good friday morning. welcome to quake on t-- "squawk on the street. i'm carl quintanilla with david faber and jim cramer russian forces occupy the largest nuclear plant in ukraine. 678,000.

we'll begin with tensions escalating between russian forces and ukraine they have taken control of the largest nuclear plant. shelling at the plant sparked a fire which has since been extinguished they said the plant is secure while the international atomic energy agency said it has seen no change in radiation levels. meantime, the u.s. embassy in kyiv calling the attack a war crime and nato still to move this morning saying no-fly zone still not in our interest and suffering would increase if troops were to get involved. >> yeah. i think it's one of the events that completely overshadows the employment number. employment number is actually pretty good. i don't want to spend that much time on it when this news happened, there was a massive sell off in all the futures. the tickdown was incredible. too many people remember other times. they remember fukushima.

those were scents that, obviously, putin knew where these nuclear powerplants were look, i don't want to say that it's just we should be down as much as europe but, david, you know when you have -- when you mention the word nuke and nuke plant is under attack -- >> yeah. texts were flying. >> yeah. you're not trying to figure out whether you should buy -- >> yeah. and people obviously making investments is their day job were focussed on that. >> yeah. >> it's hard to say you're thankful of anything going on now but at least it didn't come up with something worse. >> yeah. put the fire out i wasn't going to go to sleep until they put the fire out. >> yeah. the devastation is just horrible across the board obviously, no signs of it stopping any time soon. >> no. >> but, jim, you know, we're here, also, to talk about the financial markets. i mean, when it comes to this conflict, i do continue to hear more questions about russian exposure, russian leverage, what

that will mean we all know it's dollar wise not that much. but it's still murky, to say the least. what it will mean for the european banks and others. so that continues to reverberate, as well, as the sanctions start to dig on the russian economy. it's the oligarch start to potentially sell assets and deal with different things. where are their liabilities? that's coming up lot i thought, you know, jane fraser at citi didn't really answer the question in terms of the russian exposure but which it's not a large -- you don't want to take a rate down that much it's relatively -- it's small compared to the asset basis .3%. you want to be focussed on the crisis for obvious reasons, but there are those who look and go, you know, they'll continue to be concerned. >> if you come in every morning

and you're going to have the possibility of something nuclear or something that is just devastating, we're not going to want to the say, you know, jay powell has some leverage here. and, anyway, commodity prices keep going through the roof every single time. there's 11 million barrels produced by russia it makes it so you say this is, you know, it doesn't let you be granular about stocks. you can't not follow if something -- i'm not saying good happens but ends something then you'll be looking and say, okay, what did well. you have to look. >> yeah. the deescalation scenario is hard jpm's note said, look, we have more talks scheduled for early next week.

that's a positive. >> right. >> it's not like sanctions will go away. >> no. >> even if we get a stability diplomatically. >> i think there's two ways to look at the sanctions. one, to say the rich people will be heard, including putin, the richest guy there. the other thing, you know, they cancelled -- there's no press now. there's nothing. if you are in russia, you have no idea how they're doing, other than the fact they're winning. >> yeah. >> it's an important point. >> yeah. they have more or less -- even those that were considered independent have been muted, at this point. >> right. >> with a handful, the small group of somewhat independent news operators in the country. so, yeah, there's not a lot -- that said, there are ways to get information to the russian population there is, i think, to a certain extent, on the belief on the part of many they know. >> yeah. let's say they're coming up from the south. the russian army and, carl, i would say that it's

very easy to broadcast a putin move, which is they are winning. people are saying how can they say they're winning? they are coming from the south and do a pincher move and come from the north and west. it doesn't matter what zelenskyy says i don't want it to happen. you could be a russian and think they're winning. >> yeah. a task this morning. the agency said the upper house of parliament in russia approving legislation introducing jail terms for people who circulate what they call fake information. so they're definitely putting the clamps on the free flow of information. >> when i got in the business, i was told one thing never mention the nazis. never mention hitler never. it's off the table and i keep wanting to come back to that. i keep wanting to come back to say it's off the table we can't mention it. this is in the camp of that. now, obviously, we can say where are you with rwanda?

you know, but what i'm saying there's a moment right before hitler was basically gave chamberlain a deal of a lifetime the generals said there was -- i talk -- one of the greatest stories. about the days before there was going to be a coupe by the german generals saying this man is crazy this man is crazy. we have to stop him. he's going to chechnya they're going to kill him. >> they argued it's the least likely their joe. >> it's the bottom of everybody's list

least likely and most hopeful. >> yes. >> you know the question, obviously, that many people ask and we have and nobody knows the answer is where is putin on the scale from erratic to suicidal. >> right. >> i think most people are hoping he's still in the erratic side. >> i know. look, the other way to look at it, i'm looking, okay, so the french market is down 3.7. you can say like david saying a lot is the french banks. everybody here thinks jpmorgan is a french bank that's what happened in 2011 they're not. what happens all of these -- and i'm going talk about chernobyl when we get a chance there's a moment where you just say everybody is guilty. everybody is connected >> we're going to talk about the differences, though, between the u.s. and europe today. and dollar/euro. first, we'll go to amin for more on the conflict. >> reporter: good morning. in the last hour jen to then berg said the military alliance

is not planning to put boots on the ground or airplanes in the sky in ukraine, despite the horrific situations we've seen unfolding there. here is what he said. >> -- by shooting down russian planes we can understand the desperation but also believe that if we did that, we'll end up with something that -- full-fledged war in europe and many more countries. >> reporter: those comments coming despite the pictures coming out of ukraine. russian forces attacking and shelling the largest nuclear powerplant in ukraine. it appeared to be showing tracer

fire as round after round impacted buildings on the site of the plant prompting ukrainian officials to appeal to the west desperately for help and warning of a meltdown that could be bigger than the chernobyl disaster. by daylight, though, the photos were more reassuring fire crews on scene, buildings smoking. the blaze contained for now. officials said no radiation was released in the incident in a by disaster twist, officials said russian troops have taken control of the site but they're allowing ukranian staffers in the plant to operate it today three ukrainian soldiers were killed and two wounded in the attack overnight officials said the building that sustained the most damage was a training center and not part of the nuclear reactor. back over to you guys. >> eamon, i appreciate that. we want to touch on the jobs number nonforeign payrolls up 678,000 it comes as a lot of omicron

numbers eased. average hourly earnings flat month on month was the big surprise year on year 51. and prior was 57. >> do you know how much the market would be up yeah, look you can't ask under a nuclear powerplant under attack. if you were jay powell you would say starting to come back. starting to come back. labor force looks like it was omicron. it eliminates some of the benefits people looking for jobs. there's 11 million job openings. over time maybe the next six months maybe they'll be filled this is what i told you! >> right the market would be up i don't know you get the reaction of the bond market everybody thinks the fed will go tighter. we end up not up at all >>well, the wage increases were, you know -- what does powell want he wants not a lot -- he wants some wage increase he believes people should work for a living as opposed to the ceos getting all the money he wants a good job growth

he wants lower inflation he's not getting a lot. >> we're at 3.8% now. >> that's pretty good. >> it's quite good. >> we have a talent shortage across the board. >> talent shortage >> yes. >> you talk to any ceo -- >> i thought you were talking the knicks or something. >> we have one there, as well. >> we're working on that. >> we can go for virtually every new york team in the area and say the same thing back to ceos, they'll tell you finding talent is the number one priority and keeping them is the second priority. >> engineers -- >> yeah. >> they need engineers. >> it is across the board to labor shortage in general. >> yeah. >> we need truck drivers still, too. >> yeah. we have to make it so truck drivers -- you can't roll back safety the number of hours you can work but take matters into your own hands the way that costco did they have seven container ships. they have seven ships. >> home depot does, too. >> you can't be at the mercy --

>> home depot didn't have that great of a quarter freight is such a terrible -- you read about it. what it is we hires claims from fedex to bring in sweaters you don't make money bringing in sweaters from fedex planes. >> somehow fedex can't make money either. >> i think fedex's quarter is pretty good. >> did you see unc a regard high yesterday. we'll talk about stagnation. >> my travel trust sold up 40 points it quickly went up another 10 but, you know, that's a high-quality problem we have a talk at 12:30 today with rick muncrief, the ceo of devon who put everybody on the path of let's make money let's not just drill, baby, drill. what are they doing with oil at these prices a $30 cost basis are they going to keep that tight reign on production?

>> i asked the ceo of exxonmobil that question yesterday. >> yeah but -- >> yeah, but -- i had mike worth. >> i went to dinner with mike worth. >> i didn't. >> it came up in jen psaki's press briefing talk to the oil companies about whether they have enough money. >> i hear that that's factious. you have to get the oil to the market you have to be a little more forgiving. you can't permits -- someone said, jim, why do we have russian oil coming to boston because we can't ship it from the south because the pipelines won't allow it. >> it's not like we don't have pipelines that come from houston to new york. we do >>well, do you see there's a place called boston that is north of new york where the celtics play you familiar with that patriots >> what is your -- >> yeah, i don't -- >> put it on the sell list >> can't get there

no tell me. >> i'm not being facetious you see there are pipelines but no one wants a pipeline underneath them. i had a pipeline underneath me once. >> wait until they have to fill the pipeline system for carbon capture. nobody wants those either. >> you're playing the exxon card. >> i'm learning things. >>well, good. >> devon is farley smaller than exxon. and, frankly, less significant and not a global company take a look at futures this morning. a bunch of company notices we haven't gotten to yet including gap and disney this morning. jim mentioned costco broad com and more when we return and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision.

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getting news on disney which was reported by the information but they are confirming that in a first for them they will expand disney plus offerings to consumers by introducing an ad-supported tier. beginning in the u.s., david, late 2022. plans to go international next year something some of the street has called for netflix to do we'll see what it means for disney. >> yeah. i think the end of the release is perhaps the most interesting line the ad-supported offering is viewed, in their opinion, as a building block in the path to achieving the long-term target of $230 to 260 million disney plus subscribers that's a lot of what they'll continue to be judged on despite the fact it's more than direct to consumer

it's studio. it's theme parks it's still espn, which produces a prestigious amount of cash flow it's a large amount of debt. sometimes we forget how much debt they took on. >> the dividend. remember when they ran into the heart of the pandemic there and everything had to close. but disney is a success direct to consumer. the only question is how much. it's one of the dominant players. the only question is how much. not just how big but how much money they have to spend to continue. >> right. >> it goes to the larger question a lot of investors are asking these days, what is this ultimately going to look like as the competition with netflix continues to increase for paramount, warner discovery, for our own parent company comcast with the peacock service what will like like in terms of on spending on content and continue to make your service one robust enough to gather subscribers but at the same time make it profitable ad supported is one way to do it. >> yeah. again, people may say,

obviously, the market doesn't like what they're doing. that's the opposite. but the market is focussed on how much nuclear-so-called attack whatever you want to call it is impacting europe which, therefore, will impact us. you'll see stocks that are down today that really had unbelievable quarters. and i want people to realize it's not because the quarters weren't believable there's a lot of headline writing that said they'll look at stock down and come up with a thesis the thesis is pretty simple. we're linked with europe we're linked with russia and when the smoke clears, or the radiation clears, if they do something that horrible, we'll be saying, okay, who did well. you'll look at disney and say it was a good idea! maybe we go back to disney because disney was down $2 and now down $1. i'm not grasping at straws i'm saying that please look through the prism of europe, which is down horribly, and then make your decision to realize there's a great opportunity. >> yeah.

we'll talk about some of europe's challenges later on in the show euro is getting hammered today set for the biggest daily drop in about two years we'll get cramer's mad dash and count down to the opening bell don't go away! your shipping manager left to “find themself.” leaving you lost. 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 [sfx: street ambience] ♪ ["fly me to the moon"] ♪ ♪ ♪ imagine a community where millions share ideas and trade stocks, crypto and beyond. to the moon? in other words... etoro.the power of social investing.

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that overnight low in futures right when we were getting the reports of the nuclear plant in ukraine kind of matched with tuesday's interday low just south of $4300. we're off the levels now the vix is elevated. ju sth ostouf 34 the opening bell in about six minutes.

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three and a half minutes to get starting with the last day of trading. wealth get to a mad dash. >> i'm impressed with sonya single i had had her on she laid out a plan for turning gap around you know, she's doing it she's doing it there's a big and real turn. a lot of it, david, is athletia. old navy had a good quarter. gap had a good quarter they closed stores that are not doing well the stock has come down tremendously it comes down too much it seems to be estimates are too low. i'll give you the morgan stanley said don't get too excited the story isn't as good as people think ting is. it's a turn. everyone is giving up on gap. >> right. >> >> and the move to the

beginning of the pandemic through much of 2020 was one of the best performance of the year. >>well, look, athletic -- i thought it was a driver. one of the things you -- they had to pay big freight but still did well every chart looks like that. oh, my god. >> we had a bunch of downgrades the last couple of months because inventories were coming back. >> yes. >> maybe the risk of promotions. then worries about the low end right. >> i think that, frankly, she defied the critics when she came on "mad money," really, it's not unlike -- there's a couple of people on "mad money" they draw the line in the sand.

i like it's lead by a map which is a real division we have to get sara. sara does that. >> yeah. sara eisen does that segment. >> yeah. she's so right you know, let's go to europe. >> i did see her tweeting on the dollar yes. quite strong. >> got euro 110. we're back here, jim >> i know. we'll go to europe i'll tell you you don't think anything is cheap at all you just don't i mean, it's not like that it's not like if you go to mexico it's not. >> it's not. >> you don't see it. it's better than at 120. >> 140 i had dinner at an okay restaurant [ cheers and applause it was$700

>> it's awfully loud down here this morning we'll get the opening bell [ opening bell ] it provides the market i love this merger that's all i have to say. >> there's the opening dow down 360 to start. you guys were talking about that costco comps up 12.9 barclays calls it a goat retailer. >> it is. >> they have things in stock maybe a special dividend down the road

they can always increase fees. >> yeah. the great cfo runs the call. they'll tease you on the special dividend and the membership. the analysts try to go over the bridge how about it isn't it like netflix? well, that is it isn't it like amazon prime he won't do that he's a surprise factor guy the stars in china are doing incredible for hearing aids are back food court is back free samples are back. pie. it's down because it's -- if someone el sells because it's down, please listen to the conference call. they are an amazing quarter. an amazing quarter. >> i think you're excited about

costco jpm is the worst, to your point. >> jamie dimon, ever since he made the comments about fin tech, it's been down but, you know, he feels very beaten down. he needs to buy. >> right you were with jane fraser yesterday. >> i was. >> i didn't want to buy the stock after i saw the interview. >> why not >> i felt like, holy cow what a hand she's got now she owns it. she's been there for a year. i think that the hole is in the bucket there it's too great. >> it'll take some time. next three to five years and get to 11 to 12% may not be exciting that many investors. there's almost a sense to cycle through disappointed investors

and get a new investor base. >> that's, right that's a good point. people who come in and say, listen, she's very smart she clearly is. >> yes she has to take a lot of actions. which she'll do. and then it'll be fine. >> it doesn't happen overnight. >> no. it doesn't happen overnight. increase in the tech spend to $11 billion. >> yeah. >> 30,000 software engineers, i asked her about that. >> why don't they bring in gary steele >> it's an interesting choice. typically a private equity firm. maybe they're running out of deals to do in terms of the full acquisition. >> yeah. >> i'm going have gary steele on the show he doesn't even have a splunk e-mail yet he was using yahoo! or something. >> look at cisco i mentioned that because about a

month or so ago the journal wrote some stories saying they made a bid, at some point. again the ceo freeman now in there at 7.5% stake. >> it's interesting because splunk had a good quarter. it seems like they finally got their model correct and doug wasn't there kind of like get to the prompts land chevron is down. that's interesting they're the cheap beneficiary of what is going on people selling chevron are simply saying, you know, the s&p is down. >> oil, by the way, heading for the biggest weekly gain in almost two years it is financials that are the weakest sector down almost 2.5% semis are relative bright spot between broad come and marvel. >> yeah. told a great story you know, he's more than just cell phones. fantastic. now the one that should be up the most is marvel

but marvel had the number price target but that's because it was in the 90s. i thought the quarter was better than the broadcom quarter. but, you know, they have the great dividend. >> uh-huh. >> am relevant to you? >> i'm trying to read through things you know, people text through the show it's an interactive show young ku argue i get texts. you get texts. and, yes, i'm listening to you and i'm also reviewing something in order to try to add to the conversation is that okay i'm noticing the banks are down. i'm wondering is any of that concern -- you were talking earlier about european exposure in some way. >> i haven't heard a word you said [ laughter ] >> that wouldn't be a bad thing. >> no. >> speaking of disney -- >> i'm happy to talk to him. >> speaking of disney, we talked about the liabilities, jim, regarding europe but deutsche today upgrades at 6 to buy and they mentioned parks,

the disruption to mlb. they think it's a big competitor they think even the gas prices historical correlation not as strong as you think. >> absolutely right. i think that we'll be getting at lo of good news about pricing in parks. hinge the consumer choice is terrific so i think the people are selling disney again i urge people to say, you know, i'm not saying that we should forget about what is going on over in europe but remember that disney is not sitting here and saying woe is me i don't care about chernobyl chernobyl being the rubric. >> you're focussed on that that was 1986. >> here is chernobyl, on april 26th, the dow was -- >> really? >> but dow jones was at 1,841. it fell to 1758.

almost immediately 4% decline during that period, all of my clients at goldman were shorting brent stocks and milk and sweden because of the course of the radiation. and they ended up being down big because may 28th the market was up. >> okay. thankfully when it comes to this ukraine nuclear plant, there was no radiation. >> yeah. and some made this point last night. they're not building plants the way they built chernobyl. >> yeah. >> chernobyl was faulty from the beginning. >> wait. did you see the special? >> yeah. the hbo show it was wonderful. >> amazing show. >> yeah. >> and then, yeah, the political ramifications of chernobyl in terms of gorbachev and the overall soviet something, it wasn't i appreciated until i watched it i don't know why you keep talking about chernobyl. >> here is why because the market rallied after chernobyl. it first went down 4 and then it

rallied. so i'm saying that what you see on your screen could change, if there is some sort of brokered pierce, i know people have written off. if there's a surrender, which would be horrible. or if there would be -- okay we can have a state -- >> none of those things seem likely right now. >> nothing ever seems likely. >> understood. understood you're saying beware of a potential rally, if we were to get it. >> yeah. i think friday is bad. >> yeah. i'm saying the employment number was good it's gotten stable okay things are okay. i'm saying for you got a break in europe, then, yes, you would say why did i sell everything? otherwise you should own oils. you can't own nothing but oil.

that's a stupid sign that's what a lot of hedge funds went bust in '82 to '84 because they only owned oil. >> people are arguing now it's the millennial new favorite. they got out of coins. now they're about wti. >> one of the reasons i -- which is not as big as exxon he uniquely understands this it's interesting when you speak with younger people, which i do. these are people who own snowflake. they thought it was a metrological play. now suddenly they want to the own, hey, i saw the guy david. the good looking guy they always say that good for you he said exxon. i said he went to exxon. not that exxon was good. i want to own exxon because they're big. >> they care about climate, too. >> they're doing a lot. >> yeah. it's not going to work.

>> i like the viewers writing in "am i relevant to you. >> meanwhile, i got a text -- i can't say his name he said to say hi. somebody text it to me. >> yeah, well, i got a text that actually has -- >> you know, i'm going to do a favor and put on something that could be a issue for some of the market. >> unsweet reads. >> no anti-trust i want to talk about anti-trust this morning in part because amazon mgm deal which conceivingly will get closed prior to hearing from the ftc. can't confirm that you can see that there remember they announced the deal it seemed to have absolutely no anti-trust obligations yet this is the environment many companies are operating in now [ cheers and applause ]

it puts a spotlight on anti-trust inforcement it's something we talked about in great deal here in light of microsoft's pending deal of act vision, as well. even the president brought it up in the state of the union address. take a listen. >> capitalism without competition is not capitalism. capitalism without competition is exploitation. you have four basic meat packing facilities that's it. you play with them or you continue get to play at all and you pay a hell of a lot more. >> echoing words of tim wu it's interesting here, of course, anti-trust theory has been largely basing the country on the consumer and, in fact, that's where the law takes you if you were to go to court on

many things, many people believe you're actually not distressing the consumer you'll win one of the deals in jeopardy is sanderson farms. that was announced in august i'm told that, yeah, let's make changes to the transaction, it's not going through. as is currently contemplated elizabeth warren writing a letter to the anti-trust division of the doj back in med february saying they have concerns about the $4.5 million deal as it stands, sanderson farms will not happen. >> yeah. >> they do seem interested in trying to potentially change the deal maybe you bring in private equity maybe you can figure something out that will satisfy doj. you mentioned aluminium rail

i'm glad you did. >> that's a big deal. >> that's an example of the eu getting involved aluminium owned rail and spun it off in 2016 and said, you know, we want to own it again. they bought it and closed the deal in august but still may face a challenge from the ftc. the eu is coming after them, as well the question for multiple cancer blood tests will be so large that aluminium will have the incentive to kill or disable emerging rivals to rail. >> no. the answer is no. >> okay. it's the holy grail. >> right we need aluminum to blow it out. aluminium has scale. >> united health care -- of course that deal was opposed that was just this week. sorry. i'm looking for the paper here. >> i think cantor is going to be

aggressive listen, all of this -- we're not giving you anything you didn't already know, if you follow the headlines map it does have, of course, is a chilling effect on the willingness of companies to pursue large transactions they need to be aware of any number of things here is the ftc taking everybody to court? no they don't have the resources to do that. you want to try to chill it before they think about doing the deal because ultimately if you get to court, maybe microsoft will have to go to court many think regardless of the judge you draw, you'll win on the law. you never know politics plays an important part you need a political strategy, you need a practical strategy. you need a tone that is not necessarily straightforward antagonistic overall anti-trust not hurting the market as much now, jim, as volatility something we have to keep a close eye on. >> okay. october of 2021, ihs market s&p

global announced a merger. >> yes. >> it took them this long to close. european regulatory. >> yes. >> so the thicket is really -- >> navigating the eu and china and, of course, a very aggressive tfc and doj here in the unitedstates could you win in court >> we'll look at cantor's record and wonder whether he's a challenger of anti-trust. >> let's do that. >> we'll continue on this. >> you know anthony blinken was an associate of ours >> you mean the secretary of state? >> yeah. secretary of state. >> a lot of notables in the

firm. >> a lot of notables. >> yes. >> i turned it down. >> guys, we're holding 43.15 10s now down to 25 basis points. we'll get to bob hey, bob. >> good morning. considering that attacking a nuclear powerplant is a whole another level of tail risk, we're only down 1% on the s&p 500. that's not bad at all. and the usual games being played out here going for commodities. metal stocks, energy stocks, continuing to hold up. materials are strong tech is flattish some of the other sectors. it's curious to watch consumers staples. they've been holding up wheel in days we're stressed in the market backs is the real problem, as carl mentioned yields down 11 basis points to 1.73 on the 10 year. stats like hormel have done well this week on the stress level. you have low volatility, some of

the more dividend payers generally holding up very well if you look for the week, companies that held up well, generally companies with low volatility, utility, gold miners, waste management, and some of the utilities that are out there. mccormack, public storage a few of these reads are generally the ones holding up fairly well. when they sell off, it means you're completely derisking the market just to bring you up to date on the russian trading situation. we had new trading today in the new york stock exchange. now basically halting the majority of the russian etfs that have been trading underlying stocks are no longer trading anywhere including london and moscow and the german and the united states. now they are being halgted here. again, these halts are just generally for regulatory concern. nobody is delisting anything nobody is doing anything just a regulatory halt they could obviously begin trading them at any time, if

they want. as of now they don't curiously the russian etf, which trades on a different exchange as of this morning here it is. it's still trading rather remarkable considering we have no stocks open underneath it's the remarkable thing about etfs the trading community can make an estimate where they think it may be it'ssparking a huge debate in the investment community and the mutual fund community and the etf community about what is investable and what is not somebody had a great line to me the other day. globalization in reverse for the etf and the mutual fund business remember we had global investments expanded dramatically as index expanded, etfs everyone started investing globally based on market -- a lot is being debated it's not just russia being delisted from the global indexes. obviously, it's a war situation and rather serious but there's a lot of debate

about what would qualify as investable or uninvestable investment, at this point. for example, china has shown great belligerence not necessarily delisting not forcing it but what extent should people be investing should the question no longer be market caplization or a broader discussion about what the is investable and what is not china has done things to create market volatility. obviously those rise to the level necessarily of having a lot of indexes delisting nobody has done that yet there's been some stocks from china delisted here in the united states. so it's a big debate, carl, in the investment community what is investment and not on a global sphere. back to you. the will thank you so much, bob later on today, join jim for a 12:30 p.m. eastern time.

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♪ good friday morning. welcome to another hour of "squawk on the street. i'm carl quintanilla with david faber. we're live at post nine of the new york stock exchange. morgan brennan has the morning off. those headlines out of ukraine last night, partially offset by a pretty good jobs number and a decent wage print. we are off the initial lows of the morning. dow down 283 we'll start with russia and ukraine. eamon javers is back with the latest >> good morning, carl. in the last hour nato secretary general jen stolting berg says the military alliance is not planning to put boots on the

ground or airplanes in the sky in ukraine despite the situation we've seen unfolding there here's what he said. >> at the same time we have a responsibility as nato allies to prevent this war from escalating beyond ukraine because that will be even more dangerous, more devastating, and will cause even more human suffering we are not going to move into ukraine, neither on the ground or in the ukrainian air space. >> reporter: those comments coming despite the apocalyptic pictures we saw out of ukraine last night russian forces attacking and shelling europe's largest nuclear plant in ukraine, the video showed what appeared to be tracer fire as round after round impacted buildings on the site of the plant igniting a blaze at the facility and prompting ukrainian officials to appeal to the west desperately for help and warning of a meltdown that could be bigger than the

disaster at chernobyl. by daylight the photos were reassuring fire crews on scene, the blaze smoke, but contained for now no radiation was released. in bizarre twist, ukrainian officials said russian troops have taken control of that site, but they're allowing ukrainian staffers into the plant to operate it throughout the day today. three ukrainian soldiers were killed and two wounded in the attack officials said the building that sustained the most damage was a training center and not part of the nuclear reactor. right now, we're awaiting a briefing from president zelenskyy in ukraine expected to come any moments and bring you those headlines as soon as we have those as well. >> we're watching every tick thank you very much. let's bring in brian sullivan to talk about the attack and the impact on energy markets. as we're also trying to keep tabs of a possible iranian deal, the british chief envoy, says we're getting close.

