january. >> let us know when, not if you buy. >> i will. >> doc >> guess accelerated stock buyback. i love this one. >> okay. and finally shannon. >> costco. thoughtful expansion of a brick and mortar and none of the customs are going away in an inflationary environment >> thank you we'll see you in "overtime". "the exchange" is now. >> love me come costco welcome to "the exchange". are rising rates good for tech stocks the nasdaq 100 is up despite last monday's losses we'll look at if the relationship has changed for the better and a martial plan for energy. that's the call from jpmorgan chief who says the u.s. now needs to help wean europe from russian oil. this as president biden is headed to brussels to meet with

nato allies. we'll look at if something like that is already in the works expect the number of evs to double to nearly 1 million units this year. we'll ask if the charging infrastructure is ready to keep up with demand first, let's get to dom with the markets. >> it's red, not markedly so, but still significant. kelly, two years ago on this day, do you know what it was you do i know you do. she's just joshing with us here. two days ago today it was the pandemic low for the stock market because back then the s&p 500 on an intraday basis, march 23rd, 2020, hit a low of 2191 or there abouts let's go the quick and dirty math more than a doubling from where we were at the pandemic lows so 4484 the last trade there down one-half of one percent fractional declines. off about 1%, 322 points and the

nasdaq composite just down about .2 down 27 points we'll see whether or not that interest rate story plays out as kelly talks about the kind of dynamic with valuations. one other place to watch is the ten-year treasury note yields. since the beginning of the month, we were closer down to about 1.84% to start off the month. now we are all the way up to 2.34%. that's a pullback from the recent highs we've seen in the last couple days so now we're talking about going back to may of 2019. highest yields since then. why isn't the market declining more i guess we'll find out later on in that discussion and check out what's happening with general mills earnings season still rolls on big food processer, but food manufacturing company. general mills up about 2 % off the session highs. but at one point today we saw bigger gains because this company says they're seeing still demand for people eating at home. revenues better than estimates

food companies a focus here. and speaking of, i get to draw a lot of yellow on the screen with the next graphic because when it comes to archers, daniels midland, another food company, conocophilips, nucor, each of these gets gold stars. each of these has hit a record intraday high at some point today. a nice move higher, especially when it comes to commodities related stocks and even an insurer in progressives. >> even as the markets are lower. thank you. my next guest has good news and bad news for investors the bad news his latest piece is headlined the odds don't favor the fed's fast landing joining us now is the chief economics commentator at "the wall street journal. somewhat echoing what we heard from carl icahn yesterday on closing bell when icahn warned scott what happeneder in he thought we could have a rough patch ahead. let's see if gregg is available now.

gregg, welcome it's good to see you >> how are you >> i'm good. tell me why you think that a soft landing is not something people should be necessarily counting on right now? >> well, if you look at the last instances of the soft landing that chair powell referenced this week, 1984, 1994, the circumstances are different. in those instances, they were trying to keep inflation from going up this time we're trying to push it down, because at 5%, it's way above where the fed wants it to be that's number one. number wo, the labor market is tighter. at 3 .8%, the unemployment rate is lower than it's been at the start of any fed tightening except one the final point which i think is really key is look at real interest rates federal funds rate is 2% to 3% percentage points below inflation. monetary policy is way more stimyoulative than it it was at the starts of the other

episodes you have an economy is that is already traveling above the speed limit and the fed far from applying the brakes, still has its foot on the gas. trying to reverse the process is not one that i think bodes well for a smooth, soft landing >> you know, the market reaction at least in the past couple weeks has been encouraging, though, wouldn't you say i was shocked that it wasn't more concerned about what powell said at the press conference and even what he said this week when he just flat out talks about yeah, if we need to, we'll raise half a point and we could go above neutral, and markets are taking it in stride, aren't they >> well, they are. but i'd say a couple things. first, in their view neutral is 2 .8%. it isn't very high and if inflation ends up more like 3% instead of 2% and there's a case it will be, then that still is negative in real terms. if they go a little bit above that to 4%, 1%, 1% of real

