good morning president biden is in brussels for an emergency summit. nato secretary-general telling cnbc that vladimir putin has made a big mistake we'll take you there live. meanwhile, russian stocks reopened for trading overnight we'll show you how they did in the early morning hours. google is testing a change to the way it charges app store fees it is giving spotify a big boost. it is thursday, march 24th what happened to march "squawk box" begins right now.

good morning welcome to "squawk box" here on cnbc i'm rebecca quick along with joe kernen and andrew ross sorkin. welcome. good to see you. let's see what is happening with the u.s. equity futures. green arrows this morning. a different picture from yesterday. at least right now, if you are looking, green arrows across the board. dow is up 130 points yesterday, if you were watching, it was a decline of 1.25% for all of the major averages. down across the board. in fact, the worst day for the dow since back to the beginning of march same for the dow transports. this morning, you see the nasdaq indicated up 90 points s&p up 22. if you want to feel pain points. look at what is happening with the treasury market. the ten-year note. i can't believe this

it is now yielding 2.376%. this is a huge jump from where we were last friday. you were talking about some big gains if you are looking to lock in a mortgage. hurry up things are going higher. two-year note is 2.149%. look at crude oil prices yesterday, crude was up 5% wti this morning is down slightly still at $114.45 a barrel. joe, for the week, wti up 10%. that will mean pain at the pump. >> i'm looking forward to our interview with amrita. i have are been thinking about it given the publications and reading about oil. we went to $130 that reminded me of the spike that may not be based on supply

demand dynamics. this is where we deserve to be if you look at what is happening. if russia produces 1 of 10 barrels that the world uses and although europe hasn't cut them off, amrita will tell us they can't get parts for the pipeline euro crude is selling for $85. people don't want it it is going out and stored there is no room to store it anymore. i don't know where we're headed. i think it's up. i think it's higher. i don't think anything will change for a while >> right. >> potentially $150 this summer. we are heading into the summer driving season you are seeing demand takeoff. this is the reopening of the economy. we havehave more demand smaller supply >> the whole situation in russia is bad and getting worse

it is not as bad as some of the sanctions. nobody expects europe, necessarily. they can't cut off natural gas they can't do that. >> not right now they have a plan for a couple of years from now not today. >> and oil they can't cut off you know, if oil can go to negative, you see technical things that make it swing all over the place i think $114 i would buy it if i could put it in my yard and take delivery. >> i don't know if we can look at the forward trading contracts. i know yesterday some of the contracts that trade a few months out were trading lower. i think you're right >> you still say that at cocktail parties some commodities go tango. >> i don't know what you're talking about.

>> when the months are further out -- >> backward-dation my whole life. russia stocks moved sharply overnight after the market partially reopened for limited trading. it was shutdown after russia invaded ukraine and the exchange, moscow, resumed trading in 33 -- there are 33? russian equities and gas prom and zerbank. short selling on stocks is banned and foreign investors are prevented from selling or buying until, perfect, april fool's day. moex jumped after it opened.

are they making -- >> they have the russian buys. >> billions a week >> russian banks making purchases. no foreigners is allowed this is a time to give the locals an advantage here hang seng is the other in bear market territory i don't know if i would call it a market given all of the things you can't do like short sell >> all of the western oil companies are out. no more development. no or offshore stuff all of the big problems. it's an oil energy rich producer that's not immediately apparent. that will take hold eventually when these projects don't go through they were depending on the west. >> except for gazprom.

you have foreign oil companies which will give back investments they made or shares they own because they are not aloullowed sell to anybody else if you are getting out of the business, you are giving back. >> i may have to walk here soon. is that too close? is there room in your apartment for me if not, is there room on one of the other floors >> we can put you in a guest room we can we will set you up on one of our floors. >> oh, okay. >> how about on faber's floor? >> it will get expensive >> it is. >> this is why you're not driving yourself >> you will zoom in to work. everyone will zoom >> i don't look good on zoom >> you think this is different >> i do.

