it is 5:00 a.m. at cnbc. here is the top five at 5:00 market mayhem. stocks trying to fight back after three straight down days futures are lower again.183. bitcoin, ethereum and others down 30% after lows. many investors get squeezed. we'll talk about how to turn it around. oil not spare for the selling, but making a rebound this year. we layout why oil may actually be the key to the overall stock

market one of the biggest internet companies as the ceo steps down. and are you reaching for the oat milk for your coffee if you are, maybe we have a stock for you. it is thursday, may 20th this is "worldwide exchange" here on cnbc ♪ ♪ good morning, good afternoon, good evening. welcome from wherever in the world you are watching welcome to "worldwide exchange." i'm brian sullivan the markets and your money after wednesday's wild ride. i'm sorry to tell you, futures are not indicating a turn around dow futures down 177 points right now. nasdaq down under .50% all of this coming off a wild

wednesday. wednesday really was a tale of two markets. a morning and the afternoon. very different total capitulation in the first few hours. dow down 600 bitcoin broke 6,000. then the buyers in the afternoon. we sktill had a down day except gold and vix we had a bounceback off the lows the momentum in the afternoon is not following through to morning. crypto was the volatility story. we are seeing that continue as well bitcoin did a $13,000 round trip in just a few hours on wednesday. it went from $43,000 to $30,000 before bouncing. got hammer again in asia overnight and trying to come back $39,780. ethereum down. fell in the asia markets

lots of margin calls accounts closed. people getting squeezed. of course, we tried to comeback this morning it has been maybe a year and a day for the cryptos. a lot of moves blamed on inflation. it may be true it may not be. we'll talk more about it one thing you have to watch with the inflation story is bonds the 10-year is not moving that much which is curious because everybody is blaming this on inflation. the benchmark 10-year yield is where it was a month ago is it really is an inflation story? well find out. let's go around the world on a day like today we need to get the biggest minds out there. julianna tatelbaum in the london newsroom with the look at the global markets julianna, we are all holding up reasonably well in your neck of the woods considering what we had yesterday. >> reporter: brian, let me take you through the action in asia

overnight. you talked about the volatility in crypto. we have red on the board for the korean and shanghai indices. in australia, 1.3% nikkei ending 20 basis points higher turning to europe, the story yesterday was interesting. we saw out-sized losses for stoxx 600. european markets closed before the second leg to the u.s. story kicked in. we closed shop before the rally st st states side. we have a number of factors driving trade. i want to give you a check on the travel stocks. on the plus side, we have europe talking about reopening its borders for a vaccinated non-eu travelers. in the uk, the government yesterday muddying the waters when it comes to its guidance for britain looking to travel

abroad people looking to travel to the amberless countries, may see losses brian, back to you. >> a lot of red on the screen. not as bad as yet. julianna tatelbaum in london, thank you. let's get now to the money your first get today has been as right as anybody on stocks last couple of years. on this program, he made bullish calls and has been right that is where we are nerves are high. he says we may need a pause that ref refreshes. craig johnson. it is very good to have you on here today the s&p 500 is up 37% in a year. we hit your price target a couple of weeks ago. you boosted it just a bit. now everybody is freaking out. is this just a technical turn? is this inflation? is it something more insidious

>> brian it is the reality of reopening as we start moving out of the initial phase of reopening and we're starting to see some of the consequences of the stimulus getting put into the system at this point in time there's a lot of discussion about inflation. people are watching 10-year bond yields you mentioned 10-year yields have not gone back anywhere. if you look at tipffs, they have moved higher there is inflationary pressure building transitory or not. that is the key question i get from every account i have been talking to since the publication came out brian, i have to tell you, i would say all of the commodity side can be transitory you start reading through the news and things on cnbc, there is ragwage increases happening l

over the place whether it was design or an overall minimum wage increase going through. nonetheless, wages are going up. that is a one-way door not two-way like commodities brian, there are inflationary pressures building the biggest issue is is the fed going to make a policy mistake at this point in time. i think that is what everybody is wrestling with and that is what you are seeing with the volatility in the market right now. >> let's back up craig, you understand my appointpoint in the bond market that is the tell for inflation the 10-year yield hadn't done squat in two and a half months it has been stuck at the same level. is that maybe more reflection of all of the debt that's out there? is the bond market losing its role as the inflation tell >> i don't think it will lose

