Peter navarro. It has been a huge swing s p futures up, nasdaq up by 62. The nasdaq up seven sessions in a row. S p is up. Watching for the month of june, all three of these is up on track to be the third month in a row taking a look at treasury yields youll see the 10year is yielding 0. 715 . Crude oil up above 40 for the First Time Since the lockdown in early march. Getting to the story it has been a wild ride overnight. Last night on fox news, white house trade advisor Peter Navarro responded to a question about the china trade deal saying it is, quote, over. At that point, futures plunged about 400 points but then recovered after he later clarified his comments saying it had nothing to do with the phase 1 trade deal which continues to be in place. He was speaking to the quote lack of trust of the Chinese Party after they lied about the origins of the chinese virus. President trump posting a tweet saying the china trade deal is fully in tact. The lesson is that the move is a good reminder of how connected the stocks are with what happens with china and out the rhetoric itself can create its own crisis we should get exclusive new data later this hour. If you were either playing the futures or watching them, it was something to be hold percentage move not crazy but pretty crazy yesterday in the markets was crazy. How did we end up higher Leland Miller was already booked he was already coming on so that was good better than be lucky than good navarro, i like him we know he has influence he is the biggest china hawk in the administration or the whole country. He would basically say, it is over reminds me when you are in an argument with something and you go, its over if i had been the anchor of that show, i think i would have said, you are saying the phase 1 trade deal is over i dont think we got that followup. As lighthizer said last week, everything is on track i dont know anything about beyond phase 1 when you are coming on speaki speaking for the administration, you have to be careful for President Trump to come on and tweet in response to that. This is just a reminder that these things do matter President Trump had to come in and be the adult in the room in this case he had to walk back. His reasonable twitter account was where we saw some. And im still dealing with the plantbased meat is it meat is it meat it can be meaty okay. A veggie burger is not meat. There is a hamburger you get from a cow what is a plantbased meat burger do you know . Were you serving those friday night. You messed up a couple of numbers. You gave me a fournumber address. You actually have a onenumber address. Im not surprised for a guy like you in the hamptons. Not in the hamptons where in the world is Andrew Ross Sorkin . Can you tell me, is it a meat burger what is that we know what it is. Are you seriously confused . Are you going to be with the people who say you cant call it meat right we need a new name for it. Plantbased meat is a jump be shrimp too confusing it is early lets move on. Well talk to Leland Miller about the whole china thing. President trump has signed an order suspending the entry of certain foreign workers. Some business groups strongly oppose it and will block the entry of people on hb 1 visas and l 1 visas of people being transferred within the company also blocked for workers in the food service industry. The Administration Says the suspension will open up 525,000 jobs for u. S. Workers. Most u. S. Consulates are closed for routine visa processing anyway because of the pandemic google ceo who was born in india tweeted that immigration has made the usa a Global Technology leader he said he is disappointed will stand. Tech has a problem i dont think we have the domestic people with the skills in Certain Industries you need for that sour not really saving anyones job if you dont have someone qualified to take the job. I understand the sentiment, pandemic and all these things is there a way for a carve out for highlyskilled people. I dont know what would you do, sorkin . Apparently not the push back you get on the other side is you should pay more these are pretty high paying jobs already someone wants to call it pleat plantbased meat who wants to eat pleats we need madison avenue on this something that really sounds mouth watering and describes what we are talking about. Apple making news at its Developers Conference saying in its future, macs chips will be made by apple instead of intel the company now says its own chips will provide better performance using less power says the new operating system will redesign the home screen addi adding wigits and picture in pictures that watch in tiny windows. Offering realtime translation between two people speaking different langs and will support 11 different languages you can unlock and start your car. Only one car at the launch, the bmw 5 series youve seen the steady clooimb. This has been a stayathome trade people have been watching. A lot of big news there, maybe the most important part is that theyll be creating their own chips to run the mac that go with this. Thats another form of control they can upgrade at any point when they have something new to roll out and a way to get more control of the entire sphere you know me, i watched it as it was coming yesterday. I loved all of it. Thats who i am. I dont know what kind of magic spell they put over you. The chips is probably the biggest thing over the next 10 years. The software will have a huge impact in making this a super cycle. People will want to upgrade their phones the features themselves are very cool if you are on an android, you are looking at this saying, welcome to 2014 because a lot of these features already existed in many other platforms before for those of us who live an apple life, i think there is a lot of people looking forward tho these. You said if you are on android. Or if you are an android on android. Im not going to knock apple because i like the stuff too much if you like widgits, the funning things, the translation feature. Great, it