Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kinteney with Mike Santoli here at post-9 of the New York Stock Exchange. Kramer in favor of the morning off. Pre-market just south of the flat. Global equities wrapping up their best week of the year. S&P now up 8% from last Monday's low, just 2% from some all-time highs.

Roadmap begins with that winning week for Wall Street.

Does the rally have more legs?

Plus, the weakest housing starts data since May of 2020,

as Redfin says the share of million-dollar homes just hits an all-time high.

And the Vice President said to deliver a major economic policy speech today

featuring new tax cuts, housing incentives, and price caps. Let's begin, though, with the broader

market in the midst of a six-day win streak. Mike, I think it's the best six days going back to

22? Yes, it's been a good streak. Obviously, makes sense to digest some of that. Really,

if you go back to the intraday low of a week ago Monday, S&P up 8% in eight trading days.

And it's gained back about more than two-thirds of what was lost, high to low.

So what does that tell you? I think it tells you a couple things.

One, the extremity of the stress in the very short term, I think, cleared out so much in the way of accumulated exposure to stocks and positioning and risk assets and all the rest of it.

You see it in all the hedge fund data. You see it in a lot of the sentiment stuff.

And so that creates a little bit of a technical tailwind for that to normalize once something doesn't break as a result of that.

And then the data have come in, as we've

been talking about for a couple days, that allows investors to kind of rebuild some confidence

in the soft landing scenario. So relief across all those fronts. I think the strength of the comeback

says a lot about the build up of anxiety ahead of it, you know, through the numbers about July, softness

and consumer and all of that.

So, you know, what does it take to get you back to the highs in a hurry?

Probably quite a bit.

...