i'm okay with that. happy meals all around. >> how do you choose? all-day mcdonald's breakfast or krispy kremes? >> all-day mcdonald's. >> why choose. >> why choose. >> it's looking up. all marginal really. there you have it. what a day. >> that does it for us. make sure you join us tomorrow. "squawk on the street" starts right now. good wednesday morning, welcome to "squawk on the street." i'm carl kin ta nia with jim cramer. david faber is off today. oil near $40 a barrel but we begin with the terror attacks in brussels. here's what we know at this hour. a manhunt under way at this

hour. najim laachraoui. he's the man on the right in the hat. there have been conflicting reports. we know one person has been detained. one of the men of the left believed to be suicide boxer brahim el bakraoui. his brother khalid, not pictured here. there were two attacks in bruss yesterday. one at the airport, one at the metro station. at least 30 people are dead, more than 270 reported injured. isis has claimed responsibility for that. at least one of the bombers has a link to the paris attackers. the brussels airport remains closed today. others also remain on lockdown although mass transit in the city has resumed operations.

the belgium prime minister charles michelle is calling it a black day in the country. he's called for three days of mourning. let's check in with michelle caruso-cabrera who's made herwh way in to brussels. good morning. >> reporter: good morning. we flew in to charles de gaulle this morning. as you can see, there's a check point here where they've been stopping every large car, every ki kind of jitney or large truck and asking who's in the vehicles as they go by. this is not typical. this is because of that massive manhunt you were talking about. this is an absolute story about terrorism, but it's also a story about the threat to the european union that's proposed by terrorism. now because of what's happening

first in paris and now in brussels, there are growing questions about whether or not countries want to have open borders. already many members of the far right and various countries in western europe are saying open borders which are normally typical. you see those cars just passing along on the other side, they don't want that to happen anymore. that would have a dramatic impact on people moving throughout western europe. we've seen thousands and thousands of trucks transporting goods as we've driven this morning. so there's a lot at stake here when it comes to the criminal search, people's lives and the future of this european idea and the economic impact it might have on europe. guys, back to you. >> michelle caruso-cabrera. we'll be back to you. it's been discussed all over the papers in which markets and

investors become innered over time. >> it's difficult to not say, well, listen, if they're not being hurt that badly in their stockmarket, we should. . and we did see a rebound in pretty much everything. most significant was the nasdaq was up yesterday and it's kind of biotech and tech. biotech moving up because of, frankly, valeant going higher. what was surprising is how individual the stock was and not market related. the airline, not substantial because their numbers have to come down. >> you mentioned nasdaq. an update today would be six. that would be the longest streak in more than a year, and, again, more discussion about how overbought especially individual ones are, the teslas of the world and all of that. >> i use the s&p's oscillator.

we've been over it for a very long time. some say it's signy fig you're either in the early phase of a bull market or there are so many people who are short they just keep covering. i just tend to think that individual stocks are shining, and the stocks that are shining are ones that hadn't for a long time. if you look at what's up this year, it's a lot of those that come in. and it's companies as varied as oil companies and as apple. one of the undercurrents that we're seeing that's not talked about is all the apple affiliated stocks, stock going down this year. you look at the spi and trivago trivago's, broadcom. apple's very strong and biotech turned on monday and then turned

with a vengeance yesterday. there's going to be some sort of takeover activity or because it just got so low. i oh nas, they're part of a big win and the stock is up so much versus what it should be. these are exaggerated moves. it looks like valeant was in a lockhold. >> how much do you have to keep in the back of your mind the idea that the eu already weakened because of a migrant crisis and a vote and may this summer run into more political turmoil because of what happened this year. >> i think what mario draghi has done is starting to take hold. i thought the dollar had a very big move after what happened in brussels, and i find that

there's a sense that china's gotten better. the chinese index is above 3,000. so around the world you almost get this kind of sense that maybe this philly fed president says that. you know. europe, i hear what michelle says and i know the eu opened borders. but what really helps is cheap money and better banks, and i think the banks turned out to be a little stronger. we know that there he's a lot. the fact is that the banking system was able to withstand a downturn and the last thing that draghi did, they're working, carl. we seem to be unrealistic in terms of how policies can work.

you know, the euro is at a negative interest rate, so it must be a failure. i'm looking at a bunch of companies and they're strong. >> richmond, em peer, they're surprisingly to the upside. >> yes, they are. the autos did not roll over like people thought. the biggest problem in housing is lack of supply. there are targeted retails their are doing poorly, but they temd to b tend to be apparel. >> do you think this lincoln navigator -- we'll get you pictures of that with the wing gold doors. >> not my style. >> and then nike falling on a quarterly revenue miss. futures in north america were on the light side, although global future's up 17. >> we have been cutting price. i think that nike -- we're going to look back a week from now.

hey, look, it ran up a little and ran from 63 to 64 in a very short period of time. there's bad commentary that analysts didn't talk about. as we discussed last quarter, we've been working to clear the inventory. when i went over the nike previous one, it was not like that. 're like, hey, you know what was really bad that we didn't tell you was bad, it's the inventory, but it's not that bad. that was a taunting line. and when people see excess invebtry, they think steph curry. >> outselling lebron. >> right. the principal worry i have -- and i think you should buy it if it goes below 60. under armour is making a move. he's picked the right guys, carl, picked the right guys. >> both men a couple of weeks

ago had warned about curry's strength for ua. >> you know, adidas put me back. i was was ttrying to -- nike is killing it. yeah. adidas was kind of like sears. it was the gift that kept giving to everybody else. if adidas is back, i don't want it to be the market. it's a great brand and the china number, wow, but steph curry, oh, my. >> when you can shoot from that distance, people are going to want to buy your shoes. >> i remember sitting down with the ceo of clorox. it was the end of the plastic bottle. he said, you know what? don't worry. steph curry has got an

advertisement. i said, yeah. and i kind of laughed. if he started using britta, i'm going to start using britta. it's stunning when you see how michael jordan has done with the shoes. but steph curry is a hero to people. only a san antonio spurs player is able to stop him. >> it was an incredible game. we'll continue to stay ahead on the brussel attacks and jub bush endorsing ted cruz. the market coming off the second lowest volume day of the year. more from "squawk on the street" in just a moment. you were shown to be quite skilled at fraud. times change. now i help catch the bad guys. me too. i help banks detect fraud by applying cognitive analytics to public financial records and social media. so if somebody said, "catch me if you can...?" we can. let's do a sequel. it could be a buddy movie.

