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tv   Worldwide Exchange  CNBC  March 2, 2022 5:00am-6:00am EST

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it's 5:00 a.m. in washington, 12:00 p.m. in kyiv, ukraine. futures flat to higher as the world waits and watches what happens on the ground. as the fighting picks up, oil is moving up oil nearing $110 per barrel as opec meets the day will saudi arabia ride to the rescue with more supply. we are getting out a list of american companies cutting off russia grows again, including one big defense contractor on capitol hill president biden
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giving his first state of the union, but it's what he didn't talk about that's raising some eyebrows. >> and as inflation gets even hotter, jay powell back on the hot seat today it's all here on this wednesday, march 2nd, "worldwide exchange." well good morning, good afternoon, good evening, and welcome from wherever in the world you're watching. i'm brian sullivan thanks for joining us. let's get right to it. stocks are in the green, the dow, the s&p, and the nasdaq all rising right now, this coming after stocks fell again on tuesday with all three major indices dropping more than 1.5% on the day so right now -- and it's early -- markets do appear to be stabilizing swhachlt there have been huge moves in the bond
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markets in the past ten days the benchmark 10-year yield is back that's the lowest level since early jachblt remember a couple of weeks ago before the russian war began, we were at 10%. there is very real concern about russian oil supplies going forward as companies and countries either don't want or are unable to buy it remember, it's hard to get things like ships to transport it even if you could buy it because of financing problems. there are a lot of marketing factors. it's a trifecta, problems for oil right now. opec does meet later on today, and we'll see if saudi arabia or the uae is able to compete it is unlikely to add barrels. they're likely to roll through
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on their 400 barrels a day you never know. in the meantime let's get a look overseas and what is happening in the world, not only with ukraine but the oil and energy prices as they skyrocket across the uk and elsewhere. rosanna longwood in london as well. >> brian, that's got so much to to with what we're seeing this morning, especially if you can call it outperformance here in london it's been in the green meanwhile the contact in paris, the dax in germany turned red. its energy, its commodity, its basic resources, as you mentioned with all of those prices striking and seeing total and elsewhere, there's
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confidence let's take a look at airlines, for example. with the closure of airspace to russian aircraft, announcement by airbus and boeing announcing this morning they're going to stop servicing russian jets. we've seen negativity. we've seen this up 0.2%. wizz airlines, which is major airline here, it's up. we do keep monitoring the space. airlines have a good time. let's take a look at the oil majors i mentioned, turning back to your story. bp is up another 4.5%. shell up nearly 5% this exiting, all the news they're going to stop selling to russia
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brent crude is trading about $112 goldman sachs saying it could go as high as $115 a barrel eni is up 0.7% we've heard about their relationships with russia, and so far as you can see, holding up pretty well a very complex supply and demand, brian. >> as you noted on goldman sachs, basically that release of 60 billion barrels is equal to one month. >> yeah. they're talking purely symbolic at this point. i've heard plenty of others going with that assessment, brian. >> yeah. it's also the type and quality of oil rosanna lockwood in london big moves there. thank you very much. right now the very latest to
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the war with russian and ukraie it's now the seventh day of fighting some are expecting putin's defensive strategy turning more brutal as he gains momentum in the loss on the fight. a broadcasting tower in kyiv, a video seen here, knocked out transmission for a short period of time. officials reporting a explosion near a holocaust memorial. they make their advances toward kyiv, although there's some word the convoy has been slowed by some problems such as lack of gasoline, food, and hesitancy by some russian soldiers. meantime they're making a new push into the strategic ports of
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oh d they've been tightening western sanctions, sanctions forcing russian central bank and the stockmarkets are kept closed for a third straight day there's more fallout here as american express says it's cuttinging off relation ships. boeing said it will suspend its operation for things like parts, support, and other things for the russian airlines. president biden addressed the war in ukraine as well as announced the u.s. is joining its allies in banning russian planes from american airspace. brie jackson is in washington, d.c., with more on biden's response to ukraine as well as other highlights from last
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night's speech good morning, brie. >> reporter: good morning, brian. president biden talked much about ukraine. but he talked about investing in child care and getting prices under control. president biden addressing his first state of the union address at a critical moment in history. >> an unwavering resolve that freedom will always win over tie r t tear rainey. >> he thought he could roll over ukraine and the world would roll over. >> reporter: pivoting to his domestic agenten da, touting successes such as vaccinations and the infrastructure law while also recognizing challenges. >> with all the bright spots, record job growth, higher job
