Jobs Boost, Tariffs Effect on Apple and Amazon, Chevron CEO "First on CNBC" 5/2/25

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Carl Quintanilla (1:02)

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 at Post 9 of the New York Stock Exchange. David Faber as the morning off. Futures do add to gains, and the S&P is going for nine straight, as April jobs comes in strong. $177K, second highest of the year. Add to that, Apple, Amazon, Exxon, and a ton of trade news. Our roadmap begins with job growth stronger than expected in April, despite these worries over the impact of tariffs. Apple and Amazon results do have some tariff concerns in the mix, and Chevron with some mixed results. Mike Wirth is going to join us a few moments from now. Let's begin though with the markets and this jobs number, Jim. Unemployment, although unrounded up a touch, still at 4-2, really good numbers here.

Jim Cramer (1:52)

Really strong numbers, and it's one of those things why I know the president has that truth social squib about the fed should cut. I think the difficulty is a positive difficulty. These are really good numbers, and it's not like they're red hot in terms of inflation. I like the fact that a lot of them, we haven't seen the layoffs yet from severance, remember, for government, that was minus 9,000. But healthcare's off. We're getting, it's just a good number. I mean, it's the number you expect and like to see when we're, you know, kind of worried about a recession.

Carl Quintanilla (2:26)

Right.

Jim Cramer (2:26)

It's a take the recession off the table number.

Carl Quintanilla (2:28)

Sample week, of course, was after so-called Liberation Day.

Jim Cramer (2:32)

Yes.

Carl Quintanilla (2:33)

Restaurants add 16, manufacturing down one, 1,000.

Jim Cramer (2:38)

But that's restaurant at 16 Let's just talk about for one sec. One of the things that came up on the Airbnb call last night, we'll see that stock down, is that travel market over? And we know bookings didn't have a perfect number, but this number of jobs that American Express is saying, which is people are still going out and spending, that's not supposed to be happening. We're supposed to have a pullback. We're just not getting it. Look, there are spots that are weak, but they tend to be aligned with outfits that aren't doing that well. There's some retailers that aren't doing that well, but that's because they're just, they're not exciting to people. You glisten Amazon, you got a retailer there that's doing very well. So I like these numbers. They make me feel like that the president should have said, it's going to make it so that we might not have to cut rates, but hang in there. Maybe things will not be so good soon. I mean, what is he going to do? Don't box yourself, Mr. President. Don't call it a Biden rally. And then, I mean, this has been, how long have we been up? This is like the longest Biden street ever. Be careful what you wish for, Mr. President.

Carl Quintanilla (3:32)

Yeah, we are going for nine straight gains, which by the way, would give us, it's basically the best rally since 2020

Jim Cramer (3:38)

You know, I am so tired. I was watching Steve Sedgwick. They had a nice new set over there in Britain. And I love their show. And everyone's still talking about the great European rally. Hello? It's been a US rally. Let's stop it already. That European rally, it occurred. Dynamite. I'm going over to Europe. I'll check it out myself.