Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Kintanilla, on the opening bell hour of CNBC Squawk on the Street. Good Thursday morning, welcome to Squawk on the Street. I'm Carl Cantina with Jim Kramer, David Faber, post-9 of the New York Stock Exchange. Pre-markets had a lot thrown out at it this morning, more regional banking stress, an ECB hike, some weak guidance and semis, and a big IPO today. Ten-year

3-3-4 is about a one-month low. Roadmap's going to begin with the banks, though. First

Horizon plunging after this deal to be acquired by TD was scrapped. Shares of Pac-West also down

sharply. That regional bank apparently weighing strategic options, including a possible sale.

And the Fed implements its 10th consecutive rate increase. Rates are now higher than they've been in

16 years, opening the door to a pause, though, in its tightening cycle. First up, that, we'll

begin with TD Bank and First Horizon, ending their $13.4 billion merger

agreement, citing a lack of clarity on when they would get some of these regulatory approvals

on a call to investors this morning.

First Horizon CEO Brian Jordan said his company tried everything to get the deal done.

I'd like to be very clear.

The fact that regulatory approvals were unable to be obtained by May 27th did not relate

in any way to First Horizon.

We were informed by TD that they could not provide an updated timeline for an extension and

they could not provide assurance of regulatory approval in 2023 or 2024.

Let me assure you, we pursued every possible path to complete this transaction without success.

A lot of discussion this morning, guys, about if this deal is running into friction,

is there unnecessary pressure now being put on banks?

Yeah.

There's so many different things here that at least I can share from having spoke to people familiar with the situation, let's call it.

First Horizon was never made aware of what the regulatory matters really were.

Never.

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