whatever still, it could be huge if the narrative now is enough to change the last state in the union to make this legal. >> give people options drove up said, pull over here pay 15 cents more for this, or not. i don't think anyone -- >> tell you where i'd go 15 cents less. >> exactly everybody would. >> i pump my own gas i'm in connecticut i pump my own gas. >> you manly man you thanks for watching "power lunch," everybody. >> "closing bell" starts right now. hello and welcome to "closing bell. i'm sara eisen here at the new york stock market. another day of big market news this time stocks moving higher, metric watching developments out of the fed and europe. dow's up around 600 points heading into the final hour of trading. >> i'm mike santoli. look what's driving action fed chair jerome powell signaling a 25 basis point hike at upcoming march meeting noting war in ukraine is adding uncertainty to the market. oil continues to jump on supply

concerns out of russia with crude hitting its highest level in more than a decade and opec declining to change protections levels right now bond yields bouncing back. ten year back above 1.8% with 59 minutes left to go in the session. >> energy and financials in the leads. a big show coming your way jefferies and evercore breaking down testimony what it meep means for the markn plus latest developments in ukraine and joining us for a first on cnbc interview following last night's earnings. first, head to markets stocks gaining bick and back a big chunk of recent losses what are you focusing on every sector higher? >> every esector higher. pressure points deal wig word from jay powell clarifying. slight relief also representing

the market shuttling back into a straight line to the upper end of this range. friday's high around 4380. here we are 4390 the kind of very short-term situation we're looking at the premise, in late january and again last week more or less plausible lows for this correction plausible. not conclusive, retested and a pretty good flush lower in january. very tentative hasn't improved to the up side what would it take something above 4450 breaking above that short-term trend. an area a lot of people are looking at now it's been better for the typical stocks than the major averages market cap weighted averages look here at equal weighted s&p and equal waited russell 1,000 basically every large cap stock weighted equally doing better than the s&p 500 mega cap stocks the down side leadership here. that doesn't mean hasn't ban brutal correction for many stocks shows unlike last year the big

stocks were in sometimes masking underlying weakness. here overstating weakness a little bit look at a long-term 20-year chart. wti crude oil against the energy sector spdr. interested in crude exceeds what the energy stocks are doing. seeing another one right here. obviously when talking about near-term supply concerns, people just want to get their hands on barrels of oil. not about value judgment not about buying today at a low price and selling a higher one obviously, that can continue a while. overshoot can happen to the upside in these situations be mindful make a front-loading strength in oil. if nothing else should calm down before too long. >> question on the market rally, has anything changed fundamentally anything behind it yesterday saw a big sell-off on oil prices spiking up another 8% today.

the concerns are still there that the fed is going to hike and into what may be a more stack ed inflationary area >> not much changed. arguably, not much changed yesterday and why we're in this range and going back foornlgd. >> getting oversold? >> last week sentiments depressed look at that later to your point, retailer investors decent consumer activity looks okay point to anything in terms of fundamentals that hasn't changed that much. i argue that the co-existence of oil going up, stocks strong isn't necessarily out of the ordinary honestly, every day we go without something breaking in the financial system in response to the sanctions is a positive at least incrementally. >> except for the russian revolt the view of the market, i guess. we can handle it in the u.s., and globally. >> and taking big losses and causing stress elsewhere >> it has been a busy day for

fed watchers jay powell testifying earlier before the house financial services committee and last hour the fed released its latest addition of the beige book always a great read. steve liesman with the highlights and news. steve? >> literature, i tell you, sara. literature fed chair jay powell firmly saying he will propose and support 25 basis point rate hike at the march meeting weighing in heavily on the debate taking place among fed officials quite pub publicly powell said no obvious impact in funding markets. talking about with mike, from the ukraine invasion, despite fears a systemic risk. he did say the unknown longer-term economic effects were reason for the fed to go slowly. >> we do intend to raise interest rates this year as we've said, but as long as we're in this very sensitive phase of events in eastern europe we're going to be -- careful in doing so

we're going to move, avoid adding uncertainty >> on to the beige book. economic actively expended to a moderate pace and covid cases and severe weather disrupted businesses full of warnings on inflation. go through a few first of all, strong demand for workers, widespread worker scarcity prices increased robust pace most alarming terms reported yet increased stability to pass on prices and already had done that could include pace of rate hikes and threw this around with an investors before pow begins q2, talking to about this tomorrow at 10:05. >> should be good. sort of down the middle these days steve, when the russian invasion of ukraine started, market expected six interest rate hikes this year. comesdown to four. maybe just over four

does that make sense given what we heard from powell today and given the conditions now? in the market, in the economy? >> you know, sara, if you've ever been on a boat like in the spring, and there's a fog bank coming in, but you can see the fog bank i don't know a couple miles away. i think that's where fed policy is right now i think -- i think that's where the market is in understanding fed policy we know march, may and june we're going to get hikes i think what's going to happen is, the fed's going to approach that fog bank and hopefully things will clear and we'll have an idea, is inflation coming down around then what kind of effects has the rate hikes already had, and by the way, we'll be, what? six or seven months into the market already tightening policy then, of course, a feel for what the broader and longer-term economic impacts are of the russian situation. so i think that's where we are i can tell you where i think

we'll be in june a hard time looking through to december, but i do think it's possible they're going to do six or seven just think it's difficult to price it in right now. >> yeah. and, steve, of course, the market's only good figuring out what it's next few months as oh pezzed to beyond that. wade into that fog bank together thanks talk to you soon. turn now to oil spiking again today. opec plus announcing earlier sticking to its plan of increasing output by 400,000 barrels per day for april even as oil prices hit highest levels since 2011 this afternoon imposing restrictions on technology exports that support russians repining capacity. hopes degrading its status as a leading energy supplier over time meantime, a draft bill floating around the senate concerning blocking russian oil and gas imports. bring in energy analyst at raymond james to talk about this whole landscape. is there any answer in the

markets to this, let's assume kind of removal of this much russian oil from the market, and what's the clearing price if that's the case? >> so russia producing 10 million barrels a day. 7 million is exported. of that, 3.5 million goes by pipeline into the european market now, those pipelines will continue to operate, until there is a political decision in europe to impose an embargo. something ukraine has been pleading for since beginning of the war or a physical disruption, you know, missile strike something like that. the more problematic issue is the other 3 million of exports from russia, which are by tanker international shipping companies do not want to touch russian oil

for a combination of esg, shareholder pressure and, frankly, fear of legal liability. so we've already seen just in the first week of the war about 2 million barrels a day of russian export cannot find a tanker to, you know, to take those barrels, and that may increase to, you know, 3 million even 4 million we have seen just yesterday a decision by the iea to release 60 million barrels from emergency stockpiled for the first time in 11 years, i might add, but that's the stop gap measure, and the longer the war lasts, the more pressure there will be on these emergency stockpiles. >> so what is your best guess, then, as to what the market currently is positioned for? in terms of how long these restrictions might last? the unwillingness of shippers to