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we continue to watch developments out of brussels after the attacks there yesterday. hadley is there with more. hadley? >> good morning, carl. we'll set the theme for you a little bit. we're in the center of brussels itself. this is a square that has it in this area alone. they've allowed hundreds of people to come to this area. they basically are here to show support, they're here to show support. it's interesting to show below, you can see candles.

flowers being left. teddy bears. children are drawing with chalk on the pavement. they're drawing messages of support. this is a city that's in mourning today. this is three days of national mourning. we heard from the belgian prime minister. they said this is dark time for this country. you can see hundreds of people behind me. they're milling about. they're showing solidarity. they're talking about people who are just here to show their support for what happened to these victims and these explosions yesterday here in belgium. of course, we also understand from prosecutors that earlier today they've come up with more and more evidence as to what exactly happened. the mood is one of somber reflections and it's also a lot of fear. they're very fearful about what happened to their country. they don't have a grip on what

happened. the rest of brussels has virtually shut down. most of the streets are very, very quiet. so an interesting vibe at the moment because folks here, they're very afraid, but at the same point they want people to know that they're standing together, that they're standing strong against those who would seek to disrupt their societies. guys? >> hadley gamble in brussels. of course, that has made its way to the presidential race. former republican candidate jeb bush is endorsing ted cruz. john harwood there to wrap up what happened last night and back and forth on twitter between cruz and trump as well. >> unfortunately for ted cruz we've seen in this race so far endorsements are pretty much entirely worthless. in fact, they can even be counter-productive even per your conversation with jim cramer a

few moments ago. wins in big states. last night they didn't get them in the biggest state. that's arizona. you see from the results here, ted cruz lost big time to donald trump. trump's ceiling was up to 47. hillary clinton won with a substantial majority over bernie sanders. you had in utah, ted cruz, smaller state. he got over 50%, won all of the delegates there. in utah, bernie sanders with previous success in caucus states. if you look at these delegate totals, you can see that both hillary clinton, she got more than half of the delegates she needs even without the so-called super delegates. if she has those, she's closing in on the nomination. and on the marco rubio side donald trump has well over half of the delegates he needs to be nominated in cleveland. still ted cruz and john kasich can slow him down it didn't happen last night,

though, carl. >> john harwood in washington. john, thank you very much. a lot to get to. i'm wondering, jim, how the markets are working in this or is it in a waiting pattern? >> no. i think if sanders drops out -- the more that sanders is marginalized, so to speak, the less you have to think about the drug companies because i think that that's where hillary has concentrated her wrath in order to be able to counter the left of speeches of bernie. she's been far less -- far less strident about banks, but public enemy number one has been the drug companies for the democratic party. if that change, that can explain a lot of why we're starting to see the value go up. an insight recommended today by morgan stanley. they don't care for it. they're going to go up.

they're down 22%. largely this is a function of politics. the ibd is what you have to watch. that's a function of hillary doing better. >> so you want to remain caution on vinyl check? >> 22%, you can't be. >> you just can't be. you can't be down 22%. that's a roving bear market. 25% going into monday. that's in terms of the comeback. it seems to be very real. there are a bunch of analysts coming out. they're saying the relief is here and it was value that was bringing relief down and sanders clashing. hillary is, i think, more bark than bite when it comes to the drugs and that's very important. trump has cited.

he's focused on eaton bazaar. very focused on carrier. that viral video. but that's -- i know. i get my information about the wall from john oliver, what do i know. >> someone should design an etf that plays his stocks relative to political discourse. >> i could put that together during commercial. it's not that many. if donald trump wants them to fit into his thing, there are companies that have moved offshore, a lot more jobs than what he thought. >> when we come back, we'll get some live remarks from the president in argentina today. house speaker paul ryan also speaking in the u.s. we'll count down to the opening bell, look at the premarket which has eroded in the last 20 minutes. more "squawk on the street" from the nyc straight ahead.

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to opening bell. you're watching mad dash for one. >> he's been added to the board of united airlines. a division of delta. brad has a confusing story. some feel the trade's on cash flow. i believe it's below the quarter at 10.9 versus 14.9. there were 14 deals above $5 million. i hate to count this company out. that was a surprise to me. i would have expected they would have delivered faster billing. so that's going to be down. that is a cloud play and people are going to say there must be competition. it is not a company that does

outdoor recreation equipment for the arctic. five below is a very inventive chain that's moving all the way out west. quite attractive. i took pictures recently so people understood where it is. they did not deliver on it. gross margins were improved, which i like. heavy investment is going to moderate. but here's what bothered the people. the stocks put up 21% this year. so a stock of 21% has to blow away it. so if you cannot blow it away, the stock's up 20%. do not expect great things. do not expect a secondary in private equity. that has been one that did blow away. a remind their these retailers have a lot to live up to given the gains at the beginning of the year. >> thank you. dollar general was able to do it. i salute them. they really were terrific.

it's only a handful. i think one of the things that does worry people, is the fed going to raise when housing is okay and the answer is that it's a quandary. we had too many retailers that were not related directly to hard goods that didn't do that well. this is one -- you've got to shoot the lights out of people taking stock up this much. >> yeah. we'll get a lot more including opening bell in just a couple of minutes. don't go away.

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live from capture venture of the world the opening bell will ring in under two minutes. a lot happening today. we continue to watch for developments in brussels as the prosecutor is speaking with a little more color on the status of the investigation. meanwhile steve liesman with a read on the many revolts he says yellen has on her hands from some of these hawks. >> look. i totally get the hawks. they're watching the rally.

i actually did a piece last night on "mad money." we could be a commodity breakout. we do have -- retail on housing will happen, but if you're worried about china, you've got to take it off the radar screen. if you're worried about europe, despite the terrible tragedy, again, i'm looking at the numbers. they're quite good. my biggest worry is the sales for general mills. that is just a terrible place to do business. but look. three out of -- i don't know. the whole point of what janet yellen was saying is case by case, you come back with a three. that is a realbellion. is it a rebellion or a slap in the face? they work for you. now, these people -- one voice is what you need. bernanke did not like the, hey, you know what, i love the guy, but, hey, fantastic. no. >> they're not going to hear

from harker today after speaking yesterday. only one of these four members that have spoken out are actually voting members but it still doesn't change the fact that yellen is facing pressure from the fed. >> remember the august selloff. the board saying, hey, listen, basically what harker said. we don't need freelancers. >> toepg bell you can see at the bottom of your screen. the big board sensonics. they doing the colon cancer honor. sue herera is at hq. sue? >> thanks, carl. belgian police are searching for at least one prime suspect in yesterday's bomb blast. there are still some unaccounted. if. they have not identified the man

seen pushing a cart alongside two suicide bombers and running out of the airport. the man identified on the right is ibrahim bakraoui. the one on the left has not been identified. police in brussels confiscated bomb making materials. belgium is in the midst of three days of mourning. meanwhile in his weekly audience at the vatican, pope francis asked the people to join together to condemn the acts of violent extremism, a moment of silence was held for the victims of the bombings. we'll have more at the top of the hour for you. mean tooil, i'll send it down to you, carl. >> sue, thank you so much. eamon mola zeem.

