It's Jim Kramer here. You're listening to the opening bell of CBC's Squawk on the Street. Don't miss a minute of the action. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kentonair with Sarah Eisen, Mike Santoli at post-night of the New York Stock Exchange. David and Jim have the morning off. Holiday weekend, but not before we chop a little more wood. Debt ceiling deal reportedly gets a bit closer. City upping

U.S. equities and April eco-data runs hot, including Core PCE. Two-year-4-6 is the highest since March.

Our roadmap begins with the macro outlook, several retailers with results. We'll get the latest

reads on the consumer and inflationary headwinds. Plus, D's race to avoid default negotiators reportedly closing in on a deal.

And Ford's surprise EV partnership, striking a deal, a charging deal with Tesla.

Let's begin with the markets, the futures holding in there as the Dow has now suffered a five-day losing streak,

closing below its 200-day moving average for the first time

since late March. Mike, a conversation this morning definitely about core PCE spending and this

idea that the recession calls may continue now to get pushed out. Yes, pretty familiar theme for

the last few months, which is the economy seems to be holding up better

than at least a lot of the forecast anticipated and inflation is a little bit stickier.

So the processes we thought that were going to be underway with the Fed tightening this much

and having the lagged effects of that come through have not really had as much of a bite as we

might have thought. Now, where does that

leave us? I mean, the market in general, the typical stock's been struggling, pricing in some

degree of slowdown. Earnings are flattening out, but maybe are done being revised lower for the

moment. So you have this kind of caught in between type of action outside, of course, of the big marquee, beloved mega-cap growth

stocks we keep talking about.

I mean, everybody is pushing back against the notion that the market has been so resilient.

We get so many emails about this.

Tony Dwyer of Canacore.

The top eight performing S&P 500 stocks account for 118% of year-to-date gains in the S&P 500. This has not been a broad rally. Well, this chart right here, I think Deutsche just weighed in a couple of moments ago, and Mike, you've been all over this for so long. But they're calling it the narrowest rally in a century by some metrics. Yeah, it depends how you slice it, which of the stocks you want to count in the anointed bucket.

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