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 Kingtonia with Jim Kramer and David

Faber at the New York Stock Exchange. Futures are down moderately on a morning of several big stories.

UK election, ECB meeting, president huddling with advisors

about whether to allow tariffs to kick in this weekend, and some upgrades too of GE, Home Depot,

Starbucks and more. Europe is relatively soft. Watch bonds, jobless claims hit a sudden two-year high

at $250,000. Our roadmap this morning begins with Buy GE. UBS upgrades the stock, predicts a big rebound

next year and shares are rallying. Plus wealth tax pushback. One new study finds that Elizabeth

Warren's plan would raise nearly 30% less than projected. And that tariff deadline is looming.

Stocks point to a lower open as the president prepares to meet with his top trade advisors today.

Let's begin with Apple. shares down more than a percent this morning on the heels of this new note from Credit Suisse that Becky and Joe just mentioned, saying that iPhone shipments did drop 35 percent in China.

Analyst's warning of the ongoing tariff threats. They do

couch it, Jim, by saying that there's some seasonality here, the timing of the calendar

slightly off. But the second double-digit drop in a row. Right. And they do. This is an

important note. They also talk about how tariff costs, if the tariffs are allowed to be put on this weekend,

will cost $67 more for the United States for an Apple phone.

So this is definitely a negative.

I always say, own it, don't trade it.

I need to know more because I know that a lot of these different surveys about what's really going on in China have been inaccurate,

but this will control the narrative today.

And the narrative implies, basically, that the Chinese government, I think, doesn't want you to buy Apple.

And I don't think that's the case.

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