Insurance work like Car Insurance . Would that solve the problem that debate is on tap as power lunch starts right now. All right, welcome to summer, everybody. The Summer Market as well. Stocks in a narrow range energy, though, the best performer in the s p oil doing something it has not done in a while, rising for a fourth straight day. Financials also doing pretty well the big bank etf, the kre and the kbb both near session highs. Theyre on pace for one of their best shake shack higher, despite a note from Goldman Sachs saying earnings could take a hi because of all the rain weve had in the northeast goldman noting shake shack has heavy exposure up here many locations have outdoor seating. Also, darden rallying on its earnings beat, the restaurant chain raising its Quarterly Dividend 12 tyler. Welcome, everybody. Im Tyler Mathisen and heres what else is happening this hour fed chair janet yellen speaking in london on the state of the economy. Shes expected to take questions. Will she give new clues about the number of rate hikes that may be ahead were going to monitor that and bring you any headlines as they occur. Yellens speech comes as the imf lowers its growth forecast for the United States because of uncertainty over the trump economic agenda. More on this ahead and the Supreme Court will take up new jerseys plan to allow Sports Betting at casinos and racetracks it was struck down by lower courts as a violation of federal law. Meantime, we begin with a developing story, another massive cyber attack, wreaking trouble on governments and businesses around the world. Eamon javers live at the white house with what we know so far hi, eamon. Reporter tyler, thats right. One of the things we know so far is that the list of companies thats affected has grown dramatically over the past several hours. Take a look at the companies that we know are notifying the public that theyve been victimized by this hack. Companies across the world, particularly in ukraine, russia, and the uk wpp and dla piper are victims of the attack in the United States, weve got at least a couple companies here, in france and in denmark, Companies Reporting attacks in all of those different countries. Heres a couple tweets now from merck confirming what they know. We can confirm our companys Computer Network was compromised today as part of a global hack other organizations have also been affected. We are investigating the matter and will provide Additional Information as we learn more. That from merck. We also just seconds ago got a new statement in from the department of Homeland Security, and apologies here as i look down because im going to read this straight from my phone, straight from the department of Homeland Security, saying dhs is monitoring reports of Cyber Attacks affecting multiple Global Entities and is coordinating with our international and domestic cyber partners we stand ready to support requests for assistant upon request, dhs routinely provides Technical Analysis and support, information shared with the dhs as part of these efforts, including whether a request has been made is confidential. So, the department of Homeland Security there saying that it stands ready to help companies around the world no official comment yet from the white house, but one indication is that this cyber attack appears to be engaging in ransomware, when the hackers lock down the users data and then demand payment to get that data back. And the reason ransomware works and the reason we continue to see it is that companies and entities continue to pay, tyler. So, one of the questions is will these Companies Pay the ransom theyre being asked for today . Back to you. Eamon, thank you very much. Lets bring in john carlin, chairman of the Aspen Institute cybersecurity and Technology Program and also partner at marison and forrester. Good to have you with us eamon mentioned the possibility that this is a Ransomware Attack what do we know or what can you from your experience surmise about the kind of attack this is and the possible origin of it . Look, this is another reminder that the era of cyber insecurity is here and if youre a business and every business these days is a tech business you are vulnerable ransomware is a global plague. And as eamon says, its extraordinarily well funded because Many Companies are not prepared when a cyberattacker goes into their system, encrypts data or steals data and threatens to release it. And because theyre not otherwise prepared to get their business up and running, they feel they have no choice but to pay. But your presumption is that this is a Ransomware Attack. Where do most of these attacks originate . Can you make any draw any conclusion from your experience as to who may be behind it now, lets divide that into two things one, ransomware is prevalent, its happening all over the world, its coming from different countries, originating from places like russia, from eastern europe, from china, from other places in the world. The normal ransomware case hits companies, and it doesnt make itself public. What were seeing possibly today and i think its too early, we need to wait and see is whats called a ransom worm weve only seen one other like this recently, and that is, it combines ransomware, the stuff that locks up your computer and makes a demand for payment with whats called a worm, something that selfprop gates, so it keeps replicating itself across the world. Normal crooks dont do that with