there? >> yeah. the access up until this point access to twitter and facebook limited. this is different of a full-out ban. it would have a big impact. >> absolutely. thank you for covering this for us that does it for "the exchange." "power lunch" starts right now ♪ thank you. welcome to "power lunch. i'm tyler. kelly will join us a market sell y-off today three pillars of concern war, inflation and what the federal reserve may do with interest rates commodity chaos. the ukraine war could lead to a biggest disruption ever of

commodities. kelly? >> already starting to feel the impact thank you so much. hi, everybody. stocks off session lows. dow down 331 drifted lower by 130 points in the past hour. s&p down 51. nasdaq the worst down 1.8% bond yields are falling. the yield on the 10-year trading at 1.73% why energy is a best performer and utilities. technology and financials with the falling rates are underperformers. >> thank you putin's war in ukraine a pillar of concern for the market for ten days and before that russian forces controlling europe's largest power plant and ukraine's president calls on europe to stand with his country. eamon javers in washington with

the latest eamon? >> reporter: we have new video and the video shows damage done to a school in ukrainian after it was hit by shelling in shytomyr you can see the destruction and fire teams making the way through the rubble there a terrible scene earlier today u.s. ambassador to the u.n. linda thomas greenfield called on russia to withdraw forces from the nuclear plant and to allow medical treatment for injured personnel there. >> by the grace of god the world narrowly averted a nuclear catastrophe last night russia's attack last night put europe's largest nuclear power at grave risk. it was incredibly reckless and dangerous. >> reporter: and secretary of state antony blinken praised the

response so far from the european union >> we have to sustain this until it stops, until the war is over the russian forces leave, the ukrainian people regain their independence, sovereignty, territorial integrity. we are committed to doing that. >> reporter: tyler, we got a statement from the g it is 7 foreign ministers saying that vladimir putin, russian supporters and the belarusian government bears the responsibility. >> thank you. it appears as though the threat of nuclear fallout is contained that nuclear plant eamon was just talking about it underscores the importance of energy and energy independence in this conflict and beyond it joining us now is ed mcginnis, ceo and former department of energy acting assistant

secretary. good to have you with us. >> good to be here. >> how close did we come to a full disaster? >> i completely agree it is completely unacceptable, reckless, dangerous to see what's happened. shelling of the largest nuclear power plant, one of the largest in the world, is egregious and that plant is providing vital electricity to those ukrainians who are going through a horrific time this is electricity for hospitals, for health care, for vital life saving equipment so it is absolutely incumbent upon the military of russia to ensure the unsung heroes, that's what i call them, the plant operators making sure that those units maintained safely and securely,

that they get the resources they need and provided the support they need in an unfettered way. >> this plant supplies a lot of ukraine's electric power, power to homes, institutions as you point out. my question for you is a delicate one and you're not a military person but an energy expert is there ever a reason for an invading army to attack or try to control electrical facility whether it is nuclear or conventional >> absolutely not. it goes against all the norms and conventions that our society is built on and the rules globally that's why this is so egregious. it is unacceptable you are harming the people you are saying you are trying to help it is a contradiction in terms and a wake-up call to the united states because we continue to rely on critical fuel supplies

from russia in the nuclear sector and other countrys that are adversaries such as china for critical materials for solar and wind we need to take a step back and rebuild our independent supply infrastructure in this country >> tell me how long it has been since a nuclear plant was even given the permitting to be built or one was built and opened in this country how long has it been >> a long time we have just recently the first in decades a small mod lar reactor company and hoping that it will be built whether it's one, two, three i can assure you they do not come close to the numbers we are going to need to ensure that nuclear contributing to the climate change challenges, to energy security epa geostrategic we need to unleash the second

nuclear era and industries such as my country is locked and loaded and ready to go. >> you believe that nuclear power has an important role in the future of american energy and energy independence. but what does a night like last night do to the willingness of the american people of their representatives in state, local and federal government what does a night like last night do to the prospects of having more nuclear energy in this country i can't imagine it helps. >> i can tell you this next generation of reactors and current are the safest in the world. we have redundant multiple redundant safety systems we have huge reinforced concrete steel reinforcement domes.