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bases, too many families are struggling to keep up with their bills. inflation is robbing them of gains they thought otherwise they would be able to feel i get it. >> reporter: to help ease inflation president biden wants companies to boost domestic manufacturing, and his unity agenda passed. >> we can do these things. it's within our power. >> there were also moments of bipartisan applause. >> the answer is not to defund the police. >> reporter: during a republican response, iowa senator accused president biden of being weak. >> the president's approach to foreign policy has consistentil too little to lachlt. >> she blames the biden administration from a rise in crimes. >> they're tired of tolerance, telling patterns to sit down, be silent, and let the government control their kids' education
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and future. >> the staut of the union is strong because you the american people are strong. this afternoon president biden will trashl tocontinue through s plans. jay powell is set to testify before the house financial services committee as he tries to convince laurels that is central bank is in the driver's seat when it comes to pushing down inflation seven rate hikes are coming back down, now thought to be about 4 1/2. joining us now is malcolm f. ridge. we're dealing with an escalating war in ukraine, a spike in
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inflation particularly energy, and a whether we'll be able to walk the tight rope of not getting too hide but sung setsfully fighting inflation what are you advising them to do right now? >> the fed has reserved the right to make any more aggressive moves to your point, the recent spike in energy prices has made it tougher to make that call go, as aggressive like half a point like everybody has predictedfo march. it's going to make this march 15th meeting much more pivotal than what we thought it was going to be and maybe more eventful more to your question, i think moments like this are actually very indicative of why we
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actually encourage clients to rebalance on preplanned days and also to dollar cost average on specific days of the week irrespect active of what's happening in the markets because it's way too tough what's going to happen if the last four trading days have taught us anything. >> well said we could interview, quote, experts all day long on war, eck admiral, ex-general. nobody knows exactly what's going to half. it's got to play out history will be the judge when it's all over. if people loved stocks a few months agoing prices have come down, 20, 40, in some cases, 50%. if interest cases rise only marginally, doesn't that mean if the world turns out okay, there may be some opportunities here >> well, for context, if you were to look back at 2014 when russia did a similar thing to
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crimea, they annexed crimea in march, maybe february 20614, the market had a similar reaction. if you were to look at an econ 101 export, a war has broken out between two superpower commodity prices will spike, which is what's happening right now. by the july 4th independent holiday, the s&p bounced about 6% from where it initially fell in reaction to the you can't look at that and say that's what's's going to haem to ben and waiting and trying to find the perfect time to say this is the bottom bus to this point none of us knows.
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>> yeah. history will tell us, but we'll be looking in the rearview mirror we okay going to be talking about russia one of nafr naples the examples is that what you're un-kerridged by amex? >> we hit record-spreading in 2021 it doesn't look like it's going well in the short sector we didn't have the expectation we had two weeks ago to where this thing escalated to where it is and banks have already been struggling yes, we do like american express as a name longer term, but in the short term, i don't know necessarily that the financials
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are what you want to be adding to your portfolio, looking for that inirnial bounce. >> a different name getting lumped in with bangs malcolm, a pleasure. thanks for getting up early. we'll see you soon. >> thanks, brian. speaking of the marjts this is a big tomorrow you'll haen haem fro our investor that is tomorrow morning right here on "worldwide exchange. in the meantime we are just getting started on a veries by wednesday. and when we come back, it's what president biden did not say last night that is getting some attention tofrmd'll lot you know oils surging again,
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releasing barrels. not holding. >>a ryusho> ve by ur still ahead. futures up oil's up we're back right action after this
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so your growing wifi needs will be met. supersonic wifi only from us... xfinity. . welcome back time for big money movers. four stocks to watch stock number one, rivian there's sticker shock buyers do
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not want to hear they're raising prices, in some cases by many thousands of dollars, the company citing inflation and rise in co.s and sticker problems it's leading customers to complain and may cancel orders sofi is surging. it added a record 523,000 new members. expect its in-house bank to boost results more immediately in the second quarter. revenue topping $7 billion for the first time in the fourth quarter. companies also raising its outlook for the year
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stock number four making a big-time move. that is nordstrom. look at. that nordstrom stock is up more than 30% the results were strong and its outlook very optimistic. people are out shopping and they are spending nordstrom also expected to be in a position to pay a dividend again. nordstrom, jwn more than 30% still on deck, speaking of spending, just how bad is it out there with prices, and where are they likely headed we're going to bring back our wall of inflation and show you do some veryive. ey can buy, need, use different commodities every day. ...in the desert. really guys? t-mobile has more 5g bars in more places. and now, when you switch, you can get iphone 13 on us at t-mobile.
