good afternoon, everyone welcome to "power lunch. along with frank holland, i'm tyler matheson it is margin call mania. massive block trades causing havoc across the market but are there buying opportunities amidst the volatility and the madness? plus, the "ever given" finally free after blocking a

major shipping route and later, impending doom. as states reopen and more people are traveling the cdc director is out with an emotional warning about another covid surge. we're going to hear from president biden on the covid topic later this hour. "power lunch" starts right now welcome to "power lunch. i'm frank holland with tyler matheson the dow and the s&p positive now on track for a shird consecutive day of gains despite the fallout. dom chu is looking at the stocks on the move. >> what an ecosystem it is it's a little bit of everything from different parts of the market here. overall affecting what's happening with trading but there are some sentiment gauges playing out more specifically tied to industries in part of this particular move

the names that have been partly liquidated tencent music is up on the day and taken the weakness as a buying opportunity discovery and viacom, a huge focus, huge hits now discovery up on the day and viacom down about 5% and credit suisse a bank possibly with risk to the trade that's playing out there take a look at the charts for viacom specifically because it was $101.90 at the peak over here it is now lost roughly 55% from that intraday peak that's where we stand right now for viacomcbs for an idea of how deep and big the move was to the downside and the chinese internet type stocks because many were part of the liquidation reported

tencent, baidu, 30% to 40% drops so maybe some opportunities there. tencent music is using this to buy back a billion dollars of their own stock and one more thing to kind of keep in mind. if you look at the overall trade, this particular etf is down about 1.5% but still over the last year, 135% rise in this particular etf now down to a 30% fall from there. whether or not there are buying opportunities, frank, tyler, it remains to be seen but this is a gauge. back over to you. >> thank you. for more on what caused the firm to blow up let's bring in leslie picker. risky business here. >> hey, yeah

risky business is the name of the story really bill wong was practically an unknown entity up until this weekend and now the towering risk tolerance has caught the ire of regulators and maybe partially responsible for billions of dollars of losses at very large banks he is the face behind archegos capital. when the market turned against him he faced a multitude of margin calls causing the banks to sell his assets wong has-- hwang has not return my calls he worked with at least six prime brokers, none of whom had a full picture of his exposure

according to people with knowledge of the matter. credit suisse and nomura said they face material losses. others has been telling investors it sold $15 billion worth of blocks in the last few days and no more blocks and not incured significant losses as a result of the transactions according to a person with knowledge of the matter, guys. >> leslie, i think the question is are there more banks, more institutions with exposure to the situation? >> i think that is the key question so we know that they've worked with archegos of six prime brokers, the banks that face the most exposure thee rhett cli wells fargo has been out in the market offering a block trade of viacomcbs and unclear. they're not one of the broker

that is we know of working with archegos we don't know if they're doing that on behalf of some other fund and not clear that's anything to be concerned about that said, my point in even bringing that up is this idea that there are long tentacles in the market and it is unclear exactly how they're interconnected at this point there's a lot of activity going on a lot of moving parts. and so we're keeping an eye on it and will keep you updated. >> we are sure that you will leslie picker reporting, we appreciate it. let's get more insight from a viacom shareholder and an analyst. david katz with matrix asset advisers and dave kornos he has a buy rating of viacom

and will talk about that but let's begin with david katz who's been an owner of viacom. we focus there for now you had been selling it before all of this kerfuffle broke out. why were you selling it? >> so we had been an owner of viacom and love the business and think they have a very good product in terms of streaming and thought the business worth from 70 to 90. as it ran up this year we were scaling back the position and completed the sale probably two weeks ago in the mid-90s. again we sold it and said we don't understand why the stock is up at this price. it's a very good business but if it ever came back we'd look at it again when the stock fell in and a half we initiated the positions and if you have a 6 to 9-month time horizon they have a very good management team

the secondary at 85 made sense we think it will be back when the dust settles so if you have that time horizon we would take advantage of this panic selloff. >> i'll turn to dan in a moment but, david, you have no trouble with the business. this selloff in this stock so far as you can tell is traceable back to the hedge fund to liquidate the most liquid holdings to meet margin requirements >> without any question. the company gave an update in the last four weeks with a rollout of the paramount plus and did a secondary a week ago so we're very confident that this is a solid business and the fact that discovery gone down lockstep with viacom means it's a trade on that particular sector rather than anything

