from this correction >> joe >> agriculture name, archer daniels midland. adm. >> josh. >> jp morgan, cheap enough to buy. >> thanks for taking it easy on me appreciate it. that does it on halftime report. markets are down big a lot going on the exchange with kelly begins now. thank you very much, brian i am kelly evans this is the exchange we are waiting on president biden, set to speak any moment on the russia/ukraine crisis you can see the market back toward session lows, the white house calling troop movements an invasion, specifically choosing to use that word we'll bring the president's remarks in a couple of minutes' time quick check of the markets shows we opened after a deeply negative futures session last night, turned positive for the s&p and nasdaq in a half hour, now sunk lower as the afternoon plays out.

dow down 443, 1.3% nasdaq similar oil prices are around 92, 93 dollar mark. 2% gain. that up 3% gold in a nine month high, different story for crypto, lower across the board with bitcoin down again late check shows 37 and change where we are at. let's start with the president set to speak on russia and ukraine. eamon javers standing by with what we can expect >> kelly, as we wait for president biden, we are also hearing from president putin russia over the last hour or so. putin said his country is recognizing an expanded version of two break away regions in ukraine. using definitions from 2014, which includes a key port city with access to the black sea russia says it is now going to

evacuate its diplomatic staff from ukraine we are hearing from a senior administration official in the u.s. that the thursday meeting between secretary of state tony blinken and foreign minister lavrov is now in, quote, real jeopardy that means any sit down between the two presidents is also unlikely at this time. meanwhile, france's foreign minister says european you know nations unanimously agreed on a set of sanctions on russia as the administration shifted rhetoric, now referring to the russian action as an invasion. that sets the table for an increased round of sanctions on the russian government from the u.s. side, that's a step that the biden administration has not taken just yet we may be about to get more clarity on that from the president and the white house in a couple minutes remarks are scheduled for 1:00 p.m., now pushed back a little bit, kelly. we don't know exactly when the president will get started here, but we know that reporters will

be in the room momentarily we wait for that >> if i can, let's dwell on specific expectations for another moment so far, the u.s. in some ways has been under some criticism for levying sanctions on ukraine itself, on separatist territories russia now claims as its own. what is it he is likely to announce today that would change fundamentally the nature of what's so far been said? >> well, we don't know one of the key questions is how devastating will these sanctions be that's what the administration has been talking about in terms of the severity of them. and the thing the president now has to calibrate, because putin has done a classic putin maneuver, going to the gray zone, moving troops into the separatist regions, not going beyond where troops have been since 2014, that threw the administration for a loop in the past 24 hours whether they

should call it invasion. putin is the master of the strategy of the boiling frog technique. go a little bit, a little bit, and when do you unleash in response the massive consequences the president has been talking about we'll see if the president is willing to do that or whether he needs to hold significant consequences in reserve as deterrent for further aggression at some point, once you spent the deterrent, you spent it, there's nothing else you can do. all of this tricky strategic maneuvering for the white house. >> and significantly the germans have halted approval of nord stream 2, big step, somewhat unexpected we'll check back soon. eamon javers turn to libby cantrell we ask what this means for the administration, managing director and head of public policy there what are your expectations from the past 24 hours. >> the administration has a lot

of tools in the sanctions tool kit. we'll see whatever is to be announced this afternoon or tomorrow to be the first tranche in terms of potential sanctions, s sectoral, potentially energy sector, security based sanctions, much of what we saw under the trump administration with the chinese military and industrial companies also export controls similar to what we saw out of the trump administration as relates to china, and potentially further sanctioning of sovereign debt as results to the secondary market. the administration moved forward on the primary market, we could see more sanctions on the secondary market to be clear, it will likely be a first step we expect them to hold some more punitive measures, dollar clearing, swift access, second degree sanctions in reserve

should we see more escalation in ukraine. >> what's the impact likely to be on the u.s. economy and midterms which the political calculus is as heightened as ever with that event a few months away. >> politically this could do two things one positive, one not so positive there can be rallying around the flag effect. we have seen that in other military confrontations where the commander in chief looks tough and is able to sort of consolidate political support. on the more negative side, this could make the administration inflation woes worse as relates to oil prices and what have you. sort of a mixed picture politically, probably too early to do a real read through for the midterm elections, and probably the same for the economy. really will depend whether this is short term or whether it is more longer term protracted engagement. >> how serious are steps under

consideration that the u.s. could take here? >> the military invasion, talking about things that are relatively incremental, given after 2014 and the annexation of crimea, russia moved to become much more desensitized to sort of these types of sanctions, still will be relatively marginal but clearly they can ratchet up in terms of how punitive they are. access to the swift messaging payment system is really important, if they were to take that step, that would be draconian for russia, also for the international community, and dollar clearing. those are the two things that would be sort of viewed as most punitive and second degree sanctions as well. don't expect the administration to move forward with those as of now, but could be holding that in reserve should escalation continue.

