it is 5:00 a.m. on wall street here is the top five at 5:00 holy turn around, batman doing something worse with the financial crisis. and tech in focus. google set to raoll out big numbers. and tesla ceo elon musk and automaker fans are furious at the white house. we'll tell you why you may have tried the game. you have definitely seen friends

brag about their scores. wait until you hear who is getting on in the wordle craze one well known pizza chain has a solution for the jobs problem in america pay you to skip the delivery it is tuesday, february 1st. this is "worldwide exchange. good morning, good afternoon or good evening. welcome from wherever in the world are you watching happy tuesday. i'm brian sullivan let's go we have a lot to do. here is how your money and global markets are set up your day. futures are looking okay not going to make too much of them you know why one guy hits a button and things turn that is what happened. fair values are up 30 seconds ago and they were in

the green. maybe that is endemic -- bad word these days -- representative, perhaps. we're in the green moments ago slightly in the red. flip a coin at this point. if you took yesterday afternoon and off and missed it, it was a stunning turn. the last two sessions in particular the nasdaq and nasdaq 100 on monday posting a 3% gain that move did something remarkable i'll tell you about that coming up we call that a tease on television we have exxon earnings out this morning. likely if forecasts are right, the best quarterly numbers in years. oil shows down 87 crypto has come back with tech stocks the last couple sessions. we will get more on crypto and

the markets in general when we are joined by mark coming up in a few minutes. bitcoin is down. the rest are slightly higher. let's find out what is happening around the world with julianna tatelbaum in the london newsroom >> reporter: brian, good morning. european equity investors are taking their cue from wall street yesterday we have green across the board in europe. all of the major indices trading higher .80% for the french. .70% higher in germany italian market leading the way with spain here in the uk, ftse 100 u up .70%. a broad base rally the stoxx 600 rallying .7% yesterday. this is what the picture looks like we have every sector trading higher with the exception of

t telecom. there is one stock in focus there. that is ubs. the company announced a slew of ambitious financial targets after a 14% rise of net profit this is looking to aim management to $6 trillion and double last year's share buyback to $5 billion this year. the ceo is focused on the inflation and interest rate outlook. take a listen. >> longer term we do see inflation coming through. that has a couple of effects on our business it has an increase effect on our costs on the wages on the other side, it will lead to higher interest rates which will give us tailwinds in order to increase our interest income and also with higher inflation, more investors are looking for more alternatives. we are set up to deliver the alternative. that's what we do.

>> reporter: brian, ubs is the best performing stock in the stoxx 600. shares up 6.5% back over to you >> big day for big bank. julianna tatelbaum, i appreciate it have a great one. now to the top headlines in corporate stories. including the goldman sachs and what they think will happen tomorrow and the opec meeting to bring down the gas costs silvana henao has more now >> reporter: good morning. happy tuesday, brian goldman sachs is boosting outlook for a ramp up in opec crude production ahead of the meeting. in the note led by jeff curry, opec may announce a big output in rise. still, goldman sachs maintains bullish view for crude in 2022 saying the rapid decline in covid and earnings from u.s. producers reinforce conviction

in the need for sharply higher prices india is rolling out plans to tax profits from crypto. in a speech earlier today, the country's finance minister said income will be taxed at 30%. the move comes as india's central bank is preparing to roll out digital currency this april. a damning new report from rio tinto with bullying and racism 21 attempts of rape or assault over the past five years the company launched the review last year. more than a quarter of the work force shared views in the study. rio tinto will review all recommendations in the report to combat systemic issues very serious complaints, brian >> one of the world's biggest mining companies has a lot of work to do based on that

that is a terrifying report. silvana, thank you >> you bet. let's get back to the markets. after a rough start to the year w h we could be set for a difficult year on fast money last night, lee said this now suggests a strong buy signal >> when institutional investors are cautious, retail priced in the bear market and sentiments worst in the last eight years, you could have a huge vrally. as we said before, recovery tips the meaning to expect a violent rally. >> tom has been bullish the whole way through and remains bullish. let's talk more about this and the macro markets and money as the dismal month of january is thankfully behind us with bill stone of glenvuiw trust.

