Market Moving Insight and Analysis joined Jim Kramer, David Faber and me, Carl Kintanilla, on the opening bell hour of CNBC Squawk on the Street. Good Wednesday morning, welcome to Squawk on the Street. I'm Carl Kintanio with Jim Kramer, post-9 of the New York Stock Exchange. David Faber is the morning off. Premarket is taking a spill on that fitch downgrade of the United States, big menu of corporate earnings, and the macro

data runs a little hot today, ADP beats 10-year 406.

Our roadmap begins with that downgrade, though, Fitch is the first major ratings firm to

downgrade the government's credit rating in more than a decade.

Earnings in focus, Starbucks, EA, Match, Humana, and AMD, among those crossing the tape. In fact, AMD's chief

Lisa Sue will join us later this hour. And Apple Sports Push, reportedly nearing a new streaming deal

with the PAC 12. Let's begin, though, with the Fitch downgrade, downgrading the U.S.

from AAA to AA plus. Jim, you talked about this a bit last night.

Yeah.

Is the market shrugging it off or not?

I think it has to because in some ways it's just an upgrade of the way that we run our country.

And I think you want to go back and think, well, what happened in August 5th of 2011 when the S&P downgraded us?

S&B was at 1,1119.

It already had gone down from 1,317, went down to 1,095.

So there was a big decline.

Then one year later, it was at 1401.

So in other words, if you just take the worst case scenario,

which was what happened in 2011, it was an amazing buying opportunity. And when people looked

at it, I think they said it was quizzical. Tim Geithner was very angry, said the formula was

wrong. This one just kind of just says, all right, look, you're a completely dysfunctional

country. And we recognize that. But all countries are dysfunctional.

We're dysfunctional less than others.

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