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

Good Friday morning. Welcome to Squawk in the Street. I'm Carl Keington-A. with Jim Kramer, David Faber, David Faber, Post 9 of the New York Stock Exchange. Stock's giving back some of yesterday's rally, the second best day of the year. Amazon's cloud guidance is not helping tech. Core PCE was in line, yields are down a touch. a roadmap's going to begin with big tech caution though amazon saying cloud growth is slowing intel also a cautious outlook for

enterprise and cloud and snaps saying sales are being disrupted as it makes some adjustments to ads

plus we'll keep energy in focus cheviron ex Exxon both out with quarterly results. They both

beat, even as U.S. Oil Futures had for the longest run of monthly losses that they've seen

in more than eight years. Wow. Yeah. And we'll talk first for public, of course, a bit of a bounce,

but we will bring you the latest on what most likely will be an important weekend for that bank.

Let's begin, though, with big tech earnings. Amazon with that quarterly beat shortly after

yesterday's closing, that did spark an initial double-digit rally. Those gains, though,

were erased on the company's warning of a slowdown on cloud growth. This is what the CFO

had to say about. AWS on the call.

Given the ongoing economic uncertainty, customers of all sizes and all industries continue

to look for cost savings across their businesses, similar to what you've seen us doing at

Amazon. As expected, customers continue to evaluate ways to optimize their cloud spending in response

to these tough economic conditions in the first quarter. And we are seeing these optimizations

continue into the second quarter, with April revenue growth rates, about 500 basis points

lower than what we saw in Q1. And that was the line, Jim. That's what did it. Yeah, and we got to flesh it out here because, first of all, there's so many good things that happened this quarter. We're seeing the beginning of the rast's jays of the workforce being completely ignored over that one line of 500 base points, taking the growth from 16% down to 11. It was as high as you can say is 32, 18 months ago. Now, they are trying to say, listen, it's bottoming, and it's bottoming in part because of all the really exciting things that are going to happen with chat, GPT, with Generva. I have to tell you, I'm with them. I think that there are a lot of people who say that they lost a lot of share. I'm not buying that.

There are a lot of people who say this is the beginning of the end of the cloud.

Given the fact that 90% of companies are still on premises, I think there's a lot of business.

And David, Olsowski is a straight guy. He's a straight guy. And they're very confident. They are not, and no panic by then. Yep. They really think business is fine. You know, I heard a relatively positive take on it as well. You did? Yeah, on AWS. First of all, they came out of the quarter, roughly 11% growth rate. Right. The April was 11. March was better than. But also it had to do with comps.

And the idea that Azure has a much more Fortune 500 customer base.

And CFOs there actually were earlier to start cutting.

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