i think the lighting is better >> lighting is better. >> lighting better at my house let's get to brussels. president bidenmeeting with nato@ allies on the russian invasion of ukraine. kayla tausche is on the ground kayla, good morning. >> reporter: andrew, good morning. nato leaders and top officials from the 30-member countries are behind closed doors discussing how to respond to russia's war in ukraine the thirfirst of the trio of discussions. the discussion under way is likely to also hone in on exactly what the plans should be for permanent troop deployments going forward and how much force should be needed across the alliance four battle groups sent to eastern europe doubling the nato he efforts the secretary general kicking off the emergency meeting. today's discussion is critical

>> we are united in condemning the kremlin's unprovoked aggression and in our support for ukraine's sovereignty and territory integintegrity. we are determined to impose costs on russia to bring about the end of the brutal war. >> reporter: ukraine's president volodymyr zelenskyy will join the summit virtually he is expected again to plead for a no-fly zone which the alliance has repeatedly said it will not do. it doesn't want to provoke russia nato is now estimating up to 40,000 russian troops injured or killed in the war which has been going on for one month it could potentially enter a new phase. there are new fears that the nato secretary-general spoke about it this morning that russia may resort to chemical weapons as it gets desperate and the chemical agents could spread into nato territory.

they are discussing how to respond in that case guys. >> kayla, what are you hearing on the sidelines to the extent we are hearing publicly from the meeting? is there any sense something else would happen here >> reporter: well, certainly there are a lot of agenda items on the table some of which will be handled at the nato summit going on right now and then also a meeting of the 27 heads of state of the eu and g7 leaders huddling separately as well between the two meetings they will be different issues delivered from each of those more sanctions on russian oligarchs and lawlawmakers more humanitarian aid for ukraine. we are expecting an announcement from nato on the permanent force posture in europe will look like and the financial commitments to nato alliance. and tomorrow, an announcement on natural gas as you discussed

plans for the u.s. to surge lng shipments to europe. commitments to get europe through the next two winters they have a plan in place to wean off russian energy. majority of it by 2027 that is a long way away. >> kayla, you mentioned sanctions on the oligarchs any conversation about abramovich and the idea he is playing the role of mediator of sort >> reporter: the wall street journal reports that is wis one zelenskyy's hopes. that zelenskyy believed abramovich could act as a productive go-between. so far, those conversations have yielded nothing. it is unclear how productive that strategy has been and if the u.s. will change course. >> kayla tausche in brussels thank you for that report. talk to you soon. when we come back, stock futures pointing to a strategy.

and moderna is set to announce an update on the vaccine. stephane bancel will join us at the toofp the hour. this is a very rainy times square this morning. >> announcer: this cnbc program is sponsored by baird. visit bairddifference.com. ♪ ♪ wow, we're crunching tons of polygons here!

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welcome back to "squawk box. officials have begun speaking and paving the way for the 50 basis points hike in may we have the global head of rate strategy and the chief investment officer for the college endowment. new title. good to see both of you. priya, i'll start with you with the expectation of whatever rate increase we see and how do you think the market has that priced or not >> sure. i think the market has started to price as you addressed. i think we are looking for two 50 basis point hikes what the fed has is the new found urgency to get to neutral.

the market is pricing that in. the second question and probably a more important question is do they go above neutral. this is where the fed is not talking about it they talk about it if they need to our view is qt runoff will tighten financial conditions which will start in may. we don't have them going above neutral. we have them going above 2.5%. i think it is well priced in for the fed hike cycle we are not priced is theentire qt the five-year rate and ten-year rate will continue to rise as we get details around qt. we are talking $1 trillion bonds with treasury and mortgages that the market will have to take down it is hard to price that we don't know any of the details around qt. as we get those details, i think

