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

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Cantonea with Jim Kramer, David Faber, the New York Stock Exchange.

Coming off the highest S&P closed since July, but futures will have to swim against that revenue guide from Amazon last night.

More China trade and Brexit uncertainty today.

Europe's mixed, despite some talk of stabilization in the German EFO Confidence Report,

10-year 175 will get final Michigan sentiment in about an hour.

Our roadmap begins with Amazon's rough quarter, reporting its first year-on-year profit decline

in more than two years. Shares down 6% ahead of the bell is now the time for investors

to get in. Plus, turnaround for the chip makers. Intel delivers a big earnings beat. Demand,

though, a far outpacing production. And the case for wealth taxes, what Lloyd Blank finds

says he'd be willing to pay higher taxes for.

Let's start with Amazon, though, when earnings missed, disappointing holiday quarter guidance weighing on the stock as the company ramps up spending on one-day shipping.

In Amazon's earnings release, Jeff Bezos said, quote, customers love the transition of Prime from two days to one day.

They've already ordered billions of items with free one day delivery this year.

It's a big investment and it's the right long-term decision for customers.

We've been down this road before and their track record, Jim, historically, is pretty good on this.

Yes, I think that there's a perception that they were downbeat.

And I think that perception is wrong. I think that they are quite confident that they have what people want.

I think they think it's going to be a great Christmas. If that was somehow lost in the translation, that's a mistake.

Now, there are people who are selling it. My experience is when you see this stock selling, selling down like this, usually the brokers who've got some order are saying, sell it down to 1650, sell it down to 1650. So they nail that, and then at the end of the day, they bring it back here and they go to the customers, say, hey, listen, I did better than the average price. This stock is a buy, I believe, by next week, midweek, when we realize what they're doing

is what everybody needs to do, which is one day. One day is what we all want. So they're giving

you, they have a customer's always right position. They're going to give you what you want.

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