wallet targeting the nation's banks and wealthy citizens speaking of the president, elon musk firing new shots at the white house over his claims that the admin doesn't show enough love to the e.v. giants in new comments to cnbc, no more masks

apple, the biggest name to come around in its pandemic policies, we'll tell you why. just how bad is global inflation? one of the company's most exposed to every kind will join us for an exclusive conversation all on this wednesday, february 23rd this is "worldwide exchange. good morning, good afternoon, good evening forever in the world you may be watching i'm brian sullivan thanks for joining us on this very busy wednesday. stock futures are higher right now, across the board, in fact not soaring, but dow futures up more than 200 points all the major indices, futures indicating -- again, a lot can happen you can see fair value in the red. had the exact opposite yesterday, down 500. fair value in the green and markets ended down

so either way, take it what you will thin trading b but right now we are in the green all of this coming off another rough session in what has been a rough year. the big three indices all down more than 1% yesterday. the s&p 500 now down more than 10% from its record high, so technically in a market correction but it's not just the big named stocks the russell 2000 with its loss yesterday is now down nearly 20% from its early november highs. think about. that down 20% in just about 90 days ouch with stocks down, bonds are getting a higher yield still under 2% let's look at one of the other big stories, and that is oil crude oil actually a bit lower right now, although, still creeping up $100 a barrel.

two things to watch for that may be on the horizon that could slow the rise, number one, another release of oil from the strategic oil reserve. number two, any announcement with a nuclear deal with iran that could put iranian oil legally back on the market, a combination of those, that could bring oil down a bit demand still outstripping supply but in the near term, those are two possible headlines to watch. around the world, we had a higher session in asia as well overnight, leading the gains up. japanese markets were closed today. it is the emperor's birthday. taking a look at the early trade in europe, there is green across the screen. what a change a day makes. yesterday, green major markets like germany up 1% obviously all of you investors out there may be laser focused on the geopolitical tensions

between russia, ukraine, and the united states as well as tightening fed policy and the reduction of that balance sheet, but your next guest says the markets are continuing to ignore the positive and compelling story on profit earnings and profit stories i understand, robert, the headlines are screaming ukraine, they're screaming putin, they're screaming inflation, and the fed, should the investors maybe take a break and focus more on what companies are actually screaming? >> i think that's a great way of thinking of the situation, brian. thanks for having me on again. one of the things that's going on here, is we've seen a correction in valuation, but we haven't seen a change in tunds lying fundamental picture. i think the reasons you pointed to earlier with regard to the tension in russia and ukraine has dipped by about 2 points so we look at things going on with sentiment in terms of the

san francisco fed sentiment. it looks like it's been a valuation correction however, we don't think the underlying funds mental picture has changed. for investors, we think this could be a pretty interesting opportunity here. >> as stocks have come down, i just mentioned the ross 28,000 off nearly 20% from the heise. valuations were on the higher end of historical averages they've obviously come down. do you feel, robert, luke the overall market is getting more toward an equilibrium that most of the selling may be close to over given that valuations are now beginning to come back a little in line with their historical mediums. >> i think that's right. the fence story has been in the headlines for quite some time. the investors have digested that there's no surprise that fed rates are coming you know we're still around 2% on the ten-year.

that supports a reasonably high above average valuation in our view, so i think we are at a bit of an ee quilibrium here. sure things could get worse, but typically they look through these geopolitical events. once we get some degree of and there, we get back on track. we focus again on the strong earnings we think are ahead this year >> listen. let's hope that the situation resolves itself maybe more peacefully there's a lot of talk about what may happen next. we don't know, robert. you don't know, i don't know all the, quote, experts don't know we can only guess what putin's going to do. if he, however, moves further into ukraine -- i'm not asking you to be a geopolitical expert, but if we get an escalation do, you think the markets could be vulnerable to another leg down >> i do think so i do think there could be a more downside if the situation worsens. it is unpredictable as you

noted. a fair way of estimating would be another 5% to 10% to the downside that would move p.e.s down again, with a lot of support from very low interest rates here we don't necessarily see this turning into one of the massive bear markets we've seen. this is still within the normal range of correction. it could be a little more downside, but we're looking for earnings to carry the day. >> hopefully that's what the market is going to reset to. i look forward to the day, robert, we can talk about earnings value and not what may be the future of southern ukraine. robert teeter of silver crest, i really appreciate your views nervous time thank you very much. let's get to the top corporate stories including apple, apparently easing some of its covid rules in stores.

