it is 5:00 a.m president trump reportedly approving air strikes overnight before reversing course. we are live in washington with more the market shrugging it all off. the s&p 500 hitting a new all-time high. will the dow hit one today it is not just stocks. oil on pace for its best weekly gain in nearly a year. helima croft has analysis. a 3$3.2 billion healthcare deal in the works. and it was one of the top public market debuts of the year don't call it an ipo we'll have more on slack's surge

on this friday, june 21st as "worldwide exchange" begins right now. ♪ good morning, good afternoon, good evening wherever in the world you are i'm brian sullivan the record rally is back the s&p 500 hitting a new all-time high yesterday. much more on that coming up. dow futures are down fractionally a major developing story president trump reportedly approving military air strikes against iran overnight then he called them off. according to reports, planes were in the air, boats were in position when the word came to stand down we have full team coverage hadley gamble is in abu dhabi. let's begin with the latest out of washington, d.c. with nbc's craig boswell.

>> good morning. a dramatic escalation of tensions between the u.s. and iran as you mentioned the "new york times" reporting that president trump ordering military strikes on iran and abruptly pulling them back. this was hours after we saw president trump in the oval office saying iran made a big mistake shooting down a u.s. drone. that u.s. drone shown by pentagon video you can see the trail of smoke coming down as this drone goes down this was in the gulf of oman this is near the strait of hormuz there's a picture of one of the u.s. unmanned drones you can see the trail of smoke coming down as this drone is going down the u.s. said it was in international airspace iran says it was over their airspace we have some exclusive information this morning this is from reuters saying that iran received a message from president trump overnight via oman according to an iranian

official, the official says president trump gave iran a limited time to respond. that he said they didn't want war, but talks tehran responded warning of regional and international consequences of any military action much more that we'll be learning on this as we confirm these talks going back and forth these messages going back and forth. that was according to reuters. again, "new york times" reporting, this is according to government officials that were in the meeting that president trump okayed military strikes, as you mentioned when planes were in the air, ships in place, no missiles yet fired, the president abruptly pulled the plans back >> dramatic story there. craig boswell, thank you very much in the face of all of these rising tensions, blown up tankers, a drone shot down, those reports, investors seem to be shrugging it off. yesterday the s&p 500 hit a new record the dow 46 points away from

hitting a record of its own. why is the market shrugging it off? joining us is peter boockvar i e can imagine a day a couple years ago where oil would have been up 10%, not 6% and the dow would have fallen. we continue to gain. how come >> the fed backstop with the prospect of rate cuts starting in july, then you have hopes that the trump and xi meeting will be production and lead to talks that would stave off new tariffs and hopefully remove some existing ones >> i don't want to suggest our conflict with iran will grow let's hope it does not i understand your point about the federal reserve, but when you face at least the theoretical concept of a military conflict with iran, is the fed powerful enough to overcome that? >> they're not

but the market always assumes these geopolitical hot spots always cool down and we never get to the point where it's the fearful situation that you never want to see. that's the mentality geopolitical situations mostly don't lead to something. you get to a certain point and things always back off that's the assumption here, that cooler head also prevail what if trump and xi do not come to a deal at the g20? >> would certainly be a negative the fed would try to offset that with a cut >> the market expects a cut. steve liesman told us yesterday, there's a 100% chance of a cut in july. >> the 100% priced in as of today. that can change tomorrow, because if there is a deal the rate cut odds would get pulled

back manufacturing has slowed the global economy in terms of manufacturing is in a minor contraction. if you look at pmi numbers, we'll get some more today. if there's no deal, that gets exaggerated, and you'll see further declines in manufacturing activity that could threaten and spill over into services >> outside of that, we had our number of the day yesterday. you know what that number was? >> i do not. >> 12.5 trillion >> do you know what that is? >> yes the negative yield in securities >> correct the amount of debt around the world that has a negative yield. japan, germany, switzerland, sweden, denmark, another one thrown in there. >> it's like 20 to 25% of the entire global bond market. >> correct >> how does that end not next month, maybe not next quarter, two to three years from now. how does that play out >> it's playing out in terms of the profitability of european and japanese banks over the last 30 years the

