september 35 just keeps on going. this is going 100. >> okay. michael? quick? >> ross stores treasure hunt retailer 17 times earnings, 12%, 1.2% dividend. i like ross. >> good seeing you. >> farmer jim, wrap it up. >> citi group, long demand along with credit quality. >> thanks for watching see you in "overtime." "the exchange" is now. thank you, scott hi, everybody. here's what's ahead this hour -- huge market moves lately starting to create openings for investors, and some new pressure points one strategist is highlighting biotech and small caps one showing promise, the other flashing concern ryan reynolds joins us later on with the calls. plus, americans want to know why pump prices haven't dropped nor now. one expert has the answers he tells us where prices will start dropping first and is the yield curve

actually steepening at a time when investors are increasingly nervous it's signaling a recession or fed policy mistake. looking why the opposite may be true. in fact, dive into that now. begin with overall markets dow up 170 points for a nice move here consistent half percent across the board digesting what we heard from the fed yesterday. up 164 for the dow up 21 s&p. up 55 nasdaq move along moving oil prices. seeing rebound over $100 a barrel for crude $101.95 the latest a sizable jump, up 7% after the icht ea issued warning on supplies huge downward action over the past sessions. yields well off their f fomc highs. and ten year around 2.16%.

at least still here a positive gap. let's focus on the yield curve for a moment a lot of attention on the parts of the curve that have already inverted or are threatening to here's the five versus tens mentioned yesterday. see it dipping below the level about the time fed raised yesterday. see, do the manth a little into positive territory. two year versus ten years, the curve everybody focuses on low 19 basis point yesterday 23 now flattening going into and following the fed's decision here reliably inverted before recessions, rarely inverted without one coming why you're seeing a lot of concern in the market. not the whole story. let's look at the different yield curve using the ten month versus the three -- ten year versus three month treasury

bill, i should say a two-day chart. seeing a little steepening here, and at 1.67 points, not only is it steep by historical standards, hit a five-year high yesterday after the fed and on an upward move all year. less distorted by future market expectations in that two-year rate and obviously telling a much more bullish story now. what does it mean for investors? bring in david harden, ceo and chief investment officer at summit global invests. where do you think people should put money to work now? >> a great question, kelly appreciate being on your show. an honor i think they need posto be care when they put their money. different signs, inflation, war, fed speak going on tells us we have to be more risk managers with our assets. when you're a risk manager you take a look at what's the down

side risk in your portfolio. be more defensive rather than offense now. even though signs maybe we're coming out of this, i don't think it's flushed out more down side and be a little more cautiously optimistic here. it's great the fed told us what they're doing and now we have the rate -- you know, increase behind us, but inflation is still there. how good is this going to happen still definitely uncertainty in the markets. so it's not clear skies ahead. we can't just put petal to the medal move forward we -- pedal to the metal and cautious how we invest. >> a couple names. comfortable with chevron somewhere put it this way. consensus. stick with energy. defense here lockheed martin. a lot of people looking for kind of some stability as the rest of the market has been shopping around, but are these kind of

all too consensus? seen whips on moves in energy. see defense could be next, depending on the situation in ukraine and how that evolves why these it names as a buy here >> think about defense think staples, consumer stapling, health care. those are still at play, but you have to include value over growth when you look at value, energy is a little volatile, but look at value and some financials in there. chevron, to me, pe of 13 yield of about 3.6%. gas prices yeah, volatile but remain elevated. also, chevron is doing things that have nothing to do with russia's war with ukraine or other things with earnings announcement to awire renewable energy group lower carbon emissions esg talk there the point, more to chevron than just gas prices. long as they stay elevated, i

think most agree s chevron is a place to have money. >> and mceachran where do you think rates are headed folks comfortable owning stock there? >> i think you have to look at stocks longer term than just tomorrow right? day traders are out there i'm sure most investors are not day traders. right? investors looking for help with retirement average investor, now's the time to make your 2021 i.r.a. contributions. now the time make make a 2022 contributions. right? it's the time to ask your employer to make their match this is the time, because, yes, we may be having hit bottom, yes, some volatility having equity exposure is really where the bulk of assets probably still needs to be. >> all right maybe a couple tactical moves as well for people reeling from this environment david, good to have you on today. thanks for your thoughts appreciate it. >> you're welcome.

