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 kelly for the numbers

>> hi, everybody dow is down 630. close to session lows. nasdaq down 262. s&p down 71. look at the s&p's level there. since we're below about 4316 that's a 10% correction from the highs. bob pisani has more on this selloff for us >> and of course, the key concern here is the diplomatic avenues to continue to resolve the crisis seem sto be narrowin. 4300 to 4600 has been the range for the last couple of weeks and a lot of people, yes, trading on technicals is important because nobody's sure what's going on in the macro section. we broke below 4300 around 1:00 eastern time after my last report we drifted lower since breaking below that key support level overall, very interesting to see the energy sector because commodities have been the key value play that's been holding

up small part of the market yet they reversed in the middle of the day. energy's been a big, big leader. same thing with the material stocks tech down a little bit names like healthcare and utilities doing a little better. i want to show you the big energy stocks. high beta energy stocks reversed today. devin was $58 at the open. now 51 that's a 10% move in a very, very big oil stock this indicates traders aren't sure what to do at this point. they've pushed these oil stocks up rather dramatically oil isn't moving down much at all. very interesting situation same with a metals we've noted how strong copper has been aluminum stocks have been on fire steel stocks have been strong. so this is a key support area of the market the value sector of the market the energy stocks that have been

holding up so well along with financials that's a key value play supporting them over the growth stock. sogenerally, it's been value over growth. that is now stopping as of right now. so this is the key topic of discussion got a lot of questions out of home depot. why is it down 9% after a good earnings report? this is a big story about the inflation issue. home depot is not immune to the housing situation. there's a shot of home depot versus the home builders it tracks about exactly. they had a terrific report, but did have a lot of indication that most of the gains they saw in revenues where are from price increases. tickets were down. so home depot, a big weight on the dow right now. back to you. >> thank you very much bob pisani president biden preparing to speak at this hour as the russia ukraine crisis continues to escalate let's head to eamon javers in

washington for the latest. >> we have been hearing from putin in russia. he said his country is recognizing an expanded version of the two break away regions in ukraine. he's using definitions of the borders from 2014. that means they would include a key port city with access to the black sea under these new borders. russia says it's now going to evacuate its diplomatic staff from ukraine and meanwhile here back at home, in remarks today, senate republican leader mcconnell said russia should face the toughest possible sanctions now and also implicitly blamed president biden for the crisis saying he didn't believe putin would mass troops on the border if the united states hadn't withdrawn so precipitously from afghanistan last year. and over at the pentagon, lloyd austin says putin can still avoid a quote full blown tragic

war of choice in ukraine all that coming as the administration is now referring to the russian action in ukraine as an invasion, quote, unquote so that sets the table for an increased round of sanctions on the russian government, which is a stepthe biden administration hasn't taken just yet. so we may be about to get more clarity on that from the president and white house in a few minutes as you look at that em empty room in the white house. >> we'll probably hear from you later this hour. let's bring on a pair of experts to discuss what is next in this russia, ukraine, and global crisis john hurt is former u.s. ambassador to ukraine and senior director at the urasia center. and chris tuft, author of putinomics b ambassador, let me begin with you. correct me if item 'm wrong her,

but it feels, at least subtly, as though maybe the u.s. and the west were caught a little flat footed by the tactical moves that putin made in the last 24 hours. namely recognizing these two break away republics and then moving troops into those areas as quote peace keepers were we prepared for just that kind of move or were we looking for something different? >> sorry to say it seems you're right. point of fact, this move was imminently predictable many people, myself included, said this would be perhaps the least aggressive form of aggression that putin might choose in order to avoid major response from the west, but he chose it but keep in mind that the administration has stressed, establishing a response in partnership with the eu and with our nato allies.

and we always were concerned that maybe the some of our eu partners were unwilling to put down major sanctions in case of this specific provocation. that may be what we're seeing now. but the administration knows the sanctions they announced yesterday afternoon were weak. that's why they've been talking since late yesterday there would be stronger sanctions to come. so i think we'll see something now that's more robust >> that is certainly the talk now. chris miller, let me ask you about how strong russia is clearly, when the soviet union fell apart in the early '90s, we took advantage of the soviet union or of the disparate parts to express western influence in the former parts of the warsaw pact nations is russia strong enough to pull off now what they seem to be wanting to pull off?