the market focus is moving away from the hiking cycle and more into qt. >> if priya is right, do you want to own equity at all? >> i think priya has the probability of being right rather than being right. that is a nuance you never know what with the market there is a substantial upside. i don't think it is quite likely we can say with a great deal of confidence that the fed is not going to go above neutral. given where inflation is today and what is locked in already for near term fouture inflation. the likelihood it will go down is small the likelihood of them being above normal to contain growth to bring inflation down, i think, they may have to go above neutral. we don't know that yet the only way that doesn't happen

is if the labor force participation. the missing millions of people manifest in the u.s. economy again, we shall see on that front. >> can you throw in a little russia and ukraine in the oil story in the conversation? how does that play into this and what will they ultimately decide to do? >> powell, the impact of the oil story is the temporary inflation higher that is a good set -- >> krishna you used temporary a lot of people think this is not as temporary as we imagine if we are having this conversation six months from now, i don't know if that is temporary. if it is a conversation that lasts a year from now. >> yes, if oil prices are remaining at these levels for an extended period of time, it won't be temporary for the determination on two fronts one on supply and one on demand.

supply may be constrained. the impact on $120 oil in some of the emerging markets is substantial. same for the u.s. consumption. the supply may not go away i think there is a case, at least historically the case to be made for oil prices being temporary. >> priya -- go ahead >> the key point is if powell sees through the near term impact of inflation, i think the global growth impact on europe and larger emerging markets, i think that outlook is not looking good at the moment and it will not turn around anytime soon. >> priya, based on what you said with the equity with a lot of people are watching on a big

board of portfolios. am i supposed to be in the pool or out of the pool what would you do? >> i would say i think it comes down to the question of is the fed going to go restrictive. i think they are not addressing it i'm not an equity strategy risk asset is okay if the fed gets the soft landing. i think the russian invasion is stagf stagflation. if it results in higher oil prices, it hurts the consumer. we are getting tightening globally the longer the war continues, it actually starts to hurt the u.s. consumer i know wages are growing it is not keeping up with inflation. at what point does the consumer struggle at some point the consumer starts to weaken this is where i will watch for the fed when they talk about

hikes. what do they say we're nimble and we can cut rates they talk about the '94 soft landing is they cut rates. they raised rates. in that scenario, equity is hanging. if the fed decides and i'm worried when they talk about actual rather forecast we know forecasts are not always right. i do hope they will look at forecasts as well. i think oil price increase actually starts to hurt the consumer that is a forecast issue i think they can try to engineer the soft landing by being nimble >> krishna, one question you are now in charge of the e endowment? >> yes >> congratulations i have one thing to say to that. go lehigh. >> no, no, no. i have to respond to that.

no, no, no >> we have a daughter there. yes. the long-term rivalry. congratulations. >> thank you >> priya and krishna, good to see you. when we come back, larry fink is out with his latest. and ben minicucci, ceo of alaska air quk x"around "sawbo will be right back. >> announcer: this cnbc program is sponsored by truist wealth. where meaningful relationships matter most. hey, i get it, commitment can be scary. but not when you're saving up to 15% with subscribe and save at amazon. you get free repeat delivery on your favorite items

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black rock's larry fink is out with the letter to shareholders the annual communication with the russian invasion of ukraine and impact the war has had on markets around the world specifically the rate of globalization. here is what he writes i remain a long term believers in globalization and power of global markets it enables companies to fund growth and increase economic development and more people to experience financial well being. recent events in the swift sanctions the western economies levied against russia have shaken his approach. the russian invasion of ukraine has put an end to the globalization we experienced the last three decades access to capital markets is a privilege, not a right

following russia's invasion, we saw how the private sector terminated long-standing business relationships that is what is interesting here, guys if larry fink is saying globalization as we know it is coming to an end, that means something. we have talked about my entire professional career being an expansion of globalization we are watching this in a lot of different ways larry fink talking about this and then yesterday with the intel ceo to shore up plants here in the united states. we are coming to an end -- this is backwarddation sdp. >> this is the next level of post-pandemic. we didn't know this was coming this has been elevated in a different way. if you are apple at this point, you have to have a conversation

