Market Moving Insight and Analysis. Join Jim Kramer, David Faber, and me, Carl Kintanilla, on the opening bell hour of CNBC Squawk on the Street. Tuesday morning, welcome to Squawk on the Street. I'm Carl Kintania with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange. Stock's taking July CPI in stride as year-on-year headline comes in a 10th light. Year-on-year core is the highest since February

at 3-1. We'll get to the internals as some of the short-term rates drop. Roebap begins with the chips

and trade. China reportedly urging local companies not to use Nvidia's age 20s, despite the

president extending tariffs on Chinese goods, the duration period on that reprieve,

another 90 days.

Also ahead Elon Musk, threatening to take legal action against Apple over its app store,

how its app store ranks apps, particularly, as you might imagine, Glock.

Plus, circles out with his first quarterly results as a public company.

That includes a revenue

beat. Stock up now more than 450 percent. It just went public in June.

Let's begin with Mark of Reaction to July CPI, Jim, working through some of the numbers.

Apparel, footwear, airfares, some of the culprits this month.

Right. I mean, I always read these and I think, okay, when, I've learned to question everything since the labor department. We got everything. It's jump ball and everything. And I just think that if you shop at the wrong place, you're going to pay more. I mean, like, for instance, furniture up. Wayfair. Hey, go to Wafer, go to IKEA. Don't just drink, eat the meatballs, David. Go to IKEA.

I mean, you can I go to Wayfar. Go to IKEA. Don't just drink. Eat the meatballs, David. Go to

IKEA. I mean, you can do things to minimize this. And I think that this is why I keep saying it has to be outsource. Because I don't think these people seem to know that if you go to the wrong place, it's expensive. You go to the right place. It's not. But it doesn't seem to matter. And I think it's therefore somewhat of an irrelevant number.

We all trade off it.

But it doesn't seem to matter. And I think it's therefore somewhat of an irrelevant

number. We all trade off it, but it doesn't really matter. David, I think that we all are starting

to come around to the idea that all these numbers need to be rethought. What do you mean when you

say that? I mean, I would think this number was important. Obviously, the Fed continues to look for real

impacts in terms of prices from tariffs, and it's not happening. It's from the Bureau of Labor statistics. So I mean, like, hey, goodbye. Because you're not going to believe them any longer as a result of the change in leadership there? No, I'm not. I'm not going to leave anything. Well, that's not good. How are you supposed to navigate macroeconomics? I look at companies.

And the markets?

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