>> what other steps do they have if those are ones they hold in reserve to wait and see what happens, are there other options along the energy front, other tools that we have seen deployed in the past, what else is in the tool box >> yeah. the energy sector sanctions are certainly a possibility. there will be a real eye on the implication for of course european energy prices but as you said in the beginning, the fact that germany has now come out and halted the nord stream 2 pipeline was an indication that germany is all in here, that europe is all in on this. and that may give more flexibility in terms of moving forward with sanctions of course, military conflict, everyone sort of said that's a no go given that ukraine is not a nato member, but there are other things the u.s. could do in terms of arming ukrainians, technical military support for them, and potentially giving

more guarantees to ukraine than to other nonnato folks these are all potentials all kind of speculation at this point, it is dependent on what putin decides to do here. >> one final question. what does it mean for the defense sector which has been under tremendous internal pressure the past 10, 15 years about spending, big part of sequestration and anti-fiscal spending movements we have seen. now we have a heightened concerned about geopolitical affairs, investors looking to defense stocks, trying to look if that's a place to be. what would you tell them >> this is likely positive just for defense spending in general and i think you're absolutely ride, defense or nondefense discretionary spending were in the target of sequestration, cutbacks from years ago. but there has been a pivot in washington the last few years. there's a recognition on both sides of the aisle that those cutbacks were pretty draconian,

that they've had longer term implications in terms of the pentagon ability to plan if anything, this is more of a tail wind for increased defense spending i don't think that's a departure from what's happening now. we're seeing biden likely asking for about $730 billion for the pentagon for next year again, pretty sizable amount this can only help for sure. >> well said great to have you here thanks for your time >> thank you all right, as she mentioned with different sanctions options under consideration now, let's talk more about global fallout we could be facing with us, the executive director of aspen strategy group and former state department official great to have you here i want to pick up on the point libby made about germany it was a pretty big deal to see them quickly come out and say they're suspending approval for nord stream 2 pipeline what does that telling you >> it was. i got back from germany yesterday, at the munich security conference.

the europeans are as united as i've ever seen them on this particular issue that's not to say perfectly united, but i also was really heartened by the german chancellor coming out and saying the pipeline about to open and bring gas directly from russia to germany is going to be on hold indefinitely, which is a strong signal to putin that if he actually really goes into ukraine in a real way, he's woken up nato, he made the u.s. and europeans as united as we have seen them in years and years. >> which a couple weeks ago looked like the opposite might be true when the u.s. first talked suspensions of nord stream 2, the germans didn't necessarily underscore that point in quite the same way. this feels like a bit of change in tone that now is having the effect you mentioned do you think it changed tone coming out of russia today >> you know, i'm not sure it is possible to deter vladimir putin. he is increasingly isolated, he

surrounds himself with yes men some people i talked to this weekend who informally interact with him said you know there might be something a little bit off, so i'm not sure how much the international community can do to really deter his actions but it is impressive and i think the u.s. government and the european governments and nato deserve a lot of credit. they've been handling the crisis about as well as we can do so far. >> giving the best and worst case scenario for nato in the ten or so days we are facing. >> yeah. well, it depends on the best and worst case for ukraine you already see the two republic liks having declared independence, russia moving in to support and peace keep, russian speakers in ukraine. russia has four options. just occupy that territory, number one, two, occupy all of eastern ukraine which would be a

significant escalation, and three or four, you could launch air, missile, cyber attacks on kyiv and other parts of western ukraine, or four, try to take out president of ukraine and install someone who is more russia positive. very hard to predict where this leads. i think no matter what happens, you're not going to see nato forces fighting on behalf of ukraine. i think every government has been clear on that there's no appetite if you look at opinion polls in the u.s., unfortunately most americans can't find ukraine on a map, there's no appetite for going in with american soldiers to support ukraine, but there is going to be a lot of supplying of weapons and material to ensure ukraine can defend itself, and of course, all of the sanctions that libby mentioned in the last segment. >> how does russia save face if they end up backing down in some way, shape or form >> yeah.

