shared with an unauthorized party. by 2021 that number of 5% jumped to 18% players are joining the game with financials showing that the majority of actors are trying to make mullah. it's trending upwards unfortunately. >> even prior to what's happening in ukraine thank you. that does it for "the exchange." "power lunch" starts right now ♪ thank you. welcome to "power lunch. yet another busy day go figure. here's what's ahead. wall street back in rally mode the market doing an about face from yesterday and you can say that again stocks are rallying hard extending that bout of volatility if you like volatility you like this market. we'll talk about what's driving the volatility and whether it can last and whether the rally

can last a dramatic fall this afternoon in the price of crude. oil heading down on reports that possibly the uae opec member is open to crude production increases. we'll talk about the details of that straight ahead. all right. thank you. hi, esch let's check the markets right now. dow up 635 led by tech and financials financials helped by the increase in interest rates and drop in oil prices so we're about 150 points off the highs s&p with the best day since june of 2020. nasdaq soaring up about 3.5% crude is plunging. we are down 12% to just under $109 earlier down to almost 103 big reversal of the spikes this week let's get to the rally on stocks and driving it

bob pisani is down at the nyse >> is your head spinning let's show you the trading extremes kelly mentioned the big moves. monday we had -- today the best day, may 2020. up 2.4% today. monday down 2.9% worst day since october 2020 best and worst you get the idea all over the place energy is leading the way. you heard kelly talking about energy the important thing is there's a limit. they stopped out yesterday morning before we were seeing some hopeful headlines about negotiations in the ukraine. halliburton, marathon oil, occidental is holding up today one of the few that's positive looking toppy.

the biggest trade i like to watch for trader sentiment is the volume across the etf universe they're commodity etfs djp is barclays. bloomberg basket natural gas is natural companies. oil services is halliburton. people are playing that and getting out. another example of a top is the metals we saw the aluminum and copper companies move 20% 2 weeks prior to monday. this was before these hopeful headlines on the negotiations came about you can see here today most down slightly cleveland cliffs is to the upside germany up 8%. it was up almost 9%.

this trades intraday with europe closed because it trades here. that's like the dow jones industrial average for europe up 8% so far and had a huge close over in europe quite a move there. >> where did that come from? why such a huge move there >> remember, the biggest impact is in europe in determines of growth impact. lu luxury stocks down they won't be in the mood to buy luxuries with this crisis. car manufacturers down huge. the europeans are much more impacted on a growth perspective than us. this is impacting europe in a greater way on the upside just like it did on the down side. >> thank you for more on the plunge in

oil prices let's bring in steven book and our friend halema kroft. welcome to both of you what are you hearing at the uae and a possibility of increases in production? are the rumors credible? what would that mean first for europe and then for the world? >> u.s. officials are confident the uae is poised to push for an opec increase beyond the 400,000 barrels a day monthly increase right now but the big question is uae has some spare capacity not a lot. the big question is we have not heard from the kingdom of saudi arabia yet and it is saudi arabia that's sitting on the most spare capacity. they are the only one in opec to really surge production over a

million barrels and so we still need to wait to see what is saudi arabia going to do is president biden going to make that phone call to the crown prince of saudi arabia potentially visit the kingdom? is there a reset in the relationship uae is important but it is not enough you do need saudi arabia participating in a major production increase. >> you mentioned that they would be willing to go there at a next opec meeting how soon is that and then presuming opec is willing to move its production quotas up how soon could that begin to believe felt in global markets >> next meeting is march 31st. they can have emergency meetings and don't have to wait until the end of march saudi arabia could bring on over a million barrels in 30 to 60 days they think they have potentially 2 million barrels to put on the

market uae, kuwait, a couple hundred thousand from those countries. saudi arabia remains the country we need. they are the central banker of oil. i expect to potentially get an announcement on venezuela lifting sanctions on venezuela potentially a couple hundred thousand barrels of production hitting the market but if we are still thinking about a 3 million to 4 million barrel pull from russia you need more than venezuela and uae. you need saudi arabia. i think the market is getting ahead of itself. there's no signs yet that vladimir putin is prepared to pull back his military forces in ukraine. >> kevin, what would you add >> yesterday's sanctions obviously we had run-up in the checkations to be bigger than

they were. what goes into storage disappears from the market and the entirety of russian crude is a big deal u.s. oil and -- u.s. purchases of russian oil and going somewhere. it is not. there's an opec story that she mentioned. this is a -- i guess today's oil wordle is spare. it is not the spr. that spare capacity is a big deal for buffering the margt and then if the opec plus bargain falls apart because they can't stay in agreement then the oil rushes back to market again and you have an oil war scenario like in march/april 2022 that would be much more bearish and also exuberant to expect at this point. >> take me into the future

