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 Kintania with Melissa Lee, Mike Santoli at the New York Stock Exchange.

Kramer and Faber have the morning off. Futures rally again on optimism over U.S. China trade talks.

This time it's the F.T. saying China's ready to boost their purchases of U.S. China trade talks. This time it's the FT, saying China's

ready to boost their purchases of U.S. Ag. Chair Powell speaks again, 11 a.m. Eastern time. Europe's up

about half a percent, and our benchmark yields back to 155. Our roadmap begins with the China

surge. Stock set for a rally at the open amid this optimism that they are open to a partial trade deal.

Plus, the $8 billion surprise Johnson & Johnson slap with a massive jury award over an antipsychotic

drug. And Apple's facing criticism from China at issue a third-party smartphone app that allows

Hong Kong activists to track the movement of police.

First up, though, stocks looking to recoup losses from the sell-off yesterday.

U.S.-China trade talks, of course, one day away.

Wall Street's also awaiting the afternoon release of the minutes from last month's Fed meeting

where we'll look for some clarity or any kind of color on discussions about balance sheet

or where rates may go from here. It was a terrible close yesterday. It was. It was ugly. It just was kind of a give-up type move. It was interesting, actually, daily path that the market took, kind of selling off in the morning. And then right ahead of the Jay Powell speech, after the European market's closed, starts to trend upward. It seems like it's going to find

its footing. And then really it was the kind of announcement of U.S. visa restrictions on certain

Chinese nationals that basically people said, okay, this is kind of poisoning the talks. That being

said, so we lose like 250 Dow points in the last hour or so, kind of getting back the majority,

but not all of that, it seems, in the futures. But what's interesting about it is none of this back and forth has changed the

overall setup, which is there's still this kind of uptrend that's been preserved barely.

We're still kind of knocking around the same range. We've been in August.

Chil's trying to sort out the same issue. So it's interesting that you have these one-day air pockets or these real quick silver rallies

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