it is 5:00 a.m. in new york the win streak in jeopardy the market posting the best week in two years oil on the rise again. breaking news. a deadly 737 crash in china. details slowly rolling out boeing stock is sold off in ukraine, pushing back against the russian ultimatum over a key port city hopes for peace talks endure. and trouble for bob chapek

over the controversy florida law. and saudi arabia recovering from a key attack. it is monday, march 21st this is "worldwide exchange. good morning, good afternoon, good evening welcome from wherever in the world you are watching i'm brian sullivan we will get you more on the developing boeing story in a moment right now, let's get to the macro monday money futures are slowlower across the board. all that as investors hope for follow through to the market move last week dow up 6%. ending a five-week losing streak all averages popped above having the best weekly gains since late 2020 in bonds, the ten-year yield moved at 2.19%

that means mortgage rates are likely to rise in the coming weeks. we'll talk about housing in a couple of moments. crude oil is higher. attack on the saudi oil facility over the weekend more on that in a moment the last loads of russian crude oil coming to america, still on the way or in port, will unload later this week. that will take about 3% of our oil supply off the market. oil at $109.50 up $5 per barrel let's get to the breaking news on boeing what we know which involves a serious crash of one of the 737 jets in china. details are still light. china's aviation authority has confirmed a plane operated by china eastern airlines crashed a few hours ago in a mountain area in southern china. no indication of the number dead or injured

rescuers have been dispatched to the site there are reports of part of the mountain area where it crashed being on fire. indicating a serious accident. again, very little yet is known. a boeing 737 has crashed in southern china boeing stock down 6.5% that shaves 84 points off the dow. light volume 300,000 shares a story we will watch and bring you more as it develops throughout the day wishing the very best for anyone involved in that. let's go global. asian markets begin a quiet week i should watch what i say, especially as oil continues the rise rosanna lockwood in the london newsroom i jinxed it by saying it was a quiet week that was an amateur mistake on my part. rosanna, good morning. >> brian, we acquired the quiet

lead overnight it tras nslated into a volatile morning. the index rtrading in the red ftse mib up. a bit of oil news out. energy prices pushing higher trading off anything to do with the idea of peace talks. the market is saying it is okay. any possiitivity is being graspd let's give you a look at the sectors with all of this in mind i want to point out businasic resources and oil and gas up 2%. oil and gas off the jump in oil prices for the reasons you mentioned. basic resources. australia has banned aluminum to russia that pushed prices up 5%

>> an makes mas amazing record highs. so many industries require aluminum rosanna lockwood, thank you very much. to ukraine and the invasion in the 26th day. here is the latest moscow regrouping forces for a renewed offensive on kyiv. that is according to ukrainian officials. the latest push on the capital coming as russia continues to tighten grip around mariupol in the southeast. just this morning, ukrainian leaders rejecting a russian ult ult ult ult ultimate to surrender the city president volodymyr zelenskyy is pushing for peace. speaking in front of the israeli leaders yesterday. zelenskyy said the prime minister is trying to find a way to negotiate with russia adding that jerusalem could be the right place to find peace if

at all possible. back here in d.c., president biden will hold a call with his counterparts from germany, france and uk and italy today. a multilateral call coming ahead of the planned trip to europe on thursday the president will travel to poland on friday to discuss the humanitarian crisis with the polish president to capitol hill. a week of confirmation hearings for president biden's supreme court nominee ketanji brown jackson. before the hearing gets under way, fireworks are on display. we have bie jackson with the preview of a very big week on capitol hill brie >> reporter: good morning, brian. the supreme court pick is the first black woman nomination

ketanji brown jackson has also met with every member of the senate judiciary committee president biden's first supreme court nominee ketanji brown jackson begins historic week of confirmation hearings today. she is a familiar face on capitol hill. >> her fourth time before the senate committee three previous times, she came through with support >> it is clear her credentials and breadth of experience are impressive >> reporter: jackson will face tough questions from senators this week. including criticism of her record on the u.s. sentencing commission and republican attacks claiming she is soft on crime. >> i don't want us to attack her as a human i want to have a debate of her judicial philosophy. if you get lifetime tenure, you

don't confuse yourself >> reporter: mitch mcconnell says he is keeping an open mind. >> i haven't made a final decision >> reporter: jackson could be confirmed without republican votes. if all 50 senate democrats stick together president biden wants bipartisan support. >> for too long, our government, our courts, haven't looked like america. i believe it is time we have a court reflects the full talents and greatness of our nation. >> reporter: if confirmed, judge jackson would be the first black woman to sit on the high court in its more than 200-year history. the hearings come amid news that justice clarence thomas has been hospitalized he was admitted on friday with flu-like symptoms. the court says that justice thomas is receiving antibiotics and expected to be released from the hospital soon. brian. >> it is a big week in washington, d.c. brie jackson, thank you very

