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

Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Cantonia with Jim Kramer, David Faber, the New York Stock Exchange. Pre-market takes a breather after Wednesday's record highs.

Morgan Stanley buying e-trade for $13 billion.

And Clarita says the economy is strong.

Europe's down slightly.

Philly Fed prints its best beat ever, best number since 2017.

Our roadmap begins with a massive deal.

Morgan Stanley buying E-trade for $13 billion,

reshaping the storied investment bank.

Morgan Stanley's CEO James Gorman will join us in the next

hour. And via Com CBS, it does miss forecast. It's his first earnings report since its mega merger.

It also increases projection of how much the combination will save in expenses and most importantly

is the guidance, which we'll get into as well. Plus, done deal.

Les Wexner giving up control of Victoria's Secret, selling a 55% stake to Sycamore,

and stepping down after 57 years as CEO of Parent L Brands, shares are down on that news.

We'll start, though, with the deal of the day.

Morgan Stanley agreeing to acquire each rate in an all-stock transaction valued at $13 billion, $58.74 a share. It comes three months after Schwab and TD Ameritrade announced their own merger deal. A lot of discussion to buy, but why not Robin Hood and what this means for the sort of the framing of their wealth management business.

I mean, it is kind of amazing.

The most recent stuff, they had about 5 million accounts, maybe a little more.

Robin had got 10 million accounts, kind of no time.

They were like land speed record for accounts.

I think that their success is driving everything.

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