It's Jim Kramer here. You're listening to the opening bell of CNBC's squawk on the street. Don't miss a minute of the action. Good Wednesday morning. Welcome to Squawk of the Street. I'm Carl Kington-Away, Jim Kramer, at Post-9 of the New York Stock Exchange. David Faber's on assignment. Selling pressure does continue after Tuesday's upside reversal. Futures, though, are off the lows, as May CPI at least isn't worse than expected,

still the first 4% headline print in more than three years. Oil is holding some gains,

as the president says Iran has taken too long on talks and will now, quote, have to pay the

price as Iran once again targets Kuwait and Bahrain. Romat begins with investors navigating this volatility, digesting CPI, and that sharp downturn for tech.

Plus, speaking to tech, we'll get you ready for Oracle tonight after the bell.

Stock's already down 20% since the highs.

And just a few days away from that SpaceX debut, a report that the IPO demand is already four times oversubscribed.

First, though, let's get some reaction to CPI this morning, Jim.

Super Corps a little elevated.

A lot of this was fuel, gasoline, airfares.

I like the number.

The number was pretty good.

The things that were outliers are all related, I think, in one way or another, to Iran. And I don't know what the president. The president said not focused on that, which is fine. But when I look at it, I say, all right, you get this war over in two, three days, whatever it was the prediction, then I think that you're going to look pretty good. I was very surprised some of the really good numbers that you got in food, I was concerned about food.

I thought food would be up more because there's a lot of food guys raising their price

because of the cost of actually just making food when it has to do with gasoline.

So fruits and vegetables up six year on year, you think is okay?

Yes, because I thought they would be up

more. And that's my point is, is that there were things that, ancillary things that I thought

to energy that would be worse. Now, maybe the prices come through later, but I didn't mind them

at all. I'm not a hawk. I'm not a hawk. Well, you literally begged Hassett for rate cuts the other day.

Absolutely, because, again, I keep coming back to this notion of the two countries.

And I come up with the two countries.

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