welcome to the final trading week of january. we'll get you ready for a full slate of earnings and a jobs report on friday that the white house says could look strange. cathie wood is doubling down on robinhood as the stock plunged on friday. details ahead. spotify responding to the joe rogan and content change plans. it is monday, january 31st, 2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm becky quick with andrew ross

sorkin joe kernen is off today. things calmed down on friday we were looking like we were in the green. not so quickly right now, the dow futures are indicated down by 120 points s&p futures off by 3 points. nasdaq is hanging in there up by 62 as you know what is happening, you know you don't want to turn away we will see what happens as we get closer to the opening bell because this is the last day of the month, we want to look at major index for the year it has been one to not necessarily write home about last week was good the dow, s&p and nasdaq closed in positive territory which is hard given the swings. if you are looking for the month to date and year to date, dow is down 4.5% almost s&p down 7%. the nasdaq down by 12% for the year to date it has been a rough start to the month of january also look at what is happening

in crude actually the treasuries first. the ten-year yielding 1.78%. two-year up 1.207% crude oil is up significantly. if were you watching crude, it was up 2% for the week if you were watching crude at the year to date up 15.4% that you will feel 8 87.59. it set intraday high on friday that is the highest since october of 2014. andrew >> i was getting gas yesterday and i felt it. >> you feel it right in the pocket >> i saw it tick up and tick up. i thought for a moment i put on the super unleaded >> you notice prices go up

quickly when you see wti i don't know if you got a chance to watch the games yesterday we thought the football weekend was last weekend man, this past weekend was great games again. >> yes >> i did not stay up to see the end of the rams game rams taking off over the san francisco 49ers. i watched the bengals game and, my gosh. the bengals and kansas city game i had no idea the bengals could come fdominate on the defensive level. an unbelievable. >> joe kernen should be a happy guy. >> give him a shoutout >> he is probably celebrating right now. maybe that's why >> that was the pick that mahomes threw in overtime. picked off by the bengals. you saw them march back down the field with joe burrow. i knew it was going to be exciting to watch. i didn't think it would be that

exciting go bengals >> you have to admit all of the critics of the nfl and what would happen to football and during the pandemic and ratings were down. it has all come back in a new way. you can look live sports. >> two weeks here on nbc. >> super bowl on nbc it is the thing that people have to watch now >> unbelievable. i thought it was the replay of the weekend before with the horrible overtime rules. whoever won the coin toss won it i thought it was over for the bengals. you cannot give it to mahomes and not expect them to march down the field and score well done to the bengals defense. let's talk deals we have other business news. citrix systems close to a $13 billion transaction to go private. it could be taken private by vista equity partners.

the report is saying that the deal is under discussion and is for $104 per share it could be announced today. citrix makes software to allow computers to access desktops and other cloud computing tasks which is a big use case during the pandemic >> shares down 3.8%. catie wood is buying more robinhood. ark investment purchased more shares on friday at one point, robinhood shares fell below $10 on friday ca cathie's firm is one of the biggest holders of robinhood that came on concerns of the future guidance. we will talk more about ro robinhood's slide later this hour you mentioned in the top that this was doubling down with

robinhood. maybe quadrupling down she did the same thing with tesla last week. if you thought the huge moves in the market were going to scare her out, she is answering that is not the case. in the 8:00 hour, we will talk to the company that is running the anti-arkk etf. that is a bet against what cathie wood is making. and the drama playing out this week. spotify responding to the controversy over misinformation and joe rogan. it will add a content advisory to the episodes that discusses covid. spotify faced complaints it all allowed misinformation after neil young pulled his music. joni mitchell an annnounced she would remove content from the

platform and megan and harry announ announced they will respond. they will have content advisory and the covid hub in the next few days announced last night, joe rogan responded in the video instagram >> one of the things that spotify wants to do that i agree with is at the beginning of the controversial podcasts is to put a disclaimer you should speak with your physician and the people and opinions are contrary to the opinions of the consensus of experts which i think is very important. sure have it on there i'm happy with that. also, i think if there is anything i've done that i could do better is have more experts with differing opinions right after i have the controversial ones i would most certainly be open to doing that.

>> so, becky, i don't think what you think of this. this reminds me -- basically is the approach that facebook has taken and many other social met york networks have taken. put a badge on it. it has been the case for covid information and political information. they say click on this to hear more the truth is, i don't think anybody clicks on those badges i don't think anyone clicks on the advisory stickers. i don't know i don't know where you think the responsibility lies. is spotify, in this case, much closer to a broadcaster? >> facebook isn't paying anybody $100 million. >> maybe i shouldn't compare to twitter or facebook. much more aligned with what we do every day >> look, if you are paying somebody $100 million for content, you can't say this is

questionable content on our bulletin board you are the person who is paying to provide for that content. not onlying providing the platform, but paying for the content to be provided what you have seen over the last week, they he were hoping this would do away. clearly they are forced to address more and more from the pressure that is building on it. latest steps are coming after the fact >> is it a slippery slope? i will tell you i was in the car yesterday getting gas with my kids and we had it on spotify pop 100 or pop rising or one of these, you know, channels. literally every other word is a word that they should not be listening to that is different -- >> change the channel. >> some of the stuff that -- i'm not trying to act like some old

man. >> if you don't want to do it, turn it off or get rid of spotify. >> is that the answer? is it just turn spotify off? in which case, spotify should say this is what we play if you listen to it, listen to it it is the market and freedom of the speech and freedom of the market >> that is the deal. if you face a backlash and worry about losing customers or more musicians, they decided if it is neil young and joe rogan, they doubled down on joe rogan. joni mitchell. they will still stick with joe rogan. frankly, it is probably more about customers than it is about the artists who are competing with it. joe rogan brings in a lot of viewers or listeners they will do what the customers

want when they face a bigger backlash and lose more customers, which i'm not sure that will happen, that is what they respond to >> we will see i don't know if you saw apple music created a little ad saying home of neil young >> i did hear neil young on sirius over the weekend. on deep tracks while i was listening to it, they were playing it different venues trying to take advantage of the conflict and the fallout from it. ultimately, the services will go where their customers are pushing. nobody wants to lose customers >> we should take a look before we go. i know we have to go to break. look at spotify's stock. we are talking about this in theoretical terms. the stock up 1.75% this morning. it had been taken a hit. >> this is the hit all stocks have taken if you map it over the nasdaq

for the last month, it is not that different down 24% nasdaq this month is off 15% you can find plenty of tech stocks down. >> if you did the weekly and looked at it, i think it is down more than that >> it is not great for it. this is happening at a time when the markets have been in tu turmoil. it may have been hit harder than some down 24% is still not down the likes of what we have seen some stocks down 75%. it is not good for it. friday with the slight uptick like all of the other stocks that day this is not good to have the controversy out there. >> we will see we will see. we have more to see over the next three hours coming up when we return, a busy week for jobs and earnings the squawk planner is coming up. later, dr. scott gottlieb

will join us on the declining covid numbers and latest vaccine news you are watching "squawk box" here on cnbc

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so boost your bottom line by switching today. comcast business. powering possibilities.™ time for the "squawk planner. it is jobs week in america we are getting the government's latest read on employment this friday last friday, white house economic adviser brian deese

warned that the covid spike could skew the data. >> i think we need to be prepared for january employment data that could look a little strange and that will, you know, reflect or may reflect the sample which accounts for people out of work on sick leave as opposed to more fundamental changes than layoffs in the labor market >> people out sick during the week are counted as unemployed if they are not paid sick leave. a gain of the dow jones industrial average is roaround 2,000 jobs andrew, i would not be surprised to see that. if you remember how many people were out sick during those weeks leading up to that it's amazing we were talking about 2% to 5% lots of companies with employees out sick it is a question of how many

paid sick leave and how many weren't. >> of course, we look at that. it is backward looking is there a way to extrapolate what that means going forward? >> it is interesting to see. maybe gives us an idea of how deep omicron was hitting at that point. we'll talk about that and how it impacts earnings on the earnings front we will hear from 100 s&p 500 companies this week. here is what is on the calendar. ryanair reported overnight that cfo is joining us later this hour. tomorrow, we hear from alphabet and general motors and u.p.s. and starbucks and exxonmobil on wednesday, meta is reporting as is qualcomm and t-mobile. then thursday is amazon and ford and snap and merck and friday is bristol myers squib and sanofi and regeneron

we have the global head of bny mellon good morning to both of you. what do you think we will hear this week? this idea of what we are looking through and how much is backward what are we supposed to extrapolate out? >> that is a great question. we started to see a little bit of it last week. how are companies navigating the supply chain issues? how are we seeing the move through a rapidly evolving economy? it is not just about the earnings data, but also about what messages the companies are giving us in the earnings call we are also seeing economic data that is becoming choppy. strong gdp numbers behind that, a very large build last week. we are seeing moderation in cpi.

all positive people need to be prepared for choppy data. the fed has been telling us we need to continue to see the situation evolve >> joanne, she mentioned the context of the fed do we care about earnings? how much do we care about earnings relative to the back drop of the fed doing and relative to the back drop of what may happen to multiples almost irrespective of what the earnings are >> andrew, the fed has dominated the headlines and it has grabbed a lot of attention we see the volatility of the market what you saw last week with microsoft and apple goes to show investors how important earnings continue to be in fact, in the midst of the period of time with rising rates and persistence in inflation, it will take a while for the fed to get this under control earnings are more important.

investors have seen in order to get exposure to long-term growth names, sthey have to pick and choose the companies that get by the supply chain like apple said it could. the companies that supply to apple like qualcomm. earns are more important in the interest rates rising. this could enable the companies to offset the negative impact of higher rates. >> sinead, you look at it. are we higher at the end of the year lower? a sideways slog? >> when we look at the end of the year, we have midterms that brings more volatility. we think it is a constructive year for stocks. you have to be prepared for volatility what we have seen since the start of the year is investors reassessing what they want to own in a fed tightening cycle.

