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 Kintanilla with Jim Kramer, David Faber at Post 9 of the New York Stock Exchange. Pre-markets trying to burn off some of this early morning selling, as the president did call the ceasefire over in a waste of time. Following last night's retaliatory strikes South Korea now in a bare market. Oil's up 5%. This could be Brent's biggest one-day gain since about the beginning of May. Yields are on the move, too. Ten-year yield about a one-month high. Let's begin with the president's comments on Iran. That ceasefire being over resulting in oil prices, spiking, stocks falling around the globe, Jim. You did say, at least when it comes to some of these semi-names, we're in a bit of a no-man's land. Yeah, well, I think that they're the ones that are experiencing a lot of people think it's bear market. Mike Von, bare-market behavior, obviously Korea, perhaps bare-market behavior. In an atmosphere like this, you can't say, you know what, this is the bottom.

Is that just like sticking your finger in the air? In the same way, by the way, when I was looking at the pre-market in Delta, in United, it was like, oh, hold it, that's the bottom. No, these stocks will come up from a very, very far away. David, I've got to tell you, when you see the market down in pre-market trading the way it was, say, five hours ago, and then it looks like it's starting to go up, I always wait to see if those levels of early morning aren't retested.

Right. Don't get too bullish.

Well, you were, you know, you were warning about that yesterday in terms of at least other opportunities in the market.

And I remember we talked Kimberly Clark, we talked Boeing.

But the rotation over these last few days has been, to use the words I've heard a couple

of times from people I've spoken to this morning.

Brutal.

Brutal.

And no shortage of some investors on the wrong end of that as you watch AMD.

Again, the-AMD yesterday was the big one.

We have to remember where they're coming from.

So the declines are significant, but of course the move up has been far more, and there it is.

I mean, wouldn't anybody be happy to have

owned that over the last year? Of course. But you can take a look, even over the last week. You're,

you know, talking almost 6%. Yesterday was brutal. And we're on the wrong side of that. It can get

ugly. Meanwhile, you know, you watch names like Morgan Stanley, up 25% for the year, for example. There's been a rotation going on into any number of the names, some of which you've mentioned. Yeah, look, I mean, Goldman Sachs, you see all this debt being issued. Yeah. I mean, Goldman makes a fortune on that debt. Obviously, the amount of debt, you talked about Amazon yesterday, the amount of debt that's being done sub-rose almost is really incredible. That group remains in world market mode. But Carl, when I look at what I call

the no man's land, I had a meeting with Jeff Marks for the Travel Trust today. We're up huge on

some of these. So the question has always been, we've paired back when they we always pair back into parabolic moves

do we get rid of the last bit because we're got have doubles where do we wait and i am leaning

toward like let's just cut i i don't want to turn a gain into a loss it's that discipline

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