Squawk on the Street SOTS 2nd Hour: What's Next In Iran, ADP Jobs/Retail Sales Takeaways, & Nike's Next Shoe To Drop 4/1/26
5 snips
Apr 1, 2026 
Ben, a technology analyst, critiques Microsoft and the stateful vs stateless AI debate. Michael Froman, CFR president and former U.S. trade rep, discusses Iran, military options, and diplomatic risks. Jeremy Siegel, Wharton finance professor, offers long-term market perspective on stocks, inflation, and policy. They cover ADP/retail data, oil and market movers, Microsoft and Nike developments.
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ADP Beats Expectations Driven By Small Business Hiring
- ADP showed 62,000 private sector jobs in March, beating the 40,000 consensus and driven by small-business hiring.
- Education and health added 58,000 jobs while small firms created 85,000 jobs, with manufacturing subtracting 11,000.
Oil Curve Suggests Traders Expect Iran Conflict To Ease
- Jeremy Siegel notes oil market pricing and falling Brent-WTI spreads suggest traders expect the Iran conflict to wind down.
- He cites oil futures and oil stocks pricing beyond the near-term contract as a signal the market believes the disruption will be temporary.
Rising Money Supply Raises Fed Rate Cut Risk
- Siegel flagged rising money supply and commodity indexes as a constraint on the Fed cutting rates soon.
- He warned expanding deposits and currency make it harder for the Fed to ease, leaving rate decisions sensitive to inflation risks.