i ve got another one for you. 25 million of us were indeed out and about over the last two weeks and that is a big increase. it s not back to normal but we are coming out of the total lockdown. dead on arrival. that s the speaker s $3 trillion spending plan. it would have encouraged staying at home. it would have bailed out the postal service. it would not have provided any liability protection for businesses. it was a vote-buying scheme. that s my opinion. thank heaven it s dead. now this. fed chair powell is speaking right now. this is the man who is in charge of printing money so whatever he says is important and it can move the markets. edward lawrence is with us. what s the headlines, edward? reporter: yeah, stu, the federal reserve chairman saying right now we are in the worst recession since world war ii. he says that this is a severe decline of economic activity and that job gains over the past decade have been erased. he says the coronavirus is the largest shock
results for its vaccine, phase one trial in humans. we ve got a lot more on this coming up in just a moment. but this is a very positive development. when this was announced the stock rally that had already been in place gained a lot more ground. one more positive indicator for you. that s the price of oil. we are back to $32 a barrel. we are driving again, we are emerging from a lockdown, demand for gas and oil up and up goes the price. key indicator. now, look at this weekend. all across the country, people were out and about, enjoying the weather and enjoying their freedom, too. there has been some relaxation of lockdown rules in 49 states. connecticut s the lone holdout. they open up in just a few days. bottom line, the economy is opening up and in most places, people feel willing to shop, eat out and socialize. it s hard to see how the authorities can reverse course and clamp down all over again. the genie is out of the bottle and the moderna vaccine news is the icing
mostly cloudy. 50s, santa rosa, livermore 53. this is the last impulse, the door is open, moisture continues to rotate in. mostly cloudy, some sun. 60s now to near 70. we ve had an increase in some traffic, anything new going on? nothing new, traffic continues to move along pretty well. some of these commutes have been all right. as we look at the bay bridge. you can see traffic is okay. no major issues. is looking all right, more people on the road but not enough to have big crowds out there. is a look at these commutes, we ve had a couple of things, san francisco had a small delay on northbound 101 near the 80 split. things are getting more crowded on the bay bridge. we will explain more.; 02 let s go back today. new this morning, cupertino, fire damage destroyed 10 vehicles and a car repair shot. you re looking at the pictures. firefighters were called about 5:15 this morning, they kept the flames from spreading to nearby buildings. the cars were burned, cars were park
let s have a look at those markets that seem absolutely impervious to what is going on in the real economy. the dow is up 1.5%. the s&p is up 1.5%. the nasdaq is up 1.6%. gains on companies that had a good quarter, including news corp., although advertising was down. bit off ofg a little its stock price. in its comforts own, 66 basis points. just off of our high on crude oil, just short of $24 a barrel. let s get into the market action with taylor riggs. theor: you mentioned 10-year yield. i also wanted to mention the two-year yield. overnight, dipping below 12.5 basis points. getting a record low. the futures market is also pricing in negative rates, that at some point over the next 12 months. jay powell said that is not the direction that he wants to go, but the markets seem to think negative rates could be in the future. the two-year yield at 12 basis points certainly catching our attention. over the last five days, down seven basis points or so. , what look across asset i
baseball is looking at an 80-game season starting in july. football arrives in september. disney allowed, what, one-third capacity at its shanghai park and it sold out. while lockdowns continue, they are being challenged most notably by elon musk. wasn t to op he wants to open his tesla plant in california. the authorities say no. he s going to court and says he will move out of state if the factory stays closed. as for the market, that will open lower. solid gains recently but a pullback so far this morning. the dow is looking at a loss of 270. the s&p down about 30. the nasdaq off about 72 points. let s get to politics. big week for that. it is trump versus obama. general flynn s lawyer says the plot to undermine the incoming trump administration was launched in the white house by outgoing president obama. president trump calls it obamagate. there s a lot more coming on that one, believe me. it s monday morning, may 11th, already, and another big show for you. varney &