it is 5:00 on wall street. here is the top five at 5:00 was it just a one-day wonder futures lower after wednesday's big jump. leaders in turkey this morning trying to find a way out or this as the u.s. warns vladimir putin of using chemical weapons in the conflict. the talk of the day. amazon announcing a 20 for 1 stock split and buyback. the chip shortage with another headache this one connected to putin's war.

the bad news for baseball fans major league union and players don't strike a deal to end the lockout. it is march 10th, 2022 this is "worldwide exchange" on cnbc good morning, good afternoon, good evening. welcome as always from wherever in the world you are watching. i'm brian sullivan great to be back let's dive in and get a check on your morning money after yesterday's solid gains across the board, it is a different story right now. futures, as you see, are down. nasdaq futures down the most on the percentage basis off .30%. dow off triple digits as well. this coming off a roaring market yesterday. there is some, some increasing hope that the meeting today with russian and ukrainian foreign ministers in turkey may give

vladimir putin the out to win the unwinnable war 89 of the nasdaq stocks rose up more than 10% in one day. with that move, the index is down 15% on the year a big move higher on wednesday stocks rose as oil and gas fell. hard oil, dropping 11%. the uae, potentially breaking a bid from opec pushing the group to raise output. it is under u.s. pressure as the key ally from the east it is still $14 lower than the intraday peak on tuesday another wild move in the oil markets today. the cryptocurrency is the big winner on wednesday. bitcoin rocketed up 8%

there is a turn back down today. all of the major cryptos are lower right now. we have to talk about one of the big money movers one of the bigg of the day. amazon splitting the stock 20 to 1 and buying back up to $10 billion in shares. one other time amazon split which was 1999 amazon shares up nearly 7% righ now. we will have more on amazon with jon najarian in a few minutes. let's go around the world. markets in asia and europe are going in different directions. asia following the bounce we had wall street. nikkei is leading up 4%. that was really yesterday. take a look at the early trade that is live right now in europe it is down across the board. in fact, the french market is off nearly 2%. the markets that are trading, europe and our futures, are back

down either way, a lot of red on the live trade on your screen right now. to the latest on the war in ukraine. ukraine's foreign minister wrapping the meeting with the counterpart from russia a short time ago they are in turkey holding talks. the first with the top diplomats since putin launched the war two weeks ago. that is the live shot from the ukraine foreign minister he said there was no progress on the cease-fire he is continuing the talks on the issue to stop the war. and now talks of moscow carrying out a bomb on the children's hospital. that attack left patients buried and under rubble there is a cease-fire set for civilians to leave mariupol. also happening now, the u.s. is

warning russia is using chemical or biological weapons in the invasion the defense ministry is accusing ukraine of possibly planning a false flag weachemical weapon at attack now speaking of the biden administration, vice president harris is on the ground in poland this morning. harris is meeting with the prime minister and president the sit down coming on the heels of disagreements with the two sides of thousand arm ukraine with war planes to fight the russian invasion harris will meet with justin trudeau later in the day back here in the united states, the house approving $13.5 billion in aid to ukraine. lawmakers signing on off to ban imports of russian oil and energy on the corporate front, rio tinto is cutting ties with

russia the second biggest miner was buying fuel and controlled the large aluminum refinery in russia. and now gearing up for the latest read on one of, if not the key factor driving the markets right now. that is inflation. the consumer price index report is out later today and it is expected to show a jump of 8% from a year ago. a big reason for it? higher oil and gas and energy costs. the next guest says it is oil that may be the most important part of the stock market right now. let's bring in mark aavallone why is it so important to equities right now >> good morning, brian it is a bit of a wild card and

hard to play out where this goes you just spent a couple of days at the oil conference and you heard first hand how murky the future is and it depends on the ukraine conflict you can't plan for it. when we think the fed might try to get inflation under control, pr prices are going up 20 cents to 30 cents per day that trickles in the economy and manufacturing and industrial and consumers' pockets and it will impact the inflation number. oil has to get under control to have a sustained rally and not just one day wonders like yesterday. >> is it more that to your point the consumer gets crushed? they don't have excess money to add to corporate earnings or the fed believes it has to be more aggressive or some combination of both? i ask about the fed, mark, not

