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

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

David Faber has the morning off. Pre-market is stumbling here as of the job market data comes in extremely hot.

ADP doubles expectations and yields are crossing some important lines 10 year above four, first time

since March, two year, a fresh 16-year high. Our roadmap's going to begin with that macro outlook.

ADP shatters expectations, futures falling on the news. The Treasury Secretary begins her China visit,

landing in Beijing early today, looking to calm some tensions and meta as you know officially

launching threads millions join but will it prove to be a Twitter killer let's begin though with

the markets here jim you tweeted this morning that you didn't like the feel now what is this

day to do simmy's yesterday i mean we're a, wow, the data is just really bad.

I mean, if ADP is right, which is almost a half million people got jobs, some, now there's been some geographic areas that aren't so strong.

South, surprisingly, wasn't as strong.

But, I mean, I don't think anyone's set up yet, particularly if they trade treasuries, for what remains a boom. I mean, I've been saying it's not a hard landing, not a soft landing. It's a takeoff. This is a takeoff. Now, no one expects that. It's not supposed to happen. There's a couple of recommendations of Toll Brothers and Pulte. And typically, like, the new thing, and I'm going to savage these people

tonight. Not savage. I'm going to say that perhaps they're ill-advised. Are these people who have

price targets for home builders? And the price targets are like 40 points away, and they raise

them by seven. They have to do that every day from now to

kingdom come. So there is just 497 versus 220. There are very few people who are that

off. Yeah. ADP is a remarkable print. Now, granted, they've had issues with their model in the

past, but a lot of it is leisure hospitality. That's 200K. Right there. There's no end to the long on money short on time.

Now, paychecks did say yesterday that they're seeing a moderation, and that's small to medium-sized

business. And they are actually more concerned because rates up has meant that people aren't being as adventures, not go out

there and try to come up with a new business.

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