559,000 Jobs Created in May But Still Below the Consensus Forecast - We Get Reaction from President Biden's Labor Secretary. AMC Volatile After Thursday's Tumble -- What's The CEO Saying Now? Plus: Elon Musk Tweets and Bitcoin Falls, and Ackman's SPAC in Talks With Universal Music.

On this "Jobs Friday", Carl Quintanilla, David Faber and Morgan Brennan discussed market reaction to the much-anticipated employment report, which shows the U.S. added 559,000 jobs in May -- doubling April's numbers but still below consensus estimates. The unemployment rate fell to 5.8%. Labor Secretary Marty Walsh joined the program in a "First on CNBC" interview about the jobs report and what's ahead for the recovery, inflation and infrastructure talks. "Meme stocks madness" once again in the spotlight: Shares of AMC Entertainment volatile after tumbling on Thursday. CEO Adam Aron is urging shareholders to back his plan for the company to issue 25 million more shares. The anchors reacted to what Aron said about the plan to Trey Collins, host of the "Trey's Trades" YouTube channel. On the crypto front, Bitcoin falls after Elon Musk tweets a breakup meme. Sources telling David that a SPAC backed by Bill Ackman's Pershing Square confirms it is in talks to buy a 10-percent stake in Universal Music Group. Also in focus: Stock winners and losers including GM, Ford and Wells Fargo – and a preview of Squawk on the Street’s return to the NYSE on June 7. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.