because they are not important, they are there is nothing the federal reserve can likely do to bring down the price of oil other than nudging this economy into a recession. >> that's a lot. none of that is a good outcome and stagflation is the word you did not use. the big worry is we have inflation. it is oil driven and supply chain driven the fed is powerless to end both of those areas if we have a glimmer of good news on inflation, it was on the chart you showed earlier last february and march, we were in a low inflation world the inflation spiked in april and may. inflation is a year over year phenomenon come may, the comparables for the prior year for inflation will be hard to have in the elevated range we're going to see moderating inflation. even if there is a spike in oil,

the pressure on inflation is coming down. on the year over year basis, the baseline is going to be much higher and hence the hurdle rate will be higher that is where you can take comfort in the headline number on inflation x energy is going to start to look better in a month or two. >> let's hope. listen, right now, the markets are having a tough start if you go back a couple of years and ridden the market, you are up you made a lot of money in the last few years you are sitting on these gains and watching the market and wondering what to do is it time to sell some stocks you made money in and maybe pick up things that are down now 20% or 30% in the last couple months and go for hard assets or things like real estate or banks? what do we do, mark? >> you mentioned real estate

real estate is starting to correlate to the stock market. when you see these melt downs, investors should look to the scenario to layout in the second half of the year where inflation moderates and growth slows a slowing growth world, investors want growth stocks that happened in the period from 2009 to 2017 where we had slow economic growth and growth out performed value and tech stocks soared the cash flowing machines, tech names like amazon and strong franchise valuables and cash flow sources and end top line growth will be en vogue when the fed and higher oil prices and the whole economy starts to slow down out of the hyper growth mode that is where we are looking we would go into technology and

growth right now. >> it is a new world and it is a scary new world and investing world. mark, we have not seen this inflationary environment going on 40 plus years it will be interesting mark avallone, thank you very much when we come back on "worldwide exchange. disney ceo taking on critics as he speaks out over a controversial piece of legislation making its way through one state. if you have been out to eat, you know prices are soaring. coming up, the growing challenge to serve food and fuel costs. and the morning rbi is back. we look at the dramatic swings of energy and maybe show you how bonkers these markets really are. (eric) i got the new galaxy s22 ultra on verizon 5g ultra wideband. (agent) wow! (eric) it's got amazing video on a crazy fast network.

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welcome back good thursday morning. let's get to the other top headlines happening now. including another delay for baseball and maybe a season increasingly at risk bertha coombs is here with that and more not good news for you and all of the other red sox and other baseball fans. >> thank you, brian. let's start off with washington. house approving a spending bill overnight that will see $1.5 trillion going to fund government programs.

legislation would avert a shutdown that would have been triggered this weekend after hours of debate, house speaker nancy pelosi had a $15 billion covid initiative deleted from the bill at the last minute in order to expedite the approval the bill now moves to the senate which hopes to make a decision before existing government funds expire on friday disney is now publicly opposing florida's controversial don't say gay bill ceo bob chapek telling the shareholders that he and other disney leaders were opposed from the outset, but thought they could be more effective working behind the scenes. he is meeting with governor ron deesantis about the bill and wil donate to lgbt organizations.

and more mlb games canceled as the union and the league remain at a standstill the opening day is pushed to april 14th removing two more series from the calendar it has been two weeks since they canceled the beginning of the season over the competitive balance tax and minimum salaries need to be worked out. the timing could not be worse after two years where they hardly had any with one in the stands now is really taking this to the mattresses it is important to the players, but still, you are really not doing any good for your audience >> you just hope you have a sport to come back to, bertha. the interest in baseball is on the decline. now you have this. you wonder what it will look like the longer they go on

bertha, thank you. still on deck on "worldwide exchange." how the rise of a metal that you probably never think about could be more bad news for the industry that you do that's next. >> announcer: today's big number $50 million. that's how much mcdonald's expect to lose per month because of the russia shutdown on tuesday, the fast food chain said it would temporarily close all 850 of its restaurants in russia