and ask if you want to be in china and how do you diversify is there lab or in other countries? everyone thinks china is a magical place. surge labor with the phones. somehow this doesn't exist does this -- does india benefit? does mexico? >> you are seeing vietnam. >> if you do this, by the way, will it start to show up in the numbers? this would be huge capital cost to move some of these or duplicate efforts in other countries? >> globalization during the cold war? can you have globalization and not -- is there globalization ex-russia and ex-china their behavior on whether they can stay and that remains to be seen it is possible

>> think of margin compression if you think the supply chain -- >> move things around. >> it will be the initial cost of the move. >> that's why you have intel ceos and others for congressional help >> for the last three decades, everybody left to go for the cheapest possible thing. now they want to come back and get paid to come back. >> was there globalization during the world cold war? >> right >> ex-russia during the cold war. think back to nike take that for example. they were building up and building partnerships and it was phil knight going to china creating these places and f finding places to make sneakers

more cheaply it wasn't taking place in russia >> it would be a difference with just russia and china is truly the new world order. they become aligned against us they are headed that way in the new world order. >> i don't get it. i don't get why they don't think of this as the greatest opportunity in the history of man to take the lead they could actually take the lead i hate to say it they could jump in and decide to do the right thing rather than align with the axis of evil. >> all of this, the right thing, means economically the right thing. if they think hard enough, do i want to sell into the robust russian economy or the west? or europe? >> they will supply them with all of the things they need and in terms of everything

>> no economy to sell into china needs the economy. it is still an export nation they need to export to citizens to consume export and import. >> russia has natural resources that china might want. >> ding-ding-ding. they will not do it morally? a paragon there. >> follow the money. what is coming up? russia cyber threat. we will talk to the first u.s. chief technology officer about the danger for government agencies and private companies as we head to break, here is a look at the s&p 500 winners and losers from yesterday.

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good morning welcome back to "squawk box" live from the nasdaq market site in times square. checking the futures right now we had a great week last week. now we have been more up and down and trying to decide where the next intermediate term move might be in the markets. consumer here seems great and economy seems great, but more looming over everything along with the oil and fed it is under certainty, becky >> there is always uncertainty it is the uncertainty that is now right in your face that makes investors more versus. for the week, the dow is down. >> people in brussels trying to prevent world war iii. >> it ramps up in your face. you realize. dow down for the week today.

s&p is about flat. nasdaq is up for the week to date nasdaq is the one where it has seen the most pressure and down 14% from the all-time high versus down 7% for the s&p we made a lot of ground with the s&p and dow which is 7% from the all-time high. you are right, it is hard to feel too complacent when you watch that and energy prices spike up another factor in the uncertainty. warnings in president biden and director wray this week to prepare for russian cyber attacks. we have the first chief technology officer from the obama administration and now the co- founder of care journey. anish, this is unusual the idea of having the commander in chief and head of the fbi tell us publicly the russians are coming and cyber attacks are

on the way what led them to say these things >> to put it in context, we have been facing cyber threats for well over a decade they largely have come from criminal actors and those looking to steal intellectual property the core here is the worst-case sce scenario the president was trying to thread the needle. no specific and detailed ed specific attacks the gap that exists with cyber protections with the private sector and what we aspire to have needs to be closed now. i would view the president's actions as a prioritization exercise for private sector to beef of cyber practices. >> what do they know that actually gets them to say this we have been under cyber attack

for ten years. do they know specific industries targeted is there chatter should we be concerned >> this is less about chatter for new threats and acknowledgment of capacity within nation states russia clearly has capacity. whether it is choosing to invoke that capacity has been maybe an area we have been thankful to avoid for a little bit this is a moment in time when all options may be on the table for someone who is cornered as we see with vladimir putin i would think this is more of acknowledgment of the potential for this threat than it is about any specific chatter that has been picked up this is now ready to wake up after siding on the sidelines. >> i heard industries warned in the past and companies with energy and

