Market moving insight and analysis.

Join Jim Kramer, David Faber, and me, Carl Cantonia, on the opening bell hour of CNBC Squawk on the Street. Good Wednesday morning and welcome to Squawk on the Street. I'm David Faber with Jim Kramer. We are live from post-9th of the New York Stock Exchange. Carl's on assignment this morning. Let's give you a look at futures, of course, as Andrew just told you, we are looking for a sharply lower open. And given that, hotter than expected CPI print.

And our roadmap does begin with Futures, of course, as Andrew just told here, we are looking for a sharply lower open. Given that, hotter than expected CPI print.

And our roadmap does begin with that inflation surprise.

Consumer prices rising more than expected for Mark.

Futures, as you just saw, tumbling.

And, of course, all of it, because the odds for June Fed rate policy pivot, well, they're going. They're going down. They're going down. It's always going to be high. Plus big tech divergence, alphabet Amazon at highs, Jim. But Apple and Tesla, I don't know if you've noticed. They've been struggling a bit. Invidia, we're going to talk about that stock, of course. How could we not? It's entering a correction.

A correction, B. Well, if you don't know what it is or if you think it's my goal, I'm going on to sell something. And finally, Jim, the airlines are leading S&P pre-market gainers. Delta topping quarterly estimates. It's focused on efficiencies.

I'm focused on the fact that Phil Wood Boas been here for 25 years and he's the best.

And I want to say congratulations.

Let's that new side of, loose side of It's focused on efficiencies. I'm focused on the fact that Phil Wood Boas been here for 25 years and just the best.

And I want to say congratulations.

This is that new side of real things. We've got the best there is. And I'm sorry, I have to point it out. The lion, Phil, more than we ever have. All right, let's start off, though, with the broader market, Jim. get your reaction to the hotter than expected CPI print we've seen and heard from our friends on Squawk Box, obviously,

and the analysis from their guests in terms of the reaction to the hotter than expected CPI print we've seen and heard from our friends on Squawk Box,

obviously, in the analysis from their guests in terms of expectations for a Fed rate cut, which are fading fast.

The yield curve actually inverting a bit, you've got the two-year moving up more in yield than the 10-year right now.

Right. So you start thinking, well, why did the fed kind of commit to neutrality

because these numbers were the numbers what was bad was worse i mean we've been worried about shelter

for a long time shelter going in the wrong direction i think the employment number on friday gave you

good read of what was going to happen of things that we have to cost more. We have tremendous a surge in people who work in travel leisure, so of course those wages have gone up.

We had a surge of health care. Those wages have gone up. But David, there's a war premium to oil.

And we know there's a war premium to oil. So that should be the least of our concerns.

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