>> joanne, first of all, are you in agreement with that i know people seeing it as it may not be constructive. we like it to be >> i think it will be mixed. there will be investors which have moved as sinead said. they have run away en masse on stocks that have out performed we will see people change the mix of what they own and have exposure to growth long-term growth stocks and get things to protect them like the banks and insurance companies. energy, real estate. we see the shift in allocation that will continue >> joanne and sinead, thank you for joining us

i appreciate it. when we come back, car pool karaoke comes to tesla for a price. the new tesla accessory that sold out in minutes. you might be able to guess what it is. let's head to break and see the biggest pre-market winners and losers in the dow. make that the s&p 500. >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com. what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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maybe a little karaoke, becky. maybe you want to join us? ♪ love me tender ♪ >> tesla launched a karaoke microphone in cars i don't know if this is a good idea wireless mics are sold in pairs of $188. you can buy these in china for now. they were sold out within seconds. launch works with the software update which displays lyrics on the console when the car is not moving the mics can be used outside of the vehicle. they sold out in less than an hour they won't be back in stoc until the end of february. i like these better than the flame throwers, becky. you know my issue with the flame throwers >> wait a second i thought you would be a huge fan. you gave us all karaoke mics for christmas one year. >> i remember. i did karaoke mics and lights.

>> you were all over it. >> people like it. it is what all of the shows are doing. >> it is awesome i sing in the car every day. >> when you're alone, it is awesome. like singing in the shower when you have the family in the car at the same time and all singing. >> belt it out. >> sorkin voices are not ready joe would say they are not ready for primetime. >> do it do it. sing >> we'll come up with a song >> first thing that pops in your head sing the first thing that pops in your head they are playing us out. >> they are playing us out which i'm happy about. when we come back, i'll sing i promise. we have a couple of hours.

we'll get a song going the latest on the europe energy crisis and the latest moves by the u.s. to help bolster the sign of energy in case of the invasion by russia into ukraine. don't miss it. we'll be back after this >> announcer: "executive edge" is sponsored by at&t business. keeping your business connected. 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, like 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 get the best deals on every smart phone. at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies

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good morning welcome back to "squawk box" here on cnbc last day of the month. things are looking mixed dow futures down 167 appoipoints they were in positive territory this morning s&p futures are down by 10 points nasdaq has been losing gains earlier. this is 36 points now. all three of the major averages actually managed to end in positive territory nasdaq slightly. up 0.01% you would take that if you saw what happened at the begin of the week look at the biggest losers i the nasdaq 100 this year

moderna is down 36%. it is not there alone. netflix down 34% align technology off 27% and same with peloton. idexx lab down 25% andrew. the crisis in europe the u.s. working on the energy pl supply in case of the russian invasion of ukraine. we have kayla tausche with more. >> reporter: good morning, andrew the qatar leader is the first to visit the biden white house. thousands of afghans giving on military basis qatar and the u.s. are vying for the top spot as the top liquified natural gas supplier if the invasion of ukraine would cut off europe's access. take a look at this.

there is a sticking point here qatar moved aggressively to ink long term deal s with partners n asia traders suggest 60% of the qatar gas is promised to end buyers elsewhere. that makes it difficult to cancel contracts and redirect the ships as the u.s. is negotiating. the contracts have fewer restrictions, but politicians like elizabeth warren is talking about this with natural gas prices which risen 92% in the last year. in europe, time is of the essence. the continent's gas storage capacity covers 20% of the consumption. at the current levels, there is enough gas for six weeks u.s. intelligence suggested invasion by vladimir putin could happen between now and

mid-february andrew >> when you talk to folks in the administration, what influence do they have over this conversation or not? >> reporter: i mean, i think they have some influence here, andrew they said already since the beginning of 2022, there have been some ships, lng cargo ships they have redirected to the lng terminals. the satellite data shows that is happening. the question is a matter of volume is there enough gas available on the world's stage that is not already promised in a contract to another buyer which could fulfill the ckconsumption needsf europe that is something we don't have an answer on and we will keep pressing for an answer there is still a hope, but a mauler and smaller sliver of a hope with each passing day that

diplomacy is the option and this is not an outcome needed they are working to negotiate behind-the-scenes. >> fingers crossed it is a diplomatic solution. kayla tausche, iappreciate it. thanks when we come back, european airline ryanair is out with earnings overnight the company's ceo will join us after this break. later, brokers founder thomas peterffy will talk about the markets and future of investing and what people are doing right now. you can watch or listen to us live anytime on the cnbc app. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

u.s. airlines rescheduling thousands of flights as air travel was snarled across the northeast this weekend the industry racked with cancellations with worker shortages with the omicron variant. they are looking to take the airlines to profitability. let's welcome the ceo of ryanair which services 40 counciltries. it was a loss with the earnings report today it was a loss in line with the expectations given no price what we have heard.

let's talk about what happened with the numbers and what you are really seeing now with pent-up demand are passengers to the point they want to fly again? >> i think the emerg passengers getting back to flying again i think we had a strong christmas if it not for the omicron variant. that cost us 1.5 million customers between christmas and new year we are targeting 1 million customers in year end in march we are looking to ramp up capacity to 114% of what it was pre-covid. we have been 65 of the boeing aircraft in the fleet by this summer which will drive the growth i would be cautious and omicron took everybody by surprise there may be other twists in

this over the next number of weeks. it is right to be cautious if we get to the other side into eastern and beyond, it could be good for summer. >> what is happening with customer demand? are customers coming back and ready to put their money where their mouths are >> once they get the word they can travel, they come back in numbers. we noticed an increase in bookings in the past couple of weeks in the uk and irish government announcing relaxing of restrictions. i think other countries will follow the very high vaccination levels here in europe particularly in western europe less so in central and eastern europe that is catching up. the digital certificates we have for travel is enabling people to travel within europe long-haul into the likes of asia

will take longer to come back which means people will holiday at home. by home, i mean within europe over the summer of 2022. >> where are people booking to go right now >> lots of good fairsres out th at the moment. canary islands of spain. italy is popular portugal is popular. we operate, as you said, in almost 40 countries. a massive footprint and choice 720 new routes this summer 15 new bases we have 90 bases across europe operating the largest schedule in dublin. we are doubling down in vienna the largest operation in the market and growing strongly in the italian market that is significant capacity at

25%. in portugal, 20% of their fleet. and scandinavian where the norwegian airlines have shrunk we are growing in stockholm and back to denmark. we are doing more out of helsinki and in finland. low-cost airline was in eastern area and it is growing in poland and other regions in the markets. i think good opportunities we just need to get to the other side of covid. we have a very strong platform in place to grow over the next five years >> your ceo michael o'leary talked about how you can be profitable hitting 80% occupancy. you are looking for 90% to 95% occupancy in summer. some rivals are cutting flights available. i know that is a cost saving measure right now.

obviously, if things really do surge and there is huge customer dem demand, you will be ready to go and take advantage of that what happens if there is another turn in the covid variants >> i think we have shown over covid we can be flexible in what we h can do. we can ramp up or ramp down. we talked about the output in january as a result of covid between 15% and then down to 10%. we took a decision early in the covid crisis to keep all of our cabin and crew and aircrafts current. when things ramp up quickly, we are there and able to react. when things slow down, we can put our peopleon effectively proportionate flying time. i would be hopeful with the high level of vaccinations that we have that we are not going back to the kind of lockdowns we he would have seen in the past.

omicron was unhelpful and unwelcome. a lot of hysteria around that which led to governments locking down travel over the course of christmas. i think governments have come to the realization and people need to travel. economies need to open up. omicron was more transmissible than previous -- i'm sorry previous versions of covid i would be hopeful we won't see a resurgence again >> you might not see a government lockdown, but resurgence, you see customers who are less willing to travel maybe it doesn't mean things fall to zero what if they don't stay above 80%? >> the unwillingness is more they are unsure they could get home if there is a lockdown and they have to quarantine for a number of weeks, et cetera. the digital certificates have given people the ability to do

that the uk government made clear from the 1st of february to the extent people are vaccinated and have the certificate they ensure a freedom of movement within the block. if another variant comes out and governments react, you could see lockdowns. our experience has been that every time people have certainty with the bookings surge. >> neil, thank you i appreciate you coming by >> thank you >> the cfo of ryanair. andrew thanks, becky. when we come back, we are digging into what is going on at robinhood. the stock down 30% in january. we will discuss it next.

