it is 5:00 a.m. here, 2:00 am at google headquarters. here's your top five at 5:00 nasdaq futures, they are surging, the bounceback from the start of the year rolls on and you can thank google with its big beat on the quarterly numbers, and a 20-1 stock split shares they're taking off opec meets today as oil inches toward 100 bucks a barrel. questions over russia's next moves linger

pfizer is looking to use its vaccine on young kids, but will the fda agree. some countries have decided against it. and a lawsuit rocking the nfl as one former coach accuses the league and three teams of discrimination and racism when it comes to hiring it is wednesday, february 2nd. this is "worldwide exchange. ♪ well, good morning, good afternoon, or good evening from whenever you're watching i'm brian sullivan let's jump in here it's a very busy day from wall street to washington and could be a good day for stock tech investors. look at that it is a rare day where the nasdaq futures on a numbers

basis, not a percentage -- well, that, too, obviously -- but the numbers bases are higher all this as they're notching a third straight day of gains on tuesday. yes, we know it's only wednesday morning. the nasdaq is already up 4%. still down on the year, but clawing its way back technology earnings serving as a big driver for the boost facebook known as meta is up with its results after the bell today. while stocks have gone up, bond yields have held steady. they've not moved at all what has moved is oil. it has been higher all year, and you've got opec, russia, and other nations, so-called opec plus meeting today oil is higher. inventory is coming down as oil

demand surges around the world there's certainly a lot for opec plus to continue today you have strain with russia. we'll talk about it all with he helima croft in a little while maybe we have a candidate for the stock story in 2022. that's google's parent company alphabet shares, they are surging after a big fourth quarter revenue but this story is a 24-1 stock split. if you own shares of the parent company alphabet, you'll get 19 more for each share you own beginning on july 15th, if it's approved by a vote on july 1st, which it will be

that split means the price of the stock based on where it is now will go down to about $140 per share, but you're going to have 20 shares instead of one. some people also wonder will this make alphabet eligible for the dow jones industrial average, maybe booting ibm out wouldn't that be smcomething let's go around the world to london and julianna tatelbaum. >> well, brian, it certainly seems like that could be the case european equities continue to log higher it logged its fifth positive session. this morning green across the board, a broad-based rally taking shape again the ftse 100 up 0.8% earnings are front and center here in europe we have seen for the most part strong earnings come through

this morning, names like novartis, san tan dare a number of names. we're seeing strong demand for technology stocks, so perhaps that alphabet boost is part of the story today. technology up 1.4% we're seeing a strong demand for financial services up 1.6% travel and leisure up. on the downside, we're seeing a little bit of selling in oil and gas. investors in a little bit of wait-and-see mode. and everybody is watching what's happening around the ukraine border. >> there is a lot going on there. we'll talk about opec a little bit later. julianna, thank you very much. let's get this morning's other top stories happening around the world including pfizer making move to expand the use of the vaccine in young kids in the united states

silvana henao with that and more. >> the companies have said the agency has requested they start submitting data which is being done on a rolling basis to fast-track the approval process for the first two shots of the beane. pfizer and biontech said they will be completed and submitted to the fda in the coming months. once it' pediatricians will be able to administer shots within a matter of days. starbucks says costs are weighing in. revenue just beat estimates. starbucks' ceo kevin johnson said he is anticipating higher inflation and continuing supply chain issues to remain a problem for this year. johnson will have more on all of this on a first on cnbc interview at 9:45 eastern.

and comcast and goldman sachs have resumed giving money to more than 147 republican lawmakers who voted to object to the certification of president biden's elected victory. according to "the wall street journal" the two are the latest of more than a dozen other industry pacs that paused all political giving or announced reviews to restart their donations. goldman and comcast, the parent of this network, announced they would pause or review their political donations in the wake of the january 6th capitol riot, brian. >> silvana, thank you. we'll see you in a few minutes with more. let's get back to the markets and your money as futures rise on that google news but do not forget about the federal reserve or for that matter other central banks around the world like the ecb, boj and other acronyms as your first guest says, it's time for investors to stop

