Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Kintanilla, on the opening bell hour of CNBC Squawk on the Street. Good Wednesday morning, welcome to Squawk on the Street. I'm Carl Kaintena with Jim Kramer, David Faber, at post 9 of the New York Stock Exchange. Future is pretty steady, but we got a bunch of movers, especially in consumer, as Foot Locker Pelotong get crushed on results.

Meantime in Europe, PMIs, a 33-month low, dollar getting a bounce, even with the tenure back to four and a quarter.

Our roadmap begins with a retail reckoning.

Foot Locker is the latest to cite consumer softness, slashing their guidance,

and Nike notching the longest losing streak since the IPO.

Shows of Invidia. Well, they've hit record after record of late and are potentially higher ahead of the open. Investors, of course,

will be closely watching those quarterly results. They will be delivered after the bell.

And how about some concern about housing? Mortgage demand is dropping to its lowest level in 28 years.

Toll Brothers, though, out with earnings and points to a supply demand imbalance in the market.

Let's begin with Foot Locker, though, extending the retail route we've seen the last couple of days.

Quarterly revenue missed, slashing their guidance, suspending the dividend.

CEO Mary Dillon says the company saw a softening of trends in July, Jim. And we mentioned Nike in this losing streak we've seen the last nine days.

And so, look, Mary's got, she turned around Ulta, took her a couple quarters to get it right. You could argue she could turn around footlock, or I would point out,

and I think this is important, they do have 180 mil in cash. They have 600 million credit line,

and they will have to use it. I've known her for a long time, and she's got great strength of

character, which is what's going to be needed, because David, frankly, when

you have minus nine same store in August continues, and you've got a lot of stores, you've got

to close, and you have a lot of inventory, I mean, a huge amount, you know, almost two billion,

you don't have to discount the heck out of it. I believe Mary, and so far it's been a mistake,

but she's got a track record of being able to turn around.

It's just the clock may be ticking here.

Yeah.

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