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tv   Worldwide Exchange  CNBC  March 8, 2022 5:00am-6:00am EST

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it's 5:00 a.m. at cnbc here is the top five at 5:00 trading in correction. stocks pushing back after the worst day since november fighting in ukraine entering the 13th day we are live in lviv ahead. energy prices in focus as well as congress gets ready to vote. and one sector getting crushed with higher oil prices seeing the worst day since 2020. and more companies cut ties with
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russia more pressure on those yet to make an announcement one way or the other. it is tuesday, march 8th you are watching "worldwide exchange" on cnbc. good morning i'm courtney reagan in for brian sullivan let's get you a check on your tuesday morning with u.s. stock futures and see where we are heading after the rough day for the markets kicking off the week yesterday. we are indicated higher. this is a bit of a turn around from several hours ago dow jones industrial average higher by 66 points. s&p 500 higher by 14 nasdaq, which dipped into correction territory, is higher by about 30 points we have a number of hours to go and a lot can change this comes after stocks fell yesterday. the dow shedding 800 points for the worst day since november
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every major index is in correction territory down more than 10% from the most recent all-time high oil continues to move higher after hitting the 14-year highs just 36 hours ago. let's get a check on where things stand with the price of oil. wti crude is higher by more than 2% stan standing below $123. brent crude is higher by 2.5% to $1 $126 let's get a check of metals and prices of palladium. higher by 4% you have the safe haven gold which is holding above $2,000. aluminum is higher by 1.5% let's go to rosanna lockwood in the london newsroom with the early trade in europe.
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rosanna, it has been hectic. it has been, courtney. let's give you a look at equities in europe much as the u.s. futures, a turn around positivity in the markets today. the broad stoxx 600 is up .75% let's take a look at some of the individual boards and how they are lining up. dax and ftse mib falling 20% in mo monday's session in italy, up 3%. the ftse 100 in london which is energy focused and commodities that is pairing gains. almost on the flat line. let's take you to the metal story. in london, the london metal exchange had to suspend trade of the benchmark nickel contract because the three-month contract crossed $100,000 a ton for the first time in the london metal
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exchange history they had to suspend trading. you see aluminum is settled at $80,000. that will come out with the statement later today. we have never seen anything like this in 145 years in london. aluminum zinc is 1, $140 it is all to do with what is happening with russia and ukraine. we wer we were warned about this. we are now seeing it play out. courtney. >> rosanna, those are big numbers. thank you. sticking with the latest in ukraine. fighting in the 13th day russia continuing to shell civilian targets and populated city centers as ground forces fail to make any note worthy wrog the air assaults on kyiv and mariupol make it harder for
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residents to flee to points west here is press secretary john kirby last night >> as they continue to get frustrated, they continue to rely now more on what we call long-range fire. when you rely on ong-range fire, you will cause more damage and kill and injury more people. that is what we think is happening. >> the yongoing russian shelling comes with no breakthroughs with the talks. volodymyr zelenskyy said there has been small positive developments in improving the humanitarian corridors according to the pentagon, 100% of russian troops on the border with ukraine are now inside the country. as the fighting continues, renewed focus on banning russian oil and u.s. holding talks about a possible stop-gap. the house is set to vote on a
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bipartisan bill today on bannin russian imports. on the corporate front, more companies are cutting ties with moscow ibm and levi and tommy hilfiger. back to the markets here investors remain on edge over russian's invasion of ukraine. futures are fighting back. s&p swinging from steep losses to positive territory. oil is hovering near the 14-year highs and pulling back let's dive into this with matt malley matt, is there anything to take
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of the fundmamentals changing overnight or this morning to point to for the reason that futures turned around? >> well, i don't know we have a key fundamental move obviously, although oil has come down off the highs and yesterday got up to $130, but i get that is bullish they are all still higher than before this concern about inflation which was already a problem before the crisis started is now becoming a bigger one. of course, it always increases the chance of demand destruction which leads to stagflation that is a situation where inflation is good. that's why the fed wanted it for so long. if it is demand driven, but if it is driven by lack of supply, that is a problem. that's what we're facing. >> we talk about commodities and inflation in the price of oil or