are you as optimistic as tom lee? >> i say relatively. the fact is the numbers just say if you are down 10%, odds are on your side you get above average returns over the next year and you have a gain 76% of the time over the next year average intrayear declines are 50%. could we go down further than thursday last thursday? we could if we go into recession, it could get worse. you have to look at where we are right now. i also would say i think he is right on in terms of i think they really hit the growth stocks too hard. you have already started to see a strong rally in some of those names. >> yeah. we talked about it on this show a lot about market structure and options and gamma. i said it was the fed. there was an article in

bloomberg that said volatility was more to do with options and gamma hedging. you don't get that violent move because the fed may pull forward an interest rate hike by one meeting or whatever it may be. what do you think right now, bill, then is the biggest risk is it the fed or is it russia? >> i think it is the fed in the sense that they heare in the ple they have not been in for a while. they are essentially forced to raise rates. if the payroll is bad on friday, they will raise in march are they in a place where they are forced to hike enough to smother the economy? i think that is part of what is getting priced in here a little bit in terms of the volatility while i think and i'm bullish

and we will do fine by the end of the year, but i think you better keep your seatbelts on. some of that will continue to hangover us for a while. >> my guess is you will say we should not start pricing in for a recession this year. maybe not early next year. at some point, your clients thinking long term have to slowly start adjusting for the idea this economy will slow down and that history suggests that there will be a recession or could be a recession in the next couple years and we need to start planning for that. the markets do go down big during recessions. >> yeah. no doubt history -- we're are not going to end recession you will get one at some point i don't think we'll get one this year clearly we'll slow in the first quarter. i would say i think the underlining key is and part of

what is going in the market is you have to upgrade quality so you are in companies to make it through the casym when we go into recession that tends to match up nicely with what tends to perform quite well in a fed hiking cycle probably for good reason because of what i laid out which is always the fear. the fed takes it too far or is forced to take it too far. >> with that said, what is our best mix of stock investments right now or is it something outside of stocks? >> i think stocks give you the best chance to out strip inflation which is what you are trying to do you are trying to keep your power and grow it. i think assets at that very moment, the growth side looks a little more interesting. you know, we have been adding to some paypal and starbucks. i mentioned those in particular because they had poor earnings you have paypal with over 40%

off the high starbucks is 20% off its high. are you talking high quality companies with earnings that make it through and will have great long-term growth opportunities. >> starbucks hit by higher coffee input costs with the drought in brazil. bill stone, glenview trust have a great day take care. happy february when we come back, why today's google's earnings could be a game changer for tech stocks. and your morning rbi and the most important piece of economic data this week and it is not friday's jobs number first, as we head to break, check out the top pre-market mo movers we have a busy hour still ahead.

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and save money while you're at it with special offers just for movers at xfinity.com/moving. all right. welcome or welcome back. good tuesday morning a live look at times square. no doubt, joe and the squawk gang are getting ready it has been spectacularly cold on the east coast. we know it is happening again in

texas as well. if you are outside, bundle up as well it will at some point in time get warmer all right. today's earnings update is brought to you by the letter "a" as in alphabet the earnings numbers come at an important time as nerves are high in tech growth. let's see what the key numbers are to watch and welcome dan ives at wedbush securities dan, great to have you on. good morning what do you think the keys are for google/alphabet tonight? >> i think the key is really digital advertising. you need to see about 100 to 200 beat over the street you look at google cloud the story that is playing out. strong from microsoft and strong for amazon you see that on a run rate toward 20 billion into 2022.

this will fill in missing pieces bullish tech earnings season continues tonight. significant in terms of what we are seeing with the white knuckle environment. >> is there anything that google can say that changes the game around how we should perceive the company right now? do you expect any big surprise or is it just the nuances of slight percentage growth changes in their various businesses? i say various businesses, i mean search that's their only business >> i think the biggest thing is digital advertising. you talk about nervousness in the street there is a pull forward in the environment? think about what we are seeing across tech. last week, strength from apple and microsoft. you need to hear from google and digital advertising. the big thing is cloud, brian. google that is fast becoming a number

three cloud player that could be a relating in the stock and further what i believe is going to be a joe burrow earnings season for the tech sector >> ha! very google cloud of the bengals. may be surprising everybody to the upside how close are they to the web services and microsoft's azure you could be number three down here and be number three and closing in quick >> they are still 0% or 30% of where microsoft and amazon are there will be a lot of winners we are talking about $2 trillion over the next five or six years. what is important in the tech sector is bifurcation. the work from home you will see pull forwards and multiples will compress. what we see this week and last week the sector will move higher fundmamentals are accelerating.

