isn't doing it solo. you just have to stand up for a kid who isn't fluent in bureaucracy, or maybe not in their own emotions. so show up, however you can, for the foster kids who need it most— at helpfosterchildren.com breaking news. ukraine under attack as russian troops and tanks push into the country. air strikes are hitting everything from military targets to the capital city of kyiv. broad condemnation of russia from leaders around the world. president biden calling it unprovoked and unjustified he is planning to meet with g7 counterparts do ahead of the coordinated response to the russian aggression global markets were freefall

with sharp losses at the opening bell it's a big day for the markets a big day for russia-ukraine it is february, 24th, 2022 it's thursday. this is "worldwide exchange" on cnbc good morning i'm dominic chu in for brian sullivan this morning. we begin today with some very, very he big breaking news. russian president vladimir putin announcing late last night that military operations had begun inside ukraine offensive appearing to stretch across the country with air raid sirens heard in major cities, including kyiv the ukrainian president volodymyr zelenskyy declaring martial law telling citizens not involved in crucial st infrastructure to stay home.

president biden calling the attacks unprovoked and unjustified. biden will meet with g7 counterparts today the united nations security council holding an emergency meeting this morning on the attacks calling for putin to pull back his troops russia says it is only targeting military installations to demilitarize ukraine the pentagon says there is little evidence to support the claim and warning russia would try to manufacture an excuse to start some conflict with ukraine. global equity markets are responding to the developments u.s. stock heequities are lower this morning right now, the dow jones

industrial average futures imply a move of 675 points to the down side s&p would open lower by 84 points nasdaq lower by 337. again, a lot of bloodshed happening right now with regard to markets overall we will see what happens with the ukraine-russia situation as it develops. that is leading to a bid for treasury bonds prices are rising for the safety of the u.s. government debt. ten-year treasury is 1.87% people are bidding up the prices for the safety of the u.s. government debt. two-year treasury yield 1.576% oil prices on the upside brent crude futures above $100 a barrel closer to $104 that is up 7.5%. same with u.s. benchmark texas intermediate that is 7.5% to the upside

natural gas prices, very much a focus, of the energy conversation up 6% right now as well. m precious metal gold prices are well above $1,900 per ounce silver prices up 3.5%. 25$2 $25.40 palladium tradeing up no safe haven in cryptocurrency old developments in ukraine. bitcoin down 6%. ethereum prices down 10% $2,368 in the last trade there red arrows across the world. let's get off to rosanna lockwood in the london newsroom with latest on what is shaping

up, rosanna, on what is a negative day for markets that is right, dom early indication for you let's start with asia. the hang seng in hong kong closing down under 3.5%. you must take into account what is happening in hong kong with covid and how it is impacting business s shenzhen down 2% down 8% at one point in japan. look at the lead and how they ran with it. i want to point out the dax. down 4% in germany it has been the laggard. major companies have business ties and relationships with russian companies. all above board, but vulnerable to ukraine down almost 4% the same with cac down 7%.

the ftse 100 slightly better don't forget the companies in the board like bp with exposure to russia. the oil price is what we are happening in europe. russia accounting for 25% of exports. across the board, a lot of red guys. >> thank you, rosanna lockwood with the latest on the global markets. if you are just joining us, russia launching the first wave of the invasion of ukraine with air strikes hitting military installations and cities across the country. including the capital city of kyiv brie jackson is in washington, d.c. she has the latest from the cap capitol. >> reporter: good morning, dominic. president biden will discuss severe sanctions against russia. president biden is expected to

deliver remarks later today on the russian attacks. ukraine under fire this morning. sirens wailing explosions period in major cities and in kyiv long lines of cars with people trying to flee to safety president biden condemning russia putin has chaseosen premeditate war. russian president vladimir putin announced the attack on state tv in russia claiming it is intending to protect civilians during the emergency meeting, the members of the united nations security council pleaded for peace. >> at the exact time as we are gathered in the council seeking peace, putin delivered a message of war >> translator: he made a decision for a special military operation in donbas.