terms, that's nothing to get worried about. and the other point, inflation is a two-way street. if it drives up interest rates that's bad, but it also flows to the bottom line. you were talking about general mills. one of the reasons they raised guidance today is pricing power. if you can raise prices, in other words, if an inflation is going up at the same time interest rates, you don't really worry that much. the stock valuation in some sense are a little bit immune to higher nominal rates as soon as they're compensate bid inflation. that's the set of circumstances the fed cannot allow to persist, because if you're not getting real interest rates higher, you're not applying the brakes >> you use a parhrase in your piece, he was skeptical the fed could achieve an immaculate disinflation why is that outcome so unrealistic and what are the challenges in fighting to pull down inflation >> you're familiar with the age old relationship that says when

the unemployment rate is high, inflation is low again, when inflation is low, unemployment is high that tells you both in theory and the fed's models historically that if you start with high inflation, getting it down requires higher unemployment the fed wasn't see that. they see they can get from 5% inflation now to a little over 2% without any rise in unemployment that's what we mean by immaculate disinflation. the argument goes as follows supply disruptions they'll work their way through the system more people will flood back to the pandemic market. that will hold down wages, and inflation expectations kp influences people's behavior are anchored at 2 %. i want to give credit. all those facts are true and all may work out moreover, it's still the consensus on wall street it will work out i'm saying historically it hasn't historically if you are trying to get inflation that's too high

down to something lower, you need to put pressure on the economy and unemployment has the ended to rise. and every time unemployment has risen by at least half a percentage point, you get a recession. >> and that's not a very big move the early dip recession of the early 80s probably the classic case it's sobering to talk to you today. thank you so much. we appreciate it we just had an auction of 20-year bonds which i think have been among the highest yielding part of the curve period let's get to rick santelli and see how it went down today rick >> yes highest yield lead treasury maturity on the yield curve for a bit now. and this auction is a 19-year 11-month we're adding to an auction that was originally opened last month. after all that, i will tell you the grade is a plus. this was a fantastic auction in terms of demand. let's think about what that says everybody has been biting their fingernails. think about home shoppers,

interest rates skyrocketing the last couple weeks. yet, all the investors try to catch that falling knife to 16 billion of the 19-year 11-month, yield 2.561. that is below the low of the one issued market that i was monitoring right up to 1:00 eastern. lower yield, higher price. all the metrics, all the metrics except for indirect bidders, which were still above the ten auction average were the best they've been ever for a 20-year bond auction, keeping in mind that we brought them back in may of 2020. so stellar performance and i really do think that gives us a bit of a reprieve on rising rates. i think i know what they're looking at everybody is talking about this giant rebalancing for the end of the first quarter, and the tail is wagging the dog expect to buying treasuries and selling equities trying to get ahead of the big pension crowd that seems to be strategically doing the same toward the end of the

month. back to you. >> great point 2.65 the yield or not 20-year. rick, thank you. speaking of which, let's take a closer look at the nasdaq it's been surprisingly resilient to interest rates shooting higher remember, go back to the first few months of 2022 we saw the ten-year yield jump about 40 basis points. the nasdaq dropped more than 9% as high valuation names imploded fast forward to today, it's a different story. from the start of march the ten-year has jumped about 60 basis points and at the same time the nasdaq is up 6% let's turn to the man who called it cnbc's senior markets commentator michael. mike, you warned us not to make too much of this relationship. why has it changed now >> well, kelly, i don't want to take any credit for having really called any short-term market move. i've been skeptical in general of how this direct linear perception of this relationship between yields and growth stock performance was overplayed and i think it's one factor

among many, many, and it has had some connection to relative outperformance of big quality growth stocks relative to cyclical value stocks over the past year. it's only one tiny influence i don't buy the argument that the market in realtime is trying to figure out the value of long duration assets such as a share of microsoft based on the discounted value at today's risk-free rate it's not the way the market operates most of the times when tech was outperforming and yields were falling, why were yields falling? people were concerned about the pace of the reopening. people were concerned about relative earnings growth of cyclical companies you go to the companies that are seeming to be more steady. the nasdaq, the average nasdaq stock fell 45% from its high high to low, some point last year to the recent lows. that tells you we're not really fine tuning the valuations based on wiggles in yields and as you go back to 2018, the ten-year yield went from around