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robin hood shares are under pressure, the stock off more than 80% off its all-time highs. the company's ceo addressed the stock priechls listen to what he had to say. >> it's not sugarcoated. we've been disappointed over the past few months. the way we're thinking about it the way i wrote in my letter, we're never going to be sacrificing long-term performance or what's right for the company. we're focused on the long term we have an exciting roadmap.

joining us is the former co-head of global equity markets. he was banker on many of the tech ipos during the dot bubble. good morning >> good morning. >> do you think it's anywhere near where it used to trade? >> it's a long putt. i heard earlier cathie wood has doubled done iwn in her position the recent quarter didn't demonstrate any growth they missed the box. >> what do you think the answer is here? is this just a company that's going to tread water is this a company you now becomes an acquisition target? >> i don't think there's buyers

for something that losed $3.5 billion. i don't think there's a real significant buyer for something like that. i think there's a few things one, they need do an injection of dna from a governance and management perspective whether that's a new ceo or doing something potentially with a company like sew faye strategically where they can merge, they're about the same size, and you put somebody like anthony noto in place. you need somebody with dna from the brokerage industry and a team that knows how to execute. >> david, i'm confused as you know all too well from a governance perspective

v vlav tavef talked about it they would like to own a company like this. >> i think it's way more of a merger where anthony would take the position of ceo. you're right it. ooh is the high vote lsh low vo vote which would set up. it wasn't the right structure for their shareholders, i guess. >> how much of this is a wreg la torrey issue do you think this company is -- i don't want to say distracted because some of the issues wall street has raised have been important, but how much do you believe it's execution issues at this company that impacted the result are eye off the focus of dealing with washington and all that comes with that >> you know, i think the fact

that they had two significant fines in the months prior to their ipo, obviously it can be a significant distraction. i think one of the challenges that they laid out in the roadmap that vlad talked about on the earnings call was the potential to go international. i don't know how you would think about going international as a growth prospect when domestically you've had problems with your regulators, and every jurisdiction you would go into, you would have new regulators and rules and things like that until they get to a point where they have a combination of stronger governance, i.e., an injection of dna in terms of brokerage experience at their board level, which they don't have any, and their management trade -- they brought somebody in from ameritrade -- that would be helpful. >> david, how much of this is a

product issue, which is to say when you look at the product roadmap that they need to develop out all sorts of other products on top of this platform the platform unto itself, as you know, is a sticky platform it's fun, but if we're being honest, it's not nearly as robust as some of the other trading platforms that appeal to various other types of traders. >> yeah. no question about it that's why i was suggesting somebody like sofi who's got a more broader roadmap in terms of products that are already in process and developed. that's why it would be kind of interesting. they talked about wanting to be in the retirement market, and that's a natural extend for their customer base, but i just think that's kind of challenging from a team perspective. you know, one of the things they could do is make an acquisition. they do have $9 billion in terms

of equity value, and a.c.o.r.n. just had their failed spac betterman's out there and they're in the 401(k) retirement market, and so, you know, i think there's options,but i think they need to do something strategically in a significant way, or -- >> we've got to go, david, but do you think a deal like that would actually value their cause? i'm not so sure. >> you know, i think it would give them some capabilities. they said they want to build i think it would be better to acquire versus build at this stage. >> david, fair enough. we'll see what happens to robinhood. it's been fascinating to watch thus far the drama is not over yet. becky? >> andrew, thanks. when we come back, we're going to see if it's time to worry about a new covid variant. let's hope not

dr. scott gottlieb will weigh in on it. check this out, li csshemaro is going to break down the big move with wti. you're watching cnbc ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay...

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january is here, and while friday's strong session lifted stocks to a positive week, it was not enough to save it. it's the mark's worst since 2020. and while stocks fall, oil is on the rise we'll get the latest on the energy front from helima croft. and the stealth variant now being detected in nearly half of the states in the united states. dr. scott gottlieb will join us. we'll talk about what this means. second hour of "squawk box" begins right now ♪ good morning and welcome back to "squawk box" right here on cnbc on monday morning. along with becky quick, i'm

andrew ross sorkin joe is off celebrating the bengals' win it looks like we're starting down the s&p off right know by about ten points a couple big headlines to bring you. goldman sachs and citigroup are now expecting the fed to raise rates five times that's up from four times this comes as they focus on inflationary trends. there is still seen three-quarter raises jamie dimon said we could see up to seven rate hikes in a year. people thought that was crazy. now we're seeing the expectation is higher and higher. >> if you start moving in more than a quarter percentage rate

hikes, that's very important import too. the one thing that surprised me, i thought if they would do it, they wouldn't telegraph it to the market if you're looking for any sort of shock and awe, you completely dilute it when you talk about it in advance now it would take three-quarters of a percentage point or more to surprise the market on anything. >> we discussed this i'm of the view and i know you are too. steve lehe liesman's told us, ay time you see that, there is a bit of a -- oftentimes it feels like a trial balloon. >> it doesn't feel by accident. >> people don't go off the reservation and say whatever they want, that they've discussed sort of telegraphing it to the marketing and this may be part of it. we just don't know. >> it's weird. it's the job boning versus

actually doing it and surprising people don't tell me. show me, right >> right, right. meantime the other big story of the morning, it's been a drama playing out all weekend. spotify is trying to contain the backlash over joe rogan. over the weekend it made public its policies it comes after some musicians including neil young and joni mitchell had their music pulled from the streaming service they accuse joe rogan of spreading covid-19 misinformation you're going to know face beiges and notices on different pieces of content on spotify. we'll see if it's enough to placate some of the artists as well as regulators who may weigh in on all of this. meantime some investors are bitting on a comeback. arc innovation which has taken that beating saw inflows of $168

million this past week that puts its assets at 1$11.8 billion. still a far cry from the first peak in 2021 kathy woods has been doubling down we said it earlier becky, you said earlier, quadrupling down on stocks like ro robinhood and others. >> she's finding ways to be more adepressive. low prices don't scare her off she's sticking and standing by her guns on this, and we'll see. >> i give her credit to do this in a public domain every day she does this on a daily basis, you see where it hits the truth is the performance recently has not been -- as you said, you compare her results to warren buffett's results, and

how they got there, very different. >> depending on when you bought in if you bought in at the highs and lost, going down all the way, instead of being slow and steady and climbing up that's the concerning thing. i saw josh brown last week on cnbc making case that he didn't think the attacks should be personal he's right he compared it to meredith whitney. he's absolutely right. i applaud him on that. when you continue to double down or quadruple down on this, you're either brilliant or you're wrong you watch on a day be -by-day b. whew kind of a strong stomach. >> we'll see in the 8:00 hour a fellow who's begging against -- not against kathy woods

personally but ark invest. it's interesting. in the meantime let's get over to dom chu. what's caught your fancy this morning? >> i've been listening intently to the conversation you had about cathie wood. perhaps no stock in the etf has become more synonymous with cathie wood. we know tesla has lost a third of its stocks compared to where we see it right now, just about a 32% decline we've seen from the record highs this morning the valuation now below 900 per share, that's a level that some have been watching over here now that we're below that, some analysts are upgrading the stock including analyst this moaning or credit suisse who have taken this from a neutral rating to a high rating. what they say is we're seeing tesla pull back and the attractive valuation makes it a good entry point right now, and

they believe this is a multi-decade story and tesla is still at the forefront of it tesla with the pullback is starting to get some folks out there interested because it's had such a decent pullback that it is a decent base. of course, tesla, one of the biggest holdings if not the biggest in that ark innovation eff. you mentioned spotify in those headlines. i jeff want to note netflix and spotify have been hit hard as of late analysts over at citigroup have upgraded both of these stocks to buy ratings from neutral to subscription they both should show modest subscriber growth still. the pullback, yes, good. netflix and spotify get upgraded at citi to buy one double upgrade to note, we're seeing a move higher partly due to analysts over at

barclays who have taken this from an underrate to sell rate they think that beyond has now pulled back a lot. two-thirds of its value over last year. they think the growth story is there despite the fact that the competition will be compelling however, beyond meat will have a leadership pull in that. it's an interesting look if you take a look at some of the value-driven encalls if you've been dollar averaging along the way, maybe it pulls back quickly. very quickly, does it feel like the tide has shifted this morning or is it just a few here and there? >> so what i would say is the over the course of the last three or four days, i've spoken to more and more people who say, you know what, dom, this is a

dollar average cost story. >> we're going to talk to jeremy siegel a little later. last week he said there could be a lot more pain to come. we'll see if he still feels that way. thanks, dom. >> you've got it. scott wapner said last week he thinks impossible is better than beyond meat. >> from a taste perspective? >> i think so. when we come back, the omicron strain has been confirmed by half of the u.s we're going to hear from dr. scott gottlieb on the subvariant take a look at the markets the dow is off by 250 points nasdaq which was in the green now ten points, s&p opening down 20 points. back after this. >> announcer: this cnbc program is brought to you by baird visit bairdbusiness.com.

welcome back, everybody. while people in the united states still argue about kids wearing masks to school, that's nothing compared to china. you've probably heard about their zero covid policies, but you may not know what that entails or what it's like living with them. we have more of a picture of what this means. eunice, it's good to see you. >> reporter: it's great to see

you, too, becky. while china enjoy as low infection rate, it's really the individuals here who suffer. for lunar new year, this video has gone viral with rare criticism of chinese thoughts. a grandfather grows frustrated with his grand children being turned back at the train station. chinese are worn out living with beijing's policy of zero covid lines for covid tests mandated by local authorities now the norm first you have to stand in this line to register, then go to another window to pick up the kit, a third window to take the test the whole process will take about 1 1/2 hours. not only testing but tracking, too, is taxing you have to register your i.d. through a contact on your mobile phone to get in.