silvana henao has more >> good morning. this is according to bloomberg the report says masks will still be required in states that have not relaxed covid protocols. it adds that apple is preparing to resume in-person classes at its stores. virgin galactic has announced plans to outsource some of its assembly it's revealed its move in its fourth quarter results which were mixed lit speed up costs allowing for production of six spaceships per year they're expected to be able to fly weekly, a higher frequency than the company's two older designs. tesla has reached a settlement with the epa over violations of the e.v. act they violated the rules when it came to air pollutings from the

vehicle coding operations at its california fremont facility. they had multiple fires during those years. and, brian, tesla will pay a penalty of $275,000, which is a drop in the bucket compared to the $2.3 billion it made in net income during the fourth quarter. >> yeah, not that much of a hit. but i will say this, not making a comment on mask efficacy it is nice to see smiles, is it not, silvana >> it absolutely is. >> it feels like we're going to see a change, knock on wood. let's hope we're getting started on a busy day. when we come back, the latest from ukraine as a growing list of leaders join america in

slapping sanctions on russia and some of its wealthiest citizens. how bad is inflation right now our conversation with a new ceo. and crypto getting a bit of a pop today. a lot more to do futures are higher, and wee ckig aerhis.'r ♪ ♪ what do you think healthier looks like? ♪ ♪ with a little help from cvs... ...you can support your nutrition, sleep, immune system, energy...even skin. and before you know it, healthier can look a lot like...you. ♪ ♪

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exchange." president biden announcing sanctions against russia over vladimir putin's order to have troops enter the eastern part of the nation they'll target two of the three russian banks, leaving the commodity banks off the list for some reason. secretary of state antony blinken said he will not meet with sergey lavrov tomorrow. erin mclaughlin joining us now in kyiv. erin, what is the latest where you are? >> reporter: hey, brian, here in kyiv, they're preparing for the worst. last night we heard from president volodymyr zelenskyy call out the reservists.

this is in the donbas region of ukraine. one soldier has been killed in the last 24 hours. they've seen an increased use of heavy weaponry over the line of contact. we heard from the nato secretary-general yesterday say that they're watching as russian troops, russian equipment are pouring into the separatist areas of donbas. we have also heard from president putin yesterday say he considers these to be part of the whole new two republics, which include the government-controlled areas, seen as raising the likelihood of war we heard from the foreign minister this morning calling for more sanctions than what was announced yesterday saying the sanctions are essential to stopping further escalation. but i have been speaking to ukrainians here and they're thankful for the sanctions president zelenskyy says he

understands the steps the white house and others are taking. slowly suffocate is the right tactic that certainly gives you a sense of the mood here in kyiv, brian. >> and, erin, in your reporting, we appreciate you being there, stay safe, but you're out and about speaking with ordinary citizens of kyiv and of ukraine. what are they saying what are they telling you? what do they worry about do they believe this will escalate or is it almost a little bit of life as normal what do you ee >> reporter: i would say there's been a marked change in mood in people here. if you talked to people last week, they were taking these dire assessments from the west extremely seriously. they were preparing, watching what was happening, but there was always sort of a sense, oh, no, president putin wouldn't go after the capital or the entire country. that sort of opinion seems to

have changed following president putin's address earlier this week that he does not see ukraine as a country but as part of russia. now you're seeing an escalation of preparations. in parliament, they're discussing the possibility of loosening the gun laws here in ukraine. there's talk of declaring martial law in parts of the country. you're starting to see kyiv and the rest of ukraine get on more of a war footing brian. >> great on-the-ground reporting. erin, we're glad you're there. stay safe. look forward to more erin, thank you very much. still on deck, a big switch. bad news for gamers. activism hitting pause on one of its most popular games. stock futures are higher oil a bit lower. a lot of green on your screen. so good morning. grab a coffee.