clearly i have not lived a day of my adult life in which the phrase energy independence wasn't uttered it was what we wanted in the '70s and the '80s. now talking about energy independence from russia why is it so hard to get what seems to be an obvious, obvious not just economic need but national security need for the u.s. and for our friends in europe >> tyler, it involves substituting vehicles across the world. as a way to keep putin from being an oil tyrant. putin of course put out a commodities threat suggesting to be a nickel tyrant gulf producers keep capacity in

preserve every for-profit company runs flat out in oil. so as a result you have to turn to the few economies that keep oil on the side. >> all right thank you very much. right here, right now, i am going to predict there's more electric vehicles sold in the united states this weekend than any other weekend in history there you go. >> i won't take the other side of that. i think absolutely long-term ralphie cases from this spike. let's turn to the rally in the market jerry is with us now, president with castle ark. good to see you. what are your thoughts on the turn around? >> first let me point out i'm a people that bought a new electric vehicle.

>> tesla >> i may join you. >> i'll give you a link to one real quick, tyler. things are on day, off day, up, down this is the new normal until there's a better way of portfolios holding the risk profile that's consistent with the world economy. if i could take a second it's been 15 years since the word inflation was ever even thought about by asset managers in this country and the global economy. we never had to think about it we felt there's cheap oil, copper, pretty much everything we were able to buy growth companies that got greater and greater valuations we are not done away from a single source of return in portfolios we are just beginnings before the ukraine issue we are just beginning to look at maybe

a more balanced portfolio with new sources of inflation and growth with the great growth businesses we were in the beginning phase of that and then the wash hits us and we're unbalanced. why do you see the volatility? you have portfolio managers hoping for lower inflation the two forces compel each other to go back and forth a lot and way before we get boo the dynamics that we talked about in the oil markets which i think everyone should be aware of and maybe take a little pause. >> sure. by the way, did you happen to buy an ev or because of the oil price spike? >> honestly, we talk about the physical market for oil, nothing can convince anyone that when you pull the biggest producer of

the market like russia you could have gas lines in a month if we don't resolve this quickly i honestly think investors think it's a supply chain problem. they're missing the point. this is a supply problem not a supply chain problem there's big supply chain problems, too. even if china took russian oil it takes months to redirect the flows out. it is not that simple and if you really touch this thing with a supply issue you have a big risk. >> it is fascinating this is a side chat from the investment recommendations but my husband went and filled up the gas tanks with the same concern which was if we saw people react with price caps or a quo that system in place and now we look at today and go

forget it. i think what you are saying is like a moment ago we have no idea where this is going from here. >> no, you don't it's so -- you can't double or use the semi conductor example companies double order you can't double order the home heating supply you can't decide not to buy a gallon of gasoline if you need to get to work or drive the kids to school. this is realtime and shorter time frame before we need a solution not saying it's panic. go to the other side this is a very attractive market overall. we had a huge krerks some growth names 40%. we have priced stocks broadly attractively this particular problem has to have some resolution to it

and unfortunately it has to happen in the next four to six weeks. >> apart from the global impacts on companies that this may have and consumers and the buying of luxury goods, as you look at the companies that decided not to do business in or with russia like mastercard and visa, coke, apple, starbucks, mcdonald's, is that going to be material to these companies' earnings in any way? >> not really. mastercard is like 4%. mcdonald's is a franchisee struck which you shall -- structure. this is why you saw the reaction to the banks in europe there's probably some financial issues that will crop up over time that will be reflected by

the businesses that stop, not just a u.s. company with a small operation but big connections in europe to russia that will stop and then see what type of gearing they have. >> that's an interesting question because as i remember back to the financial crisis it seems to be a security or an obscure thing that nobody knows about until they all know about it. >> the nickel market blowing out. >> yeah. >> this is always going to show where the weaknesses are we have gone good ten years without financial issues and the odds are high that some will crop up and you know both ecb and the fed is on the watch but we haven't talked about cyber and inventory structure in the markets so there's -- these are present risks.

they're there and i think the volatility in the markets reflect that go back. the good news is rates aren't going a lot higher any time soon and the fed and the liquidity sources are on it. >> you think back to repos and auction rate securities and nobody thinks about because they're the piping of the system w whatever. >> buy tech and buy energy stocks. >> good luck with the electric car. coming up, restaurant stocks bouncing back today. we'll discuss the triple threat of food, wage and energy inflation with the ceo of dine brands that is the parent company of apple bee's. you know what prices are doing plus bitcoin prices rollying through $42,000 after the white house gave a directive do look

