Market moving insight and analysis join Jim Kramer, David Faber, and me, Carl Kintania, on the opening bell hour of CNBC Squawk on the Street.

Good Friday morning and welcome to Squawk on the Street. I'm David Faber with Mike Santoli. We're live from Post 9 at the New York Stock Exchange, Carl Kintanilla. He's at the Olympics, finish things off there, of course, a big day and weekend ahead in Paris. Jim has a well-deserved morning

off. Let's give you a look at futures as we wrap up a volatile week. You know, we use that word

a lot, but I think it's really applicable this time. It has been volatile, and we are looking.

It would appear for a lower open, but again, it doesn't mean much of anything, given what we've already seen this week during the sessions.

Our roadmap does begin with that wild week of trading.

As I said, the S&P and the NASDAQ aiming to avoid what's their fourth straight week of losses.

Plus, Republican presidential nominee Donald Trump, saying he should have a voice when the Fed makes its decisions on interest rates.

And Paramount Global Reporting Results, that sends the stock higher in the pre-market media company taking a big write-down, though, announcing it's going to cut as much as 15% of its U.S. workforce as well. Let's start with the markets. The S&P coming off its biggest rally since November of 2022. All three major indices, though, still down for the week. Mike Santoli, always happy to have you to sort of tell us, you know, what your thoughts are and what we've seen so far this week. Are we done with the worries? I mean, of course we're not of worries about a recession now that suddenly this week everybody was talking about in a way that we certainly didn't hear even a couple of weeks ago. Yes, there's been some data to support it, but it's not clear to me that there's enough to support quite how much it seems to have impacted our markets. I mean, if you looked at the market action, first of all, S&P down half a percent on a week-to-day basis. Obviously, it doesn't look like much, but it went down just about 10 percent peak to low, 3 percent down on Monday alone. And that was, if you just took it as a macro message saying it was a recession panic or it was a growth scare. It was, it had these accelerants, though.

Of course, we spent plenty of time. Who knows if it's too much time talking about crowded trades,

yen carry trades, forced repositioning liquidations. The VIX goes to 60 in a phantom print for a

second on Monday morning. All of that stuff kind of bundled together represents to me coming off

of a condition when we got to mid-July, when we got to the record highs of extreme confidence

and optimism about the likelihood of a soft landing, the Fed was going to do the right thing for the

right reasons at the correct pace, you didn't have to worry about these volatility eruptions. What we are right now is we're past that positioning stress,

that idea that we have to worry about some other shoe dropping coming from the macrochurch.

I think. I think that's where we are right now. You're monitoring the vital signs. The VIX has sort of come down to 24. The yen is calmed down a little bit, all of those things. But I do think the path from here, even if it's a soft landing, is going to feature a lot of mixed data. And I think that's where we have to absorb. Well, we all know. We all know.

We all, there is an expectation, of course, in September. I think it's the 18th. We're going to get a cut. Now, whether it's 25 or 50, I guess, is more in play. We're going to get a number of, we're going to get another CPI report of PCE. We're going to get a bunch of things between now and that we'll talk about endlessly.

But, you know, I wonder when it comes

to this market in terms of especially the mega-cap tech names is Nvidia, the next real thing that

we kind of wait for, and that's a ways away. It's in three weeks. Yeah. And I do think, well, it's the next

thing we know about in terms of the big macro input that does have the power to kind of either

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