so how big can twilio be?ompany says that its platform addresses portions of large end market. ennenenenenenenenenenenenenenene it accelerated it to 88% revenue growth. i don't see it slowing anytime soon. they have numerous plans to keep growing. bringing in more developers that use their product, increasing their international presence and generally spending more money on sales ar marnd marketing. the company's still losing money, because they reinvest all their cash back into the business. this story would be easier to figure out if they had real earnings to share. the beiuser base grew by 52% la year. step up is high. this is no debt. more than 200 million in cash, thanks to the proceeds from the ipo, however, with any newly-minted company, there are some risks, the lack of profitability. the company spends a fortune boosting its revenue growth. there's the fact that twilio caters to a new and unproven market. this company gets 15% of its revenue just from facebook's what's app. what if facebook decides to

twilio indicated 20 to 22. twilio priced at $15 and our early indications are 20 to 22.thank you, ben. back to you guys. >> our bob pisani, thank you very much. >> let's get to rick santelli in chicago. >> hi, carl. it's not that these areas in the marketplace are shocking or surprising, it's just the fuel for the fire may have been the indication of how brexit was a month ago, how it is today, how that's changed, how algorithm trading could make things seem bigger in the market. no matter how you slice it, if you've been a risk-on market holder, you can get a check. the two day chart of tens, we've moved to the upside, definitely firmed up from what was a test of levels below the 160 mark. you look at a one week, you can see the dynamics. yields maybe a little more exaggerated how they came off that 11 10 a month ago and if y look at the month to date with regard to currencies, you can clearly see what's going on with that. now let's look at the pound versus the dollar. many traders think if there's any surprise in the vote, this is going to be a huge reversal but the m

we will of course be following twilio's ipo. miss our interview with the ceo on the first day of trading. coming up, what does brexit mean for the venture capital community? we spoke with steve casey who also talked about the global implications. if you like bloomberg news, you can listen on the radio. bloomberg app, on the sirius xm. ♪ >> top stories this hour, asian stocks have edged higher with less than three hours to go before the u.k. brexit vote begins. shoring up against all 31 major peers, we will see a one in four chance of an exit from the eu. the benchmark was near a two-week high as crude oil prices. been's gm motors have ranked number one in the gm survey of new vehicle quality. it is the first time in 27 years i you are the maker has taken top stock -- top spot. they reported 100 vehicles in ownership,0 days of one fewer than porsche. shopping in south america, sources say china's favorite flcrse is in talks by brazil energiagia. at 1.8s evaluated billion dollars, not including premiums. global news sunday four ho

at twilio's headquarters out west, and 11:00 a.m. on the street, and "squawk alley" is li live. ♪ they want to get mine ♪ looking on the ceiling ♪ it is just a matter of time ♪ glorious stealing ♪ it is all right ♪ ain't no time >>> jon fortt with me here on post nine, and kayla tausche is outside, and you can mang inwhy. looking at the session highs, and best day for stocks since may 24tha and big ipo on our hand hands and twilio is trading higher, and making it the biggest gain of the year, and a lot more that the u.s. tech in the past 12 months, and meanwhile, a first on cnbc interview with the company's ceo jeff lawson coming up later on in the hour. the top story, the voters in the uk are heading to the polls to decide if the country should stay or leave the european union, and the outcome is expected to have far reaching consequences in the financial markets overseas and at home. over to kayla standing by with the latest. kayla. >> carl, we are more than halfway through the polling day here in the uk, and of course, many of the

also twilio soaring on its first trading day.e'll have something on whether it's enough to lift the floodgates to more tech ipos. >> up next house democrats end their controversial sit-in over gun control. we have the latest developments from washington when we come back. 4 try the superior hold... ...of fixodent plus adhesives. they help your denture hold strong more like natural teeth. and you can eat even tough food. fixodent. strong more like natural teeth. fixodent and forget it. both firms lifting their target. it's currently trading under 14% citing firmer pricing. >> after vowing no bill, no break, house democrats have ended their controversial sit-in over gun control after one day. the protest did prompt harsh criticism from house speaker paul ryan, a republican, of course. john harwood has the latest on this unprecedent act in the house of representatives. there's never been a sit-in before? >> there has been a sit-in before. republicans did one on energy legislation in 2008. but this was exceptional because of the age

