>> movies are pretty good. >> up 167 points, 25 off on the nasdaq you, too, becky. we'll get by we'll be back tomorrow make sure you join us. yeah wind beneath my wings. that's beaches make sure you join us tomorrow "squawk on the street" is next good tuesday morning welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber has the morning off. equities hanging in there after powell's speech on monday. one of the worst days for bonds on monday. selling continues today. ten year yield 220, we have more fed speak on the way road map begins with fed chair powell's fight against inflation saying a rate hike above 25 basis points is on the table nike jumping on a quarterly beat while navigating some of the supply chain issues. and alibaba boosts as they have

a record buy back $225 billion we're going to start with the markets and the message the fed chair delivered yesterday about rate hikes >> if we conclude it is appropriate to move more aggressively by raising the federal funds rate by 25 basis point in our meetings, we will do so. and if we determine that we need to tighten beyond common measures of neutral into a more restrictive stance, we'll do that as well >> he packed a lot in there. go above neutral, we may do it 50, we may do it tried to explain what happened to transitory. talked about what part of the curve he looks at when inversions occur >> he's not caught a break yet just when you think that some things are going to change, you'll get a nickel up limit nickel is down today for the first time knock down the down limit. you'll get aluminum out of control, steel out of control. food -- he just doesn't catch

any breaks the lenar call was seminal. had a bunch of calls saying it's 12 to 15 months now to get a boat from china. he's not had any luck. so i think it was smart for him to say that. if only just because if he doesn't catch a break soon, he needs to do it >> he did say one of the mistakes they made in sticking with transitory was underestimating the persistence of supply side -- supply chain friction and today a bunch of trims on auto production out of goldman >> wow >> some of the annual selling rates here in this country >> look, i think you're going to see a slowing just because there's some demand destruction. i find that when i listen to powell, i think it's very logical because i just don't -- when you hear major home builders talk about how they can't get garage doors, they're having a hard time getting cabinets -- cabinets -- we're talking about very simple things that should just be available. we're seeing major home builders go to lowe's and home depot to

get things yet the gross margins hold up because these companies are so smart. but it's just who can pass on prices faster. ee do y >> do you think -- they're saying 50, we overstayed our welcome on asset purchases does it matter to you or is 50 just another 25 since they're already telegraphing a hike at every meeting? >> look at the ten year. i think they have to do 50, unless something happens i mean, it's very interesting to hear how many companies are saying such a huge percentage of our work force didn't come to work in january. i mean, i'd love to see something better go -- something go better somewhere. but i can't find anything that's lower than -- i mean, i have steeple on last night. they were thinking about three rate hikes now talking about seven rate hikes. these are numbers that are not conducive to having a continual rally, the advance decline

yesterday was not so good. but i do think that this is maybe one of those periods where you can buy bristol myers. take a look at j&j talking about proctor being able -- these companies have pricing power and they don't have any -- when we had recession, when you began to have in 2000, there was this moment from april where you had coca-cola go up and merck go up. we're there. we're there. i'd rather own coca-cola than i would any software as a service company. >> what's the term, shrink-flation where packages get smaller? >> there's a couple of notes today about deere. deere has a great tractor where you don't need a driver. each aisle of the super market is frightening i go to the super market, i

should be more conscious i don't get conscious until i'm at the register. at the register i'm like, gees, there's got to be some mistake >> what happened >> it has to be. >> so why are equities -- do you think it's because equities like the fed being on top of the case >> i think that the equity market showed its true colors last week, which is that when you're dealing with executives -- let's say you're talking to a great executive listen, we have to end the cycle. we cannot be in a cycle where you can say to your customer, okay, look, 30%. you have to pay 30% more and then that guy then passes on 30%. we have to break that mentality. andthat's what powell got wrong. the mentality is now en grained. i saw a note today about sherwin williams are you kidding me i mean, sherwin williams has pricing power? nobody has pricing power you can't raise your prices as fast as they raised their prices, except for when you have

a proctor, which can say, guys, go tell somebody else about that don't look at us you want us? that's one of the reasons why i like the stock of walmart for my charitable trust walmart has the ability, costco definitely, costco can say, hey, guys, no we have somebody better. but kroger did it. kroger had a lot of pricing power. >> right >> but the companies that had pricing power, ten companies with pricing power, ten. >> yeah. i mean, there has been a pattern and we're going to talk about nike in a moment, of companies that complained about high costs, and then gross margins went up. >> well, every home builder, woe is me, woe is me their gross margins were fabulous they always say, listen, we found ways to be able to do it the way they do it is raise prices dramatically and people still buy homes. you said yesterday there's no inventory in homes $400,000 home is a $500,000 home now, i think if you really

want -- you want the truth >> the oughts cars >> ladies and gentlemen, adam jonas. my friend from the dog park emailed me a photo of a window sticker for a bronco on the lot of a local ford dealer, msrp, was $63,000 on top of what was added, $35,000, market value pricing. and then he talks about how he was playing a pickle ball game wicked returns, by the way where, again, seeing the lexus stickered higher >> where the cap rate for the car was, what, 100 odd, 120 k? >> this was the best jonas note ever it really does state the truth, which is the prices for cars are not what you think it's kind of like the cap clause at the breakers. nothing is what -- a lot of times the sticker price has nothing to do with what you actually pay >> right >> that's what powell has to understand he has to go and try to buy a car. >> jonas's point would be they're playing with fire. they are inviting demand

destruction by being so aggressive, more aggressive than the manufacturer >> we all need cars and the used cars are a fortune look, i bought this maverick which my wife has since taken. stripped down little truck it's like a teeny weany little truck. you know, it took us all of 11 months when i got it, they hadn't raised the price, thank heavens. i'm sure -- they don't even make the truck because there's not enough product >> you have to imagine, it makes you want to buy some dealers jonas even says revenue is going to be good again -- >> i like lithia. i think be it's an under valued situation. people talk about carvana and the bonds. i don't want to get too granular i don't have a lot of companies that can do it -- nike, by the way, has -- there was a moment -- the nike called -- don is amazing he's talking about a shoe,

called a modular inter locking modules that connect the pieces of a shoe without glue that allows for eight-mina decem -- eight-minute assembly. i felt great after the nike call i watched the nike call. t theranos >> there's a bit about how glue -- how hard it is to glue -- >> one of the best parts i talk about in a piece i'm doing tonight about pre, the great pre, prefontane. sadest part of the book, steve fontane. the shoe dog book, don ho has taken that and gone an extra level. >> we have a bunch of price target increases cowan goes to 154.

credit suisse goes do 165. footlocker is going to benefit today. >> although i think the footlocker was a bit more window dressing because what they really like is the price to consumer like tim cook, which of course is on the board, they care what the customer wants and where the customer wants to buy. and they think the customer wants to buy on the app, the mobile app if the customer wants to buy it at footlocker, fine. but they have more different shoes in there, which reminds me all the people who trade shoes they trade shoes like they trade crypto it's like -- except for neither one of them is actually used >> how far are you willing to read this as a tell? is it a tell on the overall consumer what does it mean for china? >> okay, china wasn't that great. china wasn't as bad as people thought. they reported last night they had a fantastic number. there is a note today that says that apple may be having a weaker period -- i discount that

entirely when i saw the chow mean note. you have to go through the notes, there are so many today the trick to understanding china i believe is the buy back, the increased buy back of alibaba. i just think that it was an extraordinary thing to add another 10 billion chow me great numbers alibaba buy back february enhance below seasonal, i'm not buying that. i'm not buying that barclay's note >> 25 billion is going to be the biggest buy back in baba's history for sure >> the communists said, look, we want things to be good pin duo duo, my favorite, is finally starting to make a turn, too. it's starting to turn. >> do you think the crackdown is easing here? >> i think that they feel like, look, we have to get something going here and let's just let the capitalists have their way a few weeks. suck some people in. >> look at that. >> well, it sucked the managers

in who come on our air and say, listen, the time is right, and they're vindicated for about four weeks, then the communists say all right, you made enough money. >> that's kind of how it works over there >> the communists suck you in. put you in >> not too much, not too much. >> not too much, because then again, they've got their maoist roots. mao is really bad for the market >> not a huge trader >> deng xiaoping, he was a penny stock guy. >> he would have used robinhood. >> oh, nmy god, yes. he would have been phi sigma >> we have a lot to get to this morning. a lot of moves in currencies the yen. we'll watch the ten year oil seeing a little bit of relief as we try to determine whether or not the e.u. can decide overall whether to ban russian oil. take a look at futures a lot more "squawk on the street" continues after a short break.

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futures looking pretty good here of course, you had the big rally last week. little bit of a breather yesterday as powell said that the fed is set to move expeditiously was the word he used and the bond sell off continues today. two-year did get to 220. again, the highest since 2019. we'll get market action, of the course, the opening bell in 15 minutes. don't go away. .

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carnival is out with quarterly numbers a few moments ago. it did post a loss of $1.66. analysts had been looking for a loss of 1.26 revenue was pretty much in line. tune in for an exclusive with arnold on closing bell at 3:00 p.m. eastern they do see adjusted ebitda positive at the beginning of the summer season. >> yes they are talking about having full fleet back and operations you can sell the stock on this the fact is the future sounds better than the past i keep waiting to hear from frank del rio from norwegian the reason i like norwegian because they had been the most strict about vaccines. i always think that they have a great reputation for doing that.

they have some good numbers. >> liquidity about 7.2 billion risk of having to raise more capital at this point or no? >> i don't think so. i think they could be fine because i think that people have now -- as frank told me on "mad money," they accept the risk they accept there could be covid on planes, accept that there's covid on a boat. accept covid in the office they just accept it. i think that we have to -- that's one of the things we have to get used to dr. gottlieb said that a lot you're vaccinated, you might get sick, but you won't go to the hospital, which is the big deal. >> right there is a note from the w.h.o. today that countries in europe, in their words, relaxed the rules too brutally, as a result we're seeing some of the cases rise jpm has a note out saying this is what endemic looks like you're going to get waves. as long as hospitals aren't overrun, you won't have to adjust too much. >> i think that's right. i'm not saying we're not going

to think about it. we're all trying to figure out whether we need another vaccine or not i'm saying it sounds like a really bad flu, in some cases -- i didn't know i had it till i was tested by the company. i was feeling pretty good then i realized, hey, listen, i'm supposed to feel bad we had a set at home i had larenitiyngitis for a day. i came to work i won't do that any more >> there is polling data by amex 70% of respondents will willing to book even if they have to cancel or modify later that's 74 versus 56 last year. >> they were telling me the pent up demand, the first thing was weddings people did not have weddings so now they have weddings, and so every weekend is booked for everybody. everybody has something to do every single week except for me.

i just sat at home and watched the lakers had the gains for that particular tip works with me, "mad money. steve was really adamant that there's a generation of people who simply won't stay home they feel like they missed two years of their life -- >> and they're owed it >> yes, and they're owed it. they're owed it. i also think that his view of worker travel, which is that you're out for two days, you might have to travel purpose -- he calls it purpose visiting the office i cuall it, are you kidding me these 28-year-olds, they will not -- the revolt of the 28-year-old is one of the greatest stories of our time how these people 8 got control of the entity is beyond me >> they got it and they're not about to let go of it easily >> no. >> they'll come in, but there needs to be a good reason. >> disney, no one has to -- if someone is really upset at

disney, bye-bye. i mean, there's like a million places someone who works at disney can get a job pretty easily because they worked at disney, which is something they should be thinking about if people are upset, it's not like they're like, try getting another job. i'll go get another job across the street >> we are going to talk about disney, of course. chain effect challenges. staffing and labor issues now they have in front of them we'll get cramer's mad dash and count down to the opening bell, futures on this tuesday. we're back in a second

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time now for cramer's mad dash as we count down to the opening bell >> today is a very big day we have the ribbon cutting in berlin for the giga factory for tesla. i think tesla stock is about to have a big run tesla's stock could be a major leader here. one reason is -- off guest, dan saying, by the end of 2022, tesla will have the run rate for

2 million units. they seem to have the supply chain problems figured out better than anybody else talking about de-risking china, china is no longer as important which is obviously major because china is so convoluted i think this is right in the wheel house of the country that is known as the capital -- it used to be detroit, and i still love detroit, but you're going up against bmw and benz. you know musk. musk laughs at everyone. he's contemptuous of everyone other than musk. i love that. >> it is amazing even though giga berlin has been in the works for so long. its debut is coinciding with the time where the e.u. is like we have to get off oil period >> yes by the way, everything seemed to me to be a hoax that was against it and the -- come on, give me a break. i mean, there were just interests in germany that didn't want this.

