That you were giving bad dad jokes in honor of fathers day i hope that you had a very good fathers day. I hope that mat did as well all the invites. We were waiting we had the drinks ready, the smores ready, the whole operation. Did i mess up your address or something . There was nothing at that location it was like. Its hard to find on google the google maps they send you a little bit of an awkward direction. Its the wrong address. Like the phone numbers that i used to try to get. Exactly must have written the number down wrong lets start with markets this morning. The major averages are coming off their fourth week of gains the last five weeks. This is something that we have been watching closely. If you have been watching the markets the dow is more than 10 from the all time high the nasdaq as joe mentioned was closed up for six sessions in a row on friday and the nasdaq at this point is less than 2 from its all time highs we are been watching these very closely. Theyre the only index that is more than 20 away from its all time high. I dont know if you believe in the dow transports or if this is just because the unique nature of this pandemic and what it has done to airlines and other transportation the dow futures turned down their demo 8. 5 point and the nasdaq is indicated up this morning treasury yields look like they have come in a little bit. I was watching this morning and the ten year were sitting at 0. 695 a couple of other charts to watch this morning Wti Crude Oil prices closed at the highest level since march 6th this morning theyre indicated down and then you also have gold prices that closed at their highest settlement in a month. Of course people have been wondering about the fed spending all of this. Theyre up another half a percentage point andrew okay. I want to give everybody an update on the pandemic the bho reporting a record whon day increase in the number of positive cases thats 183,000 on sunday alone and the cases jump by more than 30,000 on friday and saturday. Thats the highest daily total since may 1st. Now several states hit record case numbers on saturday florida, south carolina, missouri, nevada, montana, utah and arizona. Now meanwhile those numbers are going up and theres an update on the reopening taking place in north america. New york city entering phase two today and bars and restaurants can offer Outdoor Dining and stores can open for in person retail hair salons and barbershops can reopen and no sail salons and parlors will reopen but team sports are still prohibited. In texas suspendingly kwor licenses for violating covid19 protocols as part of an undercover investigation by the states Liquor Authority it was a second infraction and earns a 60 day suspension and prospects may be dimming for College Football season. On friday it was reported that 23 clemson Football Players tested positive for the virus. Over the weekend Sports Illustrated said a large number have been placed in quarantine to try to slow the spread of the virus. Kansas city suspending all football workouts after 14 athletes from various sports tested positive. There were positive tests at the university of houston, alabama, auburn, south florida and West Virginia theres continued questions about baseball so i dont know where we are guys on all of this i felt like it was one step forward, two steps back. One step forward i dont know. College in general is still up in the air. No decisions are being made. I dont know if you saw harvard put out a note i think late on friday saying that theyre going to its going to be online classes no matter what next year in its entirely trying to bring some percentage of the students to campus so you would effectively live on campus and live in a dorm room but all of your you wouldnt go to a classroom. All of your classes would be done over zoom i dont know they talked about three possible scenarios. One being a very low density situation and looks like the school now which is very low density. 30 and 40 of the students coming back. That was probably the most unlikely and then which students get to come back is it a lottery system its very interesting to watch all of this. And well have this in the meantime we should have thought about this and the immune system is like one big organ so you try youre dependent on your immune system to react to the vaccine to give you immunity if you have a very weak immune system by definition even though you get the vaccine youre depending on whatever, youre depending on your own internal system to develop the immunity and its unclear whether the people most at risk can actually respond to that. We kind of knew that though. Billgates told us that. Scott told us that in the past were not sure if its going to work for older people. And young people seem to be immune already kind of. Right. Not all of them a strong immune system. And the other issue we watch these states that are getting the higher number of cases all the time they are states that are already open we can say that they have come down if we open up again well be back in the same position. That remains to be seen too. Deaths arent what they were i guess. Probably going to present the more positive case well see what he says what is that about 8 30. The governor of florida made a very interesting point especially in terms of the hot spot that youre seeing there, a lot of the people are younger. So the death rate has come down. Younger people are getting it so its not as the deathly if you will as when older people. The question is if it effects their parents or grandparents or anybody else that might be vulnerable were back where we started. We havent gotten rid of the virus. We have been living with it for awhile i looked at my letter that lets me in if i get stopped and it was march 16th. Allowed to be going into work. Im essential i mean, that just shows you how random that is, but no, i feel essential, i do what is that three months just