tv Worldwide Exchange CNBC January 14, 2022 5:00am-6:00am EST
it is 5:00 a.m. at cnbc and here is your top five at 5:00. stocks trying to snap a two week losing streak futures are on the rise as well. three big banks set to report and we lay out the themes for you. speaking of three, president biden making history with three new federal reserve nominations, including a cnbc contributor plus, the house panel investigating the january 6th riot singling out a number of social media companies
later, we look at europe's energy crisis the head of the international agency is here, and why vladimir putin may be in part to blame. it is friday, january 14th, and this is "worldwide exchange." good friday morning, good afternoon, and good evening and welcome from wherever in the world you may be watching. i am brian sullivan, thank you for joining us we're rounding out your week on cnbc let's kick off with your money and stock futures, they're doing okay all the averages pretty much the same the dow and s&p are trying t end the week on a high note and snap a two-week losing streak. yes, it does happen. it's been the worst for the nasdaq, down nearly a percent this week and on track for the third down week in a row as
rates rise, tech stocks have gone down. one reason is the yield on that ten-year note. let's check this morning it's been rising this year, but not today. the yield on the benchmark ten-year treasury is holding steady at 1.73% right now. oil it has also been on the rise this year and crude oil is back above 82 bucks a barrel here, trading a little higher in europe getting back to where it was before the announcement in november of the release of some of our emergency stock piles, the spr, oil has regained all of that and more, certainly something to watch let's look at worldwide, julianna tatelbaum is in london with the early trade and your key headlines. good friday morning. >> brian, good friday morning to you. here in europe we are trading on the back foot. following the weak session yesterday on wall street and overnight in asia, we have red
across the board the french market down about .7%. german market down about the same the ftse 100 trading down just about 9 bases points or so we have seen strength in sterling, the inverse relationship seems to be front and center for the uk market today. all of this after a muted day yesterday for european stocks. one name in particular that's in focus this morning is s.a.p. the german technology giant one of the best performers in europe still down about 23 bases points, this after the company released better than expected fourth quarter results cloud computing saw a 28% bump in the fourth quarter. they see segment revenue growing by another 26% this year contributing to an overall software and cloud revenue rise of 4 to 6% a huge part of s.a.p.'s strategy
moving forward and seeing positive momentum in that space. brian? >> thank you very much meantime, let's get to some of this morning's top stories here at home. silvana is here with those good friday morning to you. >> brian, good friday morning to you as well. president biden is planning to nominate sarah bloom raskin to be the federal reserve's next vice chair for supervision, she is a former fed board governor he will also tap lisa cook and phillip jefferson to serve as central bank governors cook would be the first black woman to serve on the fed's board. the house select committee investigating the january 6th capitol riots said it issued subpoenas to google, facebook,
and alphabet they've received inadequate responses when they requested records over the summer, the committee said the committee believes each has held back information central to the house investigation. and jack dorsey's payment company, block, is going to start mining for bitcoin the goal is to make mining more distributed and efficient in every way from buying and set up to maintenance and the actual mining brian? >> silvana we'll see you in a few minutes. thank you very much. when we come back a cnbc exclusive with dr. fatih birol, his take on the european energy crisis and the state of play with russia. plus possibly feeling the pressure from gm, ford and possibly rivian, the latest roadblock for tesla's truck
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included at no additional cost. all that entertainment built in. xfinity. a way better way to watch. . welcome or welcome back. now to our continued coverage of europe's energy crisis while the price of natural gas in europe has come down off its recent high, it is still 300% higher than one year ago which is causing millions of families across europe and the uk to make some very hard
choices about how much they can afford to heat their homes this winter your next guest says one of the big causes of this is vladimir putin and russian gas producers potentially holding back critical supplies to europe. dr. fatih birol is the head of the international energy agency and he joins us live from a paris in a "worldwide exchange" exclusive. it's great to have you on. you made some comments this week about russia do you believe that russia is purposefully holding back critical gas supplies to europe? all right. we need to get dr. birol back. there's some technical issues there. we're going to take a short break, get the technical woes
figured out. we'll be right back and talk about big bank earnings and why analysts are lowering their targets there. back with dr. birol right after this short break stick around. >> announcer: today's big number $10.4 billion. that's how much tax revenue has been generated from legal adult coe cannabis sales since 2014. acrding to data from the marijuana policy project on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work. over time, i've come to add a fourth: be curious. be curious about the world around us, and then go. go with an open heart, and you will find inspiration anew. viking. exploring the world in comfort. ♪ i see trees of green ♪
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welcome or welcome back here dr. fatih birol is the head of the international energy agency and joins us live now from paris. great to have you on i don't know if you heard my question, but i will re-ask it how much do you believe that russia, vladimir putin, are to blame for the very high gas prices that much of europe is paying right now >> thank you now, the situation we are in is, of course, extraordinary huge increase in the gas prices and subsequently the electricity prices for the households and to others so there are three reasons for it the first one is huge, very strong natural gas demand