inflation tell i think you got bond purchasing happening by the fed they are trying to control rates and things at this point in time i think at this point in time, it is still a tell i would bring into the discussion, brian, if we helooka the copper and gold ratio. copper being an indicator of inflation and gold is a risk metric you look at the ratio and project that out and look at the correlation, that is predicting the 10-year at 2.93% at this time if there is anything that investors is certain is 10-year bond yields will move up how do you address the portfolio? how do you restructure it? that is where investors are starting to focus. >> i'll ask you a genius question, craig. how do we restructure our portfolio? answer your own question

what are we doing right now? >> i was hoping you would ask that question. we have done -- what we've done is we made a couple of big changes. we downgraded the technology sector for the first time in five years from overweight to neutral. we upgraded neutral to overweight we downgraded health care from neutral to underweight and upgraded transportation. we want to be overweight in basic materials and overweight in the consumer cyclical stocks and financials we think in the rising rate environment, which we believe is going to come, those stocks should out perform tech. given the long dated and open-ended growth stories which have been expensive. you know in the market in this point in time. >> yeah. there's names that down the road

because may to labor day, obviously, we know the history markets tend to do very little volatility does come up. that is not scaring you away from the name of fedex or cisco. i mean the food company. syy. there are companies you like here in the market of stocks >> absolutely. we're still looking for 4625 by year end another 12% higher we will get volatility here coming through the sell in may go away months through the summer there are definitely things to do fedex still looks constructive sisco foods. and also in the financials jpmorgan chase truist financial and don't forget alcoa copper stocks looking

constructive we still own those energy look at eog. longer term trend that is happening in energy. there is zero question that the market is sort of reorienting to a higher interest rate environment. i think the risk is higher volatility is the fed late? that is the question people are trying to answer >> it is a lot harder to pay for the long-term earnings when interest rates go up that is the reason we have seen the shift from technology and into gas things like oil and gas and copper stuff dugout of the ground craig johnson of piper sandler craig, we appreciate your study hand in coming on this morning way out there in god's country minneapolis. craig, thank you >> thank you all right. we are just getting started on the big day. when we come back, big money movers of the day.

including the latest on square space. hoping for a better day after plunging in the debut. plus, republicans rolling out a new plan for infrastructure taking the hatchet to the president biden $2 trillion price tag. can retailers really put up these kinds of monster numbers or is the lockdown boom going to come back down to earth? futures are down 160 on the dow. we're back right after this. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next.

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welcome back time for the big money movers. three stocks you have to hear about. first up is cisco systems. it posted big first quarter earnings supply chain problems will linger through the end of the year it is forecasting below the stock of 6%. next is l brands shares lower despite the first quarter where sales doubled. l brands is citing stimulus checks putting more money in pockets. that stock down 2% and squarespace. first brutal day of trading. finished down as well. the weak first day follows a record run for 15 months in the market for ipos, direct listings

and spacs. the hope for a better day two as a newly public company we have a long way to go on thursday on deck, the morning rbi and the questions you are asking about crypto, but maybe too afraid to ask out loud a quick hit on other headlines. house republicans introducing a f five-year $400 billion transportation bill. this is a counter to president biden's $2 trillion infrastructure and social benefit proposal gop plan is targeted at traditional infrastructure roads, bridges, mass transit all of this comes as the white house wants to expand the definition of infrastructure. tiktok, you don't stop apparently you do. bytedance's co- founder is stepping down as the ceo the parent company of tiktok is announcing that he will transition into a strategy role

at the end of the year and oatly will begin trading today after raising 1$1.4 billin in the ipo the alt milk maker with a share of $17 oatly ceo is on "squawk box" this morning could be another wild day on wall street. we'rba rhtft ts.e ckig aerhi and reinvent the wheel. with a hybrid, you can do both. that's why manufacturers are going hybrid with ibm. with watson on a hybrid cloud factories can use ai to automate the little things so they can focus on the next big thing. businesses that want to innovate at scale are going with a smarter hybrid cloud using the technology and expertise of ibm. wondering what actually goes into your multivitamin?

