Good Wednesday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Kintinia and David Faber, live, as always, from post-9 of the New York Stock Exchange. Stocks just lost an early morning rally here. If you look at the S&P 500, we've just dipped negative. There's still strength out there. Communication services, for instance. Some of the media companies are doing well today. Healthcare, consumer, staples, industrials, those are all green,

but everybody else is in the red. Worst performing groups right now, real estate materials,

and energy. The NASDAQ 100 is just positive. Nasdaq composite unchanged. We're waiting for the big event this afternoon. That's Nvidia's earnings. As for treasuries, keeping an eye on those

after we saw rally yesterday,

reversing that a little bit today with the yields firmer, 10-year yield, 4.489, 30-year yield,

is just below that 5% level of high yield. So we're keeping a close eye on that. That's been

sort of a warning sign for stocks lately.

Ahead this hour, former Goldman Sachs Asset Management Chairman Jim O'Neill is back.

He says President Trump's policies could dent the dollar's dominance and negatively impact

America standing abroad.

He's going to join us to make the case.

Plus, why health care and biotech could end up being a major winner in the AI revolution

in which names to watch in that space.

We are 30 minutes here into the trading session. Here are three big movers we're watching right now.

GameStop shares on the move after the company announced it purchased nearly 5,000

bitcoins worth more than half a billion dollars. Not helping today. Some results from the

cloud names, Octa shares plunging after the company maintained the

guide but warned of, quote, macroeconomic uncertainties, while box shares pop higher on strong

billings growth tied to AI, almost 14%. And it's a big day for retail. New numbers out of Capri,

Macy's, Dick, sporting goods, Abercrombie and Fitch. Shares of Abercrombie surging this morning. That's the big showstopper up 25 and a half percent. And guys, you know I mined through some of these retail releases to find out what they're saying about the consumer. Abercrombie is really a brand story, and it's a Hollister story. You have teenage girls, Carl. Hollister is really making a move

higher right now. Here's from the CEO, Fran Hurwitz, just overall on what she's seeing. May,

month-to-date trends all incorporate the outlook of three to five percent for the quarter.

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