it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." the nasdaq trying to snap a four-session losing streak. why now is the time to buy. elon musk to the rescue. the chinese government spit-balls the idea to the ceo. rough ride for the transports. citi lays out the key themes to watch under president trump. key week for the trump cabinet picks.

one relief effort for the california wildfires. it is tuesday, january 14th, 2025. you are watching "worldwide exchange" here on cnbc. good morning. thanks for being with us. i'm frank holland. let's get you ready for the trading day head. we begin with the check of futures with the s&p 500 and dow on two-day win streaks, but the nasdaq on a four-day slide. the dow looks like it would open 140 points higher. the nasdaq is the best on the percentage basis. the s&p up just about .50 now. we look at the pre-market gainers. look at what is pushing that index higher. lennar up 4%. palantir, after pressure on stock in recent days, up 3% in the pre-market. followed by ge vernova and

sempra and d.r. horton. we check the bond market. that yield pressure continues to weigh on equities. the ten-year at the highest level since november of 2023. the 20-year above 5%. the benchmark at 4.77. it has risen about 20 basis points since the start of the year. we also want to look at energy. oil near a four-month high. take a look at the oil picture. wti trading below 80 bucks a barrel. you can see it has pulled back down almost 4%. a big rise here at the start of 2025. we're also seeing a bit of a rebound when it comes to bitcoin. take a look at the digital currency. it is up 4.5%. week to date up 2.3%. bitcoin trading at $97,000. yesterday, we saw it fall below

$95,000. that's the set up. silvia amaro is live in london with all the action. silvia, good morning. >> very good morning, frank. so far, we are looking at a different mood within the investment community in europe compared with what happened on monday. let me show you how we are moving across the european bourses at the moment. as you can see, we have green across the board. this is in contrast despite what happened yesterday. we had the stoxx 600 ending the day down .50%. at this moment, as i was telling you, we have green across the board. in france, cac 40 is up 1%. this, however, ahead of a very important speech from the prime minister later today in terms of figuring out what is the fiscal adjustment plan from this new government. let me also show you how asia moved earlier today. it is important to keep in mind what happened in asia is different from europe thus far.

hang seng ended the day up 1.8%. the market in south korea finishing the day positively. one thing is important here, frank, which is the fact investors in global equities are looking at lower bond yields today and the fact that the recent reports highlighting that donald trump will take a softer approach in terms of trade tariffs. all of that providing a little bit of a boost whether that's for asian equities or here in europe for european companies. over to you. >> silvia, thank you very much. time for a check of the top corporate stories and including a twist in the tiktok sales saga with silvana henao. silvana, good morning. >> frank, good morning. the chinese government is reportedly considering a plan for elon musk to acquire the u.s. tiktok business. according to reports, the contingency plan this is one

plan china is considering to decide to uphold the january 19th ban. the s.e.c. is charging two robinhood broker deal dealers securities violations and a $45 million fine. the two related dealers violated more than ten separate securities law provisions related to the operations, including failing to report suspicious trading in a timely manner. we're seeing shares up 1.5% in the pre-market. days ahead of donald trump's inauguration, the european commission is reportedly reassessing its probes into apple and meta and alphabet digital market apps. the review to lead to a reduction in the range of investigations adding all potential fines will be paused during the review. frank, the companies have asked

the incoming administration to intervene on what they characterize as overzealous regulations. >> interesting. silvana, thank you very much. see you later in the show. turning back to the broader markets and the nasdaq trying to snap a four-session losing streak. a strategy that blackrock says is 100% correct at these levels. >> if you look at tech and the stock buyback and the amount of cash out there, pretty hard to see the equity market not finding its footing and not having a decent year like last year. >> you would be a buyer on the dip? >> 100%. >> joining me now is mark newton at fundstrat. >> thanks, frank. >> we heard rick say the market has pretty good footing. he sees more upside to come. we actually want to look at areas of the market where there's a little bit of

pressure. you also see upside. why don't we start with the s&p 500. >> sounds good, frank. >> you don't mind if i start. a little bit of weakness down 3.5%. you say there is an upside trend you are bullish on. >> i agree, frank. despite the damage we have seen in the market this year starting last december, we have not really seen sufficient evidence of the market breaking down. that's thanks to technology. 5700 is an important spot. any weakness in the cpi is something investors want to consider. trends have not shown turning negative. >> does that mean we will see a bounce in the 500 after the cpi? >> reider has his thoughts. both say markets are near levels within three to five days we will bottom out.

