Good Thursday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Cantanagania and David Faber. We are live as always from post nine of the New York Stock Exchange.

Ahead this hour, can't miss interview with NVIDIA CEO Jensen Wong after last night's results, his thoughts on the hyperscalers competing with Amazon, supply chain concerns, and much more all ahead.

Plus, we'll talk about the major IPO news as Elon Musk's SpaceX officially files with the

SEC for the world's largest listing.

And the CEO of Stalantis is with us as the Jeep maker lays out his turnaround plan to

investors.

But we'll start with Walmart, one of the stocks of the day, the retail giant beating on

first quarter revenue

and reporting earnings in line with expectations. The stock, though, is falling pretty hard here

after the company issued cautious guidance and cited higher fuel prices. Joining us now, first on

CNBC is Walmart's CFO, John David Rainey. John David, thank you for taking the time this morning

to speak with us.

Good morning, Sarah. It's good to be here. So, as I mentioned, revenue looked good and earnings on track.

It was operating income. Looks like it got impacted by fuel prices. How big of an issue is that?

Well, let me start with. The quarter was good for us. We drew the top line on a reported basis of about 7%. EPS grew 8%. We did see some margin pressure on operating income growth. We guided 4 to 6%. We came in a little bit above the midpoint of that. And we had about 250 basis points of pressure related to fuel. Since we gave the guidance 90 days ago, all the events that have led to the higher fuel prices have occurred. And so we had to navigate

that in the quarter. But I think very importantly, Sarah, our guidance for 2Q is 7 to 10% operating

income growth. And we reaffirmed our guidance for the year. So that's indicating that we think

we have the ability to navigate this environment of higher fuel prices pretty well. What about the consumer? Does the

consumer have the ability to navigate the higher fuel prices? You capture all income spectrums,

including the low income, which has felt the most pain. So what are you seeing there?

Increasingly, it depends upon what consumer you're talking about. We see that among our

customer base, the high-income customer continues to spend with confidence in many categories,

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