Good Monday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl

Kintanian, David Faber, back at Post 9 at the New York Stock Exchange. Coming up this hour,

the latest on the Iran War and the impact on oil and the global markets. By the way,

session highs right now for the S&P. We're joined by Atlantic Council CEO Fred Kemp, warning about the possibility of a global recession. Plus, Nvidia kicking

off its annual GTC conference today in California. We'll talk about what's expected as chip stocks

get a bid in early trading here. And meta is higher this morning after a report saying major

layoffs could be on the way. We'll talk to an

analyst about what's behind that move. Let's get some housing data breaking this morning. Diana Olegs got

that for us. Hey, Diana. Good morning, Carl. Homebuilder sentiment in March rose one point to 38.

And February's reading was revised one point higher, so it's a slight beat.

Now, the street was looking for 37, but anything on the NIHB survey below 50 is considered negative.

The index stood at 39 one year ago. Now, this reading was taken this month as mortgage rates moved

higher due to the war in Iran and fears over oil and inflation.

Of the indexes three components, current sales conditions rose one point to 42,

buyer traffic rose three points to 25, and future sales expectations rose two points to 49.

The NHB noted many buyers are sitting on the fence waiting for lower mortgage rates,

and the builders are still facing elevated land, labor, and construction costs.

Nearly two-thirds report they continue to offer sales incentives in a bid to firm up the market.

37% of builders cut prices in March up slightly from 36% in February.

Sarah? Okay, a little better sentiment,

though. Thank you very much, Diana Oleg. Guys, it's a big week for data and macro. We've got a

big Fed meeting in the middle of the week. The FOMC releases not just a decision on interest

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