it's 5:00 a.m. at cnbc here is the top five at 5:00 global equity markets with losses this morning. crude is surging oil hitting the highest since 2008 ukraine fighting into the 12th day as russia steps up on populated city centers as fighting continues, the corporate exodus grows more companies this morning cutting ties with moscow it is not just energy. food prices are also on the rise and likely heading higher still.

it's monday, march 7th, 2022 you are watching "worldwide exchange" on cnbc. good morning i'm courtney reagan in for brian sullivan a very busy market day ahead here kicking off on the monday morning with the look at the u.s. stock futures indicating a lower open this morning. more headlines coming to us from overseas dow jones industrial average down 463 s&p off 62 the nasdaq looking to open lower by 222 appointments. another rough week for the markets with the dow extending the losing week to four. nasdaq and russell 2000 with the worst week since january the dow is now 9% off the record high s&p off 10%. nasdaq off 17%

russell 2000 off 18% crude oil is surging last night, u.s. benchmark wti and brent were trieadeing above $130 a barrel. wti is up 6% that is trading at $122.94 you have brent crude at $125 higher by $7 everything looks to be trading at the highs with the price of oil and energy markets we have to keep our eyes on this closely as the day moves forward and we potentially get more headlines from europe and what may be going on withimports it is not just oil metals look at the commodity complex. copper and palladium

gold is above the $2,000 mark. pal palladium higher 12% let's get a look at the london newsroom with rosanna lockwood very busy for you as well. >> absolutely, courtney. we were warned about that with raw materials and metals and energy before the conflict really ramped up in the last two weeks or so. we are seeing it play out this morning. we inherited a weak lead from asia in europe, the ftse 100 is down by only, i say that, .10%. there are a number of metals in this we are seeing the losses in paris with the cac down 3.5% the dax is one to watch.

it is down by 4% as much this session so far on monday it is heading into official bear market territory down from the highs from january. across the board in europe, we are seeing massive selloffs. lows we have not seen for a year let's give you a look at sectors. oil and gas is the only sectors in the green in europe oil and gas up 2.8%. brent crude up $130 throughout the night. banks is a story we are watching down 5% today. a number of lenders in europe in the russian financial system and sanctions coming in and heavy compliance with the removal from the exposure to russia it is complicated for banks in europe you are seeing a lot of this across the board a lot of red, courtney >> rosanna, thank you. a lot of red to the latest in ukraine as

the fighting enters the 12th day. russian forces intensifying across ukraine, especially in populated city centers pushing closer to kyiv and kharkiv. according to the u.s. officials, it is the troops amassed on the russian border russia has committed 95% of the fighting forces inside ukraine and attention on the humanitarian rcrisis russia agreeing to open corridors outside kyiv and mariupol and kharkiv continued shelling in those areas and the cease-fire proposals have been declined so far. russia and ukraine blame each other for the failure of that effort as the fighting continues,

the u.s. and allies are discussing banning russian oil and natural gas with europe becoming more open to the idea in the last 36 hours reports this morning, the u.s. is holding talk was venezuela as a possible source of more oil. this is as nancy pelosi says congress will enact a $10 billion aid package for ukraine this week. tracking the corporate backlash as well and what could likely deal a massive financial blow to russia's economy visa and american express and paypal suspended operations in russia kpmg and pwc cutting ties as well they have 4,500 people living in the affected areas tiktok and netflix is also suspending services inside russia amid this breaking news with secretary of state blinken

making comments with leaders in lithuania. that sit down comes as blinken is touring the baltic states he is live right now speaking. blinken reiterating the security of the region. blinken commenting on lithuania. we will bring you the headlines as you see and get a live report from steve sedgwick who is in lithuania. we are going to go to talk about what is going on in the global markets ahead of the u.s. market open. we are joined by vance howard of howard capital management. and then blake gwinn let's start with vance

