block further so i think the expectations in that sense lower for cash app and seem to have a different slice of the market at this point definitely competing and cash app is growing it seems like and adding more and more profitable than venmo for paypal. >> surprising but also not thank you. that does it for "the exchange." "power lunch" starts right now ♪ thank you. welcome to "power lunch. here's what's ahead to round up the busy week. is this rebound for real stocks today building on the turn around that began 24 hours ago. the dow having the best day in more than a year now the markets are thinking maybe the worst is over between ukraine and russia is that true one of the big positive news events boosting the market

sentiment is that putin is reportedly ready to negotiate through a delegation with ukrainian officials and reports of russian forces moving on kyiv first over to kelly far look at the markets. >> thank you hi we'll start with the nasdaq with the huge rally from yesterday's lows when we were briefly down 20 20% from the november highs. similar stories for the s&p. almost a straight line up from yesterday afternoon. up almost 2% today. today united health and am genamgen are the biggest movers and we were over 2% not long

ago. and moving along checking on the rest of the markets she said it is a big week for wti crude down 1.7% today taking the week's gains, consolidating and seeing levels back to $91 a barrel. >> we have the markets following what can only be described as that extraordinary reversal yesterday. take a look at the trip the nasdaq from trough to peak near lay 7% move, 3% down and then up. let's go to the east room of the white house where the president is introducing the supreme court choice. >> today as we watch freedom and liberty under attack abroad, i'm here to preserve freedom and liberty here in the united states of america. it is my honor to introduce to the country a daughter of former

public schoolteachers, a prooimpb consensus builder, a republicaned lawyer, distinguish jurist, on one of the most prestigious courts, my nomination is judge jackson. four weeks ago when a member of the court, friend of mine we used to work together in the senate, justice stephen breyer announced the retirement i said choosing a justice is a duty that the president has i promised the process would be rigorous, select a nominee worthy of the legacy of excellence and decency, someone qualified with the brilliance of mind and though i would bring this decision to this decision my

perspective as a lawyer, former constitutional law professor for many, many years and almost reluctant to say someone that presided over more supreme court nominations that makes me 28 years old. i started at 32. and who's devoted much of my career to thinking about the constitution and the role of the supreme court. with that perspective, i carefully studied the record of candidates i invited centers of both political parties for ideas and points of view as a result, i -- because i truly respect not only the consent, they give consent and the constitution says advice and consent. i sought the advice of democrats and republicans. consulted with leading legal scholars and lawyers and fortunate to have the advice of

vice president harris. i mean this sincerely. former attorney general of california and a former member of the senate judiciary committee during this process i looked for someone who like justice breyer has a pragmatic understanding that the law must work for the american people, someone who has perspective to understand that the constitution is a resilient charter of liberty someone with the wisdom to appreciate that the constitution protects certain inalienable rights, rights within the fundamental freedoms that the society recognizes someone with extraordinary character who will bring to the supreme court an independent mind, uncompromising integrity, with a strong moral compass and the courage to stand up for what she thinks is right. for too long our government, courts haven't looked like america. i believe it's time that we have a court reflects the full

talents and greatness of our nation with a nominee of extraordinary qualifications and that we inspire all young people to believe they can serve at the highest level. the jurist nominated by republican and democratic presidents and today i'm pleased to introduce to the american people a candidate who continues in this great tradition. judge jackson grew up in miami, florida, by the way, the mayor of miami republican endorsed you. her parents grew up with segregation and never gave up hope that the children enjoy the true promise of america. her parents graduated from historic black colleges and became public schoolteachers her mom a principal. heifer dad a teacher that became

a lawyer representing that very school district, school board. judge jackson describes finding her love for the law from an apartment complex at the university of miami where her dad was attending law school she'd draw in the coloring book next to the law books. grew up to be a star student, elected mayor of the junior high school and president of the high school class where she was a standout she was a standout in the speech and debate team. and it was after a debate tournament that took place at harvard in high school that she believed she could be a student there. there were those that told her she shouldn't set the sights too high and refused to accept limits others set for her she did go to harvard and graduated. went on to attend harvard law school as a top student and editor of the law review then she applied for a highly