financialses they have been told clearly by the government about potential threats before this is different because this is made so publicly of is there a message for the consumer for voter things we need to know to be alert and make sure if things go wrong we need to know who to blame? >> this is more narrow this is the nation's infrastructure the vast majority is private sector hands with a fragmented critical infrastructure operating system, we need to let all of those places know this is critical think about your physician's office down the street hundreds of clinics. how much i.t. security do they have they have our sensitive medical records. this is about the long tail of operators that may have not had

the cybersecurity assets at the top of the list. >> you are talking softer targets. is there anything we should feel good about or is this another thing to make us get a pit in our stomachs and be concerned? >> we are stepping toward standardization and public-private partnership, if you will, to keep critical infrastructure safe. president biden signed into law a get the data out from wherever there's been an attack incident reporting requirements. more public-private collaboration. this is a bipartisan issue and technical in nature and one we are improving upon although we know the threat is great we should be worried about our personal safety and make sure you have your passwords up to date this is a human behavior problem with passwords this is a good thing we have

more cooperation with the public and private sector. >> i have always looked at the cyber attack situation as a datante situation. we are good at being aggressive on this. is the best hope we have that putin knows if he comes after us, we can shut down his entire economy? >> to some degree, that assumes the world stays as it is passwords and emails to give away credentials we live in a digital at-risk world. i hope we continue to make investments in the digital infrastructure one with less reliance on remembering passwords and multifactor to a world with more inherent digital security. i see this as an area where more innovation will come forward to

make this isafer. >> aneesh, if we are not relyin on passwords, are we talking about eyeball scan or thumb print? >> the scariest unclassified briefing i had was that this is ya warfare. we have to protect against every attack it is almost an unwinnable war if the bad guys get in, we monitor to neutralize the threat before they do harm. there is a theory of change to protect the walls as long as we physically can acknowledge breaches and mitigate that threat i'm interested in a password world to mitigate the threat >> it is ai that shuts it down like bank credit card gets shutdown if you are experiencing

unusual behavior aneesh, thank you very much. we appreciate your time. we will have you back. >> thank you for having me. coming up when we return, spotify shares are jumping after google announced it would test a change how it collects app store fees we will talk about that after the break. don't miss the interview with the ceo of alaska airlines on the travel demand and the mask mandate the industry saying take the mask off that's what they are asking the government we'll talk about that in just a bit. >> announcer: currency check is sponsored by interactive brokers. the professionals gateway to the world's markets.

welcome back to "squawk box. google now testing the option for some apps to bill users directly alternative to paying through google it is a concession addressing concerns the court saying if users choose to pay spotify directly instead of the google billing system, spotify won't have to giving google 15%

google has not dealt out financial terms. shares rose on that news it is interesting to see if it is a forcing mechanism forcing mechanism for apple, joe. what would that mean for all of the ecosystems and finance side? match group owns tinder and hinge. it has spared with google over app fees in recent years a hope that they wouldn't have to pay fees either you can swipe right or left or i don't know >> trying to buy match maybe yeah they are looking for vengeance you can go out again >> that's right. >> come together right now. >> demand. that has to be a reopening stock. it is. >> i think it was doing okay >> really?

>> yeah. >> i think i don't know i don't know >> i would say for at least a year >> resume. i don't know people were having relationships over zoom. >> i know about that one guy >> no, no, no. that's not what i'm talking about. moving on. >> do you know nothing >> when we come back, we'll talk about fallout from russia sanctions on the global energy market we will look at the big swings in crude strayeight ahead it was up 5% yesterday wti is down 9 cents. for the week it is up 10%. brent also up sharply. at $121.89 a barrel. "squawk box" will be right back.