much let's get a check on the other key headlines happening right now. including another attack on saudi oil facilities that has the price of crude oil higher as well silvana henao is here with that. >> reporter: unleashing the drone and missile strike on the oil infrastructure yesterday in saudi arabia setting off fires at one site and temporarily shutting oil production at another. saudi military officials report no one died in the bombings and say another sea-based attack was thwarted the attacks had no material impact on oil supplies china's tech hub shenzhen is lifting the lockdown today as the covid outbreak is coming under control. the city will now allow government agencies and companies to resume normal

operations bus and subway service will resume shenzhen is home to the biggest companies. and disney trying to tamp down employee unrest over refusal to oppose a florida bill barring some schools from discussing gender issues with young children in the effort, the company will host a company wide town hall today focused on gender issues a platform disney used to repre. this comes after chapek told employees he was sorry for not being a stronger ally in the fight for equal rights the company is increasing support for advocacy groups to combat similar legislation to don't say gay bill in other states it is pausing political donations in the state of

florida. we'll have to see if the employees get answers. >> pausing we will see how long that pause lasts. very important state for disney. thank you. we are just getting started on monday. when we come back, your morning rbi with positive data points on covid as concerns rise about another wave you want to hear these. and ben emons is here with the three key investment themes that are developing in the stock market later on, more on the reported crash of the boeing 737 in china. boeing shares are down 6.5% in pre-market very few other details are known. we will bring you latest awe get them stick around

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price index print in the months ahead. of course, markets look out further than that. do we have to start adjusting how and where we invest based on inflation expectations >> good morning, brian i think that is the case or message from the fed last week taking a lot of credibility in the markets. it was not a reaction i would suspect with the stocks significantly higher interest rates. lots of volatility there it was about the fed starting to get ahead of the inflation problem and hike more than 25 basis points in the future that is what we call front loading. that brings into opportunity where inflation starts to moderate for the fed, it has an advantage. the dollar strength is more compounding effect on global commodity prices

i think that brings along the opportunities in the small cap and mid growth stocks. those are the opportunities to go with. >> on the he emerging market si ben. you look at the price of fertilizer which will surge food costs. poorer nations will be less likely to afford what they need. a lot of other implications outside of markets and things like that. if inflation does moderate a bit, is that part of the reason why you think specific emerging markets outside the u.s., will benefit? what is the connection >> i think you want to look at it in two ways what was happening where you had central banks getting ahead of the inflation curve than here in the united states. i'll use brazil and chile as an example. interest rates are up a bit. their inflation is moderating.

as you mentioned, the shock from ukraine on global commodities. you also have china trying to stabilize the market i think that is another issue which is shorter momentum. lastly, if you get to the cease-fire, which seems to slowly happen, part of that will be reflected in the commodity market i think that all benefits the emerging markets i look at that broader index and etf. that is likely to have ex-russia and china. >> before we let you go, ben, a name like cvs. i did a hell of a transition that's the thing you are thinking about >> yeah. think about it we don't want to talk about the

pandemic we have to with another surge on the way. the stay at home trade is another one not talked about much it lagged since last year. that is coming back here it is two ways with high inflation. people may not do as much outside for a period of time we have covid which may come back cvs is really under valued that is one example. stay at home trade >> it is a very good example a name we will watch emerging markets hopefully a moderation of inflation. ben emons. thank you very much. on deck, as rates rise, and inflation booms, is the housing market in for a world of hurt? the next guest says it could be, but there is one other big problem that nobody else is lkg out. we will after this break i was having relationship issues with my old bank.

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welcome back all this week, cnbc is looking at equity and opportunity for women. government data shows women spend 80% more than men on health care, a report found outside of cancer, women's health issues garner 2% of investment we are looking to close that gap and bertha coombs says investors

are paying attention >> i don't think my human eye would have said that's the spot. >> reporter: to the doctor, a breast cancer scan is a fingerprint. >> unique. >> reporter: the radiologist is leveraging ai to accurately assess a woman w's personal risk >> all of our patients identify patients of color have been left behind in the domain the risk models used in health care were built on european caucasian women. >> reporter: research attracted investors. last year, she chose the sante venture and found a ceo committed. >> women are a huge portion of the population and control a lot of spend an under served area that has a lot of room for expansion. >> reporter: venture capital for femtech tripled since 2015