>> i call every one of you to do everything to stop the war >> reporter: the ukraine president declaring martial law allow allowing curfews and seizure of property the u.s. vowing support. >> making sure as we have already done providing security assistance and diplomatic support and economic humanitarian support >> reporter: and reassuring nato allies >> the world will hold russia accountable. >> reporter: the white house will announce new actions to punish russia. later today, members of congress will receive a briefing on the situation in ukraine dominic. >> brie, thank you for the update from washington, d.c. keep it here we are monitoring the developments in the market right now. we are seeing very much a trade for risk aversion. oil price aress on the rise.

rising above $100 for the first time since 2014 is oil go gold prices are higher equity markets in europe are lower. u.s. equity futures are pointing to loses keep it here "worldwide exchange"ilbe ba aerhi ckft ts. wl

oil prices are surging today after russia launched military action in ukraine.

brent prices jumping over $100 a barrel on worries of supply disruption on the russian side of things. west texas surpassing the $99 a barrel mark. let's bring in amrita sen. amrita, i think i'll treat every guest interview this hour the same way and ask right off the bat to identify the down side. how bad could this get for energy markets or how bullish could this be for oil? >> i think the situation remains extremely fluid given the military escalation. i think part of it is the market was complacent a lot of traders thought putin would end in donbas not go in.

what you are seeing is the reaction of the miscalculation or under estimating the risk right now, the price is a number it can go to any level we could be at $110 by the end of the day for brent this is about fear we understand even as the west will impose more sanctions on russia, which is what they have articulated that if russia were to go beyond donbas, there will be more sanctions. it will not include energy sanctions. future projects is different that can absolutely be in the cards. if prompt energy is not effected, this is a loss of supplies that doesn't mean you will get fears or potential disruption by wary of sanctions. you have seen the european

benchmark come off asian buyers are buying it because they are less adverse. i think this can cause significant supply outages >> amrita, as we watch oil prices on the screen, sharp rises for prices supply is an issue what do you think could happen in response from other oil producing countries and exporters around the world i say this because russia is a huge energy producer the u.s. is the biggest producer for hydrocarbons we have opec, partnered with russia, in the many supply issues over the last several years. what with do other oil producing countries do in sporesponse or we waiting to see sanctions

imposed by governments around the world? >> that's absolutely correct it is the latter again, there has been no supply disruption i want to really underline that point. there are fears of supply disruption until and unless there is a supply disruption, opec plus is unlikely to react. opec plus has been under the pressure from the u.s. to increase production above the 400,000 barrels a day. they will stick to plan. should there be a supply disruption, opec plus doesn't have the spare capacity to compensate right now, there is no disruption the second point of the u.s., production will take longer to react. there are months of lead time. u.s. could be months where you could get more supply is sprs. the u.s. is already releasing spr. if you remember back in

november, we understand they are pretty much maxed out in the capability of how much they can release in terms of the infrastructure available we don't think the u.s. can necessarily push out more oil from the spr before june the iea will wait for an actual supply disruption before it reacts >> amrita sen, thank you for your thoughts. we appreciate it good luck in the days ahead on your side of things. >> thank you we are keeping a close eye on the index futures extending a long five-day losing streak the s&p and dow jones industrial average and nasdaq all implied lower. we are also watching action in the markets over the past 12 hours. you can see a deteriorating trend. some stability over the last

hour or hour and a half with s&p 500 futures. joining me now is gina sanchez a cnbc contributor gina, i asked amrita sen a moment ago i'll ask you how bad could it get what is the down side for right now with russia and ukraine? >> i think the immediate down side risk continues to be a continued spike in oil prices. if oil prices react quickly to the upside and slowly as they come back down if we see a spike, it is something that probably will not persist unless there is as amrita said, supply disruption the initial spike has to be about fear the problem with oil prices, they act as a tax on the economy. we are in the post-pandemic recovery and expectation for gdp

