Jobs Report Gains vs. Layoffs, CoreWeave CEO "First on CNBC," Mega-Tech Record Highs 5/8/26

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Carl Quintanilla (1:00)

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. Bulls will try once again for $7,400 as April Jobs comes in strong, $115K on employment and $170K on unemployment in the US.

That takes the 6-month average to the highest since last May. Oil mostly unchanged despite the US and Iran exchanging fire in the Strait of Hormuz. The president says he believes the ceasefire is still intact. The UAE intercepts more drones and missiles today. Our roadmap begins with that better than expected jobs report or the doubling expectations.

David Faber (1:43)

Plus, President Trump called to set this saying the ceasefire with Iran is still in effect after the US and Iran did exchange fire yesterday. The president called those latest strikes, quote, just a love tap.

And a first on CNBC interview, don't want to miss this, CEO CoreWeave, stock under pressure this morning in the pre-market, some weak guidance, but we can also just get an update overall on the data center. So many important things happening in terms of focus on inference and what that has meant. Michael Intrator will be our guest momentarily.

Carl Quintanilla (2:14)

Let's get some reaction to this jobs number, dive into some of the internals. Jim lost a little on manufacturing, information jobs. Once again, 16 straight months of net job loss.

Jim Cramer (2:24)

Yeah, it's really amazing. I went the weeks on last night at CEO of Corning and Jensen Wong from Nvidia. They're putting up so many plans at Apple last week, hiring, hiring, hiring.

We'll talk to Michael Intrator, hiring, hiring, hiring. It just doesn't seem to matter. We never seem to make a dent against the job losses. David, have you been able to figure it out who in manufacturing? I mean, look at, you have Caterpillar, you have Cummins. You know, hiring these places.

It's not like they're like doing Stanley. No. Stanley, yes, because they're double-sided.

David Faber (3:00)

Double-sided, I read that story. And of course, Whirlpool has its own issues, which you discussed yesterday. No, I'm a one-sided guy.

Jim Cramer (3:06)

Okay, then you're fine.

David Faber (3:09)

I'm anachronistic.

Jim Cramer (3:10)

We are looking for manufacturing jobs that go up big.

David Faber (3:14)

And can we really expect that that will happen? I mean, jobs being added as a result of the AI economy, right? Isn't it data centers and so many things related to everything else? We'll talk to obviously and Trader about it momentarily too.

Jim Cramer (3:27)

But everybody seems to be adding 3000 jobs.

That's the number. But then again, you have people like Matthew Prince at Cloudflare. You know, you got Squared. Looks like it's working, right? I mean, you've got companies that are trimming.

David Faber (3:43)

Oh, no. I mean, Carl keeps a running list of the layoffs that have taken place. And they've been quite significant.

Carl Quintanilla (3:48)

The percentages lately, last night, between Bill 30%, Cloudflare 20%, Upwork 24%, Coinbase 14%, Snap 15%, this is all just this week.

Jim Cramer (3:58)

Well, look, there's a lot of companies that would tell you that we're now like a firm, okay? Max Lefchen, I have him tonight. We've decided to have everybody, we've had these, they have the sessions, David. They have like, you know, off the desk kind of moments where everyone's got to come up at a hackathon, they call it, where they're coming up with new reasons why they can do things with same people, not fewer people, same people.