touch russian oil? i'm trying to get at the idea just what exactly can we become comfortable that $100-plus oil is here to stay or a fleeting overshoot? >> a good rule of thumb is that the u.s.-between oil and price is 5-1 meaning reduce supply by 1% prize goes up 5% and russia, 7 million barrels of exports, which is 7% of global supply so theoretically all of that if it would to be wiped out through, again some kind of embargo policy, that would be an extra $30 a barrel that versus pre-war levels so that would mean 120, 130 bucks a barrel we're not that far from there

today. so that tells us the market is pricing in something, you know, just shy of a worst-case scenario. >> what about the companies that have made moves on their own to exit russia? shell, bp, with almost 20% stake. how significant of those moves as far as energy production, and what ultimately that's going to mean for those companies >> well, those are divestment decisions. divestment is more symbolic in the sense that, you know, those fields are not going anywhere. so if shareholder a. is replaced by shareholder b., that does not physically disrupt the ability of ross to bump much as they can. i think the longer-term perspective is there will be less foreign investment going into the russian energy sector less technology transfer and russia is dependent on western

technology for various kinds of drilling, deepwater and so forth. but that's not going to be a major cost to the russian economy instantaneously. that will be a multiyear kind of sanction against the kremlin. >> pavel, thank you for joining us appreciate it. when we come back, we will have former defense secretary mark esper for his latest thoughts an ukraine and whether agnsruiaanioinks sctns ait ss are doing enough to deter further aggression. you're watching the "closing bell." 47 minutes left of trading here.

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oil prices surging again today. russian forces ramping up attacks on kyiv as the united states and countries around the world impose wide-ranging sanctions on russia. a briefing last hour secretary of state tony blinken saying the u.s. is keeping the door open to a diplomatic path forward, but it will be very hard without military de-escalation joining us now for an exclusive interview, former defense secretary of the united states, mark esper, served under president donald trump and author of a forth-coming memoir "a sacred oath." >> good to be with you >> as i said, oil surging again. stocks seeing wild swings. one question i think investors are grappling with here -- what is the end game what do you think? >> lamb start from the big

picture say the post-cold war in europe is officially over meaning the paradigm of security in europe shifted. meaning all or nearly all european countries now recognize vladimir putin for the ruthless autocrat he is you see a basic approach led by germany has changed and for good and for the long term. i applaud the germans for taking a new approach that will drive economic change as well. we'll see it ripple across all market, i think. a big proponent imposing all sanctions quickly as possible particularly on putin and the oligarchs and thought we should have implemented gas sanctions that week. it's that severe we see now frustrated by lack of progress, russians will begin with same old tactics indiscriminate bombing and shelling of large population

centers. >> president biden signalled he's open to restrictions on energy and sanctions on putin's energy is there a breaking point? ruble's been collapsed, not opening the stock market, cut off. is there a breaking point for putin economically that changing the direction where this goes? >> we don't know why we should throw everything at him right now every day we hesitate more ukrainians die and more ukrainian territory is occupied. despite the fact they're putting up a, an incredible resistance effort and should be applauded the inspiring's i don't know why we don't throw every sanction we can at them. i understand it could drive up prices here for gas in the united states and elsewhere. inflationary impact. i think the american people understand what's happening in russia the international order is at stake, democracy at stake and certainly ukraine. i think american people are willing to pay more at the gas pump if it means ending the

conflict and safeguarding ukraine's sovereignty. >> secretary esper, what's your perception what would be acceptable here, if there were some kind of prolonged standoff, if we do get some kind of negotiated cease-fire? what are the western nations willing to essentially grant in this case? i mean is it going to have to be unilateral withwithdrawal? how we look at an equilibrium? >> and take president putin's lunch. i frankly think a return to the status quo ante prior to 2014 when they invaded crimea russians should depart all of ukraine including crimeaened re-establish all boarders. that's where i would begin otherwise, take our cue from mr. zelenskyy and support him every way we can arms, ammunition, economic sanctions, financial sanctions,

shutting down air traffic. everything that we can think of. because there just is that possibility that the russian people will be upset seen what 7,000 or so arrested maybe even the military would turn on putin and oust him from office that would be a good thing. >> do you see hope for diplomatic resolution here constantly monitoring the ukrainian sas hopes for talks still. is there any faith to put into that >> look, i think you always have to keep the door for diplomacy open good to talk a think putin committed to the fight, he's in the fight going to do everything he can now to seize these key cities in my view, already been a strategic failure. i said that before he actually launched across the border in my view, three things he said he didn't want to do, which is better unify nato. put more nato troops on his borders and push the ukrainian people more towards the arms of the west no doubt at this point that's

even worse i think he's already facing a strategic failure. my sense is given his past practices drive on and try and seize those cities but it's going to be a bloody affair. may take them, but won't hold them and his soldiers may never get out of those cities's in it for the long haul, i think. >> finally, did you see any consequences or ripple effects in other geopolitical hot spots like taiwan, for instance, and china? like iran? we're expecting a deal to come soon. what's important to watch there? >> great question. secretary of defense i watched central europe talking eastern europe, east asia, particularly south china sea and taiwan lessons learned for taiwan they should be preparing, organizing training and equipping their civilian pop

langpop - population and important if china ever tries to go after taiwan china is watching reaction of the west are we willing to apply sanctions and do the tough things keep in mind, the chinese economy is ten times larger than the russian economy and russia much furthery a away from europe than ukraine both factor into taipei and beijing's -- we need to avoid a conflict in east asia. >> secretary esper great to get your perspective today. thank you very much. >> thank you both. all right. we have 37 minutes left before the bell pup see the dow it is up about 615 points. a bit off the high s&p up just about 2% at this hour russell 2000 outperforming financials seeing a strong and citi, and what the ceo said about the stock's lagging

performance. first, a spike in oil prices clouding the outlook for emerging markets breaking down the global impact of the energy surge. that is next. heading to a break, check out some of today's top tickers on cnbc.com. the ten-year yield back on top followed by ford, tesla and sofi we'll be right back. - in the last two years, we quadrupled our team and the pace we're growing, i couldn't keep up without ziprecruiter. they do the legwork and they get my job posting in front of the right candidates. i love invite to apply. i instantly see great candidates and i can invite them to apply. we have hired across all departments, engineering, marketing, hardware, field techs. you can basically tell ziprecruiter who you need, when you need it, and they deliver. - [narrator] ziprecruiter. rated the number one hiring site. try it for free at ziprecruiter.com try it for free at ziprecruiter.com

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the rise in oil prices is weighing on key emerging markets. seema mody with what areas are hit hardest. seema? >> speed at which oil prices have risen but emerging markets in a precarious situation. japan and korea, import every time price jumps $10 a barrel daily cost rises by $25 million. approximately $90 billion a year india, second largest importer of oil, about $140 billion a year china also pays off even though importer and exporter of energy.