slowing. if you throw on to that a tax in the form of oil prices higher, that actually could disrupt the demand frankly and disruption to demand means we suddenly would be looking at a less rosy recovery we could start tipping into a more significant slowdown. >> if that's the case, is this a market reaction that is in line, gina, in your opinion, what what we are seeing right now? i ask because this is very much a dire situation in ukraine, no doubt. dow implied lower by 600 points. we are not implied lower by 1,000. we are not imp mplied lower is there a case to be made that

investors have been handicapping this with the down side market over the course of the last several weeks and months at this point? >> i think the dynamic that this is happening within is a market must be girding itself for significant fed action at the beginning of the month, fed futures were pricing in seven rate hikes by the end of the year if we see a spike in oil and slowdown in demand, there is no way that the fed can come and accomplish seven rate hikes, much less 50 basis point cut hike right away. i think, to some degree, the market is caught already having sold off anything that was too growthy or anything that did not have profitability or highly priced that has been getting pummeled we see this concern about value, but a lot of the stocks have

re-rated in fact, it collator on be a boon for them if we are not facing the quantitative tightening and the market girding for. >> gina sanchez, thank you very much we head off to break, russian stock market suffering the worst day on record. u.s. backed index down 33% in a day. the ruble moex down as well. we have more on this trade and others when "worldwide exchange" returns after this break

welcome back let's get a check on the markets. s&p 500 pre-market laggards. biggest laggards are e-bay down 10%. netapp shares down 6.5%. those are the s&p 500 pre-market laggards so far today. the russian ruble down 8% before coming off the levels you see now the dollar is up 4%. again, inverse relationship there. dollar strength. russian weakness as russia invades ukraine. the ukraine hryvnia is trading

dollar strength versus currency weakness the dollar and yen and gold please prices are getting bids in trading today. let's get to jane with the latest this is not unexpected given the geopolitical conflict especially with military action however, do you expect to see a bigger safety bid coming i'm looking at yen prices and dollar/swiss prices. they are reacting, but not to the degree people thought they would. >> i think that is probably right are. i think the news has been priced in the last few weeks. we have to recognize uncertainty up in the air. a lot of questions unanswered. think about the black sea. my colleagues on the commodity side refer to that as the bread basket of the world.

no blockades from russia to ukraine of corn and wheat. there might be this is the uncertainty that the invasion raises. we have concerns of humanitarian and refugees all of these questions are unanswered right now there is still a possibility we he could have more of a safe haven bid in the weeks ahead it is too early to rein back on the caution yet. >> has it been surprising in your mind some of the macinations in the market? i made a point early on of a step-down effect of the markets. macro and micro markets in the last several weeks is it surprising we have seen the real-time handicapping effect as opposed to massive gaps in certain markets?

>> i think the market is coming to grips with a lot of news in the course of last few weeks if you like, we have the news already of a lot of major central banks tightening policy. if you like, certainly from considering the impact of the economy of rise of oil prices, it has the same degree of effect the same degree of headwind to growth perhaps an interest rate hike would have when you consider the news priced in, we are moving along the same lines and consider the risk from gas prices and oil prices as we would for interest rates, too it is difficult to disseminate what reactions are related to which effects. certainly, you know, threats to growth have certainly been stepped up this year. >> interest rate policy may take a turn right now jane foley, we appreciate it. coming up, live report from the ground in ukraine as russian

troops breach the border in the first wave of the wider range assault of russia on ukraine wall street is ready for a sharp lower opening this morning the dow jones industrial average implyinga 2% drop at opening bell nasdaq could be lower by 2.5%. we are back after this break every big idea every game changer every "how'd they do that?" starts here the blank page artists and writers know the tyranny of it well but so do developers, data scientists, ctos the new creators to them, we say let's create something that changes everything ♪ ♪ ♪ ibm let's create

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ukraine. carrying out air strikes on cities as russian military forces cross into the country. we are live on the ground in ukraine with the latest. president biden set to meet with world leaders and address the american people as the white house maps out the latest response to the unprovoked aggression former army colonel jack jacobs is laying out the issue. and markets around the world and in the u.s. facing steep selloff. oil as gas prices are spiking. jon najarian is laying the news ahead and what to do with your money. it is thursday, february 24th, 2022 you are watching "worldwide exchange" on cnbc. welcome back i'm dominic chu in for brian sullivan on the news filled morning. we begin with the breaking news. russian president vladimir putin

announcing late last night that military operations have begun inside ukraine the offensive appearing to stretch across the entire country. president biden after speaking with ukrainian president zelenskyy calling the attacks unprovoked and unjustified he will meet with g7 before addressing the american people the united nations security council holding an emergency meeting this morning calling for putin to pull back his troops. russia says it is targeting military insurtallations in the effort to demilitarized. moscow says this is in response to the previous ukrainian aggression the pentagon says there is little support on that claim and russia tried for months to manufacture some excuse to start some conflict. right now, global equity markets are responding to the developments u.s. stock futures pointing to a

sharp lower opening this morning as the index is pushed deeper into correction territory. the dow futures imply a roughly 600 point drop or 2% down side at opening bell. s&p 500 falling 2% and 2.5% losses for the nasdaq trade. that has been very much the epicenter for the volatility we have seen in the markets the last several weeks treasury prices are getting a bid. benchmark prices are rising up 1% that is pushing yields down .1%. the last trade is a hair below 1.86% for the ten-year we were talking 2% earlier in the course of the last couple days now you watch that particular trade play out that is a safety bid as people rush to buy u.s. government debt oil prices are surging more than $5 a barrel on the news. brent prices are now $105.45

that is nearly 9% upside u.s. benchmark west texas intermediate is up 8%. precious metal prices. gold prices are up $1,900. silver futures are $25.56. 4% on the upside platinum and palladium with big upsides as well. there is no safe haven for cryptocurrency sinking this morning bitcoin prices in a low at $35,110. you see down 7%. 10% declines for ethereum prices ethereum is $2,353

many small er or alt-coins are sharply on the decline after the invasion from russia and the cboe volatility index is 36.15 right now a sharp move higher in volatility prices tied to options and stocks in the s&p 500. let's get to rosanna lockwood in the london newsroom with the sell off there >> dom, european markets are firmly in the red. the cac in paris and dax moving in lock step both down approaching 4% the ftse mib is declining. ftse 100 in london is doing well

considering bp has a major russian exposure we are focusing on companies with russian exposure. also a lot of germany industrials have a lot of what were above board business relationships with companies in russia and that, of course, is effecting things banks in particular have been a heavyweight. look at across the board that banks like to play down with the relationship with russia saying it is not that important we are seeing it is different from that. meantime, we have been keeping an eye on the index in russia. the moex it has been extraordinary dropping 42% it is back up 20%, dom >> rosanna lockwood with the latest thank you. to the situation on the ground in ukraine. president zelenskyy declaring martial law telling citizens not

involved in crucial infrastructure to stay home. the russian offensive stretching across ukraine with air raids heard in major cities, including kyiv we have matt bradley joining us now from the eastern part an of ukraine. matt, have we heard about casualties on the ground within the ukrainian borders? >> reporter: everything is so murky right now. we heard from adviser to the ukrainian government that a couple of souof soldiers have b killed all we heard so far from the leaders is the praise. they mentioned they were badly bombed overnight which started at 5:00 a.m. we started how they were burning tanks. five tanks burning north of where i am in kharkiev

we also heard that the russians have essentially just where i am, put down sticks. they stopped traffic they are creating check points outside of the city. the second largest city in ukraine. a russian speaking city. one of the main targets of vladimir putin it is the unofficial capital of the east of the country which is very much a russian speaking part of ukraine. you know, we have not gotten much details we haven't heard much from the russians once we hear that, we will get a fuller picture all of this is obscured by the fog of war dom. >> matt, if you would, because you are there and literally boots on the ground. we heard the reports that russia claims it is not targeting civilian population centers, but only targeting military installations.

