Market moving insight and analysis.

Join Jim Kramer, David Faber and me, Carl Kintanilla, on the opening bell hour of CNBC Squawk on the Street. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintania with Sarah Eisen, Mike Centolia, post-9 of the New York Stock Exchange. David and Jim have the morning off. Bulls may look forward to putting this tough week to bed. Futures down. S&P's set for three weeks lower, longest streak since February, even with this

slight bid and bonds.

Got some options expiration today as well.

Our roadmap begins with the markets, though, extending this week's losses after major

indices closing below their respective 50-day moving averages.

Also, I had the mega-cap tech correction led by Apple, this month's

worst performer on the Dow. Plus, activism in the restaurant sector, Outback Steakhouse

parent, blooming brands up sharply after Starboard Value discloses a stake in the company.

We've got more details. Let's begin with the markets extending this week's losses. Not a lot going right. And

today, Mike, a lot of it surrounds China. And worries about not just weak growth, but the debt

burden as well. You wouldn't say it's a new factor, but it's one that's been on the list of

worries. Now it's kind of bold and italics. And I think you have one of these situations where

once you have this pretty sharp

breaking momentum to the upside several weeks ago, some breakdowns in the longer term trend,

some concerns about, you know, valuation that were always there that are being exacerbated.

And then why has the yield become unanchored, treasury yields, and even global yields?

So all that stuff in the mix. and then you have the related concern of,

oh, what might stress points might we see emerge out of that?

So all that's in the mix. I do think also yesterday with the yields

making those new kind of 15 year highs, you started to see the impact on consumer cyclical areas.

So housing stocks had been very strong, took a break, other consumer discretionary as well,

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