longer term trends remain in tact. sentiment has gotten skittish. technology has gotten able to hold the market up. that is the reason we are likely to stable ideas significant support down at 5700. it lines up with november lows. really good support is a good time to buy. >> i think the vix is up to 20 right now. a lot of index investors are going to be glad you said that. a bounce in the s&p 500. we want to move to the widely held stocks in the market. that's nvidia. i was looking at the charts. i'm not a chart master. since ces, which is a small part of the chart. nvidia is down 8% since there. we thought the alligator jacket would lead to the rally. it didn't. the trend that is setting up nvidia for a potential bounce. >> despite the carnage in semis

since last july, this stock has pulled back almost exactly where it needs to as it is a great risk/reward. investors want to be buyers into this pullback. >> i want to ask this. nvidia is a chip stock. when you look at the trend, any concern the cycle comes to an end at some point and that's the down turn? >> we have to let the stock tell us that. we can't bet against ongoing up trends. most of the stock is down 15% from the july peaks of last year. nvidia still within striking distance of all-time highs. it seems like a very severe short-term pull back. the key lesson for investors is always put the short-term price movement into context with the longer term charts are showing. this remains in great shape. >> we have one more. we have to do this one quick, mark. i want to be a chart master.

last month, equal weight financials down 5%. what's the trend you are seeing here and how does it impact earning season? >> financials is one of the largest sectors within the s&p outside of health care. technology being number one at 30%. similar to all of the other charts we've seen, the pullback has not done any damage. we have down to levels that make sense. this is an equal weighted financial. we strip out the berkshire hathaway and jpmorgan. my thinking is yields start to rollover. that is coinciding with the market carnage. >> you are seeing a lot of upside trends. you are technically a bull. thank you very much. coming up on "worldwide exchange," we have a lot coming up including the one word investors have to hear today and the strategy rbc says you should hear ahead of earnings. still ahead, rough road for

earnings. and how a tiktok deal could work with one china focused vc calls it a master stroke of genius of beijing. we speak with former chief karen mills. a very busy hour of "worldwide exchange." stay with us. ♪♪ ♪♪ ♪♪ ♪♪

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sector on the back of donald trump's victory losing steam in recent weeks. now 3% lower since the election. the note from citi says when he takes office, it could create a choppy road ahead. we have ari from citi with us now. good morning. >> good morning, frank. thank you for having me. >> let's talk about transports more broadly. the idea of less regulation, lower taxes. is that generally a tailwind for trans transports? >> you know, it is a bit of a mixed picture here and we are waiting for january 20th to see what actually happens and what policies get enacted. we like the set up here for transports. i would say we are cautiously optimistic if you forgive the cliche. there's a lot to like here with valuations as you point out in the intro. transports have pulled back here.

there is a reason able entry point. transports are so essential to the u.s. economy. one of the things we pointed out in the environment the u.s. economy is doing bell, transportation stocks should be doing well. there are attractive buys here as we start the year and as we look ahead to 2025. >> so, that's what i wanted to ask as a question. it seems we have a strong economy and more tax cuts that stimulate more growth in the economy and potentially companies would spend more. maybe buy trucks or hold inventory. they may have more money at hand. it seems like overall a lot of the things that were a tailwind for stocks after the election should still be real things are pushing these stocks higher. i want to talk about ariffs. why is this a double edged sword

with freight? >> that's such a great question, frank. definitely a double edged sword. if we impose tariffs, it potentially risks near term. we could see a hit to freight flows. at the same time, if trump and the incoming administration can be successful and stimulating manufacturing activity, absolutely. that should be a boon to transports over the medium to long term. we kind of framed that question where does the industrial economy o in 2025 and 2026. that is the key question to be asking here. albeit, it is a strong economy. the industrial economy has lagged here. that is the pick up as catalysts to drive some of the transportation stocks higher. >> we just had some of them, ari. the themes under trump. tax cuts, tariffs hikes, immigration policy tightening and deregulation. i want to go to one part of the

