Down jim, it was nice to hear becky give you props for the caution you have telegraphed in the past couple days. Watching your twitter feed it sounds like you are on alert for vying option at month end. You have could be cognizant of the fact that two days before july 4th the holiday are the two probably most strongest days in the entire year. I do think theres still too much froth you can watch nvidia today, there is a love affair with nvidia and the analysts which includes me. That one has to go up. The love for nvidia is so strong that you have to say, okay, that is your thats your bell cow here but i do think, again, that and, david, youve seen t there is that cohort of people who keep coming back to the airlines, keep coming back to the cruises, keep coming back to the tankers and those are the weakest part of the economy. It is, and for a reason you know the reason. I mean, look at the map, right thats really what you have to do at this point look at the map, jim weve been talking about it for weeks now, its not as though this is news that cases have been going up in certain states but now weve gotten to a level where its gotten everybodys attention of course it is worrisome. The death rate has been lower. We can hope that that continues. Hospitalizations up, new cases up dramatically and percentage of those tested who are positive up dramatically as well, jim right. I dont know what that says for future air travel, but it cant be good or for vacations or more openings of parks like disneyland which obviously has been pushed back as a result of california regulators more than anything else. Right. You do wonder whether we are going to see some roll on effects here how do you open parks in florida . Its back to the stay at home trade. Thats what we didnt expect we didnt expect its back to people working at home, having fun at home, hopefully there is we had a great number from mccormick today, i dont know whether it was as great as what people were expecting, there was an interesting, very interesting discussion kb homes on the Conference Call which talks about whats really going on the analysts are bulled up because rates are down, at one point the company says but you have to have a job you cant buy a house without a job. The 600 dunned dooesnt do it the 1,200 doesnt do it thats the way i read the thing. People who have aggressively moved into the america wakens trade, i think, should wait to you have to get up early early to what dr. Gottlieb said which is its going to be difficult to get this thing under ontrol it reads like a Science Fiction thats the line that we heard in the stand. Its going to be hard to get it under control. That was the president talking thats a fiction its a fiction its great stephen king book. Gottlieb is reading a lot like king yeah. Except in that in that novel there was actual direction from the federal government where really there is a lack thereof there was a plan. It didnt work. Now its just the silence is deafening. David, do you know what they did, remember, this he closed off the lincoln tunnel and remember what it did nothing. In the stand. New york and connecticut and new jersey are trying to close off things and, i dont know, i had the governor of rhode island on yesterday, remember, they put the National Guard out there i mean, this is an incredible story where its state against state. I actually havent seen it since what was that, like 1861 that caused silence. That was the civil war. That was not a good period, no. No, that was suboptimum. The states that the tristate area are limiting travel from in terms of quarantine, alabama, arkansas, florida, North Carolina interesting california is not on that list, jim given the problems theyve got in terms of the surge records, of course, and as david mentioned the pressure on disney out west, we will see what it means for walt disney world. Nevada, of course, now mandating masks. Caesars doing a uturn on that as well. Were seeing pockets of reversal kudlow is on the tape right now, says he sees unemployment sub 10 by yearend but says that hot spots will lead to shutdowns in certain areas, even though he says the economy at large will not be closed down again. I think that one of the problems is we were having a nice kind of gradual return in people flying and now weve slipped right back into the, i dont know, i mean, do i want a texan next to me, do i want alabama next to me phil lebeau is spot on where the head of airbus america is talking about the tentative thing. You can wear masks i dont want to hear you can wear masks i went in december to an island and i came back and i had a person next to me who was sick and i had a mask on because i had this premonition that things were going to go wrong and i still got incredibly sick, but if she had had a mask on maybe i would have been healthy. It wrecked the rest of my vacation i think people have to understand that if youre going to be here is what the Airline People always say, hey, listen, same thing in buildings, i can tell you in a building you can go outside other than once in a really good Twilight Zone did i ever see anybody go outside rod sterling. Mask wearing certainly seems to be at the center of a lot of controversy in the country and perhaps one of the reasons why weve seen this surge in texas, oklahoma, florida, montana, idaho, washington and a number of other states weve been talking about. You know, along with any number of other things, guys. But, jim, does it mean to your point back to that stay at home trade, back to that index that you created a couple of months ago or its the cramer covid19. Is it just generally bad its peloton, david we had a guy who upgraded positive on peloton today. Peloton