Good Tuesday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with David Faber and Mike Santoli. Live as always her post-9 of the New York Stock Exchange.

Stocks are under pressure. We're looking at a decline right now of more than 1%. Only sector higher, energy, oil prices, moving on heightened geopolitical risk.

The big headline overnight, of course, in Gaza.

But you are seeing pressure, even though we did manage to gain yesterday, saw the first back-to-back gain for the S&P 500 in about a month since the last time the S&P was at a record high. The worst hit areas of the

market continue to be around technology, like meta, for instance, down 4%. Alphabet, down 3.5%.

We'll talk about the deal. Netflix down as well. Of course, high anticipation for the

NVIDIA keynote with that stock under pressure as well. Qualcomm getting a little bit of a boost, but most of the other chips are under pressure right now. Take a look at Treasuries, day one of a two-day Fed meeting, and we are seeing yields move south again, the 10-year yield now below 4.3, two-year yield just above 4%. We'll hear from Fed Chair J Powell tomorrow at the news conference and the decision. No change expected, but what will he say about some of the recent softness in the economy?

We're 30 minutes here into the trading session. Here are three big movers we're watching. Big declines in shares of surreptopitheuts, after news that a patient who had undergone gene therapy treatment for Duchenne muscular dystrophy has died.

The first known death linked to that treatment. Stock is down sharply.

Shares of Tesla rival and Chinese EV giant B.D gaining after unveiling a new technology that it claims can charge electric vehicles almost as quickly as it takes to fill a gas tank.

The details later this hour. And then Google, ParanAlphabet has agreed to buy cybersecurity firm

WIS for about $30 billion. Google's largest deal ever, by far, WIS provides cybersecurity software

for cloud computing companies, including Google. We're going to dive into that deal in detail

with some extra reporting in just a moment. But guys, on the macro front, I think the biggest

question for the market seems to be, and Mike, you alluded to this yesterday, is how bad is

the economy right now? We know there's a little bit of softness, a little bit of cooling off

from where we were toward the end of last year, but recession, are we just going to talk ourselves

into it? The signals are kind of mixed, and I prepared two charts that I think indicate what

investors are wondering about, maybe when it comes to the direction of the market or when it comes

to the direction of the economy. So the first from Katie Huberty of Morgan Stanley, credit market tends to be a leader.

If you're worried about the economy, you usually see cracks in the credit market, but guess what? Not happening.

I mean, there's the U.S. high yield total return in blue, and it's's been very stable and it hasn't flashed any

...