you were an early investor of twilio.y're going to talk about some of their big tech companies wlrk it's uber or facebook, investors have a question. couldn't those same big tech kpa kmers turned around and cut twiloo out? these are companies stacked with smart engineers. >> i guess it's possible but they've built a complex investor. both big companies and small. nontechnologies as well aztec companies. the reason you see some of the more advanced tech companies is they realize it's not so easy to build that themselves. >> i was just going to ask, dave, what you think about the suggestion that twilio could get blue-coated, which is to say could it get snapped up before it goes public? >> i can't predict on whether there's an mna. it seems like things are going to go forward with filing. but there are eyes on the company. >> what about exit possibilities generally for these companies? you have the public markets but arguably they're undervaluing what's been happening in the private space and then you have the opportunity t

. ♪ emily: twilio twilio the communications software provider,, is pricing of ipo as investors it ons guidelines in an uncertain market. the announcement makes the san francisco-based company just the sixth company to go public in 2016 compared to the 24 companies that went public i this time last year. does it signals the end of the ipo drought? joining us from the university of florida is jay ritter. what a day to go public, the same day as the referendum and u.k. that could have wide-ranging implications on the market. what do you make of the decision to do this now? i think they are counting on the fact that the tech market and being based in san francisco is going to be shrugging off what happens in london. this is the first silicon valley backed ipo for the year. what does it mean for the broader market? guest: i don't think it means a lot. there have been a limited number of tech ipos but other industries including biotechnology have had a very limited number of ipos this year. has not been profitable in the eight years of has an existence. is that a red flag and mark guest: y

expect a lot of twilio.loud communications platform, allowing companies to add messaging voice and video in web and mobile publications and now has over 28,000 active customer accounts with some big tech companies including facebook and uber. twil twilio's decision to go public makes it unusual. in total there have been three tech ipos this year. last year by this time through the end of june there had been 14. twilio's performance could now have a big impact on all of those private tech companies still sitting on the side lines. >> i would say the private companies -- you know, we're invested in ones like mongo database and on that and app dynamics. they all have potential of becoming significant stand alone software companies. and this is a boogood barometerr investor appetite. >> at $14 twilio would be valued about five times current valuation. >> what do you think? >> i'm not a tech wliek josh. josh is the man. but i think it will be interesting to see how it comes out. i think they use aws as one of the

tech firm twilio. we're running out of words to name companies. twilio priced at $15 a share. just above its targeted range. this company provides phone and text message services to app developers. it will trade under the ticker twlo on the new york stock exchange. in washington they are calling it chaos. they weren't in the their chairs. they were on the floor and singing we shall overcome but different words. it was we shall eventually pass a bill or something. and demand on gun control legislation. representatives from both sides of the aisle were shouting at each other as the democrats refused to let republicans resume regular business. and paul ryan called in a publicist stunt. and adjourned the chamber until after the fourth of july and democrats continued to sit in even after the session was adjourned insists we get tougher on the center of isis activity over in the middle east i think is what they are demanding. are we not? >> i didn't hear that. >> oh that is not -- oh. we'll get an update from john harwood. >>> one piece of legislation that made it through the sessio

twilio willing to test the waters. they handle behind the scenes communication.when you text message your uber driver. that's twilio. on paper it was worth $1 billion. one of those so-called unicorns. a unicorn on the market is a big deal. we are watching the brexit vote. that could affect great britain and the economy here. polls ahead of the voting were too close to call. we won't know anything until the polls close 2:00 this afternoon our time. j.d. power released its best cars by initial owner satisfaction. a korean company tops the list, a list normally dominated by german. korean car companies come in first and third. tesla down again this morning. investigators rebelling against along musk's plan to buy solar city. solar city loses money, tesla loses money and tesla needs as much money as it can to retool and rebuild the model 3. they think buying solar city is a distraction. elon musk wants to go to mars. nobody has a problem with that. buying solar city, no, no, no. this is a kooky idea. let's go back to mars. >>> now the magnificent donald trump. >> the