david harden, summit investments. all focus on fed, rates, the rest of it, what about corporate earnings fundamentals that underpin the market bob pisani tracking estimates for us and joins us now with an update bob? >> kelly, we are two weeks from end of the first quarter now that the fed has spoken, analysts starting to seriously look at the estimates they have. generally don't like to move too much in periods like this right now, because they want to wait until you get to the end of the quarter when it's a little more clear on their outlook take a look what's going on. generally estimates have been coming down last month and a half today s&p 500 growth expectations first quarter, up 6.4% overall earnings for s&p 500 january 1st, 7.5%. lower, not dramatically. the concern, fed looking a little more aggressive, and some people feel estimates coming down quickly now that the fed has spoken here's the bear case

why lower analyst estimates? high inflation supply chain disruptions all continuing into the first quarter, and into the second quarter. a tighter fed. curb demand causing earnings estimates to come down some bulls saying, relax okay, bob. problem in the first quarter second quarter, inflation moderates and demand, economy's remaining strong where people are revolving around demand, economy remains strong, might be able to have earnings continuing to hold up pretty well the problem right now. there's clear trend, winners and losers, first quarter. big winner is energy that's not a typo. 200% increase in earnings. these companies, exxon, chevron, conoco, occidental, curbing cash records amount of money returned to shareholders. they're big winners. elsewhere, though, eh. industrialing up but trend to the down side. important thing, these companies

here, for example, 3m, caterpillar, stanley, black & decker, looking up up 36%, trend for the down side. those companies are having earnings reduced consumer staples om un1% kimberly-clark, kraft, earnings estimates coming down for them amazon, ford, look at general motors again, same situation. seen earnings estimates reduced recently what you want to do, kelly, watch the trend. i anticipate with the next couple of weeks we'll see a lot of estimates come down a bit remember tonight, we're going to see federal express. a good barometer of global growth back to you. >> absolutely. bob, still holding relatively well taken expectations down 1% point overall since january, seeing inflation way higher than expected the ukraine war. a lot happened for us to only be down by that amount so far

>> yes make it very simple. there is a reason the first questions for jerome powell was, are we going to have a revariato but that was the question. this is happening, is, investors in the market are well aware that the ultimate killer of bull markets is the fed aggressively raising interest rates, or a sudden downturn in the economy or fed inducing downturn because they're raising rates. a large part of the community is worries add pbbout going to overshoot or do nothing. difficult to get consensus and analysts aren't doing much, because they want to hear from ceos what they're saying, why i tell you, next couple weeks you'll hear more the tenor of this sounds to me like estimates will be going lower. >> a great point you said a little bit of a fog out there for everybody.

bob, thank you so much appreciate it today. bob pisani at the new york stock exchange. coming up, oil is back above $100 a barrel. though still down 6% this week take a closer look at the relationship between oil and gasoline prices, next, and what it means for how much you'll be paying to fill up. plus a chinese stock catching shorts by surprise china internet etf, kweb, on pace for best week ever. dig into options activity coming up. heading to break, a quick check on markets still seeing slight gains across all major averages russell 2000 small caps up 1% leading the way. we're back after this. at vang, >> announcer: this is "the exchange" on cnbc.s to vanguard. become an owner.

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and you choose fiber solutions with speeds up to 10 gigs to the most small businesses. that's virtually everywhere we serve. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. welcome back to "the exchange," everybody crude railing sharply today up nearly 8% after the worse week flirting in 2020 oil reversed lower since last week, consumers don't feel the same relief at the gas pump. brian sullivan is here to explain why. brian? >> kelly, let's go for the white house to congress, a lot of blame passed around blame, of course, is the game in d.c. blaming high gas prices mostly

on putin and now lately on new oil and gas companies themselves understandable gas prices are huge issues for voters, oh, yes. midterms aren't that far off these are easy targets right? while, yes, oil profits are on the rise, a few years of lagging is happening main reason gasoline did not move as fast as oil, not quite so easy. first off, get out facts a tiny bit off this morning. oil began $76 a barrel now just back over $100 a gain of whatever, 32% gasoline futures, started 2022 at $222 a gallon cool now at $327. you and i, viewers, actually pay, for a gallon of gas this year $3.29 this morning, $4.28 according to aa a gain of, you guessed it just over 30%. you can see.