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welcome back to "power lunch. i'm dominic chu. shares of bumble are soaring after the company posted a beat with strong growth projections for full year 2022 and joining the growing list of companies shuttering the russian operations it was selling off with around 20% of the global workforce in moscow and app users in the region and expects a $20 million revenue hit from the crisis this year bumble shares up big in the headlines. back to you. >> helping match as we saw. the restaurant stocks are higher today with a reopening feel in the market a rough ride for them. cheesecake down 10%. darden down 12% and dine brands outperforming down 7% for the

month and soars 9% today following the investor day what's got the mood so bullish let's welcome in kate rogers with john pay tochb. >> thank you thank you for joining us. >> thank you. >> there's strong projections but inflation as we know is top of mind for consumers and full service brands tend to be pricier than fast food how big of a risk is this right now? >> we are bullish and shared the growth plans for five years and it is because of the things that make us uniquely dine with scale and inflation is an issue right now. and helpful to break it down a little bit if i can. inflation last year in 2021 was

6.5% for our restaurant brands this year we are forecasting 10% for cost of goods into the restaurants. less for ihop and more for applebee's and thinking about the impact on consumers, guests, the cost of food on the pnl is about 25%. a franchisee has to raise prices 2.5% what i can tell you is last year and typically most years they raise prices 1 to 3% last year they raised up to 4% they maintained the value proposition of the brands because we are affordable and have to be and protecting the mar generals. >> dine is operating from the loyalty program and some of the

virtual brands we saw. what has the business mix between virtual and delivery compared to in person? >> virtual brands are in the infancy but accelerated in covid. i love the model we have cosmic wings at applebee's and launching another two at ihop and what's so interesting is it is low capital. right? a lot less expensive to launch a virtual brand than to build a bricks and mortar restaurant you can project to a day park. for example targeting the evening for us where ihop has capacity in the kitchens and you can tweak and be very nimble for virtual brands and all new

incremental revenue to the franchises >> if i could ask you about inflation and pricing. 2.5% price increase sounds lower than we see in restaurants can you speak to that? >> yeah. i was using 2.5% as an example to help you with the math. to offset 10% inflation a 2.5% price increase would do that we are seeing 3 to 4% because of the inflation and costs. both applebee's and ihop are value oriented brands and can't walk away from that proposition and the franchisees are aligned from the perspective as this is a time not to take too much price to gain share.

>> you mentioned labor that's a huge part of inflation equation that are going up you talked today about technology to make it faster and easier with serves i wonder how the company is faring with hiring. >> yeah. labor is a biggest challenges right now. i'll go back ward to give the perspective. we were at 15% shy of what we needed in staffing in january and february now north of 90% in terms of full staffing an interesting story to explain that we did a national hiring day in may. nationwide, over digital c channels and attracted 40,000.

last wees 73,000 applicants. almost double. it looks like americans are coming back to work in retail and restaurants. another stat, 155% increase in applications for cooks, the hardest job to fill so that's encouraging data and progress for us about people's willingness to come back to work >> impressive. thank you so much for joining us >> thank you. >> back to you. >> thank you. still ahead, in crypto we trust? by the way higher ahead of an executive order from the white house. this after weeks of prices stuck around 40,000. details when we come back. almost at 42,000 right now it's an entire trading experience.

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welcome back to "power lunch. crypto complex soaring today after the president announced the executive order on digital assets the order attempts to address the lack of framework in the

u.s. hi, kate. >> hi. this really is the moment that the industry has been waiting for. the clear oes sign yet that washington is taking crypto seriously and moving to a policy framework for digital assets the white house asks other government agencies to examine the risks and benefits of crypto calling for protecting consumers, cracking down on crime and financial stability and promoting responsible innovation part of that executive order also calls for the federal reserve to double down on research into a central bank digital currency bitcoin is rallying on the news and more clarity what the industry is looking for and looking for. the order is more friendly and told the tone is more friendly than many in the industry expected bitcoin prices spiked last night

after treasury accidentally put out a statement calling it historic and released some details ahead of time. this is far from a done deal and directs a number of agencies to study and report back on the industry i'm told it could take more than a year before anything happens and see real legislation back to you. >> thank you as bitcoin rallying 10%. let's get a cnbc news update rahel? >> hi. the white house not responding after an attack on a children's hospital in ukraine and said it is horrifying to see the force against civilians and british prime minister is promising that vladimir putin will be held to account for his quote terrible crimes a clerk allowed a person to secretly copy data from dominion voting machines apparently to

support the belief of fraud. the investigation of tina peters when the data was cited and candidate to be colorado secretary of state. a lawsuit that claims that republican congressman brooks of alabama helps to incite the attack is dismissed. a federal judge ruled thatthe speech that day is protected by the first amendment. back to you. >> thank you. still ahead a tech turn around nasdaq surging today a top pick in the group next a quick look at the financials rebounding on higher yields. b of an up 6%. we are back in a momt.en you are an electric vehicle. electricity powers your heart. want to feel your heart beat faster? ♪ (heart beat music) ♪ drive an electric car. made by a company whose evs

