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 David Faber with Sarah Eisen and Mike Santoli. We're post-9 of the New York Stock Exchange. Carl and Jim have the morning off. Let's give you a look at futures. Of course, we get started with the final day of trading. You can see we are set up for, I don't know, usually I defer to somebody else to tell me even what that looks like.

Mike, you want to...

It's flattish on the S&P. day of trading. You can see we are set up for, I don't know, usually I defer to somebody else to tell

me even what that looks like. Mike, you want to? It's flattish on the S&P. There you go. Nasdaq has a bid, yeah. Thank. That's kind of insight we look for here at CNBC. Let's get to our roadmap this morning. It does begin with this morning's economic data. PPI did come in hotter than expected. it did further complicate perhaps that picture for future inflation.

Plus Nike, the latest company. It did come in hotter than expected. It did further complicate perhaps that picture for future inflation.

Plus, Nike, the latest company announcing job cuts slashing more than 1,600 positions.

And shares of Coinbase are surging in the pre-market after the company posted its first quarterly profit in two years.

All right, we do start with this morning's PPI report.

0.3% for the month of January, and I'll turn to Sarah to sort of give us the sense here.

We've gotten a CPI and now this, so where do we stand?

It was not a great read because what we were hoping going in after the hotter consumer

price inflation report is that PPI, which measures

the prices in the pipeline, it's business to business. It's not business to consumer, so it's before

the price increases that we get from corporations. We were hoping that would be lower, and it has

been a lot lower than CPI. Now, it is still lower overall. Year on year. It's only 0.9%. However, it's higher than

expected. We were expecting that number to come down. So the 0.3% headline compares to a consensus

that was looking for 0.1%, the core, which strips out food and energy, we know the Fed looks at,

0.5% on the month. That was a lot hotter than the 1.1% expected.

It was all a story of services.

Goods are deflating in many categories.

And actually, it was good to see that food prices were down as well in that PPI report.

...