Jobs Report Reaction, Treasury Sec. Bessent's Market Message, Broadcom Jumps 3/7/25

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Carl Quintanilla (0:44)

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. Futures are a bit mixed on February jobs up 151,000. The 50th consecutive month of job growth, but the work week, new cycle lows and U6 underemployment, biggest jump in five years, 10 years still below four and a quarter. And that's where our roadmap will begin. Payroll growth coming in a bit less than expected. S&P coming off the worst day of the year so far.

David Faber (1:20)

Plus Broadcom is the best stock so far in the S&P this morning. MAI boom, of course, leading to a strong sales forecast. But it's a different story for Tesla. It would be on pace for its seventh straight week of declines. It's already down 35% just this year.

Carl Quintanilla (1:36)

Let's begin with the jobs number, adding to this volatile week for stocks. Earlier this morning on Squawk Box, the Treasury Secretary, Scott Bessent, offered his take on market behavior and the economy.

Scott Bessent (1:48)

We're trying to get rates down.

And, you know, could we be seeing that this economy that we inherited starting to roll a bit? Sure. And look, there's going to be a natural adjustment as we move away from public spending to private spending. The market and the economy have just become hooked. We've become addicted to this government spending and there's going to be a detox period.

Carl Quintanilla (2:17)

That was the headline for most of the stories, Jim. The detox period. The president calls it a disturbance. He called it an adjustment.

Jim Cramer (2:24)

I think that the people I deal with and businesses are saying it's fluid. Fluid's got this nice non-pejorative word. You've got to be ready for anything. It's rope-a-dough. But David, last night, I said that we are now in the clobber-lying phase, though.

David Faber (2:40)

Okay.

Jim Cramer (2:40)

The prediction, pain. And when you have a prediction, pain, then you're going to get what we have, which is that everything's mixed, even when we get a number, a series of numbers that I actually liked. We can't keep the game.

David Faber (2:53)

No? Because forecast calls for pain.

Jim Cramer (2:56)

Yes, forecast calls for pain. And next week, I expect to start hearing about auto. Expect to start hearing about Europe. And I think it's going to be ugly.

David Faber (3:04)

Although the jobs number was not that ugly.

Jim Cramer (3:06)

No, no, I'm saying that it was viewed as good. Yes. And then subsequently people say, I'll sell. They shouldn't be selling.

David Faber (3:15)

The number is good. Right.

Jim Cramer (3:17)

But I'm just saying that everyone is...

David Faber (3:18)

But you just said the forecast calls for pain.

Jim Cramer (3:20)

Well, I'm saying the president is giving you a forecast and then he's making it happen. The president is applying pain. Look, Secretary Bessent basically said, hey, you know what? This is an adjustment.

David Faber (3:32)

Well, Secretary Bessent has been... This has been a theme for him in terms of leading with, we want to get interest rates down, leading with I'm focused on the 10-year yield. He's been saying that numerous times, leading to actually some to believe that, again, there is not that big a concern for a decline to a certain extent if it can actually be accompanied by a decline in rates, which conceivably then will put us on a more supercharged level to have the economy grow perhaps into the midterm elections. I don't-

Jim Cramer (4:05)

Right. Well, now people are starting to talk about, look, can he get all this done by the midterm elections? I think it's a continual process. Carl, when I look at what the president wants to do, I just say he's not focused on the stock market because he has bigger issues and the stock market is not that big. We're focused on the stock market because it's what we do for a living.