Trump-Musk Feud Effect, S&P 6,000, Jobs Report Beats Expectations 6/6/25

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Carl Quintanilla (0:59)

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 do spike on another solid jobs print. $139,000 slightly ahead of estimates, some negative revisions. Unemployment stays at $4.2 for the third consecutive month. VIX is near a four-month low. Our roadmap begins with the May jobs surprise. Hotter than expected, futures rally ahead of the open.

David Faber (1:32)

Plus that Trump-Musk bromance breakup. And oh, what a breakup. The president and the world's wealthiest man, very public were words on social media. Tesla shares are looking to rebound after they had one of the worst days ever. And well, tech is the biggest winner on the S&P this week. Microsoft, in fact, amongst the big names that are hitting all-time highs. In fact, that is its first in nearly a year.

Carl Quintanilla (1:58)

Let's begin with this feud between the president and Elon Musk. Their differences over the Trump tax and spending cuts bill extending into those back and forth posts on social media yesterday about other issues, too. According to NBC News this morning, White House Chief of Staff Susie Wiles says there are no plans for a call today between Trump and Musk, and that refutes a report by Politico, which says otherwise, ABC, John Carl Jim got him on the phone. Trump said he's not interested at this time in talking to Musk.

Jim Cramer (2:25)

Well, look, I mean, I think that we always speak in terms of Cards because of the Zelensky craziness, and I don't know. I think that Musk has a lot of money, but I do think the president has the cards. David, you studied Musk. A lot of what Musk does is offer a superior product to governments worldwide. But a superior product doesn't necessarily win if you don't want it to. You can put your finger on the scale, and I think that there's too many. He's way at risk here dealing with a president who is not necessarily, who has a very close relationship with the Justice Department.

David Faber (3:03)

Not to mention is quite vindictive when it comes to his enemies, certainly, or perceived enemies.

Yeah, Jim, I mean, obviously, along with everybody else just kind of watched in wonderment, not necessarily fully surprised what we saw yesterday. Although when you go Epstein, it's not clear to me you ever come back from that in terms of repairing a relationship, as that was one of any number of different posts from Mr. Musk in terms of really attacks on the president, and obviously, there were rejoinders as well. He's got a lot at stake. Elon has never shown a willingness to back off ever. Never, once, he made that clear in the interview we did two years ago, of course, where he famously said, I don't care, and he has proved it every day since, whether it's alienating a certain part of his potential buyers for Teslas by being so political in many ways, and so many other ways. But this one is a somewhat unique challenge he's taken on, because to your point, whether it is Tesla and mileage standards from which it benefits, by the way, because remember, it sells its credits, they get a lot of money to other automakers that need to meet mileage standards, that may go away or may very well go away, whether it is getting nationwide rules for autonomous driving. When I was in Austin a couple of weeks ago, the Department of Transportation Secretary was there with me, and they were meeting and talking about those very rules, as Musk gave him. There's Sean Duffy, a tour not just of the plant, but of the cars as well. So, relying on the government for that. EV credits, obviously, which are going away under the big, beautiful bill. Relying to a certain extent on that as well. And then you get to things like NASA. You just go on and on. And to your point, Jim, it would seem that it's not necessarily rational to pursue at this level of vitriol what Mr. Musk is currently pursuing against the president.