transports which is doing well. less than truckload trucking. names like xpo. old dominion up. these are also high valuation stocks. in your mind, why are we seeing these stocks out perform the market with high valuation and you are saying there is so much lack of clarity of how these play out for the space? >> absolutely. ltls are a really nice niche sector of trucking. they have been able to out perform the market and deliver value. a lot of that goes back to the fact they have the favorable industry structure which they've been very effective in not even engaging in price wars. they have exposure to the economy which is a risk to those

names. as long as the economy can hold here, we think the names are positioned to do quite well. the other thing that is interesting for ltls is fedex is spinning off the freight division. that is the largest ltl carrier in the country. most people think it is a parcel and package company. they are the biggest trucking companies in the country. that is really going to determine the ltl stocks 2025. >> very interesting story. i'm looking at these companies. xpo with forward pe. a lot of people saying valuations are under question. these stocks seem to be doing okay. ari rosa, thank you very much. still ahead on "worldwide exchange," donald trump's land grab and why investors should be paying csettlo aention to his interest in greenland. that story and much more coming up. they're all from last night. it's going to go viral. and then you're not going to be so upset.

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we'll quickly become energy independent and we will frack, frack, frack and we will drill, baby, drill. we're going to drill. and i will cut in 12 months from january 20th, that's the day we take office, i will cut your energy prices by 50, 5-0, 50% within one year. >> and that was president-elect trump on the campaign trail last year promising to massively increase oil drilling and cut energy prices in half although

the u.s. is the biggest oil producer and gas exporter. trump revived aves by purchasing greenland. he is eyeing the trove of resources including rare earth minerals as a means to counter the china dominance. let's talk about this with kate richard. kate, good morning. >> nice to see you. >> this whole idea about taking greenland or buying greenland. people are pushing back and questioning the president's motivations and things. you say he might be on to something with the rare earth and minerals that greenland has. >> i think greenland is bringing up the theme and national security risk that is critical minerals. probably the most important thing for people to look at and the key theme and why greenland is an important topic is that we have the u.s. which has a

critical minerals list and it is over 50% of the periodic table. canada, australia, eu have the same thing in the critical minerals list. number one, energy transition. number two, space and defense and number three, chips, so a.i. the strong concentration and dominance around the supply chain which is a risk. there was in the prior administration we could recycle into copper and nickel and and and and chromium and c. we can't onshore all of this. the key theme is ally shoring. that's what greenland and denmark are part of. australia and canada are parts

of that and parts of south america and also africa. >> are you saying we can't do this in the u.s. or not? you say there is minerals we need to get from our allys? >> the model we are working with right now with the u.s. government and this is a public/private conversation with secretary of state as well as state department as well as export is how we invest and support the upstream and mining and extraction of the critical resources and where are they processed and refined. that's what the chinese domination is critical. if you look at copper for example worldwide, 40% of copper is mined wherever and shipped to china to be refined. nickel and lithium, same thing. 65% mined in the world and shipped to china for processing and refined.

that is the critical part of the supply chain. if you look at u.s., the export bank might be financing production of graphite in mozambique and shipping. >> you know, rare earths not part of the lexicon and introduced in recent days with greenland. we do talk about it sometimes. is there one in particular that china is very interested in greenland or interested globally and the u.s. interested in greenland? do we know what's there? >> probably for 20 years, there have been articles and pieces from time to time about 98% of rare earths are produced and refined in china. in the last month, you see this has become more trade-war like-esque. you have galium which was

restricted. what happened? prices went up 200%. >> what are they used for? >> space and defense and chips and in every laptop. the chips in the a.i. component is the most important. you will see commodity price escalation. >> it sounds like this conversation is just getting started. won't be the last time we talk about rare earths. kate, thank you very much. as we head to break, check out shares of alantir. the stock is down in 10 of the last 11 trading days. n the past six months, it is still up 130% and up more than 2 280% in the last year. palantir rebounding up 3%. we'll be right back.

