♪ it is 5:00 a.m. at cnbc global headquarters and here's your top 5 at 5:00 spac in action, as one major southeastern asia startup reportedly pressed for the biggest blank check deal today the reporter who broke that story coming up in the show. . and holiday prime tax. what amazon's ceo jeff bezos is telling the white house about its proposed tax hike. two weeks early, the uk begins to roll out its third covid vaccine for the first time

today. and a chip surge, private bidding war sending one chinese maker surging in the trade and getting out ahead. what sources close to cnbc said morgan stanley did in the leadup to that archegos capital trading scandal. it's wednesday, april 7th, 2021. and you're watching "worldwide exchange" right here on cnbc ♪ good morning to you. i'm dominic chu in for brian sullivan this morning. here's how stock futures are looking on this wednesday morning. you can see here, we're indicated just slightly here about 32 points higher for the dow jones implied. s&p up higher, 3 points and the nasdaq, 14 stable moves overnight stocks upping off a mostly lower

session just yesterday the russell 2000 small cap, snapping a four-day winning streak, the s&p 500 snapping a three-day streak in asia, hong kong finally open for trade after an extended holiday weekend in most asian markets, especially china, hang seng down 1% shanghai flat on the day, nikkei up 0.1% as well. let's spin that see what's happening in trading in europe the german dax is just about flat on the day. meanwhile, the ftse 100 up .75%. and mostly green in the early hours so far some of today's top headlines, the uk is expanding its rollout as the moderna vaccine will be offered starting today. it's the third vaccine approved in the country and the approval comes about two weeksearlier

than expected. concerns over is the astrazeneca shot and a short supply has slowed the vaccine's rollout but the country's health sm minister saying about three out of five have received the vaccine. morgan stanley bumped $5 billion in archegos holdings the night before the massive fire sale morgan stability is the fund's largest prime broker the vast stocks included baidu, tencent and six other names and may have saved the bank $10 million in losses. and patreon bringing its valuation around $4 million. it allows creators and others to get support by the demands

patreon has a public listing this year and approached by special acquisition companies or spacs. just when you thought the spac craze was winding down, take a look at this, grab, southeast asia's company is getting ready to merge with the ride hailing company the deal would see grab list in new york as soon as this week, possibly joining me on the cnbc news line, at the financial times, arash massoudi who helped break this deal. arash, take us through this deal, it's hard to say spac and deal in the same sentence? >> exactly, dominick, everything that we've been hearing in the last few weeks, the pipe, the

private investment equity with these deals, and with the shares and yet we get this news that grab, which is a single-core company with business across southeast asia, offering everything from food delivery to ride hailing and most importantly financial payment to diverse populations, it's with the merge with the spac and it will have a $2.5 billion pipe. 1.5 is coming fromm altimir itself and with the companies, the spac market is open >> can you take us through, arash, you mentioned some of the businesses that grab is in what is it that makes this company so valuable?

so attractive? why would investors want to get into it? and should they -- they're an asian-based company, they'll be listed here in the use, what should we in the u.s. want to know why grab is worth $5 billion? >> it's a basic concept because it started as a copycat to uber but it quickly morphed beyond that went into food delivery. it went into all of these different categories of the economy, especially plays the role of the everything app in indonesia which is the fourth largest country by population size and across southeast asia, you'll find it ubiquitous with go go-jet, its own rival. and it's basically the softbank

companies we've mentioned over the years, but betting on the growth that one day could be profitable it has yet to prove that so it fits neatly into the spac narrative around companies that you're kind of betting on in a couple years' time will show huge results but we're not quite there yet. investors buying shares in the app basically hopes that the company goes from a show me to a ubiquitous player in the economies that it operates, and it has tons of avenues to growth and the financial services component is probably the most exciting bit and cash in the predominant form of currency exchange and help unlock banking services to a huge portion of the populations of independent gl indonesia in particular.