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energy, maybe it is from lack of supply i don't know, it makes me wonder if we have gone too far and the price of oil because the united states imports 8% of oil or energy imports from russia if we cut it off completely, should the price of oil be where it is right now? >> you know. it is hard to say because there is so much fear in the marketplace with this commodity. you are right. it is becoming incredibly overbought you look at technical picture. rsi is the most overbought weekly is most overbought ever even more than 1999 and 2007 you also look at thetended one since 2007 you see the future traders are at 96% bullish
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people who are chasing this trade, whether it is energy stocks or the commodities, need to be careful. at leeast on the short-term. >> i understand you have concern about some companies being off sides. you are worried about margin calls. >> we have this thing where we see what happened with nickel overnight and then recently with wheat which moved -- hit the limit. six or seven days in a row now when you see these wild moves, that means somebody has big losses it happened with the btu on the stock. they had a big margin call over the weekend. they were doing the right thing. they had a hedge on it when you get to the standard deviation moves, which is what we saw long-term capital management, the hedge of the
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asset becomes a liability. you actually lose money on the hedge. with so many commodities with the huge moves, it could be something that causes problems for other companies. as you move to the end of the quarter and hedge funds report and they have big losses, you get people pulling their money out. this is -- i don't want to compare to long-term capital, but something similar to that. you get the five standard deviations moves in any market, it results in the kind of losses that come back and bite us a few weeks down the road. >> matt maley, thank you when we come back, more on the plan to ban russian imports and the countries it is tapping to fill the supply gap and one sector getting burned coming off the first day since october of 2020. later, the companies yet to cut ties with moscow as public
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welcome back oil continuing to hover near 14-year highs as the biden administration looks for a path
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to combat crude prices they talk to venezuela which is a point of convention of neighboring colombia who meets with biden this week before the visit colo colombian's president is visiting with brian sullivan and they talk about the global energy landscape >> we are honored to be joined at the conference by president of the republic of colombia. president, thank you for taking time with us >> thank you, brian. >> an incredibly morning time. three weeks ago, my questions would have been different. i want to get to your plan in colombia for energy transition and balance. i want to begin with this. reports that the u.s. is in caracas negotiating with the regime about increasing oil prod production discussion over colombia involved with the negotiations or brokering of the
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negotiations is there anything you can tell snus. >> tus >> this is managed by the united states with venezuela. i would say something, brian he is a war criminal he created the biggest crisis in latin america. any solution of the future of venezuela has to pass by the trueexercise of democracy. that means it has to be a real election taking place and maduro cannot be there because he do does not guarantee transparency. besides that, he provides safe haven for terrorists into venezuelan soil. any search for venezuela to support for the crisis of what happened in ukraine and russia cannot be a permission for him to remain in office. >> we talked about ukraine and russia as we should.
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the world has gone insane or at least putin has. you have been dealing with the humanitarian crisis for years. maduro's illicit regime, i'll say it, poverty. you have hundreds of thousands of millions of venezuelans come to your nation or hoping to get into your nation just to find food what is the proper balance for you of making sure the venezuelan economy can come back up, but also not propping up the ma maduro regime? >> every day that maduro remains in office is making the humanitarian crisis worse, brian. we have approximately 1.8 million venezuelans on colombia oil. we granted them with a protection status for ten years. we needed them to get visible to access the health care system to find a job and get opportunities. it was not easy because we have taken a lot of the fiscal pressure it was the right thing to do
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the morally right thing to do. we are allowing them to become visible and engage in the economic apparatus nevertheless, can that be be sustained forever? the response is no if maduro remains in office, this is going to be a lasting tragedy. >> you are meeting with president biden in washington, d.c. on thursday is that your message to him? and where are you on oil and gas? you are adding renewables. what is the conversation with venezuela and humanitarianism and energy >> the topics are very important. the one that is the umbrella is this year we are celebrating 200 years of bilateral relationships with the u.s. and colombia that has been bipartisan we will talk about investment. we will talk about trade we will talk with energy and transition we will talk about how we continue fighting trans national crime and defending the democracy in the americas.