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makes as much sense - as playing hide-in-seek... - ready or not, here i come. ...in the desert. really guys? t-mobile has more 5g bars in more places. and now, when you switch, you can get iphone 13 on us at t-mobile. welcome back now global shipping in and around russia is essentially coming to a halt we're just getting headlines the lithuania government will vote whether to ban russian ships from all of its ports, this after maersk announcing it will stop maersk is joining singapore's ocean network express, haspag lloyd and msc mediterranean
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announcing a temporary stopping on all russian cargo books these are some of the biggest ship owners in the world that's not all countries around the world close their ports to russian ships and in some cases seizing ships linked to sanctions or russian individuals. in the last few hours a russian tanker was not allowed to dock in malaysia. in france a huge freight carrying cars was seized the ship is connected to the son of a former russian spy chief. all of this happening as the fighting on the ground is getting worse. russia intense fig its attack on several key cities we'll take you back to ukraine with their very latest efforts to hold off invading russian forces we are back right after this our mission is to help our members achieve financial independence to realize their ambitions. getting your money right requires
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stocking holding up. oil searchs to $110 per barrel ukrainian citizens facing more shelling and danker as russian troops look to advance on kiev, but are russian soldiers having second thoughts? president biden's first state of the union address, hitting on the ukraine war
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skyrocketing prices and breathing life into his agenda perhaps it's what he did not say that's catching more attention it's wednesday, march 2nd, and this is "worldwide exchange. good morning welcome back, everybody. just about 5:30 on a witednesday let's get to the stock futures they're up about 0.2%. the nasdaq, we're seeing green on the screen. nasdaq futures actually accelerating their upward pace they're up 119 all this after investors had different ideas on tuesday they set all the major averages down, selling, intensifying throughout the later half of the day, that not continuing this morning. in the bond market, buyers coming in in the past 12 to 24
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hours. the ten-year yield is back to below 1.8% it's trading at its lowest level since early january. stocks on the move it is nearly $110 per barrel here, even more overseas really you've got a confluence of factors happening at the same time obviously, of course, front and center, very real concern about russian oil supplies going forward as companies and countries either don't want or are unable to buy russian oil. if you were to buy it, to try to get a ship to transport it is risky. the ship could even be seized. but it's not just fundamental factors as well. a lot of things like oil options positioning heading into the last couple of weeks sending buyers scrambling. really a trifecta of problems for oil right now. by the way, drivers as gasoline prices are set to rise as well
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opec does meet later on today and we'll find out if saudi arabia or the uae is willing to break with the group's current agreement. helima croft, nobody knows more about opec than her. she'll join us in a couple of minutes to bring down what she sees going on. it's not just oil moving in a big way as well. many metals are breaking out to the upside, including one we talked about, one to watch, a few months ago, palladium. it's very important in things like the making of cars and trucks it's been rising lately. it's not alone aluminum, nickel, all these things we don't even think about are on the rise. we're going to get more on everything if you think inflation is bad now, i'm sorry to do it to you wait around. watch the rbi. we'll show you some of these recent moves. but for now something more important, development in ukraine and the intensifying assault on the nation.
