Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Cantonia with Jim Kramer, David Faber, post-9 of the New York Stock Exchange. Future's looked at a touch more to Tuesday's melt-up as Goldman wraps up the big banks. We head into mega-cap tech tonight with Netflix and Tesla. UK inflation is relief and yields a lower as housing misses as well.

Our roadmap begins with the markets, though, major indices hitting their highest levels in

more than a year.

Traders closely watching corporate results, Goldman with a revenue beat.

Plus the FTC and the Department of Justice announced those long-awaited new guidelines

on how those enforcers will go about enforcing merger law.

Meantime, Microsoft Activision, they extend their deal until October.

We'll have more on that.

How about Carvana shares surging?

The company reaching a deal to cut its debt by more than a billion dollars.

Let's get to Goldman, though, joining the bank earnings parade.

A lot to dig in here, Jim, including return on equity, which is maybe among the lowest of the group.

Yeah, but there are some specifics that actually drove it down, including the green sky issue.

I would say the ultimate issue with Goldman Sachs is they're not as bullish as Morgan Stanley was about the green shoots,

even though they have a deal, a pharmacy, by the way, it's a cosmetic deal out of Israel, there's a problem.

And they think that's an arbinger.

They're seeing good IPO pipeline. Right. And let's not forget, if they go wealth management, the margins are going to be much higher. And that's where they're headed. I regard the quarter. The stock weren't up big yesterday. I think it'd be fine. You have to regard this quarter as a one-off, don't you? Look at this. It's one-off. Return on tangible equities. Yeah, but they had to take... Horrible. They had to take... They're getting out of a lot of stuff. Right.

The green... Look at this return on tangible. Equities. Yeah, but they had to take.

They're getting out of a lot of stuff. Right. The green sky. Yeah. Green sky was bad. That was $670 million. This is not positive. It's not a positive. Roughly. It is suboptimal. Right. So you're not concerned overall? No, because I keep seeing whether, no, we're going to have that there's some new merger guidelines that I think are just as answers for these guys. Well, we're going to get to that. But no, but I think that. I mean, an annualized return on equity is still only running at 7.8%. I think that they can have a higher one. I think that they have made a commitment with Green Sky. I think that

everything is for sale. It's difficult to sell the Apple deal they have because Apple has to go

along with it. That matters. They have some real estate that they have to get rid of. But the fact

is they're going back to the roots. And the roots is a very profitable business. You have IPO.

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