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

Good Thursday morning and welcome to Squawk on the Street. I'm David Faber with Jim Kramer, live from Post 9 at the New York Stock Exchange. Carl Kittanilla is at the Olympics in Paris. Let's give you a look at futures. We're setting up for a higher open. Not sure that means much, course if you followed yesterday we looked like we were set up for a higher well we were higher

open but not a higher close. And let's start with our roadmap this morning, not on the markets, but on what's affecting them, namely the odds of a U.S. recession, J.P. Morgan, citing easing labor market pressures

as it raises those odds. Plus,

Eli Lilly, the biggest gainer on the S&P

pre-market. It blew

past earnings estimates, hyped

its guidance on strong sales of what,

everybody? Come on. Yeah,

of course. It's weight loss drugs.

And shares of Warner Brothers discovery

tumbling on its latest results included a

$9 billion write down. It's a goodwill impairment charge on cash. Not cash. Not cash. TV networks.

It's not a great business to be in. But here we are a TV network. And we like to talk about the

markets here. Hopefully still watch us and pay for your

cable bill for doing that. We've got a lot of volatility. Major indices coming off their fourth

negative session in five. And Jim, I did reference, of course, yesterday. We can watch it,

tick by tick there. Look like we had a nice start. You and I left the air, or when you left

at 10 o'clock, things looked fine. It was a great day. It was a beautiful day. Trying to get an answer to what happened. You know, as usual, nobody knows anything. What do I got here? It's a reduced risk market instead of a buy-the-dip market. The VIX is still higher. It's August. There was a 10-year retracement. We're repricing risk. We're waiting for the

NVIDIA print. We're in a holding pattern. I don't know. What do you got? Well, what a pile of,

okay. So let's just look at a pile of what? Let's deal with reality. Okay. Yesterday was a day,

I think, defined actually by the stock of Walt Disney. Okay. Because things look good, very good. Then you peel the onion and you find that things are not that good. And you keep coming back to this. Although we knew that first thing yesterday morning, I will say. Sorry. We're well ahead of the game. We're at Warp Speed. We're at Warp Speed to use a program that I know you liked.

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