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 Kingtony with Jim Kramer, David Faber, live at Post 9 of the New York Stock Exchange. Got a CEO hat trick this hour, AMD, T-Mobile, and Peloton, all on their quarterly results. Meantime futures are cautious ahead of this Fed decision this afternoon.

ADP does come in light at $106,000, less than half the prior month, and Eurozone inflation

did fall for the third consecutive month.

Our roadmap this morning begins with Decision Day for the Fed.

Will we see the smallest rate hike since March of last year?

Also ahead AMD is getting a lift this after beating analyst's expectations with its quarterly

results. CEO Lisa Sue is going to join us just a few moments from now.

A different story for Snap amidst a digital ad slowdown.

The shares, they're going to be down sharply this after the company warned it expects

significant headwinds to persist throughout the current quarter.

Let's begin with the Fed as investors look ahead to that decision this afternoon. Jim, we got ADP under our belt, ECI yesterday.

What do you think this means to them? I think that they like the direction. I think they know that if first you have to have hiring cool, then you have to have not wage slowing, but actual wage reduction.

And then you have pressure on everyone who's raised prices, like we saw yesterday with Whole Food Story that was in Dow Jones in the Wall Street Journal.

And then David, once you begin to get that, then you get momentum against inflation. So we're at the point of inflection, not the point of wind, but a point

of inflection where the Fed can say, okay, listen, now we have to be a little bit slower. The

runway's coming. We don't want to screw it up. We don't want to even have to foam the runway,

quarter point, and, quarter point,

and then quarter point, and then wait and see. All of which the market seems to have expected

and is reflected in what was what, that 10% jump in the comp, NASDAQ over the last month.

Right, but I also think there are people, including people who are buying the highest beta,

I know some people think high beta is right, highest beta stocks who genuinely believe that

the Fed is going to start cutting by year-end, and that's the gun that sees around the corner.

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