compe competitive clerk shi on the united states supreme court and selected the justice was a young lawyer none other than justice breyer whose seat i'm nominating her to feel not only learn about being a judge from justice breyer himself, she saw the rigor of which he approached the work critical qualities for a supreme court justice. now years later, she steps up to fill justice breyer's place on the court with a uniquely accomplished and wide ranging background she served both in public service as a federal public defender, and a private law practice as an accomplished lawyer and with a prestigious law firm. if confirmed she will join

justice sotomayor as the only other member with experience as a trial court judge and once again following the footsteps of justice breyer only member of the court that previously served as a member of the united states sentencing commission and brings additional perspective to the court. she comes from a family of law enforcement. with her brother and uncles having served as police officers that's a reason i expect by the fraternal order of police, national organization, today and i said, there's little doubt to have the intellect and legal experience and family background to earn this appointment and said they're confident she will approach the cases with an open mind and treat law enforcement fairly and justly.

incredibly judge jackson has been confirmed by the united states senate three times. first to serve on the u.s. sentencing commission. bipartisan independent commission i helped design to reduce the unwarranted disparities in sentencing and promote transparency and fairness in the criminal justice system on the commission judge jackson was known for working with democrats and republicans. to find common ground on critical issues. second, she was confirmed by the senate with bipartisan support on the federal district court for justice with a spishl rigors that come with trials. and third, she was confirmed with bipartisan senate vote to serve on the u.s. court of appeals for district of columbia and considered the second most powerful court before the supreme court. and when judge jackson nominated to the circuit court one of the

distinguished retired members, a former general counsel, and a george bush appointee to the court said he backed her enthusiastically hailing her exemplary legal career in public and private practice and went on to say that her careful approach as a trial court judge judge jackson's service on the circuit court of d.c. is another qualification for service on the supreme court. three of her current supreme court justices served with the d.c. circuit court judges. her opinions are always carefully reasoned tethered to precedent and demonstrate respect for how the law impacts every day people it doesn't mean she puts the thumb on the scale of justice but she understands the broader

impact of a decision whether it's cases addressing the rights of workers or government service she cares about making sure that the democracy works for the personal people. she listens. she looks people in the eye. lawyer, defendants, victims, families and she strives to ebb sure everyone knows why she made the decision what the law means and what it means to them. she strives to be fair, to get it right, to do justice. that's something all of us should remember. something i've thought about throughout this process. as a matter of fact, i thought about it walking over here with heifer one floor below we have several displays celebrating black history month. one of them includes judicial oath of office taken and signed by justice marshall himself. an oath that will be once again administered to a distinguished

american to write the next chapter in the history of america, a journey judge jackson will take with her family. her husband patrick and a surgeon. stand up let them see who you are there you go they met when they were students at harvard and he's a distinguished cancer surgeon at georgetown judge jackson is a working mom she had an eldest child talia when she was a private lawyer in practice second child layla serving on the u.s. sentencing commission i asked her showing through the office whether she would like to be president i don't know about that. there's other things layla, you are welcome to be here thank you so much. welcome your sister who's up in school in rhode island now i have children and

grandchildren. you're always a mom. that's not going to change no matter what you are doing. you're on the supreme court or not. i have always had a deep respect for the supreme court and judiciaries co-equal branch of the government i mean it. the court is equally important as the presidency or the congress so today i'm pleased to nominate judge jackson bringing extraordinary qualifications deep experience and intellect and rigorous record to the court. judge jackson deserves to be confirmed. i have met with the chairman and raenging members of the judiciary committee. senator durbin, senator grassley my hope is to move promptly and i know they'll move fairly judge jackson, congratulations and the podium is yours. let me pull this out for you okay