for example, many people may not know twilio itself.tware would essentially allow you in the driver to exchange text messages without them having your number. what is the plumbing behind a lot of other silicon valley companies. you start by saying is this good news? for twilio in the price offering was moved up to $15 a share. that is higher than what most analysts think of. charles: the debut was not bad either. they will underprice it. there is enough anxiety out there. we don't want to go public. another things they were afraid to go public. that is existed this year as well. >> we've really seen the markets take a big hit in the beginning of this year, like the worst start to a year in decade. oddly enough there is a lot of people in silicon valley watching the brexit though. we have all the round-the-clock coverage. your point about market volatility not quite clear how that is going to go, how that will affect the market. it is true that if people adjust to a lot of moving parts. charles: i think we've heard about some of these un

this is twilio. they opened the nyse yesterday. their stock rose 96%.it's a mountain view company, an ipo, a tech ipo that went incredibly well. the spigot is back open, we hope for tech ipos. any other day, we would be talking about twilio. >> we talked about them a little bit at least. >> thank you for leaving us on a positive note. >> a unicorn chaser. >>> millions of people expected to flood san francisco for this wookd's pride celebration topped off by the famous parade sunday. safety will be the number one priority. >> stephanie chuang with moron the changes coming to the celebrations this year. a pride volunteer lost a friend in the orlando tragedy. >> yes. good morning. chris lopez is a local drag queen here who volunteered with pride 14 years and this is how she summed it up. this year it's personal. a feeling of heaviness as well as more security this year. you can see behind me barricades set up. the pride festival kicks off at noon tomorrow. the first time there will be metal detectors at all points of entry and private security guards wandi

twilio's strong debut valued the company at more than $2 billion.low to president obama's legacy today, the supreme court in essence blocking president obama's drive to expand his executive actions on immigration. what his actions would have done would tried to make as many as five million undocumented eligible for quasi-heel status. leaving in place a lower court ruling. the two presidential candidates responding immediately. hillary clinton released a statement placing blame scarily on republicans' shoulders saying, quote: in addition to throwing millions of families into a state of uncertainty, this decision reminds us of how much damage senate republicans are doing by refusing to consider president obama's nominee to fill the vacancy on the supreme court. not to be outdone, donald trump used the opportunity to take a swipe at the president. quote: today's 4-4 supreme court ruling has blocked one of the most unconstitutional actions ever undertaken by a president. the election and the supreme court appointments will decide whether or not we have

the fact that twilio is going to go public within a week we think or thereabouts and wondering if thatindow is going to be reopening, and how do you view that situation? >> i think that the -- it is a great opportunity. we have all seen the ipo market stalling, and to have companies going public right now is a good thing for the marketplace, and hopefully that will improve the trend toward ipo. >> it is great to have you on the show, and glad you are participating in iconic, and i'm sure that you have en tre fre neurs coming up all day to day talking about it today. >> yes. thank you. >> thank you, nicole. and now, coming up at the top of the hour, michelle? >> well, coming up we are counting down the fed's latest decision on the interest rates and what are the policymakers are going to say in the statement. we will have instant reaction from a lohse of big names including scott from goog en m him, and also, janet yellen has the press conference at 2:00 p.m., and you want to tune in for that, and we have two big hours ahead, scott. >> thank you, michelle. nba commissioner adam silver o

that will be emphasis if we get a successful twilio tonight.ist tomorrow out if we get a nice move up in twilio, that will be down here tomorrow. >> a lot to be discovered. bob, thanks so much. let's get to the bond pits, rick santelli in chicago. good morning, rick. >> good morning, carl. it's hard these days to tell, we don't get a memo on cause, effect, reasons why things are moving, but as we look through kind of the container that has all the issues, whether it's brexit, janet yellen, draghi, what's going on in japan, all of the above most likely, we do see a pattern in the market. and the pattern is pretty much the same in just about every market. and even the uk to have their own financial instruments be their own flight to safety on a brexit vote really puts you in a loop of, you know, thinking. let me tell you. look at a one-week chart of tens. no doubt rates are on the increase. it's not a lot but if we were to close up 10 basis points on the week. the rest of the chart will be month-to-date, just to show you how the perceptions of al