these systems, these reoactors are safe fortunately this units performed the way they were supposed to perform. the next generation of reing a or thes like licensed, these are walk away safe reactors to shut down on their safely without power so an entirely new generation of reokay tors so i feel confident in bringing these to fore for the next generation of americans that need to benefit and we have so challenges from climate change, we are a partner to solar and wind nuclear is an ally to solar and wind. >> if we do proceed in the way you advocate to be open to nuclear power generation where

would the fuel come from who are the biggest exporters of the fuels that would be needed >> european companies and important partners and there are also other partner suppliers coming from the stans. and also enrichment services from russia. 20% of all the enriched nuclear fuel coming into our country today is from russia we need to get away from that. we must rebuild the capabilities and we have the know-how we want to take what we consider treat as waste and is anything but waste. it is a treasure trove, a huge stockpile of clean electricity we need to recycle material in a sustainable circular economy way so we absolutely have the capability and over dependent on form suppliers we have one facility in the

united states that enrichesand that's a facility from europe. we greatly appreciate them one is not enough so we need to unleash the u.s. innovative know-how and have companies chomping at the bit to jump in. >> you point out the incoming nuclear fuel either coming from russia or the stan countries that are really under the thumb of russia. ed, thank you. >> exactly >> final thought >> my final thought is we've got to take this as a wake-up call for the sake of the next generation in our country. >> thank you. the escalation we have seen in europe has led some indices to delist or move away from all russian stocks past hour s&p, dow joenes said i is all listed all stocks

domiciled in russia. what will the new global informsment order look like? bob pisani has more. bob? >> you know, russia delisted think about that a country delisted today new york stock exchange essentially moved to halt trading in three of the last vehicles to invest in russia the franklin, the ishares, did direxion daily it could trade at any time but as of now no trading the last real etf that trades russian stocks is continuing to trade. that trades on the cboe and said that's up to cboe to continue. it is still up there and trading. but kelly brought up a good point. there's a huge debate about globalization in reverse remember there was a great period, last 15 years everybody

expanded internationally and bought etfs, everybody got in according to market capitalization around the world. indexing expanded. now all of a sudden we have a country delisted and some say is this the start of a reversal are some areas of the world uninvested for a couple years what about china is a big question. there are a lot of people pushing the fact that we have an autocratic governments over there that we don't necessarily get along with marco rubio is arguing that american pension funds to die vest from chinese funds. investors say neutral. they're not doing anything on this there's a change in attitudes. for years we were told to diversify and now a push back against that idea. now people say we don't necessarily need to diversify.

maybe certain areas of the world are uninvestable for political purposes or because we don't get along with the regimes and the question is what is the criteria that we're used to decide what's investable and un-investable the etf community and the international investment community are debating this right now. >> unprecedented moves thank you. wheat prices on pace for the best week ever oil's ripple effect. the crude price spike is felt beyond energy. we'll look at the surprising places it is showing up. take a look at the nasdaq down 268 right now with names like micron and airbnb among the worst performers

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billions of dollars flowing into gold the vaneck gold miners etf up more than % this week. the gold shares up nearly 4% this fund alone attracting more than a billion dollars soft commodity etfs because europe gets a lot of wheat and corn from russia and the ukraine. these are smaller funds but the moves have been big and teucrium wheat fund up 35% this week. the corn fund up 10% this comes from track insight and more is available on the ft willshire hub. look at that i get -- see if i go this way? i disappear behind there

all right. big moves are sending shares -- how about that, folks? deere is higher and seema mody has a look at the action running like a deere >> higher agriculture commodity prices will expand farmers' budgets incentivizing them to buy equipment. commodity prices are rising when input prices are also soaring. deere debuting a seed and spray model to limit the fertilizers identifying the plants instead of weeds we know that technology is a key priority for this company and the ceo just last week opening a new tech innovation center in texas planning to release more