landing operations and aircraft. in the second biggest city in ukraine in the russian speaking part of the country, have you seen anything close to military action or artillery striking that area within the city limits >>. >> reporter: we have nothing inside the city limits no reports i think that is one of the reasons why unlike in kyiv where we are starting to see a huge exodus of people fleeing the city we are not seeing that here. this is a russian speaking city. i think people here expect that vladimir putin wants to endear himself to the city and won't attack civilians i think people in ukraine, where vladimir putin has, and in the speech last night, promised regime change. he called it bizarrely

denuncification. here in the city, there is a frightened confidence where people are not fleeing and they are going to the shops and trying to withdraw money from banks and going to the store for food i hear continued shelling in the distance off my shoulder here. it is starting to become a p pattern. >> thank you for that, matt bradley. for more, let's bring in retired colonel jack jacobs. colonel, thank you very much i will ask you the same question from each guest before what is the down side? >> it can get very bad indeed. at the moment, putin is slow walking the entire exercise waiting to see what response this is going to illicit from

the ukrainians are the one hand, but most significant from the west on the other. we had relatively mild sanctions on the small number of banks and individuals so far if he moves in deeper, we are likely to extract other payments in the form of greater sanctions. however, if it does it slowly, we already heard complaints from our eu partners that they don't want to see draconian moves like removing russia from the swiss system because that will hurt them a great deal and they don't want to be economically burdened putin knows this as a result, a huge wide scale sweeping invasion that will immediate takeover all of ukraine and he can do it

seizely. h easily. his array of forces is the same size of the army of ukraine. he could do that barring that, he'll do it slowly and watch as the united states has a very difficult time convincing partners to impose draconian sanctions. once ukraine falls to the control of russia, our other partners, poland and baltic states will be troubled by all this and we might see, the worst of all possible worlds is allies of ours making concessions to the russians particularly germany, by the way, the large majority of fossil fuels italy is the same. we could see ourselves in the situation in which we don't have a plan b and our allies will

have to decide to make concessions to russia. >> colonel, i'm curious now. we know there is a bipartisan effort right now to ask the administration to not involve the u.s. military without consulting congress first. i wonder in your opinion, knowing what you have seen in the past with the geopolitical conflicts, what is the likelihood that the u.s. could be drawn into a military conflict with ukraine and russia with actual u.s. boots on the ground in that region >> i think the likelihood is extremely low. we've already said we're going to use non-kinetic means to stop russia what it's doing we sent a division ready force from the 82nd airborne division which is a show of force to convince allies that we're

behind them. at the end of theday, we already committed and we won't send troops to fight in ukraine. i don't think the white house nor the congress is interested in or nor the american people is interested in doing that which leaves us with only economic means of trying to influence russia as we have already seen, those are likely to be not give us the results we want. we don't have another plan >> colonel, thank you very much. we appreciate it have a good day. >> you bet still on deck for the show continuing coverage of the invasion of ukraine from russia. energy prices as you see are surging. world benchmark brent crude over $100 a barrel. u.s. benchmark west texas in intermediate is $100 a barrel.

brian sullivan will break that down when whene come back. you can see the laggards e-bay is down 10%. pinduoduo is down 6% volatile trading at the opening bell "worldwide exchange" is back in a moment a vision for tomorrow. a fresh start. a blank canvas. a second act. a renewed company culture. a temple for ideas. and a place to make your mark. loopnet. the most popular place to find a space. (vo) verizon is going ultra! and so is manny! event planning with our best business unlimited plan ever! with 5g ultra wideband now in many more cities and up to 10 times the speed at no extra cost, the downloads are flying fast! verizon is going ultra, so your business can too.