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here >> absolutely. it is the epicenter of the volatility we were up 2% and near the highs up 3.5%. the sectors that matter the most doing some heavy lifting technology, financials, consumer discretionary. energy and utilities are worst on the day and remain best in the market in 2022 the mega caps are big. look at apple, microsoft, alphabet, amazon $1 trillion market cap club seeing gains 2 to 5% in value. some individual stocks on the move, check out xpo logistics up after they said to focus on trucking, split off the broker transport business ge up due in part to the board

green lighting a $3 billion stock buy back program on the rise. back do you. >> thank you. let's turn to the yield market it's helping the financials. rick santelli with the action? rick >> popping on treasury yields. on many sovereigns across the globe. back to 2019 for 2-year. it is a fresh close at this level since november of 2019 two-week of 10s at 194 right now. that is the highest intraday level since friday the 25th. monday night at 1.66%. this is a huge liftoff aenlg if you look at the spread 10s to 2s hovering two basis points higher at 27. two. which means that the yield curve

is hardly steepening and the fed is number one on the minds of all interest rate traders here and globally look at the bund spread. it was -- the bunds doubled overnight. closed at 11 closed yesterday and today at 22 unbelievable move. i could tell you about how the dollar index is down over a percent today but the euro versus dollar up 1.5%. back to you. >> thank you. oil closing for the day at another incredible session almost historical. down 12% to 108 a barrel worst since november 2021. the plunge coming on reports that uae to encourage opec members to increase production and then heard from iraq minister saying the increases were enough. not seeing a huge impact yet

here but does point to tensions within opec about whether or not to try to fill the supply gap. in the week crude crossed 130 highest since 2008 moving lower brent oil. gold and copper also in the red. in the green is tech after a rough start to the week. nasdaq ended monday lower why today soaring up 3.5%. where should investors look in tech mark at evercore isi what is good to scoop up >> i stick with recovery names growth equity investors have to deal with this rising interest

rate environment we're not thinking about that today but will be in the next couple weeks and couple of months so with that as the backdrop we stick with quality microsoft, apple the space i look at consumer internet is google and amazon. for sale prices? darn close to it close to trough multiples. i start off with those i like recovery names. more speculative but like uber and lyft and vin diagram trades and recovery names like the travel names like booking and expedia that's how i start to wade in and start with the highest quality names. >> curious about uber and lyft i look several ubers this week why the pricing is way up and

probably why they come close to profitability. i wonder what is going to happen as the drives and that universe reacts to $5 a gallon gas. >> i talked with both companies and talked about that this week. the hedge if you will in uber and the lyft business models is to commute if you are driving you deal with that $5 a gallon gas and rises costs in the alternative solutions. i bet taxi prices go up, too they're a hedge there. there's flexibility as you know the uber and lyft pricing models so that drivers get reasonable income and i think riders willing to pay more an enshown that in the covid crisis

i think still showing that. >> mark, always good to see you >> thank you. >> thank you. news from disney hi, julia. >> tyler, ceo weighing in on the criticism failing to come out in opposition for the don't say gay bill in florida happening at the shareholder meeting. the board were re-elected but he addressed the issue before opening the floor to questions saying while we have been strong supporters of the community and we chose not to take a public positionen it because we thought we could be more effective working behind the scenes and engaging with lawmakers on both sides of aisle despite weeks of efforts we were

unsuccessful and said i called the governor this morning to express concern that the law could be used to target gay, lesbian and transgender kids and families and the governor agreed with meet with me and lgbtq plus members in our senior team he spoke more about the topic but there were still a number of questions on the issue and seems like one that will continually address by those executives going forward. disney shares up nearly 2%. >> all right a question i don't mean to put you on the spot the bill does what it does not literally say don't say the word gay in public, does it >> no. this is really targeting elementary school education. >> correct. >> through third grade limiting

the discussion in the classroom. historical figures or the term no long for elementary school kids this is something that disney would be particularly interested in part of that core kids disney demographic. >> thank you after the break, defense officials meeting in washington and what defense spending will look like in the u.s. for years to come. we'llspeak with the air force chief of staff next. a group that is moving today would be travel stocks casinos, cruise stocks, airlines all bouncing back strongly today. more on the g llcongp.biray mi u

