Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street. Happy Friday, everybody. Welcome to Squawk on the Street. I'm David Faber with Sarah Eisen and Mike Santoli. We are live post-thine at the New York Stock Exchange. Carl and Jim have the morning off. Let's give you a look at futures. You just heard Becky say we have taken a bit of a turn lower, at least. It would appear when we open. We're going to be down rather substantially on some of the broader averages. Let's get to our roadmap this morning. It starts with the banks. J.P. Morgan, City, Wells Fargo. They all reported earnings all appear to have been fairly strong. We're going to break down the quarters. Plus, BlackRock now managing nearly 10.5 trillion in assets. We're joined exclusively

by Chairman and CEO Larry Fink. That'll be later this hour. We're also watching the semis

this morning. Qualcomm, Intel, AMD, and NVIDIA, all moving lower ahead of the open. China reportedly

telling its telecom carriers to phase out foreign ships.

I want to start off with the banks and with that downturn in the market as well.

Of course, earnings season kicks off with the likes of J.P. Morgan and Wells Fargo and City, for example.

Mike, I'd love to just turn to you quickly and just get a sense on the market as well.

Yeah. We had an interesting day yesterday with that move up in Apple shares, particularly as the day went on, obviously

moved the NASDAQ appreciably higher. But what do we think is behind some of the weakness

we're seeing beyond these bank earnings, which at the worst are a mixed picture.

Yeah, I don't think it's bank earnings, necessarily the catalyst.

Yesterday, the indexes were rescued by not just Apple bouncing on some reports about some

AI MacBooks and whatnot, but Nvidia going up 4%, because this is the market we have.

When we get nervous about macro and yields and inflation and we've had a 10% pullback

in Nvidia and some of the other AI stocks, well, the market when it gets defensive actually goes

into the growthy secular names. So I think that was yesterday. What we have now is a market that has

been sort of chopping around very familiar levels for about four weeks. I think no matter

what you thought heading into this week, the picture did not get any less complicated with what we

learned this week in terms of inflation being sticky, repricing the Fed's path, bond yields going

up to multi-month highs. I don't think that we have to have a strong, specific rationale for why

gold is going vertical to say maybe when gold is going vertical, things aren't necessarily

as settled as we'd like them to be. So what we have this morning is, again, going to test

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