Squawk on the Street Jobs Boost, Tariffs Effect on Apple and Amazon, Chevron CEO "First on CNBC" 5/2/25
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May 2, 2025 Mike Wirth, Chairman and CEO of Chevron, discusses the challenges his company faces amid falling oil prices. He highlights how recent job growth positively affects the economy and shares insights into the market's reaction to Chevron's quarterly results. The conversation dives into the effects of tariffs on major players like Apple and Amazon, examining the broader implications for U.S.-China trade relations. Wirth also touches on Chevron's commitment to balancing traditional oil operations with cleaner energy practices.
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Strong April Jobs Data
- April jobs growth was stronger than expected, reaching 177k, the second highest this year.
- Strong employment combined with stable inflation reduces fears of an impending recession at the moment.
Apple Faces Tariff and China Challenges
- Apple reports $900 million in tariff-related costs for the next quarter but struggles to quantify future tariff impacts.
- Sales in China declined and services performance was weaker, causing stock price pressure despite earnings beat.
Chevron Navigates Oil Price Slump
- Oil prices have dropped due to expectations of slower global economy and increasing OPEC+ supply.
- Chevron maintains strong U.S. production growth and long-term investment despite short-term price volatility.