japanese stock index in normami terms is down 90%. it's playing out in realtime the longer this continues the worse it will be for these banks. i'm worried the fed will repeat the mistakes of those central banks, lowering rates to where the u.s. banks have trouble making money >> 12.5 trillion in negative yielding debt. 242 billion in oil and energy related debt around the world. much of it coming due in the next five years. the consumer in the united states is now on many metrics more indebted than they were just before the financial crisis the world is laden with debt can we get through it this time? >> well, that's why the fed is pushing on a string by trying to lower the cost of money.

>> doesn't that encourage people to borrow? >> that's why relying on the fed to save us, i think, is misplaced. they're pushing on a string, and that will be a term we will hear more and more of it's clear in japan. it's clear in europe it's going to be obvious here, i believe. >> quickly, when do you think the stock market starts to care? it has not >> i think when we start to see second quarter earnings. we can see the corporate impact of this global slowdown, particularly from the multinational perspective. that's when they'll begin to care >> peter boockvar, thank you very much. >> when we come back, a 3$3.2 billion healthcare deal reportedly in the works. what may be on united healthcare's shopping list. and it was one of the best public market debuts for a stock this year. don't call it an ipo oil on pace for its best week in almost a year.

helima croft says there's only one thing standing in the way of $100 a barrel oil. we'll find out what that is when "worldwide exchange" returns

welcome back shares of slack edging higher again this morning this after a banner public market debut on the new york stock exchange yesterday slack ended the day up more than

48%. that puts slack in the top 20 of the debuts on the public market this year. 17th best debut of the year. beyond meat still holds the number one spot for the first-day performance, a cool 163% healthcare has been one of the most active sectors this year for m&a trailing only technology more than 260 billion in deals have been announced so far in 2019 that number may be set to grow bertha coombs is here to tell us why. >> we had a couple blockbuster biotech deals. united health, they make deals all the time they agreed to buy healthcare payments firm equian for 3$3.2 billion. equian handles more than 5$500 billion in claims a year and counts 9 of the 10 largest

healthcare payers as customers the company analyzes claims before and after they're paid seeking to reduce mistakes that cause overpayments united health is the parent of united healthcare. just this week the federal trade commission approved its $4 billion deal to buy divita medical group. united health will likely merge equian into its health services unit which caters to hospitals, insurers and other hospital care providers. shares of united health are up fractionally the stock is roughly flat for the year that's comeback as we saw that big tumble in healthcare stocks earlier. >> so this wouldn't be two payers as they call them this would be united health trying to i guess figure out how to pay -- >> it's to beef up -- basically the unit is about data an littlics

as well as the pharmacy benefit unit you have a lot of other units within that. if you can get payments adjudicated and made good, that is a lot less administrative stuff you have to dochblgt do >> don't know who equian is. what do they do? >> they do payment firms, they do it in healthcare and other areas as well for insurance. we'll see if they maintain that part of it certainly the healthcare part is the real deal here >> could be another $3 billion plus deal this morning bertha coombs, thank you still on deck, why one hot pot stock is not hot this morning. then winning in boston of course they're winning in sports, but now they're hoping to win in casinos. contessa brewer will have a look

at a new 2$2.5 billion casino in massachusetts that you won't see anywhere else. ♪

♪ applebee's new loaded chicken fajitas. now only $10.99. the first survivor of ais out there.sease and the alzheimer's association is going to make it happen. but we won't get there without you. visit alz.org to join the fight. that's what happens in golf nothiand in life.ily. i'm very fortunate i can lean on people, and that for me is what teamwork is all about. you can't do everything yourself.