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what solutions can be identified for the situation that we are suffering in the helps hemisphere and what should be our response to the insane attack on ukraine. those subjects will be on the table. the most important thing, brian, the concept of build back better world that was launched by the u.s. administration, today is more important than ever it has to be accelerated the american people realize they can no longer rely solely on products that come from far east we need to make latin america our closer ally and market to the u.s. in order to ensure u.s. security as well. >> you are going through a bold transition of renewables of 500,000 homes powered by
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renewables as youbuild that out, what hav you learned from the failures of the uk and europe to properly -- we are learning the risk of being imbalanced in the energy supply risk which leaves you reliant on wind or russian gas as you look at the balance for col colombia, what is the right balance? h >> brian, three issues when it comes to energy, many people have tried to polarize it many people have tried to say oil is the enemy there cannot be a balance with non conventional renewables and hydrocarbon sector that is false. i think colombia can demonstrate we are a country which increased production in oil and gas and expanded research and has become the leader of the energy transition in latin america. in fact, our national oil
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company has become the largest alto generator with renewables there has to be a balance. i call this the canadian approach you can be the leader in the energy transition with non conventional renewables. you can expand the sector. >> i understand this is why you are here a pleasure to have you here and speaking on this topic thank you for spending time with cnbc. >> thank you, brian. it has been a great honor. >> yes, sir. thank you very much. >> thanks to brian sullivan for that conversation. great timing catch brian's wrap up on the cnbc special the oil shock. he will talk to the ceos of objection dental and pioneer and williams company still on deck on "worldwide exchange." the nasdaq may be more than 20% off the high, but some major tech names are down more
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the tech wreck reveals when "worldwide exchange" returns
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you just can't stop banking. what would you like the power to do? welcome back let's get a check of the top corporate headlines. silvana henao is here. >> we didn't plan that courtney, apple is holding the first product launch of the year today. a low-cost iphone and ipad is
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expected today the event will be held at the cupertino headquarters president biden is expected to sign an executive order outlining the u.s. government strategy for cryptocurrency. the order will direct federal agencies to review regulatory changes, including the creation of the u.s. digital currency as companies cut ties or suspend operations in russia, new ire on those who have yet to take a stand on the issue. among those, pepsi and kimberly-clark and mcdonald's. coca-cola is donating more than $1 million to the red cross to help the ukraine refugee crisis, but made no mention of the
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extensive russian operations courtney >> interesting we are watching the corporate moves closely. thank you very much. as we head to break, a programming note don't miss the series "no retreat business boot camp" tonight at 10:00 p.m. on cnbc. here is a sneak peek. >> i need the last four numbers of the emergency call number you have five seconds. >> say it. >> i don't know. >> 4937. everybody roll over one. >> i can't believe they don't know their own emergency phone number this number has been around for 30 years. >> you see how it doesn't have an effect in the office when you get something wrong and not u ntng attention yowa to be in the cleaning business, you have to get dirty. . own your strength, and see how far it takes you.
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stocks looking to stop their slide after another selloff in u.s. markets futures indicating gains at the open oil holding near 14-year highs this morning we are live in washington with the potential moves by congress. russian and ukrainian officials giving talks another go as moscow steps up the bombardment campaign it is tuesday, march 8th you are watching "worldwide
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exchange" on cnbc. welcome back i'm courtney reagan in for brian sullivan thank you for joining us here is how stock futures are looking right now as we are halfway through the 5:00 a.m. hour we were lower and now we are indicated slightly higher for the dow. higher by 30 points. s&p 500 higher by 9.5. we are pulling back a little bit from the gains we had seen just about 30 minutes ago this was not the picture a few hours ago as i mentioned look at the futures. you see the mark turning sharply higher here. that was just at 3:00 a.m. eastern time this after stocks fell yesterday with the dow shedding 800 points for the worst day since november the s&p coming off the worse day since october 2020 every index is now in correction territory. down more than 10% from the most
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recent all-time high in a bear market for the nasdaq. checking oil with wide swings wti crude is higher by 2%, but now below $122 a barrel. that has come off highs we had seen previously. brent crude is below $126 a barrel that is higher by 2% speaking of being off extremes formerly high flying tech stocks under pressure in months, but losses really picking up steam in the last few days with many losing 75% or more in market value. some of the most notable is robinhood. peloton is down 8383% from the high in july roku is down 767% and stitch fix off 85%. and to the latest in the russian conflict and russia continues to bomb