>> reporter: now, the federal prosecutor spoke a short while ago and gave us some light and key pieces. they've been identified. both of them have been identified. his brother khalid was the one attacking the metro station not too far away from where i'm standing. one of the suicide bombers remains unfeed but the individual that the manhunt has been in pursuit of is the individual authorities know as naji najim laachraoui. more importantly he has his fingerprints attached. their finger prints were connected to an apartment raided by belgian authorities last week, which seems to be a key piece in this puzzle. now, overnight in the late hours -- early hours of this morning, police raided an apartment in

belgium. it was there they found explosives. they found essentially all kinds of ingredients used in making bombs including nails as we understand it, which was also some of the fragments found in some of those victims as a result of the attacks yesterday. why those pieces are so important is because a taxi driver who drove those three individuals to the airport yesterday reported seeing those three men from that apartment when he picked them up and took them to the airport. that's what led belgian officials to the apartment when they found the explosives and traces to it. they say they also found a laptop containing a recorded will belonging to one of the suicide attackers. so the investigation in the last several hours gaining some momentum, drawing a strong connection not just with the man arrested on friday but also to the paris attacks as well as the ongoing conflict in syria dating back as far as february 2013. still in pursuit of that third

suspect, still trying to identify that suicide bomber at the airport. guys? >> ayman, thank you so much for that. the manhunt kins the brussconti in brussels and beyond. a lot of these producers starring to hedge and it t rally is high level difficul term some of it was this switch joer to summer gasoline which caused a quick spike in the reryanrys. goldman sachs taking advantage of it and sell holy frontier. it is true if the spread changes in west texas. that's where those guys make their money. i think in the oil patch is where you have to watch. they did a gigantic 2011 unit

and they priced it at 1135 and the stock is holding in. last day was at 34. why is it so important? the part of this complex after they moved up where the nlps are where they had a lot of money. we'll see if that's where they impact. there's a lot who want to do exactly what shell is doing. you'll see a plethora of deals like this if this deal holds up. >> we have been talking about the strength of relevance, strength of mna recently. they globally raised a third of what they raised in the year-ago period. >> one of the things i was looking at, looking at the biotech bible for the street, where you have 180 companies who have come forward, there's been new ones -- no new ones, and you would think why biotech would eventually bottom because of the existing ones. but a lot of them need do

something to raise more money. you run auto of money in biotech. look at that piece yesterday. talk about $2 million to get a major drug through. and even when you get a major drug through like gilead, you have a merck drug patent. tla could get a percentage, but what a tough business. and i think one of the reasons you're hoping to some degree, i spoke about this with joe kernen, you hope the rhetoric is down is because, gees, when you have a good drug, and then, boom, out of nowhere your drug is not nearly as much as you thought. >> this walmart/dean food thing is interesting. dean got smacked around yesterday. no material impact as walmart gets involved in the processing. >> i was debating that. i think when walmart issues sam's cola, there's a lot of people who shorted coca-cola off

that. milk gets a little more generic, but dean foods is a big dog in that business. i don't want to short it. it is rather amazing that walmart periodically rises up and says we're going to do this. >> like amazon. >> right. they're like, we're going to make some apparel that you want to wear, then i'll sit up and take notice. >> we'll get new horms. 'll get kbh and now we'll get pbh. >> they have a whole number that's going to unite that whole group. pbh -- we had this derivative that's g 3 and they're a calvin klein outerwear. they claim because it was so warm they did poorly. as you mentioned. they'll -- you have to believe that it if tommy hilfinger is doing badly here, i'm not a big supporter of apparel.

apparel is the weak link in all of retail. they ask why. i say experience retail and value retail. people want to do things with their money. that's why a lot of money is going toward cedar fair and six flags. they're spending more money on their cell phones. what's a luxury good for lil lennials? uber, cell phones, and makeup. why makeup because you can't walk out of your house now and not expect that your picture's going to be taken. that is the thought of is t of lauder and morgan stanley. you never know. you've got to be made up to the nines like you were going out on a saturday night and yet the high quality because the resolution is so high you'll

look like a clown. >> as we know on cnbc. footwear is the exception. >> footwear has been good. >> nike today notwithstanding. >> a lot of that, that's in general. but in general footwear has been good. there's always a reason. there are women -- this is -- i'm going put this as delicate as i can. if you're overweight or say underweight, you know, aspirational, your shoe size is safe. >> that's true. >> is that okay? >> very nice. >> do you like that? i mean wow. i mean you've got to have makeup. you have to have estee lauder. oh, my. i went to a villanova game last week. >> are you saying you wore makeup to the basketball game? >> from now on i may have to. i looked sallow. >> nike's shaving about 20 points off the dow as you can see. the worst performing come

opponent. above 50 on a 200 day. >> yeah. let's not forget in terms of the things that people spend money on. food. i think it's important to point out that i still think chipotle is going to come back. >> you do. >> yes, i do. i do. by the way, krispe kreme, a lot of people talking about that. i saw that mr. frost and mr. cernan were going back and forth p when you think about promot n promotional items u you must think one thing. >> he's a disrupter. i wonder if they have pictures. estabrook disrupted the entire industry. no wonder the stock is up. he e didn't come in that long ago. he decides to bring prices down,

take shares. >> and modify the menu. >> he's monster. >> yeah. >> in my back-and-forth with him, he's following me on twitter. he tweets me meals. >> he's definitely engaged, there's no doubt about that. dow's down almost 50 points. let's get to bob pisani on the floor. good morning, bob. >> there's something to get concerned about. last week we saw a big decline. there's your dollar index. it's moved up this morning because jim bullard, he's a voter on the fomc. he gave an interview implying the april hike was also possible. remember, he joined patrick harker. he's a hawk and a nonvoter that. ire nonvoters, too, but as steve pointed out, there's a little bit of a ground swell and hawkishness. there's the last five or six days here on the dollar index.