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forces attacking several key cities including kyiv and kharkiv, ramping up their bombardment. targeting missiles in populated areas. meantime the 40-mile convoy of russian tanks and troops continues to slow. nbc's matt bradley is live glad to have you back on there have been some reports i'm trying to be optimistic. that convoy and troops is facing logistical issues, lack of gasoline, food, and unconfirmed chatter that maybe these russian troops may be having second thoughts what are you hearing now on the ground in ukraine? >> reporter: yeah, brian, i'm hearing the same thing you're hearing. you heard the ambassador of ukraine reading that poignant set of text messages from a recently deceased russian
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soldier. this is according to the ambassador between this deceased russian soldier, killed russian soldier and his mother back in russia how he had been described to go to crimea to start military training and he ended up being embroiled in a war he wasn't expecting and facing off a population who he thought would welcome him or he was told would welcome him. this is the sad truth of this situation. it sounds as though a lot of these soldiers have become very risk-averse. they might be well over their head these are the special forces of the russian military and they've been dramatically underperforming compared to what was predicted and by myself and the casual observer. this was always their battle to lose so far they're losing it. >> sure. but to win a battle, you've got to have motivation, you've got to have will the united states learned that
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in vietnam the viet cong were much more aggressive in fighting back because it was their nation, they did not want us there and a lot of american troops said what are we doing here, we don't have an issue with this nation. we us trying to talk with my children maybe this is overly simplistic. i said imagine if the u.s. went to war with canada we have relatives there, friends there. we have people we think about like ourselves we travel back and forth and you wonder what the motivation of the russian soldier is going into ukraine wondering, i have cousins in kyiv, my grandmother was born here you wonder how much motivation they may have especially how they're no doubt hearing even with russian propaganda how their world and their nation is being cut off from everybody else in the globe. >> well, brian, i can answer that quite simply. their motivation was liberation. they were told by vladimir putin
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and his lieutenants they were liberating a russian-speaking population or ukrainian speaking population out here like in the west of the country who wanted to be part of the russian project. it wasn't so long ago this whole nation was referred to in moscow as little russia that diminutive is very politically incorrect. it goes to show how in moscow they see ukrainians as their brother, their little brother. so a lot of these russians were told they were liberating a population of oppression and genocide as vladimir putin told them and other leaders in the world. he told olaf scholz that a few weeks ago. i was in kharkiv t second largest city in this country it's a russian-speaking majority city, and a lot of people that i spoke with said, yes, we have relatives in russia, we studied in russia, some said they were born in russia, but they said
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they were willing to die for ukraine. it's surprising vladimir putin would think they would be welcome in a place like kharkiv. clearly they weren't, and now they're just bombarding it and bombarding the civilian population that's no way to greet a population who you are pretending at least to be liberating >> and taking out the frustration, no doubt, of an insanely miscalculation by vladimir putin of the ukrainian people being ukrainian matt bradley glad you're safe glad you're on. president biden vowed to, quote, inflict pain on russian president putin over his invasions, targeting his oligarchs, biden using his speak speech to target the biggest priorities including combatting inflation and trying to revive
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his stalled economic plan. let's bring in an analyst and cnbc contributor as well jimmy, i can give you my take. nobody cares i put out four takes on twig ore f what i thought i want to hear about what you thought about the speech last night. the reviews as far as i've seen them, the nbc news, chuck todd, what i saw last night, not exactly glowing. >> first of all, brian, your twitter takes are very powerful. my take is that you really saw that this is a president who simply is not in control of his presidency who is in control? jay powell has to try to guide this economy to some sort of soft landing with inflation. vladimir putin, what's happening in ukraine that's a big factor.
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you see joe manchin at the state of the union you have the pandemic. all those things cut joe biden the democrats' way over the next few years. going to be kind of a disaster for them politically. >> it was very strong on ukraine. it was nice to see everybody back together. it was nice to see the bipartisan cheering around ukraine when they got to the domestic side as well, of course things got very different. but i think your take, jimmy, and my take might be the same, which is i was actually shocked when it ended because i'm kind of waiting, where's the part when they start talking about china. he mentioned xi jinping once he talked about manufacturing in america. but the fact of recognition of china, i found, bizarre. >> not mentions it, i think is your greatest geopolitical challenge, maybe not at this
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exact moment but long term, it is pretty bizarre. also because if joe biden and democrats really want to try to get something done over the next few years, it's probably going to be things about china biden did mention this what henao calls -- i'm not sure if it's the new official name, the bipartisan competitiveness bill. you sell that bill with china about getting semi-conductor manufacturing in the u.s., about r & d to compete with china and get it past economy to fight inflation. i think everything that can happen in washington is probably going to have a china theme to it and then to not mention it for geopolitical reasons or as a way of re-energizing your domestic agenda, yeah, i think that's a good word for it bizarre. >> it was bizarre because china we know was so much of the issue, maybe not right now with what's going on in ukraine, but longer term, that's going to be
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a challenge. i found there to be a massive shift to the right back to the center he talked about funding the police he talked about referencing the border he noted hundreds of thousands died of fentanylover dose over the past few years talking about the border issues, talking about funding, not defunding the police, it felt like this was an attempt maybe it's too late, but a massive swing toward the middle. >> right he ended with this unity agenda and dealing with opioid abuse, mental health including that kind of attack on big tech, the war on cancer. listen the progressive agenda you saw embedded within build back better, that's not happening, so he has to find something he's going to be dealing with republicans almost assuredly for almost half of the term.
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might as well get started now. >> yeah. in the end, it was sort of that -- listen. there were a few slipups he said yuranians at the end instead of ukrainians. at the end he said go get 'em. what is go get 'em >> that's how you end a conversation, i've done it go get 'em i would not read much into it. >> we're the media we're going to read much into it jimmy, always appreciate your insight. jimmy, thank you very much go get 'em. >> go get 'em. >> rbc's helima croft is standing by as opec affairs to convene on the surge over oil pr
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prices can the opec dealing with russia survive this moment in time? helima is up in a few moments. oil prices are up, surge again it's here and oversees oil prices $110 a barrel stock futures are holding up ey're higher across the board. we're back right after this. energy is everywhere... even in a little seedling. which, when turned into fuel, can help power a plane. at chevron's el segundo refinery, we're looking to turn plant-based oil into renewable gasoline, jet and diesel fuels. our planet offers countless sources of energy. but it's only human to find the ones that could power a better future.
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welcome back take a look at the price
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it's surging again $110 a barrel overnight. even oversea at least so far russian officials expected to be in attendance they plan to roll on with their 400 barrel increase a day production there are other impacts other than what they're going to do with output. let's bring in someone who knows more about opec than anyone. helima croft live in los angeles. i don't know if you stayed up or got up either way, helima, we certainly do appreciate it wondering what to expect from today's meeting. you wrote it in a note the other day, helima. can opec plus -- i mean russia, can that coalition hold together given everything that is going on right now >> i mean right now it does not look like opec's willing to divest itself from russia like many corporations, but if this
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-- as we expect this crisis intensifies, key opec countries are going to come under enormous pressure to put additional barrels on the market. some people predict we've already lost 2 billion russian barrels of oil companies, trading houses, refineries say they do not want to touch those russian barrels. >> yep and you're making such a critical point, and i think this is what people need to understand russia can continue to pump oil, but eventually they're going to run out of places to put it. if there are no buyers and no ships to put it on because maybe storage ships won't take that oil because they're afraid, if we buy that russian oil, the army or navy could seize my ship, no thank you, eventually russia may have to stop or slow
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its production of oil. the big player here is china what are they going to do? >> absolutely. we see china is taking more russian barrels but we do not think it's going to compensate for what we're seeing again in terrells of how many global corporations again, we're talking shippers, refiners, trading houses, banks that will not finance this trade anymore. we're seeing a wholesale divestiture of the russian commodity business look at what's happening to wheat prices right now we could be talking a major food inflation story. again, opec is going to come under a lot of pressure because we saw the reaction to the stockpile price yesterday. simply not enough with the spr and ivf relief saudi arabia is the only one sitting on spare ka as thety that could provide to us on a sustainable basis.
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>> fertilizer has doubled in the last month by the way, don't steal the rbi. that is the rbi. we have it coming up in a few minutes. what do you think his royal highness does today trying to lead this meeting? my guess is there's no way we get a press conference. >> i mean that would be an extraordinary press conference with the russian deputy prime minister novak no, i think the expectation is they'll roll over the 400 thousand barrel increase but i think if this crisis intensifies, if there are clear and compelling signs of serious and ongoing russian disruption, there are paths for saudi arabia to step up and put more oil on the market they see themselves the custodian of the global
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agreement. i do see a path in the coming week if this crisis deeps and gets much, much worse for the say saudis come in. >> can they make up the 300 barrels a day? >> this is a challenge i don't think people thought we would be facing such a serious buyer strike we don't have formal energy sanctions and look at what's happening to this market. >> yeah. you put those sanctions on as i tweeted out last night, i could see 125 or higher. helima croft, thanks for getting up go back to bed >> i'll never tell. >> live in california. get ready to pay more for nearly everything. we touched on a bit. we'll show you some of the surging cost you may not be
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paying attention to but you should be. plus, are there any good discounts on stocks right now? we have some under-the-radar names to help you maybe ke mey to pay for all that inflation. we're back after this.
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welcome back and good morning. president biden hit on inflation last night inflation is a $5 word for higher prices. if you think prices are higher now for a lot of things, just wait it could easily get worse. here's why we say that yesterday we saw big moves in the raw commodities that go in the manufacture of nearly everything of course, oil and natural gas, we just talked about that. but wheat, corn, sugar, lumber, and more, all on the rise on tuesday. those moves while big are just a small part of what's been going on under the hood. as we've been showing on this program in the past year, so
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many major commodity are soaring in price in fact, take a look at some of these price increases, and keep in mind these are only this year, literally two months our wall of inflation is back. wholesale gasoline up 45 crude oil up 46. palladium that goes into cars, 40%. hogs, you want bacon, up 30% wheat, up 37 soybeans, 25%. aluminum, 24%. corn, lumber, natural gas, all up more than 20% many of them at or near all-time or inflation adjusted highs. and, folks, remember, those moves only this year and that is not all. there are more things rising as well like lithium used in electric car batteries rivian racing prices because of input cost get this even old coal left for dead has risen 175% in dutch trading. meaning electricity costs in
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europe are continuing go up, up, up, and up of course, these moves don't necessarily mean the prices you pay will go up that much some of the price increase is eaten along the way. produce ers take some, shippers will take some you will see an increase in food the price of fertilizer continues to soar, which will impact food prices that is no b.s random but inflationary. let's welcome in our next guest. no doubt, inflation is top of mind for you it is top of mind for your clients. >> it is, brian. inflation, inflation, inflation. i think you nailed it. we were having an inflation problem before now with what's going on with energy prices, i think it's going to be absolutely awful
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you mentioned energy prices. it's going to affect emergency markets. it's going to be very tough. >> let's talk about some stocks. one of the reasons we love to have you on is you bring in some of the under-the-radar names i'm going to say this politely because i have some friends who work for this company. it's the most boring company but i mean that right now as a distinct compliment. church & white they make tooth paste, arm & hammer, gum. they make much money and they pay dividends. >> you've got it they announced a 4% dividend increase in stock buyback. arm & hammer, yore a jell, gummi bears, other household products.
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it's delivered year after year and with everything going on here's what you've got to have in your portfolio. we've got a couple others, brian. >> yeah, it is i mean that nicely that they're boring but boring but sexy. another name we don't talk about i think ever is realty income. a lot of reits have been whacked. reality income a very different model. >> very different model. 4.3% yield $38 billion market cap they pay a monthly dividend. buy reality income that -- they have 6,300 retail spaces, mcdonald's, sally's beauty no single large tenant they're not attached to a mall they pay a monthly dividend. they're boringing. they're boring
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they're beautiful. we've own realty income for 20 years. it's a fantastic name. again, they deliver year in year out. year in year out. >> year in year out. church & dwight, realty income, we like it we're talking steady flows of cash kate fa afaddis, thank you. you're going to hear from bill gross, his first interview in years he'll talk about his new memoir that's out remember, bill's been dipping into stocks as well. haven't heard from him in a while, but you will. that does it for us today. we'll see you tomorrow "squawk" is next every big idea every game changer every "how'd they do that?" starts here the blank page artists and writers know the tyranny of it well but so do developers, data scientists,
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president biden's state of the union covered ukraine, inflation, taxes, and the push to get america back to the offic office, but one ceo speaking out after his company failed to get mention when others did. the situation in ukraine is escalating more companies are cutting off services we'll bring you the latest. overnight, crude surging to its highest level in more than a decade despite the release of some strategic reserves. it's wednesday, march 2nd, 2022. "squawk box" begins right now. ♪
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good morning welcome to "squawk box" here on cnbc we're live from the nasdaq marquette site in times square i'm becky quick along with joe kernen and andrew ross sorkin. the dow plummeted 600 pointed to start the month of march the s&p and nasdaq one down by more than 1.5% if you take a look, we are seeing a bit of a bounceback this morning you're up by about 200 points for the dow. s&p futures up by 26 nasdaq up about 97 yesterday you saw yields continue to plunge through the course of the day. in fact, this morning even with the island higher you're only talking 1 president 75% for the ten-year remember it was trading above 10%. not the case today the other thing we're watching, crude oil prices which yesterday were up by

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