drugstores share your personal purchases for any drugs connected with cough medicine or throat or cold medicine. sudden lockdowns of buildings and late-night visits by authorities rounding up residents for covid tests are becoming the norm too. they're putting up notices this household has been told to get tested twice in three days online people complain about children who test positive being taken to covid hospitals without their parents. chinese authorities argue that these tough measures are necessary for a country with 1.4 billion people at the same time the leadership has been showing signs that it's concerned about the grumbling over the weekend the top health authority says that they're setting up a public

messaging board so that people can complain about their local authorities if they stop them from going home for the lunar new year holiday guys >> eunice, that's so hard to imagine living in the midst of all of that, especially the idea that they take your children to a covid hospital and you don't getgo to go with them how onerous this has to be it's like a constant lockdown. this is almost worse than covid. >> reporter: well, i mean, when you just look at it from the day-to-day life just going around, we are freer here in some ways. you don't necessarily have to be so concerned that omicron is going to come and infect an entire place, so in that way there's some level of freedom getting around, but at the same time, yeah, you know, there are lots and lots of restrictions, and you really don't know when your building is going to get locked down.

you're not told if it's going to get locked down. you could be in a shopping mall and suddenly the entire area gets locked down, and you have no way to get around that because there isn't any negotiations so it's a totally different way of operating here than when you were saying with the masks one thing about the children, yeah, there are people who complained because kids as young as 5 are taken away or even younger, but -- and then the parents can't really do anything about i. so that's -- that's not only been happening to chinese people but also to foreigners as well. >> you have got to be kidding me we've known for a long time about places like america being individual rights, places like china being more about the collective good, but isn't there a point where that is not good for the collective good, either? and they talk about grumbling online you never hear anybody complaining about that

but i can't imagine that that grumbling doesn't pick up to an unbelievable level. >> reporter: it does take a psychological toll on the population, and we do as -- you were talking about we see these kinds of situations online where suddenly there's anger over a particularly egregious situation, but then it very quickly gets sensored. and on a street level, we haven't seen that level of anger -- i mean we do occasionally see people protesting, but it's usually individual it's kind of stamped out very quickly. so it's not as though there's a collective and definitely not an organized way to try to voice your opinion over here about these zero covid restrictions, but definitely signs that people are getting tired having to live this way. >> what happens if you're told to get tested and you don't? by the way, is this every week

how often is this? >> reporter: it depends on your situation. and if you're told -- if you decide you're not going to to, you can, for example, with your health code, you keep getting alerted and alerted and alerted you haven't gotten the covid test, but then you can't get into buildings you can't function you can't do anything. you can't go to your office because there's a con stanlts alert that says your health code isn't clean. eventually you're going to give up and go and get tested. >> wow. >> reporter: in terms of an individual level -- there have been so many people now who say i got a visit at midnight, you know, somebody came over and said i have to go. at some point you go because you're nervous because you keep getting visits from authorities or from other people and sometimes you don't know who these people are, and so you go. you go and get tested. >> it's pretty enlightening, and i can understand why some places aren't sending commentators for the beijing olympics at this

point. eunice, thank you. it's really eye-opening. in the meantime, a new covid variant has been identified in half of the united states. joining us right now is dr. scott gottlieb, a former fda commissioner and cnbc contributor. scott, i've kind of been hearing rumblings about this new variant. i have to admit i haven't delved into it because i don't want to know i'm not just covid-weary i'm covid-exhausted. tell me what i need to know. what does this new variant looks like is it a bigger threat? is it more dangerous than the omicron variant? >> look. i think the conventional wisdom now is if it starts to spread, there's going to be another tail on it. but it's not going to be another

surge. the past variants have had about 40 variant changings like with omicron and the new b.2 variant. it just never picked up until now probably because the other got a head start on it 40 is a lot. most of those mutation aren't in the part of the antibody -- part of the antigen, the virus that we develop our best antibodies against. most are in a part of the virus that we don't necessarily develop what we call neutralizing antibodies again. the immunities should be protective against this new variant and it should persist for a long period of time. there's evidence out of the uk that the boosted vaccine may be more protective against this new

variant of omicron than the old variant. the olde one was 63% protective. it's now 70% protective. nonetheless, it suggests the vaccine isn't at least less protective against the new one it doesn't appear it's causing more disease. >> good. let's talk about that too. i know the numbers have gone up in hospitalizations with the variant having gone through. we know what's been floating through. i also know a 102-year-old who got it and was fine even after she got out of the hospital. i know a 98-year-old who got it and was fine and a cancer patient who got it and barely

had the sniffles how do you kind of shore up all of the cases of all the people we know who are getting it and are not getting really sick with the numbers and kind of put it in perspective of how dangerous this is or isn't >> look, it's highly variable how you're going to respond to any infection. some have a mild course. some have a very severe course different people have different immunities from this virus it's hard to draw anecdotes. the bottom line is this is less virulent we reached very high numbers of deaths from the virus because of the sheer number of people being infected there's no modern correlate to how many people have been infected so quickly from this virus. we will have infected over an eight-week period, probably 50%. with the flu, we'll infect 10% to 15% people with flu

there's no modern proxy with what's happened here and the scope of the spread of the infection. >> just in terms of how in infectious it is, is that a good thing or bad thing eventually? it's kind of out of the box. fwheert going to be doing what china did with the zero policy there's no way if it spreads, you may get circumstance but you won't get real sick? >> pandemic isn't going to be a time when this doesn't spread. it will spread, but you don't see the same consequences in termings of the number of people getting sick and being hospitalized there are multiple studies out including a very good group from ucff it's not going to be that long because it's a mild infection rate, it won't be long, maybe

three to six months. people are going to get reinfected with this the vaccine does seem to denote a longer term of immunity. i think this is the year when we're transitioning to a time when this is going to contain a spread, but it's not going to cause the same sequelae. you're not seeing the big levels of hospitalizations. the key is going to be not just the scope of the immunity. we have a lot going into this. 98% of americans have had some immunity from blood tests based on omicron many who were infected with omicron have also had delta, the wild type. many have been vaccinated. people don't have exposure to one. it's been various viruses. the wall of immunity is getting higher. >> maybe i have the wrong impression i thought we would get through this and get to maybe next fall

before we'd have to start thinking about this again. if people spend time in warm places, does it come back sooner >> i don't know. your presumption is correct. if the immunity lasts three to six months -- you're not going to reach a cliff where it's no longer relative. it's going to decline gradually. you'll have a lot of people who are vaccinated for whom it may persist, but that gets you into the summer i think once you get into the summer, the prevalence declines and hopefully we don't have to contend with this until next fall barring a new variant that spreads differently from what we've seen i think what it says is that, again -- and we've long thought

this you're going to need to get revaccinated on an annualized basis, at least for a period of time until this falls into a more predictable pattern. >> here's the thing. i look at schools especially where it's come down in new york city as well as elsewhere. you wonder about their quality of life. does it change and then there are a lot of business leaders watching this broadcast right now, i think, also thinking are we going to get to the people back to the office are they not wearing masks how do you think about that in terms of this window are we up against a new magic window like we were last summer? >> snow no i still think you're going to be able to lean in and with draw those things society isn't going to be able

to draw in it should not be a constant way of life. i can still hear you >> we can hear you. >> okay. the bottom line also is that as cdc defines low prevalence when you draw these things, for example, the new school guidelines, day care guidelines, they define a low level of prevalence of ten cases per 100,000 people day we may not get down to those levels again or for a period of time the new cases may be 100,000 per day. we may be able to tolerate it because we have more immunity protecting against severe disease. just because you don't have an immunity against infection, doesn't mean you don't avoid it. >> dr. gottlieb, as always,

great to see you. >> thanks a lot. coming up, the senate could be days away from a deal on sanctions. what it could mean for the energy markets an important conversation coming up take a look at futures we are in the red. dow off by 32 points the s&p 500 looking to open down about 21 points. "squawk" coming back after this.

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sanctions.

still to come this morning, oil prices continuing move higher we're going to be talking about the energy sector. you're looking at wti, $87.35. later thomas peterffy is going to talk market volatility, retail raders, and robinhood. so much more we're coming right back.

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the highlight of the week could be the january jobs report, but it could be a low point for the economy. our senior economics reporter steve liesman is here. i promise you it will not be my high light of the week, but i will be watching it very closely. >> what else do you have going on, becky? it's the jobs report oh, well, you actually have a life good for you here's the deal. the consensus, 78,000.

that is over a debate whether there was a negative number. here's the average 178,000. i'm looking at forecast that goes from minus 200 thousand with positive of 280 folks we follow all the time are looking for a negative rate. the unplamt rate is 3.9% omicron and some others are behind this. we also look at other things every month. it showed a 5.1% decline in work force activity during a survey we compared from a month earlier. that's two percentage points worse than last time dave gilbertson of ukg said, quote, we saw a deeper decline in workforce activity in january in every industry, every region, and across every company size

since the pandemic began national economics council director at close bell on friday afternoon basically talked about the idea that people who have paid sick leave won't be counted in the jobs report. >> reporter: i think we need to be prepared for january employment data that could look a little strange and that will, you know, reflect -- may reflect as much the way the sample accounts for people who are out of -- out of work on sick leave as opposed to more fundamental changes and layoffs in the labor market >> p 75% of people have sick leave. 25% don't. no panic about a weakening job market or economy if it ends up being negative, but probably no relief from planned fed rate

hikes if it is as well. >> it's not just that number that could be one that is affected by this i mean we know this is moving through the country. probably past its peak here in the northeast, but not necessarily the case in other parts of the country again, i focused a lot of missouri this week with the shutdowns there. you can guess what other parts of the country are seeing that we saw a few weeks ago. >> becky, i did look at the berbio data. those are the folks we follow for school closings. they were way down they were in the 6 thoun or 7,000 range. now they're down to 2,000. these are school closures. there were schools closed at least one day due to the virus you have the jobs data that's going to be most interesting because if you were out sick and do not have paid leave, you will count as a job loss.

