Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kintanio with Courtney Reagan.

David Faber here at Post 9 of the New York Stock Exchange. Sarah Eisen is on assignment. As for the market, some minimal damage here. Dows down about 70, holding on to 59-25 S&P as the long bond is backing off just a touch from 5% at 499.

Coming up, Fun Struts, Tom Lee is going to join us with his thoughts on that Moody's downgrade from Friday that was weighing on the market. Plus, Walmart did the president's crosshairs after comments the CFO made on our show last week. We're going to break down what was said over the weekend. But first, let's get some breaking economic data. And for that, we'll go to Rick Santelli. Good morning, Rick.

Good morning, David.

Yes, we're looking for our April read on leading economic indicators.

Expect it down one full percent.

It's hitting the wires at down 1%.

So exactly as expected.

And in the rearview mirror, minus 7 tenths ofs of a percent becomes minus eight-tenths.

And do keep in mind, this is the 38th negative month out of the last 41.

38 out of 41, negative and minus 1% would be the most negative it's been since March of 23.

We do see that interest rates are coming off their worst levels.

The notion of the downgrade and, of course, the tax policy that's being debated

is certainly drawing attention to debt and deficits.

But worst case scenarios don't seem to be met as interest rates are coming down a bit.

But that psychological level

of 5% on a 30-year bond and 4.5% on a 10-year and 4% on a 2-year are key areas to pay

attention to. Carl, back to you. All right, Rick, thanks so much, Rick Santelli. As Rick said,

stocks under some pressure this morning after Moody's cut the U.S.

credit rating by one notch from the highest AAA to AA1 on Friday. Agency cites government

debt amid these high interest rates. Atlanta Fed President Ralph Al-Bostick weighed in on the

downgrade this morning with our Steve Leesman. Here's what he said. With that downgrade,

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