you need someone to guide you and help you make those tough decisions, that's morgan stanley. they're industry leaders, but the most important thing is they want to do it the right way. i'm really excited to be part of the morgan stanley team. i'm justin rose. we are morgan stanley. welcome back pot, payments and polystyrene are on your stock watch list canopy growth reporting a wider fourth quarter loss. revenue did beat forecasts here's what's interesting. canopy says its sale of

recreational marijuana in canada dropped from the previous quarter when it was officially legalized. canopy growth down 4%. paypal says coo bill ready will step down at the end of the year he has been in the job since 2016 he's the second member to depart paypal this year. and chevron phillips chemicals are a joint venture of chevron and phillips 66 and they are ready to make a bid to buy nova chemicals for $15 billion. nova is owned by abu dhabi sovereign fund, they make polystyrene. straight ahead, a security breach at one of the busiest airports in america that was caught on camera that sent five tsa workers to the hospital later, what does this morning's rbi and your breakfast bowl of cereal have in common?

they're both a little bit soggy. if you think it's been raining a lot, you're right. maybe not as much as you even know we'll give you the real data when "worldwide exchange" returns.

it's like they got a microphone in my car i was listening to this band on the way to work. i don't know if you're

eavesdropping. good morning there's a live look at chicago 4:21 there good morning stock futures are not giving us a whole lot of help. they're down nine points the stock futures have been understating market moves lately the s&p 500 hitting a new record high yesterday if you are counting along at home, the dow just 46 points away from a record we're red right now, a little bit. if we gain 46 on the dow, that will be a new record high. oil has been in focus for obvious reasons. oil on pace for its biggest weekly gain. continues that move right now, up a quarter of a percent. let's get a check on the other top headlines outside of the world of money and business including some guy trying to fight his way through security at the phoenix airport frances rivera has that and other top headlines. >> we start off with a first

look at the transcript from the closed door testimony of hope hicks which revealed that the white house lawyers stopped her 155 times from answering questions. during her seven hours before the committee lawyers intervened on inquiries from everything from james comey's firing to robert mueller. chaos at an airport in phoenix. surveillance video shows a man rushing through a body cam machine and taking swings at tsa agents the police report says garner may be mentally disturbed and may have been under the influence of alcohol or drugs. one tsa agent was taken to the hospital a major surprise for a canoe team off the coast of brazil look at that massive whale launching out of the water so close to them they're rocked by the waves as it crashes back into the sea it is a once in a lifetime encounter for the group from rio

de janeiro they were lucky enough to be rolling on the video to capture that moment. a trip they'll be making for the gram, instagram, look what they got. >> that mammal is the prince of whales today >> you got it. still to come, president trump approving a military air strike against iran, planes were in the air before a last-minute change of mind we'll get more on this developing story oil is higher this week on the iran tensions, we're still below 60 your next guest says there's only one thing standing between us and $100 a barrel oil lima croft will join us with th wn orwi ehae"athe"wlddexcng returns. (danny) let me get this straight.

after a long day of hard work... ...you have to do more work? (vo) automatically sort your expenses and save over 40 hours a month. (danny) every day you're nearly fried to a crisp, professionally! (vo) you earned it, we're here to make sure you get it. quickbooks. backing you. the first survivor of ais out there.sease and the alzheimer's association is going to make it happen. but we won't get there without you. visit alz.org to join the fight.

president trump reportedly ordering air strikes on aran overnight before backing down at the 11th hour. could this be the tipping point for the oil and gas markets? helima croft is here. the stock market shrugging off the iran tensions and focusing instead on the fed. the dow just 46 points away from a new record will today be the day we hit it? getting to work. wall street's newest stock soaring in its debut

more on slack's monster move coming up on this friday, june 21st you're watching "worldwide exchange" on cnbc. >> welcome back in good friday morning. thanks for being with us i'm brian sullivan could today be the day that we hit a new record high on the dow? futures not giving us help they are basically flat. yesterday the s&p 500 hitting a new high the dow 46 points away from doing the same the futures just turned positive bond yields are back above 2%. 2.04%. yesterday we briefly touched 1.97% on the ten-year. that's the lowest in 2 1/2 years. you may not care about bonds or bond yields, but you may care about housing and mortgages. mortgage rates could fall. could this pump up housing

mark phlegm willifleming will h that a major developing story out of the middle east both the new york sometimes and the "washington post" are reporting that president trump approved military strikes on iranian targets overnight and then backed down the times saying the operation was in its early stages with planes in the air and ships at the ready before those strikes were called off. the white house and pentagon have not officially commented. this comes after iran shot down an unmanned u.s. military drone over the strait of hormuz yesterday and the pentagon releasing the first images of the shot that took down that drone. iranian state tv airing this video which reportedly shows the missile launch which took down that drone let's get the latest from the region hadley gamble is live for us in our abu dhabi studios. >> speaking of tensions,

tensions are running high in the region given the fact we've seen just this latest attack over the last 24 hours. it prompted essentially the first pentagon briefing we've seen in a year and also that ban that you mentioned from the federal aviation administration. that will keep u.s. flight operators from flying over certain parts of iranian controlled airspace. u.s. airlines are not the only ones worried klm and lufthansa are also looking at ways to avoid the area we heard from etihad airways in abu dhabi. they said they're closely monitoring the situation all of this does have major implications for international traffic because you may remember that dubai international airport is the third busiest when it comes to international airline passengers that does have serious implications for not who is flying in and out of the place but also for the business of dubai and abu dhabi.

so some significant developments in this region on the back of more developments that we've seen in the last month. you remember those six tanker attacks that has been happening off the uae coast and those rocket attacks we saw 48 hours ago in iraq. >> hadley, this is front page material here, but i understand where you are this is not getting a lot of media attention. >> not quite as much one would think this would be front page news or get bv tabovh fold in the uae's daily newspaper, it's just about qatar. qatar and they're potentially funding terror activities. if you follow the politics of this region, that would not surprise you, but it is a bit surprising to folks sitting

here >> hadley gamble, thank you very much what is surprising is that oil prices, while up 6% yesterday are not moving that much crowd oil here at 57 and change. brent crude at 65 bucks. that begs the question why joining us by phone is helima croft who is somewhere around the world doing something mysterious appreciate you joining us. oil moved 6%, but not long ago these headlines might have moved oil $10 a barrel if this were five years ago, we would be over $100 on these incidents. we've had six tankers attacked in a month we had multiple rocket attacks in iraq including targeting exxonmobil facilities. we had airports targeted in

saudi arabia it's been fast and furious in terms of these rocket attacks. yet the market is still in this kind of wait and see mode. so i think for the oil market, it's complacent right now. it's not showing us a degree of risk in the region >> we're showing the drone footage and the tanker stuff, but all this stuff we're maybe not hearing about. is the reason oil not moving much higher is because the amount of oil produced in the world, that is safe and that the oil market knows it? >> i think this is clearly part of the story

i think the market is basically saying do we have these offset mechanisms i think the demand thing is hanging over the market as well. there's real concern did trade wars, because is that a complacent view? it's not only the fact we're having these attacks we have banks in venezuela the iran sanctions taking barrels af the market. we have an opec meeting coming up are we set for oil to move higher because of sanctions and geopolitical tensions? that's the key question for the summer i don't see an off-ramp for the tensions in the region unless the u.s. is willing to pull back sanctions, which the iranians view as economic warfare, we'll have escalation july 7th is that key date that the iranians have said if we

cannot sell oil or do banking transactions, we will start up our nuclear activities >> july 7th is the date that iran gave europe to try to figure out a work-around to those sanctions. we're coming up on an iranian deadline one they set for themselves, but still a big one. if this continues, when does the oil market really care >> i think the restart is something to watch on the nuclear program. another thing that happened this week, the iranians announced that next week they'll cross the threshold in terms of what they're allowed to have in terms of enriched uranium stockpile. the question is on july 8th do they really ramp up their program. do they start spinning high speed centrifuges? do they basically unmask a highly enriched stockpile? those things will worry neighbors like israel, like

saudi arabia so do they become more serious in calling for action to halt iranian activities all of that is key to where oil prices go. >> i can't think anybody better to have on today helima croft, thank you. >> thank you very much those tensions certainly not hitting stocks new highs here on the s&p 500. the markets around the world having a great june. the german market is up 17% this year that begs the very simple question, why? let's bring in seema shaw from principal global invests i guess i'm not smart enough to figure it out. you have all this stuff going on trade wars, potential for a slowdown tensions in the middle east, stocks don't care. >> well, i think this is actually typical reaction after you get an indication, a clear indication from several central