2% above 3 tech outperformed during that time we started talking about it when we needed explanations for why people were racing into every single software stock and paying massive valuations we convinced ourselves it was because yields were staying low. >> to me it makes sense higher yields were a proxy for the liquidity coming out of the system i don't know if that's true, but it seems like there's been a giant sucking sound that collapsed everything from ipos to spaces to high valuation stocks to high flying crypto names. there seems to be a larger relationship, although i don't know how we would determine cause and effect >> i do buy that, kelly. there is an element of that. there's a sense that when yields are going higher, and in theory it should be because capital is being used for real world purposes a little bit more than just for financial speculation, things like that again, that's on paper it's a textbook explanation. it does make some sense. ly give you that but to me it's not so much that

you want to put too much trust in that being the swing factor on a day-to-day basis necessarily. and i just feel like there's so many things that if you were going to buy the arc portfolio in january of 2021 and pay 12 times forward sales on unprofitable businesses, you needed to persuade yourself of in things including the size of the addressable markets. how much market share you're going to get how fast the transformation was going to happen, and other people were going to buy at a higher price, and maybe you had to say and rates are going to stay really low for a long time and liquidity remains high >> i get your point. a lot of the big tech names have been consistently called out for having pricing power, positioned to do well in inflationary environment. a lot of positives for a place like -- now, we talked to our friend paul at bespoke who said tech usually outperforms during a rate hike cycle. where do we go from here

>> yes i think what it basically comes down to is if quality and relative earnings durability are going to come back into favor, those types of growth stocks and tech stocks that have the attributes would probably do well we're talking about a general slowdown in earnings growth. if that's the concern, those stocks probably do well and not the goldman sachs unprofitable tech index we're probably going to draw the distinctions inflation stays high and it's a high nominal growth economy and we say in a recession, it doesn't mean that top line growth is going to be scarce and maybe big tech is not going to be the leader. >> fascinating michael, thank you as always we appreciate it >> any time. coming up, president biden heading to europe for meetings with the eu, the g7 and nato is a martial plan for energy a real possibility we're live in brussels next. plus major chip maker ceos

are on capitol hill making the case for billions of dollars in subsidies for their industry should congress cut them a deal? and let's get a check on markets. dow down 336 the nasdaq down a third of a per sent it's outperforming the ten-year yield, 2 33 we're back in a moment ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ hey businesses!

you all deserve something epic! so we're giving every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like one's that re-opened! hi, we have an appointment. and every new business that just opened! like aromatherapy rugs! i'll take one in blue please! it's not complicated. at&t is giving new and existing business customers our best deals on every iphone. ♪ ♪

welcome back to "the exchange". tomorrow marks one month since russia began the invasion of ukraine and president biden is set to meet with nato leaders as the world tries to gauge how much russia has gained in that period of time and what measures it might resort to nec kayla has what we can expect from tomorrow's emergency summit >> president biden is currently on his way here to brussels where tomorrow he will be meet wgt leaders of nato, the g7 and also the european union as they try to discuss next steps to assist ukraine in its fight against russia tomorrow the u.s. and its allies are expected to announce a few items to ramp up pressure on russia another round of sanctions, an increase in nato troops that could be longer term in name more humanitarian aid for ukrainians and a plan to offset

russian gas for europe with president vladimir putin of russia now demanding that europe pay russia in rubles for its gas. but getting next week. today ian stoltenberg said membership for ukraine in the alliance is not on the agenda, but the group will discuss providing additional defenses for kraine also saying the role of china will be discussed. >> china has provided or showers political support including by spreading blatant lies and disinformation allies are concerned that china should provide material support for the russian invasion >> reporter: the white house as of yesterday says that so far no military or material support by china for russia had happened. although, that could change, kelly, at any moment >> and to your point, cay will,

about russia being asked to be paid in rubles, an adviser said italy is not inclined to do so germany said paying for gas in rubles would break contract. it's unclear this is going anywhere >> yeah. and there is also a concern, kelly, that even as europe is not sanctioning russian oil and gas, that putin may seek to weaponize the country's energy supply and start withholding gas unless some of those terms like being paid in rubles are met essentially, putting europe between a rock and a hard place which is one of the reasons why leaders are so keen to wean europe off of russian energy, and they say they will do that once and for all with the plan announced tomorrow >> wow kayla, thank you now, as the president works to shore up support against russia, jpmorgan's ceo jamie diamond is calling for an energy marshall plan for the u.s. and europe are we already going that route? joining me is the president and