beyond breast cancer, the analysts say fertility and maternal health and gynecology get the most benefit and it is also employers. >> this is not just nice to have it is important to retain women in the work force. there are budgets for maternal care >> reporter: to the doctor, it is no surprise that women led firms are leading the charge >> the data shows they are more likely to have equitable approach to health care. likely to invest in domains that help women as well as men. >> reporter: as for the doctor's breast cancer program, clarity has filed for fda approval start up is hoping to get approved within the year brian. >> bertha, thank you how many of these companies are

getting ready to go public how many are very early stage, young tech companies where in the life cycle of investing are many of the names you talked to? >> a lot are still early stage maven had a big round last august of $110 million including oprah winfrey. they are a big unicorn in the space. the company that has gone public which deals with fertility and maternity issues, that has not fared well in the public market. it is coming up. it is an area a lot of folks are interested in because, brian, we're half the population. women. >> bertha coombs an important story one investors are taking note of bertha, thank you. as we head to break, some of the other big money movers

nielsen holdings rejected a takeover offer from the private equity group it includes elliot management under values the company shares of neilsen is down. and a report that anaplan that, it homa bravo is planning to buy for $11 billion they have 1,900 customers. employees at facebook's parent company looking to jump ship stock continues to drop. according to the new york post, meta employees have voicing frustration with the company with online forums shares are falling to $215 some employee options may not be worth anything or very much at all. "worldwide exchange" is back after this

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we continue to follow the breaking news from china a crash involving a boeing 737 jet. details slowly rolling out boeing shares are selling off. it is monday, march 21st this is "worldwide exchange. well come back. i'm brian sullivan more on the boeing story in a moment in the meantime, let's check the macro markets. boeing is a dow stock. it is lower 6% it should impact the markets, but the macro futures. we are already lower coming into the morning session ahead of the news futures are down under 100 on the dow. about the same in percent with the nasdaq one reason for that is oil oil is higher again. crude oil nearing $110 per barrel here.

it is more than that overseas. a drone attack on a saudi facility over the weekend and remember the last loads of russia oil should unload in u.s. ports this week. that will take about 3% of our oil supply give or take off the market $108.52 for crude. chevron shares 500 workers at the gas production plant in san francisco has gone on strike after voting down the recent contract offer chevron shares higher right now. the strike comes as california faces some of the highest gas prices in the united states. crazy scenes at stations death valley with $8 gas that's obviously, extreme. now to what we know and do not know on the boeing crash in china. apparently involves a serious accident with one of its 737 jets in china.

details are still light. china's aviation authority confirmed a plane operated by china eastern airlines crashed a few hours ago in a mountainous area in china with 132 people on board. no indication of casualties or injuries rescuers have been sent to the site flight radar 24 reports that the 737-800 aircraft is seven years old. the 737-800 was not a max style jet, which, if you remember, had two fatal accidents and taken out of service a couple eof years. one areport on the jet which is not the max. that is the focus for boeing and for innvestors as well.

it is a 7737-800. boeing shares are down 6%. volume is light. a couple hundred shares trade. it is early and a scary and developing situation in china and boeing. to ukraine and the russia invasion now in the 26th day. moscow regrouping forces for a renewed offensive on kyiv. that according to the ukrainian officials. this latest push on the capital as russia continues to make a push on mariupol ukrainian leaders rejected the you ulti ultimatum. president biden will hold a call with the french, german and uk counterparts today as well multilateral call coming ahead of the biden trip to europe on

thursday aria arouzi is here with us now from lviv. let's get the latest to what he is hearing and seeing on the ground >> reporter: on cue as you mentioned, air raid sirens went off. they may come back on again. they have been going on very frequently today they started 3:00 a.m. local time and gone off four or five times. it highlights the sensitivity in the country. of course, lviv is a safe zone there haven't been any attacks in the center of lviv. this is where the waves and waves of displaced people have come to escape the battered east on and south of the country. it is a little worrying. we had an attack on the air maintenance facility a few daysidays ago.

that was four miles from the city center. that made people here anxious. they are trying to get away from the heavily hit parts of the east of the country and to the safety here. if lviv gets hit, many of the people here don't have other places to go a lot of the people come from mariupol where you mentioned we've spoken to many people from mariupol we've heard many accounts from mariupol it all paints a horrific picture of what is going on in those cities for them to be shaken up every morning like this with the air raid sirens is worrying. to give you an update on that proposal by the russians in mariupol that late last night russians have given the fighters of mariupol an ultimatum to leave the city by this morning they would open up thoses humanitarian corridors they obviously, ukrainians, refused to capitcapitulate