no coincidence stock markets of these countries are trading down on the year. whereas energy-producing nations have seen their respective stock markets rise in 2022 led by brazil up 9%. argentina, south africa, mexico in the green underscoring how investors get more selective where they're placing bets given rise in commodities costs. of course the outlook for these nations depends how central banks respond. typically emerging markets central banks follow the fed already seen brazil move and russia as well. >> right exactly. they have to kind of move based on their own internal dynamics and i wonder, seema, to what degree some of these companies on the other end are benefiting from boom and other commodities besides oil? is that a full offset for places like brazil? seems more complicated than a one-way trade. >> trexactly. why it comes back to how they respond to higher oil prices's

tight ton defend currency, one option to ensure that they don't, oil doesn't become even more expensive then for the countries that do benefit, like brazil, are they using the moment as an opportunity? >> yeah. big rethink on the entire emerging markets trade from earlier this year. thanks check in on individual market movers here with about half hour left of trading. check out sofi big winner today posting better than expected earnings financial services company adding a record 523,000 new members in the fourth quarter. also givingstrong guidance stock up about 5%. even higher earlier. shares of nordstrom soaring on the heels of an earnings and revenue beat saying ditchic the sales outlook good stock up 39.2% jim cramer talking about nordstrom in his investing club newsletter to sign up hid to cnbc.com/jointheclub or point

your phone at the qr code on the screen sofi also showing you can see growth in some of easy that companies that have already sort of been thrown in as trashed as the fed starts raising rates. >> right exceptions early phase of the spac boom argued got a lot more in real companies with options wasn't just a -- >> and distinguishing themselves. >> sure. sometime for a cnbc update with rahal solomon. >> what's happening at this hour ukrainian officials reporting a powerful explosion near a radio station in kyiv. thousands evacuatevacuating defense minister nearby, and saying a missile attack. a government official says the attack may cut off heating to parts of the city. secretary of state blinken heading to europe tomorrow to speak with allies and meet with ukrainian allies including baltic states and

moldova and poland meeting with people about the russian attack of ukraine. supreme court nominee ketanji brown jackson, heading into hearings set sew last four days. and returning to the office first day of april for google employees. expecting them to come to the office three day as week maybe we are returning to some sort of normal we'll see. >> yeah. the hybrid thank you. rahel solomon. still ahead, adam aron on last night's earnings call prediction of death of movie theaters proven to be "a load of cow dung." new one for an earnings call join us to discuss the box office's pross ppects and detai about the popcorn plan. here's a check on bonds.

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25 minutes left of trading pap strong rebound on our hands. s&p up more than 2%. turning positive for the week. every sector high. energy and financials in the lead joining the party, nasdaq up

almost 2%. up next, profiting on popcorn. adam aron discusses the company's earnings and new pnsla to deliver the movie theater snacks right to your door -- and mine mine we'll be right back. success starts with intuit quickbooks. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire ♪ ♪ we all need a rock we can rely on. to be strong. to overcome anything. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people

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amc entertainment posting better than expected earnings last night along with smaller than expected etf loss the strongest quarter in 20 years. stock up more than 1%. had solid gains over the last month shares higher by nearly 20%. well off the highs of last year. joining us on a first cnbc interview, chair of amc adam

aron go to have you back. >> always good to be with you, sara. >> all haters and critics about the death of movie theaters in a streaming world. calling it "cow dung." tell us how you really feel? >> well, actually what i said was a load of cow dung and i thought i cleaned that up pretty nicely you should have seen the first draft. having said that, look, the point is that people have underestimated amc for a long time now i call it conventional wisdom so often wrong. people felt with certainty we'd file bankruptcy's in 2020 did not. writing with center no future for movie theaters in an era of streaming. you know the story radio didn't put us out of business tv didn't put us out business. vcr, dvds, none of them put us

out of business. guess what fourth quarter of 2021 even with omicron fears 60 million people went to our theaters in the u.s., europe and middle east 60 million people in three months's people want to go to movie theaters the consumers appetite for content is voracious the world is big enough for all of us. i'm confident in amc's future. >> what i don't think is predictable, voracious about tight for your stock by retail and made financials look better, tons of cash box office numbers where are we toe pre-covid numbers and can you get back to 100% of those levels this year >> first, we're very grateful to the shareholders who rallied around us and allowed us to raise a lot of money in 2021

ending the year with $1.8 billion of cash liquidity. a war chest that puts amc in a very strong position as for the box office, we were quite excited. revenues per patron in q4 were 25% higher than they were in the fourth quarter of 2019 before the pandemic. now, our tenants wasn't yet back to where we needed it to be but it was 60 million people as we look at the box office for 2022, there are a lot of big movies coming. a lot of blockbuster comes "the batman" opening this week, "jurassic world" dominion" on and oun to christmas when the sequel of "avatar" comes occupy "avatar 2. originally largest movie of all-time and still is and its sequel is out after a long wait. we think the box office is going

to nearly double in 2022 compared to 2021 these are all encouraging signs. we're not fully out of the woods but resources to outlast the pandemic and all signs are positive. >> adam, if you're correct and the box office this year approximately doubles and your revenue doubles alongside that, let's just say nap would get amc's revenue back to 2019 levels right? what we're talking about catching up to 2019. five times as many outstanding shares as in 2019. through the necessary capital raises, obviously. market value's three time what's it was back then because of all that retail investors interest i just wonder, you must be aware the retail investors, the bull case on your stock is these kind of conspiracy theories about invisible short squeezes and things like that if you were ceo of a company you thought there was nefarious shorting in your stock, would you not do something about it? can you say that's not what's

going on here? >> seven questions in one. let me try to peel a couple off. first of all, i don't think our revenue in full year 2022, in 2022, will be a pre-pandemic levels i think that comes more likely in 2023. they will, however, more than they were in 2021. and our, we had positive ebitda in the fourth quarter of 2021. like, that's a first in two years for our company, in our industry. but as i said, the signs are hopeful lp the -- we are well aware and we've been saying publicly since june of 2021 that our share price is not reflective of just the normal historic fundamentals a movie theater company of our size, but we've also said that we are very much committed to transforming

our company going forward. we are not trying to bring back the old amc of 2019, just that of course, we do want to bring that company back, too, but we're going to do much more, and we've already announced that we're, got four nft programs since november we're dabbling with cryptocurrency we've made a major announcement expanding into the $6 billion popcorn industry who knows more about popcorn than amc move over orville riddeedenbachr transforming in m & a. i think am c has proven we can prize to the challenges before us and dazzle with innovations