>> yeah. carl, i mean there's so much going on it could make your head spin this nuclear power plant looks like it was -- not a good scenario, but at least it appears to be undamaged. that's a positive. i want to turn our attention to something else that just happened moments ago it has never happened before spot natural gas, which trades in the netherlands, called the ttf futures, it is basically buying natural gas in the futures market, spot natural gas futures just broke above 200 euros per mega watt hour that sounds weird and confusing. here's the idea, carl. they were at 18 euros per megawatt hour exactly one year ago. when i was in london in november talking about the impact of higher gas prices on the europe and uk they were around 130 euros per megawatt hour. we were saying that was bad. they just broke above 200. okay what does that mean? well, it means if you want to buy spot natural gas or maybe

invest in futures at least anyway, you're going to be paying a thousand perrent more than one year ago. i'll lay it with this, it's a little confusing, the conversions, if oil prices or oil futures have tracked the same way that natural gas futures have, oil would be 750 u.s. dollars per barrel. that's the equivalent of the jump >> that puts it in some perspective. that said, europe has its own particular issues when it comes to energy overall, doesn't it, in terms of reliance on wind that may not be blowing as hard and not enough solar, nuclear taken out of commission in germany and on and on. it doesn't mean here in terms of natural gas specifically that we have to face anything close to what they're dealing with, does it >> i literally was saying to my

wife thank goodness we live in the united states, at least right now, for a lot of reasons, but one of them is energy security i know, david, you've done a lot of great work talking to exxon and stuff about this here's the reality we have got low cost energy, natural gas here isn't -- not even $5. it's not the equivalent because i'm talking mega watt hour per million btu. our natural costs are relatively low. they're getting clobbered and to your point you're right, we are seeing suddenly, by the way, the uk doing a u-turn and talking about reopening or reinvesting in six oil platform in the north sea just a couple of months ago at the climate summit in glasgow, saying fossil fuels are over now europe is doing this incredible quick pivot, which david, we know is this, you don't pivot quickly in fossil fuels because once you turn them down, it's hard to turn them back on. it's not just a knob

it's a lot of infrastructure and manpower and money europe is in a very, very difficult spot right now. >> yeah. what that is going to mean fort economy there as well, something we'll watch closely. always great to get your input on these topic, thank you. >> thank you all right. let's turn to the february jobs report posting its biggest monthly gain since july. senior economic reporter steve liesman has more for us on the numbers. good morning, steve. >> hey, david. a solid piece of good news as we head into a period of real uncertainty about the inflationary and growth effects of the ukraine invasion. some economists are already warning essentially or downplaying the strong numbers suggesting they won't last in the current circumstances. anyway, here's the february jobs report up 678, unemployment rate ticking down to 3.8%.

wages were muted but not a lot of people believe that it could have been a mixing issue of low wage workers coming back and the revisions up nearly 100,000 for december and january. where are the jobs where you expect them to be when you have a recovering economy from a covid crisis. leisure and hospitality, up 179, professional and business services 95. health care workers doing well a sign of return to normalcy both having good months up 48,000 on the ladder how much longer can it continue? it's only a matter of time before weakness sets into the job market from the surge in prices linked to the ukraine invasion and potential uncertainty me said it's difficult to make the case that hiring will continue at such a robust pace given the clear economic risks as prices explode due to the war in ukraine. despite labor supply and lower wage gains increases, the chicago fed president was clear

in a cnbc interview that he thinks the fed taout forge ahead with rate hikes. >> we need to be moving towards a more neutral monetary policy, certainly by the end of the year, so that we're within striking distance of, you know, taking a position that would deal more forcefully with inflation. >> okay. neutral would be 2 to 2.5% evan said 175 or a hike would get the fed close enough by year end but did caution he's not sure that many is needed the gathering forecast, guys, for higher inflation probably lower job growth and fed rate hikes to come. carl >> steve, thanks so much steve liesman for the first white house reaction to the jobs number is the director of the council brian deese. welcome back appreciate your time. >> great to be here, carl. >> the first reaction to the wage print this morning on our

air was, was this a mistake? the goose egg month on month do you believe it? >> well, overall it's a very strong report. as you were discussing, the gains in jobs were broad-based as with all of these reports every individual month you take with some grain of salt in the wage you saw the wages versus earnings data in january sort of flip in february, so we'll have to keep an eye on that top line is very strong and broad-based jobs growth. the americans are getting back to work and back to work, signs of returning to the workplace increasingly as well all of those are signs of an incredibly resilient and strong labor market continuing to drive things forward here in the u.s >> we've waited so long for some decent material upticks in labor force participation. now we got this nice increase in part-time for economic reasons, basically people who need to go back to work even part time because they need the cash, is that the kind of supply that the administration and the country has been waiting for

>> well, it's interesting that you point to labor force participation because we're all looking and hoping that that comes back, but to that in context, the labor force participation is strong. we've seen the biggest uptick in 40 years much faster than prior recoveries we want to continue to see that happening and as you say, the more people coming in, working part time who want to work full time, that's a sign of strength and hopefully a sign of things to come. what we're seeing is more people getting to work, more people seeing the opportunity in the jobs market, and that provides a real resilience. we have real challenges, obviously, with prices and with the impact of the war in the ukraine, but we come to that from a position of relative economic strength in the united states and a big part of that is the strength in the jobs market. >> brian, one thing the street is wrestling with right now is the pace and the trajectory of real wages

it's positive for the lower style but inaggregate not keeping pace with inflation. bofa says if it's still negative by summer u.s. recession is likely i wonder what you make of that and do you expect real wages to be positive in aggregate some time this year >> well, certainly our focus is on how we can extend the gains of this recovery in a way that produces sustained wage growth, particularly for the lower income and bottom half of the income tile as we return to normalcy and as we get prices under control here that's certainly the goal and our objective here there are lots of risks and i've seen many different projections on that front, but the objective here is to try to sustained the wage growth that we've seen, particularly at the bottom end, while we normalize and, you know, big thing that's going to help on that front is increasing seeing the kind of job prints we're seeing here, strong job prints not just last month but the revisions from prior months

suggest that even in the face of omicron, this labor market is continuing to produce really solid gains. >> you mentioned the crisis in ukraine and i know you've also been focused on supply chain issues that have obviously bogged down certain parts of the economy for some time. what do you see as the impact from the hostility in ukraine at this point in terms of your efforts to get things moving on the supply chain front >> well, it's an incredibly fluid and fast moving situation and we are monitoring in real time on an hourly and daily basis so things will evolve quickly. there are real challenges in a number of areas including commodities and we're tracking the energy market on an hour by hour basis in terms of overall supply chain fluidity, we do come into this period with some real momentum on that front, certainly in our ports and transportation and logistics sector our focus is trying tocontinue

