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 Cantonia with Jim Kramer, David Faber, post-9 of the New York Stock Exchange. Futures do indicate some reversal from Nasdaq's drubbing yesterday. Worst session in a year and a half. Worst day for semis since COVID. TSM guidance is helping a bit. Netflix tonight.

ECB holds steady.

Our roadmap begins with some market rotation a day after a new Dow milestone.

The NASDAQ sell-off, of course, and the Russell pulling back from a 52-week high.

Also ahead, the chip sector is looking to recoup some of those very steep losses from yesterday.

Taiwan Semiconductor is out with earnings.

It does have guidance above what many analysts had been anticipating. some of those very steep losses from yesterday. Taiwan semiconductor is out with earnings.

It does have guidance above what many analysts had been anticipating.

Plus, we'll give you the latest from Republican National Convention this after Senator J.D. Vance delivered his vice presidential nomination speech last night.

Let's get to the markets a day after that big sell-off in tech stocks. Jim, you did right. They're making it hard to own some of these. Yes, they are. And I know that at 3.30, the NASDAQ futures were up about 0.3, and then at 430, they're up to 0.6, and they brought them right down. But now we're back to 0.6. And I think that what I mentioned this only because the last half hour, even the last 15

minutes were some of the last, some of the worst I have ever seen. David, there were people who

wanted to get out of stocks so badly and using ETFs too that you would have thought that tonight

Taiwan Semi was going to blow, well last night, Taiwan Semi was going to blow up. That did not happen.

I think that this out of tech, out of S&P, the big tech stocks,

and in the NASDAQ was a program that lasted a couple of days.

I don't know how long it can go on.

I mean, it's just a program.

I mean, though, someone's motivated to bang out the semis, bang out mega, and put money in small cap.

And you and I both know, because we talked about it, small caps can't really sustain that amount of money in without just taking them all up too far.

Well, right.

We talked to Bob Bassani about the sort of the mechanics of some of the ETFs and what that will mean and how they go about mirroring the performance of the index

and what they have to buy. That is something worth watching. But on the other side of this,

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