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welcome back to "squawk box" this morning with energy prices at multiyear highs washington debating taking action the led line of the legislation if there's a month where the national average gasoline prese is above $400 per gallon americans get $100 dependents also get $100 with the checks being phased out for those making more. now, single income earners above 80,000 won't qualify as for joint filers those earning less than $150,000 would qualify for the full $100 payment. >> you don't like that >> i don't like it

>> number one it's not a rebate. >> i don't like it >> number two, the government paying citizens to pollute >> that's not why i don't like it >> why don't you like it people need it >> you know what, we've been writing a lot of checks. you know i felt this way >> it's awesome. >> you guys see california, the california governor is planning on doing, giving out $400 gas cards for every car that you own, which seems crazy i think it even accounts if you're using an electric

vehicle. >> such a fair and foul world i have not seen. that's when the three evil sisters which along. remember that? macbeth? and have you seen that isn't that good? there's a macbeth on stage. when are you going, tomorrow, tomorrow and tomorrow? let's talk the big swing in the price of oil i'm glad i amuse herself director of research at energy aspects. good morning we're talking not specifically about you although wedid mention you just because this oil story, we're starting to understand it a little bit more, and we're starting to see even though

de facto you're starting to see some real effects from all the various and $114 seems cheap for oil for now. >> right now more than the sanctions on russian and the oil market fundamentals the issue is the lack of liquidity. and i'm sure you've seen loads of headlines around that, trade companies struggling with cash flow because margins are going up so much, capital is getting tied up you're exactly right looking into the summer we're

talking about the requirement because there's not going to be enough supplies around >> we've had you on in the past and you really do have the finger on the pulse of everything that's happening. there are spare parts that are needed that could be covered by these sanctions that russia can't get its hands on, so they've got some ageing reserves, and that needs to be like anywhere else maintained to keep it operating, and that's slowly not being -- they're not able to do that, and pipelines as well. they can't get spare parts for pipeline how long before it becomes what you'd call critical for russia to be able to export sph. >> i think two different things. one of the issues you've talked about spend parts. that actually impacts the oil that flows through russia. it's called cpc.

i'm sure you've seen yesterday that's pretty much halted right now. there's bad weather there all the time, but there has been damage to a couple of the berths used for loading because it is kazakhstan oil that's not sanctioned it could get delayed though it should only take a few weeks to repair it on the russian side they're say where, look, it could take a couple of months because we can't get the parts. they are going to make it difficult for anybody else to sell their oil as well that's where the spare parts come in. with regards to the longer term whether it's just equipment to keep production growing or just stagnant, that is going to play out over the coming months and years really if these sanctions don't get lifted, yes, there are going to be chinese and indian companies that step in, so we shouldn't

expect it to, you know, just fall off a cliff it's not going to be the same. and i think that's where we could actually lose a pretty significant supply growth from our balances for a few years not just in the short-term >> and 1 out of 10 barrels come from russia. at this point so they're off-loading it, but then at this point they're having trouble selling it, right? and they're all the way down to $85. >> yes >> so if they don't sell it, they've got to store it, and eventually they're going to run out of places to store it. aren't they? >> absolutely. absolutely so what's going on right now is the oil is getting loaded. like you said it's getting stored, and that's why we're not expecting any production cuts this month but once they run out of stor mg

space we're already hearing the pipeline is being used or some pipelines are being used to store oil. they then run out of that and from next month onwards. now, the other aspect of it is a lot of oil gets sold as prepayment to trading houses, and then they are stuck with the oil because they then need to find refiners or end users to take that oil off their hands and because of self-sanctioning and banking sanctions, very few refiners particularly in europe are willing to take russian oil right now. china still being cautious india is buying. india is buying quote a lot actually right now, but it's still not going to match what we are expecting to about 1.5, maybe 2 billion barrels a day of losses to europe >> it seems if europe doesn't go