what is the issue with russian oil and no longer taking im imports. you see the futures across the board pointing to a negative open how should investors review this information as they wake up to the news this morning? >> there is not a lot they can do about it now. we had a sale signal in january. we are sitting at 35% cash right now with $5 billion of trade we have $1.6 billion in cash the market is in the down trend. we don't fight the trend we hear the bad news and it keeps coming and coming. it is in a bad market. the market has covid a mild case or moderate case or if we are headed to the hospital, i don't know i would be very cautious here. i would not buy anything until the buy line turns positive. the brighter side of things,

there are a lot of deals amd and salesforce these will drop to the point they are not a growth stock. they are a value stock this is creating opportunity there is a lot of uncertainty. >> amd is lower by 2% this morning before trade opens and nvidia as well before we bring in blake, can i ask, as we wake up to the news, i understand there is nothing we as individuals can do about it how should we be positioned when looking at stocks and sectors? the energy market is effected. what is the trickle down to consumer discretionary that is an area where you would hold off right now >> we have a position on i would nibble here. to fight the trend is pain and

stress and a loss of money i wouldn't do it sit on cash. build up cash. let it clear through we may not be at the end of this we may be at the beginning of the bear market. we may have 10% to 20% to go maybe ukraine is the symptom of more pain to come. i would get my buy list ready and look for the trend to change next week or next month or next two or three quarters out. i don't know when that will turn it will turn sooner or later there will be terrific opportunities. right now, show discipline and discipline right now is get the buy list and don't buy anything until the trend changes. >> blake, we heard from fed chair jay powell he telegraphed in a way in which many were surprised over what the fed was going to do at the meeting. it looks like 50 basis points is off the table to begin here for the rate hike. if we are, more or less, sure

that 25 basis points is the way to go, how should we be positioned knowing there is still so much uncertainty going on with russia and ukraine even if the fed chair did not seem that concerned about it? >> i think you are right it is worth pointing out we never heard anything like that from the fed chair before. the certainty we have going into the meeting is certainty i don't think we ever had into a fed meeting. you know, the shock and awe path that bullard talked about with 50 basis points, it seems the outcomes have come off the table to some degree you have to contend with the risk off that has come from the russia situation we saw that last week coming into the week as well. starting off on a weak foot. i think the rally we had in treasury started to spill over with more liquidity breakdown. we saw positions that had been short on the aggressive pat of

fed hikes off the table. that rebounded in the week there is a lot of volatility as markets figure out what this means. i think for the fed, you heard from powell, it seems they are not sure which way this goes on the one hand, you can think the situation is dovish. a drag on growth high energy prices cut into consumers' pocket books. on the other side, it could be hawkish. we see bigger risk to inflation and longer energy prices and commodity prices stay high the chance that starts to spill into the core sectors and the fed pays for attention i think people are trying to gather more information and figure out what the long haul is for this is going to be and the impact is going to be on the curve and various asset classes. >> so much information this morning. gentlemen, thank you for helping us we have to leave it there. we have a lot of news to get

through. vance howard and blake gwinn. crude oil hits the highest level in 14 years. what it means for the prices at the pump in the days ahead. and the big tech big weakness why cathie wood's portfolio remains a train wreck. a bus you hoy hour still ahead "worldwide exchange" returns welcome to ameriprise. i'm sam morrison, my brother max recommended you. so my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors the garcia's, love working with you. because the advice we give is personalized. hey john reese, jr. how's your father doing? to help reach your goals with confidence. my sister told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about.

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and ask how to add securityedge™. or, ask how to get up to an $800 prepaid card. welcome back energy prices surging right now. the dow jones industrial average pointing to a sharply lower open down to 450 points lower on the dow jones industrial average nasdaq lower by 200 points take a look at the number of airline stocks also lower as the price of oil and energy surges american airlines down 3%. delta down 3%. united and southwest down 4% bank stocks lower. financials hit hard. jpmorgan chase down 2.5% bank of america down 2%. morgan stanley is the best of the bunch down 1%. wells fargo down 2.5%. citigroup down 4%.