.-- julie: stocks have been trading twilio. not much to see at this point in terms of the directed stocks. but it is up on its first day of trading. to $13 a offering $12 piece. venturely the second company to go public this year. seeing a big boost in its first a of trading. i believe he will be hearing from the company later on? vonnie: yes. ii cannot tell you the exact time, but tune in. julie: good plan. vonnie: banks to julie hyman. it the index about -- index up. the fed is having a big effect on performance of equities. it he is out with a report titled the power of the fed. does the fed has newfound power, jeff? particularly new, but store narrowly -- but it is an extraordinarily interesting situation. what markets want around the world, not just -- they want better growth. are in this imbalance between are we going to get better growth in the u.s.? does not mean the fed will raise rates. that is typically supportive of e.m.. you are seeing these very sizable number of episodes with the fed is driving the market higher.

twilio now has a market value billion. joining us now is founder and ceo jeff lawson.f, congratulations on the ipo. there has only been one vp-ba cked tech ipo this year. why pull the trigger now? jeff: we are proud of the company based on solid fundamentals. company, one of the key aspects of our business is to build the platform, be public, and we are proud, so we are excited to be out today. tend to be down by about 16%. why in this environment where you have a lot of uncertainty and market volatility does this make sense for your company? jeff: as a company built on solid fundamentals, it is never exactly clear when the right time is, but we are proud of the business that we build, so we felt at the time was right for our business, and we decided to pull the trigger. scarlet: was it now or never? jeff: no, we had a lot of option alley. we did not need to raise money when we did. you raise money when you do not need it. certainly, we do not need it. we have a healthy balance sheet caret we thought it was a great time for our business, and markets will accept a stron

great news from twilio. they do behind-the-scenes communication for high tech. it is up 76%.people are extremely excited that the tech ipo might be back. >>> the other big news in business this morning is the vote in great britain as people decide whether their country should exit the european union, the so-called brexit. there are reasonable arguments on both sides as they vote. england has always been seen as independent from europe and those who want to leave say a vote to go could protect their jobs from immigrants. then again, it's a world economy and dangerous to cut yourself off from one of your biggest trading partners. most world leaders, including the prime minister of great britain and president obama, say britain should stay in the european union. again, they are voting right now and will vote until 2:00 our time. exit polling is illegal in great britain. we haven't got the famous idea how this vote is going. >>> tesla stock is lower again today. cnbc showed pictures of craters. it fell 8% yesterday. it's down as elon musk failed to convince investors that tesla s

also, technology, coming to life, a solid ., twilio thing it popped 92% in its debut.zon probably on its way to a thousand. as we begin the next leg of the rally, if it begins tomorrow. i have a short squeeze report. go there right now, get it for free, a 3 page report, with three ideas. coming up, one of the baltimore police officers involved in freddie gray case has been found not guilty. he is the third one. we are in world where police are coming under greater scrutiny, not just from criminals but politicians, stopping them from doing their jobs, we're talking about the war on cops next. charles: a baltimore judge found the officer driving the van that was carrying freddie gray not guilty. in last year, police quad nationwide have been under scrutiny, and maybe found guilty in a court of public opinion. heather thank you for joining the show, a couple different narratives out there, depends on where you get your media, on one side, the cops waging a war on inner-cities on other side, increasingly where police can't do their jobs, as a consequence everyone is more u

