we'll do as much as they'll let us do. the market will let us do and plan to be lucky on the equation data, with i think. >> the viewers are in for a treat. you're around again at 1:00 p.m. >>yes. skbauk on the street is coming up >> good monday morning welcome to "squawk on the street." i'm carl quintanilla with jim cramer david faber has the day off. busy morning of m & a news and fed chair powell speaking this afternoon. our road map begins with the boeing 737 800 operated by china eastern crashing with 132 passengers we'll get the latest berkshire buying insurance

gone -- conglomerate we'll get the details straight ahead. we start with markets. russia/ukraine this is what volodymyr zelenskyy said yesterday >> translator: i'm ready for negotiations with him. i was ready over the last two years, and i think that -- i think that weithout negotiation, we cannot end this war. >> where does that leave us? there are ingredients of a stalemate of sorts >> yeah. i feel like i most fear is a world war i like stalemate the russians just dig in trenches and have artillery. it's difficult to be able to stop it's a long-term play.

big west has interesting piece in the journal today he talks about, look, we must remove putin the only deal we have to have is we make any sort of peace agreement that putin has to go i find that unlikely but it gives biden a road map -- i feel like right now we're not sure but if the russians dig in, it's going to be very hard to beat them. >> right the president will go to warsaw and meet with some leaders trying to -- it sounds like get china to avoid helping putin even as we get reports that india is buying more russian crude. >> yeah. >> it's obviously a price for them. >> yeah. we don't want -- there's nothing we can do about india. i think know the recent work with rusty brazil what we can do with natural gas we're not there to help germany get away from russia at 45% comes from there it's just -- i don't think it's

coming together. i think that ever since the president blocked the migs from poland, it give the russians an edge in chechnya, this is what they do when putin realized he wasn't going to win, he let the women and children go and levelled it and then won it's a terrible outcome but you can see that could be his outcome unless he wants a dancing-like -- which is what hitler wanted, you know, with poland. >> yeah. >> to get to the sea i don't think. >> can markman handle the scenario you point out as opposed to saying a no-fly zone becoming an active conversation again >> oddly yes. >> really? >> i think so. i'm not saying it has become top of mind. the market gets used to things even bad things. i think they're used to what

looks to be a longer slog. the markets seem to be brightening last week and the rus russian screwed up but plan b seems to have an edge to it. if you transwarfare you use artillery and the united states hasn't given them anything to make sure they can't go against tanks. i think what happens is we'll read about it for a long time. and this is not a positive but at the same time a market that gets used to bad is like a market getting used to good. and i think it's a shame i think all of us feel ashamed but the market is a strange beast and not partial to russia or ukraine. >> yeah. it does appear, to some degree, that we're going about our business tsa throughput yesterday since covid began, almost 2.4 million airline passengers last week all the upside

preannouncements we can make money at $100 oil. >> we had america's best on last week we're talking about the strongest it's ever been, maybe. the strongest. a lot is pent up a lot is weddings. william sonoma last week, i mean, a lot of people decided they won't live in the same place. there's a lot of weddings and a lot of delayed gratification and it just doesn't seem to impact it's not day-to-day. >> yeah. it will be the interesting thing about this -- i don't know we call it a recovery. goldman with the note today arguing you're going to have curve inversions you'll have negative real rates, and yet, you'll have household and corporate balance sheets that don't look that bad what do we do? >> a lot of people overlook it stewart miller was talking about how the supply chain is completely broken. you absolutely are going to have to pay up for lumber everything is bad.

what a great year it's going to be [ laughter ] you know, the gross margins are up i mean, autos i think autos were good in march. we're in a weird moment. the bears would say it it doesn't matter don't look through demand is insane people want to go place. people need new cars people got a second home the hybrid is there. they're, obviously, a lot of people being left behind but wages have gone up i think that the notion -- i spoke to a number of ceos last week about hybrid. and a lot of people have given up a lot of ceos just don't want hybrid but they can't keep these 20 and 30-year-olds staying at their companies. somebody else is hybrid. and people just like to work at home i don't know i mean, why do you want to be at

home that's the school i'm in do you want to sneak amovie or watch tv no get to work, for heaven's sake younger people are, hey, and people in their 40s want to have that vacation home to own it, and then they can actually rent it out and make some money. >> the housing data even today, fresh data on existing home supply we would run out in 1.7 months available homes. >> that's amazing. i remember 10 years ago, we had so many homes we didn't know what to do with them now you can't find a home. everything is multiple bids. let's talk about what is driving it the rent is going up you have rent going up people want a second home because the ceos have capitulated. i think there's a great piece to be had about ceo capitulation. i think they expected people would come back and they didn't

expect there would be, chief, i'm nomt coming back we have a situation, a by disaster situation people are 26 to 32 are telling their ceos nope. i remember at goldman the idea of talking to a ceo. you're so nervous. it's like can i work here like even more hours? now it's like, you, pal, nope. i'm staying home i like fridays before it was like, hey, i'm not going to dress low on fridays now it's see you later, partner. i'm surfing. >> we know who has the leverage. labor market continues to be tight and it has huge implications. >> yeah. i think people don't understand when you speak to ceos offline they're like wow how did this happen to us? online they're like, yeah! yeah it's great these people come in. you rule you used to rule now you're just cartoon rulers

you're emperors with no clues. i was talking to a ceo who was saying publicly it's great people have freedom. then privately he's like who are the people working for me? are they having fun? >> we'll see this is bostic this morning talking about the labor cycle and how inflation getting it under control is the number one priority. >> good luck. >> then boeing as we said, dragging dow futures lower. the 737 800 jet crashes in southern china with 132 people on board phil phil ph phil le bow is joining us now. >> good morning. i talked to a couple of investigators and based on what they've seen so far of what we know about the plane before it crashed, what do you think both said the same thing this is a real head scratcher. this china eastern 737-800 at 132 people on board. 123 pass zengers and nine crew

members. those cm-56 engines. that's a workhorse when it comes to commercial aviation they're built by saffron and ge in a joint venture a strong safety record the 737-800 has a strong track record it's not the max it's important to point that out. it was not a 737-max as you take a look at shares of ge as well as spirit aerosystems, major contributors to the 737 remember that investigators still need to get in there they need to get the flight data recorder as well as the cockpit voice recorder it will hold a lot of clues, if they can retrieve them and what the two devices tell investigators about why this plane had just under 30,000 feet decided, you know, all of a sudden it went down. very quickly rapid descent. no indication of a may day call from the pilots. no indication of catastrophic

failure. electrical power was working as it went down all of those together have investigators saying what happened here? cockpit confusion? something that caused the plane to crash i suspect that once we get a few more days under our belt, we'll get a little bit more information because based on just what we have now, guys, this is, in fact, one of the crashes where you say "planes almost never just fall out of the sky. the majority of plane crashes happen on takeoff and landing. that's the trickiest part, if you will, in commercial aviation again, more questions than answers about this crash of 737-800 in southeast china. >> wow i have to -- this is one where i find, phil, you know right now that boeing is under the gun with 737 and 787

i feel like, like, maybe there's a belief developing in the marketplace and whatever boeing does, i want to own another stock. maybe not totally unfair, phil, given the long-term record. >> yeah. thing is unfair, jim and here is the reason why and especially having covered a number of airplane crashes, the knee-jerk reaction, it may take several months at some point, a cause is found for a particular crash it may be a component. it may not be something related to something boeing manufactured it may be because of cockpit confusion. we have a lou fan za crash that was suicide. there's so many factors. 99% of the knee-jerk reaction of sell boeing. it's never born out. i think that to say, hey, look these guys are snake pit here is another crash, i think it's premature. >> all right we'll wait for more information.