i don't think they care much about saving face unfortunately. one way would be to say look, i just am supporting these two break away regions and everything else was a military exercise and then wait. that's very much putin's play book take one step, see what the international reaction is, once things settle down, take another step but ultimately his goal seems to be to destabilize ukraine and with that unbelievably historically revisionist speech, ultimately reestablish the greater soviet union >> the eye of the storm. we'll see if we are in it. thank you so much for your time today. >> thank you >> markets are off session lows as we await the president's remarks. bob pisani has more on the move to the down side. >> kelly, you can see the markets were pricing in some

hopes for diplomacy. look at the s&p 500. word came out, chances are diminishing for diplomatic solution, we drifted lower remember, we have been in trading range of 43 to 4600 in the last few weeks, yes, it does matter you drop below 4300, technical people are screaming about that. since no one knows where it is going, technicals are important in these kinds of situations a little disturbing reversal in two key markets we have been watching in the commodity spaces energy had an absolute wild ride started the day at 58. now 51, 52 and change. 10% swing in four hours. after pushing these high beta energy stocks up 25, 30% in the last few weeks, people aren't sure what to do with them at this point not clear how much further you push them up, maybe take profits. a lot of uncertainty

also in the commodity space, metals they have been on fire aluminum stocks, alcoa has been a big mover this year. just reversed today. confusion. nucor had done better in the last few weeks, but they also reversed today the key point, general story is value stocks, talking about energy stocks, financial stocks have been outperforming growth stocks that's been the mantra for 2022. if that starts reversing, that value, second line you see, starts to suddenly drop as much as growth stocks, some technology recently, you get another whoosh in the mashlgt and drop below current levels of the s&p 500 at the 4300 point. that's the concern where are we with the markets. the bulls keep pushing the story that this is pretty good news somehow, it will lessen chances of 50 basis point hike

i suppose so potentially but a lot of damage being done overall economic growth is strong but the question is nobody can figure out to what extent it might be slowing through all this earnings are strong, second and third quarter numbers are very high on hopes of reopening continuing to grow and i talked this morning about crazy prices for spring break, i saw in florida amazing prices for hotel rooms, food, virtually everything down there. and demand was certainly there everywhere i went in florida in the last week and a half i saw full restaurants, full hotels paying maximum prices. demand is still very strong. back to you. >> great psychological point about sticker shock. bob, thank you very much turn to bonds as rates continue to jie rate around a possible russian invasion against prospect of rate hikes rick santelli is tracking the action as always

rick >> listen, geopolitical issues are certainly effecting equities the treasury complex has its own issues, called the federal reserve. with regard to whether 50 is on or off the table, difficult to tell if you want to summarize everything going on in treasuries, look at 10s minus 2s under 40 basis points. that flattening is aggressive. 7 basis points flatter listen, if you're holding an auction, hold an action when there's geopolitical forces at work flight to safety trade on steroids we had a two year note auction to the tune of 52 billion, kicking off 155 billion of supply in 5s and 7s yet to come. the auction yield for 2 year was 1.553. highest yield at an auction since december of 2019 and it was an a, demand no matter which category you look at was strong.

i will pick a couple 65.6, indirect bidders that's the one to pay attention to that's the second highest level of indirect bidders since 2009 and the winner by far and away was how empty the buffet table was when investors got done with all of the 2 year notes. 15.6% was the dealer percentage. my database goes back 20 years, couldn't find a smaller percentage of dealer take down listen, it is hard to handicap, kelly, where forces are coming from moving markets, but as important as ukraine and russia are to the equity markets, when you see minus 515 point aries, along with march 16th coming quickly. perfect storm of selling pushing

yields >> what's your thought on the dollar amid all this, we have flight to safety pushing higher on one hand and the way the rest of the world rate hikes play out on the other >> well, i tell you what, we don't know how the central banks are going to get the job done, how evfficiently they get it done i look for it to be firm central bank is the first into the gray zone, it will be important to see how the rest of the globe prices. >> rick, thank you rick santelli. still ahead, hitting another angle of the russia/ukraine prices, and that's energy. crude rising again we'll ask what tensions could have on it is the half point hike completely off the table and as we head to break, look at

the dow. home depot, nike are the biggest laggards home depot, worst decline in two decades.

