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 Kingtonia with Jim Kramer at Post 9 of the New York Stock Exchange.

Faber has the morning off. Futures are under some pressure as yields bounce on some hot inflation reads around the globe.

Canada yesterday, Australia today. That said, several upgrades today for names like Apple, Depot,

Shopify, and more. Our roadmap begins with Invidiat today, extending the rebound, returning to

that $3 trillion valuation club. FedEx surging after posting that Q4 beat, reversing six straight

quarterly sales declines. And there's Rivian soaring on this Volkswagen plan to

invest up to $5 billion in the EV startup. Let's begin, though, with the markets. The Dow's

coming off the worst session of the month, and Vitiya shares continue to rebound. Jim,

are you thrown by Australia CPI running hot at four? Is that what this is about?

I do believe that what we're stuck with is this endless running hot.

There's always some component.

And it's wearisome because we know that as long as there's one component,

then you're not going to get the need to make a cut.

If you don't need to make a cut,

then you have things like what happened with this pool corp yesterday. I mean, this is a $12 billion company, but it just reverberated throughout housing, throughout everything in a house, without everything, out of house. If it weren't for the fact that you had carnival, you would say the consumer's in trouble. Now it just look like, well, the consumer narrative is they're not spending in their house. They're spending on trips, but they're not spending in their house because they can't sell their house and don't want to sell their house because they can't buy another house with a low mortgage. It's a very long conundrum which just says we still have inflation system around the globe. And central bankers, if they talk to each other, they're going to say, no. Not yet. Not yet. Not yet. That said, we do have mortgage rates at a three-month low today. We did get D.A. Davidson

upping Depot back to hold. I thought that was a good piece because it did say you have to buy it

at this point, at this juncture. It just usually doesn't have this discount to its high

and discount to its all-time high.

Look, I like the piece because I like Home Depot as a concept, but I don't think that this market likes you to buy a stock that isn't at its last bad quarter.

It's, you don't have it.

I mean, I think that yesterday's pool corp was, it was devastating for Home Depot.

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