the progress we've made in the u.s. based supply chain which as you know affects a lot of goods in commerce that will not be principally affected by ukrain or by russia that's about getting more truckers on the road, getting more truckers into good jobs, but getting that flow from ports to trucks to warehouses, et cetera we can make a lot of progress on that domestically because a lot of our economy and a lot of the places we've seen those pressures have actually, are actually not directly affected clearly there will be impacts and those are things we need to keep a close eye on. >> specific to truckers which comes up oftentimes in conversations we have here with those who run logistics companies, there is still a shortage you referenced it. what evidence can you point to that is saying that things are getting better there and will continue to when it comes to simply not having enough people to drive trucks? >> well, if you look at top line indicators, things like dwell times at ports, which is, you know, capturing both the flow

into ports and out of ports a lot of which are coming on trucks, those continue to move downward and if you look at aggrated supply chain index you're seeing some positive downward momentum on that pressure at the same time we are working and have made progress over the last 60 days in working with trucking companies and the trucking industry to get more americans into registered apprenticeship and other ways. the challenge of getting more truck drivers on the road is providing jobs and career opportunities that are attractive these are tough jobs and jobs that mean you have to be away from home and the west way to actually attract more people into that sector is to make them attractive jobs. we've had enormous success in the last couple months in cutting red tape to provide registered apprenticeship. that's something we're working hand in hand with industry on and going to help across time. we are seeing some progress on the top line fluidity of supply chain indicators which, you

know, is a function of more things moving on roads and rails more quickly >> finally, not get too wonky, the street is watching the yield curve as we get closer and closer to signs of a potential inversion. is that a focus for you and if it were to happen what do you think it would mean? >> well, look, we're focused on it and it's something that we are paying attention to, the kinds of things that are risk factors in terms of are we worried about the downside risk as well as the upside. we're obviously keeping a close eye on and monitoring what the fed is doing we're leaving those policy choices to them. i think that as we look at the current economy today and you look at the jobs report, what we see is really striking and historic resilience. resilience in the face of significant challenges, historic challenge, and some without real precedent in modern american history which means we have to be humble about monitoring the situation. at the end of the day, the resilience of the labor market

and the resilience of economic growth and the american consumer right now is really quite striking we take some comfort from that but certainly we're not resting on that and continue to try sti very focused both on those risks and what we can do to mitigate them including the supply chain issues that we were just discussing >> right we appreciate you talking about those things in addition to the print this morning thanks so much see you next time. brian deese. >> thanks. still to come, don't miss an exclusive with the ceo of honeywell on how that company is d navigating the russia and ukraine conflict and supply chain challenges as we head to break the biggest laggards on the dow for the week you can see led by american express and the banks have not had a good week and jpmorgan flti odown almost 10% a reeconf that we're back on "squawk on the street" after this.

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dow component honeywell holding its first investor day since 2019 reaffirming guidance and laying out plans to grow more aggressively and boost profit margins the giant announcing a $4 billion stock buyback program plansds to spend $25 billion in capital over the next three years. higher growth in part being driven by initiatives turned business units like software, automation, also esg with new opportunities to make the operations of customers more sustainable. i spoke exclusively with ceo and

chairman darius adamczyk to discuss all of this as well as how honeywell is navigating supply chain challenges and inflation and now geopolitics as the russia/ukraine conflict rages on and sanctions roll out. >> darius, thank you so much for joining me today. >> nice to be with you, morgan good to see you. >> i have to start with geopolitics because it is what is getting the world's attention including investors. how are you navigating the russia/ukraine conflict and i ask that not just from an operational standpoint in the region but in terms of the sanctions that are now starting to roll out? >> right obviously it's been a very, very quickly evolving situation, and we kind of take it -- our business in ukraine actually is relatively small we have less than 15 employees there and obviously wave been trying to assist them in the best way we can and making sure that they're getting to safety

you know, russia, it's a little bit bigger it's roughly about 1% of our revenue base and we're trying to monitor both the supply chain, the sanctions, and so on. it's -- the situation obviously changes by the hour, so it's kind of hit us fast and furious here, but we're already making arrangements and plans, the safety of all our employees is our first and foremost objective and then looking at the supply chain, the ability to continue to transact business, all those things, and obviously making a lot of contingency plans if we can't do certain things. i it's evolving quickly. >> such a tricky situation and i can't tell you how many executives i speak to that say they are going through dozens of pages worth of material where the sanctions alone are concerned right now. on the one hand honeywell has a significant book of defense business and we're already seeing defense budgets both here in the u.s. and among allies begin to increase.

on the other hand you supply into the commercial and aviation industry as well and an area analysts are little bit concerned about for things like supply chain could be impacted how you assessing the broader impact, potentially toshgts honeywell portfolio? >> i think correctly point out there are puts and takes, exactly how long this will impact us in the longer term is hard to judge right now. obviously we think that, you know, some of our defense and space business could benefit some of the aviation business, at least temporarily might be splitly impacted obviously the airlines have to fly different routes to get around the air space of russia i think there's a greater colation to the emergence from covid. that's the biggest driver in terms of air transport and so on we're seeing the flight rates pick up and expect those to continue to pick up.

on a regional basis in and out of russia there will be a negative, but overall, we see aviation continuing to gain momentum throughout the year. >> let's talk a little bit about supply chain we've seen this, challenges across many industries and companies. honeywell has been no exception. the inflation impacts as well. how are you continuing to navigate those issues and given what we're seeing playing out with russia/ukraine does that potentially push the timeline for a return to more normal levels out further >> yeah. i mean, as it pertains to particularly russia or ukraine we're still assessing the impact of that, if any, for our supply chain, probably more aviation, aerospace oriented than anywhere else overall i think there are puts and take on the semiconductor side we actually see some small -- some green chutes of improvement, seeing some positive things happen and we're more and more optimistic the aerospace supply chain is

impacted obviously there's a lot of capacity taken out of the system in 2020 and 2021 and the market is coming back, both on the oe side as well as on the aftermarket side and there is some challenges that we're seeing particularly in things like forgings, castings, and things of that nature and we're working with our supply base to help them try to get back to capacity and that will take a few months to work itself out. there are certainly some of those challenges out there we are seeing green chutes, particularly in the semiconductor space. >> so one of the things in focus for investors is the fact you are accelerating the long-term financials for the company at your investor day, increasing sales 4 to 7% organic from 3 to 5% targets before. how are you able to achieve that stronger growth? how much are these new investments in these new types of technologies powering that? >> right well that's the exciting part.

