The yield us up at i think 2. 73 , 2. 74 . In europe now the major averages are all higher as well. See right now that the cac is up in franch by 1. 8 . J nermny the dax higher by 2. 2 . Ftse up by better than 1 as well. A lot of green arrows as we begin things on this monday. Andrew, over to you. Hey, beck. Nice way to start the week off. As joe was mentioning that little bit of news this morning, Thompson Reuters now saying its going to be suspending the Early Release of its Reuters University of Michigan Consumer sentiment data at the request of the new York Attorney general. The news of the Information Company has agreements to allow some of its clients to receive that data two seconds before other clients. You might remember this news was broken by eamon javers about two weeks ago. Investment group Perry Capital filing a lawsuit against the Treasury Department over the bailout terms for mortgage firms fannie mae and freddie mac. Saying they violated a 2008 law that put the two Mortgage Companies into conservatorship at the height of the u. S. Financial crisis. Treasury changed the terms last year for most of the profit would go to the government. At least 40 people are dead and hundreds are wounded after supporters of ousted egyptian president morsi attacked the Republican Guard building in cairo. Morsi supporters have been holding rallies and a sitin outside the Military Building since last week. Joe, over to you. Okay, andrew. The investigation into what caused the weekend crash of the asiana flight 214 still ongoing. Lets get to phil lebeau, who is in San Francisco with the latest. Hey, phil. Reporter hey, joe. This is a story that was already tragic enough. But there is word this morning out of south korea that the pilot who was at the controls, it appears that this was his very first time attempting to land a boeing 777 here at San Francisco international airport. Heres the latest on the investigation this morning based on the latest data from the ntsb last night. There was no mechanical or engine problems reported. The pilot indicated no issues on the flight data recorder or on the cockpit voice recorder. And they aborted landing, it was tried an aborted landing was tried at the last second. The ntsb says asiana 214 was going slower than the recommended speed for landing. The ntsb also says the asiana tried to speed up right before the crash. The approach speed was 137 knots. And the question was whether or not we had the lowest speed that the crew achieved. I will tell you that the speed was significantly below 137 knots. And were not talking about a few knots. 291 passengers, again, or on the asiana flight 214. That includes two chinese teenagers sitting in the back of the plane. They were thrown out of the plane. They were killed at the scene. Theres an investigation today as to whether one of these teenagers was possibly hit by one of the emergency vehicles responding to the scene. Obviously it was a chaotic scene right when the accident first took place and the emergency crews were responding. The passengers escaped asiana 214 within minutes of the crash. Fewer than 50 are still being treated at hospitals here in the San Francisco area. We expect to get an update on their conditional little bit later on this morning and to hear more from the ntsb. Quickly i want to show you a chart of boeing. At this point, joe, there is no indication that there is going to be any lingering impact for boeing which is the manufacturer of the 777. This is a plane that has a very strong safety record. In fact, this was the first fatal accident involving a 777. That is the latest from here at San Francisco. Joe, guys, back to you. When was the last fatal accident on a not one of those express jets also, phil . Its been years. I never like to talk about it, but youve got the one that was in buffalo. That was back in 2000. The commuter. That was the commuter yet. You have to go back to 2001. That was the twa plane in new york city. That was the last Major Airline crash here in the United States. Phil, just to clarify something, at the top of the report you said this was the first time this pilot had landed at sfo. How many hours how many hours just at sfo. It wasnt that they had never landed obviously they had landed a plane like this before. Reporter right. How long in their career was this pilot . Reporter andrew, 44 hours on the 777 is the report out of south korea. At the controls of a 777. He was in whats known as Transition Training in south korea. And at some point, i believe i have to doublecheck the number of hours. I believe its at least 100 hours. Then you are considered certified within their system to then take control of a 777 and to be fully certified. But this was the first flight for a 777 that that pilot ever attempted a landing here at sfo. I think he had 10,000 hours or something on other types of planes. It was just 44 hours on this type . Reporter correct. Right. Relatively new with the training here. And the other issue being that the scope some form of scope had been turned off for this particular runway over the weekend . Yeah. Theyve been doing maintenance. Reporter theyve been doing maintenance, andrew. The airline was aware of that. The system was turned off at the beginning of june. It is going to be off until sometime in late august. But keep in mind, that system, while it is a tool to assist pilots, this was a clear day. There was no indication of any other possibilities to impact the flight. And as a result a lot of people are looking at this and saying, that is not the sole reason for this airplane having this crash. But, again, its too early for the ntsb to say theyve come up with a definitive cause here. Phil, thank you very much. Again, that is phil lebeau. We will continue with updates, obviously. This is still a developing story. We have an update on another weekend tragedy. At least five are dead and dozens of people are still missing after a run away train carrying crude oil derailed and exploded in the center of a small canadian town in quebec. The scene is being described as a war zone. If you have seen any of the pictures, thats exactly what this looks like. That train was hauling 72 tanker cars from north dakota to eastern canada. It apparently rolled downhill from an overnight parking spot. There was not an engineer on board. Montreal main in atlantic is one of many railroads that have stepped up shipments of crude oil as pipelines from north dakota and canadas Oil Producing areas fill to capacity. Theres a story in the wall street journal today that says that in 2012 there are about 16. 