we're making and that's the best i'm making after all i'm a big shareholder at amc myself. >> a little less than last year. adam, you know i'm going to ask about the popcorn, because i, too, know a lot about it and a big enthusiast and often go to movie theaters just for popcorn. how many other people like me are there, though? really how big of a revenue stream do you see this and how is it rolling out? uber eats deliver it like food delivery and then supply grocery stores >> yes, yes, and yes a lot of you we sell a lot of popcorn in a year three biggest things we sell in a year, we try to sell other things, too, but the three biggest, movie tickets, soft drinks and popcorn as i said, on an average day we sell 35 tons peak day 50 tons sell it to millions and millionses of people everyweek our brand is credibility if you go right now into the supermarket and look at the

microwaveable popcorn that's there, brand names like movie theater popcorn. guess who really has movie theater popcorn? we do. it's a big industry. we've hired someone with extensive brand management experience, pepsico, frito lay and hostess brands, a ton of grocery experience to run this effort for us. i expect it will do a number of things in the popcorn front all in 2022. number one, to go containers and pick up containers for people who want to come to our theaters and take some of our food home and enjoy it while watching big-screen tvs at home second, we are going to sign up most likely with uber eats to deliver movie theater popcorn, amc perfectly popped popcorn, movie theater popcorn to homes around the united states near our theaters and third, actually going to open up kiosks in

consumer malls and other locations where we'll freshly pop popcorn at, you know, counters just like in our movie theaters now, and finally i'm targeting, let's say, september-ish of 2022, we expect to be on grocery store shelves, on convenience store shelves, possibly other food venues around the country we are going into the popcorn business and we expect to be successful >> adam, thanks for the update appreciate it, and may i say i also would like to see the movie and glad you're still up and running. thanks again catch you seen. >> thank you thank you very much. whene meac wll wco bk,e' have the highlights from citi's investors day plus the news sending ford sharply higher in the market zone. that is next.

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just over eight mints to go in the trading day in the "closing bell" market zone joining us, josh brown broader markets. stocks mere session highs. beijing a big comeback after yesterday's sell-off all 11 sectors trading higher. positive now, josh, for the week how are you feeling about russia, ukraine, spike in oil prices that we've seen come along with that and the big safe havens cooling off today, but certainly been a big feature of the market lately. >> yeah. say like today is like -- today is opposite of yesterday and we've had that over the last couple weeks, where it feels like the market wants to go one day and then you have a complete reversal next day. they don't make it easy for you. i like the action that i'm seeing

i can't complain i don't think it's confirmation the bear market enduring is over i don't think anybody should look at one day's market action and extrapolate too far. did it yesterday, probably were selling. look at today, they don't let you back in. i try not to focus too hard on day to day the most constructive stuff, though, travel absolutely killing it. my kids went back to school without masks today, first time in two years and reflected in the stocks we really are normalizing rapidly. almost overearn night in some situations bulking up 6%. expedia a great day. airlines up, hotels up great. obviously energy up. also, transports bouncing hard, too. u.p.s. up 4% fedex 3.5% to me, combine itsy xlf names, smooshed yesterday fairly constructive. again, tomorrow is a totally different day.

we know the hostilities ratcheted up more civilian casualties today in ukraine and don't know the story there from hour to hour. peace talks? not? dying to get on the conversation about popcorn with adam aron from amc they didn't put my mic through the great movie theater hack is obviously eminems into the hot pop corn bucket and then twizzler at the straw for the soda i don't know if you roll that way, sarsara ing guessing the nots you. >> i think snow caps of a movie theater staple normalization -- pretty cool >> true. we're getting there. not fully there. all right. investing club newsletter today, jim cramer calling ford's move to separate its electric and internal combustion businesses into separate units, a destroy

tesla plan phil lebeau has dames what ford's up to phil >> mike, a long way from destroying tesla but one of the reasons they believe they can do better splitting ev and internal combustion engines both still owned by ford ev and raising commitment to 50 billion dollars by 2026. up from $30 billion. and also by 2026 plan to produce 2 million evs annually here's ford's ceo jim farley talking why building evs and gas-powered vehicles makes more sense than simply spitting off evs. >> what would rj rivian give for the ford manufacturing system robotic engineering now? love to have that. spin it off, my teams get so independent, they don't work with each other. >> so a spin-off is not in the future at least it's not in the

foreseeable future ford partinging 10% profit margins by 2026 for a point of reference, guys. profit margins now a little over 7% a substantial increase if they can get there by 2026. back to you. >> phil, thank you market likes that. ford up almost 9%. citi trading higher today along with the rest of the financials as the firm hosts its first investor day in years. leslie picker with details. >> hey wrapping up first investors gay in five years almost one year after frazier took helm as ceo of the firm. volatility today trading 2% higher. initially the market a bit disappointed with the financial targets outlined the banks expense growth was higher. revenue growth lower in the forecast the street expected. citi's target for return on tangible common equity measure of profitability between 11% and 12%, lower than other large u.s.

banks. in other opening remarks frazier spoke how it's "not a surprise they've been under performing by their peers and failed to meet expectations of investors. she said large controls capitalizing on the global nature of the firm in q&a that ended a short while ago addressing bank's exposure to russia amounting to about $10 billion 0.3% of asset base more focused on the 200 employees on the ground ukraine. guys >> leslie, thank you. tomorrow don't miss citi's ceo on "squawk on the street" talking about some announcements. josh, citi a good deal biggest performer of the major bank >> never bullish honesty versus -- i'm not, not bullish honesty, but i think it works with the other banks very rarely going to be a standout and do really well on

its own. if you need exposure to large-cap financial, probably the one i like the least i'm a jpmorgan shareholder have been for a long time. it's had a really tough week and a half i think a lot of this stuff just really has to do with a little bit of a second guessing on whether or not the curve will continue to seep in, where rates are going. some of the housing numbers are cooling off quickly. now that mortgage rates, average rate i think last week about 4%. maybe that's put a little dent in that story, but i just keep coming back to this idea that in a rate normalingization cycle, you want to go with the company that's proven that they know how to handle that type of environment better than peers. so i stay long jpm like it better than citi not that citi can't go up more for any given period of time i just think if you're going to be a long-term shareholder in one versus the other, a easy an obvious choice

not like you're getting a huge dividend in citi differently than you're getting in chase or a much laerger buyback program advantage not there to me. >> 20% off high. jpmorgan morgan stanley, goldman sachs. a lot of these companies. >> globally exposed banks had a rough time in addition to those things mentioned, this idea, well, we have this friction in the global financial system is there going to be some kind of accident out there? what it's about. so far haven't seen one. >> the market got excited about rate hikes. >> yes. >> or not excited. come back a little bit. >> trading like a super regional than a super bank. less than a minute to the closing beg almost 4-1 year-to-date, dividend stocks doll well relative to the overall market why? a lot of it is, four times the rating of the financials and