both economically and militarily >> i don't know if it's really right to say the u.s. took advantage of russia weakness >> there was a power vacuum. >> people wanted to be free of russian domination and that's really what's at stake here. are they able to assert that right for independence or is russia able to force them back into moscow's spear of control that's what russia's trying to do putin's speech yesterday was notable for it being an attack on the idea of an independent ukraine. that was his primary focus not what ukraine's doing, but the fact it exists what we're seeing now is an attempt by russia to strong arm ukraine back into the russian sphere using economic threat, political threat my worry is that if you listened to his speech yesterday, he's not done yet it's about all of ukraine. >> so continue that thought,

professor, if you wouldn't mind. if, by chance, he, after some fighting, does absorb all of ukraine, will he be done then? >> well, i think it's difficult to predict where the world will be if in fact we get another step of escalation by russia against ukraine. the reality is this will be the biggest war europe's seen, if it does break out, since 1945 since the end of world war ii. i don't think we've begin to think through how disastrous a step would be. all of the signs yesterday weren't of somebody ready to back down. they were of a russian president getting ready to push forward. >> ladies and gentlemen, please silence your cell phone. >> that was just, you probably heard a little sound in there from the east rom of the white house. they were asking people to silence their cell phones. we typically get a two-minute warning and we're awaiting that before the president arrives, but kelly, continue. >> ambassador, about an hour

ago, the associated press had story about russian lawmakers authorizing putin to use military force outside the country. unclear at this point if that's what sent stocks to the session lows we're seeing, but how significant a step would that be >> it doesn't mean that putin is going to do more than he's already done with the introduction of forces and territories he already controls in eastern ukraine i was just going to add, i think in putin's speech yesterday, in the draft treaty that russia sept sent to united states and nato, in a previous statement, putin's ambitious aims are very clear. they go well beyond ukraine.

they include all the states of the former soviet union and seems now the former warsaw pact he believes he has the right to have substantial influence if not full control in all of these countries and that is a direct threat to major, vital american interests because it includes nato members that's why it's critical for us to help ukraine stop putin in ukraine. >> is what this is about for mr. putin, who's brain you understand well, is it about re reconstituted the soviet union >> i think he goes back further than that. yesterday, he referenced ancient history and the empire he's thinking back to the greatest czars they look at the last 30 years and putin's trying to reverse that >> and is the ambassador correct

that he would like to exert his force on countries of the former warsaw pact like hungary, like poland, like the czech republic? and bring them back into his sphere of influence as a further security buffer? is, and we have a lot, we have nato troops there. lots of western weaponry there as well. >> no doubt putin would like that i think the russian elite realize that would be a much harder thing to accomplish ukraine is in a difficult position outside of nato it's standing to a certain extent, on its own and unlike the rest of nato countries that have defense guarantees from their nato members, ukraine doesn't have that, which is why russia's decided it's the weak enough party >> ambassador, what would you like to hear from the president? >> well, i think the most critical thing is that he now is two or three very strong sanctions. in theory, he has a package worked out which includes many punishing sanctions. he should not use all of them

because he wants to make sure russia does not send those troops further into ukraine. but he needs to put down one or two to demonstrate that new aggression has created pain in russia and b, to ensure putin understands that a much larger brick is going to fall on his head if he launches those troops the 100,000 plus >> quick follow, ambassador. you know the history far better than i do. if i'm recalling correctly, there were nuclear weapons in ukraine at the time it became an independent nation and ukraine seated those back to russia or otherwise disposed of them would we be in the place today if they held on to them. >> if they were serviceable, russia would not be doing what it is now, but it would have been very difficult for ukraine to keep those weapons and in a condition where they could be

used >> chris, on the economy of russia, what if the sanctions go to the heart of its ability to export oil, gas, and we try and do an oil blockade, if you will, of russia. how damaging would that be is it at all feasible? >> well, it's certainly feasible the u.s. has done something similar against iran at certain points of the last decade and it works straightforwardly. the u.s. has extraordinary sanctions power. russia is relying on oil and gas. without those two commodities, they would really struggle to stay afloat. the question is whether the administration is willing to bear the cost at home. >> would we be cutting off our noes to spite our face or europe's to spite our space. brian williams is standing by. why don't you step into the shot, brian. we're going to bring you into our conversation here to talk about oil and how critical and

