"Hey, Jazzman, I've got a very presidential answer for this."
"You're being very mean to me tonight, Coltrane, very mean to me."
SNL's 42 season premiered on October 1, 2016 to the highest ratings since 2008 (source: http://www.thewrap.com/snl-has-biggest-premiere-since-2008/). This was due in large part to public speculation as to how SNL would approach the presidential election and debates.
The two short clips presented here feature Donald Trump (played by Alec Baldwin) calling moderator Lester Holt (Michael Che) both "Jazzman" and "Coltrane." This jazz-related name calling alludes to Trump's penchant for making racially insensitive/racist remarks throughout his presidential campaign.
The "Coltrane" remark in particular is likely a nod to a scene in "The Royal Tenenbaums" in which Gene Hackman calls Danny Glover "Coltrane." Watch that clip here: