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tv   Worldwide Exchange  CNBC  February 18, 2022 5:00am-6:00am EST

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it is 5:00 a.m. on wall street do you know where your stock buyers are bids dry up and buyers vanvanish we will find out why. and warning of the potential russian invasion of ukraine within days. we are live on the ground in kyiv america targeting two of the china's big ecommerce companies over counterfeiting claims shake shook. taking a bite out of shake shack's earnings. and big insider buy this
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week that and your five stock names in the next 60 minutes on "worldwide exchange" on this friday, february 18th. well, good morning, good afternoon or good evening. welcome from where every in the world you may be watching. i'm brian sullivan thank you for joining us tgif let's get right to your money and it is looking better right now than it did yesterday. futures are higher not soaring. they're in the green dow futures up 145 many stocks got rocked on thursday markets down again here is something kind of, dare we say, random but interesting the s&p 500 is now dropped every thursday this year why? who knows. it has remember, markets are closed on monday for presidents' day
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holiday. three day weekend. we could see some selling ahead of that weekend. people may not want to hold that position with so much uncertainty with ukraine and russia let's check out the fear index the vix is under 27 and up from a few days ago one big thing is what we talked about on the show over the last year and a half. that is the idea of market structure and options. today is a huge day for options expiration goldman sachs estimating more than $2 trillion in notion al value of options will expire today with $1 trillion of that linked to s&p contracts. most of that is near the close just keep an eye it could be a volatile day today. in the energy world, energy and natural gas down a bit just now as we have said with many in the
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oil and gas world not as convinced as others that kind ukraine invasion may be imminent we are seeing oil and natural gas falling across the board here oil just over $90 a barrel let's go now around the world. a mixed session to close out the week in asia hong kong's hang seng leading down 2%. let's look at the trade in urur europe france and uk slightly higher. the german market is up literally .04% it is in the green all right. now to the story that has much of the world on edge. president biden set to speak with nato allies today about the russian troop build up along the ukrainian border this after warning again on thursday that a russian attack on ukraine could begin in the coming days. in the meantime, vice president harris is on the ground in germany taking part in the
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munich security conference harris is expected to meet with fellow leaders, including the president and chancellor about the crisis we have erin mclaughlin joining us from kyiv what does it look like right now, erin? >> reporter: brian, all eyes are eastern ukraine where the violence continued in the donbas region in the overnight hours with both russian-backed militants and ukrainian military blaming each other for the escalation we heard from the ukrainian defense minister this morning accuse the russian-backed militants of focusing or targeting on civilian areas. yesterday, according to the ukrainian official, a kindergarten was shelled three employees were injured we have yet to hear from the
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osc, the special monitoring group that is focused on eastern ukraine, at the moment on that particular alleged attack. they released the numbers from yesterday showing a marked escalation in violence 402 cease-fire violations. meanwhile, here in kyiv, it is a somber day in which 100 protesters lost their lives. there is a string of events scheduled today to remember those lives lost as people in kyiv are bracing for what could happen next. brian. >> erin, i have a couple of questions for you. first off, twofold how do the ukrainians act to the latest comments from the secretary of state you are there and we hear so much here. it is an imminent war situation, but ukrainians seem like they
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more sanguiud about it do they think the west is overreacting >> reporter: i was speaking to a number of ukrainians last night that listened to secretary of state blinken's remarks at the united nations they listened carefully. they were concerned about the situation. i was spoking to the former adviser of zelensky saying it is our land and our home. we stay and we fight you don't get a sense that people are panicking people here are calm and going about their daily lives. some are getting prepared. some are sending their families to the western portion of ukraine. some are evacuatevacuating the vast majority are staying. people i talk to say they are taking intelligence assessments seriously. they are preparing for the worst and plan to stay here and defnd their country in the event of
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the russian invasion >> erin mclaughlin, thank you very much. ukraine, of course, just one leg, on the tripod of worries on the stock and bond markets the other two, the federal reserve and balance sheet over here and head hot inflation over there. your next guest says inflation may be at highs not seen since "empire strikes back" was the top movie and captain & tenille topped the charts. we have greg hahn with us. greg, welcome. one of the points we have made is that if you are under 45 on wall street, 45, listen, is no yutes as they say. if you are an investment adviser or whatever, you never managed money in an inflationary
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environment. this whole thing may be completely new to you. i think that was the point you were trying to make in your latest note. >> part of that is this time it's different, but also the same we are at the front end of this increase of inflation and the question is is it as systemic as it will last the last period of inflation in the '70s started with the spending in the '60s it started out as a period of rising inflation the fed did what it needed to. the next right thing to get it under control until it finally built up in the mid '70s with cpi and then the toothpaste was out of the tube and it got excessive. we think the fed will do the next right thing and we'll get this -- the perception under control. it will take five years to figure out if we got this --
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>> five years? >> yeah. this is -- >> it's two years. we have two ways to look at it the '70s was miserable for the stock market net gain of zero you made money if you traded from the begin together end, you made zero dollars. on the other hand, 1982 kicked off one of the biggest bull markets in american history. how do we look at this >> we're under a new monetary regime, brian. back then, the fed was looking at monetary aggregates to control. we have gone through the fed funds rate we are are in the period where the fed is using its balance sheet. $9 trillion to manipulate the price of risk along the yield curve where interest rates are we have that balance sheet is a large part of the public debt right now. how much more of this can the fed take on and they want to
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unwind this. we don't have the backstop of stimulus to basically support asset values in the market today. investors are exposed. more exposed today than in 30 years. >> well, many of those investors, by the way, greg, are getting beaten like a rented mule stocks are down. i have stocks stats in the 5:30 half hour. they are half the nasdaq 100 in a technical bear market. down more than 20% two ways to look at that they are on sale you buy and they go higher then the selling has just started. how do we look where the equity markets shape up >> this is more normal for markets. we have not been living through anything normal in the last two years. you go back five years, brian, when russia walked into crimea five years ago, it was at the tail end of the olympics it was the markets which never
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responded. no response to it. today, the markets now are responding to geopolitical events by the way, taiwan and china is still an issue it is just our focus right now is over in russia and ukraine. this is going to be normal what we're seeing is stocks get repriced from excess valuations that we have seen because of the stimulus put in the market this is a normal thing for markets to reprice risk. >> is it healthy >> oh, yeah. absolutely healthy this is why cash is an asset class as we have stocks, bonds and cash if everybody is in equities and equities go down, there is no way to reprice as equity values reprice, but an opportunity to reallocate the portfolio and investors can reposition and the opportunity to continue to move forward will be there that's why we use bonds and portfolios and the asset class
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of cash. >> cash is certainly looking like king at the start of the year, greg hahn. we will see where it goes. you got me sentimental i'll fire up air supply and head out this weekend >> yeah. >> the market does feel like it's all out of love that's how it feels with tech stock. it is so lost without you. greg, don't make me start singing. >> thanks, brian >> those guys could sing. we are just getting started. when we come back, the world's biggest retailer bypassing inflation and supply chain concerns what walmart's latest numbers could say about retail and you, the consumer plus, regulators turning up the heat on activision blizzard seeking more information on the misconduct. and our conversation with the ceo of lamborghini and how
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it can power hundreds of devices with three times the bandwidth. so your growing wifi needs will be met. supersonic wifi only from us... xfinity. all right. good morning welcome or welcome back. time for the big money movers. call this the case, hi, silvana.
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i jumped the gun i was going to do the three key stock stories of the day i'll do the silvana henao stories of the day i made a mistake silvana, what are the stories? >> reporter: the senate is signing off on the short-term measure hours before the shutdown deadline today. the bill now heads to the president's desk and only keep the government running through march 11th lawmakers plan to use the three-week lifeline to pass a longer term spending plan to run through november earlier this month, leaders announced agreement on the framework for the plan, but still have to hammer out details. u.s. added commerce sites operated by alibaba and tencent to the system on facilitating
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trademark counterfeiting including on the list is the blow to the reputation of companies, but does not have direct penalties alibaba will work across the platforms and tencent was committed to working collaboratively to resolve this matter and tesla has altered ads about the driving range of the model 3 cars in south korea after regulators challenged the ev maker's claims. the description on the web site in the country says the car is capable of traveling 328 miles when fully charged it previously claimed more than that regulators say tesla will be given the chance to respond to the claims brian, the mileage change likely won't have a major impact on tesla which is the dominant ev leader in south korea.
