Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street. Good Monday morning and welcome to Squawk on the Street. I'm David Faber with Jim Kramer. We're live from Post 9, of course, the New York Stock Exchange. Carl Kintanilla is in Paris at the Olympics. Let's give you another look at futures. You just heard Joe and Andrew talking about what is going to be a significant sell-off when we begin trading 30 minutes from now.

And as you might expect, of course, that's where we're going to begin the show that global market sell-off.

Stocks are set to tumble at the open amidst worries about an economic slowdown.

This follows Friday's weaker than expected jobs report.

The NASDAQ, by the way, already is in correction territory heading into today's session.

And overnight in Asia, one reason why we're seeing this global selloff.

Nika plunged, yeah, that's true, 12%.

That was the biggest one-day drop since Black Monday back in 1987, a day that Jim and I both remember well.

We were both working back then.

So we've been through days like this.

I don't even know how many times, not to mention a global financial crisis.

So always want to put these things in perspective.

Japan was unique in a way, though.

That kind of a sell-off specific, Jim, to the yen carry trade,

to what has been a significant appreciation in the yen as a result of

that rise in interest rates there to try to combat inflation.

We'll talk more about the connections there,

but give me your take on this morning and what we can expect.

I think that when you see the Dow and NASDAQ decline by a percent every hour, lockstep

with Japan, I don't think you can therefore say, you know what, the problem here is the data center slowdown.

I don't want to foment problems.

There's enough things that are wrong.

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