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

Good Friday morning, welcome to Squawk on the street. I'm Carl Kaintene with Jim Kramer, David Faber, post-9 of the New York Stock Exchange.

Futures are pretty steady as core PCE comes in somewhat friendly, as expected, the softest monthly gain since November's softest annual gain in about three years, 10 years, almost back to four and a half as we head into a Fed blackout.

A roadmap begins with the Fed's favored inflation gauge, what core PCE does mean for rate policy.

Tech and AI also in focus. Dell has been a red hot stock. It is down double digits, though, this morning.

Margins perhaps being one reason why, even though it did exceed analyst estimates. And we also

have proxy advisory firm ISS joining Glass-Lewis. It is recommending Tesla shareholders reject Elon Musk's

pay package. Massive pay package, of course, that this.

Let's begin with this market reaction to the PCE data.

Jim, a lot of chatter about 0.249 and what rounding down means.

We're back. We're back in terms of the sense that we had this little period where we thought that maybe things had popped and gotten tougher and some on some conference calls we've been hearing

You know what we thought we were going down trending down inflation looks they were trending up I think we can go back to the to the to the we're okay

I mean David you know this number which of course is we always have to say is the Fed preferred gauge yes

Does signal that maybe the trajectory, the slow, unwind of inflation is still happening.

Good. I'm glad. No, no. I don't have anything to offer. I mean, we, what can I,

what could I possibly offer that would be insightful?

That's the great way to start a show. Imagine if you started a football game of Tony Romo said, you know what, I have nothing to offer. You know what, I got lots this morning. None of it has to do with this. Well, you have mostly Lionsgate Studios. No, I don't have that. No, I got, but I got, but we got Dell to talk about, got mongo d b to talk about we got you know okay well we got activism to talk about okay we have all

but i just saying that the backdrop to what we're talking about got incrementally better that's all

i was really saying i didn't mean to be attacked i didn't mean it to be a sort i wasn't an attack

kind of a white post i wasn't a-month annualized goes to just below three and a half, Jim. That is lower than the last couple of months. Still higher than the back half of last year.

And that's the problem is we've got to get back to it. Look, if you're one of those people who says rate cut this year, you got to get back to where we were when Jay was really happy with things.

But when Jay said over and over again, we've got to get three months.

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