters meantime warner bros. discovery echoed a similar sentiment shares down after reporting a loss, also laying out the new streaming strategy joining us to talk about it today, jessica reef-uhllich. >> thank you for having me we've been asking questions for literally year, but giving what adam told us and what david said last night, are we in the middle of a corporate shift? >> what i like about what

management had to say is they're taking a holistic approach to the content business instead of a complete pivot toward streaming, they want to utilize kept on every plate form and maximize each piece of content. it's all of their linear networks as well as digital and david laslov laid out the strategy, it creates an event, maximizing all of their revenue streams as well. >> i floe you have a buy on wbd, but i think you took an ax to some numbers overall, was that on ad concerns >> we took the numbers down and obviously didn't take them down enough probably the reason why the stock is down so much today is the company reset 2k3w50idance we would call it a kitchen sink order. we absolutely prefer that

approach as to death by 1,000 cuts a lot has changed since the company provided initial guidance well over a year ago, including the make rho environment, but also what they received from at&t was a lot -- the ebitda was a lot lower than they expected. so it's a new starting point at this point with the new guidance of, you know, ebitda this year, 12 billion for next year, we think they reset the underlying premise is that all of the growth in '23 is from cost synergies. they have nothing baked in for improvement in the businesses, which we think is extremely conservative >> despite the move in warner bros., you're staying bullish on this name. what about paramount, though, the opportunity there? >> it's a bit of a different

story. they have pivoted toward streaming. they have done well. their subscribers have done well, but they don't have the breathth and depth that warner bros. discovery has. this company meaning warner bros. discovery has potential to become one of the most, if not the most important media companies on a global base but the asset base on the warner brother side has been underutilized. i would not make that target for paramount. they're starting from completely different space. >> given what we have heard from paramount, warner bros., netflix two weeks ago, how would you size up the media landscape and how they're performing, ahead of a potential economic slowdown that many are forecasting.

>> i would say they're operating from a completely different base they have $3 billion plus in cost synergies ahead advertising is being sold under one sales force under one advertising salesforce, but also just distribution and their scale will help. disney reports next week, and we think numbers will be positive, particularly on the beatbox side there are differences within the media landscape, and, i mean, fox reports next week as well and they'll be a completely different story. they've pivotsed towards live. >> jessica, only a second. i think the bofa trading desk last week talked about our parent and charter and broadband and asking whether or not we're in the middle of a change in the foundational theory around cable? any thoughts on that before we go

>> down graded a few months ago, and while ivy your parent company comcast has the most incredible management unfortunately the bigger trends are not helping them right now meaning, there's a lot of competition in the broadband world and that won't help them on the pricing side either. >> jessica, great to have you. covered around the ground in a short amount of time good weekend jessica reif ehrlich. still to come, what we learned from tesla's annual meeting. saying we're past inflation. those details, after the break.

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welcome back tesla holding its annual shareholder meeting yesterday approving a three for one stock split while musk teased possible buybacks phil lebeau joining us with the full story phil >> seema, at this meeting wide-ranging comments from elon musk start with outlook for the economy. mixed picture here good news, he believes we have seen peak inflation. bad news, also thinks a mild recession is likely lasting as long as 18 months.

he also says that tesla is not done spending. its capex spending will remain strong didn't give a dollar figure saying it will remain strong here's his thoughts about the possibility of a share buyback >> i think we want to make sure we have plenty of capital, and that future cash flow is looking very solid and the world is relatively stable and then i think shbuyback is on the table. >> first half of the year in the u.s. tesla had a little over two-thirds of market share when it came to the ev market expected to drop over the next couple years as others ramp up offerings. he says they are likely to pick the site of the next diga factory sometime next year no indication where. look at shares of tesla over the last three years one question comes up at these annual meetings, is musk going to stay with tesla he has no plans to leeave, he says. >> as long as not captured by

aliens i see exactly what he said to shareholders. >> yep. >> talk to us about the pipeline update on the cyber truck and other products to expect from tesla in coming months >> cyber truck is the main one tooling goes in within the next couple of months he says product begins by middle of next year if that holds, then you'll start to see the cyber truck deliveries likely start late q3, early q4 a very tentative timefrak. >> stock up about 40% since june, phil what's behind the move >> well, they're the main game in town when it comes to evs we know the market's rotating that way look at their not only market share also financial results they are showing that they have got the ev game down as far as manufacturing and sales. yes, they will lose market share, but if you're playing the ev game as an investors, it's tesla and then everybody else. >> tesla right now trading below

900 dollars a share. slightly lower today phil good to see you thanks. that will do it for us on "squawk on the street. "techcheck" starts right now happy friday wb to "techcheck." i'm jon fortt with carl quintanilla. big earning movers this hour lyft and doordash, while warner brothers recovery plummets ceo of the trillio and godaddy as we see most important results this hour. >> jon, start the feed with the jobs number from this morning. far better than expected, you may know by now. 528,000. best gain since february unemployment falls to 3.5. pretty much lowest since february of 2020 wage growth higher up more than five year on year all data silencing fears of recession. at least for now leavingfor -- bracin