how big a factor it is for russia's economy and what could happen if part of the sanctions that are, let's give brian some light. let there be light on mr. sullivan >> if you command light -- >> talk us through this. where does most of europe's natural gas come from? >> a mix of germany. into germany from russia norway increasingly u.s. exports imports into europe. exports into here via mostly poland big moves into poland. so really europe is reliance on russia natural gas to about a third and the danger and pressure point here is that german natural gas inventories are at record lows it's about 3 to 5%

there's not a lot of margin of error. thankfully, the weather is cooperating. it has been a little bit warmer than normal, but the fact we've got elevated prices in oil and natural gas, putin is aware of this and everybody i talk to says he's using that as further leverage because they're afraid of what he could do to their natural gas and energy supply. >> is that not why the most interesting development was germany saying they would suspend approvals for the nord stream 2 >> we've got this big, beautiful map here it goes from basically russia down directly into germany now the current pipeline system is generally coming through ukraine. it's sort of off the map here, but it's on the south side you might hear this in the future umal is the biggest pipeline russia pays ukraine about a billion dollars a year as a toll effectively to let its pipelines run through ukraine, but russia can only dial the tap back

they have done that in the past. they did it in 2008 and 2014 so if putin can get this pipeline, which by the way is completely built imagine the george washington bridge done, but no cars and someone needs to sign a piece of paper to say it's open. germany said no, not yet we may never approve this pipeline cost putin $11 billion it will mean russia has to spend about a billion more a year. we're going to talk about nato, you talked about whether these are ethic russians let's be clear a big part of this story has to do with fossil fuel, natural gas, pipelines, and money. you can make it all big and say nato and democracy this is about money. >> and we saw even prior to this incursion into ukraine, throughout the fall, huge

spikes our natural gas price s are not telling you what they're paying now. it's really the weather that bailed them out here >> it's not just europe. it's why we were in the uk in early november reporting on this coming disaster and by the way, the uk energy regulator just raised their electricity prices by 54% millions of british families may not be able to pay their bill. we bring this up because if we see the same natural gas high prices in europe as where he do in the uk, and they are elevated, there are going to be millions of families that are going to have to choose between heating and eating it means political unrest, an unhealthy population and aluminum prices are sky rocketing because electricity prices are up which means you want to build a car, you need nickel oh, that comes from russia you want to build a frame for an f-150? you want an ev battery a lot of that is nickel.

smaller that italy smaller than tyler's favorite place, canada. the russian economy isn't big, but punches above its weight >> i believe our guests have departed chris miller, we thank him oh, they're here i thought i heard you say they had gone we're glad you're here chris, you heard brian say make no mistake, this collision of russia and the west is in large measure about money. you see it that way? >> well, i think economic factors certainly shape how the west is responding and the limits to the west sanctions, but from putin's perspective, there's no way this is about money. he owns an sentire country so adding a billion here or there doesn't make much difference when you've already got a country under your belt. it's not profitable for russia to try to get krukraine back in

the sphere of infliuence, but i adds to russia's power >> the president we were expecting to hear from at 2:00 then moved it to 1:00. now we're past 2:00. this is not a simple behind the scenes process right now >> not a president who has a reputation for -- they're trying to figure out what pack age of sanctions they want the president to announce. but you have to keep something in reserve in response to what he may do in the future or you've lost your deterrent effect as you're talking about the geopolitics of this, i'm sitting here thinking about china and the role of china in watching this situation unfold because you look at the situation where

russia might be cut off economically from the west and that pushes russia into chinese fold and russia is much smaller than china the russian economy is somewhere between south korea and canada chinese economy, much bigger the population, much bigger. if russia needs access to banking, finance, international markets and all the rest, it might have to turn to china in a few year's time rather than to the west and that might make russia sort of a second fiddle in some ways to the chinese growing empire that's a consideration that he's going to have to make. >> we've got about 45 seconds before we expect the president brian, is this so much about, do you mean money or do you mean economic leverage? >> i disagree with your guest, politely and respectfully. if it wasn't about money, the sanctions won't work it's disprovably true.