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law does give the president, the current president or president-elect, the ability to extend 90 days if those discussions are likely fruitful. we will see if a buyer emerges in the next week. >> that was former s.e.c. chair yesterday talking tiktok's future and need for the buyer for survival in the u.s.

reports say elon musk has been floated. i'm frank holland. coming up, the latest on the reported plan on the x owner and trump ally. first, let's check the u.s. stock futures with the s&p 500 and dow on two-day win streaks, but the nasdaq on a four-day slide. in the green across the board. s&p up 27 points. dow up 57 points higher. the nasdaq off the highs earlier. up over .50%. right now, we want to check nasdaq 100 gainers. you can see the top of the list. the chinese company pdd holdings up almost 4%. followed by micro strategy. they flipped. palantir in the number three spot up over 2.5%. we talked about the rebound it's having. arm holdings and tesla rounding out the top five.

we want to talk about the treasuries. the 20-year having a yield above 5%. the 20-year benchmark rising 20 points look at the oil market. take a look at energy this morning. wti pulling back a .50%. trading at $78.30 a barrel. over of the last six months, down 6%. recently, we have seen a rise in oil prices. we are also seeing a rise in bitcoin. rebounding a bit today. take a look at bitcoin trading at $96,000. up 4%. for the week, up%. that is the set up. now we want to turn to a story we have been following for months now. a new twist in the tiktok sale saga. the chinese government reportedly floating a plan elon musk acquiring the business.

it is unclear at this point if tiktok parent company bytedance is aware of the plan. a spokesperson is telling cnbc we cannot be expected to comment on pure fiction. x did not immediately respond for a request on this comment. joining me now is the managing director at msa capital with stakes in nio and palantir and more. ben, good morning. great to see you. >> good to be with you. >> again, we are getting different reports about this. you are saying if there is truth in this, it's a master stroke by the chinese government. why are you saying that? >> it gives china first an out because the u.s. positioned it that china was the wet blanket. they were withholding tiktok

from millions of american addicts because they were vetoing control of ownership of tiktok. it puts tiktok in the hands of someone who is very constructive and pragmatic when it comes to china engagement. elon musk has a decade of working with the chinese and has been able to get subsidies and regulatory support for the megafactories in china. china is making the growth and upside in tesla today. so, this really positions the chinese government well with someone friendly toward them and also gives them a face-saving exit from this deback al.debacl. >> i know you are a vc. if there is any truth to this, if musk acquires tiktok u.s. operations and being the owner of x, that concentration in media and the proximity to the

president-elect. put that in your mind of someone who looks at the tech space more broadly? >> you know, it certainly would be a concern on monopoly grounds, but the trump administration is in favor of deregulation and allow the market to govern itself. tiktok is very much the future of how this generation consumes short-form video. we have seen a migration of tiktok refugees to the likes of instagram's reel and youtube shorts and the chinese content creator application. this would obviously start to bring back them and create more concentration in the space. a huge, huge opportunity for musk, but one that would come with certain risks to the overall ecosystem. >> i think it's fair to assume under the biden administration

there is no way it would happen. no way the bags iden administra allow someone who owns x to buy tiktok. different with the trump administration. i want to ask about the constituents and the gop. do they want to operate in the u.s. or ban? it is going to the supreme court. there was a ban put in place for january 19th. >> there are a diverse views across the gop with the maga thought leadership. there are hawks that want tiktok banned and it is a tool for information gathering for the chinese state. if you look at the leading maga key influencers like charlie kirk and others, trump himself said on truth social say why would i want to get rid of tiktok and shows billions of views on the platform. this is clearly where the hearts

and minds of gen z and others are sitting. there is a huge amount of support in maintaining this channel. >> important to note that the trump donor is an investor in bytedance. ben, thank you joining us today. >> thank you for having me. coming up on "worldwide exchange," the small role the small business administration will play after the wildfires in california. karen mills is here to layout the timeline to get aid to those left with almost nothing. we're back in just a moment.

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and relentlessly work with you to make them real. welcome back to "worldwide exchange." we are ning to california and officials are looking for more hurricane-force winds. the palisades fire, the largest of the fires, is 14% contained. eaton fire 13% contained. the human and economic toll continues to climb. one agency key to the rebuild process is the small business administration or sba. fresh off a $2.2 billion capital injection, it offers relief to business owners and homeowners as well. joining me now is the former

or under president obama is karen mills. >> thank you for having me. this is one of the worst disasters i have seen in my experience. the worst is not every yet with the winds. we have grave concerns. this is why the sba has a disaster assistance program and they are ready to deploy with fema as soon as they are finished with their important work work. >> our thoughts and prayers with everybody out there. after the emergency declaration, we saw the emergency disaster loans. you can talk about the other steps the agency does to help people? >> you know, sba disaster operations is one of the most important things the government does across all kinds of disasters. i was on the ground after 24

