here is the top five at 5:00 another takedown stocks take a hit as inflation fears begin to rock the market. it is happening around the world. asia and europe hit as one major index is snapping an eight-month win streak with the worst month since the crisis. and let the fluel flow a number of stations are without

gas. harold hamm weighs in and calls it a terror attack. bitcoin bust elon musk shocking the cryptocurrency making a turn on bitcoin and wiped billions off the market and in it to win it in ohio. a multimillion dollar plan the governor is laying out to boost vaccination rates. it is thursday, may 13th this is "worldwide exchange. good morning, good afternoon, good evening. welcome from wherever in the world you may be watching. i'm brian sullivan thanks for joining us here on "worldwide exchange. the markets and your money are the story once again this after the dow well nearly 700 points almost 2% on the wild wednesday. the nasdaq dropped more than 2.5% i'm sorry to say, it looks like it will not get better today

futures right now are down big again. dow futures down 180 points. nasdaq futures off 35. don't need to tell you, but we will yesterday was a tough day for investors. trading volume was huge. nearly double the monthly average. wow. look at that nasdaq is now down three sessions in a row. big tech stocks slammed. much of it was due to something we talked about months ago gamma hedge position they have to be adjusted because of mass price swings that could add to the voluatilityvolatilit. one reason the vix has spiked. small caps got smaller russell 2000 losing over 3% on wednesday. it is not just options moves bonds and inflation data is a big reason for the stock moves

inflation running the hottest its been since 1980. remember, inflation scares the market and because, in part, it is a fear the fed has to put the brakes on the push to grow the economy by either raising rates, slowing bond buying or both. it is another key read that is out with inflation today on producer prices that can calm or worry the market more. that number out at 8:30 a.m. eastern time around the world, asia following our lead on the way down red across the board in asia look at that europe just getting started as well in a similar story 1.5% to 2% drops there joumanna bercetche in the london newsroom with the early trade. what is driving that action? joumanna, not a pretty morning for investors. >> reporter: indeed not, brian let me take you to the action.

shanghai in china relative out performance down 1%. big for hong kong and hang seng. alibaba is reporting the nikkei is down 2.5%. the four-month low big losses for soft bank down 8% despite the bumper earnings one index in particular in asia. that is the taiwanese index. this is the etf that tracks the index. down 6% in trading down 12% for the month of may alone. the index is in correction territory. of course, weighed down by semiconductor concerns as well as another wave of covid over in europe, i have to tell you the picture is not that good ftse down 2% strong declines led by resources and the commodities which had

done well in the beginning of the week and now pairing back the gains. and burberry is down xetra dax is down 1.5% here the decline in auto a selling in that space. bmw down 4.5%. brian, the selling over here is broad based with every single sector trading in the red this morning. >> it's been many a day since we have seen all major indexes down joumanna, thank you very much. staying with the market and your money delano saporu is a cnbc contributor antd tkicks off our coverage delano, last friday, a couple of trading days ago, we were

talking about new highs and we hadn't seen a 1% drop in almost two months shame on us for saying that. maybe we jinxed it what do you think has changed so much in just a matter of days? >> brian, thanks for having me on you mentioned it earlier the inflation fears. that was the biggest thing that gave jitters to the market yesterday and the selloff was significant for that day we hadn't seen that for a bit. i think going forward today and tomorrow, the biggest things we want to watch for the market is what happens is telling as far as the investor sentiment is looking. the big thing is looking at the inflation data it sent jitters through investors. >> yeah, it has been a shocking turn around in 72 hours. we get the producer price index

at at 8:30 a.m. the indication is the federal reserve will not raise interest rates before 2023. skipping all of next year. do you think there is a chance the fed will have to raise rates before that? >> i think the fed maintained this is transitory we will see things taper off as far as the inflation and price increases. i think they will stick with that mandate i feel like the markets which relied on the fed in our government to really set the tone a lot of times. that is the biggest thing with investors getting confident back on a long trend again. that's going to be the biggest thing for investors. i thought we would have more cyclicals. there was nowhere to hide in the market yesterday energy was the only way you see