energy, and getting paid and going up there, the vix relaxing. still above 30 high-stress readings in internals of the market, people positioned wore volatility, and going out, 2% gain in the s&p 500. looks like finishing right around friday's high in the s&p. nasdaq lagging slightly north of 2000, up 2.5% at the close. [ applause ] [ closing >> nice rally. welcome back to "closing bell. coming up this hour, council of economic adviser member jared bernstein on the white house's plan to fight inflation as oil prices continue to spike another big surge today. plus, we're watching for earnings from snowflake, victoria's secret and wealth

management still with us and boston private wealth joining in the conversation and janet, what about you? have you been buying on some of these dips gotten? big sellsell-offs? relief today >> sara, thoughtfully adding into the market over the last few weeks copt being to look at the fed meeting as a catalyst for institutional investors to put money back into the market and could be delayed a few week due to the russia-ukraine conflict we think an emphasis and focus on the back half of the year for many institutional investors over the next four to six weeks and we expect the fact that we may get some of this choppiness to josh's earlier comment on a day-to-day basis, but able to start to put cash to work in your longer-term allocations over the next four to six weeks, a good time to can do it looking

towards 2023. >> shannon, just on the energy story, if you just look at a one-year chart, say, of crude oil. you see a vertical move and didn't know what it was, you would think either it's a huge kind of buying panic, blowoff top, or it's getting a takeover bid. right? that's how dramatic it looks right now. how would you handicap where we are with this move in crude? obviously, this is something that traded negative, ish rationally in 2020 it can go anywhere overshoot this way and talking supply issues, but how would you think about energy after the move we've had both stocks and commodity? >> well, i think we need to look past the short term and point to the markets, to your point very positive today on the fact we're looking at a 111 print on wti. another environment really concerned. especially given 7% cpi facing down the last two months i think what to think about, how

much is priced into energy and how much back to the equilibrium leveling of 95 to 105 and should you buy energy given the market moving higher seen in the stocks i think less of the move in energy prices is going to start to translate to energy earnings in the back half of the year, but longer-term supply considerations need to be taken into account i don't think we're getting back down into the 50 to 60 dollar a bear level anytime soon. >> a whole new equilibrium josh, some stocked doubled in the last year. marathon, diamondback. is it too late to boost exposure to energy names in the portfolio? >> so funny you just asked a call with a client today who is -- very heavily invested in chevron, and we've been talking about, you know, giving what we went through two years ago with crude negative, i think it's time maybe to start diversifying this position, and eating some of this.

have to pay it eventually, or your whole life at risk based what oil does and what the stock does so we finally got the call this week okay i think i'm ready to talk about chevron now. look at that stock like the empire state building this week. i think what will happen with oil is what ends up always happening, which is -- like the vix, it will mean revert and we will ultimately see -- not saying, like, a piece deal or anything like that new reality of crude and natural gas supplies just digested by the market and you will stop seeing velocity of crude energy, crude oil and other energy products to the upside and these stocks will probably start cooling off way in advance even of that. then the question becomes, all right. did i overpay for something in the heat of the moment or did i really buy something i think is investable? for everybody that was different base and time frame. i don't think now is the best time to say, i want to make 5%

or 10% of my portfolio energy and ten everybody otherweight s&p. caution people against doing that almost always ends in tears whenever you get really bold up on an oil price fight. i don't know why this time would be different. >> shannon, the markets seem to at least find nothing to worry incrementally about in terms of jay powell's testimony today in fact, maybe his suggestion that we're looking more likely at a quarter point raise, of rate in march than a half point, and that policy is not going to be on autopilot. a slight reassurance did you pull anything out of what he said in terms of forecast for what the fed's going to do and whether it's going to continue to be a headwind for the market? >> i was a bit surprised at the positive reaction. i think many of us had thought about 25 basis points being the go-to level here and that 50 basis points came off the table several weeks ago. i think the importance

continuing to be transparent about data dependency and moor importantly with the geopolitical backdrop acknowledging looking at that. i continue to look forward to the pressure next week, because it's been -- fumbled a bit the last couple of meetings in terms of being able to message appropriately what i think the statement is trying to get across, but overall, him comingous, firm we are going to continue to combat inflation but are going to obviously have an eye toward potential economic implications of the geopolitical conflict is perhaps where you get that back to josh's comment back and forth the next few weeks. not trying to get too excited about market movements although always nice to close in the green. >> i thaw the important thing he said, soft landing senate signal there, not inflation over the economy. they're going to move to fight inflation much as the economy

can handle it. and then wait and see. if he is still expecting a soft landing, ultracareful when it comes to raising rates might be a wish, but important signal to the market they think the economy can handle it, and not going to go too forcefully after inflation. >> i do think that's always the goal of the fed tightening cycle. also interesting, he said -- >> bullard saying, we should up 50 basis points. get rfd the emergency -- not where powell is and not where the fed is. >> right powell also said, it's happened more often than people give the fed credit for which, yes and no. not every fed tight uning cycle. >> most do. >> quickly to recession. >> most lead there. >> eventually. recessions eventually happen right? anyway, i do think it was interesting that he felt the need to con say there point. that's the goal. >> market liked it box earnings, frank collins with results. >> shares of the box up almost 4% after a beat on revenue

andand eps. earnings guidance for the quarter increased 17%. deferred revenue money for contracts signed not completely fulfilled up 15% billings up 9% spoke with ceo aaron levy a short time ago who said return office especially hybrid work has been a bill tailwind for the company. big enterprise customers focused and future work and managing content quickly and securely with a change of in office, out of office and expect continued momentum in the area and it was a factor in the forward guidance that forward guidance both for revenue and eps well above estimates. the company's free cash flow margin revenue growth coming in at 32% inching closer to that magical rule of 40 for tech companies. shares up more than 5% after a beat on revenue and eps and strong forward guidance. >> frank, thank you. do not miss a first on cnbc

interview here htomorrow "closing bell." josh, earnings in the last 24, 48 hours pretty strong overall, estimates coming down and at a sharper level than seen in prevention quarters how do you see the expectations stacking up with the market valuations now >> so it's confusing because it's -- we've just had the highest rate of negative guidance for s&p 500 components in, like, years, during the course of this quarter and you try to -- say to yourself, like what are they really so pessimistic about? inflation thing? so much uncertainty. just sandbagging or do they really seethings slowing down to the extent that they're saying i have a suspicion it's the former i saw a survey of regular people do they think we were growing or shrinking the amount of jobs inh

country? 33% of people surveyed thought there were less jobs than a year ago. just had the best year of job growth in history, and a third of americans think it's actually getting worse. i question whether or not all of that negative guide in earnings is actually going to come true i don't think it will, and i think that will lead the way to even more surprises. on box, quick, a long-term chart up a ten-year chart this -- this thing's about to break out. actually mad at myself i don't follow it and don't own it 29 is your high back from the middle of 2018 this is now a much cheaper stock because they've been growing earnings over the last four years. only a $4 billion market cap this thing could absolutely explode if it can get above that 2018 resistance and hold a couple of days i would have this on my screen, josh, thanks. snowflake results out.