growth mainly driven by the economic growth rebound from the covid. the second one is, there are several, as it happens, several planned and unplanned outages on the supply side. and third, the major gas exporting country to europe, russia, which is about 45% of all the exports coming to europe is on the low side for example, compared to last year, the -- year on year, gas exports to europe from russia is about 20% lower than previous year and i look at other pipeline exporters, norway, algeria, they
all increase their exports to europe, but in the case of russia, they declined substantially. this, altogether, with the low storage levels of gas gave this very, very high gas prices and now we are entering here, in paris, france, europe, and in the winter period and this month, but especially february, may well be ugly if we don't see additional volumes from russia and especially if the winter is harsh. >> dr. birol, do you believe that russia is purposefully withholding gas supplies to europe, either over ukraine, over the nord stream two
pipeline approval or both? in other words, using their gas as a geopolitical economic weapon >> i am a man of numbers when i look at the numbers, i see that the demand in europe is huge, very strong. all the other exporters, three of them, norway, algeria, they are all increasing their exports. and russia has at least a hundred mcm per day spare capacity, which would mean they could easily -- i underline easily -- increase their exports to europe by a factor of 30% but putting this together, i believe it will be left to see
why, under this dynamics, huge demand, other exporters are increasing their exports but the russia exports go down while they have enough unused capacity at home. >> dr. birol, many are questioning how europe got into this precarious position in the first place. they're saying that the uk closing natural gas storage, germany shutting down nuclear, that the energy transition we need to have was simply too quick. that was not enough thought put into where they would get the power. and now europe is subject to the whims of vladimir putin. in your mind, how did europe get into this rather dangerous situation? >> i think it is very clear, many european governments didn't
do their homework. this ranges from not to store enough gas, strategic fuel, in their home countries, to in some countries as you mentioned, shutting down nuclear, which was working just perfect but for me, the strategic mistake is that the -- you are depending on a good and a huge amount on one single country, one single exporter, i think that's a strategic mistake today it is natural gas, tomorrow it could be lithium but i can tell you that the station we are in is not a crisis of clean energy this is a crisis of natural gas. and the -- the -- i think it's
very clear while you look at the numbers who are responsible for it, it's true that we are going to extraordinary market conditions because of the huge demand growth. lots of -- supply. the european countries didn't do their homework, this is true but for me, the strategic mistake, the lesson we have to learn from this is that do not rely on one single country for their exports for a strategic good diversified as much as possible and we'll look at it oday, why we see -- is thanks to the l&g coming from the united states. it was very helpful. >> and we look at poland, perhaps, as an example getting about a quarter of their gas supplies from the united states. what is the role of u.s. l&g in had europe
>> i think this is in the last few weeks, l&g cargos coming from the united states, in quote, was a lifesaver it helped to calm down the prices but they are still very high as you showed beginning of your show. but a -- it is not enough by itself it is helpful, but it is not enough because, as i mentioned, about 45% of all the imports are coming from one single country and what kind of strategic behavior this country takes is critical for the european gas markets and is connected to markets. >> i want to switch gears quickly, dr. birol to oil. the price of oil is above 82 here, above 85 u.s. dollars in europe demand growth. i know you have your latest
estimates coming out on wednesday, maybe you can give us a sneak peek do you think the world, not europe or the u.s. necessarily, but the world is under estimating near term demand growth for oil because the market seems to be saying it is >> yeah. i think the -- as you mention, assessment of the oil markets we are going to reuse it in a few days' of time, but when i look at different indicators around the world, i would say that the oil demand dynamics now are significantly stronger than it was a few weeks ago. and this is driven among other things, mainly the omicron impacts are considered softer
than many of the analysts thought before but at the same time, i wouldn't be surprised, the production increase -- strong increase coming from u.s. and elsewhere, what, of course, is not good news is there are a lot of outages in nigeria, libya, ecuador, these are all hurting on the supply side >> dr. fatih birol, head of the international energy agency, doctor, appreciate your time live from europe this morning on this cnbc exclusive. important insight into a critical issue doctor, thank you very much, have a great day. >> you too, thank you. folks, remember there is a real threat of many families across europe not being able to afford to heat their homes this winter dangerous humanitarian situation as well. in the meantime let's check this morning's other top headlines, including yet another
twist in the very strange saga of novak djokovic trying to get into australia to play tennis. francis rivera is in new york with that. >> it's not end of story just yet. novak djokovic is most likely out of the australian open, the country's immigration minister cancelled his visa again he arrived down under last wednesday but his claim of a medical exemption from australia's strict coronavirus rules was rejected at the border in a statement the immigration minister said the australian government is, quote, firmly committed to protecting australia's borders, particularly in relation to the covid-19 pandemic. djokovic's lawyers could go back to court to apply for an injunction that would prevent him from being forced to leave the country. if that fails, he would be unable to reapply for an australian visa for three years. we'll see where this turns out.