that's affected the stockmarket and the components market. take a look at the copper for example. all of the big base metals moved to the downside. we saw a very quick drop on that -- on that bullard interview on an intraday basis and all of the other sectors in the commodity face moved to the downside as well. put it up and you'll see energy and material and industrials all to the downside. you can see some of the commodity names like allegheny, clf, alcoa. all down here on the stronger dollar. so it's still small, not big moves to the downside. but keep an eye on this. this is something they're talking about right now. >> meanwhile nike is dragging things down. you heard all about it.

they're expecting double digit revenue growth. remember, this was a bit short of the expectations. central europe, eastern europe, 29% is the constant currency. china. there are astonishing numbers for currency. one of the most dynamic and innovative companies in the world clearly. by the way, there's a discussion on nike. remember, the last quarter in december they were talking about futures orders up 20%. the current number is 17%. but the revenue growth wasn't the same. there's a little bit of a mismatch here. some thing nike has changed the way they recognize sailles. i'm now sure they recognize where they're going to be. again, a little bit of a

mismatch. i liked to see a little investigation into that. meantime we're going into the easter holiday weekend. it's the day before good friday. traditionally it's got bias. we asked about it. since 1980, it's up two-thirds of the time. that's the thursday before good friday tomorrow. the average gain, 0.39%. and that's specifically -- significant. good day with an upside buy. again, it's in metals, it's in energy, and the big global industrial names. all these sec store totors that affected. >> thank you very much. let's get to rick santelli. good morning, rick. >> good morning, carl. you know, in the u.s., we have the political issues. globally we have these horrible terrorist issues, but i have to tell you as a market guy, i'm not seeing any of it show up in the markets. participants in the market are

assimila assimilating, trying to enhance their strategies, trying to make money, but central bankers, central bank policy is still about the only thing that really affects the markets. it's kind of easy to prove. the day before, the close before the march 16th statement and fed meeting, that's where we're going to start all the charts. let's look at the two-year coming down off the extremes. the extremes of the unknown and policy before that meeting. but it's been in the narrow range. no bombs no, breakouts of any type. look at the tenure. same ir. tight range. let's look in the backyard. let's look at boon yields. hovering in the 20s. dollar index. you know, the dollar index is interesting. bob talked about the impact of hawks out there. we see a light trajectory to the upside. maybe this is the only safety plate out there right now, but the range is still contained. these areas aren't breakout

arias. i missed one chart. that was the dax. interesting chart. right in the backyard. it's slightly above 10,000. it seemed unfazed by the issues of the day. and finally let's specifically zero in on the euro versus the dollar. i opened it up a bit to get the context. you see those 113 extremes. that is the area to pay attention to, says the market. right now very much hovering below that. will it get through? well, if all the other charts are worthy of predicting what's going on, it would dictate most likely a range. carl, back to you. >> rick santelli in chicago. rick, thanks so much. we'll talk to you soon. meanwhile we watch oil after the five-week rally. jackie deangelis is at the imex. jackie? >> an $8.8 million barrel bill. that's why we're seeing prices decline like this many this

morning but still holding over 40. we have the see what the dme says. remember, the bills are expecting to start decreasing. 8.8 was a pretty big number. bob pisani brought up the dollar. another half% move today. certainly bearish when it comes to commodities, energy, and crude. we're getting closer to that 9 million barrel mark. we're not going under it. in fact, the last couple of weeks we've been staying over 9 million barrels. of course, you brought this up as well, this self-defeating prophesy. producers maybe start pumping more. we saw one come back online. and then that slams prices down, so something to watch for. brussels premium, not really in the crude trading right now. back to you. >> thank you so much. we'll talk with you soon. when we come back, airport security. we'll talk with a former csa administrator, down.

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welcome back. dow is down around 50 points. marked by light volume. in fact, jim, narrow. if the s&p doesn't move a percentage point today that's eight days without a move either way. >> i think there's a lot underneath. we're seeing bob had a -- bob pisani had a terrific report about the possibility of dollars coming back. that could really undo some of the commodity rally. i'm not there. i think it's for rear. i thil there's a lot of understood currents going on. and food. we haven't talked about food. general mills report as number that is kind of in line. there's a guy by the name of bob gamble and he's the ceo or was the ceo of whole foods stock. take a look.

it had a couple of brands that were old-fashioned, but he tried to sell the company at one point and then he built it up. we were able to talk to him when he rang the opening bell. look at what this man did. he was a monster good ceo and i wish him well. we'll get stock trading with jim in a moment. trading down 41. we've created a new company. one totally focused on what's next for your business. accelerating innovation. accelerating next. hewlett packard enterprise.

amazon has got a couple thousand. they through a lot of amazon. a strong buy to buy yesterday. a lot of talk about amazon losing shares to google. i'm not saying buy amazon. i'm saying watch amazon.

it's been the weak link among banks. netflix kind of hanging in there. google, of course, alphabet. i just want to see this stock hold in because this nasdaq yesterday was truly incredible. apple was the leader, but now you -- am zune and they have to carry its weight. i don't know. that's the stock to watch. >> yeah. the case made yesterday was slower pace of margin expansion and you mentioned aws getting more competition. >> exactly. i talk to them at amazon. that was to be impinged upon at google. at the same time they're coming down and you don't want to be with amazon. watch amazon because that's the one that's been under the most pressure. >> that's a good one. what's on "mad" tonight? >> he always tells it as it is. he never sugar coats it.

i think that's important. there are a lot of executives. but manny chirico doesn't play it that way. he's going to tell you -- remember, this is jcpenney, europe, big ashark and he's the guy you want to see. >> the key report for retail. >> watch biotech, carl. >> yes, i will. jim, thanks. we'll see you tonight. "mad money," 6:00 p.m. when we come back, the latest on the brussels attack. dow continues to be in a tight range, down 43. don't go away. strategies that just track the benchmarks. but investing isn't about achieving average. it's about achieving goals. and invesco believes doing that today requires the art and expertise of high-conviction investing. translation? it's time to bench the benchmarks.