>> arash, we just have a few moments left here, when it comes to competition for a deal of this nature, this size, it seems as though grab is a hot commodity? how did they get this deal done? what was the land shascape for getting this done? >> the key moment game last month, there was a board meeting at grab. and especially grab had its choice between two different spacs, one from atultimate offer let's see how it changes closer to the announcement. when the story leaked in "the wall street journal," it was at a $30 billion valuation, we're

now talk about a $35 billion valuation, we're still waiting to hear is it 32, 34 but it's leading up to the announcement and it will be important to see exactly how they complete the deal what are the terms if they're able to hit that in proceeds there's a lot to look for. >> certainly a barometer for spacs. arash mall sueddy at the "times." coming up, what the next guest says could fuel the next leg on the bull market rally, plus, why millennials may be the key to the current housing crunch and later on, spring retailer brands that are shot. ones that are not, when it comes to teen wallets, it's revealed a very busy hour still ahead when "worldwide exchange"

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welcome back to "worldwide exchange." futures are inching higher after major averages closed lower with the s&p 500, trading from record territory. joining me now on the cnbc sphere, capital portfolio manager candice bangsund let's go through the action, are we still in the churn phase with

the stocks at record highs >> yeah, the market rally has been impressive but also justified given the extremely robust backdrop. we think above valuations, i definitely think the equity market has room to run >> so if above average valuations are warranted, why is it that interest rates are such a huge focus right now the conventional wisdom is that interest rates go higher and what people pay for stocks goes lower, why the highs in the market given the backdrop in rates? >> yeah. well, we have to think about the context as to why interest rates are rising it is not because central banks are stepping in and tightening monetary policy. it is because of that stronger growth backdrop that will inevitably weigh into higher stock prices of course, within the equity space there are notable pockets

of opportunity where rising interest rates will benefit, particularly in those value-oriented sectors in the market that benefit from the reflation father trade the resources of financial are the pockets of the market that actually do well in the environment of rising interest rates. >> have those sectors outrun their coverage, so to speak, candice? you look at the energy seshctor the single best performing and financials are the second best by a wide margin how much is this placed in the marketplace given the fact that the stocks have been on a tear over a year ago? >> absolutely. the performance gap has narrowed white substantially since november remember that performance gap and that valuation gap between growth and value stocks remain quite sizable in general, after a long extended period of value-related underperformance

so, we do think this has more room to run here as the global economy continues to gain ground throughout 2021. >> okay. if that's the case, are there specific areas within those natural resources-type companies, financial-type companies, that you find interesting? is it the smaller midsize banks? is it the money center banks is it oil and gas? is it other parts of the mining complex? what exactly is the value-oriented trade right now >> yeah, the value-oriented trade is those sectors of the market that are closely tide to the fortunes of the global company and the reopening trade. of course, the sectors that will goed through the pandemic in 20 2020 in the space, obviously, oil and gas, on the prospect of energy consumption this summer, as the economy continues to reopen.

financials thinks there's a lot of room to run for higher interest rates particularly at the long end of the curve. so taken together, the value-oriented trade, based on the narrative that we've been talking about, stronger growth, ample liquidity should carry these underappreciated throughout the year. >> candice, thanks for your thoughts have a good day. >> you as well >> thank you very much still on deck for the show welcome to the party, details on realizing online sports betting. plus, breaking down the gilti tax and why president biden hopes it will push more companies to come back to the u.s. years ahead today's big numbers. $2 trillion. that's the value of the entire cryptocurrency market. the boost in the crypto market cap has been driven by bitcoin

which is up 100% this year and ether which hit an all-time high this week, up over 180% so far in 2021.

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continues to clash with low inventory. let's talk more about the landscape in the housing market with the deputy chief economist at first american. good morning thank you. let's talk about just how affordable or not affordable the housing market is given those dynamics >> good morning. just as you said, we've seen house appreciation on a year over year basis increase to 15-year highs. certainly, that seems to make housing less affordable. but we have to consider the impact of mortgage rates and while mortgage rates have trended up in recent months, they're still historically low relative to a year ago, housing is actually more affordable. and that's really thanks to this low mortgage rate environment that we find ourselves in. >> so, we've been speaking so much about this idea that the low mortgage rates have helped existing home buyers, many of whom have either refinanced to

shorter terms or lower interest rates or both. how much can interest rates go, in terms of higher before the crunch is felt if dynamically, the market is dealing with lower rates overall? >> that's a good question. think about purchasing power how much more you can afford to buy. increasing mortgage rates certainly cut into that, especially if you don't have a slowdown in house appreciation especially if you don't have a corresponding growth in income what we anticipate will happen, if mortgage rates rise high enough that will start to cool down house price appreciation which should help with affordability. >> the economics of housing baffled me i'm a homeowner myself many time, it's about affordability. how much can you take from your paycheck in terms of rent or mortgage to sustain the lifestyle you have