north korea firing a third weapons launch this month according to south korea missiles were fired after u.s. sanctions over the previous launches the blast came from the west of the pyongyang province. a single piece of art from the spiderman comments sold for $3.36 million, it happened on the first day of the four day comic event in dallas. it shows the first ever black spidey suit, leading to venom. it's so cool to see the versions of spider-man. >> i have that economic. >> wow >> i'm very happy about that news. >> i collected economics as a
kid. i got thousands of them. and this makes me very, very -- i'm taking you to dinner francis. we're going out. >> get them appraised and then we'll go out it'll determine where we go. >> who's paying? mr. peter parker one one photographer francis, thank you very much >> so cool thanks here to announce my retirement, everybody. actually, no unfortunately i just have the economic, not the art. still cool coming up your weekly insider buying segment is back including one multi-million dollar buy on a beaten down lockdown stock as we go to break, let's look at the stocks have a rough start to the year the dow, biggest decliner so far, rough start for salesforce, nike, microsoft and more not a rough start for futures, they are higher across the board. and we're back right after this.
get ready for some big bank earnings, j.p. morgan, wells fargo, and citi posting out their latest results this morning. why analysts have already set the bar pretty low for the group. president biden making history nominating a new slate to fill some vacant roles at the fed investor reactions straight ahead. later on, the latest on the pandemic and we are showing you what may
now be the only metric that matters. and get reaction from one doctor it is friday, january 14th and this is "worldwide exchange. welcome or welcome back, everybody. and good friday morning, thank you very much for joining us, just about 5:30 this morning, here's how your money and investments look right now we are seeing stock futures higher across the board. markets trying to prevent two weeks of straight declines right now not up much but we are in the green -- as i said the nasdaq goes in the red still a rough go for the nasdaq high high-tech, high multiple gains as interest rates rise it reduces what should be the valuation on many of those stocks we are seeing the tech stocks
they got hit hard this week and this year. there's been a lot of talk on, you know, this program about the bull case for small caps so far. that has not worked out. in fact the russell 2000 and the dow jones industrial average transports both down 12% from their most recent 52-week high small caps, a lot of optimism, has not translated into actual investor interest, small caps are down 12% from the highs of last fall. one of the reasons for all of this, is the yield up and ten year yields that is not moving today but we are up 15% so far in 2022. the ten year yield at 1. 73% the mortgage rates are up, but they're going to be up more. if you're thinking of buying a home, locking in financing, refin refinancing, you best do it now,
because rates are going up. >> this impacts banks let's talk about earnings and big banks, you have wells fargo, j.p. morgan chase, and citi group all out with their numbers before the open the sector outperforming the broader market last year and it's up more than 5% already this year facing some stiff year over year comps when it comes to earnings growth profits, and other metrics. for the year the sector expected to contract 8.5% compared with the entire s&p 500 and it's the only s&p sector slated to see a decline in earnings growth this year. joining us now with more is august director of financials research steven bigger what are you expecting from bank earnings this morning and this quarter over all >> good morning, brian so i think it's going to be a strong quarter for the bank group. if you think about the three
major drivers for the bank profitability, like capital markets, the lending businesses and the quality in credit costs, it's a nice set of tailwinds for banks right now, you have a strong capital markets environment, equity underwriting did well, m&a, et cetera, and then you have the lending businesses, we had a nice pick up in growth that the fed has announced throughout the course of the fourth quarter, so that's a big positive, and credit costs still expected to remain low, cycle lows, in fact, unemployment, it's easy to find a job right now, when it's easy to find a job, you're paying your bills back so the credit quality has been a strong suit for banks. it's a trifecta for banks this quarter. >> and do you believe that the move up in ten-year yields, it's obviously going to help them to
a point. but as any help of the higher yields and the net margin increase, has that now, already, steven, been priced into these stocks >> well, i think the fed announcement on three potential fed moves this year has probably been priced in you know, the yield and the margin improvement that we're likely to see will be gradual. certainly not in the fourth quarter, probably not the first. the earliest we expect the fed to raise rates would be in march. this is a latter half effect, so i wouldn't be excited about the fed story just yet you also need to add loans on the balance sheet in order to take advantage of the higher interest rate, so again, not an immediate impact i think investors need to be a bit patient to see the improvement but a nice tailwinds for banks at this point. a bit of a free ride higher