and then we think we might get that back next month in february, but it may be a little bit later. >> steve, let's talk very quickly about rate hike expectations raphael bostic making comments in the "financial times. it could move a half a percent rather than a percentage point dow futures are down by 200 points and the nasdaq which has been kind of hanging in there is in negative territory again. s&p is down by 17. what do you think when you hear something like that? is that a trial balloon being sent out that or is that a rafphael bostic musing? >> i think it's somewhere in between. i don't think the fed is going to do 50 out of the box as the first rate hike.

i think the fed is trying to get maximum flexibility and wants to make sure the market is not surprised by anything it might do i don't think there's any incentive on the fed at this moment to surprise the market. if the fed is going to do 50, i think it's going to tell the market that. >> it's not going to surprise them if they're going to tell them i mean that's my whole point when do you want to use shock and awe and when do you want to telegraph this and just jawbone? >> i think -- see, here's the thing. when i look at the market response, becky, i see that it has responded to what the fed is going to do. it's got 70 basis points of additional tightening built in before all this rhetoric began i don't see a reason when i look at what bostick is saying, and i think about my report on friday, which i think is the right one i'm sure it's the right one. the fed is going to start off at a steady pace. i think it's going to be quarter, quarter, quarter.

what i hear bostick saying is i'll do 50 if i have to. i'll do consecutive meetings if i have to. but i don't believe that's the initial plan for the rollout of the beginning of rate hikes. >> steve, thank you. we listen closely when you speak on these matters. okay coming up after the break, the dow and s&p 500 on track to post the largest monthly loss since march of 20 while the nasdaq is on pace for its worst month since 2008. >> and then helima croft will give us an outlook on everything going on between russia and ukraine. you can watch us live on the cnbc app we're back in just a moment. leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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here is what the technical signals are telling us about the upcoming weeks i think everybody's trying to understand, you know, what the charts are telling us about where we really are. we have earnings obviously this week we also have the backdrop of the

fed and bostock making comments over the weekend what do the charts say >> sure. when we're looking at the u.s. equity market, for instance, we do have contrarian bullish readings from the aaii individual investor surveys. it's as high as it's been since 2013 also above where it's been at the pandemic low, so individual sentiment is quite bearish the fed did it i think what's crucial if this week, they can rally a bit more, regain the 40-week moving average, which is roughly around 4451 there's a critical resistance on a short-term basis, about 4445, 4546 if you can't regain that level sooner rather than later, the potential for a debt cap bounce

increases. you need to get a washout. roll back down, get a washout. say 90% down stocks and volume in those stocks, that would help to do. that we haven't seen the big climactic selling days just yet, even though sentiment is quite negative >> is it that way among others >> when you look at institutional cash levels from ici, the money market fund levels, they're actually closer to the peak they saw in 2020 i would argue there's a lot of cash in the sidelines. so, you know, it just depends on whether there's that last seller to sell and drive the market to a point where you actually see the true capitulation, meaning a big volume negative type of day, which we have not seen yet.

>> stephen, when people talk about capitulation, what to you does capitulation look like? what does the low of that have to -- i think everybody who's watching you right now are saying, okay, tell me the low and the possible highs so i understand what the dynamic here is what's the upside risk and the downside risk. >> i mean right here right now, you know, support's 4200 the upside risk is around 45, 4545 or 4550 or so again, what happens is this. if you can't rally based on that signal that we got last week from the three-month vix, which was a climactic signal beyond those, i think you're going to get another downward spiral that could take you below 4200. and on that type of movement, you'll break support that goes back many months on that break, there is the potential for real selling to

come in where you see that 90% down you see the good old-fashioned arms index above two, daily closing basis. those are the traditional panic signals that you get when you hit a low. we haven't seen those yet. >> and then, stephen, real quick, crypto, how does it correlate or not at this point >> yeah, i don't think i'm authorized to comment on the crypto charts at this point, so i'll plead the fifth there. >> okay. we're going to have to get you authorized because i think a lot of people are trying to figure out what's going on there. boy, it does seem quite correlated which sort of goes against the grain or thesis at least for a long time. >> right that's true. that's true. >> thanks so much. talk to you soon. >> take care. >> becks cathie wood is buying more robin hood the firm's all right a top

shareholders robi robinhood's stock price dropped. s she's also buying more tesla shares we'll talk more about this in next hour with matthew tuttle of tuttle capital management and the creator of the ecf shorts. >> and later thomas peterffy will join us we'll talk about the wild moves in the markets and what it's meant for retail infectors he'll tell us all about it sq "squawk box" will be right back.

energy prices continue to push up. oil is up for the first time this year. gas continues to spike despite questions around europe and what might happen with russia and ukraine. joining us to talk all of this is helima croft you do see oil and gas prices climbing this morning once again. where do things stand right now, and what are the next steps we should be watching >> we still do not know whether vladimir putin is intent on invading ukraine, but certainly all indications are they are continuing to move troops to the

border they're moving medical equipment and blood to the border which, again, is spiking concerns there may be an imminent invasion some time in the coming weeks there will be a discussion on this issue today the united states is clearly hoping the diplomatic track can be reopened, but everybody is preparing for a worst-case scenario, which would obviously put a lot of pressure on natural gas prices >> right natural gas is the huge issue with russia being the biggest supplier to europe for all of its natural gas. it's wintertime and things are cold right now, and vladimir putin will have his most leverage right now if with he were to go ahead and move with that in the meantime the u.n. is trying to look for alternate supplies what might cutter be able to do? >> they're a huge supplier but qatar has reached out.

you reach out to south korea and japan and say you're having a milder winter, can you free up some also nigeria and other gas suppliers to see whether they can bring more volumes into europe in the event russia withholds supply with that said, if russia is intent on turning off the taps in europing we're talking about mitigating measures, not additional supplies that could fully make up for a russian outage if they're really intent on closing the taps. >> can i ask kind of a stupid question vladimir putin is not new. we've known his stripes for a long time. so why is europe so key pen accident on it why did that not do some of these things earlier why did they allow asia to be taking supplies from the middle east and other places where they might have been able to get something? was this putin saying you can

get it really cheap, they fell for that, paying more for qatar, and now they're surprised? >> i think it's about economic russian supplied gas is the cheapest gas going into europe and others have shown an increase the pipeline that will circumvent ukraine, bring additional volumings of russian gas into germany, that had been the real concern about the pipeline project it deepened the dependency on russian gas. >> i don't get the surprise. hello, we've known whoa w.h.o. he is for a long time. >> he has played the card before this should not be anything new. >> fool me once, shame on you. fool me twice, shame on me. in terms of opec this week, it's opec plus opec plus is opec plus russia. so how does that play out in this meeting >> again, that's why we're

seeing oil prices rise russia is an enormous oil producer, enormous exporter. again, the concern is if you have serious sanctions placed on russia, will russia retaliate not oval by restricting gas supplies but really tinkering with oil supplies as well? i mean another commodity to watch for as well is wheat wheat is up 7% and russia and ukraine combined produce 25% of the wheat exports. russia is a major commodity superstore. >> everybody is on tinder hooks trying to figure out what happens. if there is an invasion, if russia moves in to take ukraine, how much more do you think this plays out in the financial markets? >> well, again, i would be watching obviously for the oil market if you want to see the pathway 1rks $00-plus oil, that will be the russian invasion of

ukraine. watch the other commodities markets, wheat, gas. another question is how severe will the sanctions be on russia particularly because of europe's depe dependency will you see sanctions will russia be kicked out of the swift payment system these are the types of questions that will be raised as soon as there's a potential invasion en spotify announcing a new policy change. we're going to talk about it and brief you on the latest. and later, thomas peterffy is going to give us his take on the markets an retail investing and so much more, conversation yodot nt tu n'wao miss you're watching "squawk box," and this is cnbc

it is the final day of january, and what an ugly month it's been on wall street the dow and s&p tracking for their worst month nearly two weeks. the nasdaq on pace for its worst since the financial crisis

meantime, an apology to spotify from joe rogan the podcaster said he's going to try to do better in balancing out views. and it's not the bizarro world it's the bizarro wood. we've got a conversation you don't want to miss with the man behind sark pretty much opposite cathie wood. the final hour of "squawk box" begins right now good morning, everybody. welcome back to "squawk box" here on cnbc i'm becky quick along with andrew ross sorkin joe is off the opposite of the ark fund would be the craw fund they misnamed that.

a lot ofpeople are coming in wonder wag to expect after the wild ride you saw on the markets last week. remember, if you weren't paying attention at the close, it was a strong week last week at the end. it was enough to bring the dow into positive territory for the week, the s&p into positive terr territory, and the nasdaq ever so slight. the dow dchanged 11 nasdaq up by about 14 points we have another week of earning kicking things off this week we get numbers from the likes of alphabet, starbucks, meta, amazon, u.p.s., sony, amazon -- i said that already -- ford, sanofi.