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you can watch movies through your phone? and y'all got electric cars? yeah. the future is crunk! (laughs) anything else you wanna know? is the hype too much? am i ready? i can't tell you everything. but if you want to make history, you gotta call your own shots. we going to the league! rising commodity prices, inflation, and geopolitical uncertainty are causing tough terrain for some of the world's biggest machinery makers and manufacturers. you may not know cnh the company but you know their brands. international harvester tractors, case construction equipment, and a new ceo, a man

you possibly know, scott wine, formerly with polaris. we began asking him how the risk of a russian inflation could affect a globalized machinery company like his. >> one of the things i talked about with our -- the investment community here today for capital markets day was geopolitical risk little did i know when i put that on the slide we would have that develop right before us we anticipated it. you know, what's most important to me, is we've got 37 employees in ukraine, a broad dealer network, so taking care of them and their families is our first priority we've taken those steps. obviously it's difficult wheat pr wheat prices are going up. we saw that. most of the activity, if you want to call it activity is acting in the western or eastern part of ukraine and our

operations are generally in the western part of ukraine. so we're watching it very closely, but we feel like we've got our finger on the pulse and our teams are prepared for this. >> obviously rooting and hoping for those employees and dealers that remain safe at a very chaotic time we have seen the price of c commodities like nickel and steel go up and the price of agricultural commodities you referenced wheat go up what's the trade-off do you benefit from higher agriculture prices but get hurt on the input side? how do you balance out what has been a crazy commodity market the last few months? >> brian, you're kind of describing what's happened in the last year or so. inflation over the last nine months is really out of control and at least in the u.s. the fed will take some action to bring that back in line. but we've been dealing with these high commodity prices that are helpful on the alport side and hurtful on the input side for quite a while.

we've got almost 10% price last year we've got 6% or 7% baked in this year it is very difficult to stay ahead of the cost input, but that's what we're trying to do ultimately the better value we bring to our customers with our -- whether it's a combine or tractor or the technology we put in them, the better or easier it is to put in that price. certainly it's a difficult task to stay ahead of. >> you just referenced the federal government is there anything that as a ceo you would like to see them do? >> it's more what i would like to see them not do i think the regulatory environmental is getting increasingly tough and unhelpful. the ichb flags is driven by the influx of cash they've put in. if the government would step back and let the economy and free market operate, they would be better off, but i doubt they want to listen to that. >> fertilizer costs are up pharmaceuticalers are getting more for their crops probably depends on the market

they're in does that help you ultimately? high fuel prices people looking for more fuel-efficient machinery because some of these combines can run $500,000. >> it's interesting. the investment we made in raven precision industry gives us better autonomy. if we can give our farmers production tissuety and yield, which we can, they are willing to pay for it. what we've seen in the midwest markets for corn, when we put our precision solutions in, they can save 40% of their input costs and that's ultimately contributing to their farm income and expands and longs the cycle for us it's a difficult equation. we're trying to give our farmers the tools they need to offset that higher input cost. >> final question, wrapping up kind of a two-parter you talk about innovation, sustainability, and profitability.