it's, obviously, something we'll tread lightly on until we get confirmation, on the way the investigation will go. phil le bow, thanks. buffett back on the acquisition trail as berkshire strikes an $11.6 milbillion deal take a look at futures we have the indexes looking to open in the red. all though the vix still below 25 more "squawk on the street" continues after a break. i may be close to retirement, but i'm as busy as ever. and thanks to voya, i'm confident about my future. voya provides guidance for the right investments. they make me feel like i've got it all under control. [crowd cheers] voya. be confident to and through retirement. thinkorswim® by td ameritrade is more than a trading platform. it's an entire trading experience. with innovation that lets you customize interfaces, charts and orders to your style of trading. personalized education to expand your perspective.

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a. warren buffett's berkshire hathaway agreeing to acquire allegheny for $11.6 billion in cash already adding to the large insurance holdings including geico. anaplan surging in the market this is buffett's biggest deal since precision cast parts >> it does matter because what happened is we -- concerned about the new ftc. anti-trust department of the department of justice. maybe m & a is over. this kind of under the radar screened deal, i think, passes anaplan is a big loser the company lost money lost money but does have a product people like at enterprise and anaplan is the outlier

those are the companies that have been sold off dramatically. they see value it makes me think, okay, all the ones that people have given up on, let's take another closer look maybe they've got something. franc's program, by the way, at ana plan is one many people use. i suggested to a company they ought to look at it and they were like no, too expensive. then proceeded to do it themselves and had no idea what they were doing. >> what about the discussion that buffett is going back to his roots and does that -- i don't know, in people's perception at least close doors to going to deals outside of his comfort zone >> i think the insurance business is a terrific business, if you know how to do it plst plenty. is he going to be able to buy another company that is a railroad no they'll block that anything railroad they'll block.

pipeline that could be a place he doubles down those are the ones i think you can buy as insurance and pipeline. >> some also say the deal, because it's run by a man who ran general way in the early 2000s maybe the succession thing -- >> wow that would be a move i thought it was poorly run until buffett bought it. maybe they'll buying allegheny to go with the precision crafts part but then that's the, you know, that's the ati they have a bad problem with russia russia has -- >> yeah. i'm sure you talk abouted are berkshire hitting all-time highs -- >> yes typically not see when the macro is about to collapse. >> very true the portfolio -- coca-cola is

doing well, american express is doing well let's talk about apple apple and shenzhenb come back online it fell 10 and tony, good to see him back on. he was talking very positively about the amount of money that can bring in from, you know, ancillary products there was a big piece today about the shift of advertising is going out this way. i think apple remains a great own. don't sell. >> yep. >> no changes for me on that. >> i think jpm reiterates overrated. fox con is interesting, too. you have shanghai disney closing until further notice shanghai has some problems foxcon resuming normal operations it's good news. >> china is very difficult to figure out when i listen to the dr. gottlieb, i think do they have the wrong vaccines over there?

whenever you go anywhere on vacation it's just like you wear a mask it's a complete outlier. except for maybe california. i think that we don't have -- we can't get to the bottom of anything china right now whether it be supporting putin or what they're doing in terms of health care we have no idea. a lot of people want to come on and claim it good luck. >> maybe we'll listen to what gottlieb said this morning about the a 2 and whether or not we need to be concerned. >> i need to call my doctor. all right. let's getthe next one over with. >> when we come back, cramer's mad dash, countdown to the opening bell on this monday. busy week ahead. don't go anywhere! what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster.

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time for the mad dash as we countdown to the opening bell. >> yeah. we have a lot of straight company news air products has a business coming on with saudi arabia. now air products is one of the companies that is -- it's cyclical decline people feel the economy is slowing all over the globe this is jpmorgan saying, look, let's not forget large scale product going for central gases. i like this because the industrials have -- whether it be dooer or caterpillar except for illinois tool works. people have said, you know, the world is slowing some companies are doing the right thing. i want to remind people that the economy is worldwide is not on the decline. but if you're involved with something that is associated

with russia, there are big issues or buyer of anything aluminium. >> does it extend to industrials exposed to europe? >> yeah. industrials exposed to europe it's unclear deutsche bank was recommended today. betting that the economies will strengthen there my problem is what happens if they turn off the gas in russia? what happens and the cost of energy is sky high we forget how cheap our energy is this does well it's saudi arabia energy very inexpensive. >> yeah. i think it was over the weekend the eu tried to pivot to supply out of qatar and this morning the russians trying to argue good luck. at least for now. >> yeah. i know the main thing, the longer term thing is being able to get the pipeline out of the mediterranean where israel's field and take that to europe. that would be the best way that's the he receive ron product. i know he receive ron has a strike going on in california. but mike worth is a visionary and a ceo. and that's the way to get that that's the biggest natural gas

field in the world but you have to go through turkey there are geopolitical reasons we it would be the answer. >> there are reports we may see oil executives a the white house today. >> yeah. ty ma be congress. >> yeah. i think reuters said marathon may show. >> yeah. right. >> i think when congress holds the hearings you're worried about windfall taxes in the days of jimmy carter. i think you buy them in the end they have great demand >> all right we'll take a look at that and get the opening bell in under five minutes catch us any time anywhere listen to and follow the "squawk on the street" opengel dct.ni bl back in a moment zplchlt

