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

Good Thursday morning and welcome to Squawk on the Street. I'm Sarah Eisen with Carl Kintania and David Faber, live as always from post nine of the New York Stock Exchange.

Stocks are rallying to kick off the month of May. We're up 1% on the S&P. Nasdax up almost double that.

2%. Thanks to impart better earnings news, especially from meta. Information technology leads the

S&P right now. Microsoft up 9%. That'll do it as well. So good tech earnings helping revive this market.

Communication services, second performing, best performing

group, energy utilities, consumer discretionary, all higher as well. Healthcare and consumer

staples are underperforming right now. As for treasuries, we are getting ISM manufacturing in just

a moment here, but we are seeing some buying continue, especially at the short end of the curve,

the 10-year buying as well with the 10-year note yield just below 4-2. We're 30 minutes here into the trading session. Here are some movers we are watching. I mentioned Microsoft and Meta, big rallies on the back of their latest results. We're going to have much more on the streets' reaction and where these stocks go from here. shares of of Eli Lilly dropping, sales jumped 45% from a

year ago, thanks to demand for its weight loss drugs and diabetes drugs. But the pharma giant did cut

its full year profit outlook due to a recent deal for a cancer treatment. And then McDonald's shares

under pressure, the fast food giant reporting its biggest U.S.

same store sales decline since 2020, pandemic times.

More on that and the reasons for it coming up.

Even more econ data crossing the tape this morning.

Let's get back to Rick Santelli.

Hey again, Rick.

Hey, Carl, April read on ISM all the manufacturing PMIs.

We just received S&P Global a quarter of an hour ago.

On the headline number for manufacturing, expecting 47.9 comes in better.

48.7.

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