Good Friday morning. Welcome to another hour here of Squawk on the Street. I'm Sarah Eisen with Mike Santoli this hour. We are live from Post 9 at the New York Stock Exchange. Carl and David have the morning off. Stocks are rallying this morning and it's the usual suspects right on top. Look at the NASDA. It's up 1%. Why?

NVIDIA, Amazon, Tesla, Microsoft, Broadcom, Alphabet, they're working again. Palantir.

Apple, interestingly, is left out of that group today. But overall, trying to stage a rally after

several days in a row, five days in a row for the S&P and the NASDAQ, lower, consumer discretionary

utilities, communication services, energy, health care, industrials, real estate, all higher

in today's trade. Take a look at treasuries. Lower yields may be playing into a little bit of the

good mood on Wall Street today. 4.57, so we're off that 4-6 level where we were in the previous

few sessions, perhaps acting as a headwind for stocks,

although we are seeing a little bit of selling in the short end of the curb with a two-year elevated at 425.

30 minutes here into the trading session. Here are the movers we're watching.

President Biden officially blocking the $14.9 billion takeover of U.S. Steel by Japan's Nippon Steel, saying the deal would, quote,

create risk for our national security and critical supply chains. Shares of Ribbon soaring,

the EV maker, meeting its 2024 vehicle production target after lowering projections,

and then watch those alcohol-related stocks after America's Surgeon General called for cancer warnings on alcoholic beverages.

According to the CDC, alcohol consumption is the third leading preventable cause of cancer in the United States after tobacco and obesity.

Much more on the fallout coming up later on in the show.

We do have some economic data crossing the tape right now. This is the ISM manufacturing number. Comes in the show. We do have some economic data across in the tape right now.

This is the ISM manufacturing number comes in at 49.3. That was actually a little bit better

than expected. Consensus was 48 and is also the highest in nine months. December new orders,

52.5 versus 50.4 in November. So we're not quite at expansion level as far as the manufacturing

industry. That would have to be a 50 or above number. We're at 49.3, but it's coming back in the

right direction, Mike. And that's good news. It is. I mean, manufacturing has been at what normally

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