some up side crypto markets were battered with different things and tweets i think investors need some confidence and the fed has been able to provide that in the past >> i love investors. i love our audience. i'll take a little shot at them right now. they may not like it at 5:10 a.m., delano everywhere in our lives, we look for discounts. can i hag the haggle down the pf the car? everywhere but the stock market. i understand it is painful, but a lot of red when you look at the portfolio online on paper, i'm down this. don't we want these cooling off periods? don't we want valuations to get tweaked to reasonable levels don't we want to buy at a discount >> brian, i agree with you i know you had a guest that

talked about the boomer in terms of bubbles and announcing we're in a bubble. as you mentioned in march and april, we were up 5.4% and s&p up 4% respectively there is opportunity for investors to say we cooled off a bit. sometimes it is not always that. you talk about the growth flying high this is the opportunity to look at different areas with the valuation which is better and sweeter he y you can jump in there for the long term. >> where are the investors right now, delano? >> areas with high conviction for them roku >> we will we will. roku delano saporu, thank you

when we come back, the very latest on the colonial pipeline and what billionaire energy investor harold hamm told us about the attack. and rate risk. the road to recovery and going back to work in new york jean-yves fillion coming up. and later on, a one-on-one with governor doug burgum. why he is ending expanded unemployment benefits and going back to in-person conferences. there is a lot more to do. dow futures down 170 we are back on a thursday right tethis because you know you have a plan to pay it off. buy now, pay later, with plan it. one of the many things you can expect when you're with amex.

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look at that these are extended hours these are live pricing not yesterday. it may not get better. goldman sachs down 1.5%. it was coming off an all-time high disney, ibm, coca-cola all in the red this morning welcome back good thursday morning. 5:13 on the east coast let's get the latest on the colonial pipeline. the company resuming operations last night at 5:00 just because it is back on does

not mean the problems are off. colonial saying it will take several days for supplies to return to normal while colonial gets back on track, the biden administration says it is easing century-old shipping requirements to allow foreign tankers to transport fuel and gas you can take a foreign flagship and load it with gas in houston anf the according to the latest gas buddy numbers. 71% of stations in north carolina are out of gas. 52% of virginia. half in south carolina and half in georgia as well wow. while colonial may be back up and running, the cyber threat ik

side says it targeted three other companies around the world. the fbi says the threats may not be credible and claims should be treated and misleading in the wake of all of this, we spoke with billionaire energy investor and founder harold hamm at the petroleum conference >> brian, this is a prime example of how vulnerable our country is you know, we need to step up it is not just private companies. this is about consumers. they're taking the brunt of this network like this, you know, regardless of what it is, you know, it is all private

companies that run america it also effects consumers. terrorists that's what it is. we're facing terrorists here demanding extortion to delivering services. it is of national importance we shut it down this has been going on far too long. >> strong words there from harold hamm. you can find our conversation on cnbc.com probably the first in-person conference since the pandemic began. they used to say $1 and a dream. now in ohio, the governor is saying, a jab and possible jackpot. plus, elon musk's statement

that has bitcoin owners fuming ahead. dow futures down 203 we are back after this everythin. our systems fill buildings and homes with healthy, clean air. we detect and put out fires, and help people stay safe and secure inside. our innovations keep foods and lifesaving medicines cold and fresh until they reach those who need them. at carrier, we create solutions to help you build a brighter future...

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welcome back time for the big money movers. stock stories you have to know about. first up, sonos. shares soaring after the second quarter profit and raised sales outlook for the year the company believes it can work

through the semiconductor shortage and the forecast and keep giving you products next up, vroom the used car seller with a first quarter loss online sales of cars nearly doubled. gross profit per car up 14%. everybody buying a used car. vroom expects revenue to come above estimates. finally, not one stock, but a group of them. home builders. that sector has been red hot and feeling the pain this week the s&p home builder it is on pace to snap a ten-pace inn win streak

on pace for the worst week in more than a year home depot and lowe's losing 6% of value since monday. vaccine lotteries. bitcoin and for hire sign. let's get to the top trending stories. our friend, tessa brewer is here tessa, take it away. >> reporter: that is what my friends and family call me thank you. they say you have to be in it to win it in ohio, in it means a needle in the arm. jab for jackpot. from may 26th to june 23rd one adult each week who received one dose of the covid vaccine will receive a special $1 million jackpot in the state lottery draw you have a chance at a million those ages 12 to 18, starting today are eligible for a shot, they will be entered into a l lottery for a four--year