welcome or welcome back. the metals industry and financial regulators are up to the mess in london markets huge gains and billions in losses and the suspension of trading. the crisis ramifications from miners to steel making and electric carmakers kristina partsinevelos is joining us now with more on the latest headache for the commodity markets and industry that nickel impacts. kristina >> reporter: nickel trading is still halted across london and not expected to come back until friday the lme ususpususpended tradingm monday nickel is mined in over 20 countries and russia accounting for 5% of global 134supply

the largest supplier is in russia and controls 15% of the global supply. nickel prices do up for political reasons. we have seen that. they shouldn't go from $25,000 a ton a few weeks ago to over $100,000 this week that is the largest swing on the lme. when prices go up, it is good for nickel producers that is not the case with rio tinto or vale down this week miners and processors take short positions. they take the short position as a hedge for physical stock of the immemetal. when the prices sky rocket, anyone holding a short, needs to buy more cash to cover the position that is what happened. one this squeeze runs, some

could benefit. glencore and anglo american could benefit. and this is driven by demand from everything from electric vehicles like batteries to construction and electronics and within electronics, you are talking semiconductors that means it may take longer for supply chains in the semiconductor space to normalize. >> so there is a massive position that got blown out and you have the first closure since rutherford b. hayes was president. let's talk about china they make a lot of everything. they make steel and nickel is used primarily for steel making. who in china could be the most impacted here? >> reporter: there is one company that a lot of people keep talking about because they are on the line for billions of

dollars. that is chinese holding company and what we're hearing now is they potentially will be getting lines of credit from two banks maybe they will be raising the heads out of the water with this one and changing their hedging strategy that is one example of a company struggling because of the nickel prices shot up dramatically. there are many others, but this is the big one out there are yo you are seeing it across a lot of metals. will we face these issues two or three months down the line and the supply chain in the united states with autos? >> 100% aluminum takes a lot of electricity. that is most car bodies. nickel going into things like ev batteries.

rivean announce ago 20% price hikes on their upcoming electric cars or trucks and suvs. these are the things we never think about. i don't know if anybody has ever talked about nickel other than my son asking for one if he goes out to get the mail. this is a market we don't talk about. it is really important for so many things. >> reporter: just quickly, you did see the statistics now that a nickel is worth more than a dime because it is 25% copper. the mint says it is illegal to melt down nickels. the more you know. tell your kids that. >> a nickel is worth more than a dime a larger meta take in that i don't know what it is. a nickel is worth more than a dime it sounds like a 1929 song maybe by cole porter kristina partsinevelos, thank you very much. shares of amazon tan tanking

after a big buy back plan. jon najarian is here with what that means speaking of stocks on the move crowdstrike. another big money mover this morning. it is up 12% beating earnings on the top and b bottom lines it is issuing strong guidance for the 2023 fiscal year if you have owned that lately, it is a rough ride, but this morning. it is looking pretty good. we're back right after this.

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the markets big bounce back. fizzling out this as the world hopes a foreign out over ukraine and putin. top diplomats in turkey to find an end to the fighting as the moscow aggression continues. we are live with the latest. and the stock story of the day. amazon ordering up its first stock split in more than 20 years. the massive buy back plan. it is thursday, march 10th and this is "worldwide exchange" on cnbc. welcome or welcome back. good thursday morning. i'm brian sullivan good to have you with us let's get to the morning money after yesterday's big gains

pretty much for every stock across the board futures are down .76%. nasdaq is off triple digits. there does not seem to be an indication of follow through buying for the major markets the markets roared yesterday nasdaq rising 3.5% 89 of the 100 rose match and dog and moderna rose in one day that rose and oil and gas fell the uae coming out and hinting it could break from opec's deal to push to raise output. uae is under pressure from the united states as a key ally in the middle east. oil is back higher up 5% it is still $14 from the intraday high on tuesday by the way, the rbi will show

you how bonkers how the energy markets are. we have to talk about the single biggest stock story of the week amazon buying back up to $10 billion in shares after splitting. the only other time it split was in 1999. let's talk more about this and the macro market and what it means with jon najarian. a cnbc contributor jon, you sent us your call options activity you point to the move in one of the months what are you seeing with amazon options? >> sure. thank you, brian the buying really centers on this week's expiration tomorrow's expiration is the 11th of march. they are buying and were buying yesterday aggressively only in