disruptive devices and equipment for the agriculture world. shares on deere on pace for a best week since 2020 and outspending the peers on all things tech and reflecting in the stock price outperforming the major industrials so far this week. kelly and tyler? >> thank you this commodity inflation is a big concern affecting all stocks right now. energy you see oil up 25% this week but the wheat up 40% to a 14-year high for more on the prices and where they go next let's bring in bill baroque. where do you think we go from here >> we're not just looking at the front month whaetd but the curve and today while the may contract which is front month is lock limit higher for the fifth straight day we see the july contract come off that lock limit and some may with

exhausted to the upside. we'll see how things are coming out of the weekend and the other commodities close to wheat looking at corn and soybeans, those turned negative on the session. >> obviously after the huge spikes we have seen they con cso dating but where >> there's people trying to chase the move and mentioned the etfs and the volume flow into some, the whaeat etf, saw 15 million yesterday. there's a big push here and maybe hedging going on within that etf with what's going on in the commodities here, too, being locked but when they come off limit it could be virks. we do things in the volatility space to capitalize on today and

very sort of very cautious with how we approach this look at crude oil right now. a good example consolidating. 116 yesterday and a range right now. 106 to 114 going to build a penant and when it if it makes a triangle and break in a direction from there. palladium is another one remains to be seen >> get a pennant and when they build you get a big, vicious directional move and i think it depends on the news flow we have been extreme bullish crude oil to focus on that for a second calling for $100 i think it is ex-hhausted to the upside but the pioneer ceo said you could see $200 oil and i don't doubt that look at palladium today.

russia is number one producer and up 10% just today. palladium is a big one and then copper is another one moving today um 10% and there are other things going on in the world with copper up 10% there's russia producing 2% of the copper but 7% of nickel. if copper is a proxy at times but china manufacturing data this week beat expectations and the people's bank of china said they support the economy you have the london metals exchange with delivery troubles with lower production in chile there are other issues going on right now in the market not just ukraine and russia imagine if the agriculture planting season doesn't go smoothly into the summer you will see prices higher

through the next year. there's moving parts. >> sure. maybe we can look forward to temporary relief thank you so much. >> thank you. stocks losing steam. nasdaq down about 2% we'll show you which stocks are holding up despite the market volatility plus we'll continue to lay out our pillars of concern of the market up next, the fed we'll be right back.

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welcome back let's get a check on the markets. it is a fairly routine day when you come pash it with all the days that we have seen and it is for the dow on track for the fourth losing week in a row. down about .75%. 262 points uncertainty causing the turmoil on stocks here and abroad but cnbc.com found out defensive names beating the market as you see. s&p 500 stocks with more than 80% of the sales here in the u.s. is part one and not exposed to global issues and significant

dividends and on average have buy ratings from analysts. here are the names cvs, pse, edison international and dte energy you see a lot, a lot, a lot of energy companies and of course the medical service and retail firm cvs see the list at cnbc.com/pro time now for a news update with kristina partsinevelos. >> thank you with almost 650,000 ukrainians already in poland the country's president visited a refugee camp near the border today. he told reporters that everyone is let in regardless of nationality. he thanked the people of poland showing so much heart and duda spoke with president biden and vice president kamala harris may visit next week. new york city is dropping requirement for masks in schools. mayor adams said proof of

vaccination is not needed for indoor restaurants and businesses. the paralympic games are under way in beijing and the openinger is moi held. a team from ukraine is participating. duke's coach k is getting ready to lead the team for the last time and retiring after a 42-year career with 2,000 wins the players on the teams invited with 80 people expected to make the trip he is 75 years old back to you. >> with everything going on i didn't realize the last game. >> tomorrow against carolina arch rivals and coach an is there a long time and you see him on the sideline. he is still as fierce as he was on day one west point grad. >> absolutely. thank you. appreciate it. rising oil prices could raise more than just pump

prices where elsewhere it shows up across the economy crisis situations are counter intu intuitive. back in a moment