welcome to "squawk on the street." we get to michelle caruso-cabrera with the latest. >> this morning they held a conference. one attacker was brahim bakraoui a belgian national. he's the one in the middle. the one on the left died at the airport. the one on the right in the light jacket is on the run. he has not been identified

either. brahim's brother khalid was the suicide bomber at the metro station. people are being stopped at the airport. armed soldiers are also on patrol by the airport. gop presidential candidate ted cruz appeared on the "today" show this morning to defend comments he made about muslim neighborhoods yesterday where he said law enforcement should step up patrols in potential areas where terrorists may be operating. >> i'm going to apologize to nobody for how vig ruz i will be as president fighting radical islamic terrorism fighting every day to keep americans safe. these jihadists have declared an intention to murder as many americans as possible. we saw it in san bernardino what we saw on september 11th in new york. the queen and king of belgium held a minute of silence for the victims of the attack. others were also in attendance.

that is the latest on the attacks. we'll have more updates on the hour and the half hour. simon, back down to you. >> okay, sue. thank you very much. let's send it down to hadley gamble. hadley, what are you table to tell us? >> good morning, simon. what you can essentially see behind me here is hundreds of people near the old stock exchange building. they've been leaving candles and flowers. what was noted is several belgian officials have been coming out, trying to engage the crowds here. we saw earlier the mayor of brussels. he got a big round of applause, some of the other ministers as well. they tried to come out and show their solidarity and support for the folks in the city. just to show you where we are.

we're virtually in the center of downtown brussels. this is an area that has about seven streets leading off of it. now they're filled with satellite trucks because as you can imagine, there's a huge media presence, international media presence all over the world. this is the center of european politics and where there are many ambassadors and ministers who conduct business throughout europe. this is very central not only to the security of the belgian people but the security of europe. i have to tell you with what's happening on the ground, a lot of fear. people are worried about the transit system. we understand the trains and buses are running on a limited schedule but unfortunately people are still questioning what's happening on the ground, guys. >> hadley gamble in brussels. hadley, thank you very much. you're looking at live pictures with vice president joe biden at the embassy in washington, d.c. he's signing a book of condolences following yesterday's attack as the entire

world mourns with that city and that country. with more, let's bring in former undersecretary of state frank wisner along with p.j. crowley. good morning. >> good morning. >> mr. ambassador, obviously the whole world is mourning and yet brussels has come under so much criticism for their handling since the attack in paris. how much of that is observed? >> first of all, i this i all of us sense the mourning of people as the prime minister pointed out a very black day not only for belgium but all of europe. the terrorists have chosen belgium for two reasons. one, it is a cross roads of transportation, a great european and global institutions. very high profile. second, belgium has tradition traditionally not been the best

armed most effective security center on the continent. now, that's begun to change and it will change further. we have nothing in our kit to say other than to wish them well and to offer the closest intelligence, police coordination with the extremely dangerous threat which will continue to occur for some time to come. mr. secretary, as a striking first person account by a belgian in u.s. today she writes the guilt felt after paris. they were our terrorists. they plotted the terror attacks in neighborhoods our politicians pulled out of a long time ago, they pulled out of our schools. it sounds like to fix this long term requires a wholesale change in lifestyle. >> well, i think there's some truth in that, but let's focus

on what needs to be done right now. this is a small minority. they are extremely well organized and they're vicious. they have to be crushed, and the way you do it is through good police and good intelligence and good international cooperation. this is not only a belgian problem but a european and western problem. we're all involved in dealing with it. and then you have to get what's behind it, which is isis, and break its back. as long as it spews out this force of terror, we're going to face problems in europe and belgium in particular. 60% of the people who live in that neighborhood are without jobs. it's not a great nachbld but it's not a belgian problem. these people came from north africa, they've lived comfortably in france. it's a european problem of which the belgians are at the center

of it and bearing the brunt. >> and to that point when it comes to the islamic state, mr. crowley, i'm interested in your take on mr. obama's strategy. he said it's working, they're losing land, they're losing soldiers, they're losing money, is he -- is the united states doing enough? >> i think the united states is going to do more, but your audience is used to thinking in terms of market. let's look at the islamic state in terms of market. there are four lines we have to pay attention to. the first line is the caliphate in terms of syria and iraq. we have a solution to the situation in iraq. it's going slowly but progressing fairly whelp we don't yet have a solution to the situation in syria. it's by far the most complex conflict we even seen in quite some time. the second line is the fact that the islamic state now has provinces in various parts of the world. think about libya for example. there are 5,000 people who identify with the islamic state.

that's a long-term problem we'll have to figure out. rit now it's a libya problem. the third line is what we saw. that's westerners who were drawn to the conflict in syria, acquired military skill. had brought that back to europe. have now used it in brussels. and the fourth line is what we saw in san bernardino. the fact that you have people who are radicalized by long distance and they self-activate and go shoot something that's familiar to them. eventually we'll have to deal with all four of those, but eventually we're going to have to do more to destroy the caliphate which is at the center of the conflict. >> gentlemen, as we're speaking, the vice president making some comments at the embassy. let's take a quick listen. >> remember the incredible courage of the belgian people of world war ii, the incredible stamina. nothing's changed. nothing's changed. on behalf of the president, i can say we are prepared to

provide any and all information capability, technology, anything we have that can be value added to the fight, and they will preva prevail, and you've about got to give them -- i'll tell you what. they have backbones like grandma. look at them. they're going to school. they're not letting terrorism win. and what they really want to do is change the way we live and you're never going to let that happen. >> thank you so much. >> thank you, thank you. thank you all very much. >> these joe biden there speaking, of course, how the u.s. is going to collaborate on intelligence. we've got the perfect lineup of guests to continue this conversation. frank wisner and p.j. crowley. mr. crowley, how is it going? what more can be done on this? >> i think there's incredible intelligence sharing between the united states and europe.