that is what you will see from alphabet tonight continues the good news in tech. >> you know, stock is back to the levels it was back in july i understand the entire tech sector has come down overall, the stock hasn't made investors any money and basically in six or seven months it got up near 3,000 and failed. talk to us about the longer-term outlook for google dan, do you think about the 3,000 a share number means anything or kind of a nice round number for us in the media does it hold any technical significance >> i think it has some significance in terms of perception no different from where apple went up and back the street could be convinced on the growth rate and apple exchange i think more of a headwind than

facebook this is something where it has been stuck on the treadmill. it is a stock. i think 2022 is a strong year for alphabet you will see the bifurcation especially on the cloud business that could be the rating similar to microsoft i think what you are seeing with ibm finally getting mojo on the cloud. there will be a lot of winners and transformation in the cloud google front and center. >> dan ives, wedbush securities. we know you have a long day. thank you for joining us on "worldwide exchange. grab a cup of coffee or tea. thank you. coming up, attention parents of young kids. new information on the way about when children under 5 may be able to get covid shots if you want them to >> announcer: today's big number

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welcome back time for the big money movers. three key stock stories happening now. stock number one is nxp semiconductors it topped investors from the

most recent quarter. a 50% quarterly dividend hike. stock number two pfizer and biontech. they are expected to submit authorization use for kids 6 months to 5 years old for the covid vaccine. once submitted, the vaccine would be ready for rollout by the end of the month stock three. cirrus the company topping estimates and offering upbeat guidance as well let's get the news outside of the world of money and business for that, wie go to phillip mena >> good morning, brian a showdown over the build up near ukraine for russia. secretary of state blinken is scheduled to talk with his russian counterpart over deescalation of the crisis

russia has now sent blood supplies needed to the troops on the border should it be needed russian's ambassador is trying to say they are whipping up his t tar icks and six black colleges including howard university in washington, d.c. and albany state received threats yesterday which prompted lockdowns and police investigations. this was howard's second bomb threat this month. time to say good-bye to the ox and welcome to the year of the tiger. today is the lunar new year. agthletes from around the world are celebrating in china as they prepare for the winter games this is a major holiday across china. celebrations last for 15 days. back to you, brian >> good luck to everybody there. including the winter olympics.

kicking off in a few days. phillip, thank you coming up, why our next guest says wall street is getting the fed story wrong. investor mark yuskowill join us we will talk fed and a little crypto mark is coming up. a can't miss interview if you have not already, follow our podcast so you don't miss the show. ever check it out anyt time of day walk around the house with headphones on to avoid the dogs and kids we're back right after this.

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what a comeback. futures may be down a bit right now, but do you realize what the nasdaq just did to wrap up january? a household name just bought viral game wordle. i'll tell you who. and land rush. are you ready to buy property in the metaverse? if you want to play, you have to pay. big time new numbers there. it is february 1st this is "worldwide exchange" here on cnbc welcome or welcome back. good tuesday morning welcome to february. how long was january it was like 52 days long a brutal month

be careful in the northeast. it's like 5 degrees right now. things can only look up. let's get back to the markets and your money to see if they are looking up after a rally on friday and monday. we are seeing futures down just a touch. again, fair value is up. flip a coin if you want to know which way the market is going. just being honest. if you remember this time, you know, 24 hours ago, going into yesterday's session, we told you and looked you in the eye and said the nasdaq was on pace for the worst january ever it was it was more than 2% worse than the next worst start to a year which was back in 2008, the financial crisis no way that the nasdaq doesn't set some kind of terrible new january record, right? wrong. with the more than 3% higher jump on monday, the nasdaq can now say 202 it was not its worst start to a year ever

here is where we wrapped up. nasdaq lost just under 9% in january. still a terrible month not making light of it it was about a percent less than it lost in 2008. there is a bit of good news in a hard month overall we don't want to scare you in 2008, the nasdaq went on to lose 40% not 14%. 4-0 percent. a different time with the financial crisis still bad januarys have had bad effects. we will see how that goes. outside of stocks, how about looking at this little nugget. palladium. yes, palladium we are showing you for two reasons. number one, it had its best month since 2016 they are known for catalytic converters and now tests for batteries in evs two, a big year for palladium.