presidents can't do much thank you. >> thank you, mr. president. thank you. thank you very much, mr. president. i am truly humbled by the extraordinary honor of this nomination and i am especially grateful for the care that you have taken in discharging your constitutional duty in service of our democracy with all that is going on in the world today. i also offer my sincerest thanks to you, as well, madame vice president, for your invaluable role in this nomination process. i must begin these very brief remarks by thanking god for delivering me to this point in

my professional journey. my life has been blessed beyond measure. and i do know that one can only come this far by faith among my many blessings and indeed the very first is the fact that i was born in this great country. the united states of america is the greatest beacon of hope and democracy the world has ever known. i was also blessed from my early days to have had a supportive and loving family. my mother and father whochb married for 54 years are at their home in florida right now and i know that they could not be more proud. it was my father who started me on this path when i was a child as the president mentioned my father made the fateful decision to transition from his

job as a public high school history teacher and go to law school some of my earliest memories are of him sitting at the kitchen table reading his law books. i watched him study. and he became my first professional role model. my mother who was also a public high school teacher provided invaluable support in those early days working full-time to enable my father's transition and guiding and inspiring 4-year-old me. my only sibling, my brother, came along half a decade later and i'm so proud of all that he's accomplished. after graduating from howard university he became a police officer and detective on some of the toughest streets in baltimore. after that, he enlisted in the army, serving two tours of duty

in the middle east i believe that he was following the example set by my uncles in law enforcement. you may have read that i have one uncle who got caught up in the drug trade and received a life sentence. that is true law enforcement runs in my family and in addition to my brother i had two uncles that served decades as police officers one of whom became the police chief in my hometown of miami, florida. i am standing here today by the inauguration of god as testament to the love and support that i have received from my family i have also been blessed with many dear friends, colleagues, mentors, law clerks. i could not possibly name all the people to whom i owe great thanks i must mention specifically the three brilliant jurists for whom i had the privilege of serving

at the outset of the legal kreefr patty sarris in massachusetts. u.s. court of appeals judge bruce selia in rhode island. last but certainly not least associate justice stephen breyer of the supreme court of the united states. justice breyer in particular not only gave me the greatest job that any young lawyer could ever hope to have and exemplified every day in every way that a supreme court justice can perform at the highest level of skill and integrity while being guided by civility, grace, pragmatism, and generosity of spirit justice breyer, the members of the senate will decide if i fill your seat. but please know that i could never fill your shoes.

to my dear family, those who are here with me now and those who are watching from home, i am forever indebted to you for your love and support to my beloved husband pat rick, thank you for being my rock today and every day. for these past 26 years. i love you to my daughters, tall yeah and laila, you are the light of my life please know that whatever title i may hold or whatever job i may have, i will still be your mom that will never change there are so many other people i would love to be able to address and to thank but time is short so let me end by sharing an interesting coincidence that is actually meant a great deal to me over the years. as it happened, i share a birthday with the first black

woman ever to be appointed as a federal judge. the honorable constance baker motley we were born exactly 49 years to the day apart. today i proudly stand on judge motley's shoulders sharing not only her birthday but also her steadfast commitment to equal justice under law. judge motley's life and veer a true inspiration to me as i have pursued this professional path and if i'm fortunate enough to be confirmed as the next associate justice of the supreme court of the united states i can only hope that my life and career, my love of this country and the constitution, and my commitment to upholding the rule of law and the sacred principles upon which this great nation was

founded will inspire future generations of americans thank you again, mr. president, for this extraordinary honor >> i forlgt to introduce the first lady dr. jill biden and the second gentleman seems strange to say that but second -- doug inhofe is here, as well. thank you. thank you, all >> just pausing there to see if the president would take questions. president biden announcing the nominate of judge jackson to succeed justice breyer let's turn to kayla tausche for more kayla? >> president biden is choosing an experienced jurist and one he knows well judge jackson interviewed