has become its kind of like the mcguffit in hitchcock. Hey, its the one everyone seems to be after but are they really after peloton at this point . Its back to the covid cramer index or cramer covid index. That means youre talking about the october tiffs and the d scalers and the zen desk, ring central, david, how can i help you . Thats where were going you know ring central. I do. I know ring central. I know a lot of these names now as a result of you focusing on them for good reason. Look at that c scaler how about fastly are you into fastly . Fastly yeah, fastly is doing better than zoom or at least growing faster, i guess. You tell me. Im going to date. You i look at zoom with a 72 billion market value, up from the last time i mentioned it a couple days ago. Davie, fastly looks good here thats like, you know, its like a horse race well, it is Blue Horseshoe in that sense look at zoom thats q2. That aint everest, thats k2. A tougher climb just so you know. That is a very davie there is fastly davie Search Global is this one of his names . Are we talking about that guy again . We are talking about dave portnoy, he is in a lot of those situations that are not necessarily as well capitalized or in the Balance Sheet that you may approve of, david. Got it. Got it carl, you know what were buying i mean, honestly carnival thats a blue chip where is carl to get a handle on where we are in terms of new cases, hospitalization, positivity lets bring in our meg tirrell this morning good morning, meg. Good morning, carl. Lets look at the numbers, hit ago record in the United States in new daily cases yesterday, anywhere between 37,000 or 45,000 depending on which data source you use that continued uptick in the new cases. Of course, the positive rate of tests also rising for more than a week 1 2, yesterday it was 6. 7 that indicates its not just increased testing contributing to this in multiple states reporting new daily highs in case numbers yesterday from california, reporting more than 7,000, texas and florida as well. Arizona is now seeing Testing Capacity under strain and hospitalizations as you can see here continuing to rise. Houston in particular calling out its icu capacity really coming under strain. Last night houstons Health Authority was on the 7 00 show with scott wapner who asked them if they should put their reopening on pause or even reverse back to shutdowns. Here is what he told scott there are consequences not only economic but theres also health care consequences to that, too. I try to tell people we are no longer at a point where we can eliminate the risk we now need to think about managing the risk. So not looking at going back to those shutdowns this is what were seeing around the country, guys. If you look here its mainly states putting their reopenings on hold rather than actually reversing course either states or various counties taking these actions. There is one county that encapsulates boise, idaho, that is going in reverse. They told bars and night clubs that they had to shut down again after a concerning surge in cases. They have been open for just a month. Really what were seeing is a pause even as Public Health experts say some places might need to consider going back to those more stringent mitigation steps. Back over to you meg, yesterday goldman put out a note that said they think the line at which states would be under pressure to reverse the reopening process would be about 20 or Hospital Capacity below 20 . Is that sort of the general line that youre hearing . There are a few gauges that you can use, you know, if you look at the guidelines put out by the federal government and the cdcs guidance on those guidelines, you know, if trends start going in the wrong direction, theyve been saying you can move between negating stages if your trends are going in the right direction for two weeks, the cdc says municipalities should act swiftly if they see trends reverse and thats not what were seeing perhaps that 20 Hospital Capacity is a good threshold to use and we are seeing many place was less than a available right now. They do point out alabama, maryland, 23 of icu beds available, 25 in arizona we will watch all of that. Meg, we will talk to you in a little while thanks, meg tirrell. When we come back this morning we will get to some of the calls that jim and david were mentioning. New initiation on peloton, a downgrade of boeing. A lot more when squawk on the street continues. [shouting] [clapping and shouting] [cymbals clanging] [knocking] room for seven. And much, much more. The firstever glb. Get 0 apr financing up to 36 months on most models, and 90day firstpayment deferral on any model. We need to have a sense of urgency. We need to make the important feel 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. What a mornings its been already for data claims, durables, lets get to our rick santelli. Hi, carl. In the most interesting a spect of what you just brought up, we had lots of data points and especially durable goods quite powerful we can argue on initial and continuing claims under 20 million is a positive on continuing we could argue whether initial claims was a disappointment based on expectations, but the point is that Interest Rates continue to be soft and the intraday of ten shows that all of those data, the litany of data didnt really change that dynamic. Open the chart up for tens to a twoweek chart and you can see how we have given up all these recent gains even though they have been small gains but many like myself look at rises in yield at a time where theres so many questions regarding the question as a positive as they get soft especially under the conditions of kind of a messy equity market of late