>> let's talk about some of the stories feds will be talking about today. there's a teasing of a possibility of a half a percentage point bostic is sticking with his call for three quarter point rate hikes but two prominent wall street banks aren't. goldman sachs raising it from 5 to 4 citibank also thinks lilt be five with the possibility of seven. that would be ever remaining fed meeting this year. meantime the northeast digging out from a major winter storm. flights were hit hard. flightaware saying there were thousands of flights canceled. more than 1,700 delayed

yesterday. alaska air getting hit the hardest. they don't have much business on the east coast a deal we told you about earlier is now official. citrix going public. bought for $104 per share in cash that's below the closing priechls shares down 3.5%. we were talking how citrix was a stock and company we used especially during the pandemic because it gives you remote access to your computer. a bit of a lifesaver at times. let's get back to the markets. mike santoli joins us with more. it's the last day of the month and maybe we say good riddance, mike. >> yeah, it would seem so, becky. it's been a tough start to the year there's been a little bit of help coming in at the end of

january usually. we we'll see if it plays out. friday, the markets sent the market up by 2.5% in the final hour and a half of trading we spent a lot of time in this zone, down 10% from the record-high. in terms of the cushion, built up a little bit of a margin for error. the lows for the week, a week ago today in the middle of the day, we with were at 4220. so essentially a 5% kind of margin there back to last week's lows to see if those are relevant still pretty oversold and washed out especially on the growth stock side we've known this story for a little while take a look at kind of the purest example of value versus growth the rpv is the real pure value as against growth. you see the value stocks have held up fine lots of financials, tons of energy this market here, that's the

worst month of pure growth relative to pure value we've seen in many, many years if ever so that has a sort of springback potential you would think as well as thing like the ark fund. also you would think again it would seemingly be washed out. a big help on friday to the overall market the tech sector came from apple after the results we saw apple certainly well below its highs. you see apple compared to the semiconductor sector as well as software these things together, semis, apple, and software are 75%, 80% of the tech sector this is the whole deal apple doing an awful lot of the work software is one of those hard-hit areas where you want to look and see if, in fact, all the relentless selling pressure is abated. >> mike, we have all this stuff we're going to be watching this week we looked at a big list.

you've got the jobs reports coming up friday, the talk for the fed and potential for them to raise by a half a parnlts point instead of a quarter percentage point which of these kind of rises to the top for you? >> i think that the fed disc discussion rate cuts may be in the talks. that's the overlay earnings potentialhas a way of distracting. after valuations have gotten compressed a little bit, some of the earning story is still holding up okay. overall s&p 500 forward price earnings multiple is actually down toward 19 the high was like 22, 23 back at the height of the post-pandemic rally. there's some work that's been done there to cheapen things if earnings are coming through, it may give an excuse for traction. >> it did feel like last week there was a higher bar for

earnings it wasn't a show me earnings quarter. it's show many the quarter and make a lot more. >> absolutely. if people are fixated on the margin piece of it, there has been wear and tear i don't think it's going to be -- it almost is never a situation where earnings reach some critical mass being good and it takes the whole market up earnings season is company by company, stock by stock. at the end you see which one wins out it's been a hostile net reaction though we'll see if that changes this this week which is a pretty busy one really active to last week. >> mike, thanks. we'll see you a little later in the day. >> meantime spotify responding to the controversy over vaccine misinformation podcaster joe rogan is going to add a content advisory to any episode that causes covid. spotify alleges there's been a spread of misinformation neil young pulls his music last week specifically over joe

rogan's podcast. over the weekend joni mitchell said she would also pull her songs. last night spotify responded to the controversy. >> one thing that spotify wants to do that i agree with is at the beginning of these is to put a disclaimer and say you should speak with your physician and that these people and the opinions they express are contrary to the opinions of the consensus of experts, which i think is very important, sure, have that on there i'm very happy with that also i think if there's anything i've done that i could do better is have more experts with differing opinions right after i have the controversial ones. i would most certainly be open to doing that. >> and joining us right now to talk so much more about this is the managing partner of wedbush securities i want to go to you, sara, first, in part because a lot of

folks out there have sent in tweets this morning saying what is it exactly about joe rogan's podcast that was misinformation and rather than myself say it or state it, i,000 you could actually explain it and also the state of play inside spos phi this weekend. >> good morning, andrew. so joe rogan in 20 said if you're a young person, you might not need to get vaccinated well, spotify's policies say that's okay. what you can't say is that the vaccine causes death so his comments just scurry the policy now, the reason it's controversial, andrew, is because we didn't know what the policies were. spotify didn't put them out until yesterday. the other thing that joe rogan sometimes does that thwarts with the line of good and misinformation is you have views that aren't widely accepted. he talked about ivermectin

he talks with controversial figures like alex jones. so even though joe rogan hasn't splis italy violated any of spotify's rules, he has made doctors and the science community a little bit uncomfortable. >> dan, let's talk about the impact on the company and potentially the future of it being a target for regulation. is spotify a broadcaster like nbcuniversal which owns cnbc, of course, or is spotify a platform that looks more like a facebook or twitter that is now putting, quote, unquote badges on different pieces of information around covid, warning users or saying click here to find out more because the responsibilities are very different. >> no doubt. spotify never thought they would

be in this storm on one side you have this audio piece, streaming piece, which has been the major part of their success. the worlds are colliding here for spotify. they find themselves at the center of this that's why the section 230 and some issues we've seen with facebook, stwit e don't necessary wli apply here but the beltway now, i mean, this is really sort of above the radar, and i think spotify, it doesn't end with just a one-page press release on a sunday night that's going to end this storm for them, there's a hundred million reasons to keep joe rogan. that's been the issue. obviously the most listened to podcaster in the world spotify is trying to do a balancing act here but right now they're a lightning rod. >> at the moment it seems joe rogan trumps basically everything else, but if i told

you taylor swift and adele and, i don't know, drake decided they don't want to be on this platform, and some of those artists have the most downloaded music on that platform, does the dynamic change are we in a whole new world here >> i think there's a pandora's box that's opened up, and how spotify handles this in terms of neil young, joni mitchell, and the joe rogan situation, it's a brushfire impachlkt especially when you're looking at cataloged music versus non-cataloged music. it's not just joe rogan. you have harry and meghan and ot others it doesn't end here. this is a story that's going to continue go on but from an investor perspective,ite's nightmare. in a risk-off situation, the last thing you want to see with spotify is see their two worlds

collide. that's why you're seeing the stock sell off. >> sara, i remember interviewing reed hastings two or three years ago and whether they would ever do news. he was like, no, no, i don't want to ever do news news can create controversy. we want to be a global platform and we have to deal with all of these different constituencies has spotify just run into it and do you think their policies are going to change? do you think they're going to walk balkback from podcasts? lean more into it? >> commercially they're not walking away from podcast, especially as ones that are as popular as joe rogan's the advertising support they're getting from podcast continues to grow and become a meaningful part of their business so they're not walking way i'm glad you brought up netflix. you remember a few months ago they had the huge dave chappelle scandal, which shows you can face this even when you're not

in the news. but it shows invests can move on quickly if the talent and platform can come to a resolve it seems like they came to a resolve yesterday. joe rogan is not upset they're going to be adding labels to his conversation he even doubled down and said i'll even talk to experts. spotify handled it well. the problem is the advance point, if you have one artist, taylor swift or drake, the economics change so far there's no concern that that's going to happen i think they'll hold that off for a while. but if joe says something and it violates the rules, they're going to fall into this slippery slope. stock is down 30% to this date investors do not like to see that. >> sara, two points. one, it's a smart point becky made the stock is down and some of it may be this, but also the nasdaq has been down as you know

throughout the year -- thus far this year as well. i wanted to ask about washington thus far regulators have not focused on audio they focused on all sorts of things, but audio has not been among them audio may be among the hardest to regulate because oftentimes it's a real-time media potdcast. how do you see that playing out, and what do you hear from regulators >> great question. two things to focus on here. you asked before whether spotify should be regulated like a broadcaster or platform. it doesn't function on spectrum. now that spotify is getting into live audio to your point, there's going to be a lot more pressure on it to address some of these content mod rairkss to date we've not seen any equity lawmakers to come out to capitol hill to explain himself. that doesn't mean he won't get there. just remember last year was the first time we had amazon on

capitol hill for now expect lawmakers to take the political route. they're going to focus on facebook and google, which are their big boogiemen. i expect them to leave spotify alone. maybe it will be mentioned in a press release. >> okay. dan, sara, thank you for walking us through all of this this morning and making a lot of sense. appreciate it. thanks becky? >> thanks, andrew. when we come back, we're going to have a conversation with the anti-ark investoret this is the inverse of what cathie wood has been doing. plus on this final day of a wild january ride on the markets, we've got the chairman of interactive brokers he'll tell us whether the investors have weathered the storm and what he sees in the future you see the dow and s&p down dow futures down by 191 points, the s&p futures off by 16. the nasdaq is hanging in there,

but just barely, just above the flat line. we'll continue to keep an eye on this as we contithnue is wild ride of january. stick around "squawk box" will be right back. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. it's got to be something workday. i think i got something. work... hey, rob, you're on mute. hello! hey, rob, there he is. workday. the finance, hr and planning system for a changing world. workday. the fitoday, businesslanning systis a balancing act.orld. you want your data to be protected and secured. and your customers want seamless and easy. with ibm, you can do both. your company can monitor threats across your clouds, address all those regulations, and still create all new experiences.

