Good Wednesday morning and welcome to another hour of squawk on the street. I'm Sarah Eisen with Carl Kintanilla and David Faber live, as always from post nine of the New York Stock Exchange.

Stocks giving up some early gains here. The S&P 500 just going negative, masking some of the strength under the surface.

We've got gains in groups like real estate, consumer discretionary, industrials, financials, up again,

some of those cyclical groups, utilities, and healthcare all higher today.

It's communication services and technology that's weighing on the overall index.

And that's why you have the NASDAQ, for instance, down two-tenths of 1 percent.

Tech a little bit of an underperformer today, though nothing extreme.

Take a look at Treasury's digestion of the

CPI report that we got this morning on inflation, which we'll talk about in depth. But we are seeing

some buying today. Yields move lower. The two-year goes down to 427, the tenure at 4.4. We're 30 minutes

here into the trading session. Here are some big movers we're watching. Shares of Kava surging.

The restaurant chain beating earnings estimates thanks to strong demand. The company also raising

its annual sales forecast for the third time this year. The stock's been on a tear. It's been a

big winner in the restaurant space. Rivian is also rallying. The EV maker says the size of its

joint venture with Volkswagen has increased to up to $5.8 billion. That's up from an initial investment of up to $5 billion. And then watching shares of Liberty Media, they're higher, lots of news out of the media company, including CEO changes and spinoffs. David's all over it. We're going to have more for you on that one coming up. But guys, I think we should talk about the big

number of the day, which was inflation, the overall CPI number. There's good news and there's bad

news. The good news, it was a consensus number and it doesn't really throw us off our trend

of lower inflation. The bad news, there's evidence of sticky inflation under the hood. So if you

look at the overall number, we're looking at there's a of sticky inflation under the hood. So if you look at the overall number,

we're looking at there, there's a look at some of the core numbers. The overall number,

if you look at a line, goes down to 2.6% year over year. So again, that was pretty much in line.

The monthly changes, month to month. They were also in line. Point 2% gain in October.

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