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right now we have 90 minutes left in the trading day. stocks, bonds, queks let's begin with dom chu on the market. >> we are down and not out not yet. major averages down between 1 and 2% at this stage and above the worst levels of the day. the dow was down 541 down 280 there 1.5% down side of the worst levels of the session. s&p 500 down 179 the composite is the underperformer at the lows off 313. down 230 at this stage the biggest laggards where you expect them. given the developments on the war between ukraine and russia technology, communication services leading from a sector perspective. it is energy that is the best

perf performer given the higher oil prices epa utilities and health care in the green today. keep an eye on the travel and leisure stocks hilton hotels, wynn resorts wit bigger hits as the war may cause them to reconsider travel plans and looking for a superlative look at booking holdings it whit a record high two weeks ago. today it is a new 52-week low. took 11 days from a record high to a 52-week low back to you. >> that is a cliff thank you. now the bond market. last friday ended with the 10-year yield 1.89%. today at 1.73.

rick santelli, you don't see that very often. >> no, we don't why down close to a quarter point on 10s. look at did intraday pay close attention to the 8:30. right in the center left of that chart when the employment report came out it was a solid report. there were a couple issues but yields volatile and went down. the entire yield curve is flatter meaning that there's a lot of flight to quality that's taking over. we talked act the big move from 1.98 to 1.73 trading two-year flat. finally if you look at a one-week of the dollar index up, get this, 2% just on the week and the year to date chart shows how aggressive the chart is.

if it would close there it's near a 22-month high back to you. >> thank you now to the oil market closing for the week after a wild ride to send crude to the highest level since 2008 pippa stevens is watching it for us. >> oil is wrapping up a big week here in the green regaining that slight dip that we saw yesterday with both contracts holding firm above 110. wti up 7%. brent crude gaining 6.7% at 117.83 high ers level since august 2013 closing below the highs from the week and both still sharply in the green for the week wti up for the 26% for the best week in 2 years.

white house economic adviser cecilia rous saying the looking at options reiterating that the top priority is maintaining a steady supply of global energy. russia's war on ukraine could lead to the largest disruption in commodity supply and a quick check on gas prices. the national average more than 10 cents overnight $3.83 according to aaa the highest since september 2012 back to you. >> thank you the next guest says there are some signs of strength including earnings forecasts that are holding up here is kevin kron co-founder at washington crossing advisers what's an investor to do right now? >> washington crossing we have

upped the quality of the holdings in the equity portfolios over the last year or so tactically in terms of asset allocation brought down the expose yush to stocks versus bonds. over the last nine months. sitting here today it is important to have perspective. we published at washington crossing advisers.com a piece to go through the past crisises since world war ii and the answer that we got is a little bit surprisinging when you think about the things that have happened over the years. what you find is 12 months later, stock market is usually up almost 10% or so and 80% of the time not to say the market can't go down here and important to step back and focus on the bigger picture and for us it is about quality and being more flexible

in the portfolio. >> let me understand what you said if you look back at geopolitical crisis, cuban missile crisis or invasion of czechoslovakia in 19 fl or oil shock in the '70s a year later, 12 months later, market up 8 out of 10 times for an average of 10%? >> yes counterintuitive obviously because today we're bombarded with the negative information but that's the record of history and the market found a way during most times to assimilate new and sometimes scary information but then find a way through it markets can be flexible and they can respond. so for example, we see some good

things we see that earnings for u.s. companies which are ultimately most important are hitting new highs now. they're not cratering. number two looking at the week to week strength of the u.s. economy from the federal reserve puts out data on the strength of the real economy that's holding up very well and when we look at the stock market, yes, it is down a little bit as it should be and not down significantly so there's still some sign that investors are holding in there. >> we came close to a 20% correction on nasdaq i think we went through it on one point. >> yeah. >> let me throw two wrinkles into the ironing here and that would be this. crisis is one thing to deal with very persistent high inflation is another thing we just finished a segment talking about commodity inflation that looks like it is here for a good, long time

