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 Kintanio with David Faber, Mike Santoli, a post-9 of the New York Stock Exchange. Kramer is the morning off. S&P, once again, going to flirt with levels just south of 7K. Yields are lower across the curve. Got some good earnings to chew on this morning from Cisco to

Apploven to McDonald's. Jobless claims still a little elevated. 227 is the highest since early

December. Roadmap begins with the state of stocks. A number of sectors continue to hit new highs,

while software and now commercial real estate takes a hit on these AI fears. Plus Dow components, Cisco and McDonald's moving in different directions on the back of their

latest earnings. The House voting to override President Trump's tariffs on Canada and reports

the U.S. and China may extend their trade truce. This is when President Trump and she meet in person.

Let's begin with the market's poised for it higher open after yesterday's slight

pullback, Mike, we continue to see the AI fears kind of migrate around different sectors over

the past few days.

Yeah, and the challenge for the market, almost every day, is what's going to take up the slack.

The market is just absolutely kind of hunting for perceived vulnerabilities,

any kind of middleman business that has some kind of an information lock between customer and product or service.

It feels as if they're losing the benefit of the doubt.

What's fascinating, I mean, this is basically the most interesting flat index performance I probably ever seen, meaning the dramatic moves inside

the index and what it's taken to keep the S&P right in place have been fascinating. So you had

a one-month move average on the S&P 500 individual stocks of more than 10%.

11% Nemora says, which is in the 99th percentile in terms of the average move of a stock

versus the index. So what you see is violent, almost desperate rotation of people kind of trying

to escape tech where there was too much capital, and obviously it's now seen as less

of a sure thing, and it's rushing into the smallest sectors of the market, which is energy

and materials and consumer staples. And it's had those things go vertical. So far, it's been

incredibly elegant, I guess you could say, but to me it always raises the possibility that something's

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