oil futures, gas futures and gasoline aligned in moves. kind of always the case. look at this three-year chart of oil versus the nationwide average for a gallon of gas. 0ing a little weird looking that's kind of the point you can see as oil moves, which is the orange line gasoline moves, but a little later, blue line, oil falls, gasoline falls a little later. on the very, very far right of the chart you see huge spike in oil last couple of weeks gasoline, of course, followed it up now oil is on the way back at least it was until this morning. so prominent d.c. types railing why gasoline prices aren't falling just as fast it's not complicated here's why oil prices, kelly, we show viewers are just contracts to maybe buy oil next month just a piece of paper and one month out. the gasoline put in our tanks is a real tangible thing. not priced for delivery next month. it is bought in giant loads.

hundreds of thousands of gallons every day by distributors from refiners and from distributors to gas station owners. so once you buy tons of gas, you're stuck with it at that price. say you happen to buy about 100,000 gallons of gasoline, a normal gas station $4.50 a gallon last week gas prices now under that. you're hosed because the station owner down the road timed it better bought at a lower price and now can sell gas at a price making you lose money you have to sell at a loss got to sdran ydrain your tanks new gas. sometimes insanely low sometimes near zero to get you and i in the store to buy slim jims and coffee. where the money is made. that owner sold a ton of gas as a loss, yes, will use other times to keep prices higher long as they can because they know

another loss may be just around the corner is there gouging going on by onliers of corner gas stations of course. call them out. for most of these folk, trying to survive happened to my family with our california gas station in the 1980s. you don't believe me ask a local gas station owner. tell you the same. when oil went negative, was anybody asking why gasoline prices also didn't go negative of course not. because oil and gasoline connected, are ultimately different markets. >> appreciate the explainers what all prices have done, larger picture here to date. who is making money? >> well, credit card companies a couple things. big oil is going to make more money. yes, that is accurate. the ones who kind of escaped attention, refiners. most oil and gas companies, don't actually refine or sell gasoline some of the big ones do. shev rons, exxons, conocos,

majority of publicly traded or private oil and gas companies sell their oil to refiner. refiner makes it into gasoline and other inputs, nasty chemicals you don't want to be near all higher, all goes into the supply chain refiners not doing well. but credit card companies. charge the 2.5% of $4 a gallon a lot more than 2.5% of $3 a gallon credit card companies unless crushes consumer spending may be the ones actually don't mind higher gas prices. they're going to make 2.5% on whatever it cost to fill up, you know, that bentley continent gt the evans family is rolling around in. >> yeah. odyssey minivan. more needs to go after that, windfall profits, tax. maybe a holiday from credit card fee charges at gasoline stations take your point. appreciate it as well.

talk about this later. when should consumer ask expect lower prices at the pump? my next guest says, soon go it have you back. still expect relieve based on today's oil prices >> even with today's prices i expect gasoline prices to continue at slow decline $4.29 or so. get to $4.20 maybe a little less certainly today's rally put a damper on enthusiasm to continue towards $4 a gallon. >> where do you think the sort of real price of gasoline is right now? >> well, if we're talking about the retail average, i think we can still head down to $4.20 or something, and you call that where the normal rack to retail margin would be that we've seen in the past. but given the volatility we've seen in the market, it's very

hard to say. oh, here's the new target, as it's changing every day. >> exactly for those consumers frustrated, saying, they have reason there are several days at a time you're seeing those spreads go up between what gasoline prices are and where the gasoline can be sold. right? >> yeah. i mean, the consumer is frustrated and confused but anger misplaced because it's directed to major oil companies when it really should be directed to the local service station owner. actually there's 60,000 single-store operators out there, and many of them are buying their gasoline from the major oil companies like exxon, but exxon doesn't own a single retail site in the u.s >> right so in other words, for a couple things, stretch of time, make bigger profits than normal how long does that situation usually last >> what we've seen is in a significantly declining oil market, it can take four weeks,