but you're right by the way, i was talking to someone the other day about germany decommissioning nuclear. >> now it's japan that's sort of in the same boat so reliant on nuclear, and you saw what happened to the yen versus the dollar. >> i know. >> worse since 2016. >> i know. i'm very -- look, i think we should feel proud that tesla has gone right to the capital and said, you know what, bavarian motor works, take this people want teslas they're not buying your electric cars that is a very good call >> as far as musk goes, he's got that going on, and also starlink and the benefits it's giving to ukraine and their ability to stay connected is pretty amazing. >> look, i think musk -- musk -- i would give him the ball. if i were the president, i would say, all right, what do we do? what do we do weapon wise? we're sending weapons over from like desert storm. just tell us, what would you do, elon i don't know, the president

seems so uncomfortable with business people. and the only person -- that's the commerce secretary that's never been the power in the white house. >> right >> i think the president -- i think the international security council is running the show. they have to sit down with people like musk and say, what do you think >> so, as far as tesla goes, is this a situation where it is sort of zero sum, or does a better tesla availability production flywheel lead to better awareness of evs which means good things for -- >> it can be both. they're taking share and more people are going to love it. i think it's selling well in china. look, he's got the best. it's like, i remember when henry ford had the model t and the model a. the market share was kmo extraordinary. everybody's got electric cars, but he sells electric cars >> right the others are concept cars? >> although i think ford we're going to discover is sold out. ford is sold out

but ford can't make them everyone needs lithium oh, my, this is just a moment where we had a note today about the cutting of the production of the autos because we can't make them we still don't have the right semiconductors it is just very bearish out there except for tesla which can really give -- tesla could be up 100 points >> yeah, to jim's point, goldman today cuts -- this is global auto production. they're going now with 81 million -- 81.6 million cars for the year they were at 85 million. you've taken 3 1/2 million cars off the market >> that's very bad gdp one thing they did was put schlumberger on the conviction buy list over russian exposure a lot of people have -- there's a lot of false russian exposure, and some real russian exposure titanium is real boeing keeps claiming they have enough boeing, again, always on the hot seat >> it's true we'll talk about that in one second

let's get the opening bell in the cnbc real time exchange on the big board. it is forge global private securities market place celebrating its listing via spac at the nasdaq. its utility owner and operator global resources jim mentioned boeing, and the latest indication, they show no survivors in that cash in china. they did tweet yesterday, jim, our thoughts are with the passengers of the flight we are working with our airline customer and are ready to support them until then, we really know nothing until the ntsb says something. >> we don't want to speculate. it's just not worth it there's going to be an answer. we don't have it i know that there was a note this morning about how boeing, they're still producing more than people think. until i hear that directly from calhoun, i'm not a buyer of it i just am not. i think that there's people who are always -- this is jpmorgan says production will be boosted

of the 737 i want to hear from calhoun. if i hear from calhoun, dave has my number. just give me a jingle. i'm right here >> we'll see what boeing does. a rough day yesterday. jim, nike is going to lead us at the open >> nike is so great. >> along with a bunch of the banks. >> with the rates. >> yeah, b of a has a good note today saying bank earnings were closely correlated to the yield curve, but not so much since the early 2000s. >> well, stiefel financial, stocks are up in large part because they're completely levered. it's a great opportunity bank of america is the one that's most closely correlated don't forget wells fargo charlie has been so under the radar screen, drives me crazy. charlie's got a great story to tell raised the dividend. came back from the abyss

citi, i don't know citi, no one seems to understand why citi can sell at such a big discount to book goldman sachs, obviously upset their stock is as low as it is morgan stanley always feels like, are you kidding me why are he with lumped in with these other guys every one of these banks have a rap. they just have -- they're like series a netflix series of jpmorgan -- >> one is a thriller >> amazon prime has a goldman one. >> yes >> theranos by far the best. i've seen in ages. walgreens does not look good just for -- >> spoiler alert >> you don't want to buy walgreens. >> speaking of all of this, the quant at jpmorgan said it often gives you a false tell a better way to look at it is when real rates rival gdp growth that's when you really start to

get into trouble >> i think that's great. it takes away the constant fear. i find that people look at the bonds in the morning and they want to put their head under the covers i get up at 3:30 so i don't have to worry about that. no covers. people are afraid of their shadow with bonds. i thought that was a very, very good call. you have to start thinking bigger and, by the way, remember that there are lots of companies that, if they could just stop the raw costs from going up after raising their prices, and not just tyson foods which could have a real windfall but colgate hit a 52 week low this week. if you get a halt to the cost of we waitner, there are things that could produce enough that we finally get end to the problems. one of them i think is apple i mean, we had notes this morning about how sky works may not make the numbers and cuervo

may not make the numbers all right, you may think that's a problem with apple i say that could be good for apple. and, by the way, apple acted quite well yesterday the bears on apple are endless and the bears are always -- have to come on and say, look, i think it's going to be an unbelievable year. i think the numbers are great, but i don't like the stock are you kidding me i mean, like the stock the company is going to have a good number, i think it's like nike when nike fell to 120, everyone decided nike was going to do really terribly. and then if you listen to nike, there was absolutely nothing, fell to 116. not only was there nothing wrong with nike's quarter, but every single line item, particularly the direct to consumer, but also -- i know when you listen to really good football announcers, al michaels, talk about separation they talked about separation now, here's -- who else makes sneakers >> it's a small universe >> and then you look at the players that they've lined up,

who they have. this was a remarkable quarter. and i just think that donahoe was kind of -- the current of it was, what were you guys thinking do you think we can't handle this environment we can handle any environment because we are the best, and we're purpose driven and we don't just mean purpose dri driven throwing the words out. you have to go back to shoe dog. this was a shoe dog quarter. that's by buck knight. we know it's the best business book it reads like a novel. i have to tell you, it was vintage night. like there's nobody else who does it like we do >> there is a lot of talk about cyber security especially coming off of the president's comments. now we have opta investigating claims of a hacker data breach are you sort of bracing for some negative news event? >> yes, i am >> you are >> now, opta was very unfortunate. that's todd mckinnon and he's

done a great job looks like they have screen shots -- the whole instance was do you think we're secure, we're not. it was unbelievably good from palo alto. he says be prepared. george kurtz from crowd strike says be prepared i don't know what it's going to come in the form of, but we have some good people in cyber security so i'm not so sure we're just going to be rolling over we have companiesthat are -- w have major banks that have two and three and four -- suspenders and belts. while i always want to fear because i think the russians have no scruples whatsoever. the koreans have t the chinese have it. we've done a pretty good job >> interesting piece in the journal this morning about new york city and how it's a city where everyone wants to live and no one wants to work >> i know. >> so you end up with a lot of

businesses where doing fine and others reliant on quick -- workers coming in, quick lunch, they're not getting the traffic. i see simon property up this morning. >> people are shopping selling a property -- every time this thing goes down, down, down, we hear how well they're doing, boom. simon properties yield 5 that dividend is -- i don't want to say absolute save the dividend david simon is going to give you that 2kidividd i find there are companies that are so good at what they do. federal realty, i just think federal realty, don wood is fantastic at what he does. that yields 3.6 because he's doing so well. shopping has become, once again, we like to do -- not everywhere, not everywhere, because there are places in the mall, parts of the mall people aren't going gap store is not doing that well i like -- i love costco. i think costco is the retailer for this moment.

