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

Good Thursday morning. Welcome to another hour of Squawk on the Street. I'm Sarah Eisen with Carl Kintanilla and David Faber live, as always from post nine of the New York Stock Exchange. Stocks in sell-off mode, again. It's been a brutal few sessions here. The S&P's down one and a half percent. NASDAQ taking it harder, down almost 2%. There's a chip sell-off going on fueled by the Marvell numbers. That stock down sharply, but it's broad-based. Every sector is lower

right now. Even the consumer staples, which are holding up, are a little bit lower, but it is tech stocks that are leading us lower again. That's kind of been a theme. Cyclical stocks also getting hit pretty hard. Take a look at Treasuries. Obviously, it's been a story of those lower yields a little bit firmer today. The 10-year yield, 4.3%.

Also, those higher German yields may be leading to some sort of global bond route.

The two-year yield, though, is a little bit lower, just below 4%.

We're going to talk to the Commerce Secretary Howard Lucknick in a moment right after wholesale trade.

Hey, Rick Santelli.

Yes, I'll tell you, these numbers go right

along with today's trade deficit. If you look at the January final read on wholesale inventories,

it was up eight-tenth of a percent, up eight-tenths of a percent. Why is that so important?

That's the biggest inventory wholesale increase since, yes, you guessed it, August of 22.

And if you looked at this morning's trade deficit, it had a record number of imports,

okay, up 10% to 401 billion versus exports, which were 267 billion.

Terra front running is definitely having an effect here, and you can see it in all the numbers.

Now, the sales side of this equation, wow.

And this also gives us an idea why we're seeing these deficits skyrocket.

The inventories are coming in, but the sales, they were down 1.3%.

That is almost three times more than expectations in the other direction.

We're expecting up half a 1% we're down 1.3. In the rearview mirror, though, to be fair,

there was a big revision in December from up 1% to 1.4. So you can see as we go more into 2025, that front-running dynamic just becomes

exaggerated. The real key here is how it all turns out, because ultimately, if this

is artificially negatively affecting what we may be looking at for GDP, when it reverses, it's going to have the opposite effect,

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