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

Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintenea with Jim Kramer here

at Post 9 of the New York Stock Exchange. David Faber is at CNBC HQ this morning.

Pre-market is pitting its hopes to some relief in bond yields after ADP comes in light.

89K, that's the lowest in almost three years.

Ten year yield back below four and three quarters.

Oil also near a three-week low.

Our roadmap this morning begins with Treasury yields.

Still hovering in multi-year highs, though.

Stocks look to regain some of yesterday's big losses.

Plus one time, one long time Apple downgrading the stock,

citing high valuation and concerns of soft U.S. growth.

And it's the largest health care strike in U.S. history.

Some 75,000 union members at Kaiser Permanente walkout of hospitals and medical offices.

Let's begin with the markets. Dow coming off the worst day since March, as you may know by now losing its gains for the year to date.

Jim this morning writing a lot about the tyranny of the 10-year, as you put it.

Yeah, look, I mean, I think that there's a consensus building that you can't have the yield curve be the shape that it's in now.

I know there's probably boars a lot of people of pros, but if you're just trying to figure out, like, what the heck is this all about? There's a sense that if you go out 10 years, we've got to go to the usual, which is that there's a steepening curve, and we're all going to have to pay a little more if we go out long, a meeting that, like, so you need a

mortgage that's going to go higher.

And we got a number that was a little softer today from ADP and actually showed you

that there was not as much wage growth, which is what people are worried about with the Fed.

But I'm much more concerned about issuance.

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