ransomware schemes why . Because look at whats happening today. It gets global attention, and that means law enforcement, nation states are going to try to see who did it. It makes it less likely that people are going to pay them. Sorry to jump in. Whats it say about the state of cybersecurity, maybe lack of cybersecurity, that teams of what are probably just a couple of guys, hackers somewhere, can shut down the Computer Systems of hundred billiondollar corporations or state power grids . Thats a great point. We are facing a global epidemic of Cyber Attacks because fundamentally, the internet, that which we are using to connect our digital systems, is not secure the highestend actors can get into your systems if they want to that Means Companies need to start rethinking about, okay, assume the worst happens how could i then get back up to business and running that may be having a whole separate system that is not connected with your main system that has your Core Functions in it, and were just starting to see ceos and boards that i advise recognize that this is definitely the infrastructure is something that, for example, the New York Stock Exchange learnedduring september 11th, for example redundancy of infrastructure so that if you lose one set of computers, you can go elsewhere it was very intriguing when we started to talk about at the very beginning, which is why does ransomware continue to go on because Companies Pay it we had this conversation a lot during the whole somali pirates crisis, if you remember, and the answer was, dont pay them, and it will go away, but most companies said, good god, that means my employees will die, and i dont want that to happen, so they pay so, the number of kidnappings went higher and higher its a really tough place for a company to be. Does a company have a choice not to pay so, yeah, when i was at the justice department, i oversaw our efforts against terrorists, and sometimes they would kidnap for money as well, and the Pirate Initiative that you just discussed. Look, ill say one thing, companies today when im talking to boards, most companies today do not have any policy in place as to how they would handle a Ransomware Attack. I think they think, without thinking about it deeply, that their default response would be not to pay, but if it turns out that not paying might cost somebodys life, like in the case of a hospital, or put a company out of business and hit them so hard materially, in reality, there are factors that make them consider paying. Im not saying whether they should or shouldnt, but i do think they should think about it before an event like today, where you only have minutes or hours to decide. Have a policy in place right john, thanks so much for joining us thank you speaking of the cyber world, we have a news alert on Facebook Julia boorstin in los angeles with a new data point from facebook new data point from facebooks ceo, mark zuckerberg, announcing that the company now has 2 billion people using the Service Every single month now, thats up from 1. 94 billion that was announced as of march 31st, so the addition of about going from 1. 94 to 2 billion people in just 2 1 2 months now, facebook hit 1 billion people in october of 2012. The company has doubled in size in terms of monthly active users since october 2012 a couple more data points. The company saying every day more than 175 Million People share a love reaction on facebook, and on average, over 800 Million People like something on facebook. Every single day, more than 1 billion people use groups every month. Back to you. Julia, thank you. To Morgan Brennan now for a developing story morgan hi, tyler. Reports that a highrise residential building in the german city of vupertile has now been evacuated due to exterior insulation similar to londons Grenfell Tower other details still unknown, but this as the uk investigation grows. Officials say cladding samples from 95 buildings and counting have all failed safety tests, and now theyre expanding assessments to schools and buildings in britain and arcconic continues to be in the spotlight for the panels used on grenfell, saying in a lengthy statement, while we provided general parameters for potential usage universally, we sold our products with the expectation that they would be used in compliance with the various and different local building codes and regulations, also that the product is one component in the overall cladding system that they dont control the overall system or its compliance also adding that current building rules in the u. S. , europe and uk all permit this type of material in certain building applications. Even so, as reported yesterday, arcconic has stopped global sales of it for highrise use, but looking at the stock chart, it is down another 5. 