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welcome undan pickering. you have nice thoughts how energy is a good spot to own, but not a great one to chase what do you mean by that >> hi, kelly when we look at what's happening, you have five or ten bucks a barrel in crude around this potential for russia/ukraine disruption. stocks had a great run after a month or two or three or four of being the best in the market feels like we're a little bit full we need something to happen from a physical supply disruption in russia, and betting on disruption has been a tough game for the past decade, whether it

is middle east violence or what not. to me, feels like we could go to 100 bucks a barrel, also could go to 80 risk reward coming in the last two weeks. >> how quickly could we go back to 80? >> if peace broke out, i think you could see that in the span of 2, 3, 4 days. it would be pretty violent like we had a big move up peace breaks out, you probably have market rally, get rotation out of the value plays into growth plays i think it could happen quickly. >> could $80 oil be supportive for a lot of stocks to do well >> 80 is a fabulous number for energy stocks. we think in the course of '22, we rerate this group it was the best last year. i think it will be the best this year doesn't make it the trade in the next month i think we fall to 80 and stabilize. stocks take off. but they follow the commodity in

the near term. >> natgas is harder than crude what about people looking for opportunity in that space, maybe they take a long term view, like the prospect of the u.s. being a bigger exporter? >> i think that's the right long term call for sure gas is sort of cementing its place as bridge fuel between hydrocarbons and renewables and i think global gas will be a big industry the next 15 or 20 years. u.s. gas will be a contributor to that. from a long term perspective, you know, names in the gas industry i think have tail winds behind them. a run in price there as well we won't be immune to any sort of commodity pull back near term, but they're a good place to be. >> tell me some of your energy stocks >> with the caveat that it feels like we're heavy now, i still love the diamondback energies of

the world. i like the gas side eqt. biggest gas producer in the u.s. slumber jay is a nice way to play the global rebound in the next couple years. >> hard to know, yesterday is different from today with the russia and ukraine ituation, how do you expect it to reshape energy markets for the next possibly decade. are these things we could see, for example, bigger secular demand i don't know what the impact could be in the oil masrket >> i think we had a wakeup call the last six months, we are not weaning off fossil fuels anytime soon the russia situation is reminder how fragile the hydrocarbon ecosystem is, whether iran is a big supplier, russia is a big supplier the u.s. takes more

significance we are a big producer on a global basis of oil and gas. u.s. hydrocarbons ought to carry premium valuation at a minimum because it is unlikely we'll have these disruptive situations happening in the u.s. >> what would happen if we didn't have russian energy to rely on on the oil or natgas side >> prices would be higher. i think the market would find a way in the intermediate term to work around that there is plenty of global gas, we have to get it produced opec steps up with incremental barrels, the u.s. would see higher spending and higher production activity if russia were shut out of markets importantly though it will be real tough to wean ourselves off those hydrocarbon supplies in the near term with things like u.s. midterm election coming up, are we going to turn off russian oil and have $5 gasoline in the u.s. that feels like a stretch to me. one of the reasons i'm nervous

now. >> you mean nervous in a bearish way. >> nervous that $93 crude gets to 82. >> maybe good news for the rest of us. thank you for joining us >> thank you coming up, it is not just oil, the other industries also at risk of supply snarl as things escalate. and the fed rate plan, whether the hike is a possibility or not. we'll debate your shipping manager left to “find themself.” 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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the dow down 546 at the low point, down 489. 1.5% declines. jpmorgan has a list of u.s. companies with the most and least geopolitical risk from rising tensions between russia and ukraine. perhaps no surprise, but oil and gas names, the ones we just talked about, eog, devon, they are in the red today materials and metals companies, mosaic and cf industries could see up side with alcoa, cleveland-cliffs flip side, lind, ar connick, boeing could be hurt by direct exposure down more than 4%. that's weighing on the dow delta, united, american have exposure as well most names are trading lower mcdonald's and carnival could take a hit as higher oil and

food prices hit consumers. for a full list, head to cnbc.com/pro here is what's happening at this hour. more reactions to the hate crime convictions of three men found guilty of killing ahmaud arbery. his lawyer demands sentences for the three men that reflect the severity of their crimes. women soccer players have a landmark settlement over equal pay. the u.s. soccer federation paid $24 million to end a six year legal battle going forward, they're committing to equal pay for women and men's national teams. in hong kong, the government is mandating covid tests for everyone as they battle the worst outbreak of coronavirus. hospitals are already at 90% capacity and isolation facilities are full.

on the news, new research suggesting a new round of booster shots may not be needed for awhile that's tonight at 7. still ahead with the russia/ukraine crisis, is the right hike in doubt? people were speculating whether it could happen in the first place. how this could or could not change the trajectory. one economist says no recession in 2022. that's next.