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populated areas. the air assaults on kyiv and mariupol and others make it harder for residents to flee the russian shelling comes as necessity gotiators held a third of talks yesterday the adviser to the ukraine president said there had been small positive developments in the logistics of humanitarian corridors. this as the u.n. reports that 2 million refugees have fled ukraine since the start of the invasion molly hunter is joining us from lviv this morning. molly, good morning. good to see you. >> reporter: courtney, we are focused on the city in the east which is east of kyiv and north of kharharkiv. it was hit hard overnight. the death toll stands at 21 people including children
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we are focused on this because this is the only town that russians and ukrainians, according to the icrc agreed to get the humanitarian corridor going. the corridor leaving the area has apparently started we have seen video of civilians loading icrc buses the route takes a round about way. up in and around kyiv and to a town which is in danger in the east according to the ukrainians, they are talking about getting humanitarian aid to the city cease-fires are fragile. courtney, it requires two warring parties and neutral party to agree on every single detail trust is low after the last four days the ukrainians say the russians are going to try to manipulate the route. we received a wire in the last couple minutes
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according to the ukrainian deputy minister, 39 buses en route to mariupol. that is the route we have talked about to start moving evacuees o out. over the weekend, two failed cease-fire attempts in mariupol. civilians are desperate to get out. courtney, the goal for everyone in the towns in the east is to get west to where i am i'm in lviv, the relative safety this is the destination for anyone evacuating east and the departure point for anyone trying to get out of the country. the number from the icrc is fte country. that does not include the people who are misplaced and waiting it out here courtney >> molly, stay safe. to washington. as congress weighs steps to ban
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russian oil in the west, lawmakers are looking to take the steps further and restrict overall trade. ylan mui has latest from washington good morning, ylan >> reporter: good morning, courtney momentum is building on capitol hill to step up the fight against russia under a new bipartisan agreement, congress would ban oil and gas imports from russia and end normal trade relations with russia and belarus and raise tariffs and call for ru russia's remove al from the wto. this was a deal struck by the committees that oversee trade. they said the goal is to send a message to putin that war is unacceptable they are still finalizing the text of the bill it could go to the house floor today. congress is raising to authorize emergency raid to ukraine and
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fund the u.s. government before it runs out of money this week chuck schumer expects to send $12 billion to ukraine that is nearly double the original estimate. >> the clearest signal congress can send to vladimir putin this week is passing a bipartisan aid package leaving no doubt that the democratic nations of the world stand with ukraine and against putin's deeply immoral and bloody war >> reporter: courtney, we are seeing consensus rapidly emerge for more action as the crisis escalates. >> a lot of moving parts, ylan does this mean it is smooth sailing for congress or are there sticking points? >> reporter: courtney, unity goes so far. there is debate over the mechanism for the oil ban.
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do they direct the president to issue an oil ban that is one of the technical issues under debate. more broadly what you hear from republicans and democrats is republicans dsay any oil ban should be prepared for a boost to u.s. production the keystone pipeline and ensuring capital and democrats say this is the moment to move away from fossil fuels and toward clean energy. that debate will go on for a while. both sides agree on what should be done to counter russia. >> that is one step. agree. at least ylan, thank you. news just crossing from shell. the company will withdraw from russian oil and gas operations it will stop buying russia crude oil on the market and not renew contracts. it will phase withdrawal from russian petroleum and lng. shares down marginally at this
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moment let's talk energy prices and companies that produce oil and gas with rbc capital markets thank you for joining us here today. obviously, a big focus on the commodity, but many companies play in the market that are very important to the global oil picture. many have seen -- pros and cons with business. what is appropriate, do you think, when he itit commees to reaction of the russian oil? have some moved too far or others not enough? >> i think a lot uncertainty out there. i think at this point in the market, the fundamental back drop is tight and effectively
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from fundm amentals to fear i think from the equity market, it is really that first order thinking which is i think c commodity prices go up because of the things that are happening. i don't want to wake up to skeletons in the closet or unknown impacts from the russian exposures that the companies have quite a significant dispersion across the energy sector with positive and negative impacts. >> what do you make of news that shell is dropping from all russian oil and gas operations >> i think western oil companies will be under significant pressure from governments to make similar moves i think for shell, outside of trading the physical products, russia is a relatively small part of the business the upside from high commodity