we've been a company where our say matches our do we had a prior financial framework of 3 to 5% organic growth, 30 to 50 basis points expansion. we've exceeded the financial commitments. now we're going to the next level of 4 to 7 and 40 to 60 it's all about innovation for us, whether it's innovation in the core, where more and more products and solutions are coming from within things we've launched combined with what we call breakthrough initiatives like quantum computing, like the uv/uam space what we talk about today which is our brand new business, which is kind of a breakthrough initiative at first and now it's going to be a full-fledged business called sustainability technology solutions which he essentially has every technology, every capability, to really drive the transition of the energy industry. so from hydrocarbon intensive to

less hydro carbon intensive. think about green fuels, think about plastics reskling. energy restoring and hydrogen and carbon capture this business unit has every one of those technologies within it. what we sign up for today is a 50% compound annual growth rate for that business for the foreseeable future. >> when we talk about esg so many times on this network it's about what companies aredoing and the public mention they're making for their own businesses. you are telling me you are building a business that is going to be your fastest growing business helping those companies achieve those goals? >> precisely we want to play a fundamental role in transitioning to the new energy future and some of our current customers we envision very much our future customers as they make that transition pap lot of customers are coming to us to help them with their scope 2, scope 3 emissions and that's really exciting.

we have the whole range of technologies to help them achieve those objectives by the way, we also have our own internal goals we committed to being carbon neutral by 2035 which is 15 years ahead of many, many others and the paris accord we are doing what we're preaching as well in terms of our own facilities as well. >> how quickly can we see these types of technologies deployed i ask that because for better or worse, the geopolitical situation right now with oil and gas, you know, trading at multiyear highs, is putting things like renewable energy and these new green technologies into focus. >> absolutely. i mean, the higher that oil and gas moves, the faster, the better the economics of some of these sustainable technologies to some extent, oil being north of $100, actually pushes the economics for many of the sustainability technologies.

in terms of how quickly, it really depends on the technology for example, in green fuels, that's something that we're doing today. we've had eight or nine wins in the last six months in terms of winning bid after bid for green fuel technologies, something well defined, had it, done it, many of our customers are now creating facilities to create green fuels. >> that was morgan brennan with the ceo of honeywell watch the full interview at cnbc.com/pro to all of those points energy this morning is the only sector that is green. up about 1.2%. dow down 460 drawn to 4300 like a magnet.

i think the anxieties about supply have continued to keep this pressure on prices. we don't see signs there are physical supply shortages appearing yet, but inventories were low coming into this. prices were rising coming into this, and the fact that geopolitical risk shows up in a risk premium in oil markets

shows you we're in a tight market once again. >> if there is a significant supply disruption with respect to russian crude in over 6% of the market today, that will be difficult for the market to take -- to make up and that will lead to, i think, significantly higher prices. >> time now for the etf spotlight and i bet you can guess what we're going to look like the xle, the spidr energy etf. you can see it is up again you heard from the ceos of chevron and exxonmobil they both joined us this week and, of course, we talked about oil prices which are set to post the strongest weekly gains since the middle of 2020 in fact, oil continues to rise on fears of tensions between russia and ukraine, disrupting shipments from russia not to mention, of course, the potential sanctioning ongoing in russia that could even include an attempt to try to avoid the purchase of russian crude. exxonmobil telling me any disruption in oil supplies and

you heard it would result in what he calls significantly higher prices and, carl, the stocks have been benefitting as well. >> yeah. meantime after the break, don't miss goldman's chief economist jan hatzius, we'll talk about today's job number and global economic outlook and all things inflation. we're back in a couple minutes. ♪ ♪ wow, we're crunching tons of polygons here! 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 when traders tell us how to make thinkorswim® even better, we listen.

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. here is your update at this hour waiting for a speech by ukrainian president zelenskyy that was scheduled to begin just about a half hour ago. earlier today he denounced russia's attack on a nuclear power plant in his country as terror on an unprecedented level. united nations security council scheduled a meeting for an hour from now to get a briefing from the international atomic nuclear energy about the fire in the plant.

it has been put out with no lease of radioactive material. russian troops control the site. nato's leader sympathizes with protesters who want to impo es a into fly zone over ukraine but generals stoltenberg told reporters shooting down planes would spark war in europe creating more suffering. thousands continue to flow into poland where some are reuniting with family an friends. estimated 500,000 people have crossed the border president biden is scheduled to speak with poland's president on the phone today. that's the latest. david, back over to you. >> thank you. worrisome developments in ukraine overnight and during the course of the day weighing on the broader markets. stocks just off session lows, despite what was a stronger than expected jobs report at 8:30 eastern time this morning. you can see the s&p down about 1.4% goldman sachs out with a note saying geopolitical risks have risen sharply, and it sees

potentially large downside growth risk deuce to, of course, what continues to be the horrible conflict in ukraine joining us for more on the macro economic risks is goldman sachs' chief economist jan hatzius. good morning, jan. first off, love to get your take on the jobs report, what, if anything stood out to you? >> it was a strong report, clearly, both in terms of payroll employment and the decline in the unemployment rate by 0.2, increase in labor force participation, so i think quite a strong statement that we're making continued, rapid progress on employment. at the same time, the average hourly earnings number, much lower than expected, although much of that was probably a noisy category if you just focused on production and nonsupervisory work there was a moderate increase at the margin i would say it

reduces slightly the concerns about labor market overheating >> yeah. but you're not taking a lot away from it, i guess, is what i hear you saying in terms of what you referenced as noise? >> we have a lot of different indicators on wage growth and labor market slack and tighteners and most of them are still saying this is a very tight labor market with wage growth rates that are beyond what's ultimately sustainable. i think this is still very consistent with the fed starting to normalize monetary policy with the 25 basis points hike in a couple weeks as jay powell said this week. >> your estimate of where we would end up on the unemployment rate is 3.8% is correct. how much lower can we go >> i think we can go significantly lower, but the question -- i don't think there's like a physical constraint that would keep us

from going down to the low 2s, low 3s, but i think it will mean further acceleration probably in wage growth or at least continued wage growth above levels that are consistent with 2% inflation so we do expect the unemployment rate to come down further, not as rapidly, but to the 3.5% range by the end of this year and below subsequently. >> jan, we tried to get brian design of the white house to get -- to comment on that specifically this morning, both on the pace of real wages and the spread and where that leads us to in a discussion about recession risks. what is your baseline on that right now? >> well, we're not forecasting recession. we, you know, think that, of course, the more you see declines in labor market slack or increases in labor market

overheating, inflation rates that are far above what the fed's ultimately willing to tolerate and more aggressive increase in interest rates, yes, that will raise recession risks. i think at this point a more gradual slowdown is our baseline expectation. >> no change at all in your estimates in terms of the fed's pace on tight snng -- tightening >> no. we still think 25 basis points a meeting is the right call. that was true, you know, prior to the invasion of ukraine and the further sharp increase in energy prices and the turmoil in financial markets. but there was more of a chance that they would turn to a 50 basis points move now that seems very unlikely.