mountain view based twilio will start trading on the new york stock exchange this morning.this logo doesn't lend itself to video. it powers text messaging and other communications. it will ring the bell at 6:30. we continue to watch along musk and tesla stock. investors are hoping he changes his mind. tesla wants to buy solar city, an idea most people find absolutely mind boggling. tesla stock fell again wednesday. my biggest fear if you fast forward this enough, he goes through with this and it turns out to be the total disaster a lot of people think it will be, people think he will bring down the company. solar city is a losing company. tesla stock fell more than solar city. >> one of them, tesla is deemed to be revolutionary at this point. it needs to be profitable. >> they've got no money coming in. >> then they'll grab a company which has no money coming in. >> it's key to running a business. >>> it's 5:18. we hear about great new technology out of the bay area. this is out of stanford university. this couis called autism glass therapy that runs on google glass. the de

it was fun seeing twilio trading up so far today. >> they snuck out right before we saw this vote and stock is up, you know, nearly 80% since its ipo. it is up quite a bit. for them there was some head scratching. why are they deciding to list then? hindsight is 20/20. you look back and you see they have the d.c. backed tech deal, tech ipo in the u.s. this year. they have a business that, you know, investors can see a path to profitability. that is a point that is increasingly important in the ast nine months or so. now, look, we're half way through the year. what i am hearing from people on the by side and close to the buy side is that people are starting to look at their portfolios and say i need to start showing returns for 2016. that makes some of the new listings which are seen as a little more risky because they're new stocks more attractive. so for the deals that do go out if the companies can show strong fundamentals then it seems like they've been doing okay. there just aren't as many companies ready to ipo so folks are free to kind of hit the volatile markets here in the u.s

twilio helps out with that sort of technology.f to a good start and the pricing is really positive. were offered at $12 to $14. they priced above that at $15. how important is it to get away this at a decent valuation at the same time? in the first quarter was an ugly performance in terms of volume. listed in 2014 and 2015 traded below the issue price. that way on appetite? >> i think in terms of appetite people are taking what they can get. the volumes have been really love. w. seen trading above the offer price which is a positive sign. investors are being careful but when they something they like this to be piling into it. whether that will happen here is yet to be seen. depends onsuccess the businesses. this is a company that is cash positive bias. does it have real revenue? >> revenues have been growing really fast. they expect that growth to slow a bit. in newve been bringing customers. in terms of profit it's not profitable yet but that's not necessarily unusual at this stage. they want to use the proceeds to reinvest in th

communications software provider twilio has priced its ipo at $15 per share ahead of its fist trade later today. above the range originally forecasted and would raise $150 million. >> twitter is looking to sell its nfl ad spots for more than $50 million. the social media platform ceo's jack dorsey is actively searching for the bybuyers for company's nfl ad packages. twitter spent 10 million earlier this year for the right to stream 10 nfl games this season. netflix is a plot that the u.s. used to have global mind control. that is the view of russia's culture minister. he said you thought these gigantic start ups emerge by themselves? one schoolboy sat down and thought for a bit and billions of dollars rain down from above. he also -- use of propaganda. looking as the couple of indexes. the vix index starting off. we're just looking at the slightly lower vix at the moment. coming off over the last seven days. oil the price of oil yesterday you would have noted above $50 a barrel for brent and wti. following this bigger than expected draw in u.s. crude stockpiles a bit of a surprise we saw

so this is going to be a big tech ipo, this is twilio one.tching that for signs of how other tech ipos might be going. right now the dow down 31 points. >> bob, thank you very much. >>> west texas did touch almost its lowest level for the month. let's get to jackie deangelis at the nymex. >> good morning, carl. that's right, crude prices hovering over the $48 mark, despite the events in orlando. sometimes events like that can cause volatility in crude prices, but i think this move is a result of opec's monthly market report, saying in the second half of the year we can expect much of the same. so they're looking at the demand picture as increasing slightly. that was expected. supply contraction to continue but ever so slightly. this rebalancing theme is going to take some time to play out. now remember, the dollar index is a big part of this story, too, and it's remaining range-bound right now, behaving somewhat as the prospects for a fed rate hike have diminished. so oil prices will continue to stay in the upper range, upper band near $50 as