piggybacking off of other banks. annika, thank you for joining us on cnbc. what does that mean and how much have we inveors sort of lazily have been climbing on the back of the central bank whales and riding through a sea of stockmarket games? >> a sea of bliss indeed that's exactly it. and i think what powell has been pushing very hard to wean the markets off of it. if you look at his behavior and an garage at the last press conference to the dismay of many market participants, he simply refused to give any clues. powell wants to leave his door wide open, and the reason for that is to shift away from wall street to main street finally. it's a shift to what's happening in the real economy, and the reason for that is very, very clear. it's inflation it's the impact on, you know,

the average joe. it's the fact that more than a third of americans have less than $1,000 of savings the their name the labor market is finally strong enough to start normalizing or at least start the path of normalizing the monetary policy. what does that mean go ito your investors? to your point there's been some complacency, piggy backing with security analysis. it was a very profitable approach, and it does feel very strongly that that tide is turning. >> are they going to be able to do that though i mean, those are noble goals, help the working people because the wealthy people have enough money. but raising rates four or five times, will that work?

>> i -- i mean it feels that nobody actually knows what's going to work, and that's also perhaps why, you know, they're being very careful about his discourse. he simply doesn't want to commit whether it will be three, four, five, even seven rates he doesn't want to commit whether it will be 25 basis points or 50 or something else it's simply wait and see so when at work, we don't know but certainly something has to be done. and i think, you know, quite frankly, this addiction, this concept of free money, this sort of indiscriminate, you know, valuation of companies, the company appears to be a tech stock. it will have an indiscriminate x times multiple, it does feel as those days are over. >> it certainly did in january it seems like it was so over it a month ago. companies were losing money, got beaten over the head

they said, when rates go up, you can't spend as much for these types of valuations. now we've had a little mini run the last few days. how do you think it ends up, anneka, shaking out? >> that's interesting. it's become much more stock-specific, much more it sew solid owe syncretic. i think what's happening, there's two factors. on one hand it's the usual discourse. if rates go up, that's not good for the future value in terms of the discounts and cash flow. that will have negative hits on valuations o especially growth stocks, et cetera on the other hand, there is an amazing amount of growth -- independent growth momentum visible in the economy

and certainly for companies that have excellent industrial positions with extent excellent positioning power, they have that. >> that sounds excellent but who are those companies? what's an example of a company like that? >> that's the fun thing. often in these situations it's a question of, well, it's a rotation from growth to value, to this area, to that area, from one geography to another i simply think that just does not work anymore so even if you take what happens in the tech world and say, well, tech will be sold off because rates are going up, that doesn't work either. if you look at the netflix and apples of the world, it's not

about tech or other things i think it's an overarching concept of is a business good enough to stand on two feet regardless of whether we are exiting a valuation rerating clause and a de valle yating rerating clause. and the other side of it, there is a point to be made. europe is starting to stand out like a sore thumb. you saw changes taking place last year. that's an area i expect to see more focus. >> well, two things, anneka. three things number one, thank you for coming on inflation rates came out 5.0. and now all i'm thinking about is whales. anneka treon, thanks very much have a great day >> whales seem nice.

anneka, thank you. when we come back, more on this morning's big money movers including shares of paypal taking a whale-like diving today. plus, as the fed tries to get ahold of inflation and costs hitting your wallet, we take a look at the factors that simply may be out of jay powell's or anybody's control. and did saudi arabia own an interest in like owning all of tesla? the new claims by elon musk over his infamous tweets about taking the company private. 'slot more to do it a big day grab a coffee. we're back right after this. ♪ red roses too ♪ ♪ i see them bloom ♪ ♪ for me and you ♪ ♪ and i think to myself ♪ ♪ what a wonderful world ♪ a rich life is about more than just money. that's why at vanguard,

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welcome back and good wednesday morning. time now for your big money movers three key stock happenings now here we go first is electronic arts it's falling on guidance, short of expectations. video game earner or maker sees earnings of 46 cents a share estimates were 62 cents. not good stocks are down. number two is amd. it's reported record revenue for the first uarter amd stock is higher. lisa su will have more on