>> because there's always the possibility of a membership hike yeah, that's their trump card. they don't play it very often. >> but costco, they have two stores in china. they could have 20 they're having good numbers in canada, in mexico. there isn't a place where there is a costco where people don't want to lineup for a costco. so i think that that's still good by the way, let me give you the other ones i think are really great. i think after listening to the auto calls, if you want global foundries, lamb research, these are the companies that are determined to be able to make it to the chips that are needed are going to be supplied so lamb research, number one of the semi equipment and global foundry, it's a very good company nvidia world stops, tonight no matter what you do, you have to go listen to his call or watch his

call he'll be in his patented black motorcycle jacket, i hope. and he is -- remember, you're going to have to try to expand your -- you may not understand it the first time. >> could you repeat that >> it's interesting because it's like remember, i went into a class on logic at harvard, logic, you know. turned out it was mathematical i got out of there like a bat out of hell. that's what you listen to with jensen he'll be talking about the digital twin, and you'll just want the cliff notes so bad, or the -- remember, the rose, the fabulous rose, the cannon to shakespeare. that's who he is by the way, shakespeare, he is a shakespearean character. >> jensen? really

>> fall staff, fall staff is the other guys >> jim, we mentioned disney in the first half hour. it's hanging in there, up about 1% i guess the question is really whether or not this ends up being material to growth, to subs, right. it's just such an internal controversy that they're dealing with >> it's the week of april 4th people are supposed to come in, not before that. mostly senior executives now some groups, treasury, there are people coming in i find -- i think it's wonderfully normal to be back to work is what i'm understanding from terrific people who work there. i don't want to overdo it because everyone else seems to be overdoing it. i know there is a lot of talk about iger versus -- how about schultz versus johnson starbucks up 5 since howard came back >> people forget about the iger/eisner rift successions haven't always been easy >> the only one i heard was bonga at mastercard.

that's the only one i found where it's smooth, they like each other it's high five two people who are grown ups and geniuses, by the way eddie bonga picked a fantastic successor. when you think about the bank successors, i don't know how many of them talk to each other? >> wow i mean, mastercard is up 50 bucks in just a couple of weeks. >> well, look, michael had a fantastic, fantastic announcement where he talked about everything from cyber security to -- >> russia. hugely material. >> the russians have -- famously the russians have two and three credit cards well, sorry, now there is some sort of chinese system we could talk about nothing but russia and i think it's fascinating to people. i think people feel like how is it possible that there could be -- we're thinking about a beach house and they're huddled in a subway? it doesn't seem possible >> we talked yesterday about the

way in which the market has adapted to those events. the vixx back to 100 day >> look, it's not our job to talk about angst that doesn't mean like, wow, i love coin base what's going on in kyiv? i think we all wake up and read those headlines and we say, okay, now we have to compartmentalize i didn't think we would compartmentalize it this quickly, particularly because it's warfare we don't have the right -- air environment has better drones. hand held, drones from backpack, if you go to air environment web page, you could realize you could do a better job yourself than what national security council is doing send them -- the web page, by the way, you can get -- well, let's put it this way. the russians would be shocked if

we got the real weapons. >> the two big headlines on russia, by the way, one is arselor mittal they think negotiations should get more active. >> i don't trust them. what is india doing? india seems suddenly democracy is in the wrong orb. india not called out at all. i don't get that we're not united nations people. what is that about >> it's confusing to some. >> in the meantime, carl, it is amazing. apple is up. we have some good movement in all the cyber security only upstart seems to be hit, and upstart was because there was an -- upstart being they have a terrific way to be able to do a.i. loans well, i mean, people are saying there's -- some loans going bad for a.i.

i found that quiz cal because i always thought that a.i. would be better -- upstart, you know, is supposed to be putting an end to fica. th that's what they want, and democratizing loans. i don't know if they have vintages like wed bush sell, 2.9, you can't have a delinquency that high without real, real problems going down the road i'll wait to hear what upstart says i felt they were a pretty good firm those are bad numbers. that's bad numbers you're not going to get rid of fica using those numbers >> firm down 2% as well, 2 1/2 >> isn't that interesting? i thought he made a good case. you know what? if you have delinquencies for the buy now pay later, you're going to not -- brian wynn -- >> we have 10 points, 4500 let's get to bob pisani. >> the dow and the s&p, dow is

being helped by nike and the banks doing well take a look at the sectors important thing here is the banks up, jpmorgan, amex, goldman. all helping the dow industrials. nike right there tech holding, modest rally don't kid yourself "up to the minute" went from 94 to 110 in just a few days. that's still very much on the table. s&p 500, i notice here just above the 200-day moving average, 44.72 was the old 200 day moving average we haven't been there in the last six, seven weeks or so. that's nice to see positive momentum overall. let's take a look at the two big market issues. we know what they are. number one, we have the fed, 50 basis point rate hike potentially back on the table. the other problem is the higher oil prices here. there is no easy replacement for russian oil. there's a lot of notes out over the weekend about this saudi arabia and the united arab emirates not dramatically increasing production. not a lot of movement on the

negotiation for the rand u.s. domestic producers have been burned by this. capital discipline is a big thing, about not increasing production too much and then getting burned down the road when prices come back. you're kind of stuck you're looking for 8 million barrels a day to replace the russian oil. bank of america had, my favorite quote this morning this is what they said fully displacing russian oil exports in excess of 8 million barrels a day with sparrow peck capacity and incremental u.s. shale supply is mathematically not possible over the next two years in the absence of a major oil demand contraction that sums it all up there and the problems we've got so don't kid yourself about oil being down today 110 is a high level overall. let's move on. alibaba up 11% have you seen the moves? i think we're 112 or 113 on alibaba right now. the important thing is the buy backs. again, i keep emphasizing this

it is not about buy backs. it's about share count reduction. share count reduction reduces -- improves the earnings per share, and that's what you want alibaba has not reduced share count in a long, long time they have 2.4 billion shares outstanding. put that back up there, in 2017. now they have 2.7 billion. their share count is up about 12% in the last five years that's important now, let's hope these share counts, this buy back reduces the share count. but oftentimes i told you about this, it's a giant hamster wheel for corporations in general. you do the buy back, and then at the other end, you simply give executives options and don't do any share count reduction. let's hope it leads to share count reduction. if david was here, i'm sure he'd mention an interesting spac. people are interested in forge global holdlings behind me went public. this is a spac motive capital they completed a business

combination with forge global holdings this is a private securities market place and what happens here is it enables companies, company shareholders to trade shares with the credit investors. we talked about this companies have stayed private for much, much longer than most people ever anticipated they would. some companies have been private for ten years now. so there is a need for employees and for companies, early stage venture capital people who invested in these companies to find some way to monetize their investment these enable, carl, a market place to do that, the c.e.o. kelly rodriguez is here right behind me, in fact, they're ringing their internal private bell i'll go over and say hello to him now. very interesting company going public today carl, back to you. >> thanks for that, bob pisani quick remind eras we go to break, you can always get in on the cnbc investing club with jim. sign up, find out more at cnbc.com/join the club use the qr code on your screen you won't believe the content that you will -- yeah, it's been

good really good. before we go to break, take a look at the bond report as we keep our eye on treasuries we do have inversions on 13.10s. powell said we look at fed funds 18 months as the clue to what part of the curve is important vixx is down for a sixth straight day we're back in a minute (vo) some bonds last a lifetime. some bonds inspire confidence, and some you grow to rely on. these are the bonds worth investing in. for over 50 years, pimco has reinvented fixed income to create opportunities for investors in every market environment. so, no matter what happens you can build the bonds