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>> i'll be a dork and tell you i still read actual magazines. i was reading "car & driver" and they reviewed the rivean truck it is beautiful. fast and fun to drive. they towed a 5,000 pound car with it. the observed mileage was 108 miles per charge if you are towing something, 108 miles per charge will not do it. you are stopping every hour and a half for 45 minutes. >> that's the thing with the charging it takes long to charge. it is not just filling up your tank with gas. >> they also noted because they had a trailer, they had to disconnect the trailing because it would not make it into the chargeing station. you had to disconnect the trailer. i still read magazines
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"car & driver" thank you silvana, thank you on deck, your weekly top five insider buys including a nearly $5 million stock buy from one big wall street name you will know. who is it? we call it a tease you have to stick around to find out. plus, the morning's big money movers we already teased that one including investors cutting cord on one streaming player and that stock is down 23% right now. don't you go anywhere. happy friday we're back right after this. >> announcer: today's big number 82%. that's the share of new car buyers that paid above the sticker price last month according to data by that's up from just 2.8% last year the average amount paid for a new car in january was $45,717
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they're getting crushed by inflation. well, i feel for them. they're taking financial advice from memes. [baby spits out milk] i'll get my onesies®. ♪ “baby one more time” by britney spears ♪ good to have you back, old friend. yeah, eyes on the road, benny. welcome to a new chapter in investing. [ding] e*trade now from morgan stanley. welcome back it is time now for your big money movermovers three key stock movers the bad and badder and ugly. stock number one dropbox. stock down 7% despite what appeared to be a solid quarter topped $2 billion annual sales
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and adding more to the stock buyback program. investors wanted more. the stock is down. ceo drew houston will be on tech check at 11:00 a.m tech check that out. shake shack. a wider fourth quarter loss. it is forecasting first quarter revenue below estimates. the company saying the pandemic kept customers away and some locations closed also rising paper and food and rising labor costs squeezed margins. then talk about inflation. shake shack will jack up prices in march and raising third party delivery costs you order for delivery, you pay more for the burger and delivery and it won't be warm stook three. you may want to look away. it is roku down more than 23% right now sales absolutely whiffed as did the outlook for the quarter.
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roku said it was able to keep the streaming players in stock, but the supply chain is putting pressure on the tv side of the market that stock down almost 25% right now. ouch so now from the bad to what i think is the down right beautiful. lamborghini. the ultra high end cars. during our time this week at the tiger 21 conference, we had the chance to catch up with ceo andrea baldi to talk about the problem that everybody and that is for everybody which is the lack of seemiconductors >> the shortage of chips in this case is affecting everybody somehow. a little less when it comes to automobile lamborghini because we are part of the big group that is making millions of cars. when it comes to specific
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components like micro chips, we have an advantage. we are the most profitable brand. we are the one that gets all the chips. >> the most profitable inside vw >> inside vw of america. >> your cars meet a certain luxury segment of the market we'll put that bluntly they are not inexpensive they are valued and beautiful. how hot is your market right now? >> it has never been so hot. unprecedented. this is still there. after january, you know, it was a lot of turmoil in the market for several reasons when you look at economics and you feel like something is changing simply it is not longer like last year. if you look at the number of autos we collected in general, it was as strong as last year and actually growing it is keeping the same trend that is unprecedented.
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>> in sign of a slowdown >> no, not now >> our big thanks to andrea baldi to speak with us the interview and the shots of the gorgeous cars should be up on still on deck, it is not just putin other russian billionaires in the cross-hair s. robert frank will be here to hit russia's wealthy where it hurts. in their wallet. we'll be right back. make fitness routine with pure protein high protein. low sugar. taste great. high protein, low sugar.. so good high protein, low sugar, mmm birthday cake
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going out on a high note futures are higher after a tough week the bids and buyers disappear. more pain may be on the way. walmart flexing. navigating inflation and supply chain woes we will breakdown other re retailers. and the weekly insider buying segment and two big names with big buys. think auto and aviation. it is friday, february 18th. this is "worldwide exchange" here on cnbc welcome or welcome back. good friday morning. i'm brian sullivan great to see you let's jump back in your money.