the very front week. they thought they had too morros newspaper today or a lucky bet i don't believe in luck that much, brian. people were buying at the 2700 strike which is more or less where amazon was yesterday every $50 strike up from there until this 20 for 1 stock split happens, this is a $2700 stock not anymore. wait, now it is at $2900.50. they were buying big numbers, brian, at that 2900 strike something that was almost $200 out of the money they were buying 9,000 of those calls and various other strikes, closer to the money, 6,000, 7,000, 8,000 calls

a lot versus normal activity >> i'm looking at the list, jon. apologize for showing viewers the side of my head. 193. 16 oh, 1,577. if somebody got lucky, they got lucky in a huge way or a lot of people also just got really, really lucky that number sticks out and you have to be a creatin and not assume there is something, something going on >> yeah, it closed at 2785 yesterday. for somebody to be randomly with two days left to trade, buying those 2900 calls for about $4. they were trading as low as $3 traded up to close over $4$4

they are up to $63 that is not just a 10x winner, but 15 times your money in hours. those are the trades we like to follow, brian. those are the kinds that usually cause the regulator to do a little head scratch and say we'll dig in to see who bought the calls. >> 15 x in a matter of hours if it was, by the way, pure luck and assume it was, congratulations to whoever or whatever it may be does it look, jon, like it is one buyer? it is a big trade. it has to be a whale >> it would have to be a whale you know, when we were talking about the 2900 strike, it was 9,000 of those that is nearly 1 million shares of stock every option for 100 shares. we are talking about 10,000 options. that is 1 million shares of the

$ $2700 stock. now $2900. that is somebody big they don't have to turn it into stock. they can flip out of the calls today. i imagine they will. this was very shrewd timing. my hat's off to them i guess they can point to the google split to say that's why we put on the big bet waiting for amazon with two days for the bet to payoff >> again, innocent until proven otherwise. if it was random, it was a hell of a trade congratulations to whoever or whatever it may be to your point, it stuck out so big, see if the regulator took notice jon, i will see you tomorrow night in florida for the market rebellion event. >> yeah. tpc sawgrass

everybody wants to see you >> all right all week long. i haven't been on enough planes. jon najarian, thank you. now to ukraine and a serious topic and foreign minister wrapping the meeting with the russian counterpart a short time ago. telling reporters there was no progress made on thecease-fire that will be one big reason stock futures are selling off and oil rising right now the ukrainian foreign minister is ready to continue talks to stop the war these were the first talks between the top diplomats since putin launched the war two weeks ago. the head of the sit down is ukraine's president accusing moscow of carrying out genocide after moscow hits a children's hospital that is after the cease-fire for people to flee the city in mariupol we have molly hunter with more

molly, gut-wrenching pictureses ofthe hospital in mariupol >> reporter: that is right, brian. ap photographers on the ground we know from city officials that three people died and many more jid. t injured. this is the highest level meeting. we have seen rounds of cease-fire talks, but not at this level ukrainian foreign minister is saying russia is not ready for a cease-fire it wants ukraine to surrender. he says it will not happen russian's narrative will continue until ukraine surrenders he was claiming there were military targets at the maternity world. he is not interested in justifying russian actions as we discussed, we have seen

the pictures and spoken with city officials it is independently confirmed that a maternity ward and children's hospital bombed yesterday by russian forces in the city of mariupol brian. >> just absolutely tragic. people have been pfleeing. 2 million ukrainians have left so far, molly. what is the latest on the situation with the people there and the effort to get more ukrainians evacuated out of some of the cities? >> reporter: that's right. mariupol, where the children's hospital was hit, is a priority. there are seven evacuation routes that have been agreed with the icrc facilitatfacilitag every single day, families in mariupol have woken thinking

maybe today is the day the corridor works and the cease-fire holds and they can get out. we have no evidence of citizens getting out of mof mariupol. i'm in lviv. the destination for anyone fleeing the east it is the departure point for anyone getting out of the country to poland. as you mentioned, 2 million people have gotten out of the country. people want to stay and want to try to wait it outl as well brian. >> from what i understand, molly, some of the men or all of the men are required to stay is there an operating airport? is getting out reliant on hoping you can drive or walk across the border >> reporter: that's right. any fighting aged men over teenage and above are staying. that means everyone i'm meeting in lviv, mothers and very young