still on deck, it is not just energy prices food and labor prices are surging. we speak with one restauranteur with the price hikes and how he is handling the unprecedented crisises ♪ ♪ ♪ 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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exports hit the market again we are back down right now, but above $122 a barrel for wti crude. brent futures higher to $125 a barrel when the market opened, crude oil surged to levels not seen since 2008 surpassing $130 a level for brent and wti. natural gas prices hitting highs along with heating oil prices in europe and u.s the next guest says if these continue, many states could see gas prices rise above $5 a barrel -- $5 a gallon, i should say let's bring in john kilduff. john, thank you for joining us here today for those who did not follow the

developments, now back down over $130 overnight what happened? why is this going on because of the talk of potentially sanctioning or cutting off russian imports? isn't it 8% of what we import? >> first, this has been overblown, courtney. it is diminimous we get the bulk of crude oil from canada. it is only in the past year or two that the occasional russian tanker because it was priced well or what have you would pull up and discharge and go on its way. it would work out to a couple of hundred thousand barrels a day just because of the size of the blcc you know, there isn't the problem. the problem is the global one. we can't afford to lose the bulk of the production and exports

supplies to europe and other countries, including china, because you would think and the chinese would not go along with the sanctions, but it turns out they already are they are backing away from russian exports and look to be fearful of having their companies and banks stare down western sanctions and not do business with the west china is caught here it became a real reality over the weekend that, in fact, the western countries, which carved out russian crude oil, were doing it they have no choice given what the russians are pulling with escalating the situation it is almost horrible thought that any of us would sit here and import russian crude oil when you see what the russians are doing to the ukrainians. >> that being said, headlines suggest we may look to venezuela

to fill the gaps venezuela is not on top of the list with human rights what do you make of that situation? >> it's not going to be a proud moment in a lot of ways, courtney, when it comes to the crude oil supplies in the coming months we are in the process of cutting a potential deal with the iranians who will gain a huge windfall with billions of dollars held in south korea and the venezuela situation is another one. one other problem, by the way, as if there isn't enough, a major oil outage in libya which is another source of crude oil we cannot afford to lose when crude gets to the town side and negative 40 and now the 2008 highs, it is like to when a team goes on a championship run and someone at the end of the bench scores the basket out of nowhere and win the championship that's the mode we're in right

now. there will continue to be the jolt to the market with refinery outages or supply outages or other things that occur. this keeps feeding in. every other misstep is only going to get magnified with the backs up against the wall with supplies >> we have to talk about what this means for prices at the pump jane wells sent a photo of the gas pump in california $5.70 a gallon what is realistic? how long could these shocks last >> courtney, over the weekend, social media was filled, especially from california, with prices higher than that. $6.50 and a $7 handle. i have been in the business a while now. i was driving around northern new jersey which is known for lower gas prices i was struck by seeing shell

stations having $4.69 a gallon a huge jump from friday. that is the jarring pump reality everyone is going to be facing here starting today and throughout this week late last week on the exchange, we were leaping 15 cents a day at times it is a matter of time before the wholesale price worked to the pump that is what you will see this week this is a big hit to consumer sentiment and hit to the u.s. economy. this will shave a full point or two off gdp the way the price spike has gone especially if it lasts >> certainly the fears of the market john kilduff, thank you for joining us catch brian sullivan here on cnbc at the summit and he will

talk to the head of occidental and others here on cnbc today and tomorrow tune in and follow that closely from houston. let's get a check of the top stories with silvana >> good morning. let's get to the stop stories this morning carl icahn exiting positions in occidental the investor sold the remainder of what was a 10% stake in the oil giant. the wall street journal estimating that icahn estimating $1 billion on the investment and then berkshire revealed it has a new stake in occidental valued at $5 billion shell is defending the purchase of the crude oil from russia saying the decision was difficult. the crude was reportedly bought

at a discount and did not violate western sanctions. shell saying it had no other option fbut to make the purchase to avoid the supply disruption shares of bed, bath & beyond surging on news that ryan cohen has taken a 9% stake in the retailer he is calling for the retailer to update the turn around plan and explore a sale. >> big shares. we will watch that closely as we head to break, continue to watch the action in the russian ruble falling this morning versus the dollar. he equity trading in moscow is still not on the move. vladimir putin is declaring russian companies may pay bond