you want to raise your free cash flow, raise your margins, i think, by about 3% at the same time you want to innovate sustainable methane to run tractors. how do you balance out those because it's expensive to change engine technology completely in some of these big machines that have been running the same way effectively for 50 years. >> our sister division of eckert group which we just spun off provides our engine. they're leaders in lng solutions for heavy-duty trucks in europe, and we're literally taking the exact same engine and putting it in a tractor we believe it's a great environmental solution and a great profitable solution for the farmers. so we are using an asset-like approach to bring great so solutions for our customers. >> using a tailpipe to make sure nothing bad comes out of the

tractor's tailpipe. >> that is exactly right farms -- not just cows but also biodegradable farm inputs. you can create a lot of methane on the farm. it's very cheap fuel for our tractors >> all right our very big thanks to cnh ceo scott wine, the stock to watch. coming up, the random but painful stat on just how hard a large chunk of the stock market has taken. we've got some stats for you. but is it buy low, sell high, right? or is it supposed to be? carey firestone is here. if you haven't already, follow our podcast. stock futures are higher we're back right after this.

call this whipsaw wednesday, stocks looking to bounce back. stock futures at least for now are higher. president biden trying to use money to slow russia let's move, but leaving some of russia's biggest banks off the list so will these sanctions actually work and elon musk tells us about his war of words with the white house. wait till you heard what he said wednesday, february 23rd this is "worldwide exchange.

♪ well,welcome back, everybody. good wednesday morning i'm brian sullivan thanks for joining us. let's get right to your global markets in the united states stockmarket futures for now as i said are looking reasonably good we are seeing gains across the board, but keep in mind that fair value number, which i know can be a little bit confusing -- remember yesterday the opposite, we were down big there, and fair value turned positive? well, this is what we're seeing today. futures are up the fair value is actually a little in the red. i'm not going to call that neutral, but i will say i'm not expecting maybe that kind of pop you're seeing right now at the open hope to be wrong, but we shall see. all this coming off another big losing day for the major averages the big three indices all down more than 1% on tuesday. with that move, the s&p 500 now

down more than 10% from its record high. so technically in a correction and here's a stat that is random but painful. so apologies in advance. there are 193 members of the s&p 500 that are now down more than 20% from their highs so about 38% of the index is in a, quote, bear market. even worse, ten of those have dropped by more than half from their recent peaks think about that dropped more than 50% since late november, mid-december paramount, moderna, the worst. 70% from a couple months ago on better news, there were six stocks in the s&p that did hit new highs yesterday. five of those six are oil names. one is defense contractor general dynamics oil and weapons. think about that

all right. well, there is some shade being thrown at germany, speaking of, over ukraine from one of wall street's heavyweights, jeff gundlach taking a big shot at germany for likely not doing its part to help resolve the situation, by the way, a situation that lightly impacts them more than any other nation with the exception of ukraine itself. all right. more on that in a bit. right now let's talk more about crypto because this morning many of the bitcoins and others are trading higher this is after sinking to more than a two-week low. yesterday, bitcoin like the stockmarket has had a rough year, about 17% in 2022, and now more than 40% from its all-time highs set like stocks in november so what is really driving the

action on bitcoin? is it the fed? is it inflation? is it something completely different? let's bring in the head of ogc options trading. thank you very much for joining us bitcoin was designed to be decentralized independent from fiat currency, kind of its own thing, but i guess we are learning that maybe it's not as decoupled as some had thought or had hoped. it does appear to be moving with the overall market do you expect that to continue or will bitcoin ultimately do its own thing? >> well, you know, i think bitcoin definitely has elements of a number of different assets, some that are designed to be more antekuwaited to the market. unlike something like gold,

sure, you can melt it down for jewelry, but that's not why people buy gold. bitcoin has elements of a commodity and elements of a currency nobody controls it and elements of a technology and a technology stock. i think we'reseeing the latter piece play out decoupling is the result of a broader thing particularly on the institutional side there are a lot of institutions part of the macromarket, the s&p and nasdaq as well as bitcoin and vix and currencies and commodities, so when they're trading, they're trading a lot of these things together that's going to flow into bitcoin. that's not necessarily a bad think, but it impacts the short price moves, more than one might expect compared to the long-term

