It's Jim Kramer here. You're listening to the opening bell of CNBC Squawk on the Street.

Don't miss a minute of the action. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintania with David Faber, Sarah Eisen, and post nine of the New York Stock Exchange. Kramer has the morning off. Future is pretty solid as we watch for signals as to whether yesterday's rotation was the real deal. bank earnings in focus.

PPI does come in a tad warm,

yield still lower at the real deal. Bank earnings in focus. PPI

does come in a tad warm, yields still lower at the short end, two year below four and a half.

Our roadmap begins with the banks. Investors watching for warning signs in the banking system.

JPM and Wells see a profit drop. City revenue rises.

AT&D shares are under some pressure this morning. The company reporting that hackers stole records of nearly all cellular customers' calls and their texts.

And trouble for Tesla.

Share set to sync for a second day after reports of a Robo Taxi launch delay.

Let's begin with some market reaction to the banks today. Interesting split in the action, Sarah, at least price-wise, between, say, City and Wells on their results.

Well, also just this, the higher rates picture is affecting these banks differently. We always look at the net interest income. And it was a big miss on Wells, and that's partially potentially why the stock is getting punished today we're

gonna talk to the cfo of wells fargo

on money movers but the nine percent decline in net interest income david the

fact that they

don't appear to be making as much progress on the expense side

which was the bull case in part for the stock

uh... that that's certainly

two of the knocks against wells Fargo that I'm seeing

this morning. But you don't see, for JP Morgan, that net interest income number was a beat,

a slight beat. And they reiterated guidance. So I think there's a question now of how rates

settle now that we're expecting two cuts from the fed and whether we've seen

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