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

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kinteneo, a David Faber, Mike Santoli, at Post 9 of the New York Stock Exchange. Kramer has the morning off. Futures once again on the hunt for some stability after a near 3% drop over two days for the S&P, worst in more than a year. Dow is going to benefit from UNH as corporate earnings pick up some steam.

A roadmap begins with the market volatility. Six

negative sessions in a row for the Dow. Nasdaq's coming off its worst day in a couple of months.

We also have a busy day on the earnings front. We've got United Health, Bank of America, Morgan

Stanley. Johnson and Johnson all a beating on the bottom line,

although different reaction in the markets. Plus, Sarah Eisen sits down exclusively with the ECB

President, Christine Lagarde. They will be discussing inflation, interest rates, and of course,

where the central bank is diverging from the Fed when it comes to rate policy.

Let's begin with the markets today.

Stocks look to rebound again. Similar picture in terms of the pre-marketist yesterday, but we know how

beholden the market is to some of these headlines today. For sure. And beholden to really what

the bond market decides to do with it. The yields are basically still pushing higher at a pretty

moderate pace at the moment,

but in search of the pain threshold for stocks and for the economy.

This has been kind of a similar backdrop to what we had late last year, except with the

economy in more secure footing, it seems.

So we've basically unwound this idea.

You could have the immaculate disinflation.

Now we're all of a sudden talking about the economy almost in overheat mode, even if that doesn't really hold up longer term. So what are we done or accomplished in the markets so far in April? Well, that long streak of no 2% dips in the S&P, that's over. One of the longer streaks ever with the S&P above its 50-day average, that's over.

So you kind of had this unwind of the momentum and the systematic trade that was very, very long going into all this. And it is a lot of it about whether yields impinge. We haven't had yields above

four, six, on the 10-year in the post-global financial crisis world, except for October of last year. So October of last year, that's what really kind of was the crucible of the deepening of that correction. Where was the S&P then? Under 4,400, 41 to 4,400. So it shows you when earnings come through and the economy is in better shape, it's not a one-to-one. Yields are here, therefore, stocks should be here. But if it starts to look like it's in melt-up mode for

...