Good Tuesday morning. Welcome to Squawk on the street. I'm Sarah Eithen with Carl Kintania live at Post 9. It's always from the New York Stock Exchange. David Fabers on assignment. Coming up this hour, OpenAI officially filing for an IPO, joining the ranks of high-profile tech companies, getting ready to go public. We'll talk about the wide-ranging ripple effects of these new entrants with tech investor Dan Niles. Plus, Evercores Julian Emanuel with us as stocks rebound, why he says the bull market has

further room to run and why there's a chance to be made for the S&P to reach 9,000.

And we'll get to some big moves in biotech today as GSK buys Newvalent for more than $10 billion.

Getting some existing home sales this morning.

Let's go straight to Diana Oleg. Morning, Diana.

Carl, existing home sales in May rose 3.2% from April to a seasonally adjusted annualized rate of 4.1 million units, according to the realtors.

That's a beat. The street was looking for barely a 1% gain. Sales also up 3.2%

year over year, and this was the highest sales pace since December. Now, the count is based on

closing, so contracts likely signed in April when mortgage rates did come down a bit off that

spike we saw at the start of the war with Iran in very early March. Inventory in May rose 3.3% month to month to 1.55 million units for sale and is up a little

less than 1% from a year ago at the current sales pace.

That's a four and a half month supply.

Six months is considered balance between buyer and seller.

So it's still tight.

And that's why prices are still rising.

The median price of an existing home sold in May, $429,300, up $1.3% from May of last year, and that is another record high price for May. Now, we did see a nice jump in first-time buyers, 35% of sales, up from 33% in April, and just 30% a year ago, And that's the highest first-time buyer share since June of 2020.

The Realtors' Chief Economist, Lawrence Yun, says improved affordability is helping

because mortgage rates are slightly lower than they were a year ago.

Back to you guys.

Okay.

Thank you very much, Diana Oleg.

So with the OpenAI filing and all the talk around

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