ceo of the atlanta council and a cnbc contributor as we heard from dan yesterday, at his own energy conference in the past couple of weeks, people from europe were on the sidelines with american business leaders trying to make deals to secure long-term energy supplies >> that's right. you know, some of the oil producers, natural gas producers in the u.s. complain about mixed messages from the biden administration on the one hand, clean energy on the other hand please start pumping and start producing gas more quickly because look at the price that americans are going to have to pay, and that's going to have an impact on the midterm elections. i think my thing on this is don't let my crisis go to waste. this is a time where we know that europe allowed itself to become too dependent there were 16 business leaders, and jake sullivan, national

security adviser, gina, secretary of commerce and others, and the president dropped in i think this is the time that you can put those kinds of pieces together where you can put that kind of coaliti together but it does take time to change sources of energy delivery so it's not a light switch, and you turn it on and off overnight. >> it certainly isn't, and i guess that's the point do we need a specific let's just call it a martial plan, or is the market going to go that way itself because these companies are dealing with european customers now. you're going to -- we were told he thinks this diminishes russia as a superpower. it can no longer be counted on as a reliability if you can't count on the reliability of the supplies, you have to turn elsewhere is that already in motion or does it require a bigger effort by the u.s. and european leaders to put it into motion or to put

up the funds, i assume, that would be implied to support it >> kelly, the answer is you need both you need the markets to move the l and g into europe. you need the political leaders to decide to build more terminals. certainly in germany where there's no l and g terminal. angela merkel for everything else she achieved while being german chancellor, turned away from nuclear energy. that's turned out to be a short-sighted decision on her part it has to be redressed those were wrong government decisions that have to be addressed with right government decisions. also in our hurry to go in a greener and more renewable way, which is the right way to go, we have to go in that direction, we've forgotten an energy transition is a transition and dhurg period of time, you need oil and gas, and so the disincentive, the disinvestment in oil and gas that we've undertaken over the last few years, we're paying for that

>> what do you expect as everyone is gathering now? i assume they're going to talk about what will be done in response if russia uses chemical weapons or worse here as this continues? what kind of language should we expect on that front >> so underscoring all of president biden's -- his nato meeting, eu meeting, g7 meeting in brussels and then poland on friday, is are we going to get further with putin by confronting him, or are we going to get further with putin by not confronting him too far for fear of escalating? i think the mood is starting to move more in the direction toward confronting and he's going to hear that particularly in poland where russians have been threatening more and more and more clearly that poland could be a target itself because poland is doing so much to arm ukraine that's a big nato decision

if poland gets hit in one way or another, even in some of the arms depots going to ukraine, that is then an article 5 offense in nato. attack on one is an attack on all. how does nato respond to that? i think the undercurrent of tomorrow is going to be talking about those kinds of dangerous contingencies. but under it all is does nato, does the u.s. have to get a little bit more involved in order to save ukraine? >> wow well, that is well-put in terms of us understanding the tensions and the discussions here fred, great to have you. thanks so much >> thank you, kelly. >> fred kemp with the atlantic council. >> ev go gave full-year guidance that fell short. we'll speak with the ceo about the industry's growing pains n next new data on the moderna vaccine for kids under six and the dow is at session

lows home depot, one of the biggest laggards there only about seven names are in the green. apple leading the way. we're back ia men mont

welcome back markets are at session lows right now. the dow is down 382 for a more than 1 % drop. the nasdaq down .8%. s&p below 4500 by a decent margin oil rebounds to around $115 a barrel that sector up 1.6%. health care and financials are lagging. clean energy is in the green with end phase, azur, sun run.

solar is about 23% off the highs. the housing names are hit again as mortgage rates spike. the itb are both down more than 20%. the etfs, horton and william snow ma down another 5%. you can't talk rates without mentioning the banks down about 5% in march for the worst month since june and let's check on some of the china tech names strong gains again today let's get to the cnbc news update here's what's happening at this hour. supreme court nominee ketanji brown jackson back on capitol hill for confirmation hearings she responded to senators trying to portray her as a potentially activist justice she reminded them congress has the power to make laws and the

judicial branch the power to interpret the laws in arkansas the first arrests in a shooting that killed one person and injured 26 on saturday. a 22-year-old has been charged with battery and first degree assault. the shooting was the result of a gunfight between two people. and in brussels, nato chief stoelten werg says the alliance will double the number of battle groups on the eastern flank. it's part of the effort to deter attacks on nato countries. he says that russia must understand it could never win a nuclear war. on the news tonight, what are putin's likely next moves as the invasion of ukraine drags on that's tonight at 7:00 eastern >> all right thank you very much. coming up, when it comes to the fed, it's a matter of would versus should according to one money manager. why she says the number of hikes doesn't really matter and has the names to buy as rates climb. check out shares of tesla

