Hear key analysis on this morning&#x27;s Jobs Report - and what it means for the Fed, rates, and markets - with CNBC&#x27;s own Carl Quintanilla, Leslie Picker, and Michael Santoli alongside Rick Santelli, Goldman&#x27;s Chief Economist, and JPMorgan Asset Management&#x27;s Chief Strategist this hour. Plus: AI demand concerns growing - and taking down chip stocks in Asia... hear one industry analyst make the case for OpenAI and Anthropic to NOT join public markets. Elsewhere this hour: details on one BBQ item seeing record prices, and why Blue Owl shares are gaining in the early trade despite more redemptions from 2 private credit funds.<br><br>Squawk on the Street Disclaimer<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

10AM Hour: Jobs Report Analysis, An AI Bull-Bear Debate, & Chip Volatility 7/2/26

Squawk on the Street

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**Podcast:** Squawk on the Street

## Transcript

[SPEAKER_A] This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information-packed daily market preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com/marketupdatepodcast or find Schwab Market Update wherever you get your podcasts.

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[SPEAKER_E] Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Leslie Picker, Mike Santoli here at Post 9 of the New York Stock Exchange. Today's show, Goldman's first take on jobs. We'll talk to Ian Hodges at Post 9 about his read on this morning's soft print. We'll talk to one expert who says OpenAI and Anthropic are running, quote, horribly unprofitable and unsustainable businesses, as OpenAI reportedly weighs a 5% stake for the US government. And speaking of stakes, we'll tell you why your 4th of July barbecue could cost a whole lot more this year.

[SPEAKER_G] Love speaking of steaks. But first, new factory orders data. Rick Santelli has that for us. Good morning, Rick.

[SPEAKER_H] Good morning, Leslie. Indeed, these are May factory orders, expecting down 2%. Well, we have the sign, right? Not minus number, but not as bad, -1.3%. That would be the lightest month-over-month change percentage-wise going back to last year, basically June of 2025. However, when you strip out transportation, zoom, zoom, zoom, it goes up to 1.9%, pretty much double expectations. 1.9% would be the strongest of the year. You're going all the way back to the first quarter of '22 to find a stronger ex-transportation number. All right, durable goods. Now this is a May final, folks, which means we take the mid-month read, we toss it for the new read. Mid-month read on the headline number, durable goods was -4.5. It remains at -4.5, which is the weakest in basically a year, June of last year. But once again, when you strip out transportation, much better, up 1.4. That replaces the 1.3 of last month. Now capital goods orders, non-defense, ex-air, a proxy for capital investment, up 1.4%. That replaces 1.6%, but it's still a pretty good number. And finally, if we go from orders to shipments, the up 0.3% now becomes up 0.1% on the shipments. That would basically equate to the second weak...

10AM Hour: Jobs Report Analysis, An AI Bull-Bear Debate, & Chip Volatility 7/2/26

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

10AM Hour: Jobs Report Analysis, An AI Bull-Bear Debate, & Chip Volatility 7/2/26

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.