hours after hurricane sandy. the sba actually deploys 1,000 people into the area with fema. they're in mobile units and they're on the ground and talking to people affected. this is devastating moment when you are on the ground with people whose homes are in ashes or taken apart by a tornado. they need a lifeline. sba provides homeowners and small business owners with low-interest long-term loans. they are about 30 years. the interest rates are 2% for the homeowners at 2.5%. they allow the homeowner or business to rebuild quickly while they await insurance proceeds. they also help them with advice and counsel. when you ask the homeowner where is the deed to your house and

it's up in flames. you really need somebody there to help them through the whole application process. sba does this and it really is an important critical program that the government provides right there. i've seen it myself and i have to say it's amazing work. >> certainly so many people in need of help. i want to get into the weeds of this a little bit. the disaster loans can be up to $500,000 if you are a homeowner. if you are a renter, it is up to $100,000. property values in california are the straight elevated. it is a higher cost of property out there as opposed to other areas impacted. >> absolutely. it is $500,000 for a homeowner. it's $2 million for a small business owner. this is designed to be the first money people will be getting insurance money later.

they might be going to their bank for a loan. it's hard to get that money. this is designed to be immediate assistance. what the data shows is that if you get that money into people's hands sooner, that's when recovery starts. you need the cafe to be open, the gas station to be open, for the community to be able to come back and start to rebuild. so, these loans are available. the sba automated the process so they can be turned around very quickly. i want to give some advice to homeowners out there. you really should go right away to the online and just start the application process. if you run into any trouble, go find a person as they get there on the ground. they won't be deployed until the danger is over. they'll be there right away afterwards and they really can get money into the community and aid flowing fast.

that will jump start the recovery. >> some really strong advice there. karen mills, thank you very much for joining us and nsight. >> thank you. coming up on "worldwide exchange," the one word that every investor has to hear today and the stock pick every investor has to know. plus, tariff strategy shift. ayitusbe back right after this brk. st wh .

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welcome back to "worldwide exchange." check out the dollar today after the economic team discusses a gradual hike in tariffs. aimed at boosting leverage with other countries and also help avoid a spike in inflation. the dollar pulling back .13%. bloomberg says it has not yet been presented to the president-elect. the team of advisors working on the tariff plan is scott bessent. he is among those who have cabinet members with hearing this week. we have megan cassella with more. megan, good to see you. >> reporter: frank, good morning. it is busy this week. one senate republican referred to it as a train wreck. more than a dozen hearings as the president-elect is pushing for as many as possible to be confirmed on day one. take a look at the lineup.

hearings kickoff with pete hegseth. tomorrow includes marco rubio and russ. we will see bessent for treasury. most of these are likely to be smooth. bessent, rubio, all looking to sail through. this is the first time we get to hear from the nominees about the views on policy in how they plan to run their agencies. you can expect the bessent hearing to touch on tariffs and taxes and ficits. given that doge is expected to run in partnership with omb. rubio, you can expect him mong other things to be asked about china. as for timing, it is still going to take time for everyone to get a floor vote. rubio might be confirmed on

inauguration day. so far, it ks like he could be the only one. that is not unprecedented. trump had two picks confirmed on his first inauguration day. biden had none. i would expect to hear complaints from mar-a-lago withe don't have a flurry of nominations on day one. >> i want to go back to the tariffs. what are you hearing in regards to that? >> reporter: definitely a possibility on the table using the emergency economic powers. this is something we have been talking about since november and before the election. i heard this is a tool the trump team is looking at because it is one way the president can act unilaterally. we have talked about this option on the table. doing this gradually is a way to try to ease everybody into this both the u.s. and other economies.

easing them in. i think the key part you mentioned, frank, it hasn't been presented to the president-elect. everything is on the table. nothing is on the table at the same time. they are still figure out. >> everything and nothing at the same time. megan cassella, thank you. we turn attention to the news alert on google. uk officials are investigating the company over search services and how it may impact competition. google will engage with the regulators to benefit all web sites. shares of alphabet are up .50% in the pre-market. coming up on "worldwide exchange," playing tech turbulence. the strategy our next investor says you can play facing volatility and the broader sector. we'll be right back after this. ...or know what i like to eat, which is not that. what's up, my brother? oh, hey, bud!

