Squawk on the Street SOTS 2nd Hour: ADP Jobs Breakdown, What it Means for Rates, & Vietnam Trade Deal Latest 7/2/25
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Jul 2, 2025 Charles Lemonides, Founder of Valueworks, shares his investment insights on Rivian, Joby, Amazon, and Micron. He discusses the complexities of the latest job market data and its potential implications for Federal Reserve rate cuts. The conversation also dives into the U.S.-Vietnam trade deal, highlighting how new tariffs may reshape trade dynamics. Additionally, there's a critical look at major market movements and the challenges facing value investors amid fluctuating economic conditions.
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June ADP Jobs Drop Highlights Softness
- The ADP job report showed a surprising drop of 33,000 private sector jobs in June.
- Job losses were concentrated in services, signaling underlying economic softness.
Tesla Delivery Figures Show Stabilization
- Tesla's Q2 deliveries declined 13.5%, but were better than feared.
- Tesla's June sales in China stabilized, showing positive growth after months of decline.
Investor Sees Rivian as Value
- Charles Lemonides views Rivian as a value stock due to assets exceeding market value.
- Rivian's production growth prospects and backing by Volkswagen support his bullish stance.