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vals is breaking up. no one seems to care i care it's in my charitable trust. i will find out, from the looks here, there is a better market from looks of the bank stocks, maybe there is good things ahead. the market likes something we haven't come up. it likes something, whether it be the fed's persistence or the idea that jay's going to navigate us well i did a piece yesterday in place of jay, i was so sick and i wrote it >> woodward wrote a whole book called maestro >> yeah. you are right. there is ways to go. by the way, the fact that nvidia is down ahead of jensen's speech, people are doubting the man. they've doubted him in times >> you generally like that >> i do. i want to see it down. remember, it has to do with vision and you may not got it initially. in the same way i went to da

vinci museum he had a helicopter. he's like, oh, here's a helicopter go to cadavers, he was doing amazing bit sfwls the guy was the best >> that's jensen he built the head quart, there is grass on all theway walls. if you figure the sun light correctly, no one is growing grass on the walls except for jensen. >> we'll see what happens at 1:00 we'll see you at 6:00 p.m we are knocking on the door at least of 4500. >>

. good tuesday morning welcome to another hour of "squawk in the street" i'm carl quintanilla the bulls try to hang onto the bull as we get a continued sell-off in treasury ten-year bits about 235. the dow is up almost 300 points. we are trying to see if we can get above 4500 on the s&p, morgan. >> we are 30 minutes into the trading session. here are three big movers as well nike, running higher, get it,

after beating on both the top and bottom line. we will have a lot more on the blue chips quarter in just a moment shares are up 5% ali baba repurchasing share programs $25 billion to 15 billion. it's the largest ever buyback program. shares are 10.5%, up almost 50% just over the last week of trading. keep in mind, still down 50% over the past 12 months. and we are watching disney, the company is preparing for a planned employee walkout today over the handling of recent lbgtq plus issues, including the stance on florida's don't say gay legislation. the walkout is expected to begin at 11:00 a.m. eastern. carl. >> morgan, turning back to the broader marks. the fed sheet saying inflation is much too high and the fed will take quote necessary time to address the issue

>> eye have the right prompter hey, carl, fed chair j. powell putting marks on notice, the likelihood of faster rate hikes from the central banks that go as far as needed to fight inflation. even to the point they rise above neutral rates, that could mean a 50 rate hike that rises above 2.5%. >> if we conclude it was appropriate to move more aggressively by raising the fund rate we will do so. and if we determine that we need to tighten beyond common measures of neutral into a more restrictive stance, we will do that as well >> fed chair spoke, market heard him. the fed share heard him more definitively before the meeting, you can see there, the probability of a 50 point rate hike was just ability 9% after the meeting it set himmed back at 36%.

then shares of 68% 50 now the likely call it could be more, goldman sachs out with a note, checking by 50 at the next two meetings going to three and three and a quarter. that's more than the mark has priced in. take a look here here's the market pricing 150 by august 217 by year end, which by the way shows eight hikes priced in are now assumed the fund rates 2.8% by the end of 2023. there is some debate how far and how fast the fed goes, morgan, there is little debate it goes pretty far and pretty fast. >> yeah, to that point, steve, it's been less than a week since you heard after the meeting last wednesday. yet, this teams e seems to be that much more hawkish what's changed is this a slow walk towards a more hawkish stance in general

>> first of all, nothing has changed. physically, there has been no data you are right to ask that question, i will tell you the fed commentators puzzling about why powell might have felt the need to come back and make this point more definitively. first of all, you remember we had chris waller on, on friday he talked about the idea of a 50 markets may be okay with that. you may send somebody up with a trial balloon and he's decided to take it and forward that tightening obviously, there is a lot of pressure on the fed to take that explanation. probably, he found he wasn't heard an put up notions and wanted to crystallize it in a speech speeches, in general, are more conference markers there are some things he put in and crystallized it as definitive as you could be with this uncertainty policy

statement. >> yes, definitely packed a lot in there, we said a few moments ago, definitely a robust speech presentation it made thank you. we are joined by trivarian researcher adam parker ut good to have you back. >> good morning, carl. >> i know there was a time last fuel u fall where you were on the other where the way the fed would progress from here has the data changed materially for you in. >> it's a good question. look him i'm not an interest rate expert as you know. i learned the last ten years, when anybody thinks something on the interest rate side, you are better off leaning in the other direction. i think everyone got a bit too hawkish. if we market what's happened, i think you have to be honest and say, okay, we hahood a big change of our reception of rates. we had a war what i am more expert on is corporate earnings than what's

in the price i think 2023 earnings will be above 2022 i think there is a risk to that relative to three months ago i think if you are being honest, readings above 22 are lower than tw they were two months ago >> mid-cap, biotech, healthcare, you still like energy, you like old technology, you like dell. can you talk about what strings these three together >> you know, honestly, i think the biotech stuff is interesting. we know growth gets hurt when rates rise i think it's a little intellectually lazy to say rate is rising, so all is worth less? only 15% of bio tech xhaens companies generate cash flow it looms less. a lot of them get taken out. so the sales pipeline looks the same a. ten-year lo price to

sales. if you start to dip into more speculative growth, that makes more sense biotech than profit of the software, so i think there is stuff to buy in that kind of let's call it speculative growth biotech looks good, the other businesses and the key theme i talk about with investors every day, gross margins net margins six months from now. so what threads those together is where they have priceing power like healthcare services or on united health and our business, they certainly have priceing power over me or where they can pass on those costs right? so that's the key. where they can pass on higher commodities and transportation and wage costs to their commerce those are the businesses that will work and that's what most clients are focused on right now. >> yeah, healthcare, an area of secular inflation for quite a number of years now.