which hit over $1,000 a share earlier in the session we'll speak to the ceo of evgo about the electric vehicle ramp up as oil and gas spikes stay with us

welcome back to "the exchange". stocks slipping on concerns from oil to supply chain disruptions and, of course, inflation. my next guest says the market is overshooting what the fed will do this year, and it doesn't matter how many times they hike rates, because real rates will remain negative. we have the ceo of laf laffer tengler investments why is it important to focus on real rates with the fed's projectprojectioa rates would be negative through the end of next year >> this is the -- you wrote great pieces on this you pointed out the three-month had had steepened on the fed's first announcement of the 25 basis point gut, and then you

quoted esther george who said if the fed wasn't buying securities, we'd probably have a ten-year at 10.5%. the way you break the back of inflation is raise rates above the inflation rate i was managing money in the volker years in the second half, i want to point that out, and stocks during his tenure, stocks were up, but he raised the prime rate to 21%. that's where prime went. and inflation was at 14 .5 it took a lot to break it. and i think what's different this time is that in normal fed hikes you have the reflective phase where the fed is reflecting a strong economy, and then we move to the restrictive phase. in this case we have pmis rolling over usually pmis are going up when the fed raises rates and we've had a year of global central banks raising rates. i think it's going to be difficult for them to get there,

though i wish they would, and i wish they'd do it quickly. i just don't think it's going to matter that much i think the balance sheet is going to matter more >> what you're saying reminds me of what larry summers was writing in the washington post earlier last week where he said they might have to go to 5% or something of that magnitude to achieve those goals, and obviously that's not in th market you're kind of saying a lot of this is noise until or unless we get to such a point. you've looked back at that cycle kind of a little different, but just because it gives a recent example, the early 2000s, what outperformed then? what does it point to in terms of the parts of the market you want to focus on for this difficult time we could be facing? >> yeah. it is somewhat analogous you're right it's not entirely analogous. rates went from 1 % to 5%. i can't remember how many hikes there were and there were other things going on, obviously, in the economy. but what did well counterintuitively was technology, energy, materials, those were names that stand out

to me. and we also have rising inflation, and so as we all well know, and so -- but many of the names benefit from that as well. so we like things like eog which has -- it's a great natural gas play their capital allegation shareholders has been robust, and they paid three special dividends in a year and doubled the dividends. like steel dynamics which is an esg steal company. they're trying to find alternate ways to heat the flat roll steel other than just energy or oil. and we like other names in technology and defense >> lhx you mentioned let's ask the debate that's happen where we have a piece warning it's going to be hard for the fed to achieve a soft landing and carl icahn saying we could be in for a hard landing, and yet there's a general sense of being constructive on the market what do you tell investors about the range of outcomes we could be facing?

>> yeah. i mean, i've seen one soft landing in my career, and that was in '94 with alan greenspan after a series of rate hikes i don't think this is that so i do think that the economy is going to be -- we already know it's slowing and it was slowing before russia invaded kuwait and we also know earnings have to come down, but nobody has begun yet to revise earnings estimates down in this kind of an environment, you want to have reliable growers. dividend growers are even better, because dividend growers will be a hedge against inflation, so many of the names except for palo alto that i mention have had strong policies and managements are raising dividends. i don't think it's all bad news. they expect to see the ability to deliver decent earnings, and i think you'll get decent returns in the stock market barring a serious recession. i don't think we're going to get that first, i think we're a year away at least, and it will be short and shallow when we get one. there's a lot of good things

going on in this economy, not the least of which is tech cap exspending and people returning to work, now maybe because they have to because of the inflation rate >> and with everything going on that you described, most people throw their hands up and go i can't make sense of that environment. i really appreciate this sort of advice and look for the dividend names as dividend growers and other sectors that could navigate this period it's great to have you thank you. >> thank you as we head to break, let's do show and tell the chip stocks getting hammered as both covid related and geo political head winds persist intel fairing the best of the group. only down about 5% amd down about 20% the intel ceo on capitol hill today to urge congress topaz a bill to support the industry he also appeared on "squawk box" beforehand stressing the importance of moving manufacturing to the u.s

