Squawk on the Street Squawk on the Street 2ND Hour 3/6/26
Mar 6, 2026
Leslie Picker, CNBC reporter on asset managers and private credit. Brian Sullivan, CNBC markets anchor focused on oil and geopolitics. Dominic Chu, CNBC correspondent delivering fast headlines. They discuss private credit redemptions, a cooling IPO market, soaring oil after Qatar warnings, Strait of Hormuz shipping risks, and how jobs and wage data shift market sentiment.
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Jobs Report Shows Weak Payrolls But Rising Wages
- February payrolls unexpectedly fell 92,000, signaling a notable softening in monthly job creation.
- The unemployment rate rose to 4.4% while wages grew 0.4% month-over-month, creating a worry about stagflation risks with rising oil prices.
Hold Cyclicals And Add Selective International Exposure
- Hold existing cyclical exposures and selectively buy where you see temporary dislocations, including international equities.
- David Kelly recommends keeping positions and adding inexpensive international stocks as dollar strength eases.
Private Credit Redemptions Expose Liquidity Design Tradeoffs
- BlackRock limited redemptions in a private-credit fund after redemption requests hit 9.3% versus a 5% gate.
- Roughly 54% of requested redemptions were honored, highlighting liquidity design choices across alt managers.