6 Million Barrels of canadian crude that were shipped to the United States by rail. But thats estimated to grow to about 110 Million Barrels by 2014. Its another one of the Big Questions about whats happening with pipelines as that has gotten put off. Right now why dont we check on the markets once again this morning. As we showed you the futures are indicated sharply higher. In fact, right now we see triple digit gains for the dow. If it were to open now it would be up by 103 points. S p futures are indicated higher by more than 12 points. Oil prices, which have been climbing pretty rapidly as we watch all of the tensions in egypt are actually down by about 18 cents this morning. 103. 04 is the latest trade for wti crude. The 10year, this is the market this is the market to watch. The yield right now is at 2. 704 . It creeped awfully close to 2. 75 on friday after that jobs report came out. Also take a look at the dollar this morn ing. Well see right now that the dollar is down across the board. Of course, this is after a big run for the dollar based on some of those strong economic numbers and the idea that the fed is going to be tapering sooner rather than later. Right now the yen is at 10. 04. Euro is at 1. 2857. Gold prices this morning at this point up by about 12. 1,225. 50 an ounce. 10year is at 2. 7. The way its supposed to work. Maybe equities can go up while bond prices go down. Good piece in the journal. Now its for years weve been waiting for the fed to hand the baton off to the private sector. And well see, i dont know, whether we can handle it. 7 increase in the bottom line. Thats not even talking about the top line. And whether theres any revenue growth. That would be two straight quarters of pretty, you know, pretty tepid theres no revenue growth. Some day maybe there will be. But thats what i mean. So then do you do you say the private sector can handle it . I dont know. Time for the Global Markets report. Ross westgate is standing by in london. I just think of so many things that seem to be happening now that havent happened in years. Temperatures and all that. And an englishman winning wimbledon. I mean, its all related. Scotsman. Im sorry. Scotsman winning wimbledon. Im almost sure this is related to Carbon Dioxide levels somehow. I think i can get to that somehow. Do you know . Have you tied it to that . Well, it could be anything, couldnt it, really . What was amazing, the other thing i picked up on was all the sevens. I know the chinese get into their numbers. It was 77 years since a british man had won the singles title. The last time a british woman won was 1977. He played in seven previous finals. It was the 7th of the 7th yesterday. Its complicated. I cant call him an englishman. Ive got to call him a british man. Youre so parochial over there. We dont say an ohioan did something. I dont mind you calling him english. Its just that i know he wont like it. No one else in scotland would like it either. Then theres wails wales. Arent you all one Big Happy Family . Youre not, ive noticed. Youre bitter about something. Were quite relaxed in england. First justin rose. First justin rose. Now this. Now were just going to maybe this is portending something for when does that start, the open . Its a couple of weeks. Okay. So yeah. Who knows. Then weve got then, of course, andy is the current u. S. Open, isnt he, champion . Ross, i just noticed dick hoewy is here. Please hurry your report. Im sorry for holding you up. What time is it . The show is over at 9 00. Yeah. Okay. We are 91 advancers outpacing decliners on the Dow Jones Stock 600. Ftse 100 up 2. 5 last week. Up another percent first thing this morning. Up 73 points. Xetra dax up 2. 3 . At the best levels of the day. Cac up nearly 1 . In portugal governments held together. Theyve come to an agreement with the Coalition Partners. One of the Coalition Partners giving a big promotion. Up 1. 9 . Portugal yields. Keep our eyes on that. Settling down a little this morning. Still on the 7 mark. Weve also heard today were likely to get agreement. It looks like weve got agreement for more aid disbursement to greece. Though there will be a lot of discussions about the conditions attached to that. There has been nervousness about that. Spanish yields contained at 4. 65 as well. Of course, the big move has been on the dollar. Sterling has been weaker this morning as a result of that. Sterling dollar. Take a look here. 1. 