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 with Sarah Eisen and Mike Santoli.

We're live from the New York Stock Exchange. Jim and Carl have the morning off. Let's give you one look at futures here, of course, as we get you ready to the open. A half hour from now here on the New York Stock Exchange, you can see once again, this is the third day in a row, I think I'm saying, a higher open, at least as forecast. We'll see if we do follow through, of course, with those levels. It's going to be a quiet day you'd imagine, given it is the day before the long holiday weekend for Labor Day.

Let's get to our roadmap this morning. It does start with, well, some optimism on the trade warfront. Same thing we kind of were saying yesterday. Stocks rising amid cooling rhetoric. But here come tariffs. Remember, they're a new set. They're going to be hitting Chinese imports, and we'll kick in this weekend. Plus, keeping an eye on corporate earnings, plenty of them this morning.

Campbell's Soup, Ulta, Dow, They're going to be hitting Chinese imports and we'll kick in this weekend. Plus, keeping an eye on corporate earnings, plenty of them this morning.

Campbell's Soup, Ulta, Dell, Workday among the big movers.

And Tesla getting a China break shares are rallying this on news that 16 models will be exempt from China's auto import tax.

As we head into the final trading session of August, all three major indices in the red for the month.

And the NASDAQ is the biggest declineer.

It is still down more than 2%.

This, of course, Mike, despite what's been a nice rally the last few days, we'll see how we end the month.

It's been a round trip, actually, from last Thursday through yesterday and the S&P 500,

you recouped all that was lost on that Friday, where you got the little bit of a surprise

escalation, the trade war fears. Today's open at the S&P level that we're seeing right now would

take you back three weeks. So basically August 8th, most of the losses of August. I mean,

it's kind of partly, I think,

just tactical. People really did in the equity market get very negative, positioned very

cautiously, sentiment really took a dive, lots of flows out of stocks, lots of downside protection.

But you had this real seizing up of concern based on what the bond market was doing.

And now that's eased just slightly, and maybe there's a sense that, you know, the trade news

can stay sidelined for a little while, and we're just recouping.

I think it makes it a very tough return to work for a professional investor who went away,

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