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

Good Tuesday morning. Welcome to Squawk in the Street. I'm Carl Keentineo with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange.

Closing out the month of April, first down month since October, and futures are weak as employment costs come in hot ahead of Friday's jobs number, 10-year 4-6-7.

Our roadmap begins with a flood of blue chip earnings to digest.

McDonald's, 3M, Coke, all on the move post results.

Another big name to watch is Eli Lilly.

It is one of the top gainers pre-market on the S&P posting that profit beat hiking

in that full-year guidance by $2 billion.

And Elon Musk is reportedly going, quote, absolutely hardcore around head count and cost

reduction as Tesla plans for more layoffs.

Let's begin with futures moving lower in reaction to this ECI data with the Fed kicking

off its two-day meeting today, Jim.

Four-two year-on-year, maybe a little warm.

Yeah, you know, we just don't have what we want in these numbers, which then allows the Wall Street Journal story this morning, talking about how that Powell feels very good about hire for longer. I still think that March was weak and that you're not going to get a really strong number from April, but housing, you know, shelter that's bad.

But there also is this overall tone.

And we're going to get to a McDonald's.

They did a very good graphic on the one squawk, which shows you how much a burger's going up.

And there's just this belief among people that there's no controlling this thing.

Now, I think actually we do get control,

but when you see that one of the stunning things is when Walmart got rid of 51 clinics

because they can't make any money

because people are too expensive.

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