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near term risk is continued uprisk in mitigations. people interact more and a strain that is more contagious becomes more pref leapt. it's 30 to 50% more contagious so people who have so far escaped omicron some percentage of them will be infected from this miniwave of infection this is unlikely to be a major

surge of infection based on what we're seeing in europe now likely seeing an uptick from where we are now i don't think it's enough to change the policy prescription at this point. >> dr. scott gottlieb on squawk earlier this morning talking about the latest uptick in covid cases. sounding, i would argue net bullish. jim said maybe you get an extension of the mask requirement on transportation but now huge policy shift. >> he did say there is a limit to the vaccination strength. and i also got the sense he's saying, hey, get used to this. this is a new regime you have to get the shot get the shot i mean, it's kind of like the flu shot you get the flu shot, you cut the risk i went to my doctor and said, okay, doc. the guy is the cvs doc and i said, okay what do you want me to do? we don't have enough data. it's interesting he said -- he spoke with the head of the cdc it was on. dr. walensky is not allowed to

get the data the states are allowed to say no i've been relaying on the data i would rely on united states data but we can't get. >> yeah. interesting conversation, you know, hong kong -- [ opening bell ] >> i think jay powell last week -- you know, i have -- on tonight. a good bank and said, listen, three rate hikes so what happened is that jay powell has said to his critics, all right, i'll give you the seventh on it. it's bad that was very positive because what it said is i said this on-air. i said he'll preserve the ability to be able to keep prices from continually going up and i'm getting blow back saying you want to hurt the working person no at this point, the working person is going to the market

and states double. that's the working person. >> yep the working person is tired of paying more at the supermarket once you try to figure it out, look, i think if you slow the economy like jay powell does, then a lot of things work. i believe that. >> i think he'll take questions later on today. >> yeah. >> larry summers, once again, on twitter saying good luck catching inflation you'll wind up with fed funds between 4 and 5. you'll crack the economy. >> i like larry summers when he was the head of harvard. [ laughter ] >> since then? [ laughter ] >> no comment. >> yep we'll see. i mean, goldman, jim, this morning reiterating a call for seven hikes this year. then five more next year. >> yeah. >> and then wilson i mean, these guys, i mean, you have to take away your shoe laces and ties when you read the analysts i mean, they are -- they're so

negative no cost in there i think what we saw last week everyone is all these very smart people are saying it was a bear spike. and i come back and say, well, wait a second. there was good news google there's good news apple. we got some pretty good news about microsoft. we got some very positive news about amazon and web services doing quite well we have some take over can we admit companies are doing better these guys never look at companies. i'm down here. okay they're like the generalsin pass of glory. if you remember it they have no idea what kurt douglas -- >> i feel like they're out of sync with what is going on and there's a lot of people, by the way, who are endlessly negative on the autos. but you spend time with mary barrie she's making it so cruise is

major and then bought for a song softbank's part of it. and now 80%. again, you know, people say it's negative why is that negative i mean, i get -- i think there's a lot of people who, like i do, have to fight the negativity behalf it going on in the headlines in ukraine. >> yeah. >> foord and gm is in the red this morning adam jhonas cuts estimates he takes gm to 50. he was at 55 doesn't change the target on foord but reiterates the underweight. talking supply destruction and potential demand instruction and thinks the ev evaluations in the case of gm need to be cut nearly by half. >> yeah. i hesitate to put this out there but farley doesn't share that view now he is only the ceo of foord. so, you know, maybe i should be going to someone in a lower level of foord he doesn't share the negative

view i don't know whose book is going come out first i love stephen king. stephen king writes more than jo jhonas he says he doesn't like foord, i'm going to dislike it. that man has the writers block. i spent mary barra a text of congratulations on it. i can't help it. i feel if i speak to the ceos have a better line than jonas. maybe jonas has it i want jonas -- here is my advice to jonas. he has to spend more time

watching and seeing the call march madness and take a break. >> take a break? >> yeah. he has to take a break it's not fair to him. >> we'll see how the stocks react to his note. it's worth reading today energy will lead us. >> always. >> up 2% is that a comment on global growth or about -- >> i think that -- >> the huthy rebeouthi rebels i arabia rick muncrief said -- i had him on for the investing club. i said come on, please 109. he said look by next year this time the oil will cop m up i drill a lot. he said i won't play that game the forward curve indicates it's too high i want to make money for shareholders mike worth has a little more it feels like some places are worth drilling but i think that the -- and now

halburton. i took a lot of heat last week saying how can you own this company that is so in debt with russia guess what they're out of debt with russia. i think halburton is good and i like the any shell like pioneer these companies are like the old days they're making a ton of money for you. i think pioneer is another brilliant man. the guys you deal with in the oil business i insist on talking to ceos. this is my predilection. you should own buy near. yes scott will go a good job for you. >> it's incredible oil, by the way, the spoke pointed out on friday traded at the all-time low and within a stone's throw of the all-time high within the past two years. >> i think that throws off all the analysts who are hoping for calm you won't get calm by the way, we're seeing some

very interesting action in the retailers. i had william sonoma last week look at lowe's these are companies, by the way, let's remember we're going out into the spring selling season that's when the gardens are done then i also look at some of these railroads. there are some areas of the economy are so strong. i hesitate to be negative. >> kohls out this morning. >> jeez, kohls, jeez so many companies want them. i don't know what to say about this one i don't think they'll give up. so many different -- remember all this started with john duncan putting it in play. and john -- here's some irony. he's behind bed, bath & beyond

conversion and ryan cohen backed by -- >> yep. >> is there agitating. i love they att -- that could b 50-year low since my mom passed away it was 40 years ago. they attacked her and i like that it shows me exactly how distinguished and thoughtful they are. >> that is terrible, jim. >> yeah. speaks of the consumer, we get nike tonight which has all kinds within it. >> yeah. i'm going spend the night because the conference call is so inciteful there are people covering their short very aggressively today and friday and i think that nike has surprise, surprise, surprise, the problem with this quarter is china, to me, anything i don't know i think that i never want to bet against nike at the same time, obviously, you know, big market of china.

>> yeah. by the way, we mention the boeing story at the top of the hour boeing about 60 points off the dow, which is managing to open and hold some early positive gains here. >> you know look, i was surprised to show boeing down 11 when i got up. before the max we used not presume it was a boeing problem. it's interesting. >> yeah. it used to be pilot error. maybe something involving terrorism. but because of the two max planes, we immediately presume it's something happened. >> engineering related. >> yeah. i'm not sure it's the right way to be. >> chinese-state media said president xi was, quote, "shocked at the crash. it makes you wonder how they clear it they cleared the max for service. >> nay need planes look, i think, you know, i refer

to phil who said we don't know enough yet i was hoping that boeing -- it's been let's just say a trial. it would be the week where china shows, you know, we are not against you. we may be okay with russia i mean, i don't know what our country wants. do they want us to say we're on word in making it so that russia should roll back ukraine because both russia and china are trying to weaken us. i mean, i don't know russia suddenly is against us but china? >> i mean, reuters has a piece out today arguing when it comes to china, at least china trade, they're being asked to choose between russia and the west and the china trade will side with the west. >> 25% of their exports to go to europe anyone who spent time in europe knows china spent a large amount

of time there. >> italy, by the way, russia's largest or china's largest italy is a belt and road company which is the chinese initiative. it wouldn't be surprising if the chinese said we spent this money but forget it. we'll go with russia russia has energy and rare minerals they have aluminium, obviously but, yeah, i just think the idea that china is going to wake up and say, you know, president biden we're with you that's not going to happen. >> no. in terms of the curve and rates, jim, we have five 10s in earnings down some 20 basis points as we keep our eye on the banks and how they trade in this environment. >> yeah. i think that the banks bad loans remain there's just nil and the banks make little extra

