It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street.

Don't miss a minute of the action. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kinteneer with David Faber, Mike Santoli, post nine of the New York Stock Exchange. Kramer has the morning off. Coming off that record closed, futures mixed as we sit in this brief data vacuum today between CPI yesterday and PPI retail sales tomorrow.

Bonds are under pressure, 10-year approaching for two.

Our roadmap begins with momentum, fueling this market's record run.

How concerned should we be about unwind risk?

We are also counting down to that House vote on legislation, which could result in TikTok being banned in the United States.

Plus, Tesla, quote, ain't looking so magnificent.

That is the view of Wells Fargo, the firm slapping that EV maker with the equivalent of a cell rate.

Let's begin with this ongoing market rally.

As we said, S&P is coming off

that record closed, posting its best day yesterday in March. A lot of discussion. We were

talking about the Wells note today about disjointed momentum trade going on in front of Friday,

Mike. Yeah, it has been a little bit agitated. Now, this has been a sort of a fuse that people

have been watching potentially burned down, this idea that the market was over-reliant on these pure momentum winners. So last Friday and then this Monday, you did see a reversal. You saw it really mostly absorbed in the way of rotation. So Invidia down, you know, 10% high to low, other stuff in the momentum basket.

And laggards took up the slack. Yesterday, a little bit of a reversal. It was a bounce.

I feel like, you know, it's admirable that the market is able to repair itself this way in

the ongoing basis. It's a bull market. The pullbacks have been shallow. They've been brief.

But it still hasn't relieved a lot of what could be the excesses

within it, which is, you know, the extreme outperformance of things like semis and the extreme

reliance on a day-to-day basis on sometimes a handful of names. Yesterday was kind of a 50-50

market breath day, and yet you had the best day in March, and you got a new record. So I think that's why people are still a little bit on guard about the field position.

The market's in a, you know, you mentioned it's quiet on the macro front.

...