scholarship included at any state college or university. i would say give me $1 million the job listing on linkedin was posted three months ago for colonial pipeline. it looks like colonial did not find a new hire in time. after two months, elon musk says tesla will no longer accept bit y youcoin. it contributes to a greater consumption of fossil fuels. he said tesla will stop selling part of the bitcoin. that move wiped out $365 billion from the entire cryptocurrency market although, prices have stabilized since then i don't know >> you know, i first saw the stories together, tessa, i'm

proud to be in the small, but important group, i hope. i saw the stories, i thought let's combine them $1 million bonus to whoever takes the cybersecurity job at colonial then i thought, you won't need to there is nowhere to go, but up that job should be easy to fill. no matter what you do, you will look -- i almost said a different word doggone good >> it seems like a mighty challenge. the demand for cybersecurity experts high we know ransomware attacks ana and malware attacks. it seems like there is no place to go, but up. given the severity of cyber attacks, who knows it could be a big job. >> i know you are our gambling guru i'm bitter because i picked

mandaloun to win you have the preakness this weekend. medina spirit is running, correct? >> that's right. the horse is running right now, it is the favorite. i'm actually heading to maryland today for some preakness reporting tomorrow i want to talk to the gamblers about how they are feeling about medina spirit and the issue of integrity. >> contessa brewer tell charmed city we said hello. bring back bertha's mussels. contessa, thank you. >> all right >> i wonder how many people will be in the infield. on deck, a "worldwide exchange" exclusive with jean-yves fillion. his take on the fed and recovery and the ecb and the return to

the office inen w york dow futures down 178 we're back after this. urning. the world can't stop, so neither can we. because the things we make, help make the world go round. they make it cleaner, healthier, and more connected. it's what we build that keeps things moving forward. so with every turn, we'll keep building a world that works.

stocks rocked. futures down big again as everything seemed to have changed in a matter of days. we'll find out why one reason higher inflation prices coming in hot the worst since 1980 a huge part of higher prices is because of you and ywhy you

getting back on a plane is a big reason inflation is sky high we connect the dots in the morning rbi on this wednesday. this is "worldwide exchange. welcome back good thursday morning. thank you for joining us i'm brian sullivan let's get to the markets and your money they are the story again futures are not looking like we are going to have any kind of a turn around from the losses of the last few days. futures are down again not as much as they were you want bright spots. dow futures down 160 they were down 200 a couple of minutes ago. nasdaq futures not in the green. down 16. down less than half of what they were when we started at 5:00 a.m. pre-market losses over the past several hours. dow futures indicating we are likely to drop again as you see, we are a little tick

higher this morning's action coming after the dow fell 700 points. nearly 2% on a wild wednesday. nasdaq down three sessions in a row. it lost 2.5% yesterday alone big tech slammed again inflation concerns and fears of the fed and hedge funds changing option positions gamma hedging. get to know it all the reason why the market tumbled. it is the perfect storm. there is another big inflation data point out later on this morning. the producer price index at 8:30 a.m. eastern time. maybe it can help rescue the market or send it sinking further. crypto also getting hit the last couple days. down again this morning as well. let's get a quick check. we are seeing bitcoin down 13% dogecoin up 32%.

elon musk u-turn on bitcoin to buy teslas may be piling on the crypto carnage if it seems like it has been a rough week for stocks, you are right. it has look at the declines since we kicked off trading monday morning. tesla down 14% the ark innovation rte cathie wood. with that move, apple is now down 7% on the year. incredibly, only six s&p 500 stocks are higher this week. six! i can read them. peloton. ironically, peloton, which suffered a crushing recall recently of the treadmill, is the best performing stock in the

s&p 500 this week. one of the few that is higher. all right. stepping out of the markets and to the other top stories including another fatal tesla crash investigated contessa brewer is back with that >> reporter: brian, let's start with the aerospace giant which is getting faa approval for fixes to an electrical problem that issue grounded more than 100 of the 737 max jets. it is official children ages 12 to 15 can receive the pfizer covid vaccine as early as today. it comes after the cdc announces the recommendation of the and the federal aviationine. administration is investigating a crash of a tesla in southern california the model 3 slammed into the overturned semi last night the ntsb is reviewing.