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global markets once again under pressure with stocks set to continue the losing streaks futures are lower. a different story for oil. prices spiking over the potential of the western ban on russian crude. russia pledging to restart a temporary pause to the fighting in ukraine as it allows citizens to flee. we are live with the latest. it is monday, march 7th you are watching "worldwide exchange" here on cnbc welcome back i'm courtney reagan in for brian sullivan let's get a check on the money and investments at this hour dow jones industrial average is actually taking a leg lower in the last couple minutes. down 500 points. the indication when the opening

bell sounds. s&p 500 down 67 points nasdaq off 233 points. tough week for the markets the dow is 9% off all-time record highs s&p off 10%. nasdaq off 18% russell 2000 off 18.5% it is a different story for oil. surging on word that the u.s. and western allies are warie weg banning russian oil. you can see the wti is trading right now higher by 6.5% at $123 a barrel brent crude is higher by almost 7% that is at $126 a barrel rbob gasoline is near all-time

highs. this is trickling down to the pumps. now moscow agrees to open humanitarian corridors from several key cities in the fighting to allow citizens to flee reports on the ground say shelling and rocket fire continues. rush with the assault pushing closer to the capital of kyiv and the second largest city of kharkiv. and ramping up the attacks on odesa. we have molly hunter in the western part of ukraine in lviv. molly. >> reporter: courtney, we woke up with an announcement from the russian ministry of defense. they are offering a cease-fire and four humanitarian corridors from kyiv and kharkiv and

mariupol they are allowing corridors from belarus to russia. we have not hard anything from the parties for a couple of hours. we heard from the ukrainian side the prime minister held a briefing in kyiv she said this is unacceptable. our people will not go to belarus or russia. now with the humanitarian corridors heading to the west to lviv where i am. we are chasing the icrc for any confirmation they have been brokers between the parties. both cease-fires over the weekend in mariupol were shut down with shelling continues. >> ukraine is not interested in sending citizens to belarus or

russia will russia honor anything about the humanitarian corridors in other areas? >> reporter: ukraine not interested in what amounts to a state kidnapping to send people into enemy territory they have sent back proposals which layout routes which go west to the safety of the western part of the country. we will look to russia's recent military past when you look at certify syria and the cease-fires they agreed to. it was an opportunity for the russian forces to regroup and rearm and plan the next offenses s offenses they broke both cease-fires in syria. there are a lot of civilians in mariupol which need to get to safety >> molly, you are in lviv. it seems like most of the offensive is focused on the

southern and central part of the country. what is it like where you are? >> reporter: absolutely. they are surrounding kyiv. we talked about that convoy around the capital city. they are trying to consolidate russian forces and black sea cities the next stop and volodymyr zelenskyy has been warning about this with o ddesa this is the destination for anyone fleeing in the east it is the bouncing off point for poland and anyone getting out of the country. the fear for everyone, it is crowded. a lot of residents and refugees walking with suitcases and idps. there are people who we have talked to who want to stay and fight. they want to wait it out they believe in their country. i think as cease-fires continue to fall apart as the bombardments continue and they watchvi villages flattened by

russian forces, that decision to stay or not to stay becomes much harder for a lot of the mothers and families courtney. >> molly hunter, stay safe thank you for joining us back on wall street. investors bracing for more pain with stock futures across the board which are lower. it is getting worse. dow jones industrial average indicated to open lower by 500 points nasdaq lower by 225 points tech is coming off a hard week with nasdaq falling 2.8% last week sitting 18% below all-time high. hovering just above bear market territory which would be 20% off the most recent high netflix and meta and tesla and amazon down big from the most recent highs joining me now is wedbush securities is joel we have talked about tech

valuations which are strong. we ran through a bunch of data points and how we have been selling off. is now a good entry point or too dangerous to catching falling knives here? >> good morning, courtney. there is nothing about the tape that says you have to jump in this morning maybe we get bottom at some point as the day progresses. waking up with headlines and inflation pressure ratcheting higher with crude doing what it is doing i mean, tech growth and momentum sentiment has been terrible since late november and december when powell and the fed shifted the messages on the policy moving forward you can go back and look at theg covid. no risk appetite and no bid for vast pockets of technology the reality is that kind of