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welcome back the russia/ukraine crisis weighing on markets and raising questions about the rate hike plan they thought march could bring a half point rate hike could geopolitical developments force the fed to move slower joining us, chief economist at mkm partners welcome. what's your response to the question, how fast the fed can

go now >> thanks for having me on, kelly. i was never in the 50 basis point camp, likelihood at the march meeting. i am not saying it isn't justified, fed is falling behind the curve, continues to be behind the curve my probably out of the gate they'll be reluctant to go 50 because most likely the market would build expectations for additional after that. not sure they'll move that fast, at least initially i do think they're very much on track. we have to have some kind of completely unexpected shot, not just what we are seeing unfold with barely more than 10% pull back in the s&p 500, that's just not enough to move the fed to the sidelines for the march meeting in my opinion. >> where do you think to put it in the following terms the fed put is now

>> miles and miles away. haven't seen much tightening overall conditions are stimulative. credit spreads have widened, but it doesn't look like anything if you run the historical chart back not like what we were seeing in to the first rate hike of 2015 we had a huge meltdown in industrial metals, that is not happening this time. i think most importantly you look at five year ahead inflation expectations where the supply side shocks should be out of the system, close to 300 basis points over 100 basis points above the average of the last cycle. we fell below 100 basis points on that indicator going into the

december 2015 rate hike, so there's really no comparison between where the fed is today which is miles and miles behind the curve and where they were at the dawn of the last tightening cycle which arguably was a bit premature. >> maybe that's cold comfort to people that think there could be, they may take their foot off the gas pedal so to speak now. if there's no reason for them to do so, how many quarter point hikes do they need they have seven meetings left, that's seven now looking into next year, if they need the rate up to whatever the terminal rate is now, 2 or 3% >> yeah. it is interesting. if you look at the futures markets, the expectation of the terminal policy rate is still below 2% does that make sense in an environment where five year expected inflation is more than 100 basis points above where it was in the last cycle, and in the last cycle they topped out below 2.5. i don't think so i think longer term policy rate

expectations are going to have to move more forward i think that will happen this year if the fed starts to ti tighten. every meeting makes sense in terms of where we are headed with the fed they may end up getting more aggressive down the line if growth doesn't slow, if inflation stays persistently high for this year, they're going to start off in a gradual fashion, and then we'll see how things go no recession this year i don't think you're going to have the fed tightening that would put a constraint on the economy at least for 2022. we can debate about 2023 or 2024, not a lot of visibility at this point. >> what does it mean if you haven't priced in where the rate needs to go, what does that mean for stocks in the meantime >> i think partly it means more of the same. we do have geopolitical tensions

hurting risk markets, but prior to that really what we had going on was a valuation compression and that's due to long term interest rates moving up, typically what's when sflinflat is high. we have assets carrying enormous valuations, especially coming into the year before the recent drought started. mainly tech and some other speculative areas. the highly speculative or extremely richly valued areas of the marketplace i think are going to continue to be in the cross hairs. >> more of the same. that's the message for those suffering 80% drops in some stocks now thanks for joining us today. i appreciate it. >> thank you coming up, tensions are enough to cause the fed to pull back on hawkish rhetoric, what would it mean for stocks and what if it doesn't we explore and bring you three

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we going to the league! welcome back, everybody. we are sitting at session lows dow down 1.7%, same for nasdaq, s&p a little less and same for the russell. we are waiting for president biden. he was supposed to speak at the top of the hour, that's been pushed back. the s&p with today's declines is more than 10% down from recent highs, talking a correction for the market all sectors led lower today, discretionary, energy, materials. energy is not getting a bid, despite what we are seeing in the oil price. russia/ukraine tensions blamed for the dip one stock picker says don't forget about the fed his plays to weather the volatility next. and black history and