fool boor on the embargo and that russia is going to start feeling this and putin is going to feel it, and i don't know that could force his hand to do something even worse how long before the funding for his war starts drying up >> i think remember particularly for russia and europe gas flows will continue. a lot of the oil will also continue so they could still divert so the impact on russia is not going to be as acute as what we will feel it in the west because we will lose the supplies, but it doesn't mean all that revenues will be lost from russia simply because they will be able to divert at least some of it to asia. >> we get hurt worse than them

at least financially in the pocketbook so 150, if we don't hit 150 will you turn in your -- will you quit will it hit 150 in your view >> we will hit it. it's a timing thing. >> you don't have to quit. things can happen -- i've just been saying you're pretty sure all right, excellent thank you. it is just after 7:00 on the east coast, and you are watching "squawk box" right here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. and we've got a big line-up still to come in the next two hours. we'll be hearing from moderna's ceo, the ceo of alaska airlines, senator dan sullivan, and union pacific ceo lance fritz.

let's check out the futures. dow futures indicated up by about 133 points the s&p futures indicated up by 20 the nasdaq up by 78, and if you've been watching this week the dow is down for the week s&p just about flat, but the nasdaq is higher for the week. andrew >> let's get over to dom chu who's looking at this morning's premarket movers >> that tech and media trade is helping to boost sentiment including megacap names like google, parent company alphabet, you can see those shares up. it's going to test a program that will let app developers have its own inapp payment options. in the coming days and weeks those people who download

spotify will need to choose different options either using the google system or the own app technology so a couple names to watch during the tech trade. also watching what's happening with an earnings report after last night's closing bell that's having some ripple effects right now. kb homes down nearly 40% right now. it comes down with disappointing results. profits missed, revenue missed and more importantly the commentary they say lingering supply chain issues, access to product and also labor shortageerize delaying some of the construction of their new home so some of that commentary and disappointing results weighing on kb home and then one other one to watch at least over the last few days

here has been game stop of that surge given the fact chairman cohn has added more to his stake in the company if you look at gamestop, though it's been seven straight days worth of gains we'll see if that winning streak at 7 gets stopped at 8, andrew i'll send it back over to you. >> it's such a wild chart. >> it's crazy. it's like a roller coaster >> that it is. becky, over to you >> andrew, thanks. let's get straight over to brussels where president biden is meeting with nato allies over russia's invasion of ukraine kayla taushe joins us with more on what's being called an extraordinary nato summit. and obviously this is anything but ordinary >> reporter: moments ago president volodymyr zelenskyy

addressing leaders zelenskyy posting a recording to his facebook page with this message for the alliance saying never again, please never tell us that our army does not meet nato standards we have shown what our standards are capable of and how much we can give to general securityin europe and the world gens stoltenberg says ukraine's membership in nato is not on the agenda and ukraine has since backed off on requesting membership that is a long time demand of president vladimir putin's in cease-fire talks but as the war enters its second month, new fears it could enter a dangerous period of escalation with the usage of chemical weapons, a real risk a senior administration official confirms reporting first in "the new york times" that the white house is contingency planning for a possible chemical or biological warfare, and major disruptions to the global food supply chain the so-called tiger team is drafting response plans through the end of may

earlier this morning u.k. prime minister boris johnson said putin has already crossed a red line into barbarism and the more quickly the alliance can tighten the sanctions on putin the sooner the war can end >> particularly chemical weapons if they're used in ukraine they can cheerily have chemical agents that float across into nato countries do you expect that there will be a communique describing what they've determined when it comes to their response, that there is use of chemical weapons, or is that something they're maybe not going to tell us what conclusions they reach >> well, some of that information, becky, is usually classified so the level of detail we will get remains to be seen in addition to planning for the possible use of chemical weapons that nato will also be assisting

ukraine with defense weapons of its own. what that looks like i think we'll finally get some details on >> we will continue to check in with you throughout the morning and throughout the day here on cnbc and coming up, moderna posting its vaccine day today. we're going to talk to the ceo in an interview you don't want to miss. and as we head to break, a quick check on crypto. don't ask me, but everything's up stay tuned "squawk box" will be right back. ♪♪

