Hello, good morning. Monday morning and welcome to Squawk on the Street. I'm Sarah Eisen

with Carl Continia and David Faber. We are live from post nine of the New York Stock Exchange.

Stocks are, they've been up and down this morning. They're a little bit firmer right now, but just barely for the S&P.

The Dow is actually lower by 100 points. And the NASDAQ is up by a quarter of 1%. This comes after a big rally on Friday and last week.

Still more than 20% off those post-liberation day lows in the market. Little direction. We're waiting from Word on the China-U.S. trade talks happening in London,

waiting for some key economic data this week as well. Take a look at how treasuries are kicking

off the week. It's a mixed picture. The long end, 30 years actually a little bit higher,

bumping up against that 5% level just below there. But there's buying and the rest of the curb.

The 10-year yield, 4 4.96, the two-year

yield also a little bit lower at 4%. Those high-level trade talks between the U.S. and China,

they are just getting underway in London. We're going to talk to a long-time market expert,

Ed Yardinney, about how investors should be viewing today's meeting with the major averages closing

in on record highs, just a few percentage

points away. Plus, Apple kicking off its worldwide developers conference, big questions remaining

about the company's AI strategy. We'll take you to Cupertino for the latest. Let's get some inventory

numbers with our Rick Santali. Morning, Rick. Good morning, Carl. Yes. On the inventories,

these are wholesale inventories, and the April mid-months-three now turns into a final.

It was unchanged.

It now pops up to two-tenths of a percent.

And this is notable because January, February, March, and now April are all creating

inventories in a descending order from the highest eight

tenths in January to now up two tenths. So four months in a row of positive change last year we

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