. >> on any other day the biggest headline for silicon valley would be twilio.like a rocket in its first day of trading thursday after an ipo wednesday night. the first day of trade pushed that communications company up 92%. it's astonishing. that is tremendous news. we haven't seen a tech ipo in a long time. we haven't seen something as fantastic in a long time. all that did come before the brexit. >> uber is changing its app. you must put your destination in the app before the car picks you up. you will know your exact fare right away. uber will no longer tell you you are in search pricing, you get a higher price. you get better information but uber will tell you less. the biggest business story of the year is the brexit. most people did not see this coming. britain voted 52% to 48% to leave the european union. the process will take at least two years. the british prime minister says he will resign. bank of england says it has the equivalent of $300 billion ready to inject into the british economy. s&p 500 is ready to cut british's credit rating. we lose 500 o

twilio surging in first day of trading. jonathan hoenig what do you make of a jump like that. >> this is something, melissa, not just a tech ipo but venture-backed ipo. this is one of the unicorns, privately-traded companies that have absurd valuations that is actually coming to fruition. yes, market is certainly strong over 18,000, but the fact this ipo came to market and did so well suggests maybe this tech drought is no longer a drought. melissa: but of course the question is always, is it sustainable? dominic, does it stay there or one of these stocks that comes out and dies? >> to jonathan's point there is a lot of these unicorns and there is so much capital out there, venture capital, private equity, they didn't even need to venture out in the weather to see what the temperature is like this. is pretty courageous for this company to do it. hopefully portends for good things going forward. melissa: jonathan, is that what you meant? there are not a lot of unicorns anywhere? that is the whole point of a unicorn, it is an

. >> they were up 8% yesterday and up 8% again today so back to business for twilio locally. >> buy-backossibilities there. >>> this is a get back on it. there's a father in washington state, he was a little upset with his daughter's racy selfies so this is what he did. chris martin is a morning radio show host in spokane. he decided to recreate his daughter's selfies town to some of the smallest details. >> i told her you're posting these things a little sexy, tone it down a little bit and she wouldn't. >> what achieving of it? his daughter, we'll see how she's taking it. the photos are certainly going viral, but she calls the whole thing a lot of fun and so far, no plans to cover up that bare midrift. as for him i don't know. >> he's a radio show host. can you imagine the calls he's getting this week? like dude that plan has go to go belly up. >> it did. >> literally. >>> we're heading outside today, greeted by some heat. >> keep your shirt down, all right? kari will look at the forecast. >> yes, sam and laura, we start out with a lot of sunshine across the south bay, the sun rises fro

. >> twilio will debut in the next week or so. how much much a litmus test is it? >> a great one.ell run company. we know the company fairly well. it's an enterprise software business with good growth. people are looking for growth. valuation is probably going to be, i saw this morning, they announced the valuation range, pretty reasonable. it will be a good litmus test. >> guys? >> i got a quick one for you. you talk about the ipo market. i saw you think 2017 will be much stronger. why? what's going to actually fuel that to be a better market? >> you have a bunch of big marquee companies, potentially uber, air bnb, you have a bunch of different companies that people really want to own. these are 10, 15, $20 billion plus valuation companies with almost a billion in revenue and most of them will be profitable by the time they come out. they won't go out this year. lot of people are looking at next year as the year some of those companies come to market. >> you said half of your office is based in menlo park, the other half is in china. give us your perspective on what's happening i

well, simon, you are absolutely right, and it is on the come as of right now, and yesterday, you had twiliooming to market, and all of us thinking that perhaps this is the opening of the floodgates for the ipo market, and we will put that on the hold for a few weeks. >> josh? >> well, two superlatives that stand out to me today and i like superlatives, because they tell me that we are either toward the beginning tofr end of the trend, and the first is that the ratio right now, simon, and it is having the strongest day since november of 2011 and that is a huge move that you are seeing in long u.s. treasury where everybody is stop buying the yen and buying stock, and this is the vanguard of the vgk is how you get exposure to the european stocks and including the uk stocks because a loft othem separate out, switzerland and uk and this is down 9.9%, and this is the worst day since 9-29-2008 with which is the lehman for them. and this is the exhaustion point for the risk-off trading and that gets me excited and then i look at the european individual names there, and none of them look like they a