has been on android quite some is time there will be the haters on this side, the lovers on this side. Here we are. The language thing, that might work for us when you are talking or im talking i might be able to understand what the hell you are understanding. What about faux meet and call it feet eating feet. That sounds delicious lets have feet for dinner no all right 6 11 not too bad. We have a lot more. Joe will come up with other names for meat well come back to talk about the phase two reopening in new york city and the acceleration of covid and the outbreak of some u. S. States our good friend dr. Gottlieb will be with us. Carnival extends suspension beyond that of other companies well be back in just a moment w. Neighborhoods great. Amazing school district. The hoa has been very involved. These shrubs arent board approved. You need to break down your cardboard. Thank you. Violation. Violation. I see youve met cynthia. At least geico makes bundling our home and Car Insurance easy. And it does help us save a bunch of money. Two inches over regulation. Thanks, cynthia. For bundling made easy, go to geico. Com bbut what if you couldg do better than that . Like adapt. Discover. Deliver, in new ways, to new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back, but bounce forward. And now, with one of our best offers ever, were committed to helping you do just that. Get a powerful and reliable internet and voice solution for only 29. 95 a month for three months. Call or go online today. New york city began phase two of reopening includes offices operating at 50 of maximum occupancy. Restaurants offering Outdoor Dining and retailers bring back indoor shopping. Barber shops, beauty salons reopen at reduced capacity i have an appointment for next week city officials estimated as many as 300,000 people were eligible to return to work as of yesterday. I dont know who is supposed to read this. Someone named anchor changed to me, joe. We have an update now on the pandemic numbers a global cases now topped 9. 1 million. 472,000 deaths the u. S. Has 2. 3 million cases and at 120,000 deaths here in the United States. Cases in california continue to accelerate 36 of californias 185,000 cases have been diagnosed in the past 14 days in texas, Governor Abbott said additional measures will be necessary and the state will have to take tougher actions a change from the comment on june 12 that there was no need to ratchet back the reopening of businesses in that state the sevenday average has increased more than 86 in texas versus a week ago. Other hot spots include arizona where there is a big debate over masks taking place now joining us now, dr. Gottlieb a couple of things i want to sort through here. People debate the case load, the hospitalization rate and the death rate death rate inching up. What is the Tipping Point in terms of your worries around specific states at this moment the death rates are a lagging indicator. It doesnt reflect what is happening now or last week cases are building quickly which suggests that the spread is pervasive. Once you get this kind of growth day over day, i think what people are most focused on is hospit hospitalizations time to hospitalization is probably about a week after the on set of symptoms hospitalizations are a more sensitive indicator. Those are going up that said, they are not going up at the same pace as we saw at the height of the pandemic in part because this isnt as large as the first wave we had and because it is affecting younger people it seems to be in the younger cohurt because older people are protecting themselves better look at texas with about 3,700 hospitalized and california. Cities like houston now having hospitals like Childrens Hospital accepting Adult Patients the Hospital System isnt on the brink of being overwhelmed like in new york city it is certainly under strains now in texas, california, arizona. It is full and getting fuller and that could change quickly. The other question i had relates to this age issue. How much do you think the morbidity rate has come down versus folks getting remdesivir and plasma and other therapies either emerging or being tested . Both of those things but we need to see what happens over the next several weeks the hospitals havent had the surge in cases yet as the hospitals fill up with covid cases, well see how much they decline as a result of younger age cohort no question theyll preserve more life. Doctors have learned about how to treat these cases and where to be aggressive and not to stress the patients. They are trying to manage more on none breathers or highflow oxygen well see the improved outcome and preserve more life no question about that is there one they are prapeuu think has the most promise for this fall that will keep people from the hospital to begin with . Regenerons drug. Amgen is further behind these. The problem is that theyll probably be the most beneficial and will be dose limited well not have enough doses to use indiscriminately people with mild access. Those patients might be the least beneficial they might progress. Regeneron is doing a great study as a profill axis and treatment in early disease well have some good access to this those drugs could be a game changer when used in the right setting. If i was in the government now, this is where id be focused now to free up manufacturing to make these drugs to scale we dont seem to be doing that which is a challenge just so i understand, you think this fall there will be an opportunity you will call your doctor and get a test at home, you wouldnt go to the hospital, you call cvs or whatever and pick up your drugs and use them. Is that a real possibility the drugs will be infused youll have to go somewhere to get them a real possibility in the fall, you call and say, i have flulike symptoms, theyll ship you a kit and those will have sameday or next day turn around ideally, these drugs, you want to use them in those early patients i think well only have enough doses to take care of hospitalized