Good Monday morning and welcome to Squawk on the Street.

I'm Sarah Eisen with Carl Cantanilla and David Faber live, as always, from post nine of the New York Stock Exchange.

Stocks are higher.

We've actually been climbing all morning, early drop at the open, but amazing resilience in the face of

these heightened geopolitical risks after the U.S. bombs Iranian nuclear sites over the weekend.

S&P up four-tenths of one percent, the NASDAQ up a quarter of a percent, and the Dow up

132 points.

As for treasuries right now, preps teeing off of the move in oil prices, saw earlier higher yields,

now lower yields.

There's buying the 10-year yield, 433, the two-year yield, 3.8, so lower across the board.

Coming up this hour, Wall Street reacts as the U.S. enters the war between Iran and Israel.

We've got a great lineup to navigate the latest developments, including former Israeli ambassador to the U.S. Michael Oren, along with Tom Lee and Mohamed Alarion, on

the markets. First, though, some fresh housing numbers just crossing the tape, and for that we'll

turn to Diana Oleg. Morning, Diana. Good morning, Carl. Existing home sales in May rose very

slightly, up 0.8% from April to a seasonally adjusted

annualized rate of 4.03 million units, according to the realtors. The street was looking

for a slight decline. Sales were 0.7% lower than May of last year. That is the slowest pace

since 2009 for May. Now, this count is based on closing, so contracts likely signed in March

in April. The average rate on the 30-year fixed mortgage was steady in March, but then shot

higher over 7% in April. The increase in sales was likely fueled by a big jump in the supply of

homes for sale. 1.54 million units available at the end of May. That is up over 20% from the year

before. At the current sales pace, that's a 4.6 month supply, which is actually still historically

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