money. there are issues like oligarch and who do they have their money with and the issues that the economy will slow. powell means business. eventually the slowing economy wins. >> yeah. i think net alliance said maybe powell talks like voeckler but acts like burns. right? >> yeah. i think powell is hoping there would be -- maybe powell read the conference call and just says, you know, lumber has to come down. or maybe he's talked to ford and realized nickel has to come down in order to do electric cars or lithium has to come down these are all things that aren't really under his control he can slow housing. he can slow autos. your number you gave about what

is left. so you to slow that margin. >> yeah. we're under housed. >> yeah. and houses -- the affordability of the house is being called into question. >> yeah. especially for first timers. >> yeah. we'll get to bob . >> this is an impressive open. the s&p up almost 0.4% boeing is weighing on the dow. costing the dow about 70 points. considering the wild week we had, we're up 6% no profit taking after that. i think it's an impressive open. let's take a look at the sectors that are moving. energy had a down week oil at 107 no surprise energy is moving on the upside material stocks also up. banks slightly steeper yield curve doing better industrials a little platter some of the airlines are weak, obviously. boeing weak, as well in terms of commodity stocks, we have new highs mosaic has been a huge story components and fertilizer for

their new high there we're seeing new highs in the other commodity stocks not quite some of the oil names, though but, you know, marathon, ox dent l all the usual high beta energy stocks moving to the upside. the big question, of course, what is going on why did we have such a strong move off the bottom? i just want to recap the wild week we had. s&p up 6%. the financials up almost 7%. tech up more than 7% energy had a down week down about 5%. but the important thing is why is the market so weak a week and a half ago and everybody was worried about now so strong? what happened? i think what happened is the market is betting the fed will raise enough to cool inflation a little bit people are making a bet here so the big market issues has the market priced in enough fed titlening? what is going on there how far can you hike rates when the economy starts to slow remember the rally started at

the powell presser that's when he pushed off the recession concerns and talked about the stronger economy how many companies have pricing power. these are issues for the market. they're making certain assumptions that are different than a week and a half ago there's the whole no alternative there in stocks. raymond james had a note this morning. some of the analysts saying today the global investment outlook remains a choice between equities and pricing power and a reasonably strong earnings trend or bonds with substantially negative real yields so far investors have chosen equities rather than capitulate into cash or short term bonds. it's a good summary of things. we'll keep an eye on that. but remember we were pretty negative mood exactly one week ago. now we're not. andic the fed is the main driver here big day for gary gensler and the fcc. he's releasing later today details of a long awaited proposed rules series on climate change there's a lot of questions that will release information at

11:00 a.m. we don't know what is in this. he's given speeches before and sort of told us what he's looking for already. it's likely he'll require mandatory disclosure of any material risks that's a big word material by risks posed by hurricanes or floods can they bake up the claims? they don't provide any details he'll say you have to back up the claims and say what you're doing. and he's been critical of companies investment funds that said they're green or low carbon but fuzzy about the criteria they're using. he's going to ask for more information and data on the funds. e said it before it's one of the most ambitious regulatory agendas i've seen in decades. i've been covering the fcc for 25 years there are 50 proposed regulations are. potential regulations on the agenda list. that's pretty ambitious. and, carl, we'll have fcc chair gary gensler on "bauer lunch"

today. he'll be talking about climate change and the regulatory agenda that he's got. app lot to talk to 2:15 today. >> good summary. i think that gensler may call for an audit come in and audit you. no more, hey, i'm green. how about the standard it wouldn't surprise me if he demands the standard you may have to hire someone to rate it yourself and i think that it's going to be very eye opening when we see so many companies that claim they're green and gensler doesn't think they're green. it's going to be good 2:00 p.m. >> bob, thank you. we'll be watching this afternoon. quick reminder, get in on the cnbc investing club with jim find out more. in the meantime, as we go to break, a look at the bond report we mentioned the inversions in various parts of the curve

today. we did get the two-year back to 2% first time since 2018 on that one. and the 10-year hovering just above 2.22 back in a moment

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increases in crypto, and this is not a call on crypto or bitcoin prices or anything like that, but we think as competition increases amongst the exchanges, you are going to see fee compression. as it is, coinbase will probably not be profitable this year with $40 billion market cap >> that's jim friday on "closing bell overtime" talking about coinbase, down 5% today. what do you think? >> i listened to him scott's show incredible, by the way. you are going to get provoked. that's what matters.

i listen to chanos. i have known him 30 years. it was a compel decision to get out of it. i like silver gate i don't know if he cares for that one it seems like to me that coinbase is the one that is tussling with gensler and, you know, gensler, when you review, there is a good piece in "the new york times" this weekend about crypto and of course gensler class. you have the s.e.c. and you have coinbase and what he said to me, gensler, coinbase ought to talk about the practices. i don't know whether they have done that. but i doknow that i don't want to go against in this particular case, go against gensler, against -- and there are times i don't think jim is right but this was well thought out. >> the argument, especially when we got that executive order a couple weeks ago, the industry tried to avoid throwing bombs. but coinbase has been one of the more aggressive players. >> yeah, you know, i have always learned that the commission wins in the end don't try to move the commission

go within -- with gensler. i am surprised because they have a terrific warrior there at the top. but you just -- you go against gensler at your own per. he is in charge. >> yeah, he is the commissioner. we're down negative territory on the s&p bostick continues to speak, says the fed should get moving quickly in his words on the balance sheet. we will watch that with other fed headlines all week long. we are back in a moment. "stop trading" with scrimmage.

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trading." >> a lot of the strategists were after the stocks that moved up the most last week one was nvidia, 213 to 260 the ceo and a visionary gives his keynote. every yoreear it's been very defining the stock was up in premarket trading, now down. be aware that this stock is not up idly. it's up because of an important keynote. >> and what do you got >> i am trying to focus on every single one of these financials that people -- just aren't

focused on there are great opportunities here this is a firm that makes a lot of money, you know, wealth management so let's focus on them i am not -- i refuse to be as bearish as the people who write at the top but i don't blame them if they read "the new york times" over the weekend and read the top i don't know how you can get anything other than negative. >> there is a lot going on see you tonight. "mad money," of course, 6:00 p.m. eastern time when we come back, latest on the boeing 737-800 jet crash in southern china back in a moment ♪ ♪ opportunity is using data to create a competitive advantage. ♪ ♪ it's raising capital that helps companies change the world. it's making complicated financial concepts seem simple. opportunity is making the dream of home ownership a reality...

