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 Kintanio with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange.

We kick off the month of October with the first government shutdown in seven years. Futures are weaker, 10-year yield at a one-week low as September ADP comes in negative, worst print since March of

2023.

Roadmap begins with nine hours now into a shutdown after Republicans and Democrats fail to

reach a deal on spending.

The shutdown means Friday's jobs.

Data probably will not be released, but we did get a key private payrolls report this

morning showing the biggest decline ins report this morning, showing the

biggest decline in two and a half years during the last month. And we'll keep me an eye on insurers

in Nike. They are rallying, at least in the pre-market, some optimism around the company's turnaround

plan that at least those who are long, the stock hope is gaining momentum. Thank you. You're welcome.

Let's begin with this government shutdown now underway. The Senate failing to pass legislation last night before the midnight deadline.

Republicans, Democrats blaming each other for the stalemate. CBO says about 750,000 workers

would be furloughed each day. Employees deemed essential like TSA agents, members of the military, will be forced to work

without pay. Jim, if this lasts into the BLS reference week in mid-October, those furloughed will get

counted as unemployed. Some say it could take the rate up to 4-7, maybe, we'll see.

Yeah, and I think that this is the one number that could surprise everyone

is pretty complacent about it and some people were 700 000 some of your 900 000 what i'm

if it's over a million a million people are furloughed i mean that's going to be ding the economy and

then i i was wondering i saw palli frontier down today in palanterre I said 50 goes to 100, 100 goes to 150, 150 goes to 200.

But this is a company that does a lot of government business.

...