unwinding of covid has been growth slowing and days of expansion have come to a halt. we have just really been seeing compr com compression. talking to my clients and there is pain on a daily basis there is more focus in 2022 of guys managing positions versus looking for new ideas. it feels buyers are higher for stocks that will strategy if you are patient up to this point then it has been paying off. i don't think there is a rush to jump in head first unless there is value toward it or moving forward. >> if you have cash to put to work and you want to jump in and take risks, there are names you recommend? >> within tech, i know dan ives is on the program. cybersecurity is a focus at wedbush. the group was experiencing

massive growth before the russia/ukraine situation er erupted. palo alto. a leader in next gen security. sales point. cyber security a place you want exposure you will see cios spending there. large cap value. cisco. moving from the hybrid work environment. they have record backlog i think you want to keep it simple avoid the names farther out in the risk curve spacs or cathie wood stocks. >> not a place where you would play although so many people follow her every move closely? >> that's what is scary about it i don't think i would buy ark with your money. the last 52 weeks says it all. trailed the nasdaq by 51% coming in this morning. that is astounding

the nasdaq is up 3% over the last year. she is down 40%. i think with the last 12 months has cold utold us about cathie there is zero risk management policy in place. you can look at the holdings these stocks have been reversin and suffering from all of the negative impact of tech coming out of covid she bought docusign and peeled out of that quickly. that stock down 40%. she bought twitter on the most recent blowup. it has been peeling out of that. the strategy of averaging down never works. she is the poster child for that she has been going on people are shorting innovation. i don't think the companies are that innovative. they benefitted from covid huge increases in demand and multiple surge in hire

now suffering from the same. >> thank you very much, joel very pointed thoughts. always appreciate that direct commentary joel kalina, i appreciate it coming up, the cost of going out to east. restaurants grapple with surging prices on everything we talk to one navigating e th rise while bouncing back from covid. "worldwide exchange" is back in just a moment. what the world needs now... is people. people who see energy a little bit differently. where a switch to cleaner power means a more resilient grid... ...with renewables and gas power providing energy whenever it's needed. because seeing a more sustainable world

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welcome back to "worldwide exchange." the check of the s&p laggards. carnival off 5%. royal caribbean and las vegas sands down more than 4% this morning. a check on cryptocurrency. bitcoin down 1.5%. still above $38,000. ethereum down 3% ripple is the one higher at 1% there has been a single key word front and center for investors and consumers is inflation. prices are at or near all-time record highs and the surge in prices has been sudden take a look at the year to date moves. wheat up 67%. corn up 38%. milk up 28%. joining me now on the frontlines

of the prices and making tough calls. tommy hall who operates eight dining venus tommy, good morning. thank you for joining us i can imagine this is only just another blow as you are trying to continue to ramp up your business after reemerging after covid. to get started, what is the dining traffic looking like this your restaurants >> dining traffic is amazing it's a wild time right now we had a record wine and food festival in charleston record crowds. the demand is there. the weather is great in the southeast. the issue we're having is staffing we have to staff the restaurants. >> what kind of staffing issues

are you having hiring or showing up or wages? >> a little bit of both. it is the wild time right now from the front of the house to the back of the house with staffing levels. pre-pandemic, we put an ad out maybe 10 people would apply and 5 would show up for a job. today, maybe 3 will apply for the job and maybe 1 will show up if we're lucky >> in order to attract staff, are you raising wages? >> absolutely. we have to be competitive. starting income for a first-time worker used to be $12 or $13 now we're looking at $15 and $16. that is pushing everybody else up to $22 a range. >> if you are a server, you are still working on tips? >> yes, ma'am. mostly in the back of the house and support staff. >> let's talk about the input prices i can imagine the price of food is going up.

