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

Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Cantonia with David Faber. Leslie Picker here at post-9 of the New York Stock Exchange. Kramer has the morning off.

Bulls looking for some stabilization as

the Cospi recovers some 3% of that 10% spill. Chips definitely in focus with Cerebrus on the

tape and Micron tonight. Brent dropping is 75 for the first time since the war began, but gas

prices taking their sweet time relative to crude, something that has the president's attention

and maybe now the DOJs. Our roadmap begins with this turnaround for tech. Micron, the best stock

on the NDX ahead of their earnings tonight. Plus, shares of FedEx are down. Despite a top

and bottom line, weak guidance perhaps is the reason dragging down the company's results.

And SpaceX trying to stay above its opening price of $150 a share.

As Zerebrus hosts its first earnings report since going public.

Let's begin with the markets.

The tech sector tries to rebound from yesterday's sell-off.

Still a lot of discussion, guys, about whether that tumble that we saw in Asia was technical in nature, some of that unwind, although still a lot of discussion guys about whether that tumble that we saw in Asia was technical

in nature, some of that unwind, although still a lot of discussion about single stock,

leveraged ETFs. And the cues have had 3% moves, I think three times out of the last 12 sessions,

some things you haven't seen in years. Yeah, the levered ETFs are kind of an interesting phenomenon

in this market.

Obviously, they've exacerbated.

And what they do is they can limit liquidity.

And especially when these levered ETFs rebalance toward the close, they can create outsized

moves to the upside and the downside.

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