it was one of my 2020 predictions. just bragging. it is early, but it is off to a good start p palladium. let's get to the tesla fans wondering why they cannot get love at all from the white house. silvana henao is here with those and more silvana. >> reporter: good morning, brian. some of tesla's loyal fans say the white house is snubbing the company in favor of ford and gm when it comes to electric vehicle subsidies and climate change to make auththeir voices heard,y signed a petition asking to average elon musk's leadership in the space devo devotees have been calling out for the last year. turning to spotify and the stock price surge yesterday. the stock closing up more than 13% after joe rogan apologized

for his show's role in spreading disinformation he said it got out of control adding he supports legal disclaimers regarding covid vaccines on his show the new york times is buying wo w wordle in the low seven figures. the game gives players six tries to guess a five-letter mystery word every day and became a phenomenal this month with people sharing scores in the form of emojis only 90 people played the game on november 1st. now about 300,000 people were playing as of mid-january. a number now expected to be in the millions new york times shares this morning were lower last i checked in the pre-market.

brian, i haven't played yet. i'll give it a try >> i already got the word. i'll not ruin it for you it is a bragging rights in our house. we send it out to our friends. it's a thing >> reporter: all right i'll try it. >> i actually did it -- i'm not going to give up the word. i did it if you need proof, i'll send it out. these are interesting times. silvana, thank you now to the market newsmaker of the morning yusko could be a good wordle word mark yusko, good to have you back >> sully, i'll try it to see if they put it in the preferred words. >> i tried everything. they want to know about the wordle of the day. i know we'll hit crypto. i want to talk about the equity

markets. you always tweeted interesting stuff. you talked about the fed you were on a podcast and tongue-in-cheek joked. i know they sent out the doves i didn't know it was today meaning a couple of days ago wall street and morgan stanley with four to seven rate hikes? you think less >> i'll take the under, brian. i would be surprised i think zero chance we get four to five. friday morning i reported on the podcast and we talked about how the fed had gone from jerome the hawk to jay the dove over the last few years the markets didn't like this return to his hawkish nature markets crashing during january. i thought it would not be long before they sent out the other fed commissioners to start

hinting that maybe they didn't have to raise rates. literally that afternoon, cash was out saying with we could stop in the middle of the spring i think they are afraid. i think they are in a box. they don't have any choice they had us in financial repression since the financial crisis there is no emergency anymore of the we athe crisis in '08. they forgot what it feels like to have a naturally functioning market >> that's kind of the weird irony. i don't want to rewrite history. we go into the pandemic. we don't know what's going to happen we didn't realize that millions of people would pass the days by online shopping and spark inflation and certain parts of the economy where millions of people decide they want to do something better with their lives or quit or they moved.

they didn't know this then we know it now in retrospect, it seems like a bad idea the fed bullied the balance sheet and anticipated a crisis you are right, mark. how do they -- forget about interest rates how do they unwind that balance sheet? >> yeah, look who will buy all those bonds they own this is no different than japan. japan in 2008 said we're going to end qqe they added another q for qualitative and kwquantitative easing they were weakening the yen. everybody thinks the dollar went up last year it didn't. it went down less. it fell. it is just that the bank of japan printed more money than the ecb than the u.s when governments get in huge debt, they cannot afford higher

rates. we will be stuck in the repression for a long time we announced an etf for investors to get a yield on their cash it is really a tough situation for savers >> congrats on the new etf what is in that? cash it is not a money market what's in it >> not crypto. not money market it is actually spacs you own the spac before it de-spacs you own the spac which is invested in the portfolio of treasuries there is a lot of misunderstanding of spacs. a spac is a blank check company. it is a pot of treasuries. you get those treasuries plus warrants on the companies it merges with eventually