banks that they'll be easing you do tend to have a knee jerk, significant rally at that point. at some point i feel the stock markets will remember that there is a global growth slowdown under way. at some point earnings will continue to weaken that may be the point where equity markets see some kind of reversal i would say the g20 dpiscussions next week will be important if we do see progress there the rally can continue longer. >> is it all a central bank play if it is, seema, it almost seems like whatever happens with the trade battle between the u.s. and china, whatever happens with brexit, that won't matter. >> i think it will eventually matter ultimately earnings is going to be driving equity markets. if you have a situation where tradeoffs are continuing, and there's more uncertainty for businesses, you know, where do we invest?

where should we put more investment plans these things do weigh on global growth we do expect when you get to the q2 earnings season and q3 guidance, some of that negativity leaks in. that's when you will see markets taking notice of the external tensions beyond what the central bank is able to do the other thing is with interest rates so low around the world we're looking at a point where there's diminishing market effectiveness. interest ratescan only do so much central banks don't have that much fire power left at the moment markets are enjoying this. >> bond yields, they're 2% here. but negative 12$12.5 trillion i global debt. does that push people into stocks it's bad enough making 2%, which is basically zero real return with inflation, where you are you're making a negative real return >> absolutely. the thing is we have yields and

equity as credit people are looking for that. the other thing is we don't expect there to be recession so you should still be investing. this is not the time to be in cash maybe the best thing to do is allocate yourself defensively. be more cautious that means looking at the sector such as reits, utilities, insurance, which tend to be less cyclical and looking at u.s. equities over other international regions. the u.s. is less trade dependent than other regions, and they could outperform the rest of the world. there is space in risk but it is about be defensive >> what's a good defensive investment for our viewers and listeners to make now? >> one thing is to look at reits it has outperformed. a lot of people say they are really expensive already they are, but they will continue to become more expensive

the other areas are insurance. looking at stuff like consumer staples. then within credit you're looking at investment growth over high yield. you are just looking at high quality stuff. finally we like mega caps. large companies are the ones that will be able to deal with the very difficult environment that is likely to be hitting the global economy >> seema shah with a rational view of what's going on. crazy world. the markets are acting oddly appreciate it. coming up, all that glitters we will tell you what gold just did that it has not done in nearly six years all you gold bugs, listen up first, wynn rolling the dice outside of vegas, making a $2 billion bet on boston. contessa brewer is at the

encore -- i can't speak. contessa, can you please pull that spinach out of your pocket and save us? >> here we go. it is the encore boston harbor it's in massachusetts across from the skyline in boston speaking of golden opportunities, wynn resorts is hoping it still has the midas touch without steve wynn this is the first big reveal of the boston property. can it return on a 2$2.6 billion investment i'll be back with more and explain the story about popeye helping us find the right suppliers. then here in logistic, to avoid disruptions! here in sales. even here! i'm talking about ai we can build to work... here, predicting trends. and here, wherever our data lives! and here, working with all our other ai!

i think we're done here. expect more from ai. ibm watson. ♪

applebee's new loaded chicken fajitas. now only $10.99. your but as you get older,hing. it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. healthier brain. better life. thanks for joining us. we have our mouth sorted out dow futures are down right now the question is will the record rally roll on? yesterday the s&p 500 closing at a new all-time high. dow just 46 points away from that mark.

