It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street.

Don't miss a minute of the action. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Canton-Away, Jim Kramer, David Faber, post-9 of the New York Stock Exchange. Final day of April, futures do go red, as Q1 GDP goes negative for the first time in three years, even as the price index runs hot.

Short-term yields fall to a new year-to-date low.

A roadmap is going to begin with that raw data pointing to potential costs of this trade war.

The economy contracting for the first quarter, raising some recession fears. Plus policy uncertainty beginning to weigh on a number of businesses.

We've got the latest reads from Starbucks,

Caterpillar, Visa, Yom, and others. Macro headwinds and the consumer, of course, remain top concerns. Starbrook's CEO Brian Nicol also will join us. That's just a few minutes from now.

And yesterday, Commerce Secretary Lutnik said one trade deal is done. The president says an

India deal is near, but we're going to get the latest in White House trade advisor Peter Navarro. And that will also be this hour call. Let's begin with some market reaction, though, to GDP. As we get ready to wrap up this volatile trading month, there's a ton of data today, Jim. Haven't yet mentioned ADP was amiss. And the Treasury refunding stuff we got. I think what's interesting is that we were always hoping that we get some softer data so that rates are cut. And the 10 years look like it's going to. And suddenly we get the softer data and we say, well, wait a second. We don't want softer data. We want better data. David, I leave it to you when you look at the stories. It does seem to indicate

that we were hoping to get through this period without a downturn. And that was frankly, highly

unrealistic. Well, it appears that we already had one. The question is, how long? Sustained,

not a quick blip.

I mean, obviously I don't know the answer,

and I'm not sure a lot of business leaders know the answer at this point either.

Certainly things can become a self-fulfilling prophecy

when you pull back as a result of uncertainty.

Right.

And therefore, you end up creating weakness that otherwise might not have been the case but what you said is not so much

industrial as it is

individual and service we haven't seen any of retailers

i mean i i don't know i mean that will be the beginning of when we start saying

now this policy is supposed to do exactly what?

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