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 Cantanillo with Jim Kramer at the New York Stock Exchange.

David Faber has the morning off. As you can see, Dow futures down almost 300 as the 210 yield curve inverts for the first time since 2007. That along with

some disappointing China data, Germany's economy officially in contraction, adding to worries

about global growth. Europe is red, Dax down about 2%. Our 30-year yield hits a record low of

nearly 201. So a lot's been said already today, Jim, about the curve, what it means for the timing of a

recession. And we should point out, it doesn't necessarily mean stocks start going down.

Well, look, I have the list in my hands, kind of like Senator McCarthy, list in my hand of 54

known stocks in the S&P and how they would do and inverted.

And out of, let's just say the top 20 I've been working on, there's three that are hurt.

There's 17 that went.

Now, if everybody decides that they're going to pay less for every stock because of this,

obviously all of them will lose.

And the algorithms are set to make it to all these lose.

But I would point out that our economy is uniquely not as sensitive because these are not exporters that need to have a dollar weaker. Remember, our

dollar is just getting stronger. These guys, it's an extraordinary rally in dollar. I don't want to see it.

But I struggle to reach a conclusion that this is all bad, given the fact that Germany has had these rates for some time.

And their market is not doing that badly, even though they have an export economy.

And their DACs, in real terms, is up, even though they're exporting the Mercedes-Benz, Volkswagen, and B.M.W. Right to China.

And those sales are very weak as we see the numbers from China. So it's not the end of the world,

or the German market would be down big.

Well, no one's asking if it's the end of the world. They're asking it if it's the end of the cycle, right?

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