futures down just a bit. get this, we're also seeing invest pile into gold. gold briefly topping $1400 that's the first time that happened in six years. it's not just gold bitcoin has also been on a steady march higher. bitcoin not at 10,000, but getting close. 9,768. up another 2.5%. look at that one-year gain for bitcoin. wynn resorts is rolling the dice on boston the company opening up a new multibillion dollar resort outside of beantown. contessa brewer is there for a live look at a huge project that will open up today can't wait to see it >> it's going to be amazing. encore boston harbor is ready to roll out the red carpet. it opens sunday. a 2$2.6 billion five-star resor in what has been a gritty, industrial city in everett it's future here, it's opening

was not always a sure bet. i'll tell you why. you had the departure of founder and former ceo steve wynn under a serious me too scandal both massachusetts and nevada investigating how the company handled serious complaints against him. assessed $55 million in fines the company was allowed to keep their gaming licenses, and promptly made headlines for negotiating to buy crown resorts in australia and talking with mgm about selling this property. i asked matt maddox about his strategy >> we're always looking. encore boston harbor is not for sale there's really nothing on the acquisition front we're focused on now what i think is interesting is our company is about to become a significant producer of free cash flow. our free cash flow yield next year will be over 10% because of these projects that will be completed and open >> not just boston harbor here

we're also talking about there's new convention facilities that will open in vegas renovation facilities in macau will open up maddox told me he has a new project to unveil in macau he'll do that at investor day july 10th. i twisted some arms, he wasn't giving mr. more about that brian, you want the story about popeye >> who is that >> jeff made three of these popeyes. wynn resorts paid 22$22.2 milli for this statue. made headlines at the time it was a big outlay of cash. it first went to las vegas it was outside of the wynn theater. when i was in vegas reporting on these stories, some of the employees told me there was consternation about popeye leaving vegas to come to boston. it turns out that everything has been smoothed over in part popeye's frenemy,

bluto -- >> his girlfriend olive oil and wimpy who will gladly pay you tuesday for a hamburger today. come on. >> strong to the finish, brian, as always. bluto's voice, the man who voiced the character, is actually from everett. >> what? >> how is that for a tie-in. >> that's random but interesting. i should have had that as my rbi. you're holding out on me by the way, i have bertha coombs here with me i will bring her in right now. she's a boston girl. she says he when you said boston, she was like that's not boston >> that's everett. come on. >> right you know what will happen? this is what the company is hoping they are hoping they can make people think of this with the same admiration and love that boston gets by putting it here i'll tell you what, i've seen the crowds coming in here on

preview nights there's a lot of excitement to have this in everett, massachusetts. >> how about them apples goodwill hunting two, encore edition. contessa, a big day. can't wait to see it contessa brewer. that's surprising, right >> yeah. >> as a boston kid, you think you would get a $2 billion casino near your hometown? >> never thought so. >> let's get to the trending stories. technology transformed the way we live, work and play, but it may be changing our skeletons. a new study shows young people are growing horn-like spikes at the back of their skulls researchers attribute the growth to phone use always looking down at those devices as people spend more time looking at them it puts extra pressure on the

back of the head that causes bone spurs >> what? kids -- kids are developing horns effectively -- a rhinoceros snout because of cell phones >> that pressure going down. with young people particularly, it is changing a little bit. i know i lean forward more >> we all do that's the new walk. we're going back to sort of the half -- >> that hunch. pink floyd still making records. guitarist david gilmore sold a collection of his guitars last night for 21$21.5 million. that's the highest price ever paid for a collection of instruments. the black fender guitar fetched nearly $4 million alone gilmore said he will donate the

proceeds to fight climate change gilmore is my husband's favorite >> i wonder if the buyer had a momentary lapse of reason? >> ha. >> no? >> that's a smart joke i love this story. >> last one. in baseball, you're supposed to root for the home team, there's a song about it. how can you root for the home team if the home team has two homes? that's one of the things that tampa bay, the rays are looking to figure out. the team getting the okay from major league baseball to explore the possibility of a partial relocation to montreal if approved, tampa would play the first half of their home games down in tampa and then play the second half in montreal part of the reason even though they are right now second in the a.l. east, always up there in the standings, they

can't fill their stadium down there. they want a new stadium. they're getting pushback it's iron inge because florida is known nor snfor know birsnows >> so would they be the expo-rays? just the rays? >> if you can't get enough of a following in one town, you can build in two towns >> could be a model if it works. >> most canadians go to the east coast, not the gulf coast, so you wouldn't have that built in relationship >> i think it would be amazing if they brought back the xpos. vlad guerrero, tim raines. on deck, we're talking two storms maybe the perfect storm brewing in the housing market. how tumbling rates could fuel a