we hold the cash we get paid the interest we hold the warrants we sell the security when they announce the deal. only hold pre-merger we get the warrants for the upside we compounded in a hedge fund structure in the mid to high teens using leverage we thilnk we will generate mid o high single digits over the long term >> spacs, the stock, mark, many have not ended up very well for investors. this is not buying baskets of the stocks this is the pool of money used prior to doing some kind of a deal a very different thing >> very important. spacs. it is misunderstanding a spac is not a company. it is a pot of money that is used to do an initial public

offering draftkings will do well or not do well like amazon or google or other companies have done well or not done well those are companies. a spac is a trust of treasuries. if you sell for that to get the cash back before the deal is c consummated. >> really interesting to see it. something we will be watching. going back to the macro stock markets. mark, i asked the guest at the top of the show if we need to start planning for the possible recession. you said the fed would be dovish this year. you have been right a lot more than you have been wrong how cautious do we need to be the rest of the year

here is the bottom line. markets have doubled in five years. we made a lot of money and it looked easy. it will be a lot harder, i think, to make money and look smarter going forward. >> brian, that's why everyone needs to get up and watch this show your insights are next level that's exactly what we have to worry about. with the gdp growth has been slowing around the world germany had negative in the fourth quarter japan is back to flat. u.s. growth in the first quarter will be very underwhelming it is because the stimulus that happened in 2020 is basically faded. now we got to function on our own and the problem is pro duck t productivity and working is sub 1% productivity is 1%

that means gdp growth will trend back to 2% it will be very hard for the fed to achieve the goals of inflation which is transitory as oil and gas prices fade away and the effects dissipate. it will be a challenging environment. you are right. we could be on the verge of reentering recession maybe we never left, but we had a stimulus high over the period when the fed was juicing the markets. >> or a big one. compliments are with thanks. mark, i appreciate that. make me blush a little bit here. i have to put on more makeup in the commercial break by the way, it is not just early, mark. we have viewers around the world. some guy in australia says hi. he is watching in the land of oz mark, i appreciate it. thank you, my friend. all right. mark has family there. you know about the oklahoma land rush of 1889

how about the great metaverse rush of 2022 robert frank will te ulls all about it after he puts on his cowboy hat we're back after this.

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robert frank is here with the land rush going on in the metaverse. >> good morning, brian facebook's meta rebranding has a new rush the platform tops $500 million last year. most of that in the fourth quarter after the facebook annou announcement sales from $50 million to $83 million. when it comes to investing in virtual land, there are four big platforms. s sandbox is the biggest decentralland and cryptovoxels and somnium. they are all vying to be the next manhattan of the metaverse. the most expensive is the parcels in the sandbox for $4.3

million. tokens.com paid $2 million for a plot in decentralland fashion district they are leasing for a fashion show coming up in the real world, it is all about location prices near dragon city and vegas city and red light district in the sandbox, snoop dogg's mansion sold for over $1 million. and atari development is selling for $843,000 you can play a game of pong when the atari development finally opens. >> i got -- this segment could be two hours long. i wish it was. i'm trying to figure this out. the only way to do it is do it and you need to have a crypto

wallet, as i've learned. what do you do in these worlds i never entered the world. i looked at the map. if i bought a house in decentraland what am i doing? am i walking around like roblox and waving to people what is happening in the hred light district >> for now, there is not a lot to do. people are buying land they are making plans to create casinos and museums and concert spaces and conference centers. basically trying to figure out what gathering places or features to design to bring the most people. when it comes to the most expensive island so far right now, the people are building villas show off the nfts on the walls they may have purchased of the bored apes people are still trying to figure out what they are going to do. they think it may resolve around

concerts where people can gather in the virtual space. the land is a grab to later figure out what to build >> they are trying to build it fast so they will come it is "field of dreams." get scaled quickly so people go there. yogi berra said nobody goes there. it is too early to talk about the metaverse. robert frank, thank you. coming up, what may be the most important piece of economic data this week and it may not be friday's jobs number plus, what they are pulling off and where the apes are going now. stick around