six weeks, very reluctant to lower prices's know the consumer's going to continue to show up at the gas station, and this is, as brian pointed out, a chance to make money to offset the weaker margin periods. >> can last four to six weeks before it normalizes, do you think? >> yeah. especially on the gasoline side. on the diesel side, a little more dramatic, where diesel, the average price is $5.10 a gallon. i expect that's going to drop to $4.50 a gallon, because diesel prices have really fallen off precipitously from its highs >> for those people getting frustrated by wait and mean time, there are places to look for prices to come down most quickly. seem to be at the big box chains >> women, that's exactly right big box retailers are selling not, 900,000 a year, more like 900,000 gallons a month. you should get a better price from the likes of costco or

kroger, or a sam's club. companies like that. as well as some of the bigger independents casey's, wawa, murphy's bucky's here in the south. >> where people should start the search to look for savings andy, thanks for your time. >> thanks for having me. >> andy lippo u. and a path for russian oligarchs. the latest. plus news lice robinhood, roku and snap down big from w otnt highs noanher threat looming right under their noses. we have it, ahead on "the exchange." to give back to younger people. i think most adults will start realizing that they don't recall things as quickly as they used to or they don't remember things as vividly as they once did. i've been taking prevagen for about three years now. people say to me periodically,

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welcome back to "the exchange," everybody just hit session highs on the dow. up 200 points. half percent gabe across the board. perhaps market relief over russian debt payments. check on individual movers chip stocks on pace, best week since early november at least measured by smh a pause today, though. amd, micron, broadcom, biggers laggers. and these names up more than 25% this year. increases 7% today and cygnet jewelers beat on revenue. real gem, guidance higher than expected this quarter and full year. shares up nearly 7% day and on pace for best week in a year and ceo on "closing bell" today in an exclusive interview at 3:00 p.m. eastern time. gamestop, rising ahead of quarterly report after the bell. looking for details on

turnaround plan. 2% gain. shares down more than 80% from all-time high last january and waking for a worst month in over a year. rahal solomon and the news update. and ukraine, mariupol, the situation is critical with claims 50 to 100 bombs dropped on the city every day. yesterday's strike on a theater, hundreds sought shelter. japan, meantime, officials say four people died, at least 160 people injured in yesterday's major earthquake homes destroyed. bullet train derailed. more than 2 million homes temple rarely lost power. on the news, the world health organization warning of a new rise in covid cases. and the white house gets new leadership for its pandemic response team. that's tonight at 7:00 eastern. in chicago, hundreds lining

up for hours to get free gas thanks to 200,000 dollars of donation from a shis businessman and former mayoral candidate willie wilson who wants to do this part alleviating pain felt by high gas prices reason you see the line, each gas station allotted $20,000 once up, it was up. >> a cool idea see if it spreads. rahal, thanks. >> would be nice. coming up, reversal in chinese stocks, a look how shorts are handling swings and what are the fundamentals supporting long-term owner ship here that's next.

welcome back investors reeling from huge swings this week in chinese tech stocks kweb soar 40% yesterday. now down 10% or 8% today, still higher for the week. despite the jump down 57% from its 52-week high we have more on the moves and fallout especially for the shorts seema? >> just big move there expect this tech to remain very

active call volume in the kweb chinese etf 60% below yesterday saying this adds to evidence wa we saw on wednesday was a short squeeze after beijing signaled support for its tech sector. extreme volatility across the options market call volume more than doubled. all-time high hit only last week, ten times the one-month average. despite this past year, percent of shares short. say that a few times, not t alibaba, and others. according to credit suisse, bonds yet to jump in in a meaningful way erratic moves are raising concern. bernstein's china team putting out a note this morning, among

investors and ourselves, hit high levels in recent weeks. macro issues persistent but we expect beijing's comments to mean some of the worst-case scenarios are off the table. >> i'm surprised, seema, short interest so low in some of these chinese names. >> yeah. a great point. i, too, thought a little higher. we have to take into account the short interest numbers i relayed's may not actually provide the full picture chinese adrs short interest based and shares traded here and may not fully account of, take into account shares traded back home in china. clearly, despite where short interest stands for these chinese adrs, seen a big run-up yesterday, but does follow four weeks of consecutive losses for the kweb china etf even a name like al alibaba >> up and down side.