"squawk on the street" at 9:15 a.m. eastern time. and stock three, paypal, shares of the digital payment company getting hit hard after reporting weak revenue growth, the ceo citing things like continue continueing ebay transitions ebay stock is down big on this wednesday morning while the rest of the market appears to be going in a different direction let's talk about inflation and supply chain, shall we, because many people seem to be looking to the federal reserve or the white house for some fix to the problem, but here's the rather uncomfortable reality. there's some pricing pressures that are simply out of anybody's control right now, specifically when it comes to trade cnbc's editor lowry an la roco has more on that what's coming from trade i've got to assume shipping is a

big part of it. >> yes, it is. and the ground zero is congestion at the ports. then, of course, zero covid policies in china. these are the three big things that absolutely the fed cannot control. >> yeah. we've got all of the congestion you've talked about so well. you literally wrote a book on this topic as well we've been to the ports. so we look at all of these things that are factored in together ships and trucks, whatever how is all of that being passed to the consumer? are the companies eating any of it are we eating all of it? where does it fall out >> what we've seen is i've had them overlie it. as you can see, it runs in

tandem trade is a forward-looking indicator if you will of inflation and a whole variety of things we have seen through the last two years prices have, indeed, gone up. i was told earlier this week not only are they seeing an increase in the ocean freight you have trucking stock up 20% normally in january and february the trucking rates are seasonally lower not now. since 2018 for the first time you've seen rates go up. so all of this is, indeed, being passed over the consumer walmart and target said they would not pass it on, but for the smaller guys, they really have no choice. >> no, they do not i want to talk about china too we know china has this weird zero covid policy which the rest of the world is looking at them,

like what are you trying to do i understand if a guy on a ship gets covid, he's got to quarantine for weeks on a boat and go home and quarantine how is all of this impacting what happens here? >> well, a lot of people believe the ports are just vessels it's more than that. it's the warehouses, the trucking what you're seeing, on the port side you have what's called a roster system where only half of the folks are working. they're working and they're confined that's the key they're confined at the ports. others are all project 44 just came out with details thattian tehan is ten days late with imports and seven days for imports so that all is that trickle-down effect get this kuhn lodge zwgistics told me no america is 80% of the reason, more importantly, it's los angeles. >> a look at the marine traffic and all the ships that are still

hiding off the coast of mexico they're not off the coast of l.a. now, are they they moved them there. they're still there. a lot of them are still sitting there. 101. that's the most ever or close to it putting in circles, burning carbon lori ann larocco. anyway, general motors looking to dig into electric, diinin tla iggg toesn the process. more ahead

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welcome back let's get a check on the outside with frances rivera. signs of chaos with multiple accidents stopping traffic this is just the beginning the storm is expected to stretch 2,000 miles, impacting 21 states and 87 million americans bringing a mess of heavy snow and dangerous ice. former yam coach flores has filed a federal lawsuit against the nfl. other teams alleging racial discrimination the nfl has what's called the rooney rule where every team must interview a minority

candidate for top coaching positions. he announced the league is not handling them in good faith. he was allegedly fired by the dolphins after the season concluded. he alleges he was set up for a phony interview with the new york giants. according to the suit, new england patriots coach bill belichick texted flores three days before the interview telling him brian dday.ca da bo had already gotten the job he added diversity is everything we do and we will ensure that positive change is made. coachella is jumping on the music craze. they grant owners lifetime passes to one weekend of the festival every year. coachella says the nfts come

with perks like special viewing areas at the concerts and a dinner prepared by a professional chef on the festival grounds they go up on friday i remember i first ever did a story on the nonfungible tokens. i went down a deep rabbit hole dive what is it, how is it, explain it to me to this day i don't quite get it i just know they're up in the millions, even billions of dollars. >> basically put on a headset and we can virtually go to coachella where we can virtually listen to real music while looking at your virtual but real nfts that you virtually spent all your real money on. >> sure thing. without spending the money, right? >> i feel like it's animal house where he's done something and he's talking about how the whole world can be a universe on an atom on his finernail.

thank you very much. still on deck, is bbb already doa? the president hoping to build back the build back better plan in hundreds of billions of new spending, but is it already too late we're back right after this.

search the internet for stockmarket gains and it will probably show today.