that's viacom specific. >> this is frank a lot of talk about the companies and the streaming offerings. any thoughts how the stimulus going out to impact not only streaming for consumers, will they buy more streaming offerings? how will it impact ad buying on the services >> yeah look that's been part of the core thesis here. people underestimate the impact of stimulus on the economy and advertising. we think that the back half of this year and into 2022 are going to see fant outperformance especially on core and been a narrative going on that all the dollars are shifting to connected tv, digital. we actually think going back to viacom here that their core business on advertising is going to outperform this quarter, the rest of the year i think that will drive a bunch of free cash flow for them as it relates to buying s-5 products, if you give the consumer $5,000 that they didn't

have in the pocket yesterday and say, here, are you willing to pay $4.99 for another service, that's something to kick the can down the road and say, yeah, absolutely i want more content. i think that the stimulus is actually going to have a very big follow-on effect of fundamentals with both streaming and advertising over this year and next. >> dan, for reasons that maybe unique to the portfolio and the strategy, david was selling the stock as it got up very high you have a price target of 120 on it. so your price target is his discomfort point explain why you think this stock can go that high and how soon do you think it can >> if we think that viacom can do $5 billion in streaming revenue by next year which i think is light, and then, we get into some of the weeds here. there are people to disagree with the statement because they own pluto which is a large

component of it but if you putt a 7 times revenue multiple on that, you can justify the entire enterprise value of viacomcbs today with no value attributed to the core legacy business ef ef effectively. with that consideration, people are underestimating the legacy core business. people are overstating the declining in the licensing business near to medium term and can be a modest grower affiliate and we acknowledge the challenges in the cable space but affiliate because of reverse and retrans can be a glower and the ice cube is not melting as fast as people think and that cash flow reinvested into the business and then especially with the raise now which is only reallidy lutded to eps you have

a good run way to justify. >> all right thank you very much, gentlemen we appreciate your time. >> thank you. still ahead, the evergreen ship, freed from the suez canal, still major effects for the supply chain and we have the details. what a story that has been. new york one step closer to legalizing cannabis and canadian companies are ramping un we'll talk to the skroceo of au cannabis after this break. ♪ ♪ we made usaa insurance for veterans like martin. when a hailstorm hit, he needed his insurance to get it done right, right away.

usaa. what you're made of, we're made for. usaa

welcome back to "power lunch. canadian cannabis stocks well off the highs. even though more than more u.s. states on the path to legalization new york a latest state on the track to legalize recreational use. for more i'm joined by the ceo of aurora cannabis thank you for being here. >> thank you. >> cannabis could be legalized by the end of 2022

that's a $4.5 million legal market to this space seeing a $4.5 billion market open up, what could that mean to your company and producers >> it is significant we had five states in the last election pass cannabis legislation. virginia passing and new york which is a huge market clearly we think the canadian lps will be influential in these markets and allowing them to start to participate i think the long history of come ploons and regulatory alignment in the canadian market, the lar largest federally legal market sets up well to come into the cust. >> you look forward to participate in legal u.s. markets but the u.s. producers are already set up and if you

have a medical dispensary you are thought to be first in loon to get an adult use license. >> i think they have some advantages but the canadian lps and in particular aurora we have products in over 13 countries, germany and israel and netherlands that have high compliance standards and the history in canada gives us a leg up it is also the gentlemen nettings and science to adhere to i think we will have significant advantages and while i respect what the msos are doing they don't oriperate in a federally regulated area. >> cannabis stocks were soaring but with that new york news a huge market, haven't seen the same reaction. your stock down about 5% other canadian producers down that much or more.

what do you think investors are missing that you are seeing? >> investors are missing that this is early days i expect the administration to put through comprehensive legislation. we are in 13 countries we have been very successful we have the number one medical business in canada, growing international business and up over 500% year over year so investors take time and want to see quarter over quarter but clearly looking at the global trends on cannabis there's a huge tail wind, whether that's in europe, israel or the u.s. as we speak about today. >> how would you characterize your recreational sales in canada is there anything that can be inferred from that in the u.s. market >> great question. the canada rec business is two years in in this quarter we have seen if

provinces pull back and i give them credit trying to work through. covid clearly continues to be an impact in that rec business and why being diversified is most important. with margins in the low 60s versus half that in the rec business the real story of the companies that will be successful will have a diversified business, from a medical and recreational standpoint. >> what are you going to do to make sure that underaged people, ofly you are not the retailer, the end delivery point i guess, but what do you do to make sure that children are not using the substance? >> having spent almost my 25 years of career in regulated product i work through age