seema, appreciate. seema mody. my next guest says regime in beijing driving the moves rather than something else. and michael joining us what do you mean by the regime driving these moves? >> well, if you buy a stock, right? buying it based on fundamental analysis the problem with chinese stock market right now, particularly in the tech sector, it's driven by two issues. first of all by governmental influence. in other words, is the government going to be okay with how you conduct business secondly, what's happening with the pandemic and lockdowns right now in china i don't think fundamentals really are driving these stocks anymore. really it's the government, do they like you or not like you? that's why we saw the bump the other day. nothing to do with fundamentals and everything to do with the government's perspective how these companies are doing business. >> what was the perceived

change were you surprised rate of change in the stocks was so large? >> not really. because if you block 50%, kelly, go up 25% or 30% -- >> yes. >> the moves are not equal going up and down. i think investors now are really looking particularly in chinese stocks, looking for any relief, and still a leftover, china kind of the internet speculation. make a killing in these kind of names. always people out there willing to speculate it's not a good fundamental fund case right now. >> i'm sure people also must think, okay, get a name like alibaba way less expensive than in the part and name with an investors like charlie munger behind it. >> right. >> that can be a pretty powerful rationale? >> well, that's probably why the stock went up. last time i was where alibaba is located, which ugly at the

headquarters it's -- it's a different kind of environment right now for these names. i realize charlie munger, i have greatest respect for, said he's buying that stock, i guess, a while ago, i guess. >> uh-huh. >> and even the infamous mr. wonderful here on cnbc actually said he just bought these stocks recently there are certainly people willing to hang in there i just think as a more conservative investment strategy, if i had a trading strategy, a growth strategy, maybe, but not really a kind of a cash flow, fundamental oriented story i think for most invest herbs and frankly warren buffett, that's how people invest successfully. >> you've warned us for some time the crackdown in china would continue saw it move from after-school tutoring to much larger tech titans the fundamental argument, if you call it that, for owning these stocks now, crackdown largely over preparing for reappointment of,

whatever you call it, xi third term in the fall and fighting covid looking store stability. don't want to do anything more to harm, let's say, their leading businesses abilities to help foster those strong conditions what would you say about that? >> well, yeah. i think to some extent you've seen obviously a tremendous amount of governmental intervention say for the most part looks like it's over. i don't think we can really say that what's going to happen with alibaba and the spin-off organizations they're looking to roll out who's to say that the government one day might not announce like they did out of the blue for the education sector that it's just not going to be something they're going to allow kids to do after school anymore. look what's happening with ride sharing. look what happened to didi i mean, i just don't think you, you're in a position to say it's over the other thing you mentioned

coming out of the pandemic china's not gotten out of the pandemic actually entering a new pandemic talking to someone the other day in a province in china, hong dong last night. shutting the whole city down, requiring people to take three tests, tens and tens of millions of people being required to take three tests, stay at home. can't go out unless going to get food that's going to impact the chinese economy. the way china that attacked this pandemic situation is much different, much differ than how the united states attacked it. so it's going to create problems in addition to governmental regul regulations. >> can i ask, would you warn people away from exposure to china, where might you sense better opportunity >> i would definitely underweight china now. and horrendously boring what i'm about to say if you're buying income-oriented stocks, dividend-oriented stocks not incoming stocks but more

growth of income i think you'll see expanse of multiples in terms what's happening to the united states market you want to have china exposure, buy names that have significant presence in china that are u.s. companies, and not subject to the same type of governmental oversight. that's where i would head. i would just be very hesitant buying high beta names particularly what's happening between russia and ukraine you don't know how china gets involved and what the lateral damage will be. >> didn't delve into that. a big rick out there michael, thanks for your time. great to have you. >> thank you. coming up, as those share prices, so go morale the worker problem in silicon valley and how tech firms are trying to fight it. and russian oligarchs, this could help track assets. we'll explain. going to break, look at the dow heat a map amex leading the way, visa and

