Market moving insight and analysis join Jim Kramer, David Faber, and me, Carl Kintania, on the opening bell hour of CNBC Squawk on the Street.

Good Thursday morning. Welcome to Squawk on the street. I'm Carl Kintanaia with Jim Kramer, David Faber, post-9 of the New York Stock Exchange.

Equity futures under pressure all morning as the street continues to sour on Mega Cap Tech. But some improvement just now as Q3 Core PCE comes in a touch light at 2-4,

even with GDP at a whopping 4-9.

Our roadmap's going to begin with the tech wreck, including Meta, shares under pressure,

as guidance overshadows this quarterly beat.

Also ahead, the UAW and Ford reach a tentative agreement in early six weeks after the union began that walkout against Detroit's big three.

Plus, Morgan Stanley says it's got its new future leader.

Don't miss a first on a CNBC interview with incoming CEO Ted Pick and current chief executive James Gorman.

That will be in the next hour of Squawking Street.

Let's begin with the NASDAQ, which is set to fall deeper into correction territory.

The NDX coming off its worst day of the year, Jim, now down, what, 11 from the July highs?

Yeah, it looks like the mega caps are catching up to the decline of everything else.

And I think there's this kind of overwhelming

sense that they all went too far, that they all got overvalued. Now, I do not share that,

and we're going to get to Meta. But these are not ultra-expensive stocks. There are a couple of turns

in PE, meaning that they're just slightly expensive than the rest of stocks.

But, David, they've become major sources of fund.

And I think that it's far more correlated with the bottom market than the actual earnings.

Yes, Google did not tell a good story, but it wasn't like they missed it.

Meta, other than a few lines that were about meaningful spending, meaningful hiring, and then also

obviously difficult to advertise during when you have a war, it was quite good.

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