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 Kintania with Jim Kramer, David Faber, live at CNBC's inaugural CEO Council Summit in Santa Barbara, California.

Take a look at futures this morning. Still in debt ceiling limbo, although, as Becky said, talks resumed today. UK inflation runs a

little bit hot, decent batch of some specialty retail earnings. Our roadmap is going to begin,

though, with that elusive DC debt deal. No signs of progress, but negotiators are set to meet again

today with Wall Street on watch. Plus, retail bounce shares of coals, urban outfitters, and Abercrombie all are rallying

rather sharply on quarterly results. And Palo Alto CEO says AI will transform the software industry.

He joined Jim last night on Mad Money. Palo Alto shares, by the way, also are up ahead of the

open. Let's begin with the markets, NASDAQ coming off

its worst daily performance in about a month, Dow hoping to avoid four straight days of losses,

as we did get some good commentary on the markets and the economy here at our CEO Council Summit,

Jim, David Solomon talking about sort of a view that you share, which is that inflation is going to be hard to tamp down?

We can't seem to get anything going in terms of wage, just even stabilization, an increase.

Yesterday, there was a conference call, I mean, a lease, Toll Brothers.

The Toll Brothers, the release was incredible.

Doug Yearly's great.

He just a million-dollar homes. The average price

of a Toll Brothers House is now a million. I remember when it was 600,000 just a few years ago.

David, sold out. I mean, sold out. It doesn't matter what rates are doing. I mean, the wealth,

if you read that, if you read what Doug Yearly said, and he's a straight shooting CEO,

you'd say, okay, we got to stop

this juggernaut. PMI strong yesterday. This thing was, when I, it's like, look, there are so

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