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welcome back the american consumer certainly is back and spending money in a huge way retailers are posting monster quarterly earnings internet sales are part of it as we got accustomed to hitting click and somebody deliver to our door during lockdowns. as we bust back out of lockdowns in the northeast and in california, how much more should we expect from companies like target and walmart for more on the season, let's bring in jharonne martis good to see you again. >> good morning, brian. >> home depot with a 31% same-store sales jump? target earnings yesterday. i guess the only question is is there any way that kind of momentum is sustainable longer term >> it has been an unusual

quarter and that's mainly because there is no comparable year to 2020 the least disruptive measure as you mentioned earlier is the ecommerce numbers. the companies you mentioned all posted double digit growth ecommerce on top of stellar numbers. when looking at the ecommerce estimates for the next four quarters, we are expected to continue to see the customer behavior continue. now, because of the strong numbers that these retailers reported last year, q2 is a more difficult comparison for these names. in traditional times, a small negative percentage change might signi signify the company is struggling for walmart and target, a negative 2% decline might s

tell us that business market volume is holding up well. it is important to dig into the numbers. look at ecommerce numbers as we progress and move forward into 2021 >> well, how much, jharonne, do the numbers matter the sad reality is a year ago, the government said to every small business, sorry, local hardware store, you have to close down there's covid. we are only allow these stores to open. you can agree aor disagree. the comps are easier because the competition was shutdown many mom and pops went away. they never reopened doors. the big companies in some cities are the only ones that are left. how much does that propel their business for years to come >> it's not only the big names that reported this week that are

doing stellar. it is important to note that the earnings is 111% which is huge it is not just because of the easy comparisons, but because of the leisure products sector. toys with hasbro and golfing gear of callaway and polaris the behavior during the pandemic is still sticking in 2021. they are going to the discounters. they are still shopping at the home improvement stores and stay at home experience they are still investing in the outdoor gear this shopping behavior has not changed in the beginning 2021 is the transition year. it is not until 2022 that we

start seeing things going back to normal. even for the small businesses. >> you know, the death of the american shopper has left a bunch of beaten up investors in its wake we love to shop in the country, jharonne everybody says the internet is going to take over everything. i go shopping because i want to get out of the house i love my family i love my kids there are times you want to go do something else. how much of the in-person experience do you expect to come back i know you are not a real estate analyst. the mall owners are hoping people walk around on their own feet instead of hitting click on a mouse. >> to your point, shoe carnival reported record-breaking earnings yesterday they did this by lowering discounts and removing the buy one get the other half off

promotion which is telling us consumers are willing and able to pay full price for the latest fashion items. this is in line with the refinisre refinitive consumer sentiment. consumers are starting to gravitate back to the stores and going into shoe carnival to try on the latest merchandise. they are paying full price for it they are feeling good right now. there is no stopping them. the only thing that could diminish the sentiment we are seeing is the unemployment number that is the number that consumers understand well. if they feel this will continue to deteriorate, they will hold back on spending >> i see what you did this talk about feet. you went to shoe carnival. you rolled right with it unplanned tv shoe carnival should sell funnel cakes. it would be more of a carnival

jharonne martis, thank you on deck, from stocks to crypto it is market whiplash. we breakdown what's going down with both. we are here to help you sift through the noise and what you really need to know right now. if you haven't already, subscribe to our podcast in less than an hour, we tell you with a you need to know. we should call it a wex cast whatever check it out dow futures losing steam down 228 nasdaq futures down .50% we are setting up what could be another tough day for the markets and your money we will get more on it coming up right after this

