Squawk Pod: January’s jobs picture & AI disruption - 02/11/26 | Audio Only
Watch on YouTube ↗  |  February 11, 2026 at 17:47 UTC  |  23:45  |  CNBC
Speakers
Cameron Costa — Producer
Kelly Evans — Anchor
Brian Sullivan — Anchor
Robert Frank — Reporter
Steve Liesman — Senior Economics Reporter
Rick Santelli — Reporter
Kitty Richards — Senior Strategic Adviser, Groundwork Collaborative
Peter St. Onge — Senior Economist, Heritage Foundation

Summary

  • The US labor market added 130,000 jobs in January 2026, significantly beating the consensus of 55,000, though 2024-2025 jobs were revised down by nearly 900,000.
  • Wealth management stocks (Schwab, Raymond James, LPL) plummeted 7-9% following the launch of "Hazel," an AI tax planning tool by Altruist, sparking fears of fee compression and disintermediation.
  • Ford reported a major profit miss due to supplier fires and tariff costs, while Ferrari remains sold out through next year with a flexible manufacturing strategy for its upcoming EV.
  • Consensus among guests is that the strong jobs print likely kills expectations for Federal Reserve rate cuts in 2026.
Trade Ideas
Ticker Direction Speaker Thesis Time
LONG Rick Santelli
On-Air Editor, CNBC Business News
January jobs came in at 130k (vs 55k expected), and Santelli argues the "neutral" number needed to keep unemployment stable is now only 50k. Despite political negativity and revisions, the labor market remains robust enough to support growth. Global GDP is ramping up, and the US is leading this acceleration. "Jump in the markets" – ignore the naysayers. Downward revisions to data continue; inflation reignites.
LONG Steve Liesman
Senior Economics Reporter
The economy added 130k jobs, which is considered "out of sample" (stronger) than the Fed's expectations for a cooling market. A strong labor print removes the urgency for the Fed to act. The data supports a "higher for longer" narrative, with Liesman predicting zero rate cuts for the remainder of the year. Expect rates to stay elevated; rate cut expectations are "dying." Sudden deterioration in labor data in subsequent months. 1:54
LONG Robert Frank
Wealth Editor, CNBC
Wealth management stocks dropped 7-9% after Altruist announced an AI tax planning tool, sparking fears that algorithms will replace human advisors. The sell-off is labeled an "overreaction." While AI will drive fee compression and consolidation, high-net-worth clients (the target demographic for these firms) still demand human judgment and relationship management. AI will likely reduce back-office costs rather than replace the core advisor role at the high end. Buy the dip on the overreaction; top firms adapting to AI will survive and consolidate. Continued fee compression and faster-than-expected AI adoption by low-cost competitors. 3:12
LONG Robert Frank
Wealth Editor, CNBC
Ferrari is sold out through the end of next year and is launching its first EV (the "Luch") in May with a flexible factory that can toggle between EV, hybrid, and ICE. Unlike mass-market automakers struggling with EV demand (like Ford), Ferrari has scarcity value and manufacturing flexibility. They can pivot production based on actual demand rather than forcing EVs into a reluctant market. Long due to pricing power, sold-out order book, and flexible strategy. Poor reception of the electric Ferrari sound/experience. 9:15
F
WATCH Brian Sullivan
Anchor, Bloomberg Television
Ford reported a massive profit miss, driven by supplier fires, tariff costs, and EV write-downs, though revenue beat. The company is guiding for a rebound ($8-10B profit), but there is a fundamental disconnect between their EV strategy and consumer demand in their core rural markets. Watch to see if they can stabilize costs and align production with actual demand. Continued lack of EV adoption in key demographics; further operational disruptions. 8:07