compliant products and i give the canadian government credit for how they do that this is adult oriented product so i think there's a tried and true methodology that we have seen in other products and we'll follow that to a "t. spoernlts and compliance are the most important things in moving the products into the mainstream. >> i got to ask you about consumer package good and cannabis 50% of everybody's sales are flower or prerolls where do you see that leap happening where more people depend on a consumer package good >> i think first and foremost we are bullish on the good work of the fda and federal government around cbd and seeing a regulatory pathway for companies on cbd, cba that brings in

companies that maybe are not there yet on thc and seeing good work on thc find its way into leverages and concentrates, those have a greater up take and much more approachable. >> thank you for being here. >> thank you for having us. still ahead, energy prices sinking after the ship in the suez canal is freed but how long will the impact persist? plus, ceos more and more worried about state sponsored cyber attacks. a top analyst of which cyber stocks reap the benefits of bigger defense spending against the cyber threat more "power lunch" after this. at at vital vaccines. at emerson, our software is shepherding medicines through every step of the cold chain, helping track conditions to keep each dose safe and effective. emerson. consider it solved.

in peytonville, there's lots of ways to save on auto insurance. really? to keep each dose safe and effective. yeah. very proud of that. with smartride® from nationwide, they can get discounts for safe driving. does she get one? mrs. carmichael? safest driver in peytonville. takes a lot of work and effort to be the safest driver in peytonville. what about this guy? with nationwide smartmiles®, the less he drives, the less he pays. the list of inspiring stories goes on and on. i bet. i've never seen anyone do more with their retirement... ♪♪ ...than you. i... concur. with a bang, energy and change came to every part of our universe. seismic or small, it continues. change is all around us.

shaped by technology and human ingenuity, we can make it work for you and your business. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight.

thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪ welcome back oil turning higher let's go to dock chu at the cnbc commodity desk. >> right now those u.s. benchmark west texas intermediate $61.46. a gain there near the highs of the session.

world benchmark crude a gain there. prices were lower earlier in reaction to the unblocking of that massive cargo ship. toward session highs over the last seven trading sessions prices have been range bound. $57 on the low end $62 on the high end. oil markets are likely going to be going back towards fundamental drivers with supply serps, demand concerns out of europe and those coming back into play now that the near term catalyst is cleared back over to you. >> dom, thank you very much. "ever given" finally freed but the backlog it caused is going to take a long time to work through. cnbc's dan murray joins us by phone live from egypt. what's happening there now the ship is free is traffic moving to your

knowledge through the suez >> hey what a day and what a story. this was a moment of celebration in egypt the "ever given" you can stuck today and effectively reopening a critical trade waterway. we have the good news this morning, tugs and dredges working day and night along the weekend to free this mega tanker and the cargo but the fortune of the high tide, full moon and a lot of engineering prowess saved the day here with the traffic, though, this is a big question going forward. that is rights saying traffic is set to resume in both directions but this disruption is not over. about 400 ships are waiting to pass and annalysts say the

backlog could take ten days to clear and we have heard from insiders say this disrupg to global shipping could take weeks or months to unravel ultimately with the crisis in the suez resulting in the hold-up of $9 billion a day in global trade we have seen the longest shutdown in the canal for almost a decade. so a lot to unpack there but in terms of right now "ever given" with safety checks and an investigation is now under way into how this ship ran aground and how to avoid it happening again in the future. back over to you. >> quick follow up there are some ships that have gone around the south africa and gone that way. there are going to be log jams at ports once this traffic begins to flow again because the

scheduling must be all bolluxed up. >> what's interesting to hear is what sued canal authorities have to say about how quickly that backlog can be processed as i mentioned about 400 ships still waiting to pass through but it could take days or weeks to get through them and then you're right the ships that bypassed the long, more expensive way around africa are hitting ports creating future bottlenecks and that's why it's important to watch the headlines on the disruption to look like moving forward. >> dan murphy, thank you very much, reporting from the clogged part of the world. hack is down 5% this year as we learn details about massive cyber attacks.

the way to play the sector if you think that the fears are not gog ayinaw some say this is my greatest challenge ever. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;) walter, did you know geico could save you hundreds on car insurance and a whole lot more? so what are you waiting for? world's strongest man martins licis to help you break down boxes? arrrggh! what am i gonna do to you box? let me “break it down” for you... arrgggh! you're going down! down to the recycling center! >>hey, thanks martins! yeah, you're welcome.