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another wild trading day ah ahead. it could be futures selling off as inflation fears shaking everyone up. crypto shaken and stirred. mark yusko is standing by to say the big drops is a good thing. and crude oil is having a

big 2021 it could have more room to go and matter for the market. we will tell you on this thursday, may 20th this is "worldwide exchange" here on cnbc welcome or welcome back. i'm brian sullivan it is almost 5:30 a.m. on the east coast let's get to the markets and your money after wednesday's wild ride. it looks like it could be another tough day on the street of dreams. futures are down that is a 212 drop wednesday was a tale of two markets. the morning and afternoon. we opened in total capitulation in the first couple of hours dow down 590 4% of the s&p 500 stocks were higher

bitcoin broke below $30,000. midday, the buyers came back in a big way. it ended barely down on the nasdaq nasdaq with a valiant rally toward flat line nearly everything ended down except for the vix and gold. crypto really was the volatility story and remains so this morning. in all on wednesday, bitcoin did a $13,000 round trip in a few hours. from $43,000 down to $30,000 before bouncing back and getting hammered in asia overnight and now now at $38,920 ethereum is worse. much of the moves blamed on inflation. might be true. another big story to pay attention to is oil. down yesterday with everything else oil still having a big year.

crude oil, if you are not paying attention, is up 50% in just six months crude oil down now at $62.30 big run for the price of oil many oil stocks and etfs having a great few months the xle. xop. oih. all etfs up 35% this year. it has been a hard commodity year even as volatility swings with big-name technology stocks. we'll talk about that with matt maley on that and the overall markets in a few moments let's dive into the top money story. crypto the huge down move and bounce off the lows from most of the big names. mark yusko joining us now. mark, a pleasure to have you on. i know that you know that we know that you know what you think i'm going to ask you, but

i'm not. i'll lead with this. if you follow that a really interesting stat from bespoke investment group that you might like they looked at ten years of data drawdowns and crypto is not new. since bitcoin started trading in 2010, the average draw do you know fdrawdown from the record high this is not a new thing for crypto >> it is a great set of stats. an asset that has compounded at 223% per year for 11 years has to have volatility it has the same volatility of

amazon stock 80%. on bitcoin drawdowns amazon in the 24 years of life has had a double digit drawdown. the average drawdown in amazon stock is 31% five times over 50%. twice over 90% whe when is the right time to sell amazon never. volatility is your friend, not your enemy you want upside volatility over the long term, holding an asset with volatility is the whole point of investing >> you know, i'll do what everybody else does. i'll blame the media i'll throw it out there. if something goes from $11 to $5 a 53% drawdown that doesn't get a lot of attention. when something goes from $65,000 to $35,000

it is the same drawdown. because the numbers are so much bigger, it is going to naturally get attention. as you pointed out in fast money two years ago, the key is the long term and the series of higher lows. every time it falls, it falls to a higher low in bitcoin. you see the up trend continuing. >> look, the real problem selling and we talked about this in the past. price is a liar. the price of an asset is not its value. the value of the asset is determined by the fundamentals the fundmentings of bitcoin and ethereum and cryptocurrency and block chain technology are all increasingly getting better and they are getting better at ak s accelerating rate unfortunately, what happens is

we go from investors buying things because they think the price is below the fair value to traders who buy things when prices move up or down to speculators who buy things because the price is going up. unfortunately in the past year, we have a bunch of gambleris wh got free money from the government and they are buying on leverage. a bunch of leverage traders, 50 times or 100 times leverage, got margin calls this is healthy. we need to get the money back to investors. assets flow to the rightful owners if you are hitting the panic button selling today, think somebody is buying who is buying? >> to answer the question, here is what we know. if you look at bitbuy and other

web sites in asia and larry mcdonald online that people got whacked with margin calls. they got crushed maybe their accounts were closed because they could not meet margin we know people margined up technology stocks. tech comes down. they need to raise the money to pay back the banks for the margin on the tech they have to sell crypto do you think the last couple days was the perfect storm or perfect flush and confluence of events and china comes out saying we are cracking down on crypto >> the fear and uncertainty and d dud is the same. it is energy usage it is a crock. it is clamping down. ban bitcoin. you cannot ban a decentralized asset. when you get a margin call, you don't get to choose what you

