Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kington-Aer with Mike Santoli, David Faber here at Post-Nine of the New York Stock Exchange. Kramer has the morning off. For the second time this week, stock's taken a glass-half-full view on some hot eco-data. this time PPI doubling expectations.

Hottest annual rates since September,

10-year almost hits highs for the month around 40. some hot eco data. This time, PPI, doubling expectations. Hottest annual rate since September,

10-year, almost hits highs for the month around 423. A roadmap begins with that other key read on

inflation. PPI higher than expected, as we said. Plus, Tesla shares, well, they continue to have a very

rocky ride this year. In fact, they are the worst performing stock so far on the S&P for

2024. Another firm cuts their price target on that stock. And former Treasury Secretary

Stephen Mnuchin telling CNBC just last hour that he is putting together an investor group

to try to buy TikTok or the U.S. business. Let's begin with the market reaction to

PPI and retail sales as well, which did sort of recover last month's decline. A little bit

light control group, a goose egg. It's going to be interesting for GDP. For sure. And, you know,

as you mentioned, the market trying to look past it, struggling to do so maybe. CPI this week,

you had these big treasury auctions that maybe we thought it would knock the market potentially

off course. Now, there was a hiccup lower in the indexes, and bonds definitely are registering,

you know, this hotter than expected inflation number, 10-year up to 422, two-year yield up to 465 at this point.

If this were an acutely fed dependent stock market, it might matter more on a day-to-day basis to equities.

It's not been the case.

If you dial back to December when we first got that Fed pivot and everybody got excited about how soon the Fed might cut because inflation was going to be friendlier and all the rest.

To me, the argument was at the time good news on the economy can now be good news.

It kind of doesn't matter when the Fed cuts if they kind of are looking for an excuse to do so and the next move is lower.

And then you had the criticism that this is way concentrated market that only six stocks were

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