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welcome back growthy tech names like robinhood and napped trounced this year. share price goes down, morale sinking, too kate rooney is here, how companies are now trying to retain talent. >> a lot of people joined high-growth tech companies recently are under water when comes to staff and options. recruiters talking to hurting morale, distracting, demotivating and leading to attrition. backdrop conversation in silicon valley tied to equities people trade higher salary for more exposure to the stock or rsus may have worked out nicely the past few years but recently tech is getting slammed now in the face of rising rates the nasdaq in qqq down double

digits year to date so far longtime employees at more established companies probably still above water. some hot, new tech companies soared in the past year, seen a huge wipeout in stock price. looking for new ways to offer new equity grants or cash perks to keep employees around data pulled for us, robinhood down 70% so far past six months. issues new stock c c chewy, and new grants and cash pay raises snap and uber adjusts comps to match higher offers. recruit crewers i'm talking to say employees with options higher end don't see path to profitability. with everything going on in the market, and some investors turning on the higher growth tech names kelly? >> the big question, if these employees want to leave, kate, where will they go

>> private companies one draw. later-stage companies likely hit by the same phenomenon public comparisons have to assume eventually that's hitting private markets. safe havens now. one is health tech seems to be where a lot of vc money is going and seeing the tailwinds with everything going on health tech big. surprisingly blockchain. crypto prices don't seem to be dampening enthusiasm at least on recruiting side. when it comes to crypto and blockchain companies based and vc dollars a lot of employees looking where big names are spending blockchain companies hiring engineers away from big faang and big tech companies and able to pay comparable if not better salaries. >> great point about crypto, staying power. bitcoin after high hasn't fallen and health tech.

wouldn't be it great in another fish years had a big boom in health care innovation and all because of the reallocation of employees to ed? >> could be a leading indicator's we'll see. tech talent going somewhere. won't see effects right away some companies may go public, and hiring smartest engineers, think that's got to trickle down to the success of the company at some point. >> yeah. maybe wishful thinking we could use a lot of improvement still in that space. that's, kate rooney. still head, biotech. a bifurcation there. where the opportunities may lie right now. also coming up on "power lunch," vapco's mario sticking with aaa treem invests this year now a twist. that's at 2:00 p.m and signet ceo on "mad money" tonight. "closing bell" earlier, and joined by williams-sonoma sheo two big interviews starting at 6:00 p.m. eastern.

6:00 p.m. eastern. we're back after this. no20 a month. ♪ ♪ ♪ ♪ with a bit more thought we can all do our part to keep plastic out of the ocean. financial advice that's personalized to my goals, and no one else's? now you're talking. 97% of ameriprise clients say they feel like their advisor cares about their ability to achieve goals. ameriprise financial. advice worth talking about.

if you're a small business, there are lots of choices ameriprise financial. when it comes to your internet and technology needs. but when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose fiber solutions with speeds up to 10 gigs to the most small businesses. that's virtually everywhere we serve. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. welcome back to "the exchange." stocks making new session highs. dow up 272 points right now. been building the last couple

hours. almost 1% gain for nasdaq and s&p. this as stocks over the past weeks between geopolitical f fla flare-ups, inflation fears outside moves wouldn't make you think that good news, good trends emerging that investors can take advantage of joining me, chief market strategist with reynolds strategies do you think stocks overall are headed higher? >> i do. i think this is a correction in a long-term bull market. even though stocks whip shot since february, credit investors bought $150 million new corporate bonds this month, despite all turmoil in ukraine, worries about the fed and inflation, keep buying corporate bonds, and that money eventually is going into buy backs. stocks get above 4400, 4500 area on the s&p, usually a good time

for the buyback desk to commit capital. the average goes above the 50 day. >> in other words, seeing a rebound followed by a lot of buybacks that for years helped bolster this market. any warning about the fed here how overall market >> if you look at the money market specifically the u.s./euro futures market they priced in the fed up to 275 next year and rates back down and pricing in an easing cycle as the tightening cycle begins. pricing that way for a while so i think it is baked into the markets already. >> fascinating may explain why yields are not surging a lot higher today against that backdrop, why is bio tech in particular jumping out here >> they have good product and good momentum.