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welcome back to "worldwide exchange." here are the stories we are following this morning. the ft reporting the european commission is reassessing probes into meta and alphabet. they are asking the trump administration to intervene in overzealous regulations. the japan 40-year yield rising to the highest level since 2007 on expectations the

bank of japan will raise rates. and robinhood securities violations over the two dealers violated more than ten securities laws provisions. shares of kb homes surging on the fourth quarter. shares of kb up almost 9%. shares of honey well. the company is set to move forward with the plan to break up into two companies. the move follows pressure from elliott management to do so. shares of honeywell up in the pre-market. back to the markets. the stocks kicking off the new trading week. take a look at futures in the green across the board. dow opening up 200 points higher. let's bring in amy wu silverman. amy, good to see you. >> good morning. happy new year, frank. >> we are seeing a bounce in the pre-market right now when it comes to futures.

we are on a slide with wall street overall if you look at the longer trend. with that in mind, what is your word of the day? >> my word of the day is fairly fitting. it's angst. frankly, that is the sentiment we've had since the year kicked off and perhaps a little bit prior to christmas as well. to some degree, frank, that's normal. that's seasonal. this is just what we see in january which is some growth in volatility and selloff in the market. you've seen that every single january for the last decade. it's not surprising you are getting a little bit of this this january as well. >> so, according to your data, the jobs report added to the angst out there in the market. you say before the jobs report, s&p was in the 50th percentile. what does that mean in plain english? >> the way to think about it after the blowout jobs number,

people had to reach their framework. a lot of that was pulled back. our own rate strategist thinks we're more in the camp of potential hikes this year. different change in framework and that made people evaluate how much upside is left and how much valuation is nose bleed and could it pay to have a bit of hedge at this point in time. >> with that in mind, amy, you have a pick for us today. what is your pick and why? >> my pick is qqq puts. nasdaq puts. you can own that in the february timeframe or march. it will help you capture the magnificent seven earnings. this is a really simple idea in the sense we have seen overall hedging levels decline because of the exuberance last year. even with the crawl up with the payrolls, they are not that expensive with history. you have a lot going on and most

of the weightiness lies within the magnificent seven. this is the simple way to protect that. by protecting that, protecting the overweight market. >> amy, a lot of talk of rising bond yields are putting pressure on equities, but providing pressure. i want to play this sound bite and get your take on this. >> i think own shorter term bonds and marry that to equity and growth equity makes a ton of sense. >> i know your wheelhouse is options. are you seeing people play the long end and being bullish with mega cap tech and growth? >> i do. look, rick is a smart guy. one thing he said that is really interesting is because we have seen this play out in derivatives is some degree,

frank, you have to be in tech because tech has become such a large proportion of the market. if you miss out, you miss out big. we saw that the last few years with folks and investors we talked to who are under weight tech essentially have to chase the upside when they realized they would chase that benchmark. the duality exists. people have become quite long tech side. that's why hedges are an interesting play now because we're far more long coming into this year than we were coming into 2023 or 2024. >> amy wu silverman, tell your parents aloha. thank you very much. >> thank you. we get latest look at the state of small business at the top of the hour followed by the producer index at 8:30 a.m. we will have a pair of fed

chiefs speaking today with jeff schmidt and john williams. we will have interviews with the ceo of novo nordisk and eli lilly and merck. that's going to do it for us on "worldwide exchange." "squawk box " starting right no. have a great day. good morning. breaking news from the middle east. negotiators are nearing a deal on the gaza cease-fire. details straight ahead. china officials are reportedly considering a sale of u.s. tiktok business to elon musk as one possibility if the supreme court, in fact, upholds a ban. and starbucks is reversing its open-door policy. it will soon require a purchase for people to hang out in caves or use the bathroom there. it's tuesday, january 14th, 2025

and "squawk box" begins right now. good morning, everybody. welcome to "squawk box" here 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. and so far there are some green arrows this morning. actually, pretty decent advances if you are watching the dow up 150 points. nasdaq is up 150 points. the s&p indicated up by 30. yesterday was an interesting session to watch. we were under quit a bit of pressure this time yesterday. this was as yields were trending higher and higher. we were looking at the 30-year trading above 5% for quite a while through the morn