it is unclear what will happen to mariupol in the coming hours and days >> absolutely scary situation there. including reports of a number of russian ships that may be on the way to the region. that is a port city. ali arouzi, thank you. with the crisis in this ukraine showing no signs of easing, more tension placed on china and its ongoing relationship with russia and vladimir putin and refusal to condemn the invasion of ukraine. these are the issues that president biden and president xi spoke about on friday. joining us now is robert kuhn. robert, what is china's role what is china's responsibility here >> china sees itself as a peacemaker it didn't want any part of the

fight. it has seen that it cannot avoid being involved we have to start with china's relationship with russia china believes it needs russia to counter balance the u.s. which china believes seeks to contain its rise, thwart sovereignty claims over taiwan and the south china sea and change the party ruling political system which president biden's administration has said it is not on its agenda. putting it all together, china has the no limits strategic partnership with russia. now, that said, china has to deal with two sets of contradictory positions. first, supporting russia while maintaining its long-term position on the sanctity of international borders and sovereignty which is the core of the foreign policy for decades

secondly, supporting russia while not overtly alienating th u.s. and europe which is, by far, the vast majority of the international trade. china has been trying to show a neutral, but yet skewing pro-russian position you see it in the media and meeting of the disinformation. in recent days, after the call between biden and xi, you see a subtle shift a course correction in the narrative. china is now talking more about peace. more that its role can be and both sides can facilitate a peaceful solution. >> because, robert, neutrality, right now is tantamount to accept answer. russia invaded a peaceful

nation it is 1939 all over again. >> it is no doubt that china's position has the contradiction built into it. it is saying maintaining its relationship with russia can put china in a position to facilitate some sort of cease-fire, if not a full peace arrangement. whether that is true and how that works, we'll have to see. i don't think we will see china backing off its position in terms of its relationship with russia it's not just it needs russian energy and gasse and the long-tm commitment, but it perceives as the u.s. long-term interest in containing china and influencing sovereignty and human rights criticisms and the whole party

political system china is not going to be -- >> robert -- sorry as china watches the world's reaction, near universal co condemnation of putin, except for china, does it ultimately see how it perceives taiwan? >> particularly after the phone call with xi china has been a great supporter of the u.n. and we see overtly 141 nations voting to condemn russia 30 some odd nations to abstain and three or four to oppose. china was on the vast minority side of that in the u.n. china does not like to be in the position u.n. is important to its diplomatic affairs going forward on all issues o sissues

regarding taiwan, china is trying to distinguish ukraine from taiwan. it does that by admitting that ukraine is a sovereign country whereas taiwan in china's perception isan internal problem. taiwan is part of china. they try to make that distinction. it is a strain >> they will buy up all the russian oil they can on the cheap and continue to fund putin's war machine. china cannot afford to not buy oil. robert kuhn, i appreciate it the story is not going away. thank you. coming up, is housing in for a world of hurt? former fannie mae executive tim rood says not enough are talking about it. and deal news.

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the red hot housing market cooling off a bit in february as home sales took a step back. combination of rising rates and low inventory making it harder for buyers to compete. the average rate is now above 4% for a 30-year fixed. there is another issue that not enough are talking about tim rood is former fannie mae executive and he is joining us now. tim, i was looking through the notes here wehomes. i did not realize inside every built home is $100,000 not in lumber, by paper work. >> that is just the building side regulatory costs on a new home is one-third of the cost of the new home sales price which is insane it is ridiculous you compound that, sully, that

it costs almost $10,000 to produce a mortgage because of the government overlay red tape and things like that. it takes less labor to build an f-150 than assemble a mortgage all of this is bogging down and punish current and prospective homeowners >> it is hard to believe there is that regulation in the home this seems when government officials complain about affordability, you think this is one thing they would mention >> it is such a vexing problem, sully. the federal government doesn't have a lot of control over what happens at the state and county level. a lot of the costs go back to zoning that came into place in the 1990s of the s.

they started putting up the red tape and barriers associated with the new community development and new home construction environmental costs. permitting costs all of the things. it was meant to slow that growth of homeownership or development in the community to preserve the value of the communities >> you know, the question, tim, because of my coverage of the financial crisis in '06 and '07, i get a lot of questions from people about where housing is going. i say it depends where you are located. nationally, tim, it seems tough. rates are up inventory is down. regulatory costs up. stock market lower it seems hard to see housing booming from here on out you are the expert what do you think? >> i think we still have room to run. it is funny. i was thinking when we first

started talking about housing in 2010 in terms of recovery. if you bought in 2010 a home for $170,000, you would have made $230,000 profit on that investment you probably put $10,000 into it because of the leverage return you made 200% on the money that opportunity for wealth creation in homeownership is undeniable there are oddball things happening with the numbers in the housing market velocity in terms of how quickly homes are selling has never been hotter plenty of demand not enough psly. supply. a lot of runway in front of us >> maybe we can bring down the regulatory cost. use it as insulation on the home tim rood, thank you.