i think what frank wisner was talking about is you need to do better in terms of intelligence capability in terms of europe itself. and there's not enough sharing of information across the various nations of the european union and it's not really a european capability as we see it. i think that is probably a weak aspect of the situation in europe and something they're already addressing but need do more about. >> you know, p.j. crowley, it's interesting. this is a situation we're sitting in now that has changed in many ways. for the first time in probably ever, you can see somebody can broadcast live on what's happening. they did from their smartphone and people here can witness it. so more than ever before, people have an international view in real-time of what is happening. and yet many instincts in this society are to become more

isolationists at the same time. p.j. crowley, i would ask you for example what mr. trump has been saying about nato costing too much and having to pull back or even cruz talking today about how to react in this country and in which you need to double down. how should this country react now that we see these things happen cheek by jowl, if you like? >> i think in terms of what we have done well in the united states, it would be called community policing. there's a good relationship between law enforcement and community and our community is a little more tightly knit and you have a better than even chance that if something is happening in a community, they're going to see it first and alert law enforcement. that's something that doesn't exist as much, you know, in europe and needs to be improved. in terms of a military capability, i think trump is

completely wrong. we operate in terms of coalitions. that's how we're going to defeat them if we take military action. what nato brings you is political legitimacy. if we weren't a nato, then we couldn't have the kind of coalition and a similar operating standards. if you have a coalition, you could have an f-16 of the united emirates being fueled with u.s. fuel. we need to defeat the islamic state. >> if there ambassador, mr. secretary, we thank you for your time. we hope you'll come back and continue the conversation another time. thank you so much. >> thank you. in the meantime, new home sales data coming out at the top of the hour. diana olick has the details. how do they look, diana? >> it rose 2%.

now, the street was look for about a 3% gain, but january's big drop was revised up pretty significantly. so this is not really a myth. so given that drop in january we're still pretty weak. february sales were down 6% from a year ago. remember, these are contracts signed in february, not clothing. we saw existing homes, clothing drop dramatically in february. that was based on shoppers out in december and jachbl mortgage rates did kick higher in february. that could be part of the issue. newly priced was up about 3% from a year ago. inventory, though, is aet a 5.6-month supply. that's up 18% from a year ago and that's much higher than the existing supply. back to you, sara. >> all right. diana olick, thank you very much on new home sales. up next on the show, bernie sanders taking two states in last night's primaries and caucuses while donald trump and ted cruz split the republican

races. we'll get the latest on the election when "squawk on the street" returns with the dow down now about 20 points.

jeb bush reten re-enters. i guess arizona is the biggest prize here, john. >> it was, but the question is whether it's going to be enough. you know, when candidates are

trailing in political races, they need to seize on contemporary news events to make some headway. that's what ted cruz has been doing in the wake of the brussels attacks. the controversial proposal. repeated again on the "today" show to patrol and secure muslim neighborhoods in the united states. >> what i'm talking about is focusing law enforcement and national security resources on areas on locations where there is a higher incident of radical islamic terrorism. one of the tragic reasons we saw this attack yesterday in brussels was that europe's failed immigration laws have allowed vast numbers of vast islamic terrorists to come into europe. >> they didn't give ted cruz what he wanted in arizona. look at the results here. donald trump won big. 47% of the vote in arizona. bernie sanders didn't get what he needed either. he lost to hillary clinton. in utah both cruz and sanders

did win. in fact, cruz got over 50% of the vote and got all the delegates as a result. but he and bernie sanders both need a lot of delegates very quickly to make up the deficits they hold. on the democratic side, hillary clinton even without the super delegates is well ahead of what she needs for the democratic nomination on the rupp side. ted cruz -- excuse me donald trump has got over half of what he needs for the nomination. the question is when we get to the big winner-take-all states coming up, can anybody stop donald trump, they didn't have it on the biggest day on the boards last night, guys. >> thank you very much. when we come back, weak sales on nike. future orders, also missing forecasts. it remains one of the worst on the dow. down 4%. we're back in a minute. starts . all across the state, the economy is growing, with creative new business incentives, and the lowest taxes in decades,

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nike shares are dragging. when it comes, beat by 7 cents but sales missed the mark. why?

some disappointments in the nike results. a stronger dollar less than predicted. also converse was a weak spot with sales down 5%. inventories were elevated up 8%. not something you want to see with apparel company bus nike representatives on the call did say that was largely due to problems from the west coast port shutdown last year and those inventories are, quote, normalizing. also on the bright side china remains a growth driver for this company. futures up 36%. overall orders up nike, 17% on the future and what they showed was double digit growth. it's one reason that analysts are mostly bullish on this stock and a lot of them writing that today's move is a buying opportunity. it's showing a sluggish growth. there was no talk of a slowdown

and that call when it comes to momentum. a lot of talk about the new innovation like some of the olympic gear going into rio this summer. many bullish analysts this morning saying perhaps the stock got too expensive. and ahead of itself, nike has outperformed the broader s&p and under armour lately. any slight disappointment and there could -- there were some in this report. it could be a cause, guys, to the selling. i know we also mentioned nike expected to rebound, right? >> to him, i thisty surprise has been the strength of curry and what a crew that was for under armour before he started shining. >> nike sells more than nike shares. we'll see. >> i think lebron would like to outsell curry. >> we'll see. investors continue to weigh

their risk options. joining us after winning their second award for best income and small funds group is scott. good to see you again, scott. >> good to see you, thanks for having me. >> just on a broader spot with regard to the terrorist attacks, is the impact going to be subdued? >> i think so. look. we've gotten used to terrorism as a way of life and whatever you want to say, market prices discounted from time to time are going to have these kinds of events. we're going have a long time to go and it's the investment environment. >> i wonder if it increases the chances outside of the status quo? >> right. i think as things go on this year, you know, we're going to

be more exposed to political noise. certainly thing like this don't help the situation because it causes people to take harder lines, harder position. and, you know, the fearmongering that is going on in this campaign in relationship to muslims and, you know, closing the borders and all sorts of things, which just are -- are anti-growth at the end of the day. >> what's the narrative coming out? >> right now the big question this year has been, you know, are we going to have a recession. you know, i don't think so. >> i thought we discounted that. hasn't that debate gone away? >> i was going to say, six weeks ago, that would have been a debate. now we're past what i'll call the great recession scare and when you look at where things are priced, especially in high yield bank loans, certain structured products like clos, we're discounting the bulk rates and high yields of 8% of 9% of

these. we're not going to realize that. >> steve liesman has caused a lon on what he's talking about. some of the voting members, maybe not the minority, are vocal about the dovish nature. where are you on that? >> fed is clearly in the process of falling bhiev the curve. >> is it clearly behind? >> i think so. i think the old trade-off between inflation and unemployment is something that a lot of the members of the committee are lil ig to live with. >> you mean letting inflation overshoot. >> that's right. when you talk to various presidents at the fed, they talk about the 2% inflation target as being an average, right, not a feeling, and so we could have an overshoot to 3% or so and they would welcome it. >> what's your view on the ten-year yield still that it will go down before it comes up markedly?