brian. >> contessa brewer, thank you very much. back to the markets and the global economy bnp paribas is on fire net income up 38% from a year ago. revenue up 8.5%. the company globally did 112 billion euro in financing in the quarter. they also have 13,000 employees in the united states they run the bank of the west. we are pleased to be joined by jean-yves fillion. it is a pleasure to have you back on again. you are a long-term market participant. you are not a day-to-day trader, but you have day-to-day trading at your bank are you concerned over equities the last couple days

>> brian, first, it is a pleasure to be on the show as always you said it very well. we all know s&p was close to an all-time high. i think we just see the uncertainty. if i look at the european market where, you know, the economic rebound is lagging behind the u.s., i see the equity markets doing well and maybe there is a bit more room for up side within the next few weeks as the vaccination process seems to be going a better trend >> okay. let's stick with that, jean-yves. you have a retail bank and commercial bank and investment and trading. the u.s. is ahead of europe in vaccinations, but europe is seeing signs of life in the

economy. do you see any direct connection between economic activity and vaccination rates? >> that's a great point, brian it is early on however, data is quite promising here i would say vaccination is one of the many factors that is getting to reopening if you see a connection, there is especially in the united states where vaccination is going well 2 million to 3 million americans a day. expectation for gdp growth year-to-year, 7% in the uk, vaccination has been effective there. expectation of gdp growth is 6%. europe is lagging. v vaccination process is better. gdp growth is around 4%. i believe there is a connectivity between the two

i think time will tell >> prices running hot. inflation suddenly the word of the week hitting the equity markets here. jean-yves, you have a massive fixed income division. a lot of debate about the fed. is the federal reserve here doing too much does it need to pull back and has maybe the european central bank not doing enough? how do you see central bankers here and in europe doing their respective jobs? >> that is another excellent point. you have an excellent view of the trans atlantic dimension here the same thing it is very early on. i don't think we have seen global economies being stopped the way they were and rebounding massively the way they are today. what i can share here is, as you said, retail activity and wh

wholesale activity, without the fed intervention and government programs on both sides i don't think we would have benefitted from the markets and in europe and it has been a massive stabilizer for cap term markets. is there going to be a need for adjustment going forward possibly i think the central banks, brian, are equipped to adapt and adjust and monitor any of the exits by the commodity prices. >> we just talked about in the intro. 112 billion euro in financing across the bnp family globally with we we are focused on the united states the global expansion, jean-yves.

is it global do you feel the world is set to boom post pandemic as well or is it really a u.s. and maybe slightly european phenomenon >> i think it is pretty clear the u.s. is leading in terms of economic rebound i would say it is an economic recovery and as i mentioned, the economy is expecting a 7% gdp growth for 2021. i don't think it is unique you rightly mentioned europe similar approaches have been taken. use of the balance sheet massive. fiscal policies, brian fiscal policies in europe can be as high as 10% to 15% of gdp which i see similar trend here it is really helping a lot in

terms of restarting the economies there. not to mention i see a lot of investment in infrastructure and instability and digitalization which will be beneficial to both sides of the atlantic. >> i can't let you go without this you have 14,000 employees in the united states. many work in the gleaming office tower at seventh street office tou tower in manhattan what can you tell them about the likely return to the office? traders and bankers and everybody coming back to the building in new york city? >> you know this building well, brian. we had the pleasure to host you several times on seventh avenue. in my position as ceo, my priority is safety of the employees. today, while still with only 10%

of our staff working on premises and still very digital and working from home. having said that, the trend we discussed and confirming and reinforcing themselves we plan on gradually having employees come back to the office by the fall we expect as things continue to go well to probably have 40% of our employees on premises. on a very different model. hybrid model is here to stay depending on where staff works to have employees on premises between one or two days a week here and the rest working from home listen, there is no question we have been very effective working from home and being digitalized. the bank has done well supporting clients there is something i really