also, why spend 11 billion on the nord stream 2 if you can just go into ukraine i was in sochi olympics in 2014 a couple of days before they annexed crimea this has been going on for eight years now in this region with more than 15,000 in the donbas region estimated dead. so i think money may not be the whole reason, but it is a reason >> chris miller, final thought >> well, i think we could debate that for hours i would just say it seems like if you're trying to understand what putin's up to, risking the largest war european's seen since 1945, you've got to put this in a context of a broader foreign policy he wants to make russia a great foreign power again. >> do you think any of the sanctions we've talked about would deter him? >> evidence of the past couple of days is no. >> ambassador, final thought here oh, we have president biden coming to the podium let's go to that >> try and make up your mind,

huh? well, good afternoon yesterday, putin recognized two region of ukraine as independent states and bizarrely asserted these regions are no longer part of ukraine and they're sovereign territory. to put it simply, russia just announced it is carving out a big chunk of ukraine last night, putin authorized russian forces to deploy into these regions. today, he's asserted these regions extend deeper than two areas he recognized. claiming large areas currently under the jurisdiction of the ukraine government he's setting up a rationale to take more territory my force in my view. if you listened to his speech last night, he's setting up a rationale to go much further this is the beginning of a russian invasion of ukraine as he indicated and asked

permission to be able to do. so let begin to, so i'm going to begin to impose sanctions in response far beyond the steps we and our allies and partners implemented in 2014. and if russia goes further with this invasion, we stand prepared to go further as with sanctions. who in the lord's name does putin think gives him the right to declare new so-called countries on territory that belonged to his neighbors? this is a flagrant violation of international law and demands a firm response from the international community. over the last few months, we've coordinated closely with our partners in europe and around the world to prepare that response we've said all along and i've told putin to his face a month, more than a month ago, that we would act together and the moment russia moved against ukraine, russia has now undeny bly moved against ukraine by declaring these independent

states so today, i'm announcing the first traunch of sanctions to impose costs on russia in response to their actions yesterday. these have been closely coordinated with our allies and partners and we'll continue to escalate sanctions we're implementing full blocking sanctions on two large russian financial institutions veb and their military bank. we're implementing comprehensive sanctions on russia's solve erp debt that means we've cut off russia's government from western financing. it can no longer raise money from the west and cannot trade in its new debt in our markets or european markets either starting tomorrow, and continuing in the days ahead, we'll also impose sanctions on russians elites and their family members. they share in the corrupt gains of the kremlin policies and should share in the pain as well and because of russia's actions,

we've worked with germany to ensure nord stream 2 will not move forward as russia contemplates its next move, we have our next move prepared russia will pay an even steeper price if it continues its aggression including additional sanctions. the united states will continue to provide defensive assistance to ukraine in the meantime and we'll continue to reenforce and reassure our nato allies today in response to russia's admission that it will not withdraw its forces from belarus, i have authorized additional equipment already stationed in europe to strengthen our baltic allies these are totally defensive moves on our part. we have no intention of fighting russia we want to send an unmistakable message though that the united states together with our allies will defend every inch of nato territory and

abide by the commitments we made to nato. we still believe that russia is poised to go much further in launching a massive military attack against ukraine i hope we're wrong about that, but russian's only escalated its threat against the rest of territory including major cities and kyiv there are still well over 150,000 russian troops surrounding ukraine. and as i said, russian forces remain positioned in belarus to attack ukraine from the north including warplanes and offensive missile systems. russia's moved troops closer russia's naval vessels are maneuvering in the black sea to ukraine's south including amphibious assault ships, missile cruisers and submarines. russia's moved supplies in blood and medical equipment on their border you don't need blood unless you plan on starting a war over the last few days, we've seen much of the playbook that

secretary blinken laid out last week a major increase in military provocations and false flag events along the line of conflict in the donbas of putin's security council to grand stand for the russian public and now, political provocation of recognizing sovereign ukrainian territory as so-called independent republics in clear violation again of international law. president putin has sought authorization to use military force outside of russian territory and this set the stage by russia to try to justify further military action. none of us, none of us should be fooled none of us will be fooled. there is no justification. further russian assault to ukraine remains a severe threat