interest rates and it will show up, and meaningfully in operating results we think by the end of the year. >> very quickly, three nominations to the federal reserve including cnbc contributor and our friend sarah bloom raskin, does that impact how you should look at the bank stocks, the names? >> it does if there's one risk highlight, it's not on the operational side, it's the regulatory side there's a lot of pent-up regulatory momentum i would say against the banks right now. the banks got a pass in the first year of the new administration, but we did expect -- it was expected there would be some more regulatory pressure, and i think, you know, that the nominations that we're seeing so far certainly indicate that it could be pressure on spac activity, it could be pressure on bank merger activity.
it could be on capital ratios. so yeah, there's a fair number of risks on the regulatory side. >> a lot of big regulatory moves on the scenes behind the fdic and other agencies as well appreciate your views, thanks for getting up early for us steven take care. >> thank you. more from the capital of capital, that's washington d.c. and not wall street. and senator bernie sanders picking another fight with corporate america. ylan mui joining us with the details on this. what's going on? >> reporter: brian, senator bernie sanders surely has never been afraid to throw a punch, and this time it is bernie versus black rock sanders told me he wants blackrock's ceo to step in and stop the protests. workers there have been on strike for otver a year
>> we have perhaps the largest private equity firm in the country managing $10 trillion in assets, making billions of dollars of year in profits, saying we can't intervene to make sure that kids, children of the miners don't go hungry that's the pressure that has to be placed on the ceos and large corporations. >> it's a strategy that bernie sanders has used before, he called on warren buffett to intervene last month at a steel union. and then there was the beef with jeff bezos over the minimum wage, amazon raised the wage to $15 an hour after sanders introduced a bill that would have penalized the company. >> people are sick and tired of the greed we are seeing. people on top right now during the pandemic are doing
phenomenally well. while working people are struggling many are dying, literally, as they're forced to go to work in the middle of the pandemic so this is not a complicated issue. >> reporter: there is one thing that sanders and fink do agree on that's the urgency of climate change sanders said he's not worried about alienating a potential ally in the fight. blackrock reports earnings today. so we'll see if this comes up as any political risk. >> so the idea that bernie sanders is going after blackrock as the main shareholder to force somehow the end to the labor unrest at a coal mine in alabama. this is getting deep. >> reporter: yeah. i think what's interesting here, you're seeing the move by progressives to redefine what shareholder activism is, typically we think about it in
terms of replacing the management of a company, get a new ceo, spin off a division but they're trying to broaden the term to include how you treat your workers as well put that on the list of items and on the agenda that shareholders will care about and try to pressure the companies they're invested in on the other dynamic i think is at play here, we're at a moment where workers have more power than they have had in decades. workers have more power because of the supply chain shortage, worker shortage, so they've been trying to ride that momentum to push for changes they've been looking for a long time. >> thank you very much we appreciate it have a great day. a new important tool in helping all of us understand what is really going on with covid hospitalizations across america. front line dr. michael daniel is
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welcome or welcome back. let's get the latest on the pandemic the supreme court blocking president biden's vaccine or test mandate for companies with over 100 employees saying that congress has not given osha the power to regulate public health. the court, however, did allow vaccine mandate to stand for health care facilities who take medicare or medicaid patients. this as president biden is announcing the u.s. government is ramping up testing initiatives, directing staffs to buy an additional 500 million tests for americans, that is double the government's previous purchase no timetable on when people might actually be able to get them. good news from overseas. omicron cases appear to have
