Market moving insight and analysis join Jim Kramer, David Faber, me, Carl Kintania, on the opening bell hour of CNBC Squawk on the Street.

Good Friday morning, welcome to Squawk on the Street. I'm Carl Kintanio with Scott Wapner, Mike Santoli, a post-9 of the New York Stock Exchange.

Kramer in favor of the morning off. Futures do erase some losses here is January core CPI prints in line up to five year on year.

Ten year drops to 407. That's the lows of the year.

But these AI jitters do persist as MagS.

in a technical correction, Amazon, Microsoft, and some bare markets.

Our roadmap begins with phantom AI fears fueling big market volatility, software, transports, commercial real estate,

brokerages all among the hardest hit, but is the sell-off overdone?

As Carl was saying, the Mag 7 trade under pressure, Apple shares coming off the worst day since April,

Amazon joining Microsoft in a bare market, which shares lower once again pre-market.

Tariff rollback, the White House reportedly considering scaling back some steel and aluminum

tariffs.

Let's begin with market reaction to CPI, digging through some of the internals here.

Electricity and gas prices did, or gas prices at least, did a lot of heavy carrying a lot of

water this time, Mike?

They are. I think the bigger picture is mild relief because everybody was tensed up for the tendency of January CPI to run a little hotter than expectations.

So I think that you get, you know, a little bit light on headline.

Core comes in where you thought. It still can tell a kind of Goldilocks disinflationary

story.

That was enough at least to kind of keep some of the pressure away because we were looking

at negative opens for the equity indexes.

The two-year yield drops to a cycle low.

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