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prices ultimately outweigh the down side. totale energy is the biggest company in russia. it will be difficult for them to exit or stay we will wait to hear what they say. >> obviously the higher price of oil, it's more the companies benefit. if we have a lack of supply from russia, couldn't they turn on the spigots? could they turn down the price of oil if so, they lose out on the cash they could potentially make and make up for money they missed out on in the last several years. >> yeah, ultimately, the question is timing you know, if you talk about the 4 million barrels a day of russian export that could come off the market, that is not easily made up by any source, including opec our strategy is opec could add
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2 million barrels a day and it could add 600,000 barrels a day and that would take about 12 months to the extent the 4 million barrels a day comes off the market is significant for commodity prices you know, ultimately the upside is you pick a number >> as you pick stocks in the market, where are the names that you are looking to potentially see the most opportunity frankly, benefitting from the crisis >> i think ultimately you have to think about the upside or be wary of the high commodity prices could drive recessionary scenario particularly in europe which is impacted by the oil price increase and on the european gas side where prices are at record levels we prefer the companies with good balance sheets, but also more upside than down side in
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terms of portfolio positioning and limited russian risk shell is our top pick. bp they have exposure, but it is discounted in the market >> baraj, thank you for joining us. >> thank you coming up, we keep the energy conversation going. how record energy prices are hitting one sector in particular st menwide exchange" is ba i ckn ckn ju aomt. our mission is to help our members achieve financial independence to realize their ambitions. getting your money right requires more than a financial service provider. it requires a partner that is there for every major financial decision in our member's life and all the days in between. today we take our greatest step yet forward fulfilling our mission and helping more people achieve financial independence.
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take a look at futures and see where wie are heading this morning. the nasdaq is negative now positive the dow is indicating a higher open to the tune of 42 points. the s&p 500 is higher by 8.5 we lost steam over the last 40 minutes. we also come a long way since middle of the night. that's one way to look at it half full or half empty. as crude oil prices touch highs not seen since 2008 and gas prices hitting all-time highs, transport sector is getting hit hard ending with the worst session since october of 2020. falling 4% as oil and gas prices looking to not go down any time soon, the near term picture is bleak let's bring in the managing director for transports at deutsche bank. thank you for joining us
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a rough day for transports yesterday. do you think it went too far or is that appropriate considering all that is going on and uncertainty and volatility and the price of the commodity >> good morning, courtney. i think time will tell fuel is a big cost for transportation and logistics companies. they have effective mechanisms to pass through the cost the question is what type of demand destruction do these higher commodity prices pose and that's really the question and i think the equity markets are discounting. i'm not worried about higher fuel prices with the logistics companies. there is a lag and these companies will be clipped by it in the near term like i said before, they have effective pass throughs and the question is what the consumer does and the industrial economy does and the demand for the sectors of the economy with
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relation to freight flows. i'm optimistic there time will tell and that is the key question >> what are the first indications that demand is being destroyed? if that happens, what should investors look out for so they are not caught off side? >> 760%truckload. i'm in phoenix this morning and meeting with the largest trucking company in the nation we believe trucking is still very tight and demand exceeds capacity clearly, you know, every week, we get the railcar loadings and trucking data and trucking rates. we have seen a modest decline in some of the most recent weekly trucking data which may indicate
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a modal shift. railroads are three times more efficient than trucking. railroads are moving higher than the last week. it is not out of the question to shift from trucking to rails we do not see demand destruction, but we see good railcar loadings in some of the most recent data >> as you look in the transport sector, how should we decide who is a winner or loser in the near term >> you want to own companies in sub sectors with pricing power that are able to mute some of the potential decline in volume with pricing power for us, that's squarely the less than truckload industry and you look at companies like xpo and old dominion you look at union pacific and csx and canadian national. these are industries and
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companies that really have very strong pricing power that will enable you to mute the margins associated with weak volumes on the truckload side with companies like warner, these companies are trading and well run companies. they are trading like the cycle is over. you have low valuations. the transportation sector is investable through the pricing power with the business models and industry consolidation or really the valuation parameters from cyclical perspective. >> thank you for joining us. i hope your meeting goes well today. >> thanks, courtney. on deck, futures fighting the ongoing slide in stock we have oppenheimer with the latest and if you haven't followed our podcast, follow it on all of
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our major podcast platforms. and then join brian sullivan with "oil shock" tonight at 6:00 p.m. here on cnb c.