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stock futures are higher higher across the board. the dow and s&p and nasdaq green on the screen. all this coming off another down thursday and what has been a tough week in fact, the s&p 500 has been down every thursday this year. go figure. now the fed and russia are getting most of the blame for weak stocks. most of the smart money people on the street that i speak with say it is something else it's a big dry up in liquidity meaning there are not a lot of buyers out there bids for stocks are weak or gone all together that dry up could cause price swings and dry ups it has been a rough few weeks for stocks i'm sorry to do this to you on a friday ahead of the long weekend. the markets are closed on monday good news. check out the downright nasty market stats coming in this morning, 54 of the nasdaq 100, so my math says
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54% are down 20% or more from the recent highs more than half eight of the stocks are down 50% from their recent highs. names you know like moderna and docusign cathie wood's ark etf is down 20% this year. all of this pain is causing or caused by technical issues if you are a cnbc subscriber, you learned this on thursday bank of america's chief strategist says it is ending the head and shoulders pattern it could signal a big drop ahead. it doesn't mean it will happen, but steven is on the tape with another warning. another reason to sign up for cnbc pro we have not looked at it in a while so let's check out gold.
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yes, gold. gold closing above $1,900 an ounce since june 2nd that has buyers. outside of gold, who else is making money certainly many commodities traders. so far this year, many stocks have gone down many commodities have gone up. up more than 10% in 2022 natural gas, oil, platinum, lumber and coffee. just another reminder. markets are closed monday. we could see big position shifts for the long weekend by the way, there's 2.2 trillion in notional value of options expiring today about $700 billion of that on the s&p 500. you have single stock options. this is the biggest options ex-free days ever. let's see. the massive options ex-free day
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here you have low liquidity and big spreads over there who knows what today will bring? that is a witch's brew for what could be a wild and volatile day. let's switch gears also happening now is more proof you cannot stop the american shopper. walmart sales coming in strong particularly in food it continues to grab more market share from grocery stores. with prices rising on pretty much everything, how much more can walmart and other retail shoppers stand let's bring in jharonne martis this is an interesting stat. it is telling. of the 90 companies in the restaurant and retail index that you followed, 72 mentioned inflation and 82 mentioned supply issues. that is incredible >> good morning, brian
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absolutely the retailers are warning us not to expect too much from them in the first quarter of the year. when we look at the estimated earnings growth rate for the fourth quarter, retailers are expected to see a robust 46% growth in earnings this is expected to drop to the single digits to 2.1% in the first quarter of 2022 which is telling us that we might start seeing the first signs of consumer slowdown in the first quarter. it is not until the second half of the year that the spending is expected to pick up again in the double digits. >> let's dive into walmart's numbers in particular. when the pandemic hit a year in and -- not everybody, but some said we'll never go back to the stores when people use the words never and always and forever, i run in the other direction. walmart's online sales grew 1% in-store traffic rose 3%
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my wife works in consumer products i know this. when people go to the store, they buy things they did not intend tobuy when they walked into the store unlike maybe shopping online. is that good news for walmart and other retailers? >> what stood out yesterday is the walmart earnings and mall traffic grew 3.1%. the membership to sam's club grew 1%. they are getting more market share on top of the market share they gained in the past two years. on top of that, traditionally, walmart grocery sales are strong this time around was apparel. people are buying clothing at the department store it may already feel the pinch of inflation and starting to trade down and going to walmart for staples and discretionary items.
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>> is walmart a -- we like to say it's a tell on retailers because it is the biggest. i'm not so sure, jharonne. walmart is so big because they have the pricing power with the companies they buy from. they can keep input costs lower, i think, tell me if i'm wrong, because they are so big. they can bully the meat companies and toilet paper companies like kimberly-clark. are they a good read on inflation? >> really good read on the consumer behavior. what is a good read on inflation is something we will find out in the coming weeks as more retailers report retailers will report for the fourth quarter ending january. we have a glimpse of what is happening in february. we wat tont to know if consumerr trading down or losing customers or shifts in spending.