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next week, twilio, it's a very, very hot space, trying to consume all the other apps there.ntially pricing on the night before brexit. wednesday night for trading on thursday here at the new york stock exchange. this is going to be a very big one to watch. demand is strong but, again, it's coming at a difficult time, apparently the morning of the brexit vote. we'll keep an eye on that. right now the dow down 34 points. back to you. >> let's go to rick santelli. high friday, rick. >> happy friday, carl. it wasn't a very happy thursday for most traders. you don't read this in the papers and we don't talk about this a lot, all my sources and i have a lot of them, all the traders i rub shoulders with and there's a lot of them, it want they were just questioning the fed, they were upset with the fed. and james bullard. remember the movie "whiplash," a great movie about a drummer. you get whiplash with all the flip-flopping of james bullard. now like the old "saturday night live," they say "never mind." it's frustrating. let look at the charts. two day of 10. we went from 150 intr

in the meantime more tech ipos coming, twilio, let's you add voice and messaging to apps will be comingery soon. we're waiting for terms and road show to be announced on that. but they did file about two weeks ago. i think right now it's looking very likely that we will see a late june ipo for that as well. so bottom line here is not much in ipos, but some interesting ones, the big one. by the way, carl, that line ipo valuation a billion dollars, the company could be close to $5 billion, again, we're waiting for the s.e.c. statement, but that could be potentially the biggest ipo since alibaba. we'll keep an eye on that one. >> thank you very much, bob pisani. let's get to the bond pits and check in with rick santelli at the cme. good morning, rick. >> good morning, carl. i guess the world is finding out how wonderful negative rates are going to effect everybody's economy and especially banks and the financials. look at one-week of tens. wow. you know, here we sit in the low to mid 160s, let's create charts going back to the beginning of 2015, shall we? look at how the 10-year is toying

one stock on fire this hour, twilio. shares are higher by 76%. they're going public today.high profile tech ipo since square went public last november. bob pisani tracking the trading action this hour from the nyse. bob? >> steady as she goes, we're 15, 20 points o off the high. similar'other major indices. take a look at the sectors. most of the major sectors are up 1% today. just off those highs here. you see financials and materials, retail, tech stocks, all doing pretty well. it's a fairly broad rally, better than 3-1 advancing to declining stocks. you mevengs tntion the financia bond yields moving up. bank stocks have been stronger. both the money center banks and the regional banks all strong. i hope you heard me list yashgs we'll get the relates at 4. 306789 eastern time. take a look at the dax. a little nervous today. one reason i'm nervous is the markets completely believe the vote will be to remain in the european union. can you see this with the dax in germany moving down about two weeks ago on concerns that brexit polls were increasing with those in favor of bre

finally, one quick question, what's going on with twilio, it priced at $15 on thursday. it's $35 today. again, i think there's just a lot of demand out there. this is a very, very hot space, but i wouldn't anticipate being up 120% in three or four days here. we'll keep an eye on that one. guys, back to you. >> you know, bob, if you sold the s&p 500 on monday, let's say you own the spy etf, you lost 4% because we're up 4% since the lows on monday. bob, stick around. we are going to switch now to the global bond market because something incredible continues to happen in germany. yields on their ten-year bond, called the bund, are negative again. and even though you may not give a snits el about the german bond market, you should listen to it because it's sending a loud message. jack, what is that german bond saying? >> it's saying that capital preservation is the name of the game. it's a giant red flag. look, when we start to talk about negative rates, it's one thing. when we start to talk about steep negative rates, which is really what's taking place there amongst all of