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♪ good monday morning. i'm carl with morgan brennan david faber has the morning off. pretty light morning of corporate news, but that conference will make the fed headlines fly fast and furious already a bunch from bostick today and the fed chair later this afternoon dow is down 100. >> here are three big movers specifically that we are watching berkshire hathaway buying allegheny for $11.6 billion in cash they will operate as an

independent subsidiary of berkshire. both are higher. berkshire 1.5% and allegheny up 25%. pe firm toma bravo $10.7 billion or $66 per share in cash those shares are jumping 27.5% 6454 and boeing finally those shares under pressure after a boeing 737 jet crashed in the mountains of southern china with 132 people onboard. phil lebeau has the latest for us. >> investigators are going to try to find the cockpit voice recorder and flight data recorder that's the priority as they go to the scene it does not look like there is any survivors. this plane was in a rapid descent whether it crashed into a mountain in southeast china. and already analysts are saying, what are the implications for this in terms of boeing, in

terms of the business. remember, china is the second largest commercial aviation market in the world. it's critical to boeing. even though they haven't had a sale there in a couple of years, the max deliveries haven't resumed. what does this portend for the future for boeing in its relations with china and chinese airlines a couple of notes that come out today already looking at this aspect of things given boeing's problems with the 737 max there is a chance that son consumers may not want to fly on a 737 until the cause of the china eastern crash is determined not to be a design or manufacturing issue. rbc saying one potential consequence to this tragedy could be the subsequent grounding of the 737-800 fleet in china by the way, china eastern has grounded the 737-800 but other chinese airlines continue to fly the plane. and finally, baird saying the flight was at a cruising

altitude when it nosedived over into a vertical dive, which is highly unusual you wrant to see how unusual. it happened in less than two minutes according to flightaware. this is the data of the altitude of the plane as it descended rapidly. tlos no indication that the pilot had a distress call. this took less than two minutes. they were at 29,000 before they started falling. a brief uptick where it appears the pilots were trying to do a recovery and ultimately the crash. less than two minutes. shares of boeing, it has not resumed 737 max deliveries to china. that's important because they are in the process of, hopefully, resuming those deliveries the chinese authorities just approved it to be flown again in december but none are in commercial service we can't stress this enough, guys i heard from some people was this a max no this is a bread and butter 737 ng, the most popular of the 737s

flown around the world there are many of them in china. powered by the cfm 56 engine, a workhorse engine both have very strong safety records and, again, at this point more questions than answers. guys, back to you. >> and i realize more questions than answers, but do we know how long potentially an investigation into all of this could take i mean, presumably they are going to find a black box, if they haven't already, and they will be able to start to get some of those questions answered >> it could take months, morgan. and you look back to past investigations of commercial airplanes. sometimes investigators are able to put together what happened relatively quickly other times it could take several months you look back to the -- there was a crash in indonesia in early 2021 and or late '20, early '21, and they had a better sense of what happened

that took months and that's what we could be looking at here. >> phil, appreciate that we will watch to closely boeing is going to be the worst performing dow component this morning. phil lebeau. turning back to the markets. stocks are coming off the strongest week in more than a year, recouping half of the s&p's correction losses. can that rally continue? let's bring in mike santoli, who has done a few hours of television this morning. >> it's a fascinating thing, carl last week's rally hustled the indexes right up to that exact point where it creates this very two sided debate as to whether in fact it's something that can last you had strong breadth and momentum indicators. a huge majority of stocks making ten-day highs. all these things people look for to say was there real force behind the move. oh, by the way, happening in a week when we got the first fed rate hike we were expecting when the s&p had a death cross on monday.

so all these excuses why you might have expected to have the market back off and it went up in the face of that. the fever broke in terms of macro stress vix crashed below 30 from above 30 you have the credit spreads also narrow so i think it's a pretty good case that 4,100 to 4,200 area in the s&p has proven as the low end of this range. i think that's the minimum you could say. it broke this down trend in place all year we haven't seen earnings estimates get revised much at all. the valuation got okay on the earnings we think are coming through. the question is will they given all else that's going on. >> meanwhile, the conference will result in headlines bostick this morning on the balance sheet, which we have been thinking about as a summertime dynamic he says they hoo move quickly, in his words does that pull forward some anxiety? >> i don't know because we have been saturated with fed

tightening, with drul oawl. they want to convey the idea they have sense of urgency about normalizing however you define that that includes the both and seems like they will take whatever slack the market gives them to get moving on things >> i realize that you can make the argument there is a lot already priced into pat the market and we are parsing through how meaningful that rebound was. you see energy starting to move higher again there is a lot of earn about food inflation as well, too, from a global standpoint, and then there is some transportation issues. more bottleneck issues you have that canadian pacific lockout, that strike playing out with its workers we will have another set of labor talks on the west coast with the ports coming into the summer as well i would imagine that wie haven' seen a peak in terms of inflation data how much of that is actually price neighborhood the market now? do we even know the answer >> we don't. we never know the answer in

advance, unfortunately i think it's totally fair to think that that -- those are the reasons you can't really sound an all-clear on a lot of the things that have been hounding this market. it's one ofthose deals where, when the market goes almost straight down on a steep angle from january 3rd to mid march, even if it's going to be a rough year, acttushl usually you get relief this is a rally in the eye of the beholder a lot of people bearish coming in said that's nice, it didn't really prove anything until you get the s&p up another, let's say, five, 6%, i am not going to be persuaded there has been a tidal change >> thanks. good setup for more, let's bring in chief equity investment officer and wedbush's officer. eddie, you know, 4450 would have sounded good a couple of weeks ago. is this a natural place to lighten up if that's your long-term view is more cautious? >> i think it is i think it's -- we had a

powerful rally last week, up 6% and not a lot of new information. we didn't get a lot of new news from the situation in ukraine. we didn't get a lot of new news on inflation we got the fed rate hike we didn't learn a lot new and yet we had a move upward i think a lot of those risks are still out there, remain to play out. >> interesting do you agree are we in a sell or rip kind of environment? >> i would agree on large part really the only news last week was the rate hike, which was expected there is still a lot of risk on the horizon coming from a lot of angles the war in ukraine, inflation, the health of the consumer, which is -- feels a little bit balanced now with a strong labor market but with inflation and rising gas prices, i think there is some risk around the consumer and how healthy the consumer can be the rest of the year and that's going to have a lot of impacts across the board,

whichever way that falls. >> eddie, i am looking at your notes. you say it's, quote, this time is different secular change is underway in three areas. lay those out for me and what that means for how an investor should navigate the markets right now and all of these changes. >> yeah, it's always very dangerous as an investor to say this time is different but i think you can have confidence in that this time around because there is secular change underway. certainly i think we are now in an era of deglobalization that was already likely to happen as a function of covid and now with the situation in ukraine i think companies have to rethink supply chains, do more onshoring, do more dual sourcing, and then inflation, you know, inflation i go back to milton friedmann he said inflation is everywhere and always a monetary phenomenon so the very loose monetary policy the last couple of years is a contributing factor in inflation. then you have all these

idiosyncratic things like supply chains, like the situation in ukraine, like the move in oil prices and the way that feeds through the economy. so i think you have to rethink your priors. you have to be willing to consider we are in a new environment where you don't just buy the dip but look long-term and that's what we're doing. dusting off our very long-term playbooks and looking for opportunities in the near term that are going to play out over many years to come. >> same question to you. how are you approaching the market right now what does that mean for an investor playbook? >> you guys led into this with mike right before the segment on downward estimate revisions. we have actually seen a fair amount within my coverage in the tech universe of downward estimate revisions after the first quarter. valuations have, obviously, reset significantly lower than we were kind of at the peak over the last couple of years the big question now is are those downward revisions now

