Hassett on Jobs, Tariffs and Pres. Trump's Meeting With Oil CEOs 1/9/26

SPEAKER_1 (0:00)

Oh, could this vintage store be any cuter?

SPEAKER_2 (0:03)

Right, and the best part, they accept Discover.

SPEAKER_1 (0:06)

Accept Discover?

SPEAKER_3 (0:07)

In a little place like this?

SPEAKER_1 (0:08)

I don't think so, Jennifer.

SPEAKER_2 (0:10)

Oh, yeah, huh.

SPEAKER_1 (0:11)

Discover's accepted where I like to shop.

SPEAKER_2 (0:13)

Come on, baby, get with the times.

SPEAKER_4 (0:16)

Right, so we shouldn't get the parachute pets?

SPEAKER_1 (0:19)

These are making a comeback.

SPEAKER_2 (0:22)

I think.

David Faber (0:23)

Discover is accepted at 99% of places that take credit cards nationwide.

Carl Quintanilla (0:27)

Based on the February 2025 Nielsen Report.

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David Faber (1:00)

Market insight and analysis. You're listening to the opening bell of CNBC's Squawk on the Street.

Carl Quintanilla (1:06)

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer and David Faber at Post 9 of the New York Stock Exchange. Big consequential day between a possible SCOTUS ruling on tariffs, oil CEOs to the White House, and of course, December jobs, which do come in light at 50K. Unemployment drops a couple of 10s to 44 Ten-year pops to the highest level since Labor Day, briefly crossing above 42 Our roadmap begins with the first up-to-date jobs number since the government shut down. Payrolls do miss the mark, but that unemployment rate does dip.

David Faber (1:35)

President Trump is scheduled to meet with the top oil CEOs at the White House. That will be later today. Of course, they will discuss the rebuilding of Venezuela's oil industry. And the Supreme Court could rule today on the legality of President Trump's tariffs. Could be as soon as this morning. It's a decision, of course, that will have far-reaching impacts on trade policy and even the US fiscal situation.

Carl Quintanilla (2:00)

Let's begin, though, with the jobs numbered this morning. Jim, we mentioned 50K total. Private 37 also comes in a little bit light.

Jim Cramer (2:06)

Yeah, we just don't have... We have sectors that don't seem to grow. I mean, health care we do. And, look, health care has always been regarded as a drag on the system, although I want to see what happens to ACA and Senate. But retail, I always look at retail, and it's like down 25,000 in December. Not good at all. Food and drinking places, not that strong. I look at these numbers, and I just think, yeah, and yet, there's no doubt about it, December was a strong month in retail. We're getting that over and over and over again. Matthew Boss today confirmed me that at JPMorgan, so it's hard to figure out where the strength and weakness is, but overall, maybe that's why rates didn't move that much. I don't know, David, I look at this number. I'm going to, wait, what's the matter?

David Faber (2:47)

I'm just taking a closer look. Yeah, I'm taking a closer look.

Jim Cramer (2:49)

You ought to have looked at it before you. I checked it out before you.

David Faber (2:51)

I was busy doing other stuff, all right? All right, well, that's... I leave the jobs to you.

Jim Cramer (2:55)

I feel better about that.

David Faber (2:56)

Yeah, so you tell me.

Jim Cramer (2:57)

What was interesting about this was, I'm going to say something that you're not supposed to say in the news business. Inconsequential.

David Faber (3:03)

Okay.

Jim Cramer (3:04)

I mean, the revisions, the revision was a bummer. They had the total non-firm payroll employment change a little in December. Employment continued to trend up. Food service, but then they start talking about, this is what was weary. November was revised down by 8,000, but David, October was revised down by 68,000. Government shutdown, or once again, should we just give this to Salesforce ServiceNow, have it outsourced?

David Faber (3:28)

Right. Palantir. We talk often, and we will con... I don't know. I mean, I do wonder, especially what's coming in this year. I talk about it all the time for obvious reasons.

Jim Cramer (3:41)

Are you going to AI?

David Faber (3:42)

Yeah, of course. How can you not?

Jim Cramer (3:43)

After what? After the SEC season endorsed what Jamie Dimon did?