stock price has good momentum. outperforming in february first time in over a year and beaten down and starting to come back and great access to the debt market buying corporate bonds like crazy they have good cash flows and likely buying the stock back that's the large cap sector. >> yeah. let's talk about that. is it only in small cap bio tech or small caps overall to see warning lines? >> it is people don't want small caps in general and don't want small cap bio techs in particular the disparity is very, very large and i think bigger this summer at some point probably around labor day that disparity will be so wide the big companies buy the small ones to increase the pipeline and welcome a cyclical

things and then start to reload in 2023. >> maybe the people even as you warn about small cap stock prices they go if a deal cycle is coming we wouldn't mind exposure as we have seen these companies down 80 pat% from the highs and newly public areas would that be a similar evolution as bio tech? >> on the former hot names they came down and it's a long time to get back to the highs and come down so much that there will be deals from the levels and investors could make money going forward and the correction is near the end. we have headlines to come on the ukraine and likely run the course and above the 4500 areas to the s&p and hold this is like

2011 >> yeah. you almost blink and you miss it what about energy, defense those kinds of places. >> those are hot areas with the headlines. eventually the headlines will fade so i think some point and probably over the summer be selling them into strength sector rotation is constant in this type of market and ride the winners for a while and sell them out as they get too hot. >> is there anything to say about where we could see leadership as this rally continues and maybe as the expansion continues despite the recessions people are worried about? >> i think it is concentrated in the largest buyback names. they started to outperform first time in a while and i think it goes through the summer and probably into the fall. >> all right always to the point. it's great to have you thank you so much.

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♪♪ making friends again, billy? i like to keep my enemies close. guys, excuse me. i didn't quite get that. i'm hard of hearing. ♪♪ oh hey, don't forget about the tense music too. would you say tense? i'd say suspenseful. aren't they the same thing? can we move on guys, please? alexa, turn on the subtitles. and dim the lights. ok, dimming the lights.

welcome back many worry russia will cruse cryptocurrencies to circumvent sanctions. eamon? >> that's right. senators heard from several experts today that made the case that blockchains are too transparent to be of much use for oligarchs to transfer the enormous sums of money to avoid sanctions and said that crypto is more useful on the ukrainian

side the blockchain association that had to flee the home amid the invasion testified about donations he helped steer to his country. >> right now we collected $50 million in equivalent. we have reaching for $100 million and an opportunity to supply finance to the cities like mariupol, to kharkiv enclosed and captured by russians the incidents work to supply crypto and people can buy food and wherever it is required there. >> the big question is whether or not there's going to be new legislation imposing disclosure requirements on capitol hill this year. senator warren said she has a new bill to prohibit transactions with addresses in russia, report transactions larger than $10,000 and a public

report to identify high risk digital asset platforms. back the you. >> overall is there a sense that this testimony and what they're saying about the blockchain is changing the plans that congress would have otherwise had >> it is an interesting question you see some senators super dialed in and then another group really new to this debate to put it chairr it bring they have functional questions of how blockchain works and useful to hide money and a dawning realization of a public ledger aspect and public and therefore a lot of what's going on is traceable by law enforcement. certainly more so than with cash and sort of an educational aspect to a hearing like this and i don't think we'll see legislation this year because it is going to be a midterm

election year and maybe good for fund raising from the crypto guys. >> and what the blockchain is and what it's not. eamon, thank you so much >> you bet. that does it for "the exchange." "power lunch" picks things up right now. ♪ thank you very much and welcome to "power lunch. here's what we have got for you this hour. three as mario will tell us why he finds opportunities in auto, aro space and agriculture. and the fed, the war and the market including interest rates and the infection. the industry inflation forgot. it's a sector insulated from many of the pressures that ores are feeling and a majo