personally by the president for d.c. and had served on the district court of d.c. it was a fairly straightforward choice for president biden two years ago to the day he told voters that he if elected would nominatethe first black woman to the u.s. supreme court and delivering on the promise today nominating judge brown jackson to the u.s. sprortd. president biden saying that he consulted with both republicans and democrats before making this choice and noting that judge jackson is confirmed three times already in her career. nominated to the u.s. sentencing commission and then for both of the roles on the d.c. courts mentioned earlier. last year she secured three republican votes and so certainly the white house believes that she would have the votes to be confirmed by the

senate certainly it is a very historic moment in this country for this administration and we'll see how the process plays out from here. kelly and tyler? >> thank you very much let's turn back to the busy markets with michael farr at highto hightower advisers art hogan is chief market strategist with national securities welcome to both of you michael, let me begin with you it is an unknowable question but does it feel to you like yesterday may have been some sort of bottom >> we made a new low and therefore, sure, if that new low holds that's a bottom. seems like a two-day bottom. we can have a great deal of confidence as we say that. this volatility appears to be with us for a while.

that we have events in ukraine complicating a market adjustment and market also coming up with a price adjustment to a post-pandemic new endemic world. so a lot to digest prices and volatility are changing and i think a focus on balance sheets and good quality names with cash flow, it's important to be safe and make sure you are not sorry going through this transition. >> i'll come back with thoughts on where to deploy capital right now. >> you see my johnson & johnson today? >> i haven't michael's favorite stock art, do you think that the selling pressure yesterday was some sort of flushing out of the selling pressure that's there

and building up? >> it's a great question and looking at yesterday's action you need to think about how much selling pressure we have seen for two and a half months. technology and multiple compression in december. after the fed moved from tr transitory to tapering i think that coming into january and into the first part of february we shifted that or joined concern with tension which escalated to the point where we had that crescendo like selling yesterday on the open and then investors started to say which part of this trade is overdone felt as though technology was the first part which clearly came into the day oversold and then the other side

is cyclical energy trade over bought and we have a rational market coming into today and heading into next week and shifting concerns to the fed in march and that overly hawkish environment for january and into february about what -- ratcheted to a pragmatic 25 base i points at a time and data dependent. >> let me pause there and ask you a little bit about inflation, art it doesn't seem that anything that's happened in recent days would do anything but potentially intensify inflation pressures on energy, on industrial commodity where russia is a major player like titanium and potentially agriculture commodity. so could -- so talk about

inflation pressure here. >> sure. that can be the worst-case scenario if the next tranche of sanctions is russia's ability to sell commodities hydrocarbons natural gas to the euro zone cheat, nickel, palladium we have to assume that sanctions get worse before they get better and prices have come down and we have more demand than supply for energy product across the globe and will continue to be a problem but to the extent that that's going to escalate is unknowable and a thing to contemplate getting more normal in terms of doing things and out and about is our consumption of services to get back to a normal level where goods has been the majority of consumers doing and my guess is that the very same time that we are likely seeing

commodity prices roll over and come down we'll have a more normalized pattern. >> yesterday, michael, as art points out it was partly or largely technology shares that led the way. do you think that is a sustainable play here or do you continue to feel that value names opposed to growth names are the more prudent avenue? >> first they're not necessarily mutually exclusive some of the tech and cyber security names represent good value and i would tend to favor those. art points out correctly that we are still in a point over transition and markets have been so short term focused and recent years and months and days that we want to say, oh, yesterday that was awful but that's over with and today is just fine and

figure out what will happen next week we can't the volatility and the multiple pressures effecting the transitions of market pricing are going to be with us for a while. so one thing from a guy like hogan and me is to do this for the long term. art is a long term investor. what's going to get me through a turbulent market those names are more defenseive names, not going to buy anything on a multiple of sales because i might have to explain it to clients why it didn't work out i'm not prepared to do that. why i bought a good balance sheet with good cash flow and built a solid portfolio i don't trade every day i can explain because that works over the long term. >> save good week for me next week.

