SOTS 2nd Hour: Trump’s Tariff Sell-off: Key Laggards & How To Trade it – Plus: Former Treasury Sec. Steven Mnuchin 4/3/25

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Carl Quintanilla (1:31)

We'll see if the corporate commentary beginning a week from tomorrow can absorb all this news.

Jim Cramer (1:36)

And the ones that I find in the battleground is what would Jamie say? Jamie Dimon. What will Charlie Sharpe say? Charlie's largely a domestic bank. He's going to say that employment is good and things are good. Brian Moynihan may say that. I like some of the... Like I said, I like Bristol Mars. I mean, there's a lot to like. It's kind of very similar.

David Faber (1:52)

We didn't hit the banks we should have because they are getting crushed.

Jim Cramer (1:55)

It's April, I know, and I think that you'd be wrong. It's April 2020 Take a look at the big shift out of tech and into Bristol Mars right there. Coca-Cola is a great stock.

Carl Quintanilla (2:05)

We'll see you tonight, Jim. An important day. Mad Money, 6 p.m. Eastern Time. ISM services are up. Let's get back to Rick Santelli.

Rick Santelli (2:12)

Yes, boy, there's some weak numbers here, gang. These are ISM for the month of March. They have no mid-month read. These are the only and final for March. On the services index, 50.8.

That's about two points less than we were expecting. Weakest levels since June of last year. Prices paid. This is the good news. It went down. It went down to 60.9. That's the smallest prices paid component since November of last year. And this is one we're coming down as a good thing. If we look at new orders, 50.4. That's about one and a half points less than we were expecting. That the last time we were at these levels would be June of last year. And finally, on the employment front, this is important considering we had ADP yesterday a bit better and tomorrow is the big jobs report, 46.2, 46.2. To find a lower number, I'm going back to D's of 23 All the other comps were, of course, last year. This goes back to D's of 23 Interest rates, well, as the equities make new lows, interest rates are making new lows. And as Jim's pointed out, there is a positive to lower interest rates. I know our Treasury Secretary was on our program not long ago on CNBC saying he was going to get long rates down. One heck of a way to do it is to, of course, make the economy potentially weaker, or, of course, a lot of this could just be the uncertainty and nervousness about how all this will turn out in the terms of equity prices, Treasuries being one good hedge. But I will tell you something, the dollar index, everybody expected to be much higher. It's not, however, it's orderly. So if you look at the dollar index, it's basically at a six month low. You look at the euro, it's basically at a six month high. You look at the end, it's basically at a six month high. If you look at the onshore and offshore you want, they're basically at two month lows, so the dollar's at two month highs. Yes, it's messy, but it's orderly, and in many ways, it adds up and makes sense, especially if you look at the breakdown of the dollar index. Sara, back to you.

Sara Eisen (4:16)

Oh yes, we'll talk about it. Thank you, Rick. Rick Santelli, weaker services number. Welcome, everyone, to another hour here of Squawk on the Street. I'm Sara Eisen with Carl Quintanilla and David Faber live at Post9, as always, from the New York Stock Exchange. Big market sell-off this hour. It is ugly out there. The S&P 500 down 3.7%, the Nasdaq's down 4.5%.