geico. switch today and see all the ways you could save. - [narrator] at southern new hampshire university, >>hey, thanks martins! we're committed to making college more affordable. that's why we're keeping our tuition the same through the year 2021. - [student] i knew snhu was the place for me when i saw how affordable it was. - [narrator] find your degree at snhu.edu.

my fellow americans, look at what we have done in the past

ten weeks. no other country's come close. 100 million shots in less than 60 days and now we are moving to the next 100 million shots in just 40 days you heard me say many times before the progress on vaccination is a stunning example there's nothing, nothing this country cannot do if we put our minds together and do it together. i have also said i'll always give it to you straight, straight from the shoulder hour work is far from over the war against covid-19 is far from won this is deadly serious we share the sentiment of the doctor, the head of the center for disease control and prevention the cdc expressed earlier today this is not a time to lessen our efforts. that's what she said we could still see a set back in the vaccination program. and most importantly, if we let

our guard down now we could see a virus getting worse, not better you know, as many people as we vaccinated we still have more americans left to go we will administer more shots in march than any country on earth but we have to give more in april than in march and because in a life and death race with a virus spreading quickly with cases rising again, new variants are spreading and sadly some of the reckless behavior we have seen means that more new cases are coming in the weeks ahead. with vaccines there's hope which is very good thing to state the obvious. but people are letting up on precautions. which is a very bad thing. look to the point cases have fallen two thirds since i took office

deaths have also fallen two thirds but now cases are going back up. some states deaths are, as well. you know, we're giving up hard fought gains and as much as we're doing, america, it is time to do even more. all of us have to do our part. every one of us. so let me start here first. this week thanks to my administration's intensive work with vaccine manufacturers and distribution efforts the amount of vaccines available for vaccination sites will be a new record 33 million doses of vaccine this week by getting more vaccine supply to states, community health centers and pharmacies we can vaccinate the highest risk americans more quickly than we already are. and then, we make it important to up supplies for all adults

and try to beat the renewed spread of this virus vultd i'm also pleased to announce we are on track this week just ten weeks after i became president to achieve nearly 75% of americans over 65 c can get at least one vaccination shot it's going to 75%. that's a lot of grandparents that can safely hug their grandchildren. and with the supply, we're releasing this week, just this week alone, there are more doses of the vaccine available for seen yores this week than any week thus far. so, seniors, please, if you have not gotten your shot yet get it this week. second, i'm reiterating my call for every mayor, governor and

local leader to reinstate the mask mandate please this is not politics reinstate the mandate if you let it down. and businesses should require masks, as well the failure to take this virus seriously, precisely what got us in the mess in the first place, risks more cases and more deaths look as i do my part to accelerate the distribution i need the american people to do their part mask up. mask up. it's a patriotic duty. it's the only way we ever get back to normal to cheer together in stadiums full of fans to gather together again on holiday just go to graduations, weddings third, i announced on march 11 i direct every state, territory

and tribe to open up the vaccinations to all adults no later than may 1 i issued that order because moving beyond priority groups is critical to having a july 4th that's closer to normal. i want this come as quickly as possible i want to thank the governors, democrats and republicans, who have responded to this directive. in fact, the vast majority of governors have set open access dates earlier than the deadline of may 1 but in this case guesagainst th rapidly spreading virus we need to go faster so make it easier to get vaccinated as the supply grows and vaccination eligibility expands, i'm directing my covid team to ensure there is a vaccine site within five miles of 90% of all americans by april 19th.

look we are going to do this. by growing from having 17,000 pharmacies giving out vaccination shots to nearly 40,000 pharmacies doing it within the next 3 weeks. that will more than double the number of pharmacies to get vaccinated in the next three weeks we'll add 12 more federally run mass vaccination sites. every day at these sides tens of thousands of people are able to drive up, get a vaccine shot in the car and leave in less than an hour and over 60% of the shots girn goes to minority communities because they're in minority communities they're most affected by the vaccine and also by the pandemic we are going to send more aid to states to expand the opening in