adam, we are seeing a divergence, two different narratives playing out, not near but pedium-to-long term. the rising risk of recession as it's being flashed within the bond mark, the playbook you are laying out, does it stand up against that possibility >> look. there are periods, morgan, where corporate earnings can still move over if you have a technical gdp recession. is that possible i think what we're trying here is for the fed to thread the needle where they can slowly raise rates and not clog the recession. if there is a mild recession and earnings grow, that's possible why? because what usually causes the top is corporate ar gans gone awry, humorous, right? too much capital spending. too hiring too many hiring of fancy nbas, inventory, advancement, all that stuff. i don't see a lot of corporate excess right now if the economy slows, sure i don't think we will have a big

earnings decline that's probably not how i would position the portfolio i don't think the base case declines very much >> so you have given us your long themes, how about your short themes what are you steering clear of >> the populist soft ware, i am curbs there. i think a lot of staples look expensive to me. they're overearning. i think the estimates can be optimistic as you know, the conflict in the war here really exs a bates the wheat, soy -- [ lost audio ] >> that's adam parker. we wish we could have finished that thought always good insights from adam thanks we are turning to the crash of that jet linener china of the boeing crash phil has more. >> reporter: morgan, investigators in china wrapped up a press conference where they

gave a few details about the crash scene. really no details of what might have happened or caused this china eastern 737-800 to crash first and foremost, they do not expect to find any survivors from this crash. also the investigators, the press conference lasted about a half hour. they said the jet med all standards before takeoff and that there is no clear assessment of a cause for this crash. china eastern piles, according to investigators were in good health but there is no other details, what were the hours flown? weather conditions in those were asked not answered by the investigators at that press conference for china eastern, the result of this crash as they try to assess what happened is they are going to be grounding 102 737-800 planes

as you take a look at shares of boeing the 737-800 also known as the ng model is a work horse with a strong safety record they have been building it or were building it basically from the early '90s up through 2020 there are still some military models replaced by the max boeing has huge business when it comes to the 737-800 in china. it is the largest market for that architect and there is also the other question this raises does china slow down potential bringing back of the 737 max in terms of liveries of new maxes, built, they're in eastern washington they have already approved them to fly again they did that in december. so that is the other question

looming over this. does this slow down the rollout again or allowing airlines to once again roll out the 737 ma,? a number of questions coming up. i don't expect that to happen. it might be tomorrow or the next day before we hear from them >> all right we know you will keep us informed when we come back a. lot more on baba's buyback today causing the stock to double-digit gains. getting a stand, the interday high for the s&p so far is fore99.99. don't e don't go away. don't e don't go away. >> ♪ ♪

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. welcome back shares of nike beating analyst's estimates thanks to strong demand, inflakes, the war in ukraine, supply chain complaints the company expects to provide guidance with the next quarterly results. joining us in the meantime is bernstein analyst anisha sherman. you have a buy rating on nike, thanks for joining us. it sure seems to me if there was one headline take away from these results is pricing power how do you see it?

>> 83, absolutely pricing power. i would add the second one is brand strength you know, nike's brand strength increased as a result of the all of the disruption we've experienced over the last two years. it has more commerce, faster customer growth. more gtc sales, stronger ab traction there is commercially much stronger in terms of the brand that drives pricing power. it's a virtuous circle >> in times of cost structures are we at a place that saw the peak we see those in a company such as nike. elevated transportation costs. all the issues around covid composures for example in vietnam and part of asia which seems to be coming back online is the worst over? >> i believe so as you know with covid, it's hard to tell the problem for nike is the concentration of a supply base, 50% of the volume comes from

vietnam. 30% apparel volume they are quite exposed in particular in terms of covid, it seems the worst is of. in terms of freight costs, they talked about elevated results and are putting more money into air freight and express freight which is more costly so overall, i think you are right, it moderates over the course of the year, but there will be blips here and there as we experience this quarter. >> let's talk about the growth and direct-to-consumer that is something playing out, you seen impacts, shares of foot locker and positive comments regarding food locker last night. how much more profitable is it to see versus the more traditional model nike had always implemented >> yeah. there is a lot of discussion on this fact. we broke down p&l. on a gross margin level, it's considerably more profitable

20 plus percentage points. because when are you in wholesale your revenue is 60% of the dmv of the product you give the retailer or the reseller a bug chunk when are you ctc, you get a nice revenue growth that results in much higher growth margins you run your channel shops and marketing. it's sharply accretive for nike. that's because of the commission of scale on the channel costs for many other brands, it's margin diluted >> yeah. that explains a lot about the chart right there. one year of nike and foot locker i wonder how you are thinking of vietnam. we've done coverage from there it's a huge supply chain focus for the company. how are you viewing supply chain risks? covid risks when you look at asia >> yeah. supply chain risk is risky for

footwear manufacturers they have to be concentratinged in there supply chains there is so much expertise in capex and high performance footwear it's hard to have the diversified play chains that apparel does what the big footwear giants are trying to do is tagging their products so they have more line of sight into the entire chain from start to finish doing more fast production runs, paying more for air freight, to shift i shipping things faster and make up for it elsewhere and get more agile as well as using data and tcp to do better predictability and good models to understand what will be hot and what's selling >> finally,talking about a 3wr57bd within a brand, the jordan resale concept in north america. this has been tested in other

parts of the world by nike but just how much more can the company monetize that brand? >> reporter: yeah, they're trying to go after the younger consumer it's working it's a powerful lifestyle sports street wear ongoing trends right now. so i think they can get further monetization out of it there was a lot of commentary on the call how health why i the consumer is 57d quite an optimistic outlook especially in the case of hearing about inflation. so what they're seeing is better brand heat, computing engagement willingness to pa i with single digit price increases the last couple quarters. they're seeing continued brand health and continued growth. >> thank you today shares up 4.5% of nike charm. meantime, shares of octa -- okta, they claimed they breached some of the systems. the company detected an attempt

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. time for an etf spotlight today. we're looking at china etf, texter, more than 60% off the eyes and the ear on pace into red core holding no ali baba more than half off the 52-week high, announcing a buyback to $25 billion. the largest ever as it tries to recoup massive losses. it is time to put your money to work mike santoli has more on what it's like trading? >> with any company, they do an aggressive buyback organization they announced ali baba mark cap. usually it's a subtle signal they think it's a big deal or have excess capital. this is a much more explicit thing obviously the chinese authorities are giving some kind of clearance to try to support

their valuations that they're not, the authorities are not looking to penalize holders of capital beyond what's already happened i'm not sure if that tells us of the longer term, they go down, recoup some losses with ali baba how many talk about how cheap the stock looks you deal with the weird setup, the structural setup of ali baba in terms of the offshore entities the positive in the context of everything in this market, they've gone beaten down badly. it's once crowded and arguably underowned it's all having a revival in the last week. >> it's interesting, a lot stems from policy stuff, too the sec defined early companies listed by 2024 because of those audits. congress has been forcing

listings from 2023, expected to be a part of the competition bill making its way across the hill right now then you have these moves by chinese regulators at least where companies like ali baba that are not considered aif illiated with national security ties being pushed by chinese egg lators, could this actually be one of those rare cases and this is what's playing out? we see the u.s. and chain coming to an agreement? >> theoretically, that could be out there. i wonder if those factors have largely been in play for some time right now anybody who really it was crucial for them for these to have sustain u.s. listings if that was critical, it would have to be listed in new york. everybody else says, fine, i will own it directly through the hong kong shares that's able to put in some kind

of a floor as well i don't know if we have u.s. interpretation when it comes to that law, how there might be daylight in there. i do feel once you have been cut in half in value, a lot of those impediments have been accounted for. >> more broadly, our second day in a row picking above the 200 day on the s&p we just got it how important are these levels i guess psychologically for the moment >> i think putting distance between where the mark was steep down ryeing to coincide with crossing above the 200 day is significant. it builds the case there is something more going on, the more crucial area is 2% higher from here. the february highs hit twice, just under 4600. that if you look at a is that right, that's the top end of the

range unless otherwise maybe there is clearing to that level. >> thank you, after break, we will talk travel and cruise stocks, carnival reporting results today. we are back in two we are back in two >> 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 give>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 after years on the battlefield and multiple concussions, migraine attacks followed me home. i wasn't there for my family and i was barely functioning. until nurtec odt changed all that.