in the days ahead and if russia proceeds, it is russia and russia alone that bears the responsibility as we respond, my administration is using every tool at our disposal to protect american businesses and consumers from rising prices at the pump. as i said last week, defending freedom will have costs for us as well and here at home we need to be honest about that. but as we will do, but as we do this, i'm going to take robust action to make sure the pain of our sanctions is targeted at russian economy, not ours. we're closely monitoring energy supplies for any disruption we're executing a plan, coordination with major oil producing consumers and producers toward a collective investment to secure stability in global energy supplies. this will blunt gas prices i want to limit the pain of the american people are feeling at the gas pump

this is critical to me in the last few days, i've been in constant contact with european leaders including with the ukrainian president. vice president harris met in person with the leaders in germany over the weekend at the munich conference including president zelenskyy. at every step, we've shown our allies and partners are working in unison. we're united in our support of ukraine. we are united in our opposition to russian aggression and in our resolve to defend our nato alliance and in our understand of the urgency and seriousness of the threat russia is making to global peace and stability. yesterday the world heard clearly the full extent of putin's twisted rewrite of history. going back more than a century as he waxed eloquently noting that well, i'm not going to go into, nothing in putin's

lengthy remarks indicate any interest in pursuing real dialogue on european security in the year 2022. he directly attacked ukraine's right to exist he indirectly threatened territory held by russia including nations that today are thriving democracies and members of nato. he explicitly threatened war and there's no question that russia is the aggressor so we're clear eyed about the challenges we're facing nonetheless, there's still time to avert the worst case scenario united states and our allies and partners remain open to diplomacy if it is serious when all is said and done, we're going to judge russia by its actions, not its words and whatever russia does next,

we're ready to respond with unity, clarity, and conviction probably have more to say about this if he moves on. i'm hoping diplomacy is still available. thank you very much. >> and that's president biden speaking on ukraine and russia, announcing sanctions today announcing more to come in the next couple of days and critically trying to emphasize he wants these to fall on the russian economy, not the american one maybe hinting at efforts that could come in the future to limit the pain at the gasoline pump let's get to eamonjavers here with his thoughts an a wrap up of what we just heard from the president, eamon >> what you heard there is a series of sanctions now not everything that was in the u.s. covered here has been taken out. designed to show putin and his regi regime that the united states is

serious when it says they can't move further into ukraine. what you also heard the president said and you're right to point out, is that this is going to cause some economic pain in the united states. he pledged to do everything he can to protect american businesses and consumers from the pain of gas price increases at the pump, but he said you have to understand there will be some costs to this on the u.s. side even if the administration does everything that it can do in order to prevent that from happening and target this specifically to the russian economy. we also heard the president suggesting there's going to be a military component to this moving forces into countries in the region to support their militaries also saying that the united states will defend every inch of nato territory if it should come to that, but the president says this is simply a defensive military move. the united states does not have any offensive military goals here so the president balancing a

whole lot of considerations here, both in terms of reassuring u.s. allies in the region with u.s. military power, not provoking putin, doing everything he can to dissuade putin, but not with too much economic costs at home the president with a balanced approach now, but saying the united states is prepared to do more >> thank you very much let's go back to the ambassador to get his reaction to the sanctions that president biden has just put on russia and on individuals apparently who will be named later today or probably already have, who are apparently close to mr. putin one of the sanctions stood out to me and that was the one pertaining to russia's ability to raise debt from western banking sources. how big a bite might that be to putin and moscow if he can turn to beijing, his new best buddy

>> okay. i'm impressed by what the president said he has put down some very serious sanctions on the two banks and the other one, but also on sovereign debt so your question is apt. china and russia have drawn closer in recent year or two but china has thus far not been willing to get russia any economic breaks and while china is a rising economic power, it cannot replace the united states and the west so the sanctions that biden announced will certainly punish the russian economy severely in a way that china cannot and will not make up and i think this sends a clear message to putin that he should not go farther than he's gone already we'll see if he takes that warning. >> what would you see as the president said defending freedom

