Good morning welcome to squawk box. Im becky quick with joe kernen and Andrew Ross Sorkin weve been on a bit of a winning streak up four days in a row. Yesterday the dow was up this morning, you are seeing a little pull back dow down s p down and nasdaq off by 172 yesterday, Goldman Sachs helped. Good news from moderna godm goldman came out with much better numbers than anticipated. Also looking at the trezy yield. The 10year is sitting about 0. 622 good morning. As joe mentioned earlier the twitter shares are lower after the company showed dozens of users were part of a twitter hack targeting some employees who had access to systems and tools. Among those hacked joe biden, jeff bezos, bill gates, elon musk all telling users to send massive amounts of bit koip to an address they are diagnosing the problem and will share everything once the picture becomes more clear if they got in through employees with tools and access to accounts that raises questions about security procedures at tho
Dow and s p, you know if they keep going at a pace like this they will be at a record pretty soon here. Well be monitoring that. Monitoring true to our name, coast to coast, what is going on around in our fabulous country including in florida where cases are heating up and i mean really heating up. Were in atlanta where the cdc is reporting when it comes to the young, more of the cases are going up for them as well. And in texas, where joe bidens poll numbers are going up and up. One has him in the lead, in the lead in texas. Then, back to washington, d. C. , where the, shall we say dr. Fauci aint all that rhetoric is heating up as well. So weve got a busy couple hours ahead my friend. I hope you had a wonderful weekend. Get latest numbers and stats out of the cdc for that we go to Jonathan Serrie in atlanta. Reporter florida released latest numbers, 12,624 of new cases overnight. Only time that was higher, what they reported on sunday, alltime record not only for florida but any state
Typically this is the time you would see investors plow back into their equity safe havens like tech names. The sectors outperforming our the two that have been hit the hardest so far this year, financials and energy. Financial still off 24 . Energy down 30 year to date. Well asbank index doing regulators rollback some of the rules put in place after the great financial crisis. Banks will no longer have to set aside money when trading derivatives with their affiliates. That frees up capital, and that is always a good thing for banks. Regulators are modifying the volcker rule to allow banks to increase investments in funds. Do not watch not forget to watch for the fed releasing stress test results. Watch apple and disney, apples closing other seven stores in houston after closing 11 last week because of increased virus counts across different states. Disney delaying the opening of disneyland in anaheim indefinitely. It is not the cake and get approval from state officials in time for th
Look, any way you take it, employment in april was a disaster. We are looking at an Unemployment Rate that is likely approaching 20 . We get those numbers, the unemployment numbers for the whole country, next friday. However, got to tell you the backtowork movement is really gathering steam. States across the nation are modifying their stayathome rules. Businesses are reopening. Oklahoma reopens some businesses tomorrow. California will allow some elective surgery. This, however, is receiving mixed messages. President trump says georgia is reopening too soon. He says he strongly disagrees with georgias decision. However, he will still leave it up to the states. Heres a positive. The Field Hospital built specially for virus patients in houston, texas, may be dismantled, not needed, underused. Lets get to the markets. First im dealing with oil. Look at this. Moving back up again in price. 16. 71 is the production price right now, but production is being scaled back very very sharply. Sup
Than 2 , that would be breaking the streak again today. We are seeing Dollar Strength continued to climb and crude is up 3. 5 on news we expect saudi arabia and russia to try to get together to figure out how to cut back some of that supply. Flipping up the board, i wanted to take a look at the residential market, in particular rates we have been looking at. Ellington Residential Mortgage rate is one i am looking at. It is up 50 verso. It is having its biggest intraday gain ever. It did provide updates on its portfolio and business operations, which is giving investors a relief. They did come out and say they have met all of their margin calls. They lowered they lowered their leverage position to a strong liquidity position. There is a lot of focus on the commercial mortgage and the residential market, how this would fare. Today people are less concerned about the health of the mortgage market. David . News. I like good to what extent is some of the lift we are seeing inequities Short