Good Friday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with David Faber.

We are live from Post 9, as always at the New York Stock Exchange. Carl has the morning off.

Take a look at stocks, record highs here at the open for the S&P and the NASDAQ.

First time we've seen that for the S&P since February for the NASDAQ since December.

Intra-day highs, just an amazing comeback from those April lows after Liberation Day,

up more than 20% since then. And it's, you know, another broad rally. Yes, technology has

been fueling it. NASDAX up half a percent. But the only sector down right now is energy. That's

been a common thread this whole week. Consumer discretionary is your best performer. Thank you, Nike, up almost 15%. We've got a lot to say about that. Take a look at treasuries as well. Some reaction to the data this morning, which we're going to dive into, but their firmer yields, 10-year yield, 4.275. Today, if you missed out on the rally, is it too late to get in? Investor Dan Niles joins us with the tech names that he likes right now as stocks at record highs.

Plus, we'll take a closer look at Nike as that name now paces for its best day since the 1980s and leaves the Dow on the back of earnings.

But first, David, let's start with the all-important PCE. Yeah. Tell me. There's a little stag and there's a little flation in this report. So which one do you want to do first? The stag. Let's do the stag. I agree because I think that's probably a bigger worry here. The stag comes in the personal spending numbers. So what we learned during the month of May is that spending actually declined 0.1%.

And that was a surprise.

We expected spending to be firm.

Can you explain it by the fact that, remember in April we saw a surge because everyone was loading up ahead of tariffs and they were buying cars and they were buying washing machines and they were working on the

iPhones.

And so maybe there was a give back in May.

Either way, I think you have to look at this number and wonder about the strength of the

consumer.

Remember we had all that soft data where consumer confidence plunge and we were wondering,

is it going to come out in the hard data?

Well, this would argue that, yes, there was a pullback because if you look at some

of the categories and the spending numbers, it was pretty broad.

I mean, it was across the board, from durable goods to cars, to apparel, to financial services.

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