will have costs at home, but he will try to do everything he can to blunt the rise in gasoline prices and natural gas prices as well how do you see this rippling back to and through the u.s. economy? >> i don't think there's think question that higher energy prices are in the cards also for the reason, also because of this crisis i am notan economic expert, bu i spend a fair amount of my career working on the middle east and hydro carbons, but i think the administration has contributed to higher prices i don't think the administration would reconsider those policies, but if things get rough, they might. they've done a good job trying to find alternate sources of gas, especially for europe as this crisis worsens, but more steps may be taken there's tno question we'll take an energy price hit and that's

the price we need to bear because stopping putin's aggressive intent, which as biden said, touches on nato member, is critical to the united states and we need to stop putin and ukraine >> and the historical echoes are chilling, mr. ambassador thank you very much for your time today we appreciate your insights. >> and as he said he's impressed with what he heard from the president, let's point out the markets might be as well we were down more than 700 points before the president spoke. now down about 526 on the dow. let's talk more about the market impact with everything that's going on we'll bring in sarratt your knee jerk thoughts here on the markets and what we've just heard the significance of that from the president >> i think it was important something was said, but really nothing's changed. we still don't know what's going to happen. that uncertainty causes this

volatility right now, you see a little bounce back. now down maybe one and a quarter, but i think nothing really changes until we get something wre know is tangible some of these stock prices are just becoming basement bargains, but i don't think we stop here because until we get some type of resolution and if and when this is done, you get the fed right in front of you. so we've still got a few things in terms of where we're going to be earnings is almost over. pretty much a quiet period and we have to deal with some exogenous factors. >> maybe we want the quiet period given the earnings reaction we've seen over the past month emblemmatic of that is home depot. you're looking elsewhere ge, go daddy you acknowledge you think this is going to be tough sledding for a while? >> i do. i think it's going to be you know, ideas that are going to have bottoms up value.

you're going to look at companies like a ge or go daddy that has huge cash flow and buying back a ton of their shares or look at really some blue chips out there like the morgan stanleys out of the world that have been sold out. visas, mastercards disney solid companies that have sold off and could get the potential to sell off even more. so if you're a long-term investor now, we haven't seen this in a couple of years, so i think the chance to buy companies if you missed it the first time or add to them i think will be there, but this is not an easy period, kelly. you're going to have to have a strong stomach and as we go forward with rates moving up, oil prices going up and a lot of overhang, this could be a good opportunity for the next six months to a year >> can you explain to me in simple terms what go daddy does and how they make, what they charge for i never really understood it >> you've seen the commercials >> sure. >> so if you're a small business

and you want to put up a website, it's your place to go you can buy the url from them. they will also service the website for you. they'll put the security on for you. they'll sell you additional services that in itself is an annuity business as they add that on, that growth >> how did they get to own the urls >> they bought a whole bunch in the past so they have them in their database and they're all the out on the market buying them from the companies that sell the urls as well. >> cool. >> and then they have the ability to add on a lot of additional value and recurring revenue is the best time to have >> can i ask you about energy, which if this were a republican president, it would sound like a massive endorsement of the energy sector, maybe a desire to see more drilling in order to see prices go down because it's president biden, what is the impact going to be

on energy stocks and on investors? >> so i think because we're not going to see any additional drilling, what you're going to see is the stock prices and energy prices staying up now, kelly, i would say the caveat that if we had energy demand destruction because prices went up to high, that could be a problem, but if we can get through this with the fed doing something where investors are good with it and oil not going too high over $100, this is like, it's a goldly locks scenario because there's no supply coming on and even if iran comes on, there's going to be a steady demand as we talk about coming out of stay at home. when the opening trade happens, people are going to be traveling. it's kind of like interest rates. we don't want them to go too high because that will destroy

the company. they have a lot of discipline as well >> yeah. thanks for joining us. appreciate it today. >> thank you >> sturging energy prices are part of the global insurgency especially after the pipeline. where does it leave u.s. energy supplies markets are off the worst levels of the session stay with us