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going to talk with us how the stocks have evolved. but up next the man who goes up when cathie wood's ark fund goes down you're not going to want to miss this "squawk" is coming right back. you are an electric vehicle. electricity powers your heart. want to feel your heart beat faster? drive an electric car. made by a company whose evs have gone five billion miles. for every highway... every driveway...

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>> announcer: where do his billions come from. >> this is one of the greatest frauds of all times. then the kid next door breaks bad, very bad two new "american greeds" wednesday starting at 10:00 p.m. eastern, cnbc. get yours. all right. welcome back to "squawk box," ev we've been watching the futures this morning last week was pretty wild.

the month to date has been pretty wild. so far for the month to date t dow is arch by 4.44% the s&p is down by 7%. and month to date, the nasdaq is in the worst position. it's down by 12% this morning you might hope for some green arrows. not so at the moment the s&p future is down by 17 the nasdaq is down by 5 points this morning we'll see if we make this week a little bit better of a start than we had last week. in the headline this morning netflix co-ceo read hastings reporting he bought $20 million of shares. this is his first open market purchase of netflix stocks since the company went public back in 2002 if it tells you how he's feeling, it's a sign of confidence netflix shares were down by 35% this year. this morning they're indicated up by just over 3% andrew >> okay.

meantime we even been talking about this all morning kathy woods arc fund was a dooring of the early pandemic stock trade. netflix paid off hand somely with the share price more that quadrupling in early to 20 to 2021 the chance of the fed raising interest rates, it could lead to much less working from home. her fund has suffered big time joining us right now is the creator of sark, short ark fund. matt tuttle, ceo of tuttle management matt, let's start. when did you come up with this idea >> so we cake up with this idea at the beginning of the summer and really at that point you had

short interest at $2.7 billion of course, we knew the macro environment was going to be challenging for speculative technology companies, so it mate sense for us to launch the product. >> we were talking earlier a lot of people have made this personal, not just about ark itself but kathy woods is this personal for you >> no, not at all. we've got great respect for kathy woods. we've got great respect for ark and what they've done. this is purely --they've created a whole new sector really, you know, speck la tissue technology, unprofitable technology, whatever you'd want to call it and there's really no tool out there for investors to, you know, express a bearish view on that sector. so that was purely why we did this, nothing personal at all. >> have you talked to her about

this has anyone from ark contacted you? >> they have not i mean we're going down to an etf conference in april that she's going to be there, so, you know, maybe. but not as of yet. >> let's talk about some of the investments. just last week as you know, she doubles down in some ways, maybe quadrupled down on the likes of robinhood and tesla. do you look at it from the -- i don't know when you look at your fund, don't know whether you look at the investment thesis or not or do you look at the chips falling where they may do you look at this as a terrible investment or do you say, great, we'll see what happens? >> so, you know, there's certainly -- whenever you're as transparent as they are with their trades, there's always the opportunity to second-guess. i mean we run some actively managed funds, and, you know, nobody -- typically when you're

doubling down on something in a bear market, that tends not to end well so certainly you can criticize some of those moves. but i mean we're looking at sark really more as a bet against speculative technology, you know certainly if they're making some of these bets and they don't turn out, that does benefit the fund so it is something we're keeping an eye on. >> and when you think about the success or failure of this fund, again, this goes to sort of -- you just sort of are hoping the chips land where they may, or do you say to yourself, man i, hope she doubles down on this stuff because i think it's going to zero >> again, i think certainly when they make those trades, if they go wrong, it helps us. but, again, you know, we see this really as two main things number one, a bet on what's going on in the macro environment. you know, you've got the possibility -- you know, you've

got bank of america saying seven rate increases you've got bostic getting us ready for 50 bips, and regardless of that, to me this is a better hedge than, say, shorting the s&p of the nasdaq if you've got a negative market view i'd rather short that. >> there's lots of folks on reddit talking about your fund or is this something that's built for institutions, and how are you seeing that play out >> we're really seeing that play out on both ways i'm very tissue on twitter we get a lot of people communicating on twitter about this we look at the trades. you'll see 50,000 share blocks and things like that that we know aren't retail, so, you know, we looked at this really coming out it's a little bit more of a retail product, but we've also talked to a lot of retail banks

doing this internally for clients, and they told us this might end up being a better solution for those clients as well so we're really seeing it as both. >> what do you make of the fact you're able to pull this off because kathy woods is so transparent. >> well, it really has nothing to do with that. we're able to pull this off really because of the success that ark has had, and they sit in an extremely liquid investment for us to get swap exposure directly on r.k. which is, you know, how we do this, it makes it very easy do. so ironically their success in raising assets has made it, you know, able for us to be able to -- >> and that's what i was going to ask you though. do you think of this as a long-term or short-term product? if your product works, it means that her product is not working. and therefore, over time, i imagine, your product can't work either.

>> well, not necessarily i look at this like the inverse s&p and the inverse nasdaq funds. i mean she could generate 40% returns a year, but it's not going to be linear, and especially with the stocks that they own, they're going to have times when they're doing very well, and they're going to have times when they're doing very poorly and, again, if you've got a bearish view on the market because eventually, you know, either this correction gets worse, which we think it will, eventually we get into a bear market at some point, to me this tool say better hedge than an inverse s&p or inverse nasdaq fund. >> matt, that's my question. if you think she's going to have times she does very well and times she does very poorly, wouldn't you fund do the same thing? or isthere a point you break off where you don't necessarily act as a reflex of the opposite reflection of what they're doing. >> no. so because of the way the fund is structured, we're always going to be the opposite

reflection we're not making any judgments we're not actively managing the portfolio. we're short rk directly through swap contracts they're up 5%. we're going to be down somewhere around 5%. >> matt, we want to thank you. it's fascinating to see what you're doing it would be fascinating to see who wins in the end, though, i imagine it's possible both of you do in different ways talk to you soon thanks. >> thank you when we come back, two more big-time market interviews the first with interactive brokerage founder thomas peterffy he'll talk to us about the state of retail traders following what's been a pretty punishing month for major averages. and a second interview wit wharton school professor of finance, jeremy siegel he talks about what's happening at this point tinhe markets there's still so much more "squawk box" ahead stick around

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a volatile january, testing

invests across the spectrum, everybody from professional money managers to the new retail managers who joined the market as gamestop was spiking last year i'd like to focus on the latter retail group right now and see how they're weathering this 2022 downtown for that we bring in thomas peterffy you've been doing this for a long time, but we've seen some pretty unusual trade activity over the last two years, a market that brought in a lot of retail traders how are they doing with the downturn we've seen for the month of january >> well, the month of january was not the best time for our customers. basically they are down 10% for the month, but you see a large amount of investors. they have such huge gains in the stock that they do not want to sell it. so it was very interesting to

hear this anti-ark fund because -- that you just had on because many of the customers buy that fund in order to hedge their position, but they are committed to tesla on the very, very long term they talk about owning this stock for the next ten years because they say that elon musk is able to get the brightest young engineers, and they're going -- they don't look at the car stock. they think that they're going to develop all kinds of other technologies such as robots and other things so other than tesla, the largest holdings are nvidia, amazon, and many of these so-called new tech stocks some relief came from the fact

that quite a few of our customers have been long conventional energy sector, and those positions have generated respectable concerns also interactive brokers, customers who developed during this time who focused on company-specific events and used their particular option spreads to stake out their positions within the price index. >> i was going to point out, options trading, i think, was up 42% last year at interactive brokers. what are they using the options for? are they trading more frequently, or are they just hedging their bets differently. >> you know, the option volumes are just incredible. what most customers do -- and the reason why option volumes have increased so much is they

transferred from just playing the option market with the bond contract at the time they're now doing option spreads because they have learned with the spreads, they can focus in on different specific pric region of the underlying stock if they do some an alysis on th underlying stock and see the pros sperkts s expect pros specters and they do the fundamental analysis and decide to play from the long side or the short side with this option vertical spread, they can really stay with very specific positions and have a limited risk or so.vertical spread, thel stay with very specific positions and have a limited risk or so but, you know, this has been

working out extremely well for more and more of our customers, and they follow the strategy. >> hey, thomas, there are some people who say, look, the people doing all of these tradings, working on the options, making sure they're trading on a daily basis, that they're not a lot different than the people basing bets on draftkings or others what do you say of that? >> no. our customers are serious traders. they do a lot of annalysis they they would gonlt near this meme stock idea this is a very, very different group of people. >> what -- you have been doing this a long time, and you've seen booms and busts, especially going back to maybe the dot-com bubble and the bursting that came afterward this market has been inflated. it was done through the fed. the fed's going to be teatening rates at this point. will they chase off these

investors, or do you think they're going to weather through any of these storms and they're prepared for that? >> well, i think that some of the new meme stock type of investors will lead the market at least for some time but i think our customers will re remain and they will continue -- i mean they've been doing -- other than this month, they've been doing extremely well, and, you know, they understand what the situation is they will continue and stay with us i'm pretty sure of that. >> what do you think about crypto you've changed your tune a little bit on crypto at one point you were concerned. but now you've got a lot of different things people can invest in crypto, and i think you've even changed your own perspective and maybe there is room in your portfolio. >> i was never opposed to

crypto i was opposed to the small margin requirements that the cme put down on the futures because, you see, i still maintain today you don't know if bitcoin is going to be worth $100,000 or a million dollars, so there could be huge volatility here. so, you know, with the futures, there are many people who are short because, you know, for every long there is a short in the futures market, and so when they put relatively low margin requirements at the exchange level, then the problem is that there are many -- not many, but quite a few very capitalized futures brokers in the market, and they charge very little commission, and they take their gains out of the business every

