Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintanilla with Contested Brewer, Mike Santoli, live at Post 9 of the New York Stock Exchange. Sarah and David are off today.

Markets making a round trip in a volatile week of trading. We're going to talk to Warden Professor Jeremy Siegel about two big positives he saw this week, and one development, he says, is disappointing for investors. Intel shares giving up some big gains on the week after earnings last night. One analyst weighs in on why the street is so downbeat on this guide. And speaking to downbeat, software names have been crushed this year. As you know, as investors worry about the impact of AI, software investor, Byron Dieter, tells us if he sees a buying opportunity.

But first, consumer data just crossing.

Rick Santelli has that for us.

Hi, Rick.

Yes, these are University of Michigan 7th January finals.

So, in a couple of weeks, we'll get a more specific pinpointed number.

56.4 is our headline.

We're expecting 50 for a big beat. This would be the best level since August of last year. And if we look at current conditions, also 55.4, a big beat

versus 52 and change we're looking for. Also sequentially higher best levels since October

of last year.

What lies ahead are expectations?

Same scenario.

57.

Two points higher than expected.

Two points higher in the rearview mirror.

Best since July of last year.

Now the inflation metrics.

On the one year inflation, 4.0%.

That's down from 4.2%.

And that would be the lowest level going all the way back to January of last year.

And finally, the 5 to 10-year inflation outlook, 3.3 light expectations,

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