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it's been a busy afternoon let's get caught up on stocks, bonds, commodities all affected by the growing tensions by russia and ukraine bob, the lows were right before the president spoke. >> that's right and in fact, we started rising as the president was speaking and most people i've spoken to including art

cashin feel that the main reason is the sanctions, while they were noticeable on the banks and of course some limitations on sovereign debt restrictions were not as onerous as some feared. it could have been a very broad swath of sanctions that didn't actually happen and see market lifting as the president was speaking obviously, there's much more that could be coming and art cashin felt that it was very prudent the way that president handled this so the important thing is sanctions, but potentially a lot more to come here's what's interesting. energy has reversed and we had a huge moves in the energy cycle today. remember the big, high beta energy names like devin energy for example. have been up 25, 30% in the last several weeks. they were huge at the open today and all reversed ndin the middl of the day even though oil itself hasn't been moving much there's the xle, the main etf for energy same situation with the metals

complex. huge moves in aluminum in a lesser extent in copper as well as other names out there and today, a lot of that has reversed again again, this is a big component of the rally we've had in some of the value names and of course the commodity names to a lesser extent and the financial names it's a key element of support that's been taken out. as for the tech name, kind of a round trip apple at the end of january was about $160 it went up to about 175. 170 or so. and the important thing is it's all the way back down. so apple's done a complete round trip from 160 to 170s and back done many of the other big megacap names, same situation. we're below 4300 >> and we're still trading heavy. down about 600 points. so the afternoon is still young in many ways 90 minutes to go thank you very much.

let's turn to rick santelli for the view from the bond market. we had a strong two-year auction, rick. >> yes, i'm sure it had a lot to do with the geopolitical forces at work and if you look at a 24-hour chart of twos, we're down at 1.4% in the morning. it revisited that, by the way, and look at the 24-hour tens down to1.84% but yet all the y yields are about ten basis points higher than their extremes last night because we're way over our skis on the flight to safety in a thin market and the flattening of the yield curve, whether it's the fed meeting or march 16th rate increase or geopolitical, you can see on this chart we've traded under 40. looks like we're going to have a fresh new flat close going back to august of 2020 and when you look at a two week of the dollar index, it's been sideways at a good level

we settle at 95.67 as you see on this long-term chart for the end of this year, so we're just a bit above unchanged. maybe the important fact is that it has been so steady. back to you. >> steady eddie. thank you very much. we also have the closing trades for oil right now. we've seen a big impact in energy of course but interestingly enough, a lot of the stocks are struggling pippa? >> that's right. prices are jumping across the energy complex brent crude getting within 50 cents of 100 bucks today u.s. oil rose to $96 highest level since august of 2014 president biden saying just now that the white house is closely monitoring energy supplies for any disruptions adding he's working with oil producers and consumers towards a collective investment to secure stability and global energy supplies now, oil prices did retreat from their session highs with the iran nuclear talks ongoing wti's at $92.27 for a gain

brent at $96.55. more impact in european natural gas which surged 10% today germany halting the are up about 1.2% right now, energy noting that volatility could hit u.s. prices in the short term but inventory storage is at a healthy level and output is slowly rising. >> the market is staging a comeback dow down 422 thanks >> natural gas prices did see upward pressure after germany halted certification of the nord stream 2 pipeline. joining us now, exclusively on "power lunch," allen arm strong is president and ceo of williams which handles about 30% of the natural gas used in the u.s. a pretty significant time, we

should say wlau what are the long lasting implications of this conflict as it relates to europe's dependence on russian energy supplies >> thank you for the question. and you know, the u.s. is incredibly well positioned in our industry is well positioned today, thanks to a lot of great technology, a lot of great effort on our independent gas producers here in the u.s. at williams we handle about 30% of the nation's natural gas through our infrastructure, and naur is going to be key as we see the crisis developing in ukraine. and so but i would just point out that we have abundance, an abundance of natural gas in the u.s. we're very good at getting it out of the ground in a safe, environmentally friendly way really our big challenge in the u.s. today is infrastructure and getting our gas supplies to the coast and taking advantage of

the abundant low cost energy and clean energy we have here in the u.s., and so really, i think there's a lot we can do, but it's really going to boil down to getting our federal regulatory permitting processes in order and really being able to quickly build out our infrastructure >> and again, to highlight what the u.s. has accomplished here, i think if dan jurgen, if i'm remembering her comments correctly, we're again the number one producer of oil, the number one exporter, now we're up there in terms of lng, it's incredible what we're talking about. so the president is obviously looking for ways to keep energy prices low for americans domestically what would you say is the best way of achieving that? >> yeah, i really do believe that encouraging the development, i think our producers here in the u.s. are very capable of responding to the opportunity. but you will hear time and time again from our producers here in the u.s. that infrastructure is always kind of the missing link.

