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

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Cantonia with Jim Kramer at Post 9 of the New York Stock Exchange.

Favors on assignment. Bulls trying to hang on to their gains for the week. It could get tight with the NASDAG 100,

flirting with a near 2% drop at the open. bond sell off definitely in play long bond 510 10 year

456 is a one year high oil's getting a little jumpy 104 the president returns from china no real

breakthroughs on iran or taiwan our roadmap begins with this historic trump she summit coming to a close

no key breakthroughs,

all of no confirmed deals either. It's the end of an era at the Fed. Jay Powell's eight-year tenure

as chair comes to a close. And another blockbuster IPOs on deck. CABC is now reporting that

SpaceX could drop its IPO prospectus as soon as next week. Let's begin with the markets, though,

and this tech trade cooling off a day after stocks hit fresh record highs. Of course, we had the

cerebrus IPO, Jim, which we talked about yesterday. But this feel on bonds and the baton

change at the Fed, there's discussion of whether a new chair gets tested early.

It's funny because a lot of people I talk to say, okay, here we go again. Buy the dip. And I come back, I said, well, actually, a 10 year. No, buy the dip. I said, but we didn't really get that much in the out of China. But this is the opportunity. I said, but the cerebrous, people are, they don't want to hear anything negative.

I mean, I was like cerebrous, well, you know, that's really, take a look at what SK Hynix is doing, a trillion, this one. And then I had someone today say something really smart. It was a very smart guy. I said, okay, so this anthropop. Why not, why don't a trillion? I mean, what does it mean? It's only $100 billion. And you start thinking, okay, there are some bubbleitious signs. And I really do think now that I thought that I hated screams. And by the way, let's make it clear, not Morgan Stanley's fault. They did a great job. They really tried the price. They did their job. Yeah, they did. They did exactly their

job. Ted Pick, congratulations. I think you would say, well, listen, here's the syndicate person to handle it.

But that was well done. And it was not their fault. But when I say fault, when you have this kind of thing where the deal is pops like this,

you know, we had it in 2014. We had it in 2012. And of course, we had it in 2000. I'm not going to say, there's no mincing words. It's bad. It's bad because the people who bought cerebris don't really know what it does. It's a very complicated situation anyway. And journalized an interesting piece about Nvidia and Cerebrus and, uh, and video is up 10 on on Cerebrus. I don't know. But I come back and just say, look, when you have this and you have the bonds where they are, it doesn't, it's not the great buying opportunity to think it's. Really? So this time you're not in a mile of the dip mode? No, because like, you know, it's, there wasn't anything out of China that I heard that made me feel that you should buy a stock.

The president might have gotten the green light by just not having the red light to go do something and ran.

Remember, I told you, if you don't hear anything around bad.

Yeah.

I'm not hearing anything around.

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