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investors getting sit for a wild day of trading. three hours ago, wall street was on track for another 400-point loss to start the day and now in the green. joining me now is the chief invest strategist at oppenheimer. john, thank you for joining me it is hard to read anything from the early action with un uncertainty in the market. do you make anything of the action with investors standing on firm er footing than several hours ago?
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>> courtney, thank you this is not to be unexpected if anything, the market could move higher and give back. with this uncertainty on the landscape, if anything, for traders, opportunity to play the trade, so to speak for inn vvestorinvestors, an op for babies to be thrown out with the bath water if you are a trader, be careful. if you are an investor, looking to add names don't back up the truck, but layer in >> interesting to add that names that are too expensive, but now more attractive. you are interested in technology names. >> certainly courtney, we look at the technology, we look for the companies that are profitable with strong cash flow and paying
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dividends. those are deeply imbedded in the lives of consumer and business as a strategy,i cannot mention individual names think of the operating systems you deal with between your smartphone and corporate pc. you get the idea when you consider this, it gives you diversification and income shifts and prospects with the chip space because we will need more chips to get out of this. technology helped us did your t during the pandemic. it will help us to deal with the situation in terms of the risk militarily and the challenges that we have now >> it also strikes me that you are interested in looking outside the united states here even in this time of uncertainty and unprecedented volatility with globalization in this
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world. you like international markets >> we do we have been overweight u.s. eq equity for years now we like meaningful exposure to emerging as well as developed international markets. as the u.s. market gets stronger and maintain relative strength versus other economies around the world and eventually get back to a sustainable level of economic growth, at a modest pace, we will buy more goods from around the world. think of the brand names that you can only get from foreign producers. whether it is an automobile or luxury goods or even in commodities. >> it is interesting we talk about defensive names on this network we don't talk about defense names. you are interested in that space as well for opportunity. >> most certainly.
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when you look at the industrial sector, within that, you have all of the defense stocks. those outfits that build tanks and missiles and cybersecurity answers and things like that we want to own the defense sector as well as the broader industrial sector. the industrial sector, of course, involved in feeding airplane engines and equipment for oil services companies and trailers as well as all kinds of power generation >> john, before we let you go, it sounds like you are a risk on guy with some of your picks. you are looking for opportunity in the market. are there any hedges investors should watch right now >> you certainly want a bit of cash on the side your investment portfolio should be positioned overweight in
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equity you want to have cash on the side so you can have dry powder to take advantage of the babies that get thrown out with the bath water you want to own some defensive sectors. utilities yesterday did pretty good because the regulated utilities are beginning to send letters that the regulators are looking at their costs of their energy likely utility bills will be going up they will be able to pay higher dividends as yields come up with the fixed income and utility sector >> that makes sense. i have seen the bills go up. john, thank you for joining us here today a quick check on futures as we head to the end of the show futures are higher for the dow, s&p and nasdaq right now a number of hours left to go we will see where things stand look at crude oil prices higher
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by another 2.5%. below $123 a barrel. that does it for us this morning "rlidonwodwe exchange." thank you for watching "squawk box" is coming up next i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones
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good morning stock futures all over the place after the s&p's worst day since october of 2020. we will show you where it is moving now. russia warning oil could move higher. that comes as gas prices in the united states hit a new high and just breaking. shell will withdraw from all russian oil and gas operations it is tuesday, march 8th, 2022
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"squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with with joe kernen. andrew is off today. a lot of people are wondering what is happening after the decline yesterday. the dow futures indicated up 73 points s&p up 14. the nasdaq up 22 that doesn't do anything to get back from the losses fro yesterday. we should note it was a swing for the dow futures. down sharply overnight and have recovered at least at this hour from the lows we saw in the 1:00 a.m. to 2:00 a.m. our. all of this after the sell off with the dow down 800 points closing in correction territory for the first time in tw


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