kind of in a good place or can they potentially go lower. i think that's what the market really needs to get a good handle on as we go in the next couple of quarters again, that comes back to the health of the consumer, the supply chains, around inflation. i think there is still a lot of unanswered questions that leads to being focused on the best, highest quality companies now that maybe have the least risk on downward estimate revisions but i think we are still in a market where you are focused on the best in class companies. >> yeah. egallon, i noticed you got outperforms on uber and lyft it reminds me whether or not despite all the consternation regarding geopolitics and europe and energy prices, the reopening trade, does that seem to be a rich zone at least in this turbulent environment? >> it does, and those stocks, frankly, over the last few weeks have not performed particularly well we are looking elsewhere

we are looking at the some of the stocks that have lagged, you know, large cap tech i am a value investor, but that looks more interesting to me than it has in a while western europe looks more interesting than the u.s. in terms of where valuations are. and if you have got some tolerance for risk, then go to emerging markets because, yes, there is a risk there, all the risks we have been talking about, but you are at least getting paid for it in terms of the valuations that you are buying in at >> yeah. eddie, egal, thank you. as we go to a quick break, the roadmap for the rest of the hour, including more on rising inflation and how it might impact your next meal. plus, satellite makers getting caught in the middle of cyber warfare. we will discuss that with the chairman and co-founder of via sat. and ubs director of floor operations art cashin as stocks try to build on last week's momentum the dow down 161

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welcome back to "squawk on the street." over the weekend russia releasing video claiming show a hypersonic weapon destroying an underground ammunition warehouse in western ukraine the country's ministry of defense saying it used the long-range missile in strikes two days in a row. the pentagon has not confirmed that hyper sonic weapons were used, but experts say in a war that has been missile centric from the outset use of

hypersonics, which would be the first time, would mark a shift in strategy and it also highlights american efforts regarding the technology hypersonic missiles travel at speeds comparable to ballistic missiles, but they are maneuverable, not following an expected trajectory and thus capable of evading defense systems. russia has deployed such weapons. china is believed to be close. the u.s. is developing programs across the military branches the army's top general telling me earlier this month that the army's hypersonic weapon is on track to be fielded next year. >> hypersonics is one of our number one priorities. we only fall behind china and russia if we let them. we certainly have the capability we have top-notch scientists we developed hypersonics in the past that's why we are able to field it so quickly. at the time it was not a requirement, but now it is.

>> air force secretary frank kendall telling me that the u.s. mix of weapons won't be a mirror image or symmetrical with adversaries. the air force has several programs under development, including the flagship era, after several failed launch attempts saw some funding slashed in the 2022 bunk the u.s. government expect today spend $15 billion between 2015 and 2024 it's not just defensive weapons. things like space sensors and glide phase intercepters that can kill an incoming hypersonic missile. the names to watch when it comes to this technology and how the u.s. is developing it ar lockheed martin, raytheon, northrop grumman, leids we are expecting a number of policy and funding strategies to be released by the biden

administration in coming weeks and hypersonics is expected to be a key focus of all of that reporting that comes out of the administration and its stance on defense longer term. >> having to get educated on the development innovation and these defense he technologies, no question about it. as we go to break, the biggest laggards on the s&p this morning. weakness in consumer discretionary, some tech nielsen is going to be the biggest laggard as it rejects this takeover bid by consortium. 'lbeig bk.

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let's get to our senior economics reporter steve liesman in d.c. for the nabe economic policy conference with highlights this morning. good stuff this morning, steve >> yeah. carl, i'll come back to that in a second the debate here so far looks to be over the issue of the federal reserve and inflation. how far, how fast the fed has to go how you layer in and think about the uncertainty of war which is going to raise prices and also could end up affecting growth and demand down the road rafael bostick, the atlanta fed

president, the first speaker to speak here and he talked about this idea of willing to do more and be more aggressive, but also has to factor on the war and how it may affect the u.s. economy. >> i'm comfortable with more aggressive movements if that's what the data and the evidence suggests is appropriate. so i'm not whetted to only moving 25 basis points i'm not whetted to moving every other meeting like i'm going to be very, very open in terms of my approach to figuring out what appropriate policy is. >> bostick described himself as more of an owl looking around to see what's going on rather than a hawk or dove he said a trillion to a trillion and a half could come off the balance sheet over time because that's excess liquidity that's out there. to get a gauge for what the group at what they think take a look at this results of

this survey they did 77% think the federal reserve is too stimulative. they usually agree with where the fed is that's up substantially from an already high number in the last survey they think the fed ought to get a move on and do a little bit more work. goldman sachs out with a report over the weekend in which they said, quote, we still expect seven 25 basis points rate hikes in 2022 but five hikes in 2023 and a higher terminal rate of 3 to 3.25% dating back to where carl started with mark carney, he thinks the fed has to get to a positive real rate take out inflation, that means they have to bring down inflation and raise the rate to get to a positive point. all of this points to fed chair jay powell, who is speaking here in the nan hour, and we'll see how aggressive he wants to be, carl we know he talked about going faster if needed, if the data don't cooperate and inflation does not come down

carl. >> steve, really quick, the latest read on q&a do we zexpect the chair to take questions? >> i believe to. there will be prepared remarks we will be listening i would expect the questions would not be too bad if the economists not as good as journalists, but not too bad. >> yes, we know. steve, thanks. we'll keep tuned to it all day long with your help. meantime, as gas prices continue to soar and inflation hits new records, companies are passing along the costs to consumers. our kate rogers with a look at the companies best positioned in that environment hey, kate. >> hey, carl, good morning recent data from bofa looking at spending by income, higher prices are starting to create headwinds but overall spending is steady for lower income groups the biggest slowdown in clothing in furniture spend ogen a three-year basis but restaurant remained resilient some are better positioned many catering to a higher end

consumer the top two picks for chipotle and starbucks. chipotle raise ready prices 10% the last year and executives remain confident in the value proposition. starbucks similarly caters to a higher income -- and can lean on pricing in the environment both with loyal followings in this inflationary environment. a name with a lower price point seeing success despite inflation wingstop despite multiple price increases in 2021, totaling about 10 percentage points grown transactions without negative impact chicken prices are coming down consumers still need to eat and wage inflation is not coming down any time soon an immediate pullback isn't expected yet >> thank you. now time for "etf

spotlight. the ishares, u.s. consumer stap ums iyk, a leg lower the last month after big gains amid the reopening. it's up fractionally now it's the same story for top holdings, procter & gamble, coca-cola, pepsi way make up 35% of the etf in the red for march, within 10% of the highs for the year though quk t see iback in that moment stay with us a moment stay with us ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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welcome back i'm rahel solomon. no surrender that is a response from ukrainian officials to a demand from russia that fighters in mariupol put to down arms and raise white flags. in exchange, russia said it would let civilians leave. hundreds of thousands of people remain trapped. speak of washington's