more community vaccination sites. more vaccines. more sites more vaccinators all designed to speed our critical work. we also need to make it easier for those who want shots to get vaccinated this is also where we're focused on the seniors most immediately. while we have made incredible progress in starting to vaccinate nearly three quarters of the seniors and now putting vaccination sites within five miles of 90% of all americans, that's still not enough as far as we're concerned we know that there are a number of seniors and people with disabilities who may be isolated and lack of access to transportation and there are community groups that can help. they try to help now so our fourth announcement today is i'm sending out millions of dollars through the department

of the health and human services for assistance including transportation so more vulnerable seniors and people with disabilities can get their shots because they get help to get there to get the shot. neighbors helping neighbors. what a truly american effort we cannot let transportation be a barrier to any senior getting a vaccination. and so, where does this put us we are making progress on vaccinations but cases are rising and the virus is spreading in too many places still. that's why today i'm taking these steps to make our american turnaround story, our vaccination program mover even faster thanks to all the work we have done these last ten weeks, the added steps with them i'm pleased to announce that at least 90% of all adults in this country will be eligible to be

vaccinated by april 19, just three weeks from now because we have the vaccines for the -- >> going to dip away from president biden who is talking about some accomplishments in the fight against the covid virus but also some anew hurdle he expects to help fight that virus. let's turn to mega tirrell talking about getting 90% of americans vaccinated by mid-april, an expansion of sites, more than doubling of pharmacies where the vaccine will be available. and sites within five miles of 90% of the population. meg? >> yes, tyler. making sure that people have access to places to get vaccinated and pointing out that states are responding to the call to make all adults eligible by may 1st

this, of course, comes after we heard the cdc director this morning and dr. fauci warning we were in precarious position biden saying due to the reckless behavior we have been seeing on tv in the past weeks, her's the cdc director this morning. >> i'm going to pause here and lose the script and reflect on the feeling i have of impending doom we have so much to look forward to so much promise and potential of where we are and so much reason for hope but right now i'm scared >> the doctor saying this morning that travel right now in the country is at levels higher than any time before the pandemic exceeding what we saw around christmas, thanksgiving and new year's and the data from the tsa bears that out air traffic is steadily

increasing and seems what biden is referring to is spring break and the doctor warned that often what we see the behavior's happening now and reflected in case numbers in a couple weeks and worried about a new surge. frank? >> this week the -- the passover holidays as well as easter, people will be gathering and people in the cdc and the president worried that people are letting the guard down thank you very much. frank? boeing shares are higher the company with an order from southwest for 100 737 max planes the stock is long way off the record highs the traders weigh in on boeing next on "power lunch."

hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they need.

welcome back check out boeing shares rallying today after southwest announced 100 firm orders of the 737 max jet with the option for more that model involved in two fatal crashes that grounded the jets more than a year before being deemed to safe to fly again. how do you trade this stock? thanks for being here. >> thank you. >> of course. >> some big news for southwest and for boeing today how do you play it >> look. southwest is probably -- they're the largest operator of boeing planes and chose to order the boeing planes rather than airbus

is like finding out your boyfriend decided not to dump you but it is a real reiteration that they feel safe and resumed deliveries of the 787 which is the larger plane and good news for the stock and quite frankly for the travel industry. >> a lot of relationships breaking up in the pandemic and might not be that easy technically how do you look at this trade >> technically, the charts are bullish. we recommend buying the stock and we think it can be traded higher as long as it's above $230 and here's how i get to that level first, let's look at a two-year chart of boeing. we can see it stair stepping higher since that climatic march 2020 low and $230 is an important level in recent months that was the june last summer's june peak. stock peaked there again in

december and then finally broke through in march more recently coming back and testing that breakout point very often former resistance is support and we think that is happening in anticipation of a move to $325 that's really the next formidable resistance level and where the stock started to gap lower in the covid collapse. we like it. >> thank you so much for being here for more trading nation head to our web side or follow us on twitter. tyler? coming up, we are looking at the one thing causing cleepless nights for ceos. we'll tell you what it is. stay with us >> and now, the latest from trading nation.cnbc.com and a word from our sponsor. >> generally speaking a strong dollar is good for the economy that doesn't mean that all companies are going to benefit

equally. in fact, company that is do a lot of business abroad and those that are in manufacturing tend to be more vulnerable to a strong dollar. so if you believe the dollar is going higher you might want to check your exposure to these companies. we see increased efficiency connected to more comfortable homes. emerson's energy star™ certified sensi™ smart thermostat uses geofencing to simplify how homeowners manage comfort and costs. emerson. consider it solved.