we're either going to invest in this industry now to see if rebuild, or we're going to decline, and today 12% in the u.s. half of that is intel this is precarious that's part of the reason for my urgency and passion on this topic right now. because i fear if it starts dropping below 10% very far, you might never recover, and we will have a permanent dependence on asia and other parts of the world atreth a geo politically unstable for the long term we must act now. y? i like to keep my enemies close. guys, excuse me. i didn't quite get that. i'm hard of hearing. ♪♪ oh hey, don't forget about the tense music too. would you say tense? i'd say suspenseful. aren't they the same thing? can we move on guys, please? alexa, turn on the subtitles. and dim the lights. (vo) dimming the lights. verizon business unlimited

is going ultra! get more. like manny. event planning with our best plan ever. (manny) yeah, that's what i do. (vo) with 5g ultra wideband in many more cities, you get up to 10 times the speed at no extra cost. verizon is going ultra, so your business can get more. welcome back chips are mostly lower today with micron one of the worst performers down 4.5%. executives in the industry are testifying before congress in the support of the chips act we have the latest from there. >> reporter: kelly, that bill would funnel $52 billion to the domestic semi conductor city during the hearing lawmakers framed the funding as a national security priority.

>> china has demonstrated aggressive behavior toward taiwan and stated the intent to nalg taiwan's sovereignty and independence taiwan now accounts for 92% of the world's most advanced semi conductor manufacturing capacity think of the consequences if china were to invade taiwan. >> reporter: but that issue cuts both ways as well. republican senator scott challenging a ceo over the business his company does in china and his commitment to restoring american manufacturing. >> insurance that i have around the geo political situation drive the passion and the urgency to build this industry in the u.s this is a core reason why we are here we have allowed this industry to shift to asia. it is time for us to get it back onto american soil >> you should do it. >> and we are passionate about

it that's why the chip part is so critical to get it done now. >> reporter: earlier today the senate did vote to move forward with formal negotiations over the broader innovation package that includes the funding for chips, and kelly, lawmakers they say hope to get this passed before the summer. back to you. >> does it look likely at this point? >> yeah. there is bipartisan support for it that vote in the senate had of 6 senators, republicans and democrats voting in favor. clearly both sides of the aisle like the idea of the funding and the idea of the innovation package. the challenge here will be sort of hammering out all the ancillary things that will ride along with this package like research priorities. trade provisions there are handouts to other types of industries included so if they can get all those details right, this does have a good chance of passing in congress, the details sometimes can be the whole game. >> exactly it's a big if. i take your point. thank you very much from capitol hill

still ahead, there may be a silver lining for the ev companies. we'll focus on the stocks with european exposure, including this stock and why it could see a boost. we'll talk wh itthe ceo of evgo. we're back in a moment we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪ your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

♪ ♪ 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

[ sigh ] not gonna happen. that's it. i'm calling kohler about their walk-in bath. don't worry i got it! my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ finger snaps ] hmm. ♪ ♪ the kohler walk-in bath features an extra-wide opening and a low step-in at three inches, which is 25 to 60% lower than some leading competitors. the bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. kohler is an expert in bathing, so you can count on a deep soaking experience. are you seeing this? the kohler walk-in bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. everything is installed in as little as a day by a kohler-certifid installe. and it's made by kohler- america's leading plumbing brand. we need this bath. yes. yes you do. a kohler walk-in bath provides independence with peace of mind. call... to receive one-thousand dollars off your kohler walk-in bath. and right now we're

offering no payments for 18 months. welcome back the e ve charging names have taken a hit in the past year could europe's move away from russian energy be a chance for the turn arounds we'll look at the names that can benefit? >> reporter: it could mean opportunity for electric vehicle charging companies moving away from russian oil means more ev that means more chargers public charging points are key, and at the moment there is a disparity between countries as this chart shows you can see not a lot of infrastructure in eastern europe part of this no doubt, the paradox that low adoption won't incentivize infrastructure and vice versa in order to reach dec decarbonization goals, they need