both in terms of metals, agricultural commodities and the fed raising rates seemingly into the teeth of this geopolitical crisis and let's right now a strong but perhaps slowing economy. >> yeah. so that's an issue we are aware that cycles have happened in the past credit cycles in particular. and they go through phases so the fed and congress got together in the pandemic increasedthe money supply at a third. we have seen the positive aspects of that come first higher stock prices and checks forpeople and now seeing the pain of that which is higher inflation. that ultimately in the past typically led to the aches and pains phase and eventually if the fed moves aggressively to tighten you can end up with exhaustion where you get on the

other side of this and looking at the leadership and markets today through the inflation plays it is about commodities and banks and that we are more concerned about the next phase where perhaps you trip over out of inflation into a deflationary piece and want to be careful owning high quality companies with very low leverage. >> kevin, always good to see you. washington crossings. >> you, too. >> the dow is sliding just a bit down 340 points. >> oil prices are moving higher. ripple effects could impact prices nojut st at the pump we have the details after this

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welcome back to "power lunch. crude oil prices are closing the week above $115 a barrel tending the think about gasoline and heating costs higher as a result of that there's a ripple effect across the economies. brian sullivan is here

>> thank you people may know this but maybe they don't oil prices not just a gasoline issue. a barrel is 42 gallons half to gasoline other key impacts, diesel fuel that impacting trucking, trains, ships. power production costs, costs rising in europe and here for electricity. aluminum and steel costs it takes so much energy and electricity to make these metals that if that goes up they go up. aluminum at record highs also solar panels because they use a lot of aluminum. ceo of first solar blamed higher costs for headwinds this year. it is not good for renewables. what else? planes, trains and automobiles jets made of aluminum and steel.

and bicycles asphalt made from oil. seeing a trend industrial chemicals, they have a component from natural gas or oil and plastics with sere yours of cars. doing this to go faster to get me to speed up and if you can name something cosmetics, pharmaceuticaling without petroleum i'll take you both to lunch and fertilizer prices tripled in the past year and farmers may cut back a short list an thinking about the story. gas prices will rise yes, they will there's a lot of other stories associated with this nothing to do with gasoline but i find it interesting with $6.50 gas in california tagged you and i. >> i think my -- my sister just moved out there and joking about

that what's going on in european where they face a far more dire energy issue what should be the next shoe to drop >> brutal there. okay by the way, great job getting the graphs in. this is the dutch gas futures. obscure. this is not physical delivery. i understand not what people pay but what the futures margt is reflecting and a 1100% jump in the spot market for futures for natural gas. if you're england and buy gas on the spot market as they have natural gas because the wind doesn't blow they pay a lot which is to send millions of people in energy poverty we went to london last year and before putin ian stupid war. it's even worse. this is going to reverberate through utility bills and those

with the least money least be able to afford it. it is a dire situation next week in houston for a big oil conference and if oil had followed natural gas's spot few chus we would be at $750 and gasoline would be $30 a gallon rising like european natural gas futures. >> seems preposterous until you look at the forecasts. brian, thank you as always appreciate it. >> sure. after the break, the markets focused on ukraine and how worried should investors be of the fed? can the central bank walk the line of controlling inflation without slowing economic growth unnecessarily? morepor nc ine "weluh"s xt

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welcome back to "power lunch," aeverybody. let's drill down on the third pillar of concern, the fed does today's strong jobs report make it easier for chair powell to raise rates in a couple weeks and how will the worsening situation in ukraine and a spike in commodity prices impact the

pace at which they'll have toditen. diane, you have a pretty clear view here. you think they still have to raise rates. seven hikes this year. the jobs report makes it easier and perhaps more urgent. >> exactly, what we have is the ukraine crisis has added fuel to an already well kindled fire inflation, and the risk is the inflation we have seen becomes more entrenched. that said, tyler hit the nail on the head when he said powell is essentially walking a tightrope. balancing the need to raise rates, to slow down the economy, and slow down the pace of hiring, maybe even raise unemployment at the same time that they're trying to balance that with not wanting to trigger a bigger seizure in credit markets that would cause a much more destructive recession. >> sure, and i think to that point, a lot of people are thinking they'll err on the side of caution by taking it easy, by taking it slow