so no change in the baseline, but a reduction in the upside risks of the baseline. >> jan, always appreciate it thanks for joining us. >> thank you as we go to break, check out the biggest laggards on the s&p this morning as we are, again, pretty much stuck at 4300. we see the travel names, airlines had a brutal couple weeks as the tape says apple sets april 11th as a return to office forhe eloes tirmpye back in a moment. check out this vrbo. oh man. ♪♪ come on. ♪♪ ♪♪ ♪♪

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we have seen a wave of global companies stop doing business in russia entirely, but crypto currency exchanges are a notable holdout. kate rooney has more on why and the balancing act for that industry kate >> hey, david. crypto changes are stopping short of a complete ban on russian users, despite calls out of ukraine to clamp down kentucky, kraken and binance are

among the exchanges operating in russia within the legal limits and complying with current sanctions. the ukrainian vice prime minister asked all exchanges to block users in russia, and its ally belarus, but as kraken's ceo told me yesterday, the exchange is working within opec and state department sanctions which covers certain banks and individuals but until that expand, he says, to a countrywide ban, like we've seen in north korea or iran, kraken's doors will stay open >> it's a pretty extreme measure, you know, and it's far beyond turning off someone's access to their music streaming service or their photo sharing app. shutting down someone's financial access we take seriously and generally only do any at the request of a government agency with a formal legal requirement to do so and we don't believe that, you know, the majority of russian people support this invasion.

>> this really mirrors what other crypto leaders are saying. coyne ceo brian armstrong tweeting overnight that says we believe everyone deserves access to basic financial services unless the law says otherwise. a ban would fly in the face of why crypto exists. all of this really highlights a new conflict for the industry. on one hand companies need to keep customers happy, many of them got into crypto for the idea that it's apolitical, sovereign money, some of the early adopters really tend to be more libertarian, but as the industry grows and matures it's needing to work more closely with the regulators. back to you. >> it's a conundrum. for more anthony denear, ceo of an etrading platform. appreciate your time good to see you. >> good to see you, carl. >> where do you come down on this do you feel any responsibility as part of the industry to clamp down on access >> well, i think kencoinbase hai

right. crypto was basically built to allow easier transactions of financial transactions going across the globe and doing it for cheaper. now if there are any rules in place that require any exchanges to block, obviously they should comply and do so but, you know, coming from a standpoint of which side your political spectrum may lie on deciding which population could have access to those financial tools or not, i think is taking it a little too far at this point. do you have any doubt that russia as a state actor is using it to -- as a work around on sanctions or is that even possible at that scale >> yeah. i mean we're talking about a scale when you're doing it countrywide i think doesn't really apply to a lot of the exchanges no matter how big they are. i think it's a little bit of speculation on that. i wouldn't -- i don't think that argument holds water. >> what's your take right now on the price action itself and how it's related to risk hedging

the correlation two the nasdaq 100 is close to 1 near an all-time high, but in other areas it's not acting the way you would expect. >> yeah. i mean there's three real reasons why, especially retail, gets involved in crypto, right the transaction solution, there's a store value and there's a speculation aspect now, you know, we have seen crypto rally a little bit when this conflict in eastern europe started due to the transaction solution there was an uptick in prices related to eastern european use of that blockchain technology. store of value, we look at what's been going on with inflation and gold is clearly taking the front seat on that, right. now to your question, more to the point, speculation, right. in my opinion, we're still deeply in this phase as it pertains to a typical crypto investor where they are buying and selling currencies in lockstep with the market's daily

performance which points to its primary use for now as a spec la tivg vehicle and that's how we see it here for the time being and bitcoin looking to test the $40,000 level is coming up again. before i came on the show i think we're at 41 and change we'll see what happens when that 40,000 gets tested >> right finally we mentioned coinbase and their take on russia and ukraine. brian armstrong says if the government decides to impose a ban we'll follow those laws. is the industry trying to actively preempt that and make sure that ban doesn't happen >> that is a conversation that's out of my scale. i mean, webull is not a crypto exchange we provide users with access to the exchanges. if the exchanges decide to lobby a decides one way or the other that's something that they're going to have to figure out and look at the consequences of that after, you know, after any decisions are made >> yeah. and many -- much bigger decisions in front of it for

sure for players all around the world. anthony, thanks. anthony denear from webull coming up on "techcheck" a pair of tech giants reporting results, broadcom and marvel, they are trading in the green in a tough take dow is down 500. dow is down 500.

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30 billion over 5 years is half on a yearly basis of what we are actually spending we have room if needed to go stronger we think with this amount we can do an excellent job to do to support the investors today which is to make 100% sales in europe and no less than 50% ev sales in the united states >> carlos joined us earlier this week shares of the company ending on a rough note they are down over 8% today, 20% for the week

that's the automaker's first week since announcing its ev strategy for the next few years on tuesday no stranger in terms of weakness of the european markets. look the germany dax and france as well, all down, 4% on many of them, even more when it comes to italy. we will be back after this

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president biden announcing new sanctions against members of the russian elite. robert frapgnk has the story for us >> the white house announcing blocking sanctions on eight wealthy russians and these are restrictions on another 19 oligarchs. this is the sixth richest russian. his plane and yacht will be barred from the u.s. roman is quickly selling his properties and chelsea soccer

team he said proceeds of about $4 billion will go to a foundation benefiting all victims of the war in ukraine french officials served a yacht of a man currently under named they made the seizure after it was said it was readying to make sail the boat is registered in the caymans, owned by a shell company. that's the issue these guys have been planning for this for years they usually buy things under anonymous llcs or shell companies. we will see a lot of court cases if and when they start seizing the houses, the yachts the

planes of these oligarchs. >> apartments? >> so far none of the apartments are owned by sanctions officials. there were some transferred ages ago. we will find out if they go after llcs whether or not behind them are sanctioned russians >> we are all eagerly awaiting getting some of that on video, watching some poor oligarch lose their yacht. in the time we have left, shares of tesla have been in the green. i did see it might have been down a little. you see it right there been waiting for quite sometime for approval to start commercial production in berlin it could produce half a million vehicles per year when it gets

fully operational. it did get approval to begin production from the state environment office, but not right away license is subject to an objection period along with other controls still a good sign. that will do it for us tech check starts now. ♪ >> good friday morning welcome to tech check. today volatility continues for stocks the nasdaq falling 2%. losses on the year now 15% a couple of chip names on the move after reporting results we will break down