peaked in the uk it could be a sign this highly transmissible strain may be short lived. the seven day average of cases has been falling more than a week and on tuesday it dropped below the 14 day average for the first time since november. all of this as rochelle walensky is saying the peak of cases here in america could come within the next couple of weeks states that have been hit hard with omicron earlier like new york and here in new jersey, already thankfully seeing a drop off in case numbers. however, hospitalizations and fa fataliti fatalities, which are lagging indicators continue to rise, particularly among the unvaccinated joining me now is dr. michael daniel, emergency physician in los angeles, and someone who's a vocal leader on getting clear hospital data and what's going on we appreciate it i know it's colored a lot of my reporting on this very important
topic. so tell us, what are you seeing in your hospital right now >> brian, good morning thanks for having me back. since we last spoke a week ago, we saw a skyrocketing of our covid admissions to the hospital we have about 80 covid patients right now. last year we had a peak of about 160 covid patients and more importantly, about 30 of those are in the icu. so even though this variant, omicron, might be milder and you and i discussed that data this week from cdc and kaiser southern california showing that omicron patients require hospitalization for about three days less than their delta counter parts. the main limiting factors are still the incredible speed of the variant and the amount of patients coming to the er requiring admission and also the other factor is we have staff that are out sick. but we have taken steps as we discussed last week.
last year we had the code team and we're bringing that code team to respond to codes on the floor. and in addition we have our first order of the antibody that does work against omicron and the california department of public health issued a waiver that will allow us in the er to prescribe the oral so these are steps taken that will be a game changer as far as reducing the hospitalizations and deaths >> that's good news. let's go into this, doctor, because a friend of mine, healthy guy, got pretty sick with covid over christmas. had it sequenced and found it it was the delta strain i bring that up because if you look at the data, the media we're focused on omicron and whatever the next strain is going to be. let's be clear, the stuff i'm seeing from the midwest and out
west, you guys tend to lag us by a couple of weeks, delta is not gone i know omicron may be more mild for the vaccinated but delta has not gone away. this is the threat, we ignored it in the media for the latest strain >> yeah. 100% agree with you. i think we were deceiving ourselves if if we didn't think we were going to have a delta surge this winter anyway, before omicron came on scene. as you mentioned, in the northeast and midwest, and certainly us out here, you know, we had that delta surge. it was a surge and then a plateau and then omicron kind of took off from that delta crest i suspect that a lot of our icu hospitalizations right now, my hospital in los angeles, are delta related. a lot of these patients have been there for weeks, if not months that's why in particular in l.a. we're seeing an increase in our daily deaths as well i think that is certainly delta.
>> i want to highlight a little bit of positive news but a tough time for so many people going on two years now, it's been devastating for so many families, especially families with kids. let's highlight the positive news, a huge kaiser study, i think it was 70,000 people in the studies, show thankfully, with omicron, that even with hospitalizations, the length of the stay is cut down by like 70%. i think the average, doctor, was 1 1.5 days versus four or five days are you seeing that, even with the people who are admitted, that they are able to leave sooner or get better quicker >> sure. absolutely i think that's what we're seeing as far as the high turnover of those admissions that are likely omicron that require a hospital stay of just a couple of days versus five or longer as we saw
with delta where they certreceid some supplemental oxygen, other treatments that we have available for them in the icu and then they go home. but again, it's the spreed, the trajectory of those that even though they require less numbers of days in the hospital you still need a nurse to staff that bed. it's a tough time with nursing callouts because of sickness it's the respiratory therapists, the doctors, the janitor staff, the support staff, so if you have a peak now, you still have the back end of the surge until february >> i want to say thank you to everybody out there doing god's work, putting in the hours, your staffing, sickness we appreciate it, we know it's
been a rough time and may be a rough few weeks. we appreciate it thank you very much. >> thank you. everybody out there, if you see a health care worker somewhere you know, buy them a drink, buy them dinner, do something, thank them. they have been crushing themselves for going on two years now. on deck your exclusive weekly insider buying report and today's top five are big names that you may move. french state controller of france, the biggest power producer in france is getting crushed right now. that stock is down 15% the reason the french government has announced curbs on how much they are allowed to charge their customers for power. we have talked a lot about this european energy crisis going on right now. the government of france saying, you can only charge this edf, that's going to crush their profit, good for consumers, bad