meanwhile, other people say you should look at the actual value of the property and look backwards as to whether or not the payment is there how potentially should home buyers be valuing these properties? how much will they say, hey, the market is like this, this is how much the market will bear, versus how much should i pay because this is what i can afford out of my monthly payment. >> from the perspective of a potential home buyer, it's about what you can afford to pay it's really what we talk about is how much home can i afford to buy. given the fact that mortgage rates are so low, that's helping to boost purchasing power which is why we've seen high demand in the market >> now, if we talk about some of the biggest centers that have seen the biggest gains outside of metropolitan centers are we going to see that trend playout and how long does it last? how long is it before people say i want to move back to new york city

>> certainly, as things open up again, you'll have people coming back to the cities it's important to note that demand for the suburbs existed prior to the pandemic. you have this massive generation, millennial generation ageing into prime home buying years, ageing into the correlation of buying that first home moving out to the suburbs, getting the house and the schools. we saw this trend to smaller metros and suburbs, even preceding the pandemic, but certainly the need for more space accelerated some of that so, we do anticipate demand to come back into larger cities denser cities, but the suburban trend preceded the pandemic. >> the spring season, is almost, you can probably say we're in the middle of it right now what exactly have we seen so far and what can we expect for the summer >> yes, the spring season got an early start. expect the current dynamics to

persist. increase in demand against limited supply of homes for sale which means appreciation and a pretty competitive market. >> first american financials, thank you very much, for the preview of housing sales to come this summer. we hope you'll be back soon. >> thank you let's get a look at the headlines, nbc's phillip mena isle here with the latest. good morning, phillip. >> good morning. >> the u.s. state acciddepartme discussing it has possible boycott of the olympics games for addressing china's human rights abuses. the beijing winter games are schedule stod begin february 4th of next year the push to get americans vaccinated against covid is growing more urgent this morning. the u.s. reporting nearly 31 million infections and more than 562,000 americans have died due

to covid and now cases are trending upward again in half the country. but, according to johns hopkins university, nearly half of the new infections over the last week were from just five states, new york, michigan, florida, pennsylvania and new jersey. finally, walt disney world in florida is updating its face covering policy starting tomorrow yes, we'll still be required to wear masks each if they have been vaccinated but they can temporarily remove them to eat, drink or take photos outdoor that's the latest from here, dom, back to you >> phillip mena, thank you don't forget to subscribe to our podcast. if you missed "worldwide exchange," check us out on spotify or whatever method you choose "worldwide exchange" in audio format we'll be right back. so, why not your cloud? a hybrid cloud with ibm helps bring all your clouds together. that means you can access all your data,

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♪ president biden working to shore up support for his $2 trillion infrastructure package as lawmakers raise new questions on what exactly qualifies as shovel ready we're live in washington, d.c. to break down the white house's strategy amid the push to figure out how to pay for that massive plan, jeff bezos throwing his weight behind the call to hike the u.s. corporate tax rate. what the amazon ceo is saying on that contentious topic and the teen take on what's hot and what's not piper sandler's top research

analyst lays out the firm's new findings on the trended s and brands that make the cut it's wednesday, april 7th, 2021, and you're watching "worldwide exchange" right here on cnbc welcome back to "worldwide exchange." i am dom inic chu in for brian sullivan this morning. here's how your money stock futures look at this 5:00 a.m. eastern time hour. futures relatively stable open the dow higher by 16 points. s&p roughly flat, 1 or 2 points high, nasdaq by 8. stability in a day after modest losses in yesterday's session. again, for that session yesterday, the russell 2000 small cap index snapped a four-day winning streak, the s&p did snap a three-day winning streak but less than 0.1 of 1%

remains from an all-time record high let's look at the stocks you need to keep a close watch on right now. take a look at that earlier trade, earlier in the show, candice bangund spoke about it the s&p 500 up by almost 30% here, meanwhile, consumer staples, many of those stay-at-home type stocks, cleaning supplies or basic food products up 3% on a year-to-year basis. again, the pandemic trade wearing off a little bit we'll see if that trend continues. also, let's see these names, specifically referring to home depot, starbucks and others. why are they important they're all consumer focused and the reasons why you're seeing high levels in the consumer discretionary sector, home depot, target and starbucks

