9AM Hour: Unexpected Decline in July Jobs, Trump's New Comments About Warsh, Tech Winners' Red-Hot Week 8/7/26

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**Carl Quintanilla** (0:01)
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**Carl Quintanilla** (1:00)
Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Scott Wapner here at Post 9 of the New York Stock Exchange. Cramer and Faber have the morning off. Pre-market holding some gains as July jobs comes in with a surprise drop.
23,000. First decline since February with the weakest annual wage growth in years. It is prompting a rethink of any potential rate hike in September, two years down about 10 bits. Oil has gone red as well, even as the only Iran deal in the works appears to be one with Oman. Our roadmap begins with that unexpected July jobs number. We're going to break it down with the Dow and the S&P still aiming for their best week since April.

**Scott Wapner** (1:36)
Plus, we're watching a batch of software reports today, sending names surging double digits, the IGV adding to its strong Q3 gains, and what President Trump is saying about Fed Chair Kevin Warsh. New comments this morning will bring them to you.

**Carl Quintanilla** (1:50)
Let's start talking about this jobs number this morning. Really interesting print here, 23K.
A lot of that was government, down about 53, so private adds about 30
But manufacturing only up five, restaurants cut 26 We're going to talk all morning, Wong Scott, about whether or not this was related to an unwind of World Cup or how big of a distortion that was.

**Scott Wapner** (2:11)
I think the answer to that question remains to be seen. We're not going to know it, maybe until we get the subsequent reports that follow. June wasn't great either, so it's a couple of months in a row of, I think, less than ideal job growth. But as you read here, it does sort of take this idea that, oh, why didn't the Fed hike in the past meeting, that maybe waiting and seeing because of the uncertainty is actually the prudent way to go. I think the market's pretty happy with the fact that there was no rate hike. And now if you see what the market's doing, both the two-year dropping like a stone and the NASDAQ especially, rocketing higher in the pre-market from where it was, that's a signal that the market's okay with where we are.

**Carl Quintanilla** (2:52)
Just a couple hundred points from NDX 30K. Earlier in the morning, I will say, the two-year got to 426, which was the highest since, not only since August 4th, but the two-year is dropping, as you mentioned. The long end will be interesting too, because-

**Scott Wapner** (3:06)
Which was down a little bit this morning too on this print, because yesterday we got up to like 522 Right.
Just barely touched that on the 30, and that was the place that really screamed a little bit, as Chair Warsh was doing his news conference. You saw the 30-year go higher, and you could say it's for a number of reasons. Obviously, the deficit, the amount of issuance that's come on the market, the uncertainty that some say the Fed has created with their lack of communication that has caused the price to go up of uncertainty in the market. Maybe it's a combination of all the above.

**Carl Quintanilla** (3:44)
At the same time, we do have the president talking to Punchbowl about a number of things. GOP popularity going into the midterms, certainly war with Iran, but also the Fed chair and sort of how he views him now, having put in his own selection. Take a listen.

**SPEAKER_7** (4:01)
Should Warsh, Kevin Warsh, your Fed chair, avoid a rate hike before the election?