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Carl Quintanilla, Sara Eisen and David Faber broke down this morning’s blowout Jobs Report with Senior Economics Reporter Steve Liesman, alongside Chicago Fed President Austan Goolsbee, who says inflation remains sticky – so investors might need to wait for more rate cuts ahead.

The team also got the latest from California – with a live read from the ground in Altadena, alongside a check-in with one of California’s Fire Battalion Chiefs. Analysts out of JPMorgan now estimating the Palisades blaze could be the costliest fire in U-S history at more than $20B.

Plus: a deep dive on energy with the CEO of Constellation Energy, as those shares surge on a new deal announcement with Calpine – combining two of the country’s largest power generators amid surging demand.

Carl Quintanilla, Jim Cramer and David Faber explored market reaction to the stronger-than-expected December jobs report: The results sent stocks down sharply and yields higher on concerns the Fed might not cut rates later this month. Shares of Delta and Walgreens surged on the companies' respective earnings beats. Constellation Energy agreed to acquire Calpine for $16.4 billion in cash and stock, as tech companies seek power for their AI data centers. Also in focus: Elon Musk's "best case outcome" for DOGE federal spending cuts, big media players cancel their joint sports streaming venture, California wildfires impact.

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