Market moving insight and analysis join Jim Kramer, David Faber, and me, Carl Kintanilla, on the opening bell hour of CNBC Squawk on the Street.

Good Thursday morning, welcome to Squawk on the Street. I'm Carl Kington-Away, Jim Kramer.

David Faber's back at the New York Stock Exchange. Future's looked a steady after yesterday's

sell-off, the worst in two months, as Powell's message was confusing to some, certainly drew some

criticism from the president. First day of August also brings reminders of seasonal weakness.

Europe is mixed. A Bank of England holds steady.

Tenure holding that two handle, but ISM is on the way in an hour.

Our roadmap begins with the phrase that spooked Wall Street, mid-cycle adjustment.

Stocks are set to steady at the open.

Plus, Verizon's 5G focus, CEO Hans Vesberg telling me 50% of the U.S.

will have access to that new technology

by next year, but that doesn't come without challenges. And Beyond Meat is tumbling again in the

pre-market. The plant-based meat maker pricing a secondary at six times the IPO price and has some

new competition on the way. Stocks are looking to open higher after their worst day in two months.

Yesterday, the Fed cuts rates by a quarter point, but the chair dampens expectations for more easing.

Despite the sell-off, the major industry still finished July in the green.

Their sixth positive month in seven, although we're headed into the historically weakest two months of the year, Jim.

Well, look, we're making much too much.

Everyone's making much too much of this mid-cycle.

We're going to forget what that means.

Like, ten days, five days from now, we won't be thinking about that.

We think about it today until the market goes up and then we say forget about it.

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