refinance boom. and the other type of storm in your rbi, we're talking about how much rain we have really had. he c big story weavitoming for you next

welcome back let's get you up to speed on the top stories. president trump reportedly approving military air strikes on iran, but then called them off at the 11th hour reuters reporting that the president sent a warning to iran before approving those strikes the white house and pentagon have not officially commented. the faa issued an emergency order prohibiting all american flights from flying over parts of the persian gulf. invests seem to be shrugging off rising tension in the middle east the s&p 500 hitting a new record

high the dow is within striking distance, less than 1% from that record mark. slack soaring in its first day of trading the company surging more than 48% putting it 17th on the list of the top public debuts so far this year. in the premarket more gains. slack up about 3.5%. we have breaking news now coming in from the cnbc newsroom not a lot of information you're looking live at the philadelphia energy solutions refinery, which is currently on fire yes, that is outside of philadelphia, pennsylvania according to some reports, the explosion could be heard miles away, even across the river in new jersey now we are seeing that refinery on fire. this is philadelphia energy solutions. it's been there about 145 years. it is literally just on the outside of philadelphia. it is the longest continuously

operating refinery on the east coast. it processes about 330,000 barrels per day. so let hope that nobody was injured. number two, all this rain that we have had hopefully maybe that will continue and help put out that fire. there is going to be likely an impact on gasoline prices as well likely maybe jet fuel. a lot of the refineries in that area produce both. 330 barrel per day refinery, philadelphia energy solutions, as you can see as we pull back on the shot, on fire live in philadelphia, pennsylvania we will get you more on this information as it continues. we have been watching interest rates closely on "worldwide exchange" with the ten-year note hovering around 2% falling below it yesterday that could make mortgages cheaper with a 30-year fixed sitting at 3.84% joining us now is mark fleming from first american. good to have you on.

the ten-year and mortgage rates are not directly tied. mondays have moved lorwer, but will mortgage rates move lower >> we might see continued declines so there may be house buying power for consumers again today. >> if rates may not go lower than they are right now, do you say if you're thinking about refinancing or locking in a mortgage i guess now is the time >> now is again the time i'm thinking about doing it myself i bought a home not too long ago, wondering if i should call my broker and ask what the rate on my loan would be to lock in a low wait again or even wait to see if the -- when the fed reduces rates later this year,

we might see a slightly lower reduction. any mortgage rate below 4% is a phenomenal rate. >> one problem with housing is not rates. it's that nobody is moving if there's no homes for sale, where does housing go? >> that's right. we measure the average amount of time that people stay in their home it's been increasing over the last couple of years it's now at over 11 years. the average homeowner today basically stays home and lives there for a long time. if you're not going to move, you're not going to sell or buy, we estimate that is mroremoving 500,000 home sales >> mark, thank you very much have to cut it a bit short thank you very much. before we go to "squawk box," i want to look at that refinery fire. that is philadelphia energy solutions, literally in south philadelphia that is a joint venture between

sunoco and carlyle group it's majority owned by energy transfer partners. that is the big publicly traded company there. a big pipeline company the biggest refinery on the east coast of the united states that's it for us "squawk box" begins right now. good morning a developing story plans to retaliate against iran for thursday's downing of the u.s. surveillance drone are reportedly called off at the last moment. all the details ahead. the bulls running hot. the s&p 500 closes at an all-time high. the nasdaq over 8,000 again. we'll look at what could be next. and slack's debut did not disappoint the stock soaring after its direct listing hits the street it's friday, june 21st the first day of summer. horrible rain here "squawk box" begins right now.

♪ >> live from new york where business never sleeps, this is "squawk box. good morning welcome to "squawk box" on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. let's check out the u.s. equity futures. you will see a slight pullback after a huge rally we've seen. dow futures this morning indicated down by 23 the s&p pulling back after setting a record high. the highest level since april 30th this morning indicated down by 4 1/2 points all of the losses for may for the dow and s&p 500 were erased. stocks are up 7% for the month of june. we have come roaring back from