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. welcome back i'm rahel solomon. here is your cnbc update at this hour the siege of ukrainian cities continues to inflict heavy damage doctors cleared rubble at a psychiatric hospital hit by a mugs missile meanwhile, ukrainian forces say they have retaken important coverage of kiev. alexy navalny is serving a 2.5 year sentence. he says they're bogus.

this is an attempt of putin to throw him in prison for as long as possible. back here in the state, amazing footage of a tornado that hit texas and oklahoma. a truck flipped on its side. it's spinning around before being blown back on to its wheels miraculously, the driver was able to drive away the storm is expected to move into louisiana and mississippi today. incredible carl, i'll send it back to you. >> about an hour into trading this morning action is pretty decent. back above 4500 on the s&p for the first time since february 11th you got the vix down for a sixth straight day below 23. all of this happening despite the rise in yields as the ten year gets above 220. both of those the highest since 2019 despite the rising fuel costs, folks are springing to books and travel our next guest predicts an

uptick trip adviser and ceo co-founder, steve, it's good to have you back good morning >> thanks, good morning to you >> everybody sort of understands the need or desire to get back on the road domestically i'm curious how much you think international will be. >> we think it will be pretty strong we have roughly a third, a quarter to a third of the u.s. travelers planning to travel this spring are looking internationally. you see the big cities coming back, the london, the paris, the rome we are excited about that, of course, it's so much easier to travel there now than it has been over the past two years >> are you seeing a little moderation in the cancellation rate meaning people have been booking and canceling as a habit now for a couple of years. i wonder if the booking patterns, the stability is elongated a bit in. >> yes, we are seeing the fact

that people are more comfortable making plans and traveling more. it's more full than it has been in the past as people are making their plans and encouraging folks to make their plans in advance because we see with all the data on our site, a lot more people are planning their trip, holes are filling up flights are filling up and more than half of americans are planning to take a trip this spring alone so it's going to be, we think, quite a busy summer? steve, it's morgan how does that compare to pre-pandemic levels? the terms of the types of trips, the details you having a says to, is it the same before the pandemic or have some of those trends and tastes shifted as well >> well, talking about u.s. travelers, it's still more with domestic profiles than international. these are state internationals picking up a lot it's not quite back to

pre-pandemic levels. people are a little uncertain as to how things will go. globally, you know, u.s. 30 robust market coming back strong in march as we said before europe catching up, also several countries that are quite strong. asia-pacific a little less so and more prescriptions in place. if i had to look at it regionally, everything is clearly coming back from where it was, you know, with australia opening back up again, that shosort of thing not quite as pre-inflation levels. >> you see energy prices for example spike. that's going to lead to higher airfares, is that already starting to trick him out? >> you may well see higher air fares, some airlines have doing a good job pitching fuel prices, that sort of stuff the one ting with have seen unfoundedly consistently throughout the pandemic is that people love to travel. it's just become this inalienable right than been

denied over the past couple of years. so people are eager to get out i don't think a high gas price will keep anyone from traveling this spring him that's what the data on our site is showing that >> steve, one thing we keep noticing in u.s. industries are businesses where they have been hesitant to invest in new development and supply because they were burned the last time housing is a great example oil is becoming a great example. historically, hotels have been a great example. they have been in some cases too willing to develop new property. i'm wondering how much discipline you think they will have in this current discovery >> it's hard to say. i think two yeergsz there was nothing but this trough. . laits iing back. everyone wasyl looking for new travelers. half are looking to go somewhere, where they haven't

gone before. that's exciting. it's a great way for new destinations to take advantage of those new travelers the hotels and chains are looking to build new properties. travel certainly will recover. i have no doubt about it fully and beyond our 2019 levels so, it's a true constant, i guess i'd leave you with the thought that as it's been denied by the pandemic, so many people are realizing now that it is a part of what makes them a happy person it is a part of what makes them enjoying their life to be able get out and travel all of our data is coming back, saying people are planning to take more trips, more per trip it's been this pent-up demand. >> so how much is pent-up demand how much do we return to normal do we know yet >> we certainly don't know yet

it's one of the hard-to-predict things on the leisure slotside in our surveys, i think it's now becoming or we believe it will be coming something people expect to do more of we are moving away from i just want to go sit on the beach a week we are moving into the real experimental trips where i want to take the cooking class from the local chef that will teach me something that ecan actually bring home i experience it like people that live there i take it home i am able to continue that learning or that experience part of the vacation. i think that's here to stay. i think people are going further than they've ever gone before and we certainly see it, a strong renaissance to travel not just pent-up demand an ongoing push by everyone >> yeah. no, it's definitely caused us to not take travel for granted anymore, that's for sure, this

whole experience, steve, thanks, good to talk to you. i'll talk to you next time >> i'll still take a beach carnival reporting before the bell. >> hey, morgan despite week results, the cruise line is coming off its best three weeks of booking, omicron did hurt first quarter sales 75% of the fleet is back to sea for context. royal caribbean is around 85%. now on fuel costs, on alleged says carnivale is trying to reduce consumption by removing less efficient ships in total 2022 since 2019 costs related to fuel at this point are not pushing cruise fares higher that's something wall street will be watching closely they talked about seizing accommodations if russian. he says the invasion added some volatility to his business and

impacts consumer confidence to some extent. he sees a full return to historic am levels not expected until 2023 so the time line is being pushed back i think what this tells us while the appetite for travel is improving as evidenced in tsa check-ins and trip advising this, today's numbers for carnivale the broader recovery will take longer, earnings expected to turn positive this summer morgan, back to you. >> so what does that mean in terms of actual capacity levels and companies like carnival putting more ships on the water and continuing to grow their fleets >> reporter: i think the idea is they will stay as aggressive in bringing as many stips to sea. they hope demand will continually improve. they are currently at 75%. so 75% of the ships are currently running. they are hoping to get to 20% by this summer.