children the only way out is to catch the train in lviv and take a short train to the border and then walk and wait in line. it is 25 degrees fahrenheit. it is freezing s they have to wait in line with the children and bags and try to get across the border. the only way is on foot. >> just such a tragedy on so many levels. molly hunter, be safe and be careful. molly, thank you coming up, if you think the commodity in the oil markets are not completely bonkers right now, we will show you something that may change your mind. the morning rbi. it is ahead. plus, how new york landmar peter luger's steakhou ises dealing with the high prices of

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welcome back let's get to the important story that has to do with inflation and an dindustry that is under pressure from so many angles we're talking about restaurants and dining out struggling in certain parts of the country due to the pandemic. now facing a new twofold threat. one with higher labor costs, if you can find labor, and the other is surging fuel and food and input kofcosts.

one issue is to absorb the costs or pass on to consumers. joining us is the vice president and general manager at peter luger steakhouse david berson this is a landmark in new york city david, we are glad to have you back on. i saw a couple days ago a friend of mine who owns a bunch of restaurants. we talked about this very issue. he said he can almost not keep up with the increases in meat and other costs coming from suppliers. take us into a normal month for you. are you getting price increases on a monthly or weekly basis, david? >> sure, thanks for having me on, brian. i think it depends i'm sorry. the price of meat has changed exponentially over the last two

years. we've seen especially the price of prime beef increase close to 100% at its highest point. in addition, one of the things affecting us was being able to hire during the pandemic in which not only was there lack of access to talent, but also the base rate has gone up exponentially as well. >> yeah, listen. you are iconic if you look at the peter luger or danny meyer with him last week and at the top of the pecking order, it may be easier for you, but even for you guys, because we talked to you last year, it was hard. have things gotten better on the labor and employment front >> i think the labor side has definitely improved a bit. we are seeing people who are eager to get back to work along

with our customers who are eager to return to dining in full force, i think we have been fortunate in that record regard along with the sense we have long tenure in brooklyn which allows for a sense of safety when it comes to employment. we're fortunate that we're going to have a true business kind rain or shine. >> you know, the one thing i noticed about a lot of online menus lately, david, and yours may be the same way. they don't mention pricing if you have to mention pricing at peter luger, you don't go i wonder if that is because that things are changing so quickly that they don't want to keep

updating the menu. is that what it is is that for the restaurants they don't want to scare the customer off? >> i'm a foodie first and foremost i enjoy going out to eat more than anything. i felt the rise in cost of going out to eat as a business owner, we really tried to be conservative in how we pass on the buck to our customers. we've always taken great pride in the hamburger being under $20. a large porterhouse is quite expensive. we like we are offering a menu that has cheaper items as well hopefully can keep it to a respectable price per head >> the luger burger, my mouth is

watering, david. i'm thinking about the burger and the special german fried po potatoes i wish i could have them for brea breakfast. that is key keeping something for everybody on the menu. >> definitely. we want to have something for everybody. we are opening seven days a week lunch and dinner unless is there a natural disaster, we expect to be open we want to really put our best foot forward especially with what we think is the reopening of new york city >> and so glad to hear things are getting better prices are elevated, but maybe demand is there and people in new york, for two years, has had a tough run. peter luger, we will make the run out to brooklyn soon the german potatoes are fantastic. thank you, david >> thanks, brian.

>> it's like a hash brown. investors bracing for the latest read on already record high inflation so what do we do? what do you invest in? credit suisse's patrick palfrey is here. and if you miss a show, you can check it out on the podcast platforms. and we are back and dow futures are down markets not following through with the big gains yesterday oil up again we are back right after this it's dynamic weight that adjusts for you in real time for a more efficient workout. and you can only experience it... (sigh) on tonal. ♪♪ (vo) verizon business unlimited is going ultra! get more. like manny. event planning with our best plan ever. (manny) yeah, that's what i do. (vo) with 5g ultra wideband in many more cities, you get up to 10 times the speed at no extra cost.

