9AM Hour: Tech Pain, Hassett on Jobs Report, SpaceX IPO: What Musk Told Dimon 6/5/26

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Department of Health and Human Services and the Ad Council.

Jim Cramer (0:45)

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (0:58)

Good Friday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post9 and the New York Stock Exchange. Another very solid jobs number for May, 172,000. It's about double expectations. Unemployment rates steady at 4.3. Futures are mixed though on continued weakness and semis. And now with the jobs data, markets pricing in a full quarter point hike by the end of the year. Oil's pretty steady as the Iran conflict enters its 100th day on Sunday.

Our road map begins with that stronger than expected jobs print. NEC Director Hassett will join us in a few moments with a White House reaction.

David Faber (1:33)

Plus Elon Musk joins Jamie Dimon at JPMorgan's SpaceX IPO extravaganza. Oh yeah. Oh really, just an event. We're just one week away, of course, from the massive market debut of SpaceX. And Senator Elizabeth Warren inviting NVIDIA CEO Jensen Wong to testify before Senate banking about the chip maker's China business and US export controls.

Carl Quintanilla (1:56)

Let's begin with the market. This pullback in tech, putting the S&P's bid for a 10-week win streak in jeopardy, Jim. I don't know if you want to do a continued weakness in semis or the jobs dated today.

Jim Cramer (2:06)

Well, I mean, Korea had some bad numbers. Their numbers look bad. How much they're down. That does link to this high bandwidth memory, which then links to Micron, Micron then links to the other semis. I would say you buy these semis, I think it hit like this, because there's nothing really wrong. Yesterday was a strange bifurcation. People bought the, they bought the Dow, they bought S&P, and they collected the NAS, but they didn't sell the NAS hard. And I think that that's important. David, you know the amount of money that people are going to need for SpaceX.

You're trying to raise it right now. My feeling is-

David Faber (2:42)

You think that's happening now?

Jim Cramer (2:43)

Yes, I do. That's interesting. Because I think you're getting your allocation earlier than you would.

David Faber (2:47)

Okay.

Jim Cramer (2:47)

But it turns out that I don't think it's going to be as much pressure on the market because I do think in the end people, they have the money for it.

David Faber (2:55)

You think so.

Jim Cramer (2:57)

I've gone to the major firms about liquidity.

And they said, Jim, you're too negative. There's more liquidity than you think. So I'm taking it to heart.

David Faber (3:05)

Maybe. I think you'll hear our- We got 7.8 trillion in money markets. Although 4.5 trillion-

Carl Quintanilla (3:10)

I think we crossed 8 today.

David Faber (3:12)

It's still a lot of that is corporate, so that you want to get to what is actually only individuals or retail, so to speak. It's still a very large number.

Jim Cramer (3:20)

It's a large number.

David Faber (3:20)

But I think there's hope that somehow that will come off the sidelines now.

Jim Cramer (3:23)

That's my-

David Faber (3:24)

I don't know.

Jim Cramer (3:24)

Well, I don't know. This is not like any other deal.

David Faber (3:28)

It's not like any other deal.

Jim Cramer (3:30)

I have to tell you, it's also one of the things about it is not like any other deal. So you used to go to jail for media projections.

David Faber (3:35)

I know. But you know, listen, we talked about Cerebros, the performance, they're not particularly good. Quintanilla yesterday hit 68, came back, ended the day flat.

Jim Cramer (3:42)

We should talk about that, because I...

David Faber (3:43)

Recent IPOs, obviously nothing like SpaceX in terms of size, scope and everything else. Nonetheless, they have not performed particularly well.

Jim Cramer (3:50)