tech markets are surging and it could be another big day for stocks you can they google crushing estimates, closing in on $2 trillion you want to keep driving whatever you've got. this is going to blow your mind, trust me it's wednesday, february 2nd, right here on cnbc welcome, welcome back, and good wednesday morning, everybody, and it is a good wednesday morning if you own stocks because tech futures there looking very, very strong right now, and i don't use that kind of word lightly, "strong," because we're seeing the nasdaq futures up more than 200 points. s&p and dow not doing much of

anything, like 0.1%. nasdaq futures, look at that i've gone gott to lean in. six times more than the dow. very rarely do you see a number bigger than dow because dow's so much bigger. it could mean a really, really big day for people who own tech stocks if you bought one of these double or tripable triple qqq ones like last week, take the family to dinner or buy a car because you have made a lot of money. this week the nasdaq is at 4%. monday, tuesday -- only two days into the week, the nasdaq has already had a big week of course, it's still down on the year we've certainly had a nice pop crypto as well a lot of people suggesting crypto may be leading stocks either way, they've both been

running together right now that's not been the case bitcoin and ether down a bit in the red, higher than they were a few days ago. struggling to get back above the $40,000 mark it could be a big day for nasdaq. let's get some of your morning's top headlines right now including democrats looking to revitalize votes for the president's build back better plan silvana is back. hey, silvana. >> a group of democrats are once again calling on president biden to move forward with the climate change portion of his build back better plan. the 20 lawmakers running for re-election in swing districts are demanding the president quickly finalize $550 billion worth of energy and climate change positions that could pass the senate in the coming weeks the package has been stalled in the senate after senator joe manchin thanked the bill by opposed it last december

meanwhile general motors says it's planning to ramp up its timetable for some of the launches of its electric vehicles ceo mary barra said they will build a third factory. they're looking to sell 400,000 evs in north america this year and next, a shafrp de-klain from last when they sold more than 125,000. they'll have more on that plan at 9:05 eastern. and elon musk claims he had a deal with saudi arabia to buy out tesla in 2018, citing a new filing as part of a class-action lawsuit centering around it last year taking the maker private. musk's lawyers argue funding was secured when he tweeted, given his discussions with the

sovereign saudi fund back to you. >> a little intrigue there maybe if i get called on the opec meeting, if they have a presser, i'll ask about that maybe they'll take it. i doubt it thank you. >> you've got it. now to the stocks of the day and of the year so far, and that is google's alphabet crushing earnings revenue up 32% year over year. they're going to split their stock, 20-1 as of july 15th. that stock is up 10% in the premarket. let us bring in joe colina, head of technology and media trading at wedbush jane wells said we should split it 26-1, which i think is genius, and i'm annoyed i didn't think of it first. it's pretty insane the market seems to love it. what's your take >> yeah.

it's funny for a while, it feels like from 2009 up until recently stock splits became a thing of the past alphabet's not stupid. clearly you could say it's more accessible to shareholders it could maybe become included the dow industrial, which is, obviously price motivated. >> sorry to interrupt. let's unpack that a little bit alphabet or google, whatever you want to call it, never struck me as the kind of company that cared about things being in the dow. it was actually like a stain because it's the old school-type companies. do you think pincay thinks

differently? >> i think so. if you're sitting there and maybe you have to answer to your board or major shareholders and you look at what tim cook or elon musk did just recently, it clearly had a positive impact on the share price. it's a harmless step to take i think times are a little bit different. these tech companies continue to grow it's an intelligent move you're not reinventing the light bulb or anything like that it doesn't hurt anybody to do it and it's ghosn to benefit the share pryce. i think that's the simple fact of it. >> well, it seems -- if you gave me a $20 bill and i gave you a 1, you're not any richer than you were for some reason these splits make investors feel rich because

the stocks are cheaper and people own it and you can buy half a share so what's the psychology around the split? why does it seem to matter >> i think it's just human nature it's kind of like, you nknow, if you're in college, back in the day, if you want a couple bottles of beer or a 30-pack of b busch light, sometimes quantity is more. you want 30 versus extten. i think it's that simple the liquidity, as well l help the investor and attract a wider investment base as well. it's a harmless move it doesn't shift the fundamental narrative at all going to be a slight tailwind over kind of the medium term. >> i know the split's getting all the attention, at least it is right now because we're talking about it

how about the actual results i'm not sure you or anybody else saw these kinds of numbers coming. >> it's clearly coming from the search business, and i think the acceleration business looks extremely sustainable, especially given alphabet's ad format is a lot different versus kind of some of the social media names which are more reliant on direct response advertising. it was just pretty much a flawless print i know youtube was a slight miss youtube is well positioned to benefit from the fast-growing connected tv segment i think there's nothing to pick at i view alphabet and microsoft as still two of the top companies on the planet earth. they benefit from rare traits, enormous scale, tremendous growth, and elevated margins, and really no other markets can say that

