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 Thursday morning. Welcome to Squawk on the Street. I'm Carl Kaintena with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange. Stocks are on track for a fourth consecutive decline. Chair Powell back on the hill, Modi at the White House, and a banner day for

Central Bank rate hikes. B.O.E goes 50, so does Norway, got hikes from Turkey and Switzerland as well.

A roadmap begins with Tesla, though. Morgan Stanley's Adam Jonas downgrading the stock to equal

weight, but he does lift his target to 250. Central banks also remain in focus. Fed Chair Powell returns to Capitol Hill after those hawkish comments yesterday, and the Bank of England hiking rates today by 50 basis points. And that Home Builder rally? Well, it continues. D.R. Harton, Pulte trading. No, no. No, what are you saying? I'm not saying. Capi's going to be hung down today.

The margins weren't the coup. I ignore everything I just said, but we will bring you. I didn't mean the

country. Right up to date on what is going on with those home builders. Carl.

Let's get to Tesla this morning. As we said, Morgan Stanley downgrades the stock to equal weight from overweight.

Says, quote,

we see Tesla as an AI beneficiary and an auto company.

High expectations on the former, though, has brought the stock to a fair valuation.

A gym, Bull 450, bear 90 gives him some leeway.

Yes, it does.

Well, I think, I thought the most salient line in this was Tesla remains a must-own.

If it's a must-own, for EV, David, if something's a must-own, why would you downgrad it?

I don't know.

Well, you don't leave me hang on it?

That's it.

That's all I got for you.

I don't know.

You know, you got nothing for you, Jeff Probstee. I mean, listen, you, I feel like sometimes you sit there and say you own it, don't trade it, but then you'll also say things that indicate, well, maybe you wouldn't want to own it right here if you hadn't already owned it. Don't personalize. This is about Jonas. Now, that's what I mean, maybe he feels the same way you do on those days when you talk about Apple. We're on air. This is not a great day to own Apple or buy Apple, but if you own it, don't sell it. That's because there are moments where you shouldn't just run in. So what are you asking me the question for? You knew the answer. When we come back from commercial, I'm going to let you have it. All right, so, Carl, here's the problem.

Jonas has become, other than Dan Ives, the most colorful analyst of this era, and he makes calls that are so sensitively candid. How about this line? I have to be up front with you all.

While the team is defending the Tesla overweight rating, I did not see this 111% year-date rally.

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