Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kintania with Courtney

Reagan here at David Fabret post-9 of the New York Stock Exchange. Sarah's got the morning

off. Huge morning in DC today. Not one, but two big events. First, the president set to make

remarks on this new UK trade announcement.

We're going to head to the Oval when that happens. Plus this hearing on AI regulation kicking

off this hour before Senate lawmakers in the hot seat over there, Open AI CEO Sam Altman,

along with the CEOs of AMD and CorWeave and Microsoft Vice Chair Brad Smith.

We'll get to those key headlines as they happen this hour.

Meantime Bulls try to get the football this morning of re-approaching that level that we last saw on a close April 2.

Right now, S&P 5661, most sectors are green, Dow's up 200.

All right, we also have some trade data crossing the, and Rick Santelli has it for us. Rick. Yes, David. This is wholesale inventories and sales. On the inventories, it's a March final. On sales, it's a new number. On the final, we lose a tenth of a percent. We go from half a one percent to up four tenths of a percent.

But maybe there's something important real quickly I need to go over. If you look at the beginning

of the year in inventories, we started out with a powerful up eight tenths. That was the biggest

build going back to the summer of 22. Why is that important? Because of the pull forward that we

see in many of the numbers.

Now it's tapering off a bit. And if you look at sales, they started out the year week, but they've

been building up six tenths of percent on sales. It's definitely a little bit light. We're

expecting a number closer to 1 percent. And we lose four tenths in a revision from 2.4

to 2 percent. It started out the year, of course, at minus 1.5, though,

so we are starting to come back and get back in line to some of the surge that we saw at the beginning of the year.

Interest rates, well, they are moving up, but the short ends moving up much faster post-fed meeting.

You're seeing a bit of curve flattening, and maybe that's

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