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welcome back oil and natural gas prices spiking following the breaking news from russian invasion of ukraine. brent crude surpassing 100 dol100a barrel we are talking 8% to 9% for in energy prices. exxon and chevron gaining in the pre-market trade not for the european oil majors. you can see bp is down 3% to 5% on the news from russia.

joining me on the line is brian sullivan who is normally in this chair. this is his show he is off phoning in talk to us, brian, about the energy reaction. is it surprising to you? >> it is not a surprise. good morning, everybody. you mentioned stocks, dom. a couple of things bp is likely down because of the 20% stake of the oil and gas companies. they could be hit by the action. important. totale and bp with the cash flo side i would expect strong names like lng and anything to oil production and exploration of natural gas will pop today i'm not making stock calls that's jim's job you have to watch that in the market today i think amrita sen at the top of the show was right fear of trade.

no supply disruption yet this is a buy stocks think later kind of market today the reaction of oil and gas is probably not surprising. i want to remind people there is no supply disruption yet this is purely a gut-check market reaction given this terrible news that we are seeing overnight. >> so, brian, it is knee-jerk. another point made is some of the policies that are being enacted right now by russia against ukraine with regard to energy markets is key and energy is front and center there. how is it oil maurrkets could react as opec is not reacting, but russia is a partner with those countries -- how does the

oil supply dynamic change not just in opec, but domestic fracking producers given what is happening with russia and ukraine? >> do you have 30 minutes? we could go into it, dom i'm on the other side. it is 30 seconds here we go s first off, opec. can they add more barrels to the market no many members do not have capacity however, could the uae or saudi arabia come to the market today or make comments about giving something like a gift to the markets? saudi anduae have spare supply they could break with the opec deal opec has to agree to put more barrels on it. yes, russia is not an opec member or the key member of the opec plus coalition. obviously this is a key. will the biden administration slap sanctions on russian oil?

they slapped sanctions on banks and wealthy citizens will they do it on oil tough to see, dom. you have consumer inflation already soaring in the united states gas prices above $5 in places like california. if you sanction russian oil, we just bought a bunch of russian oil the other day. if we slap sanctions on we see 6 or $7 in california? possibly i cannot see that as an option not right now. i'll leave that to the political experts. >> brian, to your point, as we leave the conversation there we were showing prices for the equities and tied to russian oil and gas. gazprom. down 38% to the day. a lot of it happening with the oil and gas companies in russia.

thank you. we'll talk to you throughout the day. still on deck for the show continuing coverage of the russian invasion of ukraine. stock s across the globe are in steep free-fall. jon najarian will be with us after this break we'll be back after this dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones

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welcome back to "worldwide exchange." back to the invasion of ukraine by russia. steep selling appr let's bring in jon najarian. you will see him on the halftime report jon, how bad could this get? let define the down side for the market >> dom, we're seeing a massive move in volatility

not just the market. volatility, vix, moved up by 27% or 28% overnight like that that's a big move. you know, that is something that catches people's eye because we're trading close to 37 in the vix which trades close to 24/7 these days that's telling you a lot and then when you look at as brian was saying when you and i or when i was waiting and you were talking with brian, the energy stocks, that's one side of the story for sure energy and, of course, some of the precious metal stocks, dom, will do extraordinary well because of this. any cutoff of oil out of russia would be disastrous for consumers and businesses around the world. that's already happening i think some of the other

consequences, dom, are already working their way into the system that's, quite frankly, fertilizer people don't focus on that all that much,but russia is the largest producer of things that go into fertilizers like nut nutrients and all of these fertilizer stocks will be flying you might ask why and i would say because you cutoff any of the supplies and that pushes demand up and, obviously, as that demand goes up, prices that consumers pay for food are just going to be rocketing higher you have on the one side, dom, getting that stuff to market that's, you know, part of the energy trade and on the other side, turning seeds and so forth into the crops that we eat or feed to cattle and pigs and so

fo forth. that's the other side. both of those are working against consumers globally >> a complicated situation for sure with wide ranging issues. jon najarian, thank you very much thank you for joining us here that does it for "worldwide exchange." "squawk box" has the coverage on the russian invasion of ukraine and the issues on the ecomony and turmoil it is causing. that's all coming up after this break. behold...unlimited wireless for only 30 bucks.

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good morning breaking overnight russia has begun invasion, truly invasion, of ukraine claims of knocked out air defenses

ukrainian president declaring martial law. vladimir putin speaking in the televised address saying the goal is to demidemilitarize and denazify stock futures selling off. oil prices near $100 a barrel. it is thursday, february 24th. remember that date 2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. we will get a live update from