it's not crazy expensive, and the rerating will continue despite the stock tripling, i think, since january 1, 2019 there's definitely blue skies ahead. >> and nasdaq futures are up 1 president 5% dow futures up 1.5% you. 're goiyou're going to be busy, joel take care. >> thank you. you're wok we're going to switch to google. hello ma kroft is here with what presle will do if the ic stay tight we'll be right back. feel stuck and need a loan? move to sofi and feel what it's like to get your money right. ♪ ♪ ♪ ♪

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oil prices are kicking back. you've got a lot of stuff happening in oil right now tight supplies, increased demand, geopolitical tensions not only with russia, ukraine, but also in the middle east as well here's the question. will opec plus continue with its $400 a barrel a day increase let's get the answers with helima croft helima, great to have you on opec has been very quiet, very quiet the last couple of weeks and months it reminds me of what that submarine book, "run silent, run

deep," right there's been no leaks. what do you think opec and his royal highness is going to do today? >> i think he's probably worried about the market fundamentals. it does look like it's a very tight market however, i think they're still likely to proceed as planned with the $400 barrels a day increase the problem is they're not doing 400,000 barrels because o of problems with nigeria. what i do expect if prices move materially higher from here, i do think that the saudis will likely look to cap the upside. certainly if we got into a situation where russian troops head across the border into ukraine and you have $100 oil, i think that's when the saudis will come back into the market there are only a small amount of producers who can add barrels.

everybody else is pretty much tapped out again, the question is, you know, what the u.s. may have do to try to get the saudis to put more oil on the market what we do know about prince abdel aziz, we have seen this and the saudis act unilaterally before i expect some type of decision in the coming weeks. but i think for now they're likely to stay the course. >> he's turned opec into the federal reserve of oil, and occasionally they have press conferences. occasionally they don't. here's the thing under the opec deal they've got to kick in for the saudis to make up any production lag as i understand it, the cooperation and deal we talked about, the other countries are going to have to approve it so the saudis could say, we'll approve more, but the other countries have to say okay do you think they will if the

saudis raise their hand and say, we'll raise output to make up some of that gap >> i mean we have seen before, brian, that the saudis have acted unilaterally when it comes to pulling back barrels, and so i do think again if prince abdul aziz wants to proceed, if his boss, wants to come into the market, i do think saudi tends to get what saudi arabia wants, and i do think there are certain producers that love this higher oil price environment. but i do think the saudis and some of the other producers will start worrying about demand destruction if we move materially higher from here. >> ironically, you know, we're talking about sanctions on russia, but the united states is, i think, the third largest destination for oil or third import partner

it's not a huge sum, but it is some russian oil flowing to the united states. so russia russia is in a bizarre spot they're not in opec, but they're the leading in oil plus. >> this is an amazing dynamic we're going to be watching if we do have a press conference, this may be the first press conference where most of the questions go to the deputy prime minister and the russian federation because all eyes are going to to be on what does russia do in the coming weeks. and if we do get significant sanctions on russia, if they were kicked out of the swift system and major systems placed on the financial banks, would you see russia respobld by with holding supply i do think that's a critical concern right now is not only what happens to russian oil exports, gas exports, but they're a major exporter of wheat. this could be inflationary for food prices if you were to see russia pulling back on wheat supplies i do think there's broad concern

about what russia is going to do with our expeorts in the event f a conflict situation. >> well, the last few meetings have been in like 23 minutes, and i know his high bs has been sort of bragging about that. we'll see what happens today and if we get a press conference as well we'll see it if we do, i'll see you on it. >> yes thank you. >> yes all right. helima, thanks very much. on deck, we're talking more tech, we're talking more google. firestone is here laying out her trade on alphabet. what's going on with paypal and some other big names as a reminder, if you haven't already, follow our podcast, spotify, applewe, 're back with nasdaq futures soaring right after this