height record highs yesterday. on the macro side of things what's happening on the credit market, specifically with investment-grade bonds, versus high-yield bonds this is the high yield side of things 16% up and here's what i want to focus on, look at that widening gap that's happening right now during the course of the last several months you've seen a selloff in terms of the shares of corporate bond etf out of investment-grade people are taking money out of investment-grade and high yield. whether or not that continues that remains to be seen but certainly something to watch now to this morning's top stories, coin base is pulling back on its financials ahead of its highly anticipated trading debut next week. the cryptocurrency has revealed

it surged to $9.4 billion. c coinbase cites bitcoin gains up about 686%. funding by venture capital shattering records in the first quarter, according to new data out overnight. venture capital bc backed companies raise $62 million over the period that that's up 17% year over year for the highest quarter on record. the money was spent mostly on funding rounds of $100 million or more, or so-called mega deals with robinhood and spacex among the largest deals of that quarter. and amazon's ceo jeff bezos is voicing support for a proposed hike in the u.s. corporate tax rate in a statement, bezos said he supports president biden's focus on investing on infrastructure and amazon was supportive of a rise in the tax bait

bezos' support is notable given that amazon has faced scrutiny in its own tax credit including from president biden as recently as last week well, sticking with that $2 trillion infrastructure package, the biden administration is working to better explain what would qualify as shovel-ready projects under a claim of democratic and republican lawmakers. and amid that to help play for the plan, global companies are facing the possibility that the lower tax rates motivate them to bring more of their offshore money back home could be going up we have complete team coverage on both of those stories, starting with kala toup of chicago and robert franks.

>> it exists what we think as traditional infrastructure projects like bridges, highways and ports that congress funds on an annual basis. also vehicle charges, funds power grid, broadband and much more maya mcginniss said the physical nature of these items will be defined as infrastructure even if specific provisions within the bill will still be debated but on the other end of the package, the package has social, but $400 billion to expand elder care through medicaid. and then a gray area with plans for modernizing schools and to revamp manufacturing capacity. those are seen as getting support potentially on a stand alone basis but there's disagreement on this package press secretary jen psaki was asked yesterday about

republicans about the sheer breadth of this plan >> some have called for expansion of broad band as a means of expanding infrastructure some have even used reference to replacing pipes as a means for infrastructure i would be surprised to know that many do not believe those are not infrastructure projects. >> democrats are hoping to edit the bills by memorial day and pass them by independence day before funding for existing programs runs out on september 30th the white house next week will host another series of bipartisan meetings to try to sell this package. dom, there are just 28 works days between now and july 4th. >> hard to imagine it's creeping up so quickly, kayla, i wonder, republicans have vowed to block the package because of its grab bag type nature what about the moderate

democrats. we know there's a couple of them, i think of senator joe manchin as one of them that could be important voices or important votes in getting a deal like this done. >> so far, there have been a half dozen or show that have raised concerns publicly and privately, dom, about the pay for this package the fact that the proposed tax rate is supposed to be raised as a way to pay for this package. but when i spoke to several offices yesterday about where concerns lie a lot of senior aides noted that lawmakers are still trying to sift through the substance of the package and hoping to have a discussion with the white house about it but they haven't identified specific concerns about some of these programs that i just listed that they want to be cut many democrats want to see programs and they have previously backed being included in this and want it to be bigger and as one aide put it to me, as far as the democratic caucus goes there's not really a bloc

of voters to stand against this. but they do have unified concerns here. but everyone wants something to be included or perhaps withdraw from it, dom >> kayla with the latest on the infrastructure plan. now to robert frank to the overseas corporate tax side of the story. robert, how much of a hike on that gilti tax could we be talking about? is there a minimum tax rate that everybody out there should play globally >> that is the debate, dommenic, you look at the rate, the big fight, the big money especially for global companies is around biden's plan to double the tax rate on foreign profits. and it has to do with something you mentioned, gilti, the global intangible low-taxed income. this is the minimum tax on

overseas earnings that was created to make companies both more competitive overseas and prevent them from channeling their earning through the cayman islands or other low-tax jurisdictions. right now, the gilti rate is 10.5%. biden plans to double that to 21%. because companies can deduct only a portion of the taxes they pay to other governments, the effective tax rate would be 26%. critics say that would put u.s. companies at a disadvantage to foreign competitors and would lead to more inversions and foreign takeovers. a lot of that we saw at the end of the obama administration. but supporters say the current rate is too low and doesn't generate enough revenue. the tax policy center estimating that biden's rate would cost companies an extra $650 billion over ten years much of that coming from big tech giants like apple, facebook, yes, amazon, the big pharma companies and the big