miss i miss the personal interaction. i wish we always do in the same studio in person that is what i miss here i look forward to get back with more personal interaction. it is the best way to be creative and innovate. another point i wanted to make which you covered well in the show, brian. when i think of the junior staff. the staff we hired last year brilliant, young bankers they have not been on premises they haven't met their bosses. they haven't, you know, it is complicated to company values to run digitally. i look forward to the new normal >> a lot harder for the younger workers out there. we will be in person jean-yves fillion, thank you >> it's a privilege, brian thank you so much for having me. >> you're very welcome up next, the attack on the colonial pipeline sparking all

kinds of questions about the safety of the nation's energy supply we will speak with the governor of north dakota doug burgum about what they're doing next. woo! you are busy... working, parenting, problem solving. at new chapter vitamins we've been busy too... innovating, sourcing organic ingredients, testing them and fermenting. fermenting? yeah like kombucha or yogurt. and we formulate everything so your body can really truly absorb the natural goodness. that's what we do, so you can do you.

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conversations about cybersecurity and energy infrastructure across america. north dakota, one of the most important states for oil, gas and all things energy. we spoke with north dakota governor doug burgum about what the response needs to be from both state and the nation around the colonial pipeline. >> brian, this is not a new thing. this is cyber sksecurity which an issue pre-covid it increased over fivefold here we are as a state, our cities and school districts and state of north dakota with the cyber attacks coming often from state sponsored cyber terrorism. north korea, iran, china, russia when we get attacked, then it is really right now up to the state. we are the first line of defense of foreign national attacks. whether this attack on the colonial pipeline was done by a

gang, if you will, ransomware. with those kinds of incentives, it is not just an attack on the on the consumer with the relative security of the prices. we may not think we're at war, but cyber war is war that is the future of war. we are under attack. we need to keep investing in education levels and state level and the federal level of increasing what we're spending in department of defense or all of the levels because this is a battle we cannot afford to lose >> you will take hits for deciding to end the federal unemployment program in mid to late june as well. why do that? people say how can you do that a lot of people want to work, but can't go to work because the school is closed or they're

afraid of covid or they already had it or it is not the situation where it is safe enough to go back at perhaps the wage they would earn what is your response? >> we talked about this earlier, brian. when we have vaccines available for all eligible people in our state right now. we have safe work environments schools are open businesses are open. the biggest thing holding us back is work force we have three to four times as many jobs available in the state as we have people on the federal unemployment programs. we will maintain the state programs and state programs have always been generous and among the highest paid in the country. when you throw $300 on top of that, it doesn't make sense for us we can't afford to print money at the federal level to pay people to not work when we have great jobs with great pay with great benefits and safe working environments for them today. you are saying maybe take some

hits literally, we are getting resounding applause from the business community and from those people that are working because people that are working are often working extra shifts and overtime because they are picking up for the open work getting people back on the playing field is something we are committed to doing we have tremendous support from the business community with this decision >> that was republican governor doug burgum of north dakota. the first major in-person conference since the pandemic began. thanks to him. coming up, futures pointing to another drop at the open. dow futures down 160 kari firestone is here to tell us how she is advising clients. in the next hour, do not missthe exclusive with billionaire investor software investor masayoshi son

and what are you waiting for? subscribe to "worldwide exchange" padodcast dow futures down 160 we're back after this. i hope the vaccine can get me one step closer to my fiancé. dance on stage. spin class! i can't wait for my patients to see my smile again. to hug my students. to give my parents a proper send off. to go salsa dancing. no. i can't wait for you to meet my mom. play my piano for my friends. to give high fives to our patients. i think we are one step closer to being...better people. with every vaccine, cvs is working to bring you

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welcome back no time for the rbi today. it's a big day we have time for the markets and your money after a rough few days for stocks. dow futures down 160 the dow could post losses again. big tech hit many key names hitting key levels apple moving amazon, below the average level as well. google hovering around the 50-day level we bring that up because it has not closed below that since january 15th let's bring in our friend kari firestone. kari, graseat to have you on th morning. is this all inflation fears?

