Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Monday morning again. Welcome to another hour of Squawk on the Street. I'm Sarah Eisen with Carl Kintania and David Faber, live at Post 9 from the New York Stock Exchange.

We've turned south here. A little morning rally here at the open has disappeared with the S&P now down half a percent. So adding to those February losses as we start the month of March. And it is technology that is leading us lower. That's why the NASDAX down 8%. Invidia, Broadcom, Amazon, Microsoft, Apple, they're all weaker right now. It's being offset by a little bit of strength in Palantir and Costco inside the NASDAQ, for instance. But again, there's a bit of a rotation into defensives like consumer staples, healthcare. Those are your winning sectors today. Financials are up today. Real estate is up as well. As for treasuries, getting some manufacturing

data, which will hit in just a moment. We are seeing a mixed picture. The 10-year yield has just

gone lower, so it's reversed, 4.2%. And the two-year yield holds above 4%. 30 minutes into the

trading session. Here are some movers we're watching, keeping our eye on the chips today,

moving on reports that chip designers, Nvidia and Broadcom are running manufacturing tests

with the company, which could lead to some big contracts. We're talking about Intel, that is,

where they're running tests there, Intel higher, the other two lower. Tesla higher after coming

off its worst month in more than two years. Morgan Stanley's

Adam Jonas reinstating the stock is the top pick in the U.S. auto space, $430 price target. And we are

tracking the fallout from President Trump's plan for a crypto reserve. A lot of movement in this

space. We'll tell you all about it. But obviously the crypto-related stocks, they were moving

higher. Coinbase is a little bit higher. Robin Hood lower. Bitcoin surged again yesterday,

given some back today. Some of this air pocket might be explained by ISM and just crossing the

tape. Let's get to Rick Santelli. Hey, Rick. Yes, definitely. There's some weakness creeping in. Let's start

out with construction spending. Our January number expecting down a 10th. We end up with double,

down 2 tenths. Down 2 tenths would be the weakest in SEPA 24 in terms of month over month change.

Now let's get to the money numbers, shall we? ISM, these are the manufacturing PMIs.

Expecting 50.7, it comes in manufacturing light.

50.3, that is the weakest level.

Well, consider this. There's a positive here.

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