holocaust museum secretary of state antony blinken accused myanmar of committing genocide evidence shows attacks were widespread and systemic with a clear intent to destroy the stateless ethnic group within the last hour, ketanji brown jackson left her home for a short trip to capitol hill her senate confirmation hearing is scheduled to start 30 minutes from now some republicans criticized her for representing criminals in ort when she was a public defend sneer and clarence thomas is in a washington hospital with an infection causing flu-like symptoms but is reportedly responding well to treatments with antibiotics morgan, back to you. >> thank you. we are getting back to boeing shares under pressure after a chinese eastern airlines plane with 132 people onboard a boeing 737-800 crashed in southern china. join us to discuss, former ceo of frontier airlines and founder

of manifest escapes, jeff potter as phil lebeau put it earlier, he said more questions than answers right now. but just in terms of what we do know and the information we are gleaning from this crash your insights >> well, you know, we oftentimes in an unfortunate situation like this, we tend to gravitate immediately to certain areas, and so from what it appears, there was quite an altitude drop, immediate. so it can range from catastrophic failure in terms of airframe where the pilots incapacitated at some point. so, yeah, there are a lot more questions than answers so what's happening on the ground right now is, obviously, searching, hopefully, for survivors. it doesn't appear, unfortunately, to be the case.

putting out the fires. and then ultimately finding the black box and the cockpit voice recorder until those are found, it's really going to be more questions than answers >> in terms of how an investigation into this could play out, and i had realize it's a big question mark around timing, but what would that process look like, particularly in a country like china where i realize this aircraft had a strong safety record, but boeing in general has had somewhat of a fraught relationship over the last couple of years due to another member of the 737 family, the max. >> right well, i think it's important to note that the chinese aviation industry has come a long,long way in the last couple decades, actually so they ir training is very goo

follow the regulations, not legally towards the faa regulations that we have here in the u.s., but i think it's a process that at the end of the day, whether it's chinese aviation, u.s. aviation, airlines, you know, we ultimately want to find out what occurred here and as terrible as this is, we need to learn from it ensuring that there is nothing systemic anywhere in the operation of this aircraft is critical to all parties. so there is a common theme here that we do want to find out the real answers to what occurred with this flight >> jeff, the point regarding the progress they need in civilian aviation, would you grew they made more strides in in maintenance and inspection or the softer sciences of what we

call cockpit resource mark understanding the psychology and the teamwork behind pilot work >> yeah, i think all of the above. i think they have had a lot of progress on the maintenance side of the aircraft. my hundsing is this aircraft is only six years old it is, yes, boeing, but it's very different and it was the predecessor to the max so they've come a long way not only in the cockpit with crm, but also on the actual operational integrity of the airline itself >> and then of course there is the just the path, the odyssey that boeing's been on getting clearance, regulatory clearance in china we know very little, but at point what would it take for china to view boeing differently given their needs for aviation in general >> you know, i think the

communication coming from my airline perspective, even on a day-to-day basis, before any type of accident such as occurred this morning, you know, there is an ongoing communication. unless -- and this is a stretch. unless there is some something that has been undiscovered, you know, the 800 has -- i think they delivered over 5,000 of these aircraft around the world. you know, we understand the issues with max, 737 max, but with that said the 737-800 and boeing in general have had an impeccable record. i think with china, by the way, china eastern has ordered 737 max. so there is, obviously, you know, a professional relationship, a corporate relationship with an understanding that with all parties safety and security

comes first. and whether something comes out of this accident that causes, you know, some reconsideration on china's part or their airlines part, it remains to be seen but i doubt very much that's going to happen. >> jeff potter, appreciate your insights today thank you for joining us. >> thank you have a great day. >> shares of boeing under pressure as well as key sfl suppliers like spirit air systems and also ge. meantime, after the break, we will check in with art cashin, get his take on the market volatility with stocks down by about 200 points on the dow. s&p back to 4445 as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary,

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back to "squawk on the street." stocks are lower across the board with the s&p coming off the best week since 2020 tech and communications service are the biggest laggards now energy is far and away the best performing sector in the group taking a closer look, huge moves in occidental petroleum, diamondback energy, marathon oil and s corporation. and xop up over 3% this morning and now up over 10% so far this month from times square back to you guys downtown. carl. >> thanks very much. meantime, joining us on the cnbc news line, art cashin, ubs director of floor operations joins us this morning on the phone. good morning, art, good to talk to you >> art, i wonder what you think is driving the bus right now in terms of narratives, whether this is still about negotiations and peace talks and military action, or it's the fed and the headlines coming out of the conference or is it regarding expectations for this coming earnings season or, i guess, all of the above

i guess we don't have art at the moment we will work on that in a moment and get him. but, morgan, he has to have some opinions given the volatility we have seen just this morning. pretty wild swings dow currently down 176 as we keep our eyes peeled for headlines out of the conference. >> yes and we will work to get art back as soon as possible. meantime, after the break, don't miss my exclusive interview with the co-founder and chairman of viasat talking about space sien ad e opital backdrop and everything playing out in eastern europe. we're back in a minute

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welcome back to "squawk on the street." we are just keeping an eye on the volatility that's playing out in the energy markets as well as you can see it's another up day to say the least for wti crude and for the world benchmark brent. both up 6% apiece with wti trading back around 110 per barrel and, carl, i mean, it has been a ping-pong in terms of the moves

we have seen in crude as well as refined products as well as other types of commodities, industrial commodities in particular in the last couple of weeks amid everything playing out with russia, ukraine, and of course now you have this situation that put saudi arabia with critical energy and oil infrastructure as well, with iran sort of in the backdrop and key questions about what the supply demand dynamics will look like but the fact that we are seeing some of these oil prices move higher after that dramatic drop over the last two weeks, i think it is very telling and speaks to the broader inflation debate and what that means for the markets and the fed. >> every wrinkle regarding supply is going to be absorbed bit market the saudis say, look, we can't be responsible for shortfall in supply as a result of that attack from houthi rebels. then over the weekend europe tried to start to diversify their supply of natural gas from other players in the middle east but that only led to the russian

deputy prime minister trying to saber rattle today saying that there is no way you are going to diversify, you need our goods and, by the way, oil prices in their words could jump to three to 500 if europe bans russian oil. so a lot of tape bombs trying to make their way across the tape. >> for sure. certainly puts that much more attention on president biden's trip to europe to meet with all of these different officials this week. we will have to see how that plays out as well, carl. >> yeah. still to come, tesla jeffreys cuts its price target from 1,400 to 1250 on a week where berlin is going to make some news. meantime, dow's down 180 relatively moderate range. we'll be right back.