>> i think so. i think we're still vulnerable to financial stocks. especially after sara's comments. we've got to a lot of political noise out there. i think we're discovering that monetary policy and europe and japan database. >> are you still at 1% because we're almost at 2%. >> i'm crazy enough to stick with the views. i think my 1% is definitely still a high probability. >> scott, thank you. scott minerd from guggenheim. straight ahead, what security and safety changes should we make to the travel industry? we'll talk to a normal ntsb investigator about that after this short break. you're an at&t small business expert? sure am. my staff could use your help staying in touch with customers. at&t can help you stay connected. am i seeing double? no ma'am. our at&t 'buy one get one free' makes it easier for your staff to send appointment reminders to your customers...

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good morning, everyone. here's the latest on the terror bombings in brussels. police say they have now captured a suspect linked to the brussels terror attack that killed 30 and injured 270. police say that the money on the right here escaped the airport after the attacks. the other two men have been identified as the suicide bombers. police also say they conducted five raids overnight. they confiscated 33 pounds of explosives. they were reportedly led to the home by a cab driver believed to have driven some of the suspects the airport before the attack. meanwhile the airport itself will remain closed through tomorrow.

you're up to date. we're back again on the half hour. carl, back to you. >> sue, thank you very much. so the belgian prosecutor also confirming the first bomber detonated at check inline. and then the second one at check-inline number 2. mr. diehl, welcome to the program. for a lifetime, really, your industry has been focused on detecting bombs and explosives on plains. do we have to change that to prevent suicide bombers from getting into crowds at airport? >> honestly it's constantly changing and tsa talks about risk-based assessment. yes, i think you're going to see security move out.

>> as you move those check points out further, you're still going to have lines and congestion, people crowded together. you're still going to have groups of people that are unchecked that could be attacked surely. >> obviously these are all soft targets as they say. yes, you'll see some more of that. boy uld expect that a lot more bomb-sniffing dogs out in the baggage in the next few days. the key here is official and out in public. the cab driver, though he didn't prevent the attack he certainly helped officials with valuable information and track down suspects. we're going to see increased vigilance. >> of course. of course. i wonder now if the situation is changing. the belief was there was a great

protection of the airport. is it possible for them to redesign airports so they have multiple entrances that could be automated and people sent in different directions and more quickly processed through, for example, bomb-detexting equipment. how sophisticated do those monitors have to be? could there be a proliferation of bomb-detecting equipment? >> certainly there are a lot of different types of devices. that information is very sensitive. we know the israelis, for example, as soon as you buy the ticket and you're stopped at the airport, you're stopped on the way to the airport. you don't even get close to curbside until you're at least initially screened. yes, the technology is coming along. that will obviously take time, though. >> i wonder how much more challenging it is, alan, to do

all this with the eu structure versus the united states. yes, in the u.s. you can travel freely between states but we're talking countries and open borders and there's a lot of headaches. there's a proposal to share a flight passenger database that's still waiting for a vote in parliament. i mean how much more challenging does it make it? >> obviously they have a lot more problems it appears from what's happening than we do, but clearly this latest attack will probably lose the european parliament forward on this. the sharing of intelligence data is one of the major keys to preventing future issues clearly. >> we had the major of jerusalem on yesterday. he said, you're way behind the curve here. he said you need to have

profiling. you look at the photograph of the attackers. it's a third rail for many people in this country, but if you look at senator cruz and you look at what mere mr. trump is going, we seem to be moving in the policy debate toward that. what do you think? >> absolutely. clearly we know that -- and i know it's not politically correct to talk about arab terrorists per se, but certainly the acl unh others in this country have challenged the use of profiling, but, yes, i do think we're going to have to move in that direction. but the other thing we need to keep in mind, israel has like 15 million passenger deployments, we have 18 million. we have a lot more to monitor. israel with its single airport can certainly do that.

and they have the political power, willpower to look at things like profiling in great depth and take action against potential threats where we're still reluctant to do that because of freedoms and our concerns for, frankly, harassment. >> yeah. you say moving in that direction as it relays to profiling, but the question is, of course, where the line is, right? how far you go. where should that line be and where do you think the agency comes on on a question like that? >> clearly congress is going to have to get involved in this. the government accountability office has looked at a section of that so-called behavioral detection analysis program and they found it not all that effective. but that doesn't mean it can't be changed. clearly this is going to have to

go through congressional scrutiny and also the various governmental agencies. tsa is going to have to look at this along with the fbi and other organizations, government organizations that have the expertise are going to have to be brought in, and we're going to have to find the political will, it would seem, to give up a whole bit of freedom. >> at the end of the day, isn't it always about probabilities and they say, if it comes to expenditure, hey, the probability is low. >> that's certainly a legitimate argument. obviously the costs are immense. certainly things like bomb sniffing dog teams are something we could use. s of thought could tank months and years to change. we'll see a lot more when it

comes comes to profiling. we're going to see -- like it or not, we're going to be moving in those directions. your point, but we don't want to react. of course, that's what terrorists want us to do is live in fear and turn against our friendly muslim neighbors. >> because then arguably it gives them more advise. alan, we'll leave it there. alan diehl, former faa and ntsb investigator. later wheel be discussing the events in brussels and what needs to change as far as security. we'll be right back here with "squawk on the street." i think i'll pass... quicksilver from capital one puts nothing in your way. you simply earn unlimited 1.5% cash back on every purchase, everywhere. you can't dodge the question...