watching fuel prices will be interesting if you continue to see higher fuel prices, does that stop them delay them at this point the commentary is they it won't. >> thank you shares of carnivale down 1.5%. a programing note, don't miss an exclusive interview with the ceo, arnold donald later today at 3:00 p.m. eastern on the "closing bell" still to come how a $15 million mansion on the rocky mountains could be the next target of u.s. sanctions we got those details as we head to break a. check on the top gainers on the s&p this morning. alliant technology, constellation energy, wells fargo, svb andigtu snare bank. we'll be back in two

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the street". let's get a check on bitcoin at this hour. it is higher, 42970. joining us to join the crypto space, chairman and ledger that develops crypto and blockchain applications pascal, great to have you on the show, in terms of what we are seeing across the asset class. i want to get your take, given the fact we have seen bitcoin climb above 40,000 and we seen a bounce in the other names, how it speaks to the dynamics from a pricing and trading perspective. >> sure. is thanks for having me. we look at the damage of our own business and how much devices we are setting. what was interesting for us if q1 is to see we had the same trend in q4.

where q4 was an extraordinary quarter. for us, we still have a lot of people coming in you see action on the price because of this. this is a class getting more relevant by the day. so for ledger, a strong quarter to date comparable to q4 >> so trust me a bit about how geomr. clintons is factoring into potentially that demand certainly with everything with russia and with sanctions and invaders, in terms of all the money you see raised through crypto currencies to aid in efforts and humanitarian issues there. is it fueling not only security but demand in general for th types of keys you are creating and selling? >> definitely.

i think the bitcoin has been communicating. i joined in 2014 in 2014, you were saying bitcoin will be useful, people will look at you thinking, this will never happened what happened between them and now is many fiat currencies have gone down, wars happen when people thought that war was behind us. it's happening in europe just endorsed it so these are situation where bitcoin reveals itself as a great exchange it's no surprise it's something we say for a long time >> how does that reach the partnership with newvay? i would imagine what we are seeing playing out are for example the fact you have a hyper dynamic in key emerging markets as well.

it's only going to drive more every day potentially use of crypto currency assets >> correct you see the trends, they were happening 12 mon efforts ago i was looking at our statistics. the last year we seen extreme growth much higher actually in russia and ukraine compared to the u.s., for example. the u.s. was 150% growth year on year what we see in ukraine, russia was more like 800% and north of that i think the markets anticipate crisis this has been building up until now. what you see is every time that the country enter war territories and/or fiat currency is tobacco think about lebanon, for example. crypto is coming in every time

it shows it's good for a change of venue for the future, for sure >> we keep looking for landmarks, a lot of its with wane the u.s. banks started crypto research, desks and now these reports that goldman is the first u.s. giant on the him ifs over the counter how much do you think that is? >> i think in general this stage is early stage the internet in 1995 except this time everyone seems convinced early on in 1995, they still have to convince a bunch of people in the bubble in 2000 i think this is 1995, i am very surprised by the metric of the bank and financial institutions. just in this new asset class was nothing. if we look back, we are thinking this was hard, actually, it went fast for all the big u.s. banks

to say now that bitcoin is okay. you can think about technology and these corporation fit. it's still early, everyone is very positive. >> even ifally talk to me about this explosion, what that's meant for an opportunity there for ledger >> it is an interesting phenomenon nfg for me is saying the website again if 1995. so under an nft you have multiple type application. for us it's been extremely interesting. nfg started with everything that is scarce 57d has value the species like extreme value it's been really great for the business the reason why ledger is doing extremely good in q4 even though bitcoin and crypto currencies is froze because of the trend in

nfg. that trend is sharing high it's actually a lot of new people are coming into market. they cross over. you need your crypto to goit so it is a big boost nft is not over. i mean, you know, it feels like a high, but it is actually a strong, underlying trend. >> interesting pascal, thank you for joining us today. >> merci you are looking at a live shot of disney headquarters in burbank, california. the company is preparing for a planned employee walkout over its handling of recent lgbtq plus issues, including the stance on florida's don't say gay legislation. we'll have more coverage on "tech check." we hover above 4500. don't go anywhere.

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(chuckles) look at that! another write off. that's a foul! what kind of call is that!? definitely “not” watching basketball. not us. i wouldn't do that. hey, welcome back to "squawk on the streetm." i am frank holland stocks are mostly higher with

financials and communication services leading the way top performing sectors communications services is up 6% in the past week still, the biggest laggard on the year-to-date basis with roughly ly two-thirds of the so in negative territory. today's leaders include social media names like twitter, match group, and meta platforms. all names are up double digits in the last week alphabet is outperforming today, up roughly 2%. the tech giant is 8% off its february hh.ig more "squawk on the street " ahead. stay with us trading isn't just a hobby. it's your future. so you don't lose sight of the big picture, even when you're focused on what's happening right now.

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your agent, or get a quote at easyaspie.com. welcome back to "squawk of the street." in aspen sits a 14,000 square foot modern glass mega-mansion that could be the next target for sanctions. robert frank has the story robert >> good morning, morgan. so far, the u.s. has not frozen any assets of the oligarchs, but that may soon change white house now considering whether to add roman abramovich in the eu, uk, australia, and

canada, his assets are frozen. the first stop for the feds would likely be aspen. abramovich owns two homes. one a 14,000 square foot modern glass mega-home on 200 acres in snowmass abramovich bought the property in 2008 for $36.5 million. brokers tell me it is now worth well over $50 million. he also owns a 5500 square foot ski chalet down the road that he bought for $12 million county records show both properties actually remain in abramovich's own name. now, this is highly unusual since most oligarchs own their real estate through anonymous shell companies or relatives now. because he is still the official owner, the feds would be likely to freeze these assets almost immediately. now, to seize them and actually take title, they'd have to prove abramovich committed a crime, which could take years meantime, it is unclear who is going to pay for the upkeep and the more than $100,000 a year in

property taxes >> pretty incredible i mean, it does seem like there's a little fire sale going on here. abramovich and some of the oligarchs are concerned. the sale of chelsea, the soccer club, as well, expected to have some buyers emerge there how quickly can some of the assets across some of these different countries actually be sold, potentially? >> yeah, it's chelsea. it is his $100 million london mansion. it is his place in france. also more than $100 million. the challenge for any buyer is, yeah, these assets are attractive, but do you want to get involved in a transaction that involves someone who is sanctioned on the other end? will there be someone down the road claiming ownership? that's going to be the challenge for getting a quick sale of any of these assets, including the aspen homes. >> all right pro robert frank, thank you. a quick check on the markets. s&p is up 1% the dow is also up 234 points.

the nasdaq is trading higher, as well it's up about 1.6% that'll do it for "squawk on the street." "tech check" starts now. ♪ good tuesday morning i'm carl quintanilla with jon fortt and dierdre bosa we have details on the disney walkout. plus, baba with this buyback. shares up double digits today. 50% in the last week then cyber attacks top of mind for washington. okta shares down after suffering its own breach, reportedly what stocks could benefit from investments in that space. we'll start with the markets. nasdaq snapp