trends we see. >> juthica, i'm not going to call bitcoin new it's been around for nearly a decade it is still new enough to have not seen an inflationary environment, which, by the way, goes to a lot of people on wall street as well so is this kind of bitcoin and other cryptos learning curve through this first bought of serious irn flags, and if so, how you do see it playing out? >> yeah, it is i mean, as you mentioned, bitcoin is still fairly new. it's also fairly low in terms of market cap if you look at it, bitcoin's well under a trillion dollar market cap that's the size of one large stock. if you start to think about it as an asset that would be on a global and macro scale, it's still very early and very small. i think i would say a lot of people in the bitcoin space were kind of surprised how bit down

did behave and how correlated it was. it's not just the fundamental side but also what it looks like what the more diverse participant base and active traders who are trading in and out of it and where the opportunity lies >> yeah. really kind of a crazy world with inflation and watching bitcoin, how much of this, juthica, is i don't want to call it paper hands, people using lev leverage, things got called down, how much of this recent weak dons you think is perhaps leverage related, option related. who's selling? who's buying >> right so i think a lot of the leverage has really been flushed out over the last year or so. so it's actually not i would say the most recent ticked out, not leverage

related, the demand probably falls into three different categories the first are the ones you alluded to the long-term holders. they're kind of all invested they're not going anywhere they also have allocated all of their capital. they don't have a lot of fresh powder on the sidelines, but they're diamond hands, in it for the long term. have been hardened over the multiple bear markets. i would say the second category are some of of the institutions that are starting to work their way into bitcoin as an element of their portfolio as a diversified asset, substitutes traditional commodities and goaltend and bitcoin they do have cash on the sideline they may be doing some variation of dollar cost averaging, but i would say they're being more opportunistic in terms ofbuyin dips, in terms of where they want to allocate i would say the recent correction has led them to be

more patient let's see what the fed does, how the market reacts, and we can always deploy capital later. even if it means it's slightly higher the last is balancing portfolios, looking for opportunities. i think the volatility in the market and a little bit of the self-fulfilling prophesy has led some of the flows out of crypto into other assets that are more. >> all right interesting times and a new inflationary cryptocurrency world. appreciate your insight. valuable have a great day. >> thank you. now some of this morning's other top corporate money stories. tesla's elon musk accusing president biden of ignoringing his electric vehicle company in fab of pay ag tension to the legacy of unionized automakers

he writes in part, quote, the notion of a feud is not quite right. biden has pointedly ignored tesla at every turn and falsely stated to the public that gm leads the electric car industry when, in fact, tesla produced over 300,000 electric vehicles last quarter and gm produced 26. ouch musk also seeking to assure white house officials who are concerned that he would do something or say something embarrassing if he were to speak at an administration event he said, quote, he would do the right thing. you can read more at cnbc.com. the cal of duty video game seers are going to have to wai for the next install mchblt activism blizzard will delay the game until next year it's the first time the franchise will be without an annual release in nearly 20 years. >> coming up on wex, the biden

administration looking for new ukraine sanctions but will they work one is saying no we'll find out why. stock futures are on the rise, oil falling a bit. we're back after this. as playing hide-in-seek... ready or not, here i come. ...in the desert. [sighs] really guys? t-mobile has more 5g bars in more places than anyone. and now, when you switch, you can get iphone 13 on us, on every plan. you're not going to fit in that hole. don't look any further. unlock the full power, iphone 13 on us at t-mobile. the network with more 5g bars in more places.