welcome back to "squawk on the street." today kicks off satellite 2022 an annual space conference held in d.c i spoke with mark dankberg to discuss. first, we started with a cyberattack that took viasat internet service offline if ukraine and parts of yuch just as russia began invading ukraine in late february service can and is being fully

restored currently dankberg tells me as i asked if he can confirm russia is in behind the cyber strike. >> we did a very thorough investigation. we have been cooperating with the u.s. law enforcement and intelligence agencies. i think the things that we can tell you about it, we can tell you what happened and what we did to restore service. >> we can't confirm yet that it's russia, at least you can't confirm it's russia? >> yes. >> understood. we did get a government advisory warning. possible threats to satellite communication networks your thoughts on that and how it's going towards fortifying viasat in other locations. >> yeah. so the advisory really said that satellite operators should be very vigilant and lower their threshold for incidents they report to law enforcement agencies and intelligence. we think that's absolutely warranted. >> how do you bolster, fortify, secure those satellite

operations and does that change now in light of what we've seen in eastern europe >> the way that we deal with that is we monitor all the traffic on the network, for those that we actually operate ourselves. so we monitor all the traffic. and that involves billions and billions of alerts that occur everyday so, what we do is we have an artificial intelligence system that is sourced through those. and we can figure out which are the important ones. >> then humanitarian assistance programs, that's something you've been actively involved in eastern europe in the midst of all of this as well and being able to connect people and refugees tell me a little bit about that. >> so what we've done is working closely with the governments we're able to set up satellite hot spots right on the border where they're being inundated with refugees unfortunately right now. and one of the very first things those refugees want to be able to do is contact their relatives, let them know they made it safely and that's what we're able to do with our satellite networks

there right on the border. we request set up them wherever those refugees are coming through. we're there being housed and we can serve many thousands or tens of thousands of people simultaneously >> this entire situation from a geopolitical standpoint shines a light on just how connected the world is right now and just how crucial the infrastructure that is in space is to that process >> yes, it does. and it also really illustrates one of the themes that we've been saying which is, space is something that is important to dozens, if not hundreds of countries around the world let alone companies. and so one of the main themes that we've been working on and trying to build awareness around is what are the limits to space? how is it that those limits should be allocated in a way that's inclusive of all countries that want to get the benefits of space, whether it's for national security, digital inclusion, humanitarian efforts, whatever those efforts are, they

involve participation in space >> now, i also asked about the competitive landscape for broadband satellite services amid a flurry of satellite megaconstellation plans including, of course, spacex's starlink the rivalry between viasat and spacex, has been, well, contentious. >> i think that the real issue we're trying to get focus on is measurement of the risks and those risks have been well identified by the fcc, recently by nasa and they include the risks of collision in space, which could make space inaccessible to all. includes the impact on astrotmy. the impact of re-entry of thousands or tens of thousands of space vehicles a year and burning up in the upper atmosphere what we need to do now is not just acknowledge those risks but measure them and then once we understand what those measurements are we can come up with allocations of those risks that will preserve access to

space. >> consolidation is also expected to be in focus this week at this conference and viasat is certainly on the forefront, in the midst of a merger for a $7 billion plus deal the uk government just this morning it being announced has struck a deal with the two operators around this perspective merger and he told me that it's on track to close potentially. still some more regulatory hurdles, but on track to close within the 9 to 18 month time frame laid out in november if you want to hear more, catch the entire interview on my podcast, manifest space. that episode is launching tomorrow wherefore you listen to your podcasts. carl >> fantastic, morgan meantime, we have our ubs director of floor operations, art. i'm glad we got you before the hour ran out of time my first question to you would be do you give the bull some create for going out last week strong and holding on to these gains or at least this range

>> absolutely, carl. you know, amazingly we went from heavily oversold coming in on monday to somewhat moderated overbought going out on friday so had quite a good run. the breadth was okay just -- in my gut i'm not sure that we're ready to be where we are quite yet. we're facing the moving averages so, we're in for some testing still, i think >> right how much is riding on the line out of this nab conference and specifically whatever additional color the chair is willing to give today >> well, i think we would love to hear a little bit more, but i think it's going to remain geopolitical and the concern is what does that do to oil and where do we go from there. so, i think the bulls are going to have to try to maintain control next two days are going

to be tough. it's an equinox and equinoxes are when markets change direction. >> when markets change direction. when you say an equinox when markets change direction, art. what do you mean by that explain that a little bit more for me. >> wd-gann famous technician noted the equinox is the biggest day of the year for the market changing direction the vernal equinox is not quite as strong, but you have to keep an eye out. >> understood. so, i guess what are some of the key data that we would be getting or key technicals that we would be getting in coming days, coming weeks that would really, truly begin to, i guess, solidify whether this is a bear market bounce or just the end of a correction >> well, i think what you want to watch is some of the internals. we're at a key area right pg below the 100 day moving average

and a few other things if they can't push through that, then you expect it to pull back. also from the ukrainian situation, ironically you don't only need to hear what's happening on the war front the question is did they get the crops in will we get a winter wheat crop? that could be a worldwide shortage of wheat and not only would that make food prices go up, but it could jeopardize governments, egypt, possibly even china while i don't think president xi is in direct trouble as carl knows over the last nearly 4,000 years, every time a chinese government has fallen, it's fallen because of food shortages and food prices. so i don't think president xi is sleeping too comfortably until he sees that we resolve what's going on in ukraine. >> art cashin, always great to

get your insights. thank you for joining us today. >> thank you the business round table is out with its quarterly ceo economic outlook survey. eamon javers has the results eamon? >> that's right, morgan. ceo optimism about the economy declined nine points in the first quarter of 2022. but the group's first quarter ceo economic outlook index remains well above its long-running average despite the drop to evalof 115 this quarter. that according to the business round table. fueling the drop, they say, were uncertainty around ukraine, high inflation, supply challenges and global energy disruptions. the quarterly survey measures ceo plans for capital spending and employment as well as expectations for sales over the next six months. plans for hiring decreased nine points to value of 112 plans for capital investment, those decreased nine points to a value of 106 and expectations for sales, well, they decreased ten points

to a value of 125. so all of that, guys, paints a picture of global uncertainty with a wide variety of input so it's clear that there's no single event that will be enough to dispel all of these worries still, though, the group is projecting 3.9% gdp growth for this year, which is unchanged from the previous quarter. so a glimmer of hope right there. back over to you. >> i guess we'll take the glimmers where we can get them, eamon. but in terms of the decrease we saw in capital spending and capital investment, business spending, i mean, is that represent a shift from what we've seen more recently or has that been on a downward trajectory already >> yeah. well, remember that the previous quarter we were at all-time highs in this particular survey. they were really crushing it and this gets into that roaring '20s narrative so many people have been talking about. when are we going to finally emerge from the coronavirus story and into a roaring economy? well, all these uncertainties around ukraine they say have

added to the uncertainty going in so we're not clear when we're going to get there. >> eamon javers, thank you just getting a quick take on the markets before we wrap up the show here. the s&p actually just turning positive although barely. just above the flat line, 44.65 is the level there dow continues be under pressure and nasdaq and small cap russell 2,000. that will do it for "squawk on the street." "techcheck" starts now ♪ ♪ good monday morning. welcome to "techcheck" i'm carl quintanilla with deirdre bosa and jon fortt. today did last week's rally signal a bottom? one of wall street's top strategists says the selling is not over what about a new plan? we get a new buyout this morning. does that signal a buy >> and