stock actually fall itting this is a company trades mostly on revenue and revenue growth. for the just past quarter, revenue came in at about $360 million. forecast for $372. guidance, revenue guidance looking undershoot as well for the current quarter, $383 million to $388 million. forecast around $410 million the full year revenue guidance, $1. 8 billion tos.99 billion forecast $2 billion. not huge margins relative to forecast but shows a deceleration of growth rate. a company growing 100% or so year over year also did in the latest fiscal year, but seems to be a little bit of a downside surprise for a company everyone loves strategy and product, loves the customer uptick of these sort of cloud platform snowflake has up see 28% decline after hours on these results that earnings per share loss of 43 cents unclear comparable, but forecast

was for a slight positive three-cent earnings in the past quarter. >> a stock that was $400 in november. >> yes. >> like not even that long ago and shows what's happened to some of those higher valuations, stock, shannon, that can't afford to have a miss like that. down another 30% what do you do if you thveez have these >> a really challenging environment, because you think about the total adjustable market for a company like snowflake and need for data links and data warehouses is so clear in the hybrid working environment with continuation of enterprise spend likely to be the next two, three years. problem here is, it is the earnings right? the fact that all of these high valuation stocks pulled down investors are looking for earnings looking for continuation of earnings, and in order to continue to main thain sentiment from investors, you have to be hitting these astronomical growth rates otherwise, lumped into the rest

of this group and being punished from a valuation perspective what we're seeing today. i can tell you this is going to be a growth area, i think. apart from the fact snowflake has a deep network, there are going to be competitors in the space and i think have to gel inoh valuative over the next couple of moss and continue to grow revenue at the pace historically unless we it improve those margins. >> josh, your zone in idea what you got >> i want to pisc pitch ita all u.s. companies you know all the names in here it's everything from lockheed to raytheon bullets, missiles. look, i'm hoping that there are peace talks and cessation of violence, obviously like the rest of us are this is not about that actually, i would keep my eye on it and wait for the moment when people sell out of it short

sighted. the big picture here is that the average of the 30 nato countries are spending about s 2.6a% of gdp. one thing we know for absolute fact that number's going higher. the u.s. used to spend like 7% now it's in the 3s that's probably going high er ad i think non-nato countries what happened in the last three weeks is a wake-up call. germany wants to write a higher level of gdp spending on military stuff it's in their constitution germany. so this is a play on that. not a trade. if you look at the components here, actually, the majority of them are selling for a below s&p 500 multiple i've seen the case made by analysts that follow this space closely that typically when there's any kind of military activity, not only do these stocks get parity with the s&p actually trade at an average of a 20% premium.

so there could be a long way to go a lot of individual names in this etf that also look great. transmine comes to mine, for example. if you just want broad exposure this is the way to go. look at it technically, about to take out the to 12019 high. it had nothing to do with the reopen this trade based on its own stuff going on with geopolitics and the moment i think to really start paying attention to this space is right now. >> and funny shannon, peas in a pod a similar idea for your zone in and not helping josh heard it before. >> i know. no absolutely i mean, i can't disagree with anything josh said i think the european angle to a defense trade here is particularly important i also think that if you think about a company like l3 harris getting exposure to technology

we're going to continue to see conflict for security escalating over the course of the next couple of dictates and to josh's point, the importance of zahn sovereignty and security falling more so than just on russia, u.s. and china, the largest militaries over the past couple decades. we view this also as a way to play physicality looking to add to industrial positions, defend and aerospace. aerospace under lurched and underowned a great time to add exposure across either an s&p sector etf or in an individual name. >> shannon, josh, appreciate it. >> nice harmony in those picks talk to you soon. we are just getting started on the second hour of "closing bell." up next, zergos.

playter, discuss outlook for energy prices joined by ceo of ads corporation which used to run the energy utility we're back in two minutes. never be afraid of your strength, because your body is capable of amazing things. own your strength, and see how far it takes you.

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appropriate to raise fund rates in a couple of weeks and inclined to support a 20 points basis rate hike. fed chair jerome powell earlier today on the hill making clear his support for a 25 basis rate hike in march joining us, jefferies strategist david sir voce and krishna guha. good to have you david, as the case, market expectations move a lot more than the chair's stance or rhetoric did you take anything much from his testimony that changes your view of where we're headed here? >> there was definitely a change in tone. i think, you know, he recognized

the market's been in a little stressed position. trying to gauge uncertainty around energy prices and what's going on geopolitically, but didn't deviate this isn't a fed that has that fed put right there nearby in terms where the s&p is i think he wants the hike. he's told you housing market strock, consumer strong, employment picture greatened missing on the inflation side so they're going to go. but calculated and when we get an event like we've seen in the last week or so, which is i think a very big shock to be system i don't think a lot of people saw 40-mile con voice of tanks heading into kev i t into kyiv he's going to be kindler and gendler. they're going to go and go consistently, and we'll see how the inflation goes, but it may be a little more aggressive. >> krishna, getting numbers between now and two weeks from now when the fed meets and has its decision on inflation, on

jobs what your thought now as to the likely trajectory? >> so i don't think in the very near term policy is data dependent in the sense they're going to respond to those next prints powell's made it very clear that they continues to move in that more hawkish direction but is going to be careful. he's going to avoid trying to add to volatility, and he's going to be responsive to developments over time you know, i said coming into this that there is a no-stunts, no-surprises rule for march. no 50s, no level shifts's no rabbits out of the hat on qt but at the same time, the direction of travel is still the same and i actually think that the base case for this year is still six, maybe seven hikes just now there's a set of risks for the down side, so the market needs to price the average

outlook for fed funds this year as a bit south, a bit below what that base line might be. >> david, how much can the economy handle without going into recession in terms of hikes? >> you know, the good news, sara, how strong everything is the jolt survey at very high levels unprecedently high 4% unemployment rate housing market super strong everywhere you look. this is like a layoff for the fed. this is like, go ahead, do it. not having anybody from the housing market or complaining about jobs weaker part of the job market, lower quintile of wage earners in very good position. no quality issues either just like, let's get busy, fight this 7.5 a blemish on the record of what happened over the last two years whether the fed's fault or not, supply or demand

who cares? get it off and david -- >> go ahead. >> 0%. not exactly a layoff momentum in first quarter is not there. i know omicron -- >> yeah. coming off a big number from before right? seven. look at this over, i think, a long horizon it's bumpy we're restarting the economy after losing 15-plus million jobs we know there's lots of disruptions. know now geopolitical destruction. oil price to contend with what's going on at the pump again i just think usually the fed's got a bit of a problem in that they're going to hurt the housing market, hurt the employment market but kind of coming at the two biggies in a good place i -- i think krishna is largely right. isn't going to deter them and they'll be more story gbecause f the geopolitical story but fall into the world they think the balance sheet is more

