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

Good Thursday morning, and welcome to Squack on the Street. I'm Sarah Eisen with Jim Kramer at Post 9 of the New York Stock Exchange.

David's on assignment. Carl has been warning off. Taking a look at futures. The Post-Powel celebration continues.

Dow futures up 220. S&P futures up 38. We are saying buying across the board, NASDAQ also getting a bit about 200 points, continuing yesterday's afternoon rally. It's actually the fourth consecutive day of gains on the back of lower treasury yields. Our roadmap starts with the Fed. One day after its rate decision, we're going to break down Wall Street reaction to Chair Powell's comments. On the earnings front, Starbucks among this morning's top gainers, demand for higher-priced

beverages helping to fuel better than expected results. You also have anti-obesity drugs driving

quarterly profits at Lilly and Novo Nordisk. But there's much more to that story. We will fill

you in on this very busy day of earnings.

We're going to begin, though, with the aftermath of yesterday's Fed decision. Yields moving lower this

morning, Dow and S&P, each aiming for a fourth straight day of gains. As I mentioned, NASDAQ going for

five, Jim. The market heard what it wanted to hear, which is that they think the Fed's done. A lot of shorts have to cover.

I felt a combination of what Powell said, which was basically going our way. There was one moment.

Of course, we said, listen, we didn't talk about cutting. But that plus the underrecognized

quarterly refunding statement, which was supposed to be business as usual,

but was anything won by now my new hero,

Assistant Secretary for Financial Markets, Josh Frost,

made me probably pass this guy 100 times with going to Wendy's or the Dunkin Donuts to the Fed.

But the fact that there's mostly 10-year and 3-year

makes it so that there's what could be equilibrium on the 30.

And that plus what Powell said really does create a momentary, let's say, squeeze.

Because maybe there won't be enough 30-year paper and maybe they're not enough stocks in the S&P 500 for sale right now, including Magnifices

7.

True.

...