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time for your morning rbi. over this hour we've talked about politics and certainly talked about stocks, but why don't we talk about another major thing being squeezed by putin, and that's the global

commodity markets, specifically some key metals and key foods. first up, nickel and palladium, two major industrial metals. nickel up 17%, palladium up 23%. while palladium is off its highs from last year, a very different story for nickel they're now at ten-year highs. russia controls it and inventories were high coming into this. this spike is bad news for steel companies and electric car battery makers because nickel is a key component in both meaning costs will continue to climb palladium also heavily used in cars in their catalytic converters car makes could get pinched on both sides, nickel, steel, palladium. aluminum prices are also on the way up aluminum is used in me car bodies this is maybe one reason for

and tesla and meridian stocks got hit hard on yesterday. we tweeted about it possibly happening monday night even if you don't care about metals, you may care about meals. this russia chaos could cause prices to go up even more for wheat and corn russiaand ukraine are both exporters of both. russia is the largest exporters of wheat at a time when food prices are already on the rise all over the world, more rises in costs could be another gut punch to an already frustrated american consumer so while we talk about that, it's much, much more than that it could be inflationary on other levels at a time when many in america and the world simply may not literally be able to afford it. random but expensive we'll talk more about russia right after this short break stock futures, they're up, and we're back right after this.

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i was gonna add an exclamation point. secure payments, the tools you need, people who can help, we do that. [sfx: street ambience] ♪ ["fly me to the moon"] ♪ ♪ ♪ 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. all right. here we go we're seeing a little bit of a better day in stock futures. dow futures are up 200 points, 0.6% nasdaq futures up a little more than 1%. maybe a bit of a whipsaw, bounceback wednesday, whatever

you might call it after yesterday's haircut. we're seeing oil come down yields coming up and bonds we're seeing a lot more green on the screen today what changed between yesterday and today? well, really nothing, but we're going the find out if market sentiment does change today. still a long way to go. back to the main story, and that is russia biden hoping to deter russia with sanctions is this nearly enough? jay elliott, author of "undermoney. i have argued. others have disagreed. listen, if it's not about money, why woulda money ban be any kind of solution here [ indiscernible

if it's not a money ban, why would it be a solution >> we're going to check on the tech n technical issues joining us now is carey firestone, chair of aurous management and cnbc contributor. hopefully the viewer will hear just one of us at this time, ca carey. they've only known good times since the pandemic lows and equities they've never invested or even lived through inflation. what are some of your guiding principles for staying calm in an uncertain world right now >> thank you, brian, for that

calm introduction. so i would tell people first that in almost every year the market has a correction of 10% or more except for last year last year was when everyone flooded into the market as new investors and we didn't really see that so this is their skpirn. markets down 10% thenasdaq is down more there are 138 stocks this. is interesting with market caps of over $5 billion, they're down 40% or more 40% or more from their 12-month high so those stocks have been in a real bear market and those are often the stocks that have been bought, peloton, draftkings, moderna, novavax so there are opportunities out there. you need to, though, be calm about when you step back in because we don't know exactly where the bottom is. this is the time to look, make

your list, think about what price you would add to your position many of the stocks on your list are way too high, but there are companies who have great fundamentals where the markets are below market multiples as an example, paypal. that stock was trading perhaps in the stratosphere. it comes down to earth its earnings are less than coke or pepsi that's on the list they've given disappointing guidance go ahead. >> i'm trying to listen. karen, before we get to the other picks, let's stay on paypal for a second. i don't understand what's going on with paypal everything you buy online, you have the option. paypal is there and often it gets clicked pay by paypal. t

business seems to be expanding it seems like an easy play clearly it's been everything but. what do you think is happening with paypal? >> well, if you look at the chart of paypal and next to the chart of fis, you know, that all of the payment companies have had just this incredible collapse in their stock prices their businesses have grown. they had tremendous pandemic years because everyone shopped online and this accelerated the growth at paypal when they gave guidance, you know, it was modest, and the market has penalized every company, whether it's netflix, paypal home depot came off a year where everyone in america was building their own deck and they reported a strong quarter over all of those incredible gains a year ago and guide somewhat modestly and the stock came down more than 8%. so this has been the type of environment where investors want

to hear great news if they don't, they take apart the stock. in payments, it's been much worse. so every name within that category look at shopify. that's a another example it's down, i think, 55% from its peak so they've gotten killed, and we think that within that wreckage there is some names that are very interesting. >> yeah. one thing we do in good times and -- well, my son has a book called "everybody poops," but we won't go into that what we all do in good times and bad times is produce waste, and you think gcn and some of the other waste management companies -- you know where i was going, karen, don't worry. >> i got you. >> -- maybe not recession-proof but maybe putin-proof. >> yeah, exactly so there are names i put on my list waste management isa company that's growing nicely.