over three months. Yeah. The 22nd. It feels like a lifetime but then again its going fast so i dont know. Very nice. And then lets find a Golf Tournament on. Rain like were finally playing again but its raining but they finally played. Well, when it rains it pours. Other events over the weekend. President Trumps Campaign rally on saturday hit a few snags. News was released ahead of the event that six members of the advanced team tested positive for covid 19 6,200 people were admitted into the arena. Events were cancelled at the last minute because a few dozen people were gathered there a Million People requested tickets. Youre going to find more people and more cases. I said to my people slow the testing down please. That comment sparked backlash he said it was tongue and cheek. Chad wolf said the president made the comment in frustration over Media Coverage that focuses on increased cases the president called testing overrated last week. Do you remember the friday night . Its like who is this guy . Hes out and then later he says no, hes not out he says hes staying what thats what happened by saturday he was out and whether there was some confusion because he read about being replaced in the news from the u. S. Attorney general barr and on friday night it was apparently news and he had an idea and resigned on saturday after barr told him that President Trump fired him. He told reporters on saturday that he wasnt involved in that. And because the office is currently investigating, his personal lawyer Rudy Guiliani and obtain a conviction for the president s personal attorney michael cohen. The move to nominate jay clayton to the top position. He was on a different show and my only thought was he wont get to it. Is it possible to go you can. Should i . Id have to wear a mask . You pull off one side. That you could have i was going to tell you joe. If you hadnt of blown me off friday night you could have since you apparently how do you do it . I cut it myself but i was just going to mention on jay clayt clayton, you mind this interesting, the big issue that people are now focused on is who takes over the sec but the crypto currency world is fast nated by this what is that going to look like . Theres also calls as you know for more regulations over th robin hoods of the world and some of the other online trading platforms and even wall street and his peers that had anticipated that he was actually going to end his term atte the d of this year they were made so apolitical throughout this and i thought that it kept his head down and this going to fully thrust him into the spotlights and theres questions about politics. He wants this job but hes never been a prosecutor. In terms of the crypto one of the stories that i read are that Central Banks are starting to realize they might need some type of crypto would they have to design their own . I dont know whether that would be good or bad its going to be hard to get that first entrance into Something Like that now during the recent pandemic, its supposed to be in there and much higher im going to tell about better than some Asset Classes and its come back quite a bit but its totally a risk on, risk off asset if you watch it. Every time the stock market goes down and every time it goes up, it goes up so its still early. Its my digital goal, youre right. Especially at a time when nobody is using cash. Right. You can see the reports that the Federal Reserve doesnt have any coins because nobody is using them and people have figured out how to use all of this digital money anyway possible or Digital Transactions and thats a huge change that i doubt is going to significantly come back because its easier. Once people figure out how to do these things the the same thing with older people learning how to do online banking. Once you teach them how to do it, its easier. Right i didnt realize that he was not on board they want to get this thing moving. Well see by the way, theres still real questions about whether his nomination will pass as you know chuck schumer, senator schumer came out against it almost immediately calling for him to step down or with draw his name and, in fact, Lindsey Graham is effectively putting it to the two new york senators so it will be up to them effectively to allow this to go through or not. Its going to be an interesting one to watch. All right, folks, when we come back, china banning imports from tyson poultry plant because of the covid outbreak. We have the details next dont miss larry kudlow at 8 30 a. M. Eastern time squawk box will be right back. Save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to Xfinity Mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. 5g is now included with all new data options. Switch and save hundreds. Xfinity mobile. Welcome back chinas authorities suspended poultry imports from tyson they confirmed a cluster of covid cases. China stepped up oversite after an outbreak was linked to a wholesale food market. Officials initially blamed the output on imported salmon. And its banned imports from some factories with confirmed outbreaks including a pork plant in germany separately yesterday Chinese State media said a pepsico factory was forced to close after 8 workers tested positive. In his latest oped the former fda commissioner discusses the british strategy of fighting the pandemic and why the United States should follow its example. Joining us right now is dr. Scott gotlib and he serves on the boards of alumina and pfizer thank you for being here its good to see you. Thanks. Lets talk about your oped first up what are the british doing differently than we are. The recovery trial that was a trial that unearthed the finding with the steer yoed that was demonstrated to cut the risk of death by a third with patients s intubated. Its still large and a rand randomized trial but it was a practical trial in so far as it wasnt collecting a lot of different variables about the patients so