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 Kinteneer with Jim Kramer and David Faber, live at Post 9 of the New York Stock Exchange.

Futures modestly green here as the market absorbs the morning of soft eco-data. PPI down 5-10s is amiss.

Retail sales down 1-one more than double the estimate,

yields backing off across the curve two-year near 412. Our roadmap begins with easing recession fears

in Davos anyway as hopes rise for a soft landing. But BoJ holds rate steady and a bunch of economic

data crushing the tape today. Plus mounting tech layoffs, Microsoft reportedly considering cutting what might be as much

as 5% of its workforce.

And shows of Moderna, they are rallying ahead of the open, the company reporting positive

results for its RSV vaccine.

Let's begin with the markets as the NASDAQ tries to extend its daily wind streak to eight

now, Jim.

We mentioned the data, and we'll get a little bit more in a few minutes with industrial

production. Look, I think that we're getting exactly what we were looking for, different from

what the bears were looking for. You're getting softer data, but not so soft that you're going

to begin to believe that things are, are

cratering. You do have mortgage rates falling to lowest levels since September. I don't even know

if J-PAL wants that, but the bonds, interest rates are going lower. David, what I see happening

is kind of quintessential soft landing. And that plane has been very difficult. But right now, the plane looks

like it's got the runway insights. You see this note from Sky Kalanavik at J.P. Morgan,

not saying we're getting towards the end of this rally? Well, look, I mean, it's so many days.

This wind streak, by the way, is matched by one from November 21.

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