Squawk Pod: SpaceX demand & cynicism, a strong labor market, & screwworm - 06/08/26 | Audio Only

Watch on YouTube ↗  |  June 08, 2026 at 17:36  |  46:59  |  CNBC
Speakers
Leslie Picker — Chief Correspondent, CNBC
Steve Eisman — Portfolio Manager, Scion Asset Management
Dan Murphy — CNBC International Correspondent (Dubai)
Steve Liesman — Senior Economics Reporter

Summary

This episode covers the strong May jobs report raising rate hike expectations, the SpaceX IPO's potential to trigger retail selling in tech ETFs, Steve Eisman's bearish view on SpaceX due to AI capital intensity and commoditization, and escalating Iran-Israel conflict boosting oil prices. Also includes discussion on screwworm containment and Knicks NBA Finals.

  • May jobs report added 172,000 jobs, double expectations, increasing Fed rate hike probability to 70%.
  • SpaceX IPO expected this week with retail demand possibly causing rotation out of levered NASDAQ and semiconductor ETFs.
  • Steve Eisman says SpaceX is too capital intensive, AI business is commoditized, and valuation is silly; he is avoiding the IPO.
  • Iran and Israel exchanged direct strikes for first time since April ceasefire, raising oil supply risks.
  • Houthis threaten Bab el-Mandeb waterway, adding to oil supply concerns.
  • OPEC+ agreed to another output hike but little oil reaches market due to Strait of Hormuz disruption.
  • USDA Secretary Brooke Rollins updates on screwworm containment in Texas; food supply not at risk.
  • Knicks play Game 3 of NBA Finals at MSG with President Trump attending, causing heightened security and high ticket prices.
Ideas
Dan Murphy CNBC International Correspondent (Dubai) 12:00
Oil elevated due to Middle East risk.
Iran-Israel direct strikes and Houthi threats to Bab el-Mandeb increase oil supply risk, keeping risk premium elevated despite OPEC+ output hikes.
BNO WTI MED
Leslie Picker Chief Correspondent, CNBC 18:13
Retail selling pressure on NASDAQ and semiconductors.
Retail investors have been heavily invested in levered ETFs on NASDAQ 100 and semiconductors, and may sell those positions to free up cash for the SpaceX IPO, creating downward pressure on those assets.
QQQ SMH MED
Steve Eisman Portfolio Manager, Scion Asset Management 24:17
SpaceX valuation too high, avoid.
SpaceX's future is bet on AI via Grok, which is not world-class, and the AI business is highly capital intensive with commoditized LLMs, making the valuation unsupported by fundamentals; avoid the IPO.
SPCX HIGH
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This CNBC video, published June 08, 2026, features Dan Murphy, Leslie Picker, Steve Eisman discussing BNO, WTI, QQQ, SMH, SPCX. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Dan Murphy, Leslie Picker, Steve Eisman  · Tickers: BNO, WTI, QQQ, SMH, SPCX