it's domestic. it focuses on mid-sized cities there are inflation clause if you think about the pandemic, we didn't produce within commercial settings the type of trash we normally do that's starting to come back we think that waste connection is the type of stock that performs well in an uncertain environmental, particularly one with international, you know, kind of stirrings and ramifications. i also put cme group on that because that's a company that gets tremendous benefit from volatility and the markets they have a big interest rate, sort of index, and their volumes go up dramatically during periods where interest rates rise they also do futures on their oil index, and they also trade every type of cryptocurrency so we think that's, you know, an idea for investors looking for something that fits this

volatile time. s&p global, they measure all financial data there's a lot surrounding uncertainty. finishing up with consolidated ihs market, and that will add a lot to the bottom line and synergies that we don't think the market appreciates even amazon i put on the list because the stocks underperformed for a year and a half in terms of accelerating the use of amazon, it definitely happened it's around 40 times earning so that multiple has come way down, but it continues to grow very nicely. >> you know, you brought up s&p global we talk about the s&p 500 standard & poor's. this is a giant company. i don't think a lot of people understand the size and growth i'm going to be at the conference it's going to be huge. that's ihs market. they're buying that. this company is a beast when it comes to financial data, financial information, news.

it's kind of the publicly traded bloomberg in a way >> exactly and when you think about it. energy markets, which right now everyone is focused on because of russia, they own plats. prescription data, all types of financial health care commodities. it's just a behemoth that the market has, you know, not, we believe, really understood what the synergies that result from that acquisition are going to be yeah, we think it's really good. >> we like it. we're talking about waste management, paying for stuff online, global data and intelligence we always love, karen, your data and intelligence thank you for getting up early for us karen firestone. thanks. nearly every sector of the markets is in. you guessed it negative territory

everything except oil and gas achl among the worst performers is consumer discretionary. joining us is a man no w.h.o. not only knows sectornomices but the book "everybody poops. >> it is it's in bathrooms across the country. brian, to your point, the consumer sector has lagged in the broader market over the past year, and there are a number of story lines playing out from inflation to electric vehicles, and, of course, the covid recovery one of the groups closely watched is travel. over the past six months, we've seen a bit of a divergence in which travel stocks are recovery quickly. now, the big winners over that time period have been those hotel and booking stocks as you see hereful we're talking names like expedia, marriott, and

others some have hit all-time highs over the last week the same cannot be said with cruise lines with carnival and norwegian trading in negative territory. royal caribbean has been up a little as you see here by the way, over in the industrial sector, the big u.s. airlines are trading more in line with those cruise stocks, up about 9% or less in the last six months or so so, brian, as we continue to watch and try to get to the other side of this pandemic, we'll see how quickly the pandemic can recover from the cruise lines, airlines since the pandemic lows back in 2020 i'll send things back over to you. >> great stuff on sectors. dom chu, i always love seeing you, my friend thanks very much. folks, that does it for us i'm off. we'll see you nexttuesday. "squawk box" will pick up the coverage next. have a spectacular day

futures, they're up. oil is down. you're welcome i'll see you on tuesday. >> announcer: sectornomices sponsored by sector etfs when it comes to cybersecurity, the biggest threats don't always strike the biggest targets. so help safeguard your small business with comcast business securityedge™. it's advanced security that continuously scans for threats and helps protect every connected device. on the largest, fastest, reliable network with speeds up to 10 gigs to the most small businesses.

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good morning the "i" word yes, biden is calling it an invasion we'll talk about the potential market impact. lowe's set to report we'll bring you the first. and elon musk is acocusing the biden administration o