It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street.

Don't miss a minute of the action. Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kintaniel with David Faber at Post-Night of the New York Stock Exchange. Kramer's at one market in San Francisco, continuing his big week out west. Futures come alive on what looks to be the biggest gap higher after a Fed day in more than a decade.

S&P should hit some all-time highs at the open, above 5,700. Jobless claims, meantime, a four-month

low. Our roadmap begins, though, with that big Fed rate cut, sending stock soaring in the

pre-market. One Fed governor voting against the decision, the first official to do so since 05.

Plus are fears of an iPhone sales slowdown overblown. One major wireless carriers saying the first

week of sales came in better than last years. And I'll garden parent, Darden restaurants.

It missed earnings expectations, but stock is rallying big time.

Best name on the S&P ahead of the market open.

Let's get to global markets today rallying after the rate cut yesterday.

During his news conference, the Fed Chair stressed the word recalibration.

Take a listen.

With an appropriate recalibration of our policy stance, strength in the labor market can be maintained.

This recalibration of our policy stance, it's a process of recalibrating to recalibrate.

We're recalibrating policy, recalibration of our policy.

We begin to recalibrate, recalibrating it.

We're recalibrating our policy over time to a stance that will be more neutral.

Jim, I think the J.P. Morgan note is titled Recalibration Nation.

Look, that makes sense. The first move after rate hike often has to be, rate cut has to be faded.

And I'll tell you why.

Because people suddenly say, uh-oh, 50, and then there are other people say 50's not enough.

And then there are people who just say, you know what, this takes away from further cuts down the year.

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