Was up by better than 5. 7 also watching whats been happening here with the treasury market in the United States. Keeping an eye on those things and youll see that right now at least it looks like a ten year is yielding 0. 689 just below that 0. 7 that we had the last couple of weeks. What was that i dont know. Im trying to explain this. I could make up a bunch of reasons. Because were reopening its the same thing over the weekend. New records were hitting the states where they were talking about more than 10,000 cases a day coming in and here you are watching the markets this morning saying yeah, okay. I was just listening to Worldwide Exchange and by the time he got done talking we should be at 10,000 on the dow look at whats happening and this, that, gaps here that are it can all end badly. At this point, this is really serious when you got this many people obviously that have passed away from the disease remember at one point i said we need a reality check i think that overall, maybe were learning that we need to live with it until we get the vaccine until we get therapeutics we have gotten good news on the prospects on the vaccine were seeing things. And you dont need 100 immunity i dont know what you actually mean even if you have 30 or 40 that lowers the possibility that youll have that where you have a one where every person gives it to somebody else. And it means that everybody has gotten it. Im just trying to explain why. I know that its still really bad and things are really scary. Were trying to figure out why we keep setting new highs. The only distinction that i was going to make is that the headlines around coronavirus i dont think are hysterical and not funny hysterical. Thats one story. But theres another story which is the market story which is that theyre shrugging this off saying 12 months out from now or maybe 18 months out from now, i think by the way, people are giving it a lot more time even in their own heads because obviously its unclear that were all going to be back in business this fall and for some reason were still powering through. And oddly enough you can have krr headline implications on that and while they dont make sense in front of you. When we get to july employment numbers well know. May and june show pretty surprising numbers the worsening of the situation in all of these states like arizona and texas and elsewhere, if that shows up in the july numbers, thats one thing but if it doesnt, you are seeing it. Unabated back to work story and if its not good and its really disappointing. And at this point reopening is still on track. So it might be dicey and be protected and send kids back to school and do what we need to do and theres people hurting from not having a job and being depressed and being at home i cant imagine being in a one room apartment in new york city going through this and we were talking about that because we came in the city yesterday what have these people been doing with kids that live in a studio or a one bedroom apartment in new york city so well see. The markets obviously the other thing that youre going to wait to see is what happens now is its not as serious. And in four or five weeks do you see the transition and take place to their parents and grandparents thats the question about going back to school thats all of the issues the market is able to say business continues entrepreneurship continues ingenuity continues and allow their employees to work from home and news on that front this morning too. And just yesterday this announcement came out that warren buffets Berkshire Hathaway was making a big move in the Energy Sector its spending 4 million to buy dominions storage assets when you include the assumption of debt in this deal, it toltals 9. 7 billion and then the subsequent market collapse in march. Amid that deal, Dominion Energy announcing that its pulling the plug on its Atlantic Coast pipeline project with duke energy that was an 8 billion project facing increasing regulatory scrutiny and delays that boosted projected costs and raise doubts about its feasibility approved a critical permit for the pipeline and other laws were passed including one in virginia a few months agatha would have made it difficult to be able to raise rates and to go ahead and pay for the plant that they would be building and pipeline they would be building for some of those issues. Youre not going to be able to build pipelines in this country any more and this was years of delays. It says a lot about being a regulatory utility the assets that it was selling to Berkshire Hathaway energy were leveraged at 60 . Its a big deal because Berkshire Hathaway said it was interested in spending money back in may we learned that it spent up to 137 billion at that point, buffet said that they didnt see anything that was really opportunistic anything that they liked it was not like 2008 and 2009 because the Federal Reserve stepped in he thought the fed had done the right thing but as a result it calmed the markets and made sure that companies could get access to any sort of capital they needed through the Public Markets and so there werent really opportunities for berkshire to step in and do deals like in 2008 and Goldman Sachs and ge and others. Hey, becky, i have a question i was thinking about thisdeal. You were reporting on it yesterday on cnbc. Com and i was thinking to myself and clearly given the dominion, around this Atlantic Pipeline and yet