Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kinteneer with David Faber, Mike Santoli, post-9 of the New York Stock Exchange. Kramer has the morning off. Future is mostly green, above those April two levels still. As we head into this first weekend of U.S.-China trade talks, President making some conciliatory remarks in advance.

Meantime, tons of Fed speak today and consumer earnings.

Our roadmap begins, though, with Wall Street's China trade talk expectations,

as the president now floats cutting tariffs on China to 80% ahead of tomorrow's meetings.

Plus, we'll have the latest read on the health of the consumer, Expedia, Pinterest,

Affirm, all those stocks are on the move following the company's quarterly results.

And gold is up continuing that record run.

We're going to discuss that with the CEO Barrack Mining that'll be right here at Post 9 in just a few minutes.

Let's begin with the markets as we wrap up yet another volatile week for stocks.

On Wednesday, Mike, the president was asked whether he would roll back some of those 145 tariffs on

China. He said no. Today he says 80 sounds are seems right in his words.

Yes, 80 seems right. Reports, maybe it gets below 60. I mean, I think it really does sort of accentuate the somewhat absurd moment

that the market finds itself in in trying to handicap these things, which are, you know, kind of not really

a process. They're just kind of educated guesswork. Yesterday's action was pretty interesting.

You know, the market sort of attempted to celebrate this UK deal, up a percent and a half in the S&P at the highs kind of faded through the afternoon.

I don't know if it was a rethink of the terms of the deal or what it means for other trading partners.

But what it does show you is that, look, under 5,000 in the S&P, which is where we were at the lows a little over a month ago, all you needed was anything but worst case scenario, washed out sentiment, everyone was desperately panicky, and anything but mutually assured destruction, you got a snapback.

5100, that was one of those hurdles. I think you had to start to see the makings of a deal.

You had to sort of see gestures toward de-escalation and rhetoric. And now, I think the stakes are

pretty high for the China talks this weekend, both because of where the market has gotten to,

and because it's kind of the ballgame in terms of whether we're going to, you know,

continue to have this standoff indefinitely or if we're going to, you know, dial it down.

...