Good Monday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl

Kintanilla and David Faber. We are live as always from post nine of the New York Stock Exchange.

Coming up this hour, Intel shares up again today after surging 14% on Friday. And Qualcomm,

getting a big lift as well in early trading.

We'll talk to analysts Ben writes us about the wild action in this space.

Plus, Moderna moving higher as concerns over the Hunter virus grow.

After news of a positive test for an American national, global health policy expert, Dr.

Vin Gupta is with us to discuss.

And the CEO of Nordic American Tankers will join us to talk about the latest in the

Strait of Hormuz as President Trump rejects Iran's counteroffer to end this war.

It's going to be an important week of data. First, let's get some existing homes with Diana

Olick. Morning, Diana. Good morning, Carl. Existing home sales in April,

basically flat. They rose just 0.2% from March to a seasonally adjusted annualized rate of 4.02 million

units. The street was looking for a much larger 3% gain sales unchanged year over year. Now,

this count is based on closing. So that's contracts likely

signed in late February in March. The average rate on the 30-year fixed mortgage ended

March in the 5.99 percent and then shot up sharply due to the start of the war with Iran.

Now, inventory in April did rise 5.8 percent from March, just up 1.4% year-over-year to a 4.4-4-month supply,

and that is still considered tight. That kept upward pressure on prices. The median price of a home

sold in April, $417,700, up 0.9% from a year ago, but still the highest April price on

record. Days on market did increase to 32 from 29 last April, first-time buyers at 33% down slightly

from a year ago, and one quarter of all sales were made in cash.

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