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

Good morning and welcome to Squawk on the Street. I'm David Faber, along with Jim Kramer and Sarah Eisen.

We're live from the New York Stock Exchange. Carl has the day off today. Let's give you a look at futures, of course, after yesterday's selloff.

You can see we are now set up for what would be a higher open a half hour from now when we begin trading for this Tuesday here at the New York Stock Exchange.

Yesterday, though, was the worst day of the year for stocks, with the S&P, of course, falling about 3%. The Dow was down by more than 950 points. It did end the day down 767 points. This primarily on tensions between the U.S.

and China over trade. Of course, China did allow the U.S. to fall to an 11-year low against the dollar

late yesterday. And the U.S. Treasury Department later on the day labeling China a currency

manipulator. Since then, China's central bank has stepped in.

Juan has steadied. We're going to be speaking with Chief White House Economic Advisor Larry Kudlow.

Just a few minutes from now. I'm going to want to listen to what he has to say. You and I were sitting here yesterday,

Jim, talking, of course, about what we might expect in the market during the course of the day. The move down in yields and the tenure in particular also caught a lot of people's attention. Here we are a day later. We'd looked like we'd be down sharply, of course, after other markets opened down. We have now rebounded at least in the futures market. What are your expectations? Well, look, I think that you

can't buy enough opening. There was a lot of money that was committed on the sell side. I don't

know how much short between when we announced that there was going to be designation and

probably right to the special last night. Apple 185, Microsoft down 5, Facebook down 20.

These were very big prints. It was over and over.

They just kept hitting the bids, hitting the bids, hitting the bids.

They were obviously wrong, but they're going to try to prove themselves to be only early.

They will return.

So people who are buying this market at the opening, you must know something that no one else does, which is often means that you're wrong. Right. And, of course, as we well know, just a tweet from the president, not to mention even a comment from Mr. Cudlow during our upcoming interview could change people's perception of things. Totally. And the White House did not think that what china did last night was important

at all white house did not think no what do you mean that we know that they took some action

which made it so they were not manipulating last night so to speak white else just felt it was just

nonsense no they probably just say look it just shows that they're manipulating it's tightly controlled

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