5 now, 13 over the past week. Why do you think that is . Is that due to the loss of sales, or more likely, theyre going to get sued like crazy i think its the potential for the latter, just based on some of the conversations ive had with Industry Experts and analysts the actual sales part is still relatively Small Aerospace is their biggest division they also do a lot with autos and other construction its the potential to be sued or litigation down the road. Liability. Liability, exactly. And its also the fact that theyre looking for a new ceo, and theres a fear that this pr situation could actually make recruiting much harder. Do we have any idea, morgan, i dont want to put you on the spot, ill ask anybody, maybe the audience, who the leading competitor is to arcconic . If theyre going to get this pulled off, building is not going to stop. Two things to keep in mind. First, there are a number of Companies Providing this type of product, particularly in europe. It is also one piece of an overall cladding system. You have other materials like insulation that go into the cladding system as well, but arcconic does offer several other types of cladding products, including one that is noncombustible, it is more expensive, which is one of the reasons that it didnt, likely, we dont know, but the reason it didnt get used on some of these buildings in the uk, but they do have other products if there was going to be a substitution. Thank you, morgan alphabet leading tech and the nasdaq lower google has been slapped with a record 2. 7 billion fine by the European Union over unfairly favoring its own search results compared to rivals josh lipton is live in San Francisco with the fallout josh reporter well, michelle, American Tech Companies have been in the crosshairs of european regulators. Now it is googles turn. Today the European Commission hitting google with that record 2. 7 billion fine, saying that google is systematically given prominent placement to its own Comparison Shopping service and that it is demoting rival services in its search results google denying these charges and is now considering an appeal kent walker is general counsel, also seemed to try and shift the focus to competitors, saying when the commission asked why some comparison websites have not done as well as others, we think it should consider the many sites that have grown in this period, including platforms like amazon and ebay. But eu antitrust chief marguerite vesteer was on cnbc this morning and clearly rejected that defense. In google shopping, you find sort of the bigger brands, those who want to have the Customer Relationship themselves, the data, the payment details, your search pattern those are two different things, and were being very thorough in assessing this to make sure that we do not mix up markets and we dont the stock is down about 2 in todays trade. Analysts do not think the fine itself is material alphabet boasts a cash pile here of 92 billion Aaron Kessler of Raymond James says the broader question is whether google changes how it displays search results for those products in europe, but estimates any Financial Impact would be in his words minimal. Guys, back to you. All right, josh thank you very much. Lets switch gears to housing. A new report showing that once again home prices are rising across america, this as Interest Rates keep falling, raising the chorus of voices expressing concern about a 2007like bubble in housing diana olick joining us from what may be the hottest Housing Market in the United States, washington, d. C. Diana. Reporter you may be right. The latest gains on the s p caseshiller home index hit a new high but were smaller than expected the National Index rose 5. 5 year over year in april, down from 5. 6 in march the tencity composite came in down from the previous month and the 20city was up 5. 7 , also down from march. Now, here comes the perspective. These are prices recorded on closed sales in april, so sales that were negotiated in february and march. Since then, the inventory situation has only gotten worse due to higher demand in the spring and still recordlow supply seattle, portland and dallas reported the highest annual price gains, and seven cities had bigger annual increases in april than in march. Now, s ps David Blitzer raised the question in the release of a potential bubble or even a potential crash, but then he knocked it down, saying that demand and employment still support the prices for now we also dont have a huge Home Construction boom like we did back in 2007 Professor Robert shiller did tell me that he does not believe home prices are too high in fact, he shows that adjusted for inflation, theyre actually still below the peak of the last housing boom but these prices are a little old, and a new demand index reached a new record high in may. That means 9 more buyers requesting home tours and an even bigger jump in the number of buyers writing offers back to you guys. All right, diana, thank you very much. Speaking of rates, weve got a new alert in the bond market right now. Fiveyear notes are up for auction, professor santelli. How do you grade it . Well, we gave the 34 billion fiveyear notes chapter two of the 88 billion in supply this week a cminus the yield at the dutch auction 1. 828, so a little below 1. 83, but it was a little above the bid side of the whenissued market, not much, but a little sloppy in pricing, 2. 33 bid to cover, 2. 33, chasing every dollar worth of securities for sale that was on the light side the only real solid area was directs at 9. 2 , well above 6 , ten auction average. So, cminus. We complete 88 billion in supplied amount with 28 billion sevenyear notes and the selloff that pushed rates higher overnight and this morning, based on whats going on in europe and draghi should have been a concession this auction really makes one scratch their heads. Have we seen the lows on Interest Rates time will tell, but this auction gives us a little clue in that direction. Back to you, michelle. Important question. Thank you so much, rick. All right, with us now to talk more about the Health Care Bill, rep