>> come on down. >> i will. >> it is going to be 14 degrees nextfive days. we are continuing to look at every angle of this rally. two of the handful of stocks are general dynamics and lockheed martin we'll take a closer look at the spending and which companies stand to benefit another security in this conflict cyber. names like palo alto and cloudflare surging we're back in a momentp to 10 verizon is going ultra, so your business can too. ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help.

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welcome back as the strong rally on wall street continues we are turning to the defense sector. u.s. defense spending budget for 2022 expected at $750 billion. a 4% increase from last year and a sector getting most attention from investors right now joining us to talk about the space and the stocks in the group she likes is an analyst with jeffries. welcome. the risk is always that the stocks do the best on the early days of a conflict like this and then don't turn in consistent outperformance people look for do you think they will this

time >> i don't know if you have to chase this strength that defense is seeing right now. i do think there are some kalt lists coming up. the defense budget for fiscal 2022 is slated to come out in the next two weeks what will be interesting is that the biden administration future defense budget will be out and five years starting in fiscal '23 and whispers for 3% growth and with inflation basically a budget that's flat at $770 billion starting in 2023. >> true. >> could r could these defense names see revisions? bear in mind they trade at low relative multiples to the market with a nice ride in '21 and haven't been in favor so maybe they catch some multiple profits, too the names we like are lhx. it's a mid cap defense prime as

we think it could be a beneficiary from nato spending given the exposure to europe and army operated where we think the spending dollars could see a greatest rate of revision upward. >> in your note you said that more of the spending has gone to air and naval equipment and things like that than army but you see that flipping. >> yeah. i think that a few years ago we became more bearish on army spending flat to down and where we could see the most dollars come in for gd poland is requesting tanks, 3% to the ge numbers. and then also longer term big picture contracts like future vertical lifts of $80 billion

program. sizable and slated to be decided in june and could be favorable as thinking of space and cyber but still very ground oriented as we see in realtime unfortunately. >> you say if you adjust for inflation the proposed defense spending is roughly flat but do you believe that will sustain now that what we have seen going on in ukraine happened >> no. i think it will accelerate it. it's a discount to the market but we favor some names over others where as i mentioned lhx and 7% yield versus 4 with lockheed and we think the momentum could continue but in specific names another group we like is the services names with cyber orientation. >> all right

sheila, thank you. i was going to observe that defense spending may be the one area where democrats and republicans now will agree sheila, thank you very much. ahead on "power lunch" in the unprecedented times we see huge sell-offs in the morning turn intraieo lls in the afternoon. we have a top technician after this voya provides guidance for the right investments. they make me feel like i've got it all under control. voya. be confident to and through retirement.

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with the network from the most innovative company. comcast business. powering possibilities™. welcome back we still see stocks with strong gains. let's get caught up. checking market technicals, as well beginning with bob pisani. bob? >> the vix is about to break below 28 it was heading to 40 a couple days ago we are up 2% on the day. this is extraordinary. i have been here 25 years on the floor. you don't see weeks like this. that movement is not three standard deviation move but unusual to see that move up. also the reopening trade is back so metal stocks are rallying

bank stocks are rallying nicely. tech is lagging a little bit but also on the upside we saw tech up yesterday on the hopes of course that maybe the fed would be a little less aggressive debate about where we go with this apple is down slightly for the week but most everything else to the upside reopening is back. i said this week it was worrisome to see the industrials. caterpillar at a new low and 3m. financials having a problem as rates moved down in the week credit cards are back. jpmorgan, goldman. insurance companies back sends bulk to the rally. not just tech stocks but a broad rally moving the marks s&p 500 up on the week and the impact from the crisis is limbed economically

the news today still very good pce deflator very good there might be a mistake by the fed with too aggressive. some hope they'll ameliorate that. >> yields have been making a big move rick >> yes as you look at a 2-day of 2-year what a turn around 1.45 the low 1.62 the high. around 1.60. it doesn't auger for the noelt opening the chart to december of 2019 that's the zone look at a 2-day of 10s low to high. big two-day turn around there. motto date we have had three closes above 2%.

