David Faber and Jim Cramer break down the market action of the morning, as futures popped on the heels of comments from Chicago Fed President, Charles Evans. Fed President Evans said signs of the labor market strength may be waning, that he sees rates remaining at 4.5% for some time, and restrictive financial conditions required to bring inflation down. Plus, shares of automakers were getting crushed. UBS downgraded both Ford and General Motors, saying the industry is rapidly moving toward vehicle oversupply following three years of unprecedented pricing power. Rivian shares were getting crushed after recalling nearly all of its vehicles to fix potential steering issues. Chinese chip makers got hammered after the U.S. announced new export controls aimed at limiting Beijing’s ability to produce advanced military systems. The sweeping rules mean companies must apply for a license if they want to sell certain advanced computing semiconductors or related manufacturing equipment to China. Jim and David broke down the other movers of the morning including Blackrock, Twitter, P&G, Kraft Heinz and Merck.