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consumers have been telling news the latest consumer confidence report that they are not only concerned with inflation, but concerned with the fluctuation in the stock market. as a result, they are more concerned about the future and economic situation this might make them hold back on spending which is the data points to for the first half of the year >> pretty amazing. 82 out of 90 mentioning supply chain issues jharonne martis, i appreciate it coming up on "wex. alexis crow is here on the three biggest risks not named russia speaking of russia, oligarchs in the cross-fire. how they plan to hit the wealthiest people. robert frank is here with that next
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and get your questions answered? because peace of mind is something you just can't get in a cardboard box. that's how healthier happens together with cvs. welcome back to "worldwide exchange." the united states currently has sanctions on nearly 200 people with ties to one vladimir putin. if putin decides to invade ukraine, u.s. and uk plan to go after russia's richest oligarchs for more robert frank has the story robert, what's going on? >> reporter: good morning, brian. u.s. and uk promising sanctions
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against russian billionaires with ties to putin if there is an invasion. no names or specifics released the white house identified oligarchs in the kremlin inner circle who may be complicit in the positions and could be vulnerable with the ties to the west oligarchs would lose access to u.s. financial systems and any assets under u.s. jurisdiction a bigger threat could come from the uk that is a favorite haven for oligarchs looking to protect their wealth russian billionaires purchased property and soccer teams. the u.s. has sanctions against 180 wealthy russian oligarchs. he has become radio active in the financial world.
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and attention turning to three russians with more ties to the west and to companies. first is the owner of the chelsea soccer team. then you have alisher usmanov. he owns a number of media tech firms and leonid mikhelson he is involved in a number of art museums in london and new york brian, if you talk to these guys, they reject the term oli oligarch they say their fortunes come from running companies and have no financial ties or influence on the kremlin we have to see what the list looks like and the reaction is >> right you have to ask how did they get those companies at the fall of the soviet union i saw vladimir putin, thanks to the tankers, and vladimir putin moved his yacht from germany to
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russia some saw that as a sign he was afraid it might be seized by western authorities as part of sanctions. what could we do to these people besides taking their boats >> reporter: taking their boats would be a lot they have the biggest boats. the biggest issue is saying if you have any ties with an american bank or are your companies have ties with another company that has ties to an american bank, we will cut you off. it is access to the global financial system which in some way always links back to u.s. financial institutions it is cutting off access to capital through the u.s. banks and financial systems. that hurt the existing oligarchs under current sanctions. that could hurt them going forward. if they broaden the net, not just to those in the immediate putin circle, but secondary
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folks who are his bagmen who go out and invest in the western companies could affect all of their finances >> overheard in a hamburg shipyard we're going to need a bigger tugboat. robert, i appreciate it. russia seems like the biggest risk to global financial stability right now, but not the only risk. many other things out there you need to keep on your radar and probably not getting the attention they deserve let's give them some of that atte attention. joining us is dr. alexis crow with pwc dr. crow, great to have you back on it is all focus on russia and the pandemic, but you have a report out what you call the financialization of economies. how big of a threat is that?
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>> thank you, brian, for having me on. certainly when many are debating the pullback of the punch bowl and qt, there are risks rippling beneath the surface prior to the pandemic one has been the explosive growth of private credit markets. this confluence of factors the one you mentioned on financial economy and the stocks and bonds in the gdp hitting 3%. with investors in the hunt for yields and frothy valuations are coming into high yield debt. where we have concern is around the merkiness of the opaqueness of themanagers on this debt. >> the shadow banking market is
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as big globally as the unshadow or regular banking market. what is the staircase down on this, alexis worst-case scenario? how does it play out >> what you reference is the eclipsing of the financial institutions since the great financial crisis that is something we witnessed you know, some of the fed governors and central banking authorities across the globe have mentioned a lack of transparency and raised concern and red flags over potential liquidity mismatches what we could see in a rate rise environment and potential earnings recession, et cetera, is a potential for redemption with the open ended funds. with we witnessed that in the f first few weeks of march of 2020
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as the buyer of last resort to mitigate the action within the high yield funds some of the longer term shocks beyond that bubble risk can be related to propping up the zombie markets it can be zombie companies we can see central banks addressing financial stability in the wake of excessive risk taking and diverting resources away from more productive parts of the economy that is something we see and some have highlighted the potential for those resources to be diverted to more productive parts of the economy >> we forget, alalexis, the federal reserve is running a balance sheet that is not quite, but almost close to double the size of the annual u.s. budget which is overseen by 535 elected