some say this is my greatest challenge ever. how homeowners manage comfort and costs. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;)

welcome back to power lunch. of cyberattacks are a huge headaches for every company but an attack by a foreign country could be many times worse. the russian government was behind the solarwinds hack let's bring in eamon javers with much more. >> we're seeing this shift in the way that technology executives perceive threats in cyberspace and it mirrors what we've seen going on in the news that you were just talking about in terms of solarwind. according to the executive council survey, concerns about state-sponsored ed cyber threas remain high. more than 50% said that's the most dangerous to their organization that's up from last year so you can see that spike and the high elevation of their concerns. but despite all that, the tech

executives said their own organization is doing just fine. 73% said their companies are better protected against cyberattacks now than they were a year ago we also asked them how they think the government is doing in responding to the solarwinds hack almost half said average 23% said poor. 0% said it was excellent so this is not a group that's been inspired by what it's seen coming out from uncle sam. this survey is a snapshot of what the industry is thinking. 31 members responded all high-ranking tech officers in their company, frank, so you get a sense of where the anxiety is now it's really about this state-sponsored situation. how do you contend against russia or china if you're sitting in the c-suite. >> how would you rank one

company's response to it today the stock is up about 2%. >> that tells you that cyberattacks are survivable. the stock price can still get out. molson coors gets a lot of credit for announcing what had happened to them here. there's a lot of speculation that this was a ransomware attack and molson coors said it interrupted some of their operations and they had some real difficulty with this but they were able to turn it around and they have made significant progress we still don't know who done it and don't know exactly what type of attack this was and what all of the ramifications are but molson coors one of the rare companies that's willing to go public with this and say what happened and what they're doing about it that may just simply be because the damage was so great that they had to put something out to explain why their operations were being impacted. but ultimately they put out a statement, they gave us some information. reporters like me are a little

more curious and want more detail about who did this thing, was this ransomware and what were the specifics, but a lot of companies not putting any information out at all, frank. >> aeamon javers with the latest from washington. tyler. the dow holding on to worries this afternoon after stocks were dragged down this morning. we'll have more on the markets coming up. join us wednesday night at 8:00 p.m. for a special cnbc broadcast, "race and opportunity in america"focusing on the economic and social challenges 'lbeigsi arins wel rht back. ♪ cisco. the bridge to possible.

♪ i wish that i knew what i know now ♪ ♪ when i was younger ♪ you need a financial plan that fits the way you want to live in retirement. a plan that can help grow and protect your money. now or in the future. with an annuity in your plan to help cover essential expenses, you can live the retirement you want. the right financial professional can show you how. this is what an annuity can do. ♪ ♪ if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades.

for smarter trading decisions, get decision tech from fidelity. diane retired and opened that pottery studio. how did you come up withcisions, all these backstories? i got help from a pro. my financial professional explained to me all the ways nationwide can help protect financial futures in peytonville. nationwide can help the greens get lifetime income because their son kyle is moving back home and could help set up a financial plan for mrs. garcia. and he explained how nationwide can help mr. paisley retire early and spend more time with his pal, peyton. and their new band. exactly! yeah. don't forget the band. i haven't.

well, let's run you through the markets on what has been a bit of a choppy or maybe a better word is tentative day the dow industrials are up by about 0.2 of 1% but the real news is being made by the russell 2000, which is now down almost 3%. we should also point out that the 10-year yield has broken above 1.7%, it is at 1.72. that may be partly the reason why the russell, those smaller stocks are down as much as they are. frank. >> speaking of those bond yields, as you mentioned, up above 1.7% we're seeing the nasdaq down today. what's up is bitcoin shares up more than 4.5% bitcoin often see as a hedge against those rising bond yields and of course responding to the nasdaq declining at times.

back over to you. >> and we see oil moving a little bit higher, perhaps in relation to the backlogs in the suez canal or other things that are going on, but happily that ship, the ever given, has been freed in the suez canal and bottlenecks will start to abate we should hope frank. >> thank you for watching "power lunch. "closing bell" starts right now. >> it certainly sdchlt welcome to "the closing bell." i'm wilfred frost along with morgan brennan in for sara stocks are off to a cautious start to the week as details emerge of a margin call episode. credit suisse is getting slammed while the major averages are mixed with the russell seeing the biggest declines let's look at what's driving the action yields moving higher with the 10-year back above 1.7%. shares of boeing are leading the dow after southwest agreed