2.04 the high yield close from the 15th of february and hovering above that level right now. i think there's a good chance with the cash market open seven hours to hurdle over that area germany got so much at stake in this invasion and bund yields closed up on the week. as a matter of fact looking at the chart back to november of 2018, a high close for this move is 30 basis points closing at 23 today. finally the dollar index down a bit for the day but as you look at this chart back to july of 2020, it is up two thirds of a cent on the week flight to safety and the fed with rates to help the dollar stay firm and if the invasion starts to ease back out of the news that the dollar index probably remains strong. back to you. >> thank you. strong dollar usually might mean lower oil prices but not

this week. pippa? >> $100 oil yesterday. now 92 on wti back to where we started the week u.s. and western allies did not sanction russia' energy complex directly but there can be indirect consequences. for example, oh nations might think it's too risky to buy russian oil. gas supplies to the eu flowing through you kran and a poerpt that on the ground combat damaging critical infrastructure wti down at $92.02 brent crude down at $98.60 take a look at the futures curve which speaks to this very tight market in super back wardation.

and the difference between the current contract and year out is highest on record. >> how strong is a mismatch. thank you very much. was it just a technical bounce what are the charts telling us about whether it's here to stay? let's ask jason hunter what was the catalyst for the turn around yesterday? how do the charts look now >> we'll take a step back and think about how we thought about the year for the s&p and with the fed lifting from the zero policy rate is a dominant factor looking back at the four prior economic cycles when the fed moved from accommodative for the first time the s&p did a similar thing. six-month trading range. but the important thing is that market consolidation mid cycle consolidation. not the end of a bull market

that's the playbook we have been going on four times isn't a strong study but the consistency in the price action led us to believe that way and equates to the s&p peak from january, 10 to 15% is a 4100 support zone. sentiment is bearish now there's geopolitical concerns but the price action last 48 hours seems to validate what we think about getting buy signals as the market bounces off the lows. >> some traders encouraged are telling people it's a technical trading rally and bearish on the markets in the medium term would you differ with that >> i would when you think about what that pattern would suggest it is a

25% drop from the january peak normally the types of drops are associated with economic contraction. not always but most of the time. you look at the 2s and 10s curve. with the flattening and the hawkish fed pivot it is not inverted yet happens well ahead of a market top like that. it could be a technical bounce we think we are range bound for a while and not off to the races again and we are more constructive than a bear market rally. >> i was going to ask if you think it's a trading range you answered that. what is that range >> for the s&p we talked about 4100, 4300 i would say for the next month or so 4600 is a sticking point we think s&p 500 value could go on to make new cycle highs as the broader s&p trades in range

and as growth and the nasdaq probably struggle for a little bit here. >> interesting thank you. >> my pleasure. u.s. preparing for attacks against russia but what should those be are they worth taking and how would russia retaliate norton lifelock up 4% today. back in a moment some bonds inspire confidence, and some you grow to rely on. these are the bonds worth investing in. for over 50 years, pimco has reinvented fixed income to create opportunities for investors in every market environment. so, no matter what happens you can build the bonds

