Good Thursday morning. Welcome to Squawk on the street. I'm Sarah Eisen with Carl Kintania and David Faber. We are live at Post 9 as always from the New York Stock Exchange. Today, news out of Washington moving lots of stocks this morning from defense to housing.

We'll bring you all the latest developments. Plus, Eurasia groups, Ian Bremmer will join us on the latest out of Venezuela. He says removing Maduro was the easy part. What comes next could be the real challenge. He'll tell us how he thinks things could play out from here. And biotech hitting a record high. We've got a top analyst to lay out where he sees opportunity in the space moving forward.

Busy morning on the data front. A little bit more coming now. Let's get to Rick Santelli. Hey Rick.

Yes, good morning, Carl. Our October final read on wholesale inventories for October, of course, is up two-tenths, exactly as expected.

And we do see that the inventories of late have been on the build.

The biggest number, of course, was January, probably many trying to get in front of tariff issues.

But we do see solid build. Now, the key is, are they on the sale block? Are they being sold?

So sales for the month of October expected down a bit came in down a bit more than expected

at minus four tenths of a percent, no, nearly down half a percent.

And that would be the weakest level, well, equals exactly where we were in May to find

a bigger negative.

If you're going to January, which was the biggest, the biggest drop in sales.

At 9 tenths, this would be the second biggest.

But if you look at all the other data points today, seriously solid, positive economic

news, less announced layoffs on Challenger, unit labor costs drop, productivity solid, trade balance

nearly cut in half, and jobless claims well behaved.

It's good reason why equities may have reversed and interest rates, once again, that 10-year,

testing the top of the range right below 4.20%.

Sarah, back to you.

Okay, Rick, thank you. I just want to run you through some of those data points that Rick just highlighted because it was a really good day in terms of data

for the overall economy. Remember I mentioned yesterday that we're starting to see a productivity

boom in this country? Well, we got the numbers, and I just wanted to show you because they were

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