so we can talk about drilling permits. we can talk about number of rigs, but at the end of the day, if we don't have the pipelines and the infrastructure to get to those markets, the producers are not going to drill because even though the price may be high somewhere else, the price back in the basin where they're producing is not adequate to incent drilling, so it really is a matter of getting this infrastructure bottleneck out of our way. >> how much could the u.s. production of natural gas help europe if in the worst of all possible outcomes all of russia's natural gas were halted from coming in to europe could we supply a third of what they need? a fifth of what they need? or is our natural gas already ticketed under contract to other places do we not have the ports to ship it out what >> yeah, so today, we have a commercial arrangement through the lng facilities and the highest price a lot of times gets those, or the party that

holds that capacity has it for their own country. so we do -- we absolutely need to build incremental capacity. we are today the largest lng exporter, as the u.s but we have an opportunity to rapidly expand that. but today, we export right around 12 bcf a day, which is roughly about 12% of our combined u.s. and canadian import to the u.s., so about 95 bcf a day of u.s. production and about 5 bcf a day of canadian, and about 12 of that today is going out by lngexport so we could easily double that capacity, and we certainly have plenty of gas supplies to be able to help meet that just to put that in perspective, i think the nord stream 2 project is about a 4 1/2 bcf a day pipeline so we have very ample supplies and capabilities here in the

u.s. but we absolutely have got to clear some major permitting hurdles to get on and build out that infrastructure that does not -- it is not destined for europe today it's not contracted uniquely to europe >> when we say infrastructure, we're talking about pipelines and export facilities, ports, right? >> that's correct. >> all right mr. armstrong, thank you very much allen armstrong is with williams company. >> bitcoin hitting a two-week low as crypto faces a double whammy of fed tightening and all the geopolitical tensions we have been talking about. all of which and crushing investor sentiment we'll break it down to the extent it hasn't already broken down, next you're a one-man stitchwork master. but your staffing plan needs to go up a size.

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imagine a community where millions share ideas and trade stocks, crypto and beyond. to the moon? in other words... etoro.the power of social investing. well, bitcoin is down to $37,000 today. rebounding a little bit right now, but if the threat of war and fears of inflation can't help bitcoin rally, what can maybe kate rooney can. kate's here with more. hey, kate. >> hi, tyler that bull case for bitcoin as a safe haven not playing out this week the cryptocurrency dropping below a key psychological level of $40,000 over the weekend. it's back slightly today, around $38,000. now, and crypto markets are getting hit by some of the head winds we talked about hitting u.s. stocks. fed rate hikes expected in march and geopolitical tensions out of ukraine, and analysts tell me the probability of a sustained bear market for bitcoin is going

up glass note analysts point out a few bearish signs for bitcoin markets. first, a lack of overall bitcoin network activity they call this on-chain activity you can think of it as money moving in and outof accounts this week, activity has been, quote, languishing, which they say is not a great sign for retail demand. also more retail investors now under water. roughly 29% of all supply out there is holding bitcoin at a loss they also point out an uptick of zero balances in addresses that's basically wallets that have been completely sold off and gone to zero investors sentiment is taking a hit. the bitcoin fear and greed index is now back at extreme fear levels that's near a 20 out of 100, compared to about 46 last week analysts compared this ownturn to previous bear markets which we have seen in the past there is at least one bright spot investors are more likely to hold on to their bitcoin

>> so 27% of current bitcoin holders are under water. was that the number? >> it's been basically despite a lot of volatility, pretty flat over the last six months >> thank you very much we appreciate it >> meantime, our markets are looking better than an hour ago. we'll hand it over to "closing bell." thanks for watching "power lunch. who in the lord's name does putin think gives him the right to declare new so-called countries on territory that belong to his neighbors? this is a flagrant violation of international law and it demands a firm response from the international community. >> that was president biden moments ago, addressing the fast moving situation in ukraine. outlining fresh sanctions against russia welcome to "closing bell." i'm carl quintanilla along with morgan brennan sending