time for your morning rti. let's get random about cars. this is, in technical terms, bonkers, specifically the look for used cars. it's not your imagination. check out this recent data point from goldman sachs quote, used car auctions increased 56% above the prepandemic level in the first half of january. let that sink in the price of a used car on average is 56% more than two years ago, the same car. here's the used car pricing index they're referring to the manheim vehicle index. it's a car auction in lancaster, pennsylvania i've actually been there you can see for years used car price didn't do much by the way, if you wanted a car, you could probably find one to fit your budget. not anymore. as crazy as that chart is, here's what's really random but

interesting. there are a number of used cars that are now more expensive than the same car brand-new carinsurance.org found a number of cars wihere the 2020 model is more than the 2021 model right now. the top three, the kia ri o', the corvette stingray, and the number one, the toyota rav4 hybrid in fact, that toyota rav4 little suv costs $10,000 more after one year than it did new so the rav4 got a better return on its money over a year than bitcoin or much of the stockmarket, and it can actually, you know, like take you places it's the must upsidedown thing you've ever seen if u your ooh buying a car, be careful. run the wheels off of what you've got.

it may not be true for used cars, but many stocks are on sale including a bunch of names you know carey firestone is here. you had a great stat there were more than 200 stocks with market caps over $4 billion down at least 35% from their highs. this is kind of -- how do you go about finding in that group some of the names you really like how do you find the rav4 hybrids of stocks? >> well, hi, brian, and thanks for having me. i'll tell you something ridiculous i gave a rav4 away a few years ago. boy, i feel stupid looking what might be on sale on that list, there are over 100 done with more than 50% from their 12-month high.

people on the "halftime report" talked about cleveland cliffs. cloudflare, snowflake, cloud strike you name it. i mean, paypal, which is a stock i know we'll talk about is probably down 60% over that period peleton. you can look over the financials and see what the long termite imply even if it's a takeover and buy some there are many, many names that have great potential and earnings but were just too expensive. >> well, paypal is -- however expensive it was last night, it's 17% less expensive today, i assume, because the stock is down 17% right now, not piling on you made a lot of great calls. paypal has burned a lot of people over the last year or so. what's wrong with the company? what would you like to see them

do and, hey, if people liked the stock 30% ago, maybe people will love it now. >> i think that's right, you know they may be in the penalty box for a quarter or two because they've taken down guidance. apparently they've had a lot of new subs, and people use paypal for everything now, and venmo, phenomenal platforms, but many of those new customers were low quality. they just came on for the promotions and that means that the guidance for this year is much lower than expected, hardly any growth. next year they begin 20% plus growth in earnings so if you can look forward for a few quarters, you can see that steady resumption of quality subscribers to paypal and, you know, realize every time you make a purchase on paypal, which is very easy, they take a cut from the merchant. that's just a great subscription business that's just become embedded starting in the pandemic

more and more people were driven to it because they were at home. >> it's everywhere, so that's why it's hard to understand what's wrong with the stock when literally everything you buy, you've got the option for paypal and it works great i'm not promoting the company, but i use it all the time because it feels secure. let's talk about google. amazing day. you're going to print money on alphabet others will talk about that. talk about cleaveland-cliffs, karen. wasn't this like one of stevens weisss favorite? >> it's not something we would own. >> i was like are you sure these aren't lebenthal's old notes >> i was helping you i saw it on the list and i couldn't believe it. if you think about it, this one has been very weak you know, i think it got ahead of itself.

it sells for a low multiple really active to the market. if you're looking for a bargain and you like that sort of name, i mean, why not take a bite. you know, he's the authority but i looked at him and said, wow, there are so many stocks that have come down tremendously let's put that on the list but google, you know, i mention that because think about it. it had $75 billion in rev new a quarter. huge procter and gamble does $80 billion a year. >> amazing >> that's fantastic numbers for that company. >> karen, thank you so much. we appreciate having you on. take care, everybody ha it's a big day for the market. take care. "squawk" is next

good morning nasdaq futures, they're soaring

as stocks like alphabet and amd are getting a strong boost from strong quarterly reports and a bombshell lawsuit in the nfl. a fired head coach accusing the nfl of racial discrimination says things are run like a plantation. and elon musk defending his words for if first time. it's groundhog day, february 2nd, 2022. "squawk box" begins right now. ♪ good morning, everybody. welcome to "squawk box" here on cnbc i'm zbikky quick along with andrew ross sorkin joe's off again today. we're watching what's happening with the u.s. equity