it made it easy to run this kind of a trial in a crisis situation doctors that were busy working at Critical Care units we reached for more elaborate Clinical Trials and thats made harder to run and made it harder for us to get results. We actually affirmatively decided not to participate in the recovery trial and regulators and Public Health authorities need to rethink these trials and reach for these kinds of practical trials that are going to be easier to run in the settings so we start getting answers about what works and what doesnt well be more dependent upon therapeutic innovation given the fact that well continue to have a will the of infection. Today is the reopening of phase two. People can get their hair cut in salons and have Outdoor Dining and drink service. A lot of other things out there. Sometimes people in the northeast have seen they have been thumping their chest about how much better they are doing than other places. We have seen a decline in the number of cases and others have opened up and have seen more cases coming on. Waiting for us to happen too and its inevitable and it puts us right back where we were first of all, cases are way down in the northeast and theyre way down and masking people being mindful of their social interaction. And new jersey and connecticut around 10 and the transmission rate is going to be less because of that because now you have some people that have some level of immunity i wouldnt expect to see the big increases that theyre seeing in the southeast and the south here when we open florida, texas, georgia, alabama, south carolina, arkansas, arizona, all opened against the backdrop of a lot of spread their cases never really went down and then they opened up so it was destined to have more infection as they opened do you think thats why when you look at what were hearing from some of the schools, some of the universities that opened up for their football practices. It was clemson, lsu, kansas state, the university of texas, the university of houston, alabama, south florida, and all seeing cases and spikes in the number of kids on those teams that have seen coronavirus that tested positive. Do you think that its something that youre going to inevitably see across the country and in high schools too and i think that the professional leagues could do a lot and test them. And its going to be much more difficult for colleges to do that and they dont have the resources to do it but also to control it off the field its going to be more difficult to restart professional football they can restart professional football and they have end less resources to try to work this problem and try to put measures in place and reduce the risk off the field as well. I dont think that its a consequence that youre seeing the outbreaks in states where you already have outbreaks thats probably quite significant. This week is going to be a pivotal week for us to get a picture of where things are headed in florida, arizona and texas. Whether or not theyre tipping over into exponential growth or not. The problem is that everything looks okay until all of a sudden it doesnt and in the cases of building very quickly in those states, i think theyll continue to stay down because were treating this disease better and its among the older cohort as older people do a much better job of protecting hethemselves. What would be the number of statistics that we look at to decide whether this has gone. Youre seeing cases build by 500 a day. That is going to look like exponential growth so its been coming down they are having major outbreaks underway and theres no question about it and the problem is they dont know whether to establish the bars its the bars because a lot of young people are getting the illness but i dont think that they traced it back to the locations effectively because they dont have the tracking and placing in place that other states including new york, new jersey, and connecticut have as they reopen. Hey, doctor, real quick given that it appears that the morbidity race has come down and thats such a great sign, how should we think about these numbers relative to hospitalizati hospitalization. Is that the key to look at relative to the total number also its become politicized so were doing a lot more testing im trying to think through where we should be looking. Well, were doing more testing but the Positivity Rate is going up. So its not just a function of testing. I think that we are looking at hospitalizations because the measure of the Political Class is looking at is resource utilization by the Health Care System and asking themselves do we have enough capacity to sustain these outbreaks. The problem with that is that the hospitalizations are number one our leading indicator and theyre not going up 40 of hospitalizations in arizona are now Covid Patients but the other challenge is that if we get a lot of infection, even if its among a 20 to 40yearold cohort thats certainly less likely to accompany the infection. If we have that much more infection going on in the background its going to seep into the communities what are you racing against . All the 20 to 40yearolds getting infected eventually its going to get into the older populations as the density of infection increases which is what is happening right now. It does seem to be high in these places right now among the younger population check up on the big banks. An astounding record details are next as we head to break take a look at the next premarket gainers in the s p 500. Usaa was made for right now. And right now, is a time for action. So, for a second time were giving members a credit on their auto insurance. Because its the right thing to do. Were also giving Payment Relief options to eligible members so they can take care of things like groceries before they worry about their insurance or credit card bills. Right now is the time to take care of what matters most. Like weve done together,