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time for today's rbi let's talk about jobs. jobs everywhere. lots of jobs apparently nobody to fill them friday's monthly payroll number

gets all the love, but at 10:00 today, the most important piece of data rolls out. the labor turnover survey. it shows how many jobs are open in america and how many people are quitting or being laid off it is a big tell and it may be telling us a lot right now as of the latest data at the end of november, there are 10.6 million help wanted signs across america. 10.5 million open jobs right now. those jobs cut across every industry in america. if you are one of the few million people quitting your job recently to find greener pa pas pastures, here is the jump with the openings from 2020 to 2021 health care. 46% jump in health care job openings we need those. please take them manufacturing. 66% jump there

leisure and hospitality. a 72% increase in help wanted. nobody wants to be in insurance right now. job openings in insurance rose 90%. the industry that needs the most help right now is trucking and transportation the number of jobs that need filling have nearly doubled year over year. 90%. by the way, thank you to all of the truckers out there grinding and listening right now. we need you. we realize that now. why mention this jobs stuff ahead of friday? it seems possible that america may be getting close to full employment if we can't fill 10 million jobs or a couple million of those with companies, hopefully raising wages and benefits and salaries, how does the american economy grow it won't unemployment will stay where it is for a long time the jolt survey out at 10:00 a.m. watch it dig into the numbers

random, but interesting. the stock markets have been volatile lately, but individual equities, it is nothing compared to last year where the wall street started to short individual stocks and played with options and changed the market thatreddit crowd may have lost its energy let's bring in gunjan banerji. gunjan, the vibe is changed and the people on there may have changed and it has gotten, dare i say, normalized now >> that's right, brian i think the most striking thing is it has been a year since the initial gamestop frenzy started. for all of the viewers out there who are not logging on to wall street bets every day, you should know it looks very little like what it did before the

mania in gamestop shares veteran users of the forum were telling me some of the initial thrill that wall street bets used to have is gone they are saying i'm not logging on every morning or refreshing the page throughout the day and i'm not able to find the diamonds in the rough like i used to find like gamestop and amc before millions of users entered the forum. >> you listed in your piece, by the way, great piece, the ones at the top mentioned on the boards you're welcome gamestop and amc is up there you have blackberry. i was surprised to see apple newer names. cannabis is hot. to your point, it does appear like this same ten stocks that were the apes were in love with a year ago they are still in love with or still in love talking about. >> that's the crazy thing.

that's one thing separating the wall street bets users from the new yearer traders they saw the stocks sky rocket over the past year and they were looking to ride that momentum. whereas a lot of people were saying we don't want to talk about gamestop and amc anymore those stocks are up a bit over the past year. they have fallen this year and down 25% gamestop did see the jump yesterday. you know it is unclear what will happen to the two meme stocks a year la later. >> this is between you and i no one else listening. it is a sensitive topic. we know those crowds like to knock what we do probably more me than you, right? financial tv and forget about it wall street journal who? guess what people are still coming. i do wonder if you talked to these folks because they knock what we do as being too typical,

if you will? if you look through the boards, there are a lot of mentions of the wall street journal and cnbc where else are these redditors going? >> there is an anti-establishment sentiment what is striking to me in my conversations with invest ors is wild of the research they have done with forums they have gone on witter they are finding chatrooms some have gone to other groups on reddit outside of wall street bets wall street bets exploded to more than 11 million users from 2 million last year. there is an explosion of forums online where you can trade stock tips and option tips and learn about this stuff some users i spoke to said i'm going to super stock instead of wall street bets >> gunjan banerji, great piece

there. i think we established that we are still relevant gunjan banerji, thank you. have a great day i appreciate that. all right. that does it for us here on "worldwide exchange. we have more to do the opec meeting is tomorrow see you on the show. we will talk about opec. that's tomorrow. right now, "squawk" and the gang is picking everything up have a great day

. good morning stock futures are lowest since march of 2020. we will show you what is moving this morning and pfizer expects to ask as soon as today for authorization for its covid vaccine for kids under 5 years old. we have details ahead. the land grab in video gaming and microsoft's deal for activision, now sony it is tuesday, february 1st, 2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc i'm becky quick along with andrew ross sorkin joe is off today we will start with the markets the first day of february. we have a new start. people want that a