Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Monday morning and welcome to Squawk on the Street. I'm David Faber with Leslie Picker and Mike Santoli.

We're live from Post 9 at the New York Stock Exchange. Jim and Carl both have the morning off.

Let's give you a look at futures as we get ready to start the second half of the year of trading.

And half of 20204 is already gone, going by very fast.

All right, let's get to our roadmap.

It does start with, of course, Big Tech, which was the big driver of stocks for the first half of the year.

But one question, can Nvidia and AI excitement fuel further gains as we get underway for the second half.

Plus Boeing agreeing to buy its supplier Spirit Aerosystems in a $4.7 billion deal

and meme trader Roaring Kitty adding fuel to another big stock move, Chewy shares surging,

as Keith Gill reveals a more than 6% stake.

All right, let's start with the markets, of course, as we kick off the second half of the year.

I was not here for the last two weeks of that first half. I can't say that I'm sorry I wasn't,

but of course following Mike all the ups and downs in particular, some of that bit of a sell-off and invidia and the like.

But the talk has been and will continue to be much of the same, I would assume, in terms of the power of AI, what that will mean for these biggest, the big companies that we follow so closely.

Yeah, I mean, we held it together somehow, so to the market, with your, with you gone, David.

But honestly, it really is one of the better halves of a year, 15% plus total return for the S&P per unit of volatility, right?

The extent of the biggest pullback was 5.5%.

So, yes, a lot of that was due to the, not just technology, but I would call it just the quality mega-cap sector of the market, the quality S&P 500 ETF, up more than the S&P this year, up 16%. I wouldn't say it's been only that, though. It's not as if tech is kind of throwing a shut out against the rest of the market. The equal weighted S&P is up 4%. That's kind of no big deal. But it's a 9% annual, you know,

compounded rate. So it's not as if it's completely being left behind. The other things I would note,

the cyclical parts of the market are still hanging in there against the defensive part.

So if the market were narrow and it was these defensive type sectors that only

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