maybe also other prices and surcharges you are seeing on bills from vendors bringing food and supplies in. they are paying more for gasses prices what are your input costs looking like before you consider the prices that go out on the menu >> costs of goods are up almost 10% and climbing. i'm watching the segment before. we are watching corn and wheat i'm in the steak business. every item we sell is filet mignon i want guests to feel comfortable. we are watching those costs closely. labor is rising. the cost of doing business is tough. the demand is there. we have to staff our restaurants and put people back to work. that will help ease the burden >> what are you doing for prices if your costs are up 10%

are you raising prices >> we did. we raised 8% last year two price increases. typically one a year two last year. probably closer to doing another one right now. i'm old school restauranteur it is hard to ask for $5050 fora piece of salmon. we may have to adjust. >> you are selling steak and higher price menu items. perhaps your clients are not as sensitive to the price of gas. it is costing more to heat homes, those of us who live in colder areas and if we have to drive to work. is that hurting your demand? >> we are a big drive market in the southeast. people from charlotte and atlanta and northeast as well coming down. i'm scared about that. it makes me nervous. will they be comfortable getting on the roads in the next few weeks to come south.

i think they are people are out there they want to get out they want to take their masks off and get back to normalcy we have to staff the restaurants and control costs and hope for the best >> we wish you the best. tommy hall, thank you for joining us and laying out the picture of what you are seeing in the restaurants. on deck, stocks facing pressure as oil takes off on word of a potential western crude ban by the west. katie stockton is here to make sense of the trading day ahead and the moves you need to make if you haven't already, follow our podcast it is on all major podcast platforms. catch brian sullivan throughout the day here today on cnbc the 40th annual summit week. he will chat with the heads of energy and more. we'll be right back.

welcome back let's get a check of the futures. we are indicated lower for all of the major indices dow jones industrial average down 460 points. s&p off 61 the nasdaq down 200. we were talking about futures and pointing to more selling. see if that continues in the day ahead. the drop comes amid oil price spike overnight on the potential ban by western nations of russia oil. wti touching $130 a brarrel. highest since 2008 that is good for a 6% rise let's bring in katie stockton. katie, what do you see in the chart of crude oil that spike is really hard to ignore certainly igniting fear across the markets. >> it is the kind of environment which we can't focus on levels

resistance doesn't matter when you have the news driven rally that has essentially gone p parabolic. nobody really knows when we're going to get that pivot point. it is treacherous for folks treating crude oil especially with the gap up. when you tend to see a gap up after the steep move, it is often exhaustive it is giving way to the sharp pull back. when we look at crude oil, it makes us uneasy with the support down $81 per barrel. that is a big spread to support. >> very big. more than $40. as the ripple effect moves through the market and we indicate to a lower open, what should we watch?

are there levels to follow with the price of oil which has gone parabolic? >> i think the major indices are in discovery mode. they are bouncing along the level which they buy with the interest the s&p level is 4,200 which is the price to watch i wouldn't rule out a successful test here as the market tries to find its footing last week, or around february 25th, that low, we saw the biggest oversold extreme based on the market indications since march of 2020. we have some indications that an intermediate term low is established by the major indices. momentum intraday and where the futures are lower and we want to

see it close at the high end >> the nasdaq of the majors have been the most beaten up. almost near correction territory. what do you see when you look specifically at the moves in the nasdaq and what it means as we look forward to the week and going forward for higher interest rates >> it is not a new move at this point. we are retracing an oversold bounce following the corrective phase. support is in play for the n nasdaq the faang stocks, if you will, they all have some support as well i think it is a matter of making sure that we don't see down side follow through on the back of today's action that would suggest that support discovery is still under way it is all about the mega caps to drive the action in the major indices. it will contribute to market sentiment. market sentiment is, for goodbeh

>> absolutely. >> we look at that as a positive >> katie, thank you for joining us orwi ehae.it for us on "wlddexcng "squawk box" is next at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner.

good morning crude prices are soaring as the u.s. and allies consider a ban on russian oil and the national average at the gas pump is 11 cents away from the all-time high fighting in ukraine enters the 12th day we will show you what is happening. and berkshire buying a big stake in occidental. warren buffett explains in comments to cnbc

it is monday, march 7th, 2022. "squawk box" begins right now. welcome to "squawk box." good morning we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen andrew is off today. this is something to sit up and get attention on monday morning. s&p futures down 70. all of this happening as crude oil hitting the highest level since 2008 w we will have more in a moment. wti up 6% to $122.49 it went as high as $130 overnight. a check on other