media companies. so, we saw you mentioned earlier, dom, jeff bezos praising the effort to raise that top tax rate. he hasn't said and probably won't say anything about foreign earnings because they are crucial, not just to amazon but the other big tech companies so you can guarantee their lobists are fighting this. >> i feel like it's been forever since we talked about the term tax immersion. so, robert, i'm curious, how do other countries, speaking of competitive nature of things, right, how do other companies tax overseas profits for other countries? >> most oecd countries do a territorial tax system which means they only tax the earnings in that country in which the company has earned them. and they only tax again when the earningses are brought back to their home country this gilti tax say double tax. companies like facebook, they

pay, let's say, a tax in germany, or wherever they're doing business, then they pay that extra 10.5% this is coupled with yellen's call unless you have that yellen piece raising this rate, doubling this rate to 21% doesn't make sense for u.s. companies. so most countries outside of the u.s. don't tax when you bring it back the u.s. does. that would double. so that's why these two pieces are very important to work together because otherwise, it would put u.s. companies at a big disadvantage >> and competition is going to be key in the coming years with everything happening in the global economy robert frank, thank you for the update on the global tax and the gilti tax. this morning, the stocks to watch are coming up including the potential $20 billion deal that has toshiba shares surging in trading first the other top stories,

saudi aramco in advanced talks to the sale in the pipelines according to "the wall street journal," the $20 million deal would involve a consortium with u.s. and other chinese investors. new york has officially given the green light to legal online sports gambling the move was approved as part of the state's fiscal budget and governor cuomo has previously said he wants to run the new industry through the new york lottery system and college sbbl star luka garza is the latest athlete to sell an nft, the winner of the digital asset will also get signed shoes and time to spend time with him. if you missed that interview, it was yestery teoon ghdaafrnrit here on cnbc "worldwide exchange" is back right after this

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welcome back to "worldwide exchange." let's get a check on some of today's big money movers toshiba shares jumping 18% in japanese trading after the company says it received a buyout offer from private equity firm cdc capital the deal could value toshiba at $20 billion. the company has been under controversy since it sold stock, in the nuclear business, back in 2018 those shares up 18% in japanese trading. sticking with the asian

trade, samsung first quarter profits to rise 44%. that would topple with the chip shortage samsung will release results later this month and qiagen is rising after it received emergency authorization from the fda for a new covid test the company says the pcr test should return results in less than 90 minutes. those shares up in premarket trading right now. and then there is nike according to the latest biannual it remains the number one apparel brand of teens of all income levels and genders since it took the top spot back in fall of 2011 since that time, it's up more than 530 some percent, again, since becoming the teens' top

apparel brand, according to the piper sandler survey, joining us now erin murphy. i love this particular report. i love just some of the news that you can get, some of the themes and trends to watch here. take us through what exactly were the key developments between your last survey and what you've seen today >> great, thank you for having me on. it's been quite a year the teens have been dealing with covid-19 for the last month. it's reshaped their behavior a few of the takeaways, we've seeing online shopping penetration, the highest ever. we've seen females also and that's very encouraging, the most important data point coming out of the survey, the last time we saw female spend to outspend male that was in the beginning, fall of 2009, we're nuencouraged

with the green chshoots of whati the happening since the lockdown nike, the footwear and awppappa. and there is more with that we're encouraged by. >> we're talking about prices sometimes exacerbate trends that are in place based upon the survey, are we seeing that continue as well are we seeing certain brands kind of lead the pack, maybe get ahead of the pack because of the trends we've seen in place where is the positivity coming from >> sure. so, we are seeing, you know, casualization of fashion that has been a multiyear theme that predated the pandemic that has clearly been exacerbated in the upside of the

pandemic nike the number one brand, lulu hit the high even brands like under armour which has been lagrdglaggardss r survey start to trend. and then the trend around denim. we asked what are the top trends in school today, denim popped up on that top-ten list higher than it's been until several years now. as well as other themes reminiscent of the 1990s so, we are starting to see a little bit of a throwback as well in the survey >> all right we know jean trends change year to year and whatnot. i wonder if you talk about that denim theme, is there something you're recommending to clients with regard to how to capitalize is it american eagle outfitters, levi strauss, plain and simple where do people go for the