still decides to sell, how much of that is a bet on politics in the future in terms of democrats winning in the fall because clearly they won in one place at the Supreme Court level and possibly could have gone ahead but clearly think its challenged but what does it say about warren buffets view i dont know if it says something about politics to view that assets are valuable on to themselves without having to expand and do more. I would say probably the latter i think if you look at this, this is an infrastructure play for Berkshire Hathaway these pipes are important for moving natural gas through the United States and with this deal, berkshire is now going to have 18 of the interstate transmission of natural gas throughout the United States a lot of the problems that were having are on the state level of things so these issues and its been states that have raised the biggest ruckus with things to go through. The atlantic pocoast pipeline to thats interesting. Very interesting thanks meantime, we should tell you about another deal today uber is set to acquire post mates in a 2. 6 billion all Stock Transaction. The announcement expected this morning. Uber would merge postmates with uber eats and reports last week we talked about it after uber failed if you remember in the bid earlier this week to acquire rival food delivery grub hub putting them together would give them about 37 of the total market i believe and it will be very interesting to see if theres antitrust issues around this theres clearly no market meter by a wide margin once this deal goes through between grub hub and door dash and uber eats. Well see what they have to say about all of this. Meantime a lot more coming up this morning struggling to control covid outbreaks. Well do it next enter phase three of its reopening. Plans for Indoor Dining as just mentioned and the up tick on coronavirus cases and theyre doing that in advance and were back with so much more on squawk in a moment. You should be mad at forced camaraderie. And you should be mad at tech that makes things worse. 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The number of tests that were positive was 14 floridas governor said he wont reclose businesses but local governments are taking stricter measures the mayor imposed an overnight curfew and some businesses that reopened in june, andrew out with a warning saying the path to a vaccine can be long and complex. Hes calling for Drug Companies to ramp up production of drugs that mimic an immune response and good morning to you. A lot to talk about. Lets go over the numbers for the weekend. You heard the conversation that joe and becky and i were just having about where the markets are. About a lot of the headlines the criticism, i dont know if you can did you lose me can you hear me . I think scott may have just lost us i think that you have us back can you hear me . Yeah. I got you. Were you able to hear the conversation joe and becky and i were having arlier when you see these headlines, in my view these are obviously facutal headlines people are trying to report but theres a whole other view that this is overdoing it what do you think of that . Well, theres people that claim a false narrative. That this is overblown covid isnt a big deal sometimes its invaded china and japan and all of these countries that took this seriously. And it could peak sometimes and people looking at google mobility data and the rate of infection is probably pretty high right now. Were going to be contending with this for a long time at this point is this going to change the path of reopening its going to change behavior thats what is going to be a backstop against the epidemic. But people that are vulnerable are with drawing and protecting themselves at doing a better job than that the government can override the local school board but theyre not going to want to do that because youll have a situation where wealthier districts will have the resources to do that. And people are going to be uncomfortable about sending kids to school. They are vulnerablement they do get the virus on a less prevalent basis. They do get sick on a less prevalent basis and not as commonly one was an implication that the vaccine might take longer than the market is expected and the market is expected by the end of the year that thats a vaccine maybe not at scale but available to a lot of people and what are the drugs that you think need to get made and how quickly they can or cannot get up and running. The implication here is that the drug remdesivir looks effective but the reality is that we dont have enough of that drug if this epidemic worsens and if data demonstrates the drug is effective in earlier settings of the disease. If we demonstrate that for patients at high risk of a bad outcome. We dont have enough drug for that we should have made decisions two or three months ago to try to ramp this up. What im arguing is we shouldnt make the same mistakes with the antibody drugs that might be all we have. Its an early one. For certain high risk groups and the complexion of the epidemic if you will. Its probably 2021 its forced its way to the population this may have naturally started to decline on its own. The doubling time right now is about 30 days, a little bit more than that. So if were doubling the number of infections by the time you get to the late fall or early winter you probably have 30 of the population thats already had this it must be around 7 right now there was a story over the weekend that said even six months into the coronavirus pandemic and were getting our arms around testing thats several reasons theres still issues in the supply chain theyre not readily available and you talked about it so long ago with us. You told us about that 3. 