sell you have to sell everything. you have to sell the most liquid things remember last march? bitcoin fell 55% in about 12 hours. $5,000 people said it's done. it's over. it's going to zero it's $40,000 today it is not done it is not going to zero. when we were at the same o'dark 30 time day after thanksgiving a threat that he would ban crypto what happened? it went from about $30,000 down to $18,000 you asked what should you do buy it buy some today s buy some next week accumulate ownership of the network. this is the most powerful computing network in the history of time. this is like every other network. amazon or apple or facebook. you want to own for the long

term think about this despite all of the volatility, bitcoin is up 26% this year. it is up more than the s&p it is up more than apple it is up more than peloton which is down 25%. it is doing great. it's just people, because they look at the big numbers and don't calculate the percentage moves, and focus on the big activity and they end up selling through the long-term accumulators like me >> don't say everybody, mark that is why we focused on the percentages and not the big numbers. they do the big numbers. it makes things scary. you note, we have been here many times before mark, yusko, thank you for bein here. >> thank you, sully.

thank you. we pivot from crypto to oil. matt maley says you have to watch clues for the overall market even if you think the fossil fuel is a fossil. as we head to break. amazon hit by five new lawsuits from employees including racial and gender discrimination women in corporate roles or ware ware warehouse roles say management is harassing them. mcdonald's expected to face tough questions over how it handled the firing of steve easterbrook over the shareholder meeting today. two shareholders against the campaign over the exit of easterbrook. and ford is set to announce a battery joint venture in the u.s. today to support the ramp up of the electric vehicles.

mach-e mustang dow futures are down and nasdaq futures are lower as well we are back with the markets and your money right after this. just over a year ago, i was drowning in credit card debt. sofi helped me pay off twenty-three thousand dollars of credit card debt. they helped me consolidate all of that into one low monthly payment. they make you feel like it's an honor for them to help you out. i went from sleepless nights to getting my money right. so thank you.

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welcome back let's talk about the markets and oil. apparently rumors of oil's death

have been exaggerated. if you are not paying attention, you should be. oil stocks are having a big year it could keep going in part because the sector is unloved and it does matter to the markets. matt maley is with us now. matt, great to have you on this morning. one of the notes a day ago caught my eye. you were doing something i didn't think you were allowed to do you were talking about oil and oil stocks i understand they are a tiny percentage of the market smallest as a sector they have ever been. as you note, it does appear that because they are so unloved, that there is something riding it how is oil playing out vis-a-vis the overall market >> the most important thing is it is getting a lot of attention. finally. after the rally and firms

upgraded the group last week after 990% rally. it is starting to pull back. that is normal and healthy it was under loved people are talking about it now. it is still under owned by the institutional community. these investors own huge portions of the apple and amazon and other faang. apple and amazon are great companies. i see why you love them and hold on to a big chunk of them. if you are an institutional investor, you are looking at the s&p 500 which is up 10% this year the s&p energy index is up 40% the tech index is up 4%. not only is it badly under per f forming the energy stocks, but badly performing the market.

you need to sell more of the big tech names and do to energy. that is where the performance is >> think about what you are saying it is amazing. let's take esg out of it we understand that a lot of the university endowments will not own fossil fuels because students complaipcomplain set that in the basket what the fund managers are looking at for puerto rerformane they need to look good they are not faang stocks. you say because it is so under owned, institutional managers may have to pile into it to show, look, we also own chevron. >> exactly that percentage move you are looking at what will help you move. when a group is under owned, that can still have a lot of

room to go on the up side. they don't mind piling into the group of this. some people i heard in the last week say it will be a crowded trade. no, it is getting popular because people are talking about it it took years for the tech stocks to be overow-owned it will take a long time before the energy group is owned on a market basis people are saying fossil fuels are a thing of the past. it is not going away it will take a couple of decades. bitcoin and gold you can still make money in both people are going have to focus on energy stocks and gold and other commodities going foorwar if they want to keep their jobs and get big bonuses. >> bank of america had a mutual fund manager a couple of days ago.