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welcome back i'm back and so is the rbi the most interesting stat of the day cnbc style let's talk about the global oil and commodity markets. as crazy as it has been lately, what may have just happened may take the cake. frosting and icing, everything

check this out yesterday, the fuel known as gas oil which is basically much of the diesel fuel in europe did something remarkemarkable. the march futures considered surged at the trading day. that was a new record high going back to 1981 everybody is saying here we go again with big gains midway through trading, it turned gas oil sold off more sellers came in by the end of trading, gas below $1600. under $1100. the commodity lost 27% during trading. that was the worst day since 1991 think about that in just a couple of hours, diesel fuel contracts in europe

hit an all-time high and posted the biggest loss ever. what changed i have no idea while you may not care about gas oil contracts, we show you this because you may care about the markets overall. if you are watching this show, we assume you do that little gas oil contract should show you these markets are on edge and nervous and can move fast. if you are dipping in commodities like this, be careful. the world and markets can change in hours surging energy prices is one piece of the puzzle and driving the markets. let's bring in the rest with patrick palfrey at credit suisse patrick, you and your team don't care about gas oil, but i mentioned it because 27% swing in a matter of hours, even for that, yes, thinly traded

contract shows to you and correct me if i'm wrong, this is a nervous market that can move really fast. >> brian, you are absolutely right. the volatility we see in markets is unprecedented with the commodities. i think the question for investors is how do you allocate and pick stocks in the environment? it comes down to where you have convention and look through the noise that is happening on the day-to-day bases >> the question is does the voluatility throw off your timing >> you guys have a target that i think is about 19% i think it is 5200 or 19% gain from here. that is a heavy lift we will not hold you to december

31st have you decided to reduce the s&p 500 target >> i think right now with the vix el rated at 30 to 33, we are looking at that to come back as volatility falls, we expect the market to make up ground the question we are debating is what is the potential impact from the ultimate crisis in ukraine? do we have a situation where higher oil prices result in significant demand destruction there is a case to be made that higher oil inflation is a positive issue for profits the question is if it ultimately hits a decline in real sales companies live in a nominal world. nominal sales are good if we see a fall in volume, that is the question. right now, we don't have enough evidence to see that damage right now. should that come through, we actually would be open to

revising that. >> i think you guys are making a lot of calls or messages to the chief economists at what point do we get the demand destruction patrick, at what point does the consumer faced with higher rent and milk and steak and fuel. they have higher wages, but is there a breaking point have you identified where that may be yet >> i think right now we are mostly focused on the oil. it is one of the biggest inputs into the daily consumer life it is an area where we have seen the biggest move historically that has been around $150 on oil with what people are talking about when you look back over time, particularly with '08, we have a different environment. not only with how we live our life, but the ability to remote work and ability to have

alternative decisions and more efficient cars i don't know if that analogy is entirely appropriate there are certainly lessons to be learned we will get inflation data the issue facing consumers is costs which have come through. >> very quickly. 20 seconds i saw the recommendations. buy stocks of companies that make stuff materials, energy. >> the hard stuff. exactly. materials and energy and lesser degree financials. anything that has a strong economic environment >> well said it is the stuff market materials and industrials and energy patrick palfrey, thank you take care. that wraps it for us on "worldwide exchange.

it goes by like that "squawk box" and the gang are next we will see you top. the regular insider buying stocks most of them have doing really well see what the names are tomorrow. "squawk" is up next. have a spectacular day

good morning we started this week with the worst session for the s&p 500 since 2020 yesterday, it was the best day for that index since june of the same year. stock futures pointing to a drop today. it's up. it's down. we will show you what's moving. commodity prices cooling oil prices fell sharp yesterday on word of progress in obtaining more crude supplies from other sources. and let the speculation begin.

amazon announcing a 20 for 1 stock split. we will talk about the prospects for a shake up in the dow industrials. it is thursday, march 10th, 2022 "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. welcome back. >> it hasn't been that long. a lot has happened >> check out the u.s. equity futures. the dow is indicated off by 283 points s&p futures down 35 and nasdaq off 60 it has been a wild week so