Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintanio with Mike Santoli here at post-9 of the New York Stock Exchange.

Sarah Eisen will be here in a moment. Tech volatility this morning. Trump's Iran threat.

Inflation hitting a three-year high. We're going to break down all the macro risks for investors with former NEC director Gary Cohn.

Plus, a rare interview with CO2 founder and portfolio manager Philippe LaFont,

find out why he thinks index funds have corrupted and warped the public markets

and why he calls BlackRock, quote, Darth Vader.

And another rare interview is Sarah sitting down with Balpo CEO, Seth Clarmine this morning.

We'll hear why he thinks the market is showing aspects of a bubble.

That said today, again, pronounced volatility,

1%, 2% swings in various sectors. S&P, once again back to 7330, which has turned out to be kind

of an interesting level last few days.

73330 was the may low. So it was this kind of potential tripwire level we've been watching

it. Very unsettled

action under the service. As much as breadth has been positive, people try to broaden. This is sometimes,

as I say, what a broadening market looks and feels like. We're going to start this morning with the

CPI report that we got a couple hours ago. Steve Leesman joins us now with that. Hi, Steve.

Hey, Mike. Yeah, the hot inflation report this morning meeting heated rhetoric from President

Trump about the Iran conflict that suggests it is no closer to resolution. Headline coming in

at 0.5%. That's a tick down from where it was the prior month, but still fairly elevated,

leading to a 4.2% year-on-year up from 3.8%. That's the worst in September 2023.

Core rate a little bit better, a little better than expected, up 0.2%, but still, the core is elevated

on a year-over-year basis at 2.9%. President Trump, meanwhile, he said this morning, quote,

...