Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kintanaia with Leslie Picker here at post-9 of the New York Stock Exchange.

Sarah Eisen is off today. Tech investors rattled as Deep Seek pushes ahead with its own AI chip ambitions.

And amid AI spending concerns at Samsung, Goldman's chief equity strategist is with us to why he says volatility in the tech space will remain elevated.

Plus the streets take on SpaceX, multiple firms initiating coverage on the company's first day of trading on the NASDAQ 100.

We're joined by one early investor who says the street calls confirm tremendous growth ahead.

The state of the American consumer, Walmart lowering prices on thousands of items, winning some praise from the

president. In the meantime, a little bit of pain in technology today. Nasdaq's down almost one and a half

percent. The queues below the 50 day for only the second time going back to say April 7th. We're

going to watch that closely. And then Treasury yields are a little bit stubborn today, 10 years back above four and a half and the long bonds back above five. But we will start with some breaking news out of the New York Fed. Steve Lee'sman has that for us. Hi, Steve. Hey, Leslie. Yeah, the New York fed out with its survey of consumer expectations for June with the closely watched inflation expectations in it, and they are up

for the short and medium term. With the question about whether or not with the decline in gas prices,

they fall in the months ahead. But for now, New York Fed reporting that they're 3.7% for the one-year

outlook, that's up to 0.2 percentage points. The three-year up as well, 0.2. By the way, that one

year is the highest September, September, 2023. The five-year up as well, 0.2. By the way, that one year is the highest September,

September, 2023. The five-year unchanged of 3%. Pardon me, but that's been hovering around

that 3% for quite a long time. The Fed looking more closely at the 3 in the 5-year numbers.

Price expectations for medical care rising by a half a point. Expectations for rent up nearly a full percentage point at 0.9%.

And for food prices, they actually fell 0.8 percentage points,

but they're still high in the 5% year-over-year outlook.

The outlook for the job market, though, did improve.

Take a look here.

Labor market expectations are higher,

the expectations for higher unemployment declined by one and a half

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