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the chip giant nvidia hit by a cyberattack, the telegraph saying the attack has taken parts of nvidia's business off line for the past two days this comes as nbc reports president biden has been presented with offensive cyber options against russia cyber stocks helping to lift the nasdaq higher on the week with names like palo alto, cloud fair, crowdstrike, rising double digits over the last two sessions our next guest says cy cyber warfare is a real

possibility as russia could respond to sanctions on the s.w.i.f.t. banking system with an attack on s.w.i.f.t. itself joining us now, david kennedy, trusted sec ceo and former nsa and marine corps hacker. david, welcome back. good to have you with us >> thanks for having me. >> we see this one attack apparently, against a technology company. what should companies be ready for? what types of companies are most at risk? and what about american consumers? what should they be looking out for? >> yeah, as of right now, things start to seem like they're heating up we saw initially during the invasion where ukraine got hit with what was called wiper malware targeting government facilities just a few minutes ago, a lot of the government and military websites for russia were shut down and taken off line. then we saw obviously with nvidia, there's something going on right now with british airways where they're experiencing massive outages not sure if it's cyber related,

but things seem to be heating up i'm continuously on calls with large organizations all across the united states. there's a very big sense of fear right now of retaliation from russia, specifically in the financial sector and our critical infrastructure sectors, the two main areas they're most concerned with at the moment critical infrastructure being energy, water treatment facilities, how we run our day-to-day lives, and then the financial sector obviously, the backbone of our economy. those are the main areas of concern right now that most folks are looking very closely at to see what russia does next. >> did i hear you say at the top of your answer there that there are reports that russian military and government websites have been crashed? >> that's correct. just as about ten minutes ago, a number of websites on the russian side of the house, military websites, government websites, all nonresponsive as in they're currently nonoperational or working. again, it could be russia taking them off line to reduce their footprint on the internet. it could be attacks launched

directly against russia itself from various hacker groups or the united states or its allies. things seem to be unfolding differently now and seems to be a heated moment. >> what is the danger that cyber warfare escalates? we're familiar, sadly, with seeing escalations in conventional warfare we don't really know, do we, what an escalating cyberwar would look like, or do we? >> what's really interesting is when you look at previous conflicts we have had, cyber really hasn't played a substantially major role when you have a country like russia, which is in a pure competitive state when it comes to on the same level as the united states and same level as israel, as our western allies, as china, it's really an uncertain area because there's nothing that's been defined as cyberwarfare when you look at what we're doing from a sanctions perspective, there's been a talk of potentially booting them off

the s.w.i.f.t. network, which is how financial transactions occur on the global economy scale. retaliation is a big thing when you look at the implications of that, we have seen russia target the energy grid in ukraine in 2015 and 2016 they launched a massive attack of malware that caused over $100 million in damage to fedex and other companies in literally a few minutes. the damage components of this is really bad, and they have the ability to target our critical infrastructure they sbrihave been targeting itr years. there have been advisories from the fbi about how they're booting them out of the infrastructure it's the preparedness aspect of russia, the methodical nature that they're already in our infrastructure waiting for to notice to escalate and target the united states. >> you call them ominously a peer as far as this kind of warfare is concerned >> unfortunately, yes. >> david kennedy, thank you very much >> thank you check out the dow right now, we're off the highs but still up more than 600. yesterday, we were up 1500 points from the lows we're back in a moment

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welcome back to "power lunch," everybody. a big day in the markets stocks stage a two-day comeback following that deep sell-off that began when russia invaded ukraine. dow is up 738. take a look at the nasdaq, only up 148 today, but from yesterday, we're seeing nearly a 7% move from trough to peak. you can see the levitation there, everything from big cap tech, semis, cyber in

particular, ty >> very interesting day the way the nasdaq, which has been taking it on the chin, led the way back >> what a week it's been >> those cyber stocks up 12% those are the ones you don't want to see rallying the way they are g >> thanks for watching "power lunch. >> "closing bell" starts right now. >> welcome to "closing bell. i'm morgan brennan yesterday's stunning midday turnaround is carried over into today's session. stocks are surging as we head into the final trading hour of the day and the week recouping their losses from the week >> what a week it's been, morgan i'm courtney reagan. let's look at what's driving the action today developments out of eastern europe remain front and center futures came off their lows this morning on a report saying vladimir putin will would be willing to send a delegation to negotiate with ukraine commodities are reversing some of their earlier moves oil and gold are pulling back, why crypto makes up ground, and we're seeing huge