15 fold growth to 2 .9 million that's between 3 and 4 billion euros in capital spending a year the market is fragmented and there are u.s. listed companies with exposure to the market. important to note, though, to these stocks are all down sharply in 2022 and none of the companies are profitable certainly a lot more focus these days on ev infrastructure both in the u.s. and europe >> absolutely. thank you. speaking of ev charging names, evgo reported a fourth quarter net income loss nearly triple that of a year ago. energy prices spike in the ev push ramps up. is america's charging infrastructure equipped to meet growing demand let's welcome in the ceo of evgo and also chief of staff for energy policy under bill clinton. kathy, it's good to see you

again. what accounts for the wider loss >> we are actually on task to grow and meet demand for the charging needs for the united states the intro was talking about the european players evgo is focussed on the massive ev growth in the united states we are building ahead of demand and investing to meet that demand. the focus is on fast charging and deploying in partnership with general motors, toyota and others for convenient fast charging for drivers across the country as new models become available. >> would you partner with a company like chargepoint >> no. chargepoint -- we build and build infrastructuring chargepoint sells equipment. we have roaming agreements with customers that are on their network and focus on fast

chargers their focus is largely level two chargers different use cases and needs and business models >> maybe they want a long lunch but others need to charge on the go i can say we see month will data showing a spike in interest. what's that going to do for wait times? >> at the charging infrastructure at the moment, we have a noetwok to handle the need it is designed to meet the growing demand happening with the cars of 2023, 2024 and 2025. we build slightly ahead of demand we skate to where the puck is going to be and not too far

because we pencil the double digit returns for shareholders we have head room for the evs. we hope that the car companies meet that demand because as i don't -- you pointed out the consumer appetite is growing astronomically. >> tesla's stock back over $1,000 opened giga berlin a lot of teslas on the road. if they open it up to all evs what would that mean for your business >> we actually have a lot of tesla drivers on our network 8% usage is from tesla drivers the supercharging network is busy with tesla and tesla

drivers come to evgo you can plug in to a station while going shopping or taking the daughter to piano lessons or wherever that might be we see a need for more and not less >> how do you get more ev chargers as an industry into urban areas, the places where there's a need to -- for an away from reliance on fossil fuels but expensive to do so. >> we have a commitment to electric for call and build primarily in metropolitan areas to site where driving happening. we are in a variety of areas

over 30 states and that's growing really quickly. that's to meet the needs of all kinds of ev drivers. the ride share community are electrifying and need to charge fast every day and all over the country. >> cathy, thank you again for your time. >> thank you. moderna releasing data about the efficacy of the vaccine in young children quk eaafr isdetails teth icbrk.

do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this. your mover, rob, he's on the scene

and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, like asap! so basically i can pick the right plan for each employee. yeah i should've just led with that. with at&t business. you can pick the best plan for each employee and get the best deals on every smart phone. welcome back shares of moderna down today the company releasing new data about the covid vaccine efficacy in children. meg tirrell has what's next in terms of steps meg? >> kelly, this is data in kids, babies down to age 6 months up

to just under 6 years old and moderna said the study met the primary end point and plans to file with regulators within the coming weeks the primary goal is showing a similar immune response or level of antibodies in kids with the quarter dose as young adults 18 to 25 with the full dose and showed that in a time when omicron was the predominant variant in the united states and similarly saw lower vaccine efficacy against mild disease. 38% in the older age group and 44% in the younger age group moderna moving forward safety is important and especially young children. this is a reason that pfizer wept to a low dose to avoid fevers moderna saying no new safety

concerns in this trial tollerability consistent with other pediatric vaccines fever in 15% to 17%. high fever was pretty rare so the question is what the fda do with the data will they move forward with the fact that it met the pry mash goal, focus on the 50% efficacy rate with the omicron variant? anticipation it should confer protection against disease so it's a hypothesis. >> did you say no myocarditis at all detected >> none reported in the trial but it was about 7,000 kids. not a small trial but so rare you might not see it and not expected to show up in young children. >> parents consider the risks and balancing act. will they require it and not

many places trying to drop the mandate of mask is more important. cnbc's healthy returns summit a week away. go to cnbc events.com and sign up for that and looking forward to that. thank you so much. that's it for "the exchange. "power lunch" begins right now ♪ kelly, thank you welcome to "power lunch. here's what we have got for you this hour. stocks pulling back today after a short term rebound market pro says buyer beware calling this run higher a head fake an energy marshal plan what jamie dimon is proposing. as a way to achieve energy