Hiring Cools in October, Stocks Extend Rally, Apple Falls Despite Q4 Beat 11/3/23

SPEAKER_1 (0:00)

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Carl Quintanilla (0:31)

Market Moving Insight and Analysis join Jim Cramer, David Faber and me, Carl Quintanilla, on the opening bell hour of CNBC Squawk on the Street.

Good Friday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Stocks are adding to the best week of the year as October jobs comes in 150,000. That's below almost every estimate with some negative revisions. Bond yields are tumbling two year now, the lowest since Labor Day. A roadmap begins with the softening in the job market and some Fed expectations.

US employers scaling back their hiring in October, adding 150,000.

David Faber (1:05)

Plus Apple's drag. The iPhone maker posting his fourth quarterly sales decline and providing a somewhat soft outlook for revenue in the December quarter. Shares a bit lower ahead of the open.

And the verdict's in. FTX founder Sam Bankman-Fried is found guilty on all seven criminal counts against him. He's now facing the potential of 115 years. Oh, it's all just 115, right?

Jim Cramer (1:32)

Insecure sentence, sure.

Carl Quintanilla (1:35)

Let's get to the jobs number though. As we said, 150,000 unemployment takes up to three nine. Average hourly earnings year on year is a new cycle low.

Lowest since June of 2021 Got some losses in manufacturing. That's the strike, Jim.

Jim Cramer (1:47)

Yeah, the strike. I think that the healthcare is back being big again.

Government being big again. I will say that, let's go back in the way, way back when we just used to have these people come on, constantly criticize pal that this wasn't happening. And remember during the Omicron, he was being too lenient, not being tight enough. Dave, we don't talk about that anymore. We talk about how maybe he's being too constrictive. I think the answer is when you look at this number, he's just right, Mr. Goldilocks.

David Faber (2:18)

You feel like it's trending well for him?

Jim Cramer (2:21)

Yes, I do. I think it's going to be a big win for a man who is very self-effacing and doesn't bother to have to defend himself either during that weird period with former President Trump or if Trump was like saying he should resign or something.

David Faber (2:35)

I forget which period that was.

Jim Cramer (2:37)

Well, it was like a period where everybody had to resign. In fact, the period when he told me that he was going to knock my show off, the mad money, because he had the 6 o'clock press conference.

David Faber (2:46)

Back to the jobs report. And also the week that we've had in the market so far.

SPEAKER_5 (2:51)

Well, I don't know.

Jim Cramer (2:53)

Thursday was a very big day.

David Faber (2:55)

Yes.

Jim Cramer (2:55)

I spent that with Sarah.

David Faber (2:57)

I'm aware of who you spent it with. I do remember Monday where you came in. You were Debbie Downer. But as the week has gone on, I think your mood's improved.

Jim Cramer (3:04)

Well, Josh Frost spoke.

Josh Frost. He's the man who came up with the schedule that didn't have a lot of 30 year, but mostly 10 year, seven, three to 10 year paper. He's a hero of the American piece. The unsung hero.

David Faber (3:19)

Josh Frost.

Jim Cramer (3:20)

Josh Frost. Pride's head revisited kind of guy.

Carl Quintanilla (3:24)

That's exactly what B of A points out today, Jim. The Fed paws, pretty benign treasury refunding. Now you got a softer jobs number.

Hartnett argues today a lot of the street was positioned for 10 year and five, five, not four, five.

Jim Cramer (3:37)

I know. Look, this has been a huge short squeeze week.

And it is true, our colleague Steve Eastwood was talking about the penny stock bond market. Look, sometimes things go right.

You had to go through a big gauntlet. You had to have the Fed say the right thing at the press conference. And I thought the pal hit himself incredibly well. You had to have the treasury issuance schedule, which turned out to be much more benign. You had to have this number, which turns out to be benign. And you had to have Apple, which I will defend in a moment. So, you really kind of went four for four. And I don't think people were anticipating that you could go four for four.