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

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kington here with Jim Kramer at Post Night of the New York Stock Exchange.

David Faber is the morning off. We kick off the month of June. Futures lower. Some increasing tensions on trade, on geopolitics, oil's up 4%.

Congress returns. Got an important week of data coming at us,

a job's number on Friday.

Our roadmap begins with new month, same trade tensions as the S&P does notch its best May since

1990.

China accusing the U.S. of violating that trade truce, as Trump and Xi may be said

to speak this week, and Tesla shares are pulling back, another weak sales month in Europe.

Let's begin with the markets as we do enter a new trading month.

Jim, June is historically kind of rocky, starts out strong and then weakens in the back half.

Well, there's a lot of money comes in at the end of the teaching year.

Look, I think that we were down one and a quarter percent on Friday when the president made a very offhanding comment that he'll be talking to shitty. And then I think people felt, well, he might talk this weekend. So we better cover our shorts now. Come in Monday. He does not talk. So then you see a, just a recreation of where we were,

but probably where we were at 115. Look, I think people are very beleaguered by the fact that

there's, the trade talk seems to have gotten worse, not better, with China. And I think that

everyone's scrutinizing every single thing. Like we're back, NVIDIA's down again. Now, why is NVIDIA down? Well, because invidia, they absolutely think that there's going to be something that happened. You know, Jetson came on my show and said, listen, he is trusted, he trusts the president. But how do you get a deal?? I'm going to video up. Maybe someone even knows somebody. I don't know. I mean, you look at it every second. It's going to drive you crazy. Yeah. There is a bit of a two-front war developing with these steel tariffs and the European pushback this morning that they strongly regret Trump's speech in Pennsylvania Friday. Well, what's

interesting is that I think if you bring in the Cleveland Cliff CEO, because he's the one who's

most affected, there's Trojan horse trucks and cars coming in. You build something in Mexico

and you use foreign steel. It's a way to get around our rules.

And I think what González is looking for, see, of Cliffs is some statement which just says,

you know what, you can't put that steel in our cars, you've got to make them here.

Remember, the whole theme of the president keeps coming back to, if you make it here,

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