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

We are live, as always, from post nine of the New York Stock Exchange. David Fabers on assignment. Coming up this hour, the big takeaways from President Trump's meeting with China Xi. And what it means for your money, we'll head to Beijing for the latest. Klaus has a huge day here for IPOs, Cerebrus, making its public debut at the NASDAQ. And Blackstone's data center, Reek, goes public here at the Big Board.

We'll talk to the CEO of the Blackstone Reit in just a moment. We're also on the lookout for the Supreme Court opinions again today, as we await a potential decision on President Trump's authority to fire Fed Governor Lisa Cook. We'll bring you any headlines if we get them. Busy day for data between claims and retail sales and now some business inventories.

Once again with Rick Santelli. Hey, Rick.

Yes, and Carl, these are March numbers. And keep in mind, conflict, all the issues that may still

be lingering with tariffs and business inventories jumped and they were expected to jump.

The March reading was expected to be just shy of 1% and it delivered up 9 tenths.

And in the rearview mirror, we still have up 4 tenths with no revision.

Those are some of the strongest back-to-back numbers going back probably to 2022.

The up 9 tenths alone is the best since June of 22. And it does really put a focus on the notion that inventories,

at the beginning of the year, February was strong, March is strong. Many businesses want to

get in front of any of the questionable issues. I mean, just look at this

morning's import export prices for April. Every metric was higher than expected. Every metric was

sequentially higher than what we were looking at in the previous month. We see that interest

rates are down from yesterday and we're still within striking distance to that very psychological area of 4.5

and 10s below the market, right around 4.37 is considered good yield support. Back to you.

Okay, thank you, Rick. It is interesting to see Rick yield stabilized in the face of some

inflationary data. The biggie that I'm focused on is retail sales

just tells us a little bit how consumers are doing, and they're hanging in there. I mean,

we got a 0.5% increase for the month of April. That was a decent number. Of course, it wasn't as big

as March's number. And keep in mind, these numbers aren't adjusted for inflation. So the

March number, which was huge, really reflected the height of the war, that high gas price and

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