you can comment on it. they asked a couple of questions. they asked all of the fund managers what are the most crowded trades the first most crowded trade was long bitcoin the second was long esg. companies say we make belleach n deadly chemicals they asked where they saw gains. gains in oil was the top of the list you are thinking long esg is overcrowded. oil is on the way up it appears there is investor and technical momentum like xoe and other etfs >> the point is when you get a situation where people are talking about it and you say what are you seeing going forward? what is the most crowded trade that is a contrary indicator when you see a situation of what

is the most upside potential and they say, well, oil is up a lot. i don't own much of it that is when they are looking to the future and that is a good indicator. the thing to look right now is $66 at wti that is the highest of the year and highest going back to 2019 a four or five year high it breaks out and the momentum takes it higher and force institutional money managers to rotate more toward the group and there's a lot of money that can still go into it >> well said listen, we are teasing other shows. 10:15 a.m. eastern, i'm on "squawk on the street" this morning. sorry i used you for that cheap plug matt maley, have a great day >> thanks, brian you have to love when you

promote yourself today's rbi and this one is on what else? crypto with the questions that you have but too afraid to ask out loud what are the tough questions we bring them to you bitcoin is up. stock futures are down .50% across the board it could be another rough day. dow futures off 184. nasdaq off 63. we're back right after this. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. i knew about the tremors.

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crypto based on the searches based on the invest-o-pedia is, what determines the value of bitcoin? that is a hard question to answer mark tried to lay it out a moment ago the second most asked question is what does hodel mean? i know you are too embarrassed to ask hold on for dear life. don't sell it was supposed to be hold it started as a typo on a message board. it became hodl the most asked crypto question is what are the top cryptos other than bitcoin it is pretty clear that many of you are looking for alternatives to bitcoin because the price is so high. not many of you ccan drop $40,00

for one coin the most asked questions what determines the value. what does hodl mean and what are other cryptos aside from bitcoin. never been afraid to ask the question thanks to our friends at invest-o-pedia for our randomin your money and the broader markets and bring in linsey bell she has not sold every stock she owns and bought dogecoin is that a fair statement >> that is a fair statement, brian. >> how many questions do you get a day, a week, from clients? i owned ibm for 30 years should i buy bitcoin do you get that question >> yeah. i think what you see with retail

investors is definitely an increase interest in speculative areas of the market like bitcoin and the spac area and ipos they have always had interest. the retail investor is digging away at the cheap penny stocks looking for the next big winner there. that is nothing new. the bitcoin and other speculative areas of the market has increased over time. what we say is don't give up on the old names especially with the volatile period we are currently in we are in the sell in may period the volatility has kicked up with the month of may. >> i'll quote you back to you, lindsey. s&p is .9% from memorial day to labor day. it means it might not move higher versus the 4% move from

labor day to the memorial day. you have self directed trading and managed portfolios what are you advising the clients and the managed portfolio part of your business? >> we are telling our investors to hold tight. the last couple weeks have been uncomfortable with the volatility in the market which is drive n by unusual things. brian, you quoted me the market holds up well through the summer months. now you don't see performing as strongly as other periods of time you see the market yousually rie 4% like you said the market does well and holds its own in the summer months or there can be drama with bitcoin or the suez canal. you never know what can pop up which is a geopolitical concern.

anything can pop up in the summer with lower volumes. you see more reactions in the stock market overall, if you remain diversified and if you rotate into some of the areas that are more defensive like consumer stables or health care, that can tide you over until you get to the latter part of the year which is the best time to enter the best six months of the year. >> sell in may and go away is a false flag sell in may. markets have gone up majority of the last ten years between memorial day and labor day. not a lot. it has gone up lindsey bell thank you. always appreciate your time. have a terrific day. thank you very much. folks, i'm not sure the market will have a terrific day. we are leaving you with a lot of futures in the red dow futures and nasdaq down. dow futures off 184. bitcoin is under $40,000 another voluatile day ahead.

we will see you tomorrow on "worldwide exchange. "squawk" and the gang pick it up next take care. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next.

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good morning stock futures are lower, but what a session yesterday a valiant stand made especially by the nasdaq which almost closed and bitcoin bounced almost 33% from $30,000 if you call bouncing from down 50% a bounce that's what we're talking about. we'll show you the big moves in stocks crypto and commodities what caused it the fed said it might, some day,