what do you say to that? >> i think the counter to that is that although the fed wants to be measured in their approach, they're doing both balance sheet reductions and rate hikes at the same time. that's not measured. the reason they're concerned is they don't want to repeat the mistake of the 1970s, something chair powell made very clear during his testimony over the last two days at capitol hill. >> diane, we're going to take a quick minute for a news alert o twitter with julia >> the latest here is that twitter has been banned by the russian regulators twitter is getting blocked in russia this comes after we heard facebook is getting blocked in russia earlier, we heard that these platforms were being limited in russia and there was limited access to them but now, they are fully blocked in the country we have reached out to twitter for a comment and have not heard back yet >> continuing a press against western news sources including the bbc and others

do we have time to go back to diane for a quick question quick question you see no reason why chair powell would back away from raising interest rates at his meeting in march, do you >> not in march. nothing short of a full credit market seizure would stop the fed from raising in march at this stage of the game >> diane, thank you very much. have a great weekend >> and not mincing her words, either fast moving news day >> we love people who say things it has been a bad week for u.s. banks. wait until you see what's happening in europe. that is next (vo) some bonds last a lifetime. some bonds inspire confidence, and some you grow to rely on.

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it has been a rough week for u.s. bank stocks, even rougher though for european danks. dom chu back with a closer look. >> if you look at the market thoefrb last week, we're in week two of the russian invasion of ukraine, the war happening over there right now. during that span, in the little over a week it was remember, a week ago thursday that we had that first wave of that invasion over the last week, the best performing sectors, no surprise, the energy sector on the soaring oil prices, as you can see here. we're using the energy sector spider up 8.5% in a one-week span that gap between that and the worst performing sector, the financials, down over 5.5% you can see how wide that gap is, the overall s&p down 2% in that span. if you look at the financials in

particular, we'll look at our big banks, the ones with at least the most influence over the markets in the u.s. in that sector jpmorgan chase over the last week is down over 10%. bank of america, same thing as well citigroup down 10% every one of the big banks in the u.s. is contributing to the fact this is the worst performing sector over the last month. if, though, you contrast this particular trade versus the trade that we are seeing for the european banks, it is so much worse for those european counterparts just take a look at some of the big brand names on the other side of the atlantic ubs, that's a swiss bank, is down 16.5% in that span. barclays in the uk, down nearly 20%, and deutsche bank, the flagship bank in germany, which has a very distinct relationship with what's happening with russia given their close energy relationship, those shares are down 27% in one week alone as we talk about some of the outsized performance differences

here, financials, yes, are the worst performing sector, but the european banks because of their at least proximity, not just to the russia geographic situation, but also the economic ones there as well, are some of the ones taking the bigger hits that's going to be a dynamic to work, that divergence, whether we see that close in the coming days and weeks given what's happening in ukraine >> what else we're watching in light of all that, how about the yield curve. twos/tens, pretty flat today i think we're all going to find out the answer to if it gets to zero, is a rescission coming or is the long end distorted and we can go to minus 1.50 before it matters. >> what's curious as we're talking about the fed removing the accommodation since the great financial crisis, who is going to replace them? in times of conflict, apparently everybody can. >> international market. >> people will come in and buy the safety because people focus more on the full faith and credit of the u.s. government as opposed to some of the inflation concerns out there we all talk about this, as

gasoline prices stage their biggest one-day jump in 15, 16 years. >> they're bailing us out here >> 11 cents in a day for unleaded regular gasoline. >> let me understand that chart. does that .233 means it's 23 basis points difference between the two ten year >> yes >> i'm going to take yield curve for $30. all right, dom, thank you. and thank you for watching "power lunch." >> "closing bell" starts right now. >> hello, and welcome to "closing bell. happy friday i'm sara eisen here at the new york stock exchange. major averages under pressure as we head to the final hour of trading, as developments in ukraine inject more uncertainty in the market. the nasdaq is leading the decline, down more than 2% >> let's look at what's driving the action the selling began thursday night when reports emerged about fighting near a nuclear power plant in ukraine the largest in europe. rush has since reportedly seized control of that facility that's overshadowing today's strongest than