upside in denim? >> sure, we don't cover american eagle, eagle, the number two brand in the survey. the way we play that, the contour brands, wrangler and lee. that's a great way to play that. we think that's important. there's a number of retailers slightly outside of our coverage, pacific sunwear, and the retailer, so there's a few ways to play the denim psych unti cycle. >> given the results, errin are there certain areas you'd be favorable? in terms of recommendations what are your best ideas? >> yes, best ideas, nike and lulu, want to own those names. and under armour on the female-centric side, the

spending with the females the highest we've seen particularly with clothing since 2013, we're looking at names like revolve. this is a female centric player. we would be buying revolve and then tapestry. they are the handbag player. we do think handbags are primed for a rebound here and coach and kate spade, both brands also took multi-year highs.estry raised to $54. >> lots of brands. lots of names. lots of ideas. always great to get your thoughts we appreciate the survey results. >> thank you on deck for the show, stocks were bounce back today as the dow and s&p look to regain the record highs we saw earlier this week and an opportunity in ideas.

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welcome back to "worldwide exchange." your next guest says as global growth ramps up there are value sectors in companies presenting protective opportunities as well as individual growth stories that are worth opening at this stage. gregory branch is managing partner at veritas group gregory, great to see you. parts of the market are at buys even though we're at record highs. >> i think that's the case up until now, i was able to make the argument that we were seeing

anemic multiples in the last sectors but the sectors caught up in the last months. but now it is the earnings far too light in the back half of the year the jobs number is a great indication where it came until 50% higher than consensus estimates. what i'm looking for, particularly in the value sectors that the earnings revisions are coming in. and seeing in the back half of 2001 than where we're at right now, 60% to 70% of prepandemic levels those will need to come up, we'll have upsides and revisions in the performance >> let's talk about it, greg, if the earnings katacattalyst is t what stocks there be will? >> financials the sector where we might see the net interest

environment become much more accommodating. but i still focus in on the large diversified players that have shown profit-drivers, that have shown revenue streams from other activities like capital markets like trading and ipos and those should continue to be sources of strength. i'd also look at retail sectors. obviously, spending will come back from the consumer, probably in a big way but portions of our society have not participated in that historically high savings rate so, i'm focusing in on the value shopping sector. and they're not all created equal. i'd really focus in on those who have taken the opportunity to invest in e-retailing. remember, e-retailing has gained a massive decade share in the last 12 months all the walmarts will benefit and separate themselves from the

targets and rosses of the world. >> the reopening trade we've talked about it a lot it will normalize at some point but are their places in the market outside of tradition airlines or hotels that you're finding the most opportunity, the most runway for higher returns in the six to 12 months >> right so, the way i look at the reopening trade is i want to be in business models that are fairly predictable and have some certainty. with airlines, with cruise lines, i don't really have that certainty, and quite frankly, neither do the ceos which is why we're lacking guidance the first step i take, looking at the business models that i know that i trust and are predictable. win that sector, i like casinos, many of them lost money last year and will return to $3 plus in share in profits as well as dividends. so you're going to see pretty significant rebounds in some of those business models that very fairly predictable that haven't

been stigmatized and i think we'll have big years >> greg branch with the casino calls, thank you >> thanks. maets rkare opening up relatively flat right now. "squawk box" will pick up the coverage coming up next.

good morning, stock futures little change but the ten-year yield dips further below 1.7%. we'll show you what's moving right now. tax policy complications, amazon's jeff bezos said he supports the tax hike. it's easy to support when you pay zero but some major companies have a lot more to lose if the president targets overseas profits. robert frank is here to explain. plus, the first mover

advantage. we have new details on which major bank dumped shares in the archegos collapse of wednesday april 7th, 2021, and "squawk box" begins right now. ♪ good morning welcome to "squawk box" right here on cnbc i'm andrew ross sorkin along with joe kernen and becky quick. u.s. equity futures take a look at where things stand this morning, joe we've got the dow up marginally about five points, nasdaq up 6 points, s&p 500 up just a little bit. treasury yields right now, we'll show where you the ten-year stands right about now as you look there, we're under 1.7% and we've actually moved down a little bit, we're at 1.642%. and, joe