it isnt really depicting a future thats good news and thats the way to read the treasuries currently. Its not only that if you look at short maturities, especially threes, fives and sevens they are within two basis points of their all time low yield closes which is really amazing. You have to go out to the ten year to find anything left on the bone and we are only about a dozen basis points above the all time low yield close in tens and on 30s what a difference the longer maturity makes, 99 is the low basis point in close for 30, they are currently hovering around 140 so theres some distance there which is why investors globally like that maturity you can see on the year to date sevens what im talking about, how close it is to the all time low yield close which is around 47 basis points. Lets look at a three day of the dollar index, this is still obviously nowhere near where it was when it was over 100 but we have rallied one sent off the test on tuesday of unchanged on the year at 96. 40 and that is a positive development, but its a positive development in the dollar during periods of volatility in equities, carl, jim, david, back to you. Rick, thank you rick santelli. We want to take a look at disney now, mentioned it briefly in the opening block of the show. The decision by the company to postpone the opening of its Disneyland Park saying that the state of california has indicate it had will not issue theme park reopening guidelines until sometime after july 4th and given the time required for us to bring thousands of cast members back to work and restart our business, we have no choice but to delay the reopening of our theme parks and resort hotels until we receive approval from government officials. Of course, when it comes to disney overall, theme parks as we had pointed out many times are very important, it is going to be a rocky opening, no doubt, one way or the other youve also got production of movies that has been in hiatus, questions about the theatrical releases of movies given where we are right now in terms of attendance at movie theaters questions about sports programming, espn. Dont forget Media Network still an important component overall of operating income as of course is parks, near yeexperiences an profits. Disney plus, what a success its been, its contribution to operating income is still going to be quite small while the revenue number keeps going up because theyre spending so much on t you are talking about a company that has added a lot of debt to its Balance Sheet, you could see it trip into a 4. 5 inches 5 times leverage ratio which could scare off some investors as well. Its well run financially and they did tap the market a couple times, but, david, i think one of the undercurrents of this era when you get off the desk and talk to people is there is a disbelief that all these different commissioners and owners are telling us about sports disney needs sports. Its very, very important. When someone says, do you know what, were going to put all the players in a bubble in florida, well, remember, its not just the players, you need the whole staff. If you are going to put football in a bubble you are talking about thousands of people that need to be put in a bubble put them on some sort of island . Right. I think that disney needs professional sports, but the number of people who have come down with covid, i mean, maybe maybe it wont matter by then, there will be a 15day dlcovid list hole joe cow, i dont want to be disney taking a beating here. I think that disney has to be sweating all these covid announcements versus the confidence that the owners are expressing, its all systems go for all sports yeah, i dont even know where we are in all sports, carl i cant quite get it all together the nba, Major League Baseball very much unclear, hockey obviously not as widely viewed at least on National Television and then the nfl of course as jim brings up is the biggest and most important one from that perspective, from so many perspectives we had hoped to have some clarity heading into july, we are not that far away at this point and still really we are lacking it in terms of a schedule and when everything is fully going to restart, if it will we need herd immunity. Indeed. Look at what theyre doing with the hall of fame game, jim, thats an adjustment djokovic this week testing positive of course, this journal story about whether or not disney is considering delaying mulon which was going to be a big pivot back into theatrical distribution if and when that could happen. The reason i got more cautious is because these are all they are all the piece, they are the reopen trade that i had thought could occur. I listened to baseball, i thought for sure they had something cooking. Adam aaron, putting face masks on, people go to the movies, have face masks. You had good travel numbers versus the week before now every one of those things has reversed i dont know how you can be as bullish if you lose the america awakens trade as we were before and we are back in the stay at home trade which is, you know, frankly look, theres 20 trillion that does well in stay at home but theres about 30 trillion that does well if we awaken and i dont feel very i mean, ive been up since 3 00 but i dont feel very awakened jim, we will talk more about that as we get closer to the opening bell corporate layoffs this morning announced over at macys, we will get to some of dardens numbers. A lot more when we continue as futures are off the session lows back in a minute at leaf blowers. You should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. But youre not mad because you have e trade which isnt complicated. 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