interesting getting further through the rate hike cycle and we're going to see a mow rapid reduction in the balance sheet through higher runoff, faster runoff and possibly even asset sales sometime next year, late this year, as opposed to jacking up short rates if they need to go seven, eight or nine. inverting the curve is something they don't want to do. really don't want to see an inversion and pretty close two cents. >> absolutely are. less than two hikes one way to measure it krishna, if we've established the fed yot dissuaded. vix at 30. don't forget at least as we sit right now the rest of the world seems like maybe policy might shift around a little more. right? expectations for what the ecb might do what would you look for in terms of global market signals or anything that could complicate the fed's job here >> so first of all i very much

agree with what you just said. implications of this geopolitical energy uncertainty confidence shock are much larger in europe than in the u.s. so the impact on the policy part is going to be bigger. tends to favor a stronger dollar relative to the euro, relative also to the british pound sterling looking forward, though, the u.s. won't necessarily be immune to developments coming off this crisis i think powell was open about that we just don't know so here is some of the things to watch out for. we could yet have financial stability disruptions. either coming out of some investors blown up by shifts in energy and other prices. or possibly from cyber conflict. we could also yet have a significant enough slowdown in global growth driven by europe

accompanied by higher risk premium. particularly if the conflict starts to spim ll over beyond borders of ukraine enough to slow u.s. growth materially and cause the fed to move to the sidelines. the base case, fed can keep going but carefully. however we have to recognize there's a set of significant downside risks that did not exist a few weeks ago. >> david zervos and krishna guha, thanks for weighing in don't immediate cleveland fed president tomorrow morning "squawk on the street." up next, ceo of aes and why prices will continue to spe.ik a venture capitalist tells us where he sees the biggest buys opportunities amid this year's tech telloff. we'll be right back.

wti crude hitting its highest level since may of 2011 amid growing supply concerns as fighting continues between russia and ukraine in washington a bipartisan group of lawmakers are working on a bill to ban russian oil imports.

bring in and gluski president of company aes. great to have you with us. independent power producer the conflict brought up so many issues, energy interdependence, renew energy strategies maybe underinvestment in fossil fuels and reconditions of nuclear plants for you what are the main takeaways from this conflict and what does it mean for your business and the energy sector >> mike, thank you for having me i would say first we have to distinguish between short term and longer term. shorter term a significant amount of disruption i think that certainly u.s. energy producers are in a favorable situation. henry hubb gas prices remain around the $4 billion range and folks like us basically using henry huff whether for lng or

domestic consumption haven't seen much change renewables, considerable upside for renewables already installed. going forward, if this is a permanent change, in other words, if people think this will last more than five years you'll see i think an acceleration of investment in renewables so while there's very unfortunately significant disruption in europe, which depends 30% of gas imports from russia, the situation is some different in the electricity sector here in the u.s. >> i'm trying to figure out your take isn't the big realization here that because europe was so focused and intent on making its economy green and relying less on fossil fuels it became so dependent on russia for oil and gas and coal a miscalculation, as far as climate goes >> well, i think that we can use the case of germany of what not

to do in terms of its energy policy, because first, following fukushima, accelerating shutdown of their nuclear plant this is important. can't build renewables overnight. what happened after shutting down nukes actually had to build more coal plants and did not build lng terminals and dependent on russian gas truthfully from an ecological point of view, bringing in gas over eight time zones on soviet era gas pipelines, quite leaky, is not the same thing as, you know, very responsible producers in the u.s. now, with renewables, there is talk this year that there was, let wind any europe than expected, but i think renewables have proven themselves out right now cheapest energy, that's energy, is from renewables now, the difference between energy and capacity.

capacity is ability to provide energy 24/7. that's really where energy storage comes in and we just don't have enough capacity for installed lithium ion batteries to make renewables around the clock. although aes is a leader done some of the first truly 24/7 renewable contracts with big technology companies using energy storage and a combination of renewables. >> as everyone is, of course, focused on trying to minimize total cost of energy with what's going on with fossil fuels some talk renewables are seeing cost increases because of other commodities or product shortages. things like that what does that mean for the kind of break-even levels for some renewable strategies >> again, depends. renewables competing with gas, more competitive than before problem, renewables haven't been 2 24/7 you need gas or coal or hydro to

provide base load. there has been inflation on solar panels price dropping quickly some of that was driven frankly, by the trade issues i china. use of, or let's say forced labor in western china to produce polysilicon. so what wee have seen, supply chain move away from china for example, aes, all solar panels importing are coming from outside of china all the polysilicon used by mid of this year coming from germany and eventually korea able to move that supply chain off. now, given a lot of corporations have decided to have green targets and move into green, we're not seeing it that price sense tib for some longer-term contracts. >> interesting, andres a little lesson there or power and renewables thank you for joining us from aes. and 115 hereinafter hours

raiding. venture capital, carrying over into the private market and jared bernstein on white house's strategy to fight inflation. we'll be right back.

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time for the cnbc news update with shepard smith. >> and here's what's happening hundreds of americans stinger missiles delivered to ukraine this week including more than 200 on monday. that's according to two congressional officials briefed on those shipments. stingers seen as a ski weapon for ukrainian forces to use to shoot down russian aircraft pentagon announced today postponing a nuclear missile test launch scheduled for next week the goal, avoid misunderstanding with moscow after putin's recent move to put nuclear forces on high alert. new reports on the civilian death toll inside ukraine. the u.n. high commission for human rights reporting more than 750 civilian casualties have been reported so far, but warning that the death toll will likely be much higher. the commission reports most of the casualties were caused by use of explosives with a wide

impact area including shells and rockets. tonight we'll talk to one american family battling to adopt a ukrainian child right in the middle of war, on the news right after jim cramer, 7:00 eastern cnbc sa sara, back to you. >> thank you. and shares down sharply on earnings j julia boorstin has more. >> quite a damatic stock drop there, sara. the company beating expectations remember, the stock down 27% now the stock is down on slowing revenue growth, though that is in line with expectations. want to give more insight as a result company's guidance for product revenue came in ahead of expectations giving guidance for a range between 383 to 388 dollars per product revenue ahead of the $382 million expected in the fourth quarter, operating

income $18 million ahead of the roughly $4.5 million anticipated. one other piece of news. snowflake announcing buying a company called -- called streamlit. not disclosing the price saying that together the companies will help unlock the unrealized potential of data making it easier to build poiuild applica. stock down 29%. >> ouch. thank you. for more on the move and read-through for tech both in public and private markets, bring in managing partner at lerer hippeau based in new york. good to have you on the show, eric hippeau daryl w darling when went public slashed now more than 30%. valuations given the current market environment are you seeing that in the private market as well >> starting to see it in the private market put this in context.

last year about 370 billion dollars invested by people like me by venture capitalists in the united states. double what was invested in 2020 so a little bit of enthusiasm for private tech companies, and that's starting to come down and we expect valuations to start to come down as well. this kind of an ininindigestion. we're work through it. private companies in tech continue to be valuable but a little over-enthusiasm in the sector >> eric, certainly if it's just kind of valuation adjustments and some over-enthusiasm drained away out of the sector, that's digestible certainly i wonder, though if there's something we have to look out for, and this happened after the boston 2000, which is, bust in 2000 venture capitalists owned private companies say tighten

belts. spend less less to go around in terms of their spending of somebody else's revenue actually seeing it cascade into something more or does it seem the public market's having a rough patch? >> a huge difference between what's happening today and what happened in the dotcom bust in 2000 the main difference is that the companies that went, in the technology sector, real companies, with real revenues and maybe not all possible but with real customers and a real business as opposed to dotcoms and business not real. we think there is a, move towards the digitalization of the economy is still very much ongoing and very strong. you've got new technologies coming online such as the blockchain so we're very bullish about the sector long term.

