Squawk on the Street
Jobs Boost, Tariffs Effect on Apple and Amazon, Chevron CEO "First on CNBC" 5/2/25
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.
42:45
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Quick takeaways
- The April jobs report, showing a gain of 177,000 jobs, boosts market optimism and alleviates recession fears among investors.
- Tariffs are projected to cost Apple $900 million, complicating its sales in China and highlighting the challenges of international trade dynamics.
Deep dives
Strong Job Growth and Market Optimism
The episode highlights the positive job growth in April, with an increase of 177,000 jobs, marking the second-highest addition for the year. This growth significantly contributes to optimism in the market, alleviating recession fears among investors. Both Jim Cramer and Carl Quintanilla emphasize that robust employment figures can counteract worries over tariffs and trade negotiations, suggesting that strong job numbers allow for market stability. The discussion indicates a shift in investor sentiment, where a healthy job market could lead to increased consumer spending, further fueling economic growth.
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