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welcome back. as you can see there, the best performing s&p 500 sector is in the green. among the names leading those consumer, stains tire. kimberly-clark, dr pepper all up by a% or so. staples were yesterday's biggest lag ards but is one of the 70 up by about 4%. the dev dend named payers, sara, continue to be a focus at least in this year's trade. back to you. >> it says a lot about the environment. thank you, dom. toyota is putting more muscle behind the prius brand. phil lebeau is with us from the auto show. phil. >> reporter: the new one is called the prius prime. here's the head of the north

america division talking about why they believe the prius still has legs and can grow sales. >> this is a vehicle that can go 22 miles on all electric, have an overall 600-mile range vehicle. so it's the most advanced prius we've ever built. >> you're coming out with this at a time when gas prices remain very cheap and it brings into question. is there a demand out there for hybrids? >> i think there definitely is. we've got 13 hybrids in the marketplace. hybrid owners are very loyal to hybrid. it's going to assist with those drivers today. if you look at the price of gas, i'm in texas. it with us down to $1.39. it's up to $1.89. we all know it's going to fluctuate. >> what about the refresh model? >> it's hitting dealerships now.

you're right. wi saw prices decline. fuel prices are a part of that. in the case with us, we're 60% in the marketplace. prius was five years old. i think that has a lot to do with it. >> how worried are you about leasing right now? >> i think the key could be what we're doing with the cars going back in. if we can aggressively sell the leased cars coming back in and reduce any losses on residuals, i'm not concerned. i think overall we're in a good place. lexus is in the 50%. toyota in the mid-30s. >> you know with the rising interest rate that there are a lot of skeptics saying you can't do this, not just with you as toyota but all the models coming off a lease. >> it depends how robust of a resale program you have. everyone has seen this trouble coming out.

we have great programs. i think we'll okay. >> final question. >> in the last six years we've grown over a million units a year. this year i think there may be some growth, but not very much. so i think around 17.5 is where we were last year. that's about the number. >> jim lentz, head of toyota north america talking earlier about the state of the market and the new prius prime, which, by the way, guys, goes on sale this fall. the lincoln navigator making a lot of news with the gold wing doors. suvs are the star of the show this year, right? >> luxuries and suvs, really, that is the story at the new york auto show. luxury is always part of the luxury show because you have wall street, large salaries. this is the prime market for luxury. but getting back to the navigator concept, those doors are getting a lot of attention.

people have tweeted me, texted me, stopped me and said, wouldn't that be a great if they could do this in reality? that's probably not going to happen. it looks great on the show stand and the step going up to it would be fantastic. we're never going to see that being made. >> okay, phil. thank you very much. phil lebeau for us. straight ahead, president obama will speak live in argentina, and house speaker paul ryan will deliver an address on the state of american politics. we're back after this quick break.

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some news that might interest you. >> the shares are up by 10% right now. they were up 12% prior to a trading halt. this on bloomberg headlines that they could possibly be exploring a sale of the company after receiving some interest from parties. again, this is per a bloomberg report citing sources. they're also said to be working with a financial adviser. the story goes on that it could include a full or partial sale. i will note, also, carl, that we

have reached out to virgin america for a comment. we have not received one. as you can see there, virgin american shares up by 10% on the headlines, carl. back over to off the top of my head i think delta is the partner for them on the transatlantic flights for virgin atlantic i think i'm right in saying so i don't know whether they would be strengthening that relationship or going elsewhere. >> it's interesting because it also about the roots. it's all about whether or not it could be a potential full sale because it could have a hurdle. but we know a lot of these airlines trade these routes as part of their asset classes so an interesting development here.

we'll wait and see if this has any legs to it but it is moving the stock right now and that's something to keep an eye on. >> and shareholders have been trying to get out. some of the shareholders inevitably. it may be more about looking for a sale than having people come toward you. but we'll wait and see. >> thank you a lot of news in the airlines space. >> good morning. they now believe two of the suicide bombers in these attacks, one at the airport and one at the metro are brothers. it's clear that what authorities believe were used were suitcase bombs. these are much bigger bombs and it looks like that from the pictures we have seen from the

explosion at the airport and at the metro. most importantly a man they say they do not know the name of are not releasing the name because there are fears that a previous publicity, particularly when they arrested a suspect in the paris attack a few days ago may have urged these people to carrie out an attack they were ready for but not ready to carry out so quickly. >> on the streets of brussels. he's a senior correspondent at reuters again from brussels who is editing the news as it comes from various sources.

this is a very busy day from you. what can you add? i know the police also apparently found a will from one of the suspects they found it written on the come suitor and was near the two militants. in terms of the two brothers that are mentioned and they were known for and have been convicted of violent crime and have been convicted in 2010 i think it was. for carjacking and another subsequently for shooting at police after a robbery.

that said, there's an interpoll notice on one of the brothers. one who blew himself up in the brussels metro saying he was being sought for unspecified terrorist related charges which will reinforce the criticism that they were not tracking what's happening in that area of brussels as well as they might have done. >> one is why there's the third bomb at the airport and we're getting a lot of information about why there's a third bomb at the airport that was undetonated and obviously what happened to that fugitive and a taxi driver was able to lead police back to the address where they found 150 liters of one of the explosive gases.

>> well, to take the suitcase that blew up i spoke to a witness at a hotel right next to the airport and he said that they were told basically to move but this is about 2:00 yesterday. they were told to move babck an afterwards there was a bang so it suggests there was a relatively controlled explosion off of that device and also reports that they were looking for a van and there was an implication from that that they were planning to take. you mentioned there were more explosives and material found in the flat and could have brought more of that to the airport and what went off was a relative limited amount of the potential.

>> interesting. >> kind of argues against the complexity of the planning there. phillip, i know you have to get back to work. we'll leave you to it. thank you for your time senior editor in brussels. >> and we'll have continuing coverage of the attacks in belgium with the latest updates right after this break when squawk alley picks it up. ohh ah ah aflac! aaaaf-lac! ta-daa! he's not a very good magician. he paid my claim in just one day. one day?! shh! how does he do it? in just one day, we process, approve and pay. one day pay, only from aflac.

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>> we take you to washington d.c. this morning. speaker paul ryan expected to deliver an address on the state of american politics. everyone tuned to all the speakers remarks as it relates to the republican presidential race. as though residence marks happen we'll bring you there live. meanwhile the first lady is in argentina. she is speaking at an event called let girls learn and around 11:45 a.m. eastern time the president will hold a press availability as the presidents tour of latin america and cuba continu continues. dow is down about 27 points.

volume remains light going into a long holiday weekend and we're continuing to watch developments out of brussels. good to have you back. >> thanks. good to be back. >> but let's get you up to speed and with that we turn to sue. >> here's the latest at this hour. investigators found 33 pounds of tatp explosives at the house from which the suspects in the brussels attacks left for the airport. a cab driver that drove the suspects to the airport lead authorities to that house. by sanders were helping before the wounded at the scene. vice president joe biden visited the belgian embas i