>> are you advising some of your start-ups, eric, to rethink the timeline for going public? >> right now for sure the public market is basically closed so if we had, and we did have companies ready to go in the early part of this year, yes we are telling them to just be patient. make sure that they're continuing to build a solid business go public in first half of this year, go public later. >> and perhaps that window is open to them eric, thank you. >> my pleasure thanks for having me. fed chair jay powell is leaning towards a 25 basis rake height as part of a push to combat inflation up next, jared bernstein on what the white house is doing to fight rising costs. we'll be right back.

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prevent higher inflation from becoming entrenched. fed chair powell earlier today. what does the white house plan to do to fight inflation jared bernstein member council of economic advisement welcome to the program. >> great to be here. thank you. >> fed chair powell says he can engineer a soft landing. i'm wondering what you think how that's changed in the last few weeks or so now that we have a big energy shock getting worse

by the day, and the market trading at largely, like, a stagflationary kind of risk? higher inflation, slower growth. is that right? >> yeah. no it's a fair question i think it's hard to really consider a stagflationary environment just coming off a gdp quarter that was 7% when you have unemployment down to 4% and when you probably have the tightest job market that i've seen in my many decades doing this work. we have, as the president had stated, great faith in chair powell which is why he renominated him to engineer a soft landing the president has been wholly supportive of the fed's pivot. i think it's very important, even while we have this very concerning inflationary environment with energy prices doing what they're doing, it's really important not to forget the strong economic backdrop and to think about what americans would be going through if they

didn't have ample jobs, low unemployment and quite strong household balance sheets. >> we feel the inflation, jared. that is the main concern the president said it's his priority last night. i'm not sure i got a clear message as to how at least the white house plans on fighting it sure, the federal reserve bears some responsibility in this fight, but he was talking about lowering costs, not wages. can you explain how that works and what the -- >> absolutely. the president has been extremely consistent on the message. he teed it up last night is exactly right. our plan is not to hurt demand side but boost the supply side near, medium and long term in that space near tomorrow, doing everything we can to make sure goods get from ship to shelf at a speedy rate, and, in fact, throughput through the nation's ports was actually 20% above its historic levels just last year. we're having some success in

that regard. medium term, the president talked about really important investments in many cases we're talking about building things here that have heretofore been non-resilient supply chains existing in other countries. semiconductors he talked about last night longer term, lowering costs. again, i thought he was quite clear on this. lowering costs for prescription drugs. for child care for elder care for key family budget issues people say, and particularly today energy costs the president talked about the release from the strategic reserve coordinated, of course, through the energy administration. >> jared, wonder could we talk a little about targeting, rhetorically, at least, of companies for, perhaps, putting through price increases deemed excessive? i'm not sure exactly if we can come to a standard for when a

profit maximizing company is just doing what you do in capitalism and how much is seen as gouging and whether they'll be anything behind it, aside from shaming certain companies >> another good and fair question i think where the president was leaning last night is exactly the way to frame this. which is tha when you have just a few firms dominating an industry you are going to see higher price levels then would otherwise be the case this may be econ 101 but i think it persists in today's economy quite clearly. if for example he talked about shipping and the fact some of the prices have doubled or more in recent years, profits are extremely high, and we need to see more competition, more entry into that sphere he talked about meat packing i looked at lumber in this context as well.

it's not a cabal of producers gouging prices it's barriers don'try to prevent competition to downward prices to the benefit of consumers. >> what can corporate america expect on this front major anti-trust action here >> yeah, i think what can be expected is really a full across government effort with all of our agencies including of course the ftc working to make sure that any barriers to entry come down, that businesses that want to compete in a sector are able to do so, if -- if -- if a company does seem to be raising prices in ways that are inconsistent with rules of competition we're going to come after them . >> jared bernstein thank you very much for joining us on the back of some of those plans. >> my pleasure. >> we appreciate it. still ahead, market

volatility leading to a big drop in investor ntenseimt, will look at whether it could be contributing indicator what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

up next we will look at whether the recent plunge in

investor advisor sentiment could be aulsh sn r e bliigfoth market we'll be right back. ♪ ♪ ♪ ♪ with a bit more thought we can all do our part to keep plastic out of the ocean.

♪ we've got some big after-hours earnings movers to show you, snowflake shares

plunging down 24% off the lows of the session actually, slowing revenue growth for that once high-flyer box is popping 6.3% higher after earnings beat and strong outlook. josh brown likes the chart okta is down 7.5%. look at chargepoint, surging on strong sales and guidance. let's get back to mike who has made his way to the teleadministrator to give us a good good sentiment check. >> yeah one of these that we watch, professional market forecasters and advisors, this chart back to 2010 there's more folks bearish right now than bullish. 2018 s&p down, this is crash due to covid what's interesting into the start of 2016 you had multiple waves down, never got more than

15% high to low in the s&p 500 similar to what we've already had. also the initiating of the fed tightening cycle macro feels, pandemic, oil, both times the sense the fed was somewhat trapped i'm interested in that this is the aspir s&p 500 from 5 to 2016 here's the sell off, there's the low. and remember that was brexit. >> yeah nothing changes sentiment like price action. >> well for sure. >> that's part of the story, tomorrow we'll see if there's follow through from today. you could say nothing fundamentally changed today as far as russia-ukraine, yes ukraine held russia off but oil continuing to surge and fear of inflation. >> yeah absence of no bad news, we'll see, the market can improve, we're in this two week

range, not like we've broke new ground in either direction, will be interesting to see any kind of follow through. >> more comments after the fed we have jobs reports friday and inflation report which comes five days before the fed meeting. >> yeah the fed meeting the following week. >> which is going to be just a big one. that's going to do it for us on "closing bell. have a good evening "fast money" begins now >> live from the nasdaq marketsite in time square, this is "fast money", i'm melissa lee. tonight's trader lineup danica mcadam guy adami, karen finerman, steve grasso, and tim seymour is here breaking down ford for investors and all over shares of snowflake, stock deep in the red on earnings, company call just underway, we'll bring you the very latest. and draftkings striking out with