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extrapolate where investors should be wary now >> well, i mean, we're per perpetually in growth. we grow through this and recessionary periods and through any other kind of market cycle.s this russia ukraine incident is no exception >> couple of the names, walmart, not that controversial even exxon, but then you throw clorox in there and that's been a tough stock lately >> it has. we like to put stocks in front of you that are tough lately or contrarians at heart. walmart had an incredible quarter and great results and exxon is up over 100%. clorox is the one that we entered after the earnings results just a couple of weeks ago. we didn't think we'd ever see

sub 150 again. it had gotten above 180 and we were able to come in in the 140s and buy a meaningful amount. clorox is a very interesting consumer staple. unlike a lot of the big ones, it does not fight against white label, private label competition much they have a great market share a diversified brand portfolio and yet they've had margin issues we think they have a great plan to rise above that and it's a good valuation story >> in terms of exxon emotional, y you like the stock even though the prices maybe 10 or $20 higher than it should. >> that's right. exxon is making a lot of money with $50 oil let alone $95 oil the reality is that exxon cut so much costs out of their cost structure over the last couple of years, they continued to pay

out their full dividend through all of covid, even grow it modestly last year and now we just like what we see in front of it. upstream and downstream. it's really impressed us with capital discipline >> what would you say to people sort of in terms of the sequence of events on the russia ukraine crisis as people just watch stocks go sideways to lower and figure out what they need to be thinking about or doing in this environment. >> yeah, that latter part i think i can speak to as to what i think investors should do. i wish i could speak to the first part, although if i knew what was going to happen in sequence with russia, ukraine, i suspect the white house would want to hear from me putin is a very unpredictable person he has an upper hand here, but the main issue for the market participants, ongoing volatility i don't think people are selling today because they know why.

i think it just has the effect of creating uncertainty. that's understandable. it's happened a million times throughout market history. it's going to happen a million more but there's no fundamental reason per se that people are hitting a sell button today. that's the way we want to view it >> what about those, now we're getting big picture here, but who worry that the dividend from the post soviet period is now ending and that unleashed this mass upside in equities and now we don't get that benefit. maybe it plays out in reverse. >> people believe we're going into a whole other cold war and we're going to be back to the terrible returns we got in the 1980s, i guess we could have that discussion, but we got very good returns in the '80s and through the '50s and '60s. one bad decade in the cold war market earnings have never

perpetually responded to geopolitical news. even 9/11 in an actual domestic attack on our soil lasted about six months in terms of market impact we have a way of rising above it if you believe in the whole free enterprise story putin the playing games. he's going to get something he wants out of this, but i don't think we're going back to another cold war and if we did, you can't invest into a tail risk like that it's just impossible to forecast multigenerational tail risks >> thank you so much >> thanks, kelly up next, sticking with the escalating tensions here as markets head towards fresh session lows, the dow's down 624. we'll drill down on the companies most exposed to supply chain snarls take a look at the dow as we watch it sink to now down 635.

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the supply chain recovery from the covid-related setbacks could take longer thanks to what the white house is calling the russian invaision of ukraine. frank holland has the story. >> we're talking autos, tech, and manufacturing. steel prices jumping 2% higher today as the russia ukraine conflict has led to a surge for commodities that are exported and that includes some pretty big and important commodities for those industries aluminum, platinum and palladium. russia produces 6% of the aluminum, 7% of the world's

nickel most sensitive to the conflict in 2021, russian imports to the u.s. increased 31% from 2019 levels there are more than 1100 u.s. f firms with suppliers in russia agriculture and manufacturing will face disruption or invasion or major sanctions happen and of course, u.s. freight carriers are closely watching oil prices and gas prices that could be impacted by this conflict. >> that's your point, frank, this is broader than just the energy supply chain. >> absolutely. some of those metals like palladium and platinum, they're key to make catalytic converters aluminum, ipad cases and stands for computers.

>> absolutely. even with a lot of the commodities higher, a lot of the stocks themselves in the energy complex still under pressure that does it for the exchange. with the dow down more than 600 points, "power lunch" starts right now. good afternoon, everybody. and welcome to "power lunch. all eyes right now of course on russia and the ukraine and an eye of course on that slumping dow. president biden set to speak in just minutes from now. we will bring that to you live and we've got all the market angles covered as well stocks are cratering near session lows, but oil and natural gas are rising you might expect that. bitcoin down significantly $37,000 right now. and cybersecurity stocks, not getting the boost that one might think. all of that and much more coming up with a busy hour. first to