Market insight and analysis. You're listening to the opening bell of CnBC, Squawk on the Street.

Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kingtonia with Jim Kramer and David Faber at post 9 of the New York Stock Exchange.

Future's a bit soft here despite more signs of crumbling inflation in the UK and Germany today.

Bond yields reflected German 10 year below two first time since March and our own 30 year with a three handle first time since July.

A roadmap begins with FedEx. The quarterly fumble shares tumbling after weaker demand hits their revenue outlook.

Plus year-end rally pause. Stock futures are pointing to a lower open. The SMP though is still within striking distance of what would be a record high.

And whether it's wheels falling off, suspensions, collapsing, or axles breaking, Tesla reportedly blaming bad drivers for those flaws. Let's begin with FedEx this morning. Down in the pre-market on these latest results, they cut their revenue forecast as weaker demand hits sales in Express. Here's CEO Raj Submagnan

on the call last night. When you step back and review how our business has performed in

environments with suppressed demand, we are delivering much better profitability today than we

have historically.

In the quarter, we reduced costs by approximately $200 million in our surface network,

including our U.S. Express operations.

This was driven by shifting to a single daily career dispatch, applying dock productivity initiatives,

consolidating underutilized sorts, and maximizing the use of rail.

Jim, what's curious is they say pretty good things about freight and ground.

Really interesting about freight, absolutely.

But you know what, look, I think you have to say it like this.

I think that Raj did a great job in the previous quarter, and everyone got all bulled up.

But the one thing that I would point out, and I would be a buyer of the stock, you know,

it's probably going to settle in somewhere in the 240s. Because this company used to lose

a fortune on a quarter like this. I mean, you would have revenues that weren't that good. And David,

we would be starting to think that activists are going to come in because they're losing so much

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