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alright, so...cordless headphones, you can watch movies through your phone? and y'all got electric cars? yeah. the future is crunk! (laughs) anything else you wanna know? is the hype too much? am i ready? i can't tell you everything. but if you want to make history, you gotta call your own shots. we going to the league!

we got a volatile session for defense stocks seeing big gains of the past month as you might welt expect. the ukraine-russia war sending defense names up double digits

m mil military brass meet up in washington morgan brennan is there. morgan >> tyler, thank you. i'm here in d.c. at the conference joining me is general brown, the chief of staff of u.s. air force thank you. >> pleasure to be with you today. >> i need to start with what w are seeing in terms of the ukraine-russia conflict. >> what we focus on is the partner in nato and how quickly to come together how the airmen and the air power of the united states air force comes together to work to fortify nato and also to deter aggression that would expand is nato we pay attention to what's going on and the aspects to support the deterrence in the region and

my heart goes out to the people of ukraine you don't want to see any country or citizens being putt in that particular situation but the key part is the collaboration that happens between our various nations and this is not something that happens overnight but takes years of work together and this is not something that happens overnight. takes years of work together for times just like this many countries come together, national community comes together and proud of our air power that works together to ensure security not only of europe but really of the world at large. >> the foundation building to see such fast mobilization in the last couple weeks. how are you assessing the air power situation and the best ways for the u.s. to actually support ukraine forces and i ask because we've seen in recent days proposals around no-fly zones in ukraine saw the poland proposal yesterday for a fighter jet

trump the pentagon's already rejected untenable due to the e e ex-xlaer to events of that. >> and really as joint chief how do we assess and make recommendations how to balance risk in the big scheme of things, a number of options, and we're only a couple weeks into this. but i really focus on is how do we set ourselves up not just for today but for the long term, and not just here in europe. i would say around the world when i talk about the air force, air power anytime, anywhere and not just europe. we have to look at the entire globe. where our allies and partners not only in europe but around the world are very important. >> an important point off the conference today from an air force standpoint how are you i guess countering the

threat russia presents and supporting allies in the process, but also looking to longer-term deter of china which is seen as a greater strategic competitor >> really how we come together quickly, as you mentioned earlier. and how in years of work together as nato partners, and quickly able to come together. at the same time look at the capabilities in the indo-pacific, we could do the same thing in the indo-pacific come together quickly with allies and partners. our demonstration being able to do that in one part of the world actually shows others we can do the same thing when we all have a common interest for global security, how nations can come together, and it's really, the key aspect of what happened over this past several weeks is, how we were able to share information with our partners quickly, and get the international community all on one accord to address a, an issue that challenges all of us.

>> general brown, thank you for joining us today appreciate your time. >> thank you >> kelly, back to you. >> morgan, thanks to you as welling. reporting all day from that event. still to come. check out list of the nasdaq's most beaten down stocks. paypal, meta, zoom, which could be ready could rebound we dive into that, next.it inspi and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank. truist. born to care. every big idea every game changer every "how'd they do that?" starts here the blank page artists and writers know the tyranny of it well but so do developers, data scientists,

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low and after falling hard some stocks in business to rally hard as well. dom chu? >> maybe rally hard. wish i could tell you which, i would be rich and wouldn't be working here nasdaq 100 and etf, qqq currently maybe 8%, 8%, 9% below 200-day moving average longer trend over average price, over medium to long term at that level, maybe deep value. nasdaq 100 stocks, looked which are trading deepest below long-term average prices's 30-plus percent below their 200-day moving average the stocks that showed up. eight of them. the highlights the names you know here. netflix now 34% below long-term average price. meta platform/facebook, 40% below. moderna, 49% paypal, 57% below it's long-term

average price and zoom video, nasdaq 100 stock most below long-term average price. by the way, the rest of the top eight on my twitter feed at the domino, running out of time here, just to let you know, interesting stuff. >> where's your romo pad >> i don't have it today maybe get it back for tomorrow. >> dom, thank you. >> got to go. >> thanks for watching "power lunch," everybody. "closing bell" starts right now. thank you, kelly and tyler welcome to "closing bell." i'm sara eisen here at the new york stock exchange. bill rally on wall street. stocks gaining back a big chunk of losses. dow up about 600 points. nasdaq more than 3%. oil fuels the spotlight again. this time, moved lower. >> and i'm mike santoli. driving the action, as mentioned, moving crude front and center again wti and brent tanking in the new eastern hour retreating from 13-year highs.

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