cases it is hard to think we wont have a lot of spread this fall if regeneron has an increase over the month we are not goingto be able to use that on anybody that we like to these drugs are relatively safe delivering the antibody to the virus. The antibody should circulate harmlessly scott, maybe this is a definition of an anecdote al observation. It may have zero validity. Picked up by many outlets an italian doctor seeing patients that used to be in dire shape just reading this, saying they are sitting up in bed. It seems like the virus is weakening. It is a different situation. Im sure he has no actual evidence to point to do you see these reports do you put any stock in that that there may be a mutation of the mortality rate there is a doctor in india that made the same claim i wouldnt put any stock in that the other thing, joe, that strain needs to be selected for. The only way you can select for that strain is that it is somehow much, much more contagious. It will take a while for a mutation why would a new strain come in and displace the old strain anywhere i dont think it will happen quickly and probably not in this cycle. This is probably a longer term evolution for this virus just back to texas and the seriousness of the situation there. I saw a doctor from a texas hospital talking about what he was seeing there it reminded me of what we were seeing from new york city doctors when things were bad here how dire is the situation at the hospitals there . Not dire but ive talked to some doctors there and they are getting pressed. There are a lot of Covid Patients and icus are filling up arizona is at 85 . Last week, they were saying 40 of general floor is Covid Patients the states have learned a lot and they can move patients around and really havent implemented the Emergency Operations where they are expanding icu. Miami dade is talking about expanding icu capacity, houston is doing that. When you look at the growth in cases, this has been under way for a while. You worry that they are hitting the growth well see at the end of the week there is always this dip after the weekend and it dips back up. We look at thursday, friday, saturday, if cases are shooting back up again and these cities are reporting 5,000 cases again which they might be. Thats a pretty bad indicator. Thats what i would be looking for. Always good to see you. Thank you for your advise and expertise this morning talk to you soon when we come back, starbucks picking up plantbased meat partner, a feet partner as joe would call it for a new breakfast sandwich before we go, a look at the premarket gainers in the s p. Marathon oil wti closed above 40 a barrel for the First Time Since march 6. Squawk box will be right back. [shouting] [clapping and shouting] [cymbals clanging] [knocking] room for seven. And much, much more. The firstever glb. Get 0 apr financing up to 36 months on most models, and 90day firstpayment deferral on any model. Its like walking into the Chocolate Factory and you won a golden ticket. All of these are face masks. This looks like a bottle of vodka. But when we first got these, we were like whoa [laughing] my threeyearold, when we get a box delivered, screams mommys work mommys work. With this pandemic, safety is even more important to make sure we go home safe every single day. Welcome back the fake meat battle is heating up impossible foods landing a landmark deal. With us with the details whats the beef . Starbucks announced it is adding the impossible breakfast sandwich to hits menu a huge win for impossible. Beyond meats shares pretty flat beyond and impossible have been going headtohead nabbing partnerships earlier this year, that extended to breakfast beyond is already at dunkin, carls and hardees canada stores. Impossible is already at burger king adding starbucks, impossible is tripling the number of eateries carrying its products. A hefty win but diluted by the fact that most eateries are operating under capacity because of social distancing last year, impossible faced supply issues. This time around, the company has a partnership with a big manufacturer with ample capacity to ramp up im just thinking about the news weve heard recently about tyson and other of the chicken and the beef producers where theyve had trouble with their plants you dont hear that with any of these beyond meats or impossible burgers or anything. What is production like for these places because they are done differently they can. They do make a point of that ive been to an impossible foods factory. It is very different from pictures ive seen from a traditional meat packing factory. There are less humans and you dont have as much Contact People are spaced out more even naturally not just during a pandemic also just from the perspective of trying to be in retail and wondering how things have changed as weve gone through social distancing and the closures, how have they done in terms of consumers just going to the Grocery Store have the patterns changed and anticipate theyll change again . They have during beyonds last earnings call, the ceo guided investors and warned them that the rollout with these partnerships will be slowed down because of the pandemic and they are going to be shifting details in the food service into the Retail Sector then to the retail always to the top of that list seeing that increase of growth there is definitely an alternative there for these companies. Thank you great to see you today coming up, stocks are pointing to gains at the open. Well talk strategy next and later, the ceo of docusign take a look at the performance of this highflying stayathome stock up more than 130 . A look at some of yesterdays s p winners there and losers we are coming back stay with us youre first. First to respond. First to put others lives before your own. And in an emergency, you need a network that puts you first. That connects you to technology to each other and to other agencies. Built with and for first responders. Firstnet. The only officially authorized Wireless Networ