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moderna holding its vaccine day. announcing some new vaccine developments meg joins us now with a special guest. >> thanks for being with us this morning. a lot of news coming from you guys today as well as over the past couple of weeks and i want to start with a question about your covid vaccine and the fourth dose, the booster application you filed with the fda you went for everybody 18 plus whereas pfizer went for everybody 65 and older for that

fourth dose. why'd you go so broad and what's the expectation playing out? >> as you know we have people younger adults and have comorbidity factors and need a fourth dose. >> and it sounds like from what the administration has been saying this could happen some authorization, don't know which population yet but could happen over the next few weeks. is that your expectation in terms of timing? >> i think that makes sense. and if you look several countries around the world testing people at high risk. there's a big wave of ba.2

variant right now. and we should not forget those numbers a lot of people are a symptomatic but somebody that has been vaccinated a long time ago gets now infected with ba.2 and they are going to be potentially hospitalized so ng i think it's very wise to get ready for a fourth dose. >> speaking of other populations who need protection, kids under the age of 5 don't yet have access to vaccine. you of course had data yesterday showing that two doses showed a similar immune response as young adults however, againstome crone you see against mild disease that's only about 40% protective. what's your expectation for the pace of which this will get through the fda and how that will be received by the regulators >> so, we've been in constant

dialogue with the regulators not only in the u.s. but around the world. and as you know there's a very big need for vaccine for this population it's very similar to what we're seeing in the adults with omicron because we should not forget this vaccine in the age group was tested in the middle of the omicron wave, so it's actually quite expected. >> and the hope of course is that the antibody protection you see, the antibody levels would

conifer protection against severe disease similar to what you see in adults. i want to ask you about your flu updates. one of the concerns looking at your earlier data is that the tolerability might not be something people want to get every year for a flu shot. how is the profile of that vaccine starting to shape up with more data >> yes, so indeed we looked at two dose today and what we're very excited about the spread that leads to 95% of hospitalization, we're seeing an immune response that is consistent with superior efficacy than the traditional vaccine. but we are very excited when we saw the data it is of course better at 25 and

50, but i think what is important is for people at high risk those people want to be protected and so we don't think the population is an issue at all. >> and of course your ultimate plan is to combine your flu and covid vaccines and potentially a flu vaccine as a trifecta this week and also announced a new program against the four endemic human coronaviruses. is that looking like a vaccine against the common cold? tell us about the plans there. >> yeah, so many people don't realize there are four strain of coronavirus in the community way before the covid pandemic and those strains drive 10 to 15% of disease in older population. and again, we see with covid most younger people as you

describe it might have omicron people that are older, that have cancer, organ transplant because they're health care workers can get exposed to high level of viral loads. that's why we want to organize this vaccine our aim as a company as you described is combine all those in a single booster. we think it's a product people at high risk want to take and people who don't want to be sick i've been taking a flu shot for the last 20 years. i took it because i didn't want to get sick. >> it's andrew here.

and obviously you're doing remarkable work, but i do have to ask you about your stock sales because it's become a point that i think a lot of investors have questions about you've sold an enormous amount of stock now over the past several years, from what i can tell about $408 million in stock since the pandemic began can you speak -- and i know it was done through a plan and so it was planned to some degree in advance, but can you speak to the optics of that and what you think it says to the investors and moderna, some who have made out very well since the beginning of the pandemic but others who bought in later on since the stock came down? >> sure.

and as you can imagine so if you look at the stake in the company it's not decreased despite those sales. we've cashed and i've sold my stock option as an employee. actually i've never sold to this day a single stock option. as my options get vested over time in the company it's still very significant most of my life is in that stock. so it if you just look at the numbers i don't think anybody is worried about the stock.

>> we