month, and they say, you know, if crypto suddenly shoots up, it's open. it's maybe $37,000 there's nothing to say it couldn't open at $70,000 or more. >> right. >> and then, you know, these people are out of business, and the brokers are holding the bag, but the little brokers, they just say, sorry, i don't have the money, andite tess big brokers like us that have to make good on their losses. so that's what i'm opposed to. >> we were talking about cathie wood and her investment in tesla and the additional shares she bought another one she just bought was robinhood, and that may be where a lot of these traders are looking at what happened with the memes stocks are trading do you think your investors are inherently more sophisticated than the robinhood investors >> oh, well, it's a very

different customer tide. the average is $4,000 in their account -- actually $4,200, and our customers have around $200,000 in their account, and so while -- robinhood would make $65 a year on a customer, which is 1.5% of the $4,200 that they have our customers with the $200,000 they have, they generate a reeve knew revenue of $1,600 in their account. so we take only as half from the customer than robinhood does it's a different story. >> maybe a new definition of who robinhood is do you think those are the traders who will get washed out and not be prepared for the

longer term if there's ups and downs in the market? >> well, that's definitely true, but on the other hand, i have always said, you know, robinhood has done an incredible job attracting these young people to the platform so they learn about business, they learn about the economy, they learn about corporations, and in the process they realize that corporations are really not there to enslave them, and they are there to try to attract them both as investors and as customers so i think it's a good thing. >> thomas, thanks for chatting with us this morning it's good to see you. >> thank you very much. >> mm-hmm. okay coming up after the break, we're going to get down to jim cramer and get his first take on this morning -- this monday morning and a week ahead before the opening bell and then we're going to meet

with market maven jeremy siegel on a road ahead of the stocks and this unusual january yodot ntu n'wa to miss that. stay tuned squawk coming right back ...but with the business side... ...i'm feeling a little lost. quickbooks can help. an easy way to get paid, pay your staff, and know where your business stands. new business? no problem. success starts with intuit quickbooks. competition beat us again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. it's got to be something workday. i think i got something. work... hey, rob, you're on mute. hello! hey, rob, there he is. workday. the finance, hr and planning system for a changing world.

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capsule is super safe and secure. get your prescriptions hand delivered for free at capsule.com welcome back to "squawk. i want to get to our good friend jim cramer who joins us now. big week of earnings, but against a backdrop of fed, i saw over the weekend, you said, don't bet against jay powell

we heard from mr. bostic over the weekend that maybe we could get a half-point hike at some point. what do you think and how do you position yourself? >> i think that what you have to recognize is that some of these supply chain comments, we hear them on every call, are just intractable. i can't imagine if we got ten hikes, it would mean anything. everything has to slow a lot of the supply chain issues are quarantine, and a lot are semi-. the third is port issues if those go away, why would you have to go six, seven? these people ustily's nothing good that's going happen to supply chain, covid, nothing good to the ports. i think basically you're thinking it's all open and i think jay powell knows more than we do, and i think he's look actionet the situation thinking, you know what? i don't want to make these

forecasts because any one of those three go well, i will have tightened at the wrong time. yes, it's true you go to the store or restaurant and there's no bacon. yesterday i i want to five restaurants, i'm sorry, there's no bacon, no crabs, no this, no that at the same time i think a lot of this has to do with quarantine a lot of companies don't have their full complement, and when they do, i think some things could come down. i think everyone has decided inflation is going to last years, and without multiple increases, jay is going to be very wrong i don't think jay's looking at the future. >> you think if you ordered a couch or a refrigerator that they told you is not coming for the next 12 months, you think over six months the supply chain is going to get better and all of a sudden things are going to show up early? by the way, the sorkin family would love that if it's true, but i'm not skept accountable.

>> this is not like the old soviet union, but you have to buy things you may not have bought otherwise maybe you go williams sonoma to get a table you can't get at restoration hardware i think we got pretty spoiled as a country and this is the new worrell. by the way, you know where it's? new york city. >> where >> new york city. >> interesting. >> very different from six months ago there you got it. >> umm, jim. >> you have omicron for everybody and the benefits are over. >> yeah. >> new york city you can hire people that's why i say jay is smarter than these people. he said let's be deliberate. you don't -- >> okay. >> easy to hire people. >> you know this >> yeah. >> i remember you talking about how hard it was. >> yeah. in restaurant business in general it's not that hard to hire. >> yeah. >> that's a big change. >> yeah. changed radically. >> wow. >> it's incredible how it can

change so quickly. so quickly. >> that's good news. >> that's fascinating. we'll see what happens with earnings lots of big companies to report on we would love to hear your views throughout reminder, you can get in on jim's views on the cnbc investing code shoot your phone at the screen now or go to cnbc.com. ey revolutionized immunotherapy. i am here because they saw how cancer adapts to different oxygen levels and starved it. i am here because they switched off egfr gene mutation and stopped the growth of tumor cells. there's a place that's making one advanced cancer discovery after another for 75 years. i am here... i am here.... because of dana-farber. what we do here changes lives everywhere. i am here.

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it's the final day of january. this is not how most wanted to start their you. the dow and s&p are on track for the biggest monthly losses in two years. the nasdaq is all but assured it'll see the worst january ever joining me now is jeremy segal we spoke with you a week ago today. at that point, you laid out some significant concerns you thought there would be more pain to come we could be talking about the s&p and two major correction territory and the nasdaq into bear market territory. we haven't seen either of those things happening yet are you standing by those special predictions? >> yeah. let me tell you what my are concerns are becky, you had an excellent

discussion at the top of the 7:00 a.m. hour what should powell do about rate hikes here is my basic problem, the fed said the long-term fed funds rate on normal conditions is 2.5% with 2% rate of inflation. if you take a look at their bots, all the way to the end, they've done it for years. 2.5 is considered the normal rate for the fed funds now we have 7% inflation by the way, next week we'll get another inflation announcement i expect it to jump even further above 7% how does 1% stop 7 when they said 2.5 is subsequent with 2. powell admitted in the last news conference, we have one of the strongest labor markets we've ever had

combination of strong labor markets, combination of 7% inflation. it seems to me that we've got to jump the fed funds rate much more than what the market is expecting. i don't think the stock market is calling -- prepare for that that's why i think there's going to be more rocky times ahead now that said, i haven't sold any of my stock. i have some cash the market goes down, i'll make it work. i'm positioned more toward the value stocks i think they'll resist the rate hikes better than the long duration stocks. i'm not bearish about the stock market long-term i think it's fairly valued i just think that we've got to be prepared for a much more oppressive federal reserve. >> yeah, i mean, to buy in just with the lows we've seen and the sell-off we've seen?

>> i would, i mean, i'm waiting for a bit more maybe 5% to 10 i do not try to do short term ma up inlation in the market. kind of look at long-term evaluation and see it being reasonable i don't think anyone should panic. even if we have another 5 or 10%. i'm just saying that it seems to me, you know, how is -- how the fed says 2.5 is a normal fed funds rate and 2% inflation world. when we have a 7% inflation world, we're afraid to raise it to 1 or 1.5. i love steve -- i guess march 16th is the next one to ask chairman powell that question. those are the inconsistencies that worry me right now. that the fed will catch up with what is reality. >> maybe jim cramer was pointing to that. he thinks potentially you could see inflation come down a lot

faster jim was saying itst easier to hire in new york city, at least, now. maybe you see that come down it's understandable to go back and forth and look at what is built into the pipeline and look at the idea even though people would have seen the wages go up, it hasn't kept pace with the inflationary pressures so people are having less purchasing power overall. and that's something jay powell pointed to, too. i'm sure he's concerned. could you inflation come back down, maybe not as drastically as omicron has dropped off but could you see it come down sooner and more quickly than a lot of people anticipate >> i don't think it's going to come down that quickly and i think -- i think what jim said was that wages have definitely gone up. >> yeah. >> in terms of trying to hire. productivity has not gone up enough to cover, i mean, not a doubling of wages but even 10 or 15 or 20% increase in wages

which is what is what new hires are getting. and a lot of white collar workers will say, listen, i'm not going to be satisfied with the 3% wage increase when, you know, inflation is 7 or 8% you're going to have to catch up at least to keep me whole. so i think most of the inflation on a note jim believes, most is supply side. i think most of it is too much money, too much stimulus it will end. i think we have a bigger bump that inflation and hump of that inflation coming toward us over the next couple of years. >> yeah. that is the fear in a lot of markets, at this point right now. professor segal, good to see you. thank you for joining us we'll keep checking in with you as we continue to move down the line here. thank you. >> absolutely. thank you, becky a quick final check on the markets. as you mentioned, last trading day of the month so far a mixed one if you're watching the futures,

dow futures indicated down by 150 points s&p futures off by 10. the nasdaq is, up by this point, 32 10-year has been picking up. above 1.8% sitting below that at 1.798% that's the big question for the day. we'll be back here tomorrow and we'll see you then right now time for "squawk on the street." good monday morning. welcome to squat on-- "squawk o the street." i'm carl quintanilla with david faber and jim cramer it'll be another busy week more than 100 s&p earnings, a big faang names and jobs friday. road map begins with a dismal month for stocks coming at the close. spotify moves to address covi