as we head to break, let's get another check of boeing after the breaking news of the crash in china involving the 73 737-800 jet. details are light. chinese authorities have confirmed a plane operated by china eastern airlines crashed a few hours ago in a mountainous area in southern china with 132 people on board. no indication on the number of dead rescuers have been dispatched to the site we will bring you more as we get orwi ehae" "wlddexcng is back after this

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let's go first, new cases are crushed over 800,000 confirmed daily cases back on january 14th that is down to fewer than 30,000 a drop of 96%. that is across the board in nearly every state of the 20 most populous states indiana and maryland, down below 0.01% of the overall population. can you imagine a day with zero covid cases? it could happen. we know by now, both of us, cases are a bad metric you need to look at hospita hospitalizations those are doing well peak in early january, 160,000 covid hospitalizations every week right now, it is below 24,000. a drop of 85% in two months. there are no hospitals where icu

use are above 10% of covid cases in any of the top 20 states. okay you heard about the latest version of covid ba.2 there are two things you should know about the version it is not new. johns hopkins sequenced it in november of last year. early indications like the amount of covid in waste water is not showing any real national uptick at least for now could it change? of course. hopefully everybody will stay vigilant right now, for now, after these terrible last two years for so many, can we just enjoy the fact that the case and outcome data is the best we have seen since the beginning of the pandemic and covid is on the run and maybe we see children smile.

let's enjoy it while we can. it may not last. back to the markets for all three indexes coming off the best week since late 2020. the next guest believes there is still another down ahead that means the opportunity to buy. buy low and sell high. greg branch with veritas financial group. greg, welcome back good to have you on. forgive me for reading i have to do that. your latest note caught my eye i believe the market is significantly under estimating the impact to the companies as well as the decreased liquidity will lead to asset price deflation. explain. >> so, lots of banks are expecting or were expecting below 5,000 for the s&p. that puts us at 20% growth i think that is the absolute

best-case scenario we'll see this year. some banks started the negative provisions that we'll see sustained. why is that? the geopolitical conflict has intensified many factors that concerned us in january. we're going to have energy price inflation. we see oil creeping up i do not believe a quick diplomatic resolution to the conflict there is one outcome that putin is focused on and i don't think that will change that will cause disruption to the largest energy supplier. that will continue that commodity price. that will spur others like metals more than that. the global trade flow has been disrupted. supply chains impacted i hate to put any skepticism on the dose of optimism, brian,

ba.2 is causing closures in asia before -- >> agreed. i'm trying to be optimistic on that for now, greg it may not last. at least right now, this moment in time, you can see kids smile. i'm trying to find a reason to be happy this is not hyperbole. this is the greatest commodity and energy price shock since the 1970s. all four previous price shocks ended in recession will we end up in recession? that means corporate earnings are going to come down unless we have a buyer of last resort, wink-wink. >> it is more likely we end up in recession than the upside surprise of the macro environment here the department of energy

forecast oil would average $112 a barrel in the second quarter historically, when you have that price jump and if that becomes true, that plus a tightening fed and decreasing liquidity is the perfect recipe for inflation let's mention what that means. in the last five recession, s&p dropped 30% on average 30% of what people are forecasting from here leads to $160 for the s&p putting a 20 times multiple implies 3,200 for the s&p. a far cry from today we can support that by saying i do expect corporate earnings from the strong and intense headwinds on the top line and bottom line across the board >> listen, with all due respect and viewers are hoping you are not correct, greg.

that is a tough situation going forward. this energy supply shock is too massive. food inflation has not even hit yet as bad as it is right now. greg branch, thank you take kafr. focare as we head to break, the latest from the chinese authority likely deadly crash from the china eastern airlines in the mountainous region of china. rescuers on the way. not a lot of details some of the stuff going around and reports does not make it look good. that will impact stock futures as well. we are seeing dow futures and nasdaq futures off more details on this developing boeing story and thoughts and prayers to everybody who may have been on board or know somebody on board as well. "squawk" and the gang are next see you tomorrow

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good morning breaking news from china a boeing 737 operated by china eastern airlines crashed with 132 people on board. we'll tell you what we know so far. berkshire buying spree cont continuing buying allegheny for $11.6 billion. details ahead. ukraine officials rejecting the russian demand to surrender a key city in the south. it is monday, march 21st, 2022 special day here at "squawk box" which begins right now good morning