i mentioned gamma hedging earlier. these wonky notions of options trading. there is a lot going on under the hood inflation is not new to anybody. >> obviously, the market is worried about inflation. it doesn't matter what the fed or the treasury secretary says it's the old sell in may and go away is what really started to develop momentum in the last week you know, the s&p is off 4% from the high nasdaq is 7% plus from the peak. if you think about last april, brian, we were entering a period of lockdown. we didn't have any idea what was going to happen. prices were very low there was deflation last year. no one could sell anything because everybody was shutting down of course inflation will be up

this month year over year. i'm not a panicky person we don't panic here. i think it is important to wait and see what happens next month rather than sell a portfolio where there are a lot of gains considering how much the market has moved in the last year paying taxes and buying stocks again, a couple of months later. last year, in april and may, everyone said sell, sell, it's covid. you don't know what will happen. that was a big mistake no, we don't think you have to just divest a whole portfolio because we had a week of rough sailing in the market and signs of inflation versus last year. >> fair enough, kari you mknow what hasn't moved in the bond market. 5.6% yield maybe the bond market moved months ago in and advertise paying for this moment it is not like the bond market

is throwing a tantrum yet. do you expect it to do so or was that december to march move, quote, the tantrum >> yeah, i think some of that is priced into the bond market. i think it has been encouraging that if you looked at the fears of interest rates two months ago with the market swing. in february, remember, the nasdaq dropped 10% from mid-february to mid march. that was all about interest rates. then rates stabilized. they have been in this range of 1.6 to 1.7 i know rates will probably go higher the market, two months ago, the bond market and stock market, acted at 5% interest rates some time next year i think that is unlikely now i'm encouraged by the fact there is not panic in the bond market. you also have to take into account what's going on

underneath the covers. we have had bubbles burst over the past couple months if you look at the highest price cloud computing electric stocks. just priced on fumes no pun intended. whether it is this tesla or monb these are the ark invest portfolio. these companies are selling for 14 times or more sales not talking about earnings those stocks have fallen they fell in february and they are down another 15% recently. those bubbles are bursting and that's something that one would expect in a market that had some of the frothiness. we are not seeing that with valuation with the big tech names. those stocks are not overpriced in the way sectors of the technology happens to be >> take out the big tech stocks

and it goes down to 16 a huge weight for good and bad w we call it bubbles bursting or when something sells, they put something in the pocket. that money will go somewhere it is like the gretzky moment. go where the puck is going to be where do you think you should put into the stock market now you? >> i love that analogy i think money has come out of the big tech names faang stocks it has gone into the speculative areas of the market. whether it's bitcoin or any of those names i suggested. some of that money could come back into the big tech now the reopening stocks have been strong. they have not cheap any more if you look at what has gone on in industrials industrials and financials up

16% to 25% this year you are not talking about low multiple stocks in many cases. and the big technology stocks have come down in price. not only are there earnings higher for 2021 than had been expected if you looked at earnings forecast for last year. the stocks have underperformed some of that money leaving the frothy stocks may move back into apple, facebook, google, amazon the companies are higher than, no disrespect, emerson electric or deere or caterpillar. we see there are some being moved back it is important to have a balanced portfolio and not put all of your chips in one basket. if you just own the reopening stocks -- it is like market timing

it is not a place to put all of your assets. >> maybe it is good to not have all of the capital in a couple of companies based in a small town or valley in california big industrial name in the middle of illinois for example good for geographic distribution kari firestone always a pleasure to have you on words of wisdom. calming words. we need them have a great day >> thank you you, too, brian. you're very welcome. so perfect day to have kari on we leave you folks "squawk" is next dow futures are off 160. a lot of red on the screen here in asia and europe. big market day "squawk" and the gang have the wt.rage nex weill see you tomorrow on a friday take care.

good morning stock futures under pressure after the dow plunged by 2%. the worst day since january. softbank shares soft despite the quarter. the company declines to extend buybacks andrew has an interview with ceo masayoshi son. and bitcoin falling sharply after elon musk said tesla would stop taking it as payment for cars citing environmental concerns. billionaire mark cuban says not so fast. details straight ahead it is thursday, may 13th, 2021 "squawk box" begins right now.