4910. It is getting increasingly cheaper for americans to come and visit the uk. The sort of thing wed like. Thats where we stand at the moment here in the uk. Ive got a look. This flag here. Here we go. Hes scottish. Throw that one away. There we go. Back to you guys. All right, ross. Congrats. The window on these guys, i didnt think anyone would ever beat djokovic again. I cant handicap this stuff. Then that ladies final. Woo a couple of have you ever heard of either one of those women . No, i hadnt. You got to go. Have you been to one . Why do i have to go . You of all people. Me of all people. Why . Because i like brass. Why . Longer discussion. Lets find out what the markets are going to be watching this week. Joining us now, ny melons chief economist. Also phil orlando. Senior Vice President and portfolio manager. Guys, im going to hoewy first on this. Transitioning off some pretty good numbers friday. Do we think good news is good news or good news is bad news when it comes to the fed and the issue on the wall street journal about whether the earnings will be there to support all this. Good news is good news. I think were going to make a transition from four years of 2 gdp growth to three years of 3 gdp growth. 2 to 3 . When are we getting to the three part . Probably right in the second half of 2013. I would say im very convinced it will happen by the Fourth Quarter. Could start in the third quarter. Were right at an inflection point. Keep in mind that while the growth rate in the first half was slow, we have two drags. One is fiscal drag has been bad. Its going to get less worse. Second is that the World Economy has been dreadful. But europe is kind of bottoming and japans doing better. So i think that while the first half was a very weak economy, were right at that transition point. And thats consistent with the way the stock market has behaved and the bond market has behaved. Bond markets in a bear market. We doubled 10year treasury yields in the last year. I think well double again in the next four years. By 2017 were probably up to a 5 10year. But were probably near kind of a plateau for a while right now. So basically three years of 3 real gdp growth. Good for stocks. Not great for bonds. Phil, i want you to agree with him personally. But i also know this is cable. So what do you think . I really would like to help you out here. It seems like dick and i have similar models. We think Second Quarter is is going to be punk from a gdp standpoint. Probably similar to first quarter. The transition, shift from the fiscal drag to wealth effect is starting to happen right now. We think the consumer is going to drive third and Fourth Quarter. We think Fourth Quarter gdp we could hit a 3 run rate. Weve got a 3. 2 gdp forecast for next year. What do equities look like this summer . Theyre going higher. Youve got this bifurcation going up. Treasury yields are going up. Weve had this ludicrous forecast that treasury yields were going to be at 4 to 5 over the last couple years. People are now starting to believe us. As treasury yields fwo higher at this point in the cycle multi. S can expand. Its not until the treasuries get above 5 that we start to fwet contraction. You could have a situation where bond prices are going down, stock prices are going up. We think this market, s p could be at 2,000 looking out over the next 18 to 24 months. Phil keep in mind, the cause of the rise in rates is not a surge of inflation which forces the fed to tighten. It is better real Economic Growth in a context when i dont think the fed will raise the fed funds rate till 2015. So youre going to have stronger growth and a zero fed funds rate with a steep yield curve. Thats pretty good environment. Phil, ive known a lot of seniors who have actually tweeted me recently saying they have gotten killed with some of their bond holdings. Theyre trying to figure out what to do now. Is it too late to diversify and move money out of those . Its not too late. Youre just at a point in the transition now where youre going to see money coming out of the treasuries as folks open up their midyear statements and see they lost money in treasuries. The transition is going to be in the spread product if you have to stay in the fixed income side or into some u. S. Based companies that are paying dividends in order to generate your yield that way and get some Capital Appreciation on top of that. So we dont like treasuries, but we do like stocks. We think cyclicals are the play here. But theres some places to get yield on the equity side. Real quick. We got to go. Tuz anybody care about whats going on in egypt . Does anybody care about the cost of crude . Does that matter . Cost of crude matters, but theres plenty of supply. So its unlikely its going to spike dramatically higher. In terms of egypt, the odds that the army will permit a disruption at the suez canal is mighty low. The only issue for egypt in terms of its impact on the u. S. Market would be a disruption of the suez canal. Not going to happen with the army in control in egypt. Thank you, guys. Starting the week off with positive note. Its a bull market. Thanks so much. Much more ahead on squawk box. Were going to talk to an aviation expert about the crash this weekend. Plus a Health Care Stock that barons says could rise by 40 in the next two years. Eliot spitzer cant stay away from politics. The former new york governor turned pundit. Not so successful pundit. Maybe about to run for public office. That story and more with politicos beltway ben. Morning moneyman ben white. Squawk box coming right back. Every day were working to be an Even Better Company and to keep our commitments. And weve made a big commitment to america. Bp supports nearly 250,000 jobs here. Through all of our energy operations, we invest more in the u. S. Than any other place in the world. In fact, weve invested over 55 billion here in the last five years making bp americas Largest Energy investor. Our commitment has never been stronger. Welcome back. U. S. Equity futures up about 86 points this morning after a great friday. Were back above 15,000. Keep tabs on United Healthcare shares today. Barons says it could rise by 40 over the next two years as it will focus on Profit Margins in the early stages of the obama care rollout. United healthcare is a dow component. Forgot that. Closed