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officials. dr. crow, i want to get you back on soon to talk about the energy transition and hopefully bright spots. we have to leave it there. we welcome you back anytime. thank you. >> thanks so much. you're very welcome. on deck, weekly report on insider buying today's top five featuring one ceo spending more than twice his annual salary. on an insider buy of his company's stock. the name ahead and all this month, we are celebrating black history month. featuring some of our cnbc friends and colleagues here is advice for future leaders. >> my advice to future leaders, co-create a collaborative environment with your team be a leader. not just by title. also by example. and specifically to the black leaders, continue to be
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it is time for one of our favorite segments of the week. weekly insider buying segment. where we highlight the top five stocks bought the most by c-suite level executives people buying the stock with their own money. the data comes with our thanks to insider score as always, we are counting down five to one. let's go the fifth most insider buy this week general motors long time board member bought $303,000 worth a name and blast from the past for long time cnbc viewers stock four, cdw group with $800,000 buy from the ceo and
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cfo. the first ever buy for each. stock down 10% this year maybe buying on weakness the third most insider buy this week is boeing chairman larry kelner with $1.04 million buy. picked up 5,000 shares at $208 each the first buy at boeing in nearly ten years for him we talk about farming lately check this out the second most insider buy this week is a company called corteva. a crop and seed protection company. ceo stepping up with the $2.5 million insider buy. this buy is more than two times his annual salary. how about that the most insider buy this week is a big buy from a big name newmark group chairman howard lutnick. the head of cantor fitzgfitzgerd
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he bought $4.76 million. he is buying into strength stock has doubled in a year. it is now higher than pre-pandemic levels. this is also his first ever insider buy at newmark mmrk is one to watch gm, cdw and boeing and corteva and newmark group. we do this every friday. this is a segment you will see only on "wex" or cnbc pro. sign up today. let's turn to the broader markets on the opportunity friday and bring in greg branch. managing partner at veritas financial group. greg, you have been right on the ringing alarm bells. if my notes and souring eyes are correct, you think there could be more pain ahead for the equity market? >> i do. look, to be honest, the move we
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saw yesterday was largely driven by geopolitical factors. i do think what james bullard said was contributing. james bullard indicated the benchmark rate should be at 1% that would imply a move that most consensus are predicting for the year it gives me greater comfort that they will raise by 50 bips in march. we they do that, it is designed to decrease consumption which adds to the top line challenges that companies are facing with omicron and consumer sentiment and hitting at a 13-year low go ahead, brian. >> i was going to say we talk about the fed as it pertains to rate hikes and balance sheet there is something else. you touch on it and i tweeted it out last night i want to reiterate the idea of liquidity. the amount of money in the market available the world has been awash in
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liquidity. everybody i talk to. market makers and traders and hedge fund managers are moaning and groaning about the lack of liquidity. buyers are not willing to pay up greg, how much of that aspect of this, maybe it is the fed and maybe not, is one of the main reasons the stock market has gone down. a dirth of buyers willing to pay. >> i think we're in the first innings of that, brian three sources of decreasing liquidity as we go forward the first is the taper which we know about the second is rising interest rates which is designed to tighten up borrowing standards so there is less credit available to businesses and households the third is under-discussed at this point is the fed reducing the balance sheet which is a means of draining liquidity out of the system. we have all that at the same time that corporate earnings growth is decelerating the top line challenges and
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bottom line challenges prove very difficult for a lot of companies for the broad sector of companies we hear of companies talk about that vocally on the earnings call we are starting to see that some of the earnings reports and a number of misses on the bottom line all of those things come together and the market will digest the data in the coming months >> greg, the strategists are our friends. they have 5,000 targets on the s&p 500. now the s&p is down 10%. that is harder you go down 10%, you have to go up 12.5% to get back to where you were i wonder if you see wall street firms ratcheting down targets because it will be harder to make it if the market is going down in the near term . >> that's right. we are all friends we are notoriously behind the
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curve when it comes to accurately predicting things like that. that's why we see the revision recent start to accelerate when the trend becomes quiette evidet we will see, brian >> ringing the bella he ahead ot greg branch, have a great friday thank you very much. folks, before we go. a house for sale for $500,000. ten buyers flush with cash well, right now, the stock market, you have a house for sale for $500,000, but three buyers and one is cheap. that lack of liquidity, buyers, is the reason we see the weakness i talked to people on the street they say the bids simply are not there. $2 trillion in options ex-free today. could be a wild one. i'll watch cnbc all day long eating popcorn have a great long weekend. markets are closed on monday
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good morning tension continue to rise in the ukraine situation. president biden is set to meet with nato leaders today. we will tell you what an invasion would look like if russia moves in. moevers this morning. double digit for roku and shake shack. and shutdown averted congress passing another short-term bill for three weeks. it's friday. that's more important than the actual date. "squawk box" begins right now.


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