5 months ago but Companies Want to make sure that they can check all of their workers pretty routinely and how big of an issue do you think coronavirus testing is at this point and will we get to a point where its readily available. Its a bigger problem at this point. All the low commodity products are back in shortage and what is surprising is how quickly the supply chain got pressed in states like georgia and florida. And those states dont have enough testing theres delays of 3 to 5 days. Theres long lines long ways to get past testing. We really still dont have a system and we can distribute these products nationally. Look at new york, massachusetts, theyre doing a lot of testing right now. And we dont have a national planment we dont have a National Strategy or a National Pool of resources and we have these epidemics so states start to get pressed very quickly. In terms of when well have more supply in the market well see major aprufls of new products pretty soon. Thats going to provide a lot of capacity into the market new systems that have control over their own supply chain. I thought we would be in a better place you dont have the ability to marshall resources and focus them into that state clearly thats not happening we dont have that still so really, what the total number is, is it really what we should be talking about here, 5,000 or 10,000 cases on a given day. Is it 50,000 or 100,000 . The 2. 8 million that you see at the bottom of the screen now, total u. S. Covid cases. Is it 28 million or what do you really think this is the way i think about it so 34,000 cases on one day that was probably around 700,000 cases. Now diagnosing 1 in 10 now diagnosing one in 12 cases and well hit 60,000 cases this week for certain. So were back to 700,000 infections a day id say 700,000 infections a day. Thats probably what we should be thinking about. We should multiply it by 12. Its a record of 6,000 cases at least 10 or 12 times thats what the real number is. Thats why a large percent thats why a large percentarkgeo the population is already closer hope springs eternal, right . If you look at the private modeling we could see a peak in the Southern States this month its going to be an extended plateau though unfortunately thanks a lot. When we come back, teslas elon musk is feeling confident after his markets capitalization passed toyota last week. Over the weekend he supported a new president ial candidate and mocked short sellers we have the details on some of the stories next. In the meantime, the stock futures this morning soaring dow futures up by 450 points were not entirely sure why. But you did see huge gains in the asian markets trading overnight and very big gains in europe this morning too. 154 points this morning. S p up by 50 points higher squawk box back after this break. Take a look at the biggest premarket gainers in the s p 500. Laleinthway. Were carvana, the company who invented car vending machines and buying a car 100 online. Now weve created a brand new way for you to sell your car. Whether its a year old or a few years old, we want to buy your car. So go to carvana and enter your license plate, answer a few questions, and our technowizardry calculates your cars value and gives you a real offer in seconds. When youre ready, well come to you, pay you on the spot, and pick up your car. Thats it. So ditch the old way of selling your car, and say hello to the new way at carvana. Kanye west says he is running for president. He is making good on his 2015 promise to run previously he had been vocal about his support for President Trump. Its unclear if he is serious about a run. He hasnt taken any steps you need to take to run for president but he also announced last week he has a new album coming out soon, but he has already had a couple of billionaires backing him up. Elon musk and mark cuban both voicing their support. Vegas has his odds at 661. Separately, thanks, becky, tesla mocking short sellers. Elon musk mocking short sellers. Limited edition short shorts for sale on its website. Elon musk tweeted yesterday about their availability passing toyota to become the most valuable car company and guys, if i remember right, there was a mention about short shorts and he might have gone after him that was short this Company Maybe two years ago. Does that ring bells with anybody. Very vaguely. Im going to pick it up. Glaringly bad picks and ill tell you what, heres what heres the thing theres no room for short shorts ever anywhere and i guess they went out of style so badly, like when i see an adult man that is running and who inadvertently is wearing an old pair. You know, shorts now come down to right above the knee and thats what were used to. So its so bad i mean it works if you wear really high, white socks. And wearing a shirt and you look like you have no shorts on when youre wearing that shirt. I cant unsee will ferrell in semi pro that basketball movie no one looks good in short shorts hes kidding around but theyre there to make the point that you have gotten your you dont have short shorts andrew, right . Back in 2018, he did he actually went short shorts