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 Sarah Eisen with Jim Kramer.

At post nine of the New York Stock Exchange, Carl and David have the morning off.

Taking a look at futures, we've had a losing streak, end of the year, beginning of the year.

Let's see if it changes today. futures up 122 s mp futures

up 16 nazex futures up 67 we started higher yesterday faded all the way into the close we'll see if

it holds today our roadmap begins with stock searching for direction after that december

pull back why one strategist was warning this morning of a correction ahead. Plus,

shares of U.S. steel falling as President Biden does block the $14 billion sale of the company

to Japan's Nipon Steel on national security grounds. And a cancer warning. Shares of spirit

makers under pressure, the U.S. Surgeon General calling for new labels,

warning of significant health risks. We're going to hit it all, but begin with the markets.

As stock looks to reverse their recent slide, Jim, which I know is disappointing way to start

the new year. We've now fallen for five straight sessions for the S&P and the NASDAQ,

longest losing streak since April.

Look, I think that in many ways, people expected things to be great. And then those last week, after we've been down, the market was oversold. It was a little surprising. So I kept hearing, well, maybe one or two large funds were taking promise. That's clearly not the case. Something bigger going on. And what I think is bigger going on is that

when I look at the kind of things that you're seeing from a beautiful Bank of America piece this

morning, about how strong the market has been, momentum, growth, and mega caps. People like to

take profits on those. And I don't blame them. I think that if you don't take profits after you're up huge, you're not, you're being too

greedy.

So I think there's some very common sense cool reason.

So you don't think it's anything fundamentally that's changed that would make you question

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