for them that stock is down 15% on that news shares of boston beer, sam, sinking after the company slashed earnings guidance because of, you guessed it, higher than expected supply chain problems that problem not getting any better despite what you may have heard. it's not getting any better from most american companies. and tesla, "reuters" reporting the company is delaying production of the cyber k the first quarter of next year instead of 2022. we're back with more right after this
time now for your weekly insider buying exclusive it is back this is where we highlight the top five stocks being bought the most by their c-suite level execs with their own money, not buy backs. as always the data comes to us with our thanks from insider score verity platforms and we're counting you down five
to one are you ready? i am here we go the fifth most insider buying this week, bed bath and beyond, the cfo buying 207,000 worth, not a lot but he was one of four different buyers of bbb this year that is the most in a week since 2004 number four, petco, ticker wolf because a $400,000 buy by the ceo, his third buy in the past year adobe, a board member buying just under $500,000 of the stock. the first buy ever for this ten year board member, buying adobe after it got crushed on some bad earnings there you go watch adobe. bigger numbers, number two, docusign, the ceo making a $5 million, his second $5 million purchase in the past five weeks on wex it's all about the fives.
he's buying into weakness, that stock down 64% in six months this is on docusign the biggest ever insider buy on this company. and the number one insider buy this week, smartsheet, a $9.45 million purchase by a member of the board. it's the only the fourth ever big insider buy, although we featured one of those last year. so two big insiderpurchases in a year on smartsheet a stock that is down 20% certainly this year by the way, already. certainly a name to watch. so there you go, your top five names, bed, bath and beyond. petco. adobe. docusign, smart sheet.
we do it just about every friday but it's a segment you will only see and hear about on "worldwide exchange" or cnbc pro. sign up today. let's talk about your markets and the money as we go ahead, opportunity fridays as we call them and welcome in patrick, managing director at rose at hightower. great to have you on what are you advising clients to do with their equities given the rise in rates. everyone is shocked, i think. >> yeah. thanks for having me the markets are off to a slow start this year. i don't think it's a surprise, there's a major sector rotation going on, and i think that's going to continue throughout the first half of the year the rotation has everything to do with interest rates but also where valuations are right now the fed is trying to tackle inflation, every time chairman powell speaks he brings up inflation. and there are some concerns that the fed may hike rates i think a little too fast.
i have concernsthey may do so. but you know what's really interesting is to watch the dollar over the past week, despite all the rate talk, the dxy is down. so it shows how much is already, you know, priced into the market here but there's a change of leadership and market going on and that type of rotation, doesn't happen with some bear market action. >> and a little birdie told me you might be a buyer of energy equity i know people who aren't buying these stocks but you think there's some good value here. >> absolute lay. despite the comeback in 2021, after, you know, a tough 2020 with covid, the energy sector will continue to, i believe, have a strong 2022 you have to have some exposure to the energy names. so whether it's in the midstream space like an energy product partners or whether it's one of the majors like chevron, you want to focus on cash flow the main thing i tell my clients
is when you look at some of these high multiple stocks that are now selling off, right, you mentioned a couple of insider buys in a few of them, but during rotation and in an inflationary world you can pay any price for future growth. but when the fed acts you want to focus on cash flow and the sector is less than 3% of the s&p 500, that's pretty low. >> very low. we appreciate your views, some opportunity friday stocks. have a great weekend, patrick. thank you very much. that does it for us on "worldwide exchange. just a reminder, the markets and us are off on monday remember it's the great dr. martinut lher king jr. day we'll see you on tuesday squawk is next take care.
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with the stock the supreme court blocking president biden's vaccine mandate for large private companies. details ahead. no love for novak djokovic his visa cancelled for a second time rely sewly on master card. we'll tell you what happens next, it's friday, january 14th, 2022 and "squawk box" begins right now. good friday morning, everybody. welcome to "squawk box" here on cnbc i'm becky quick along with joe kernen and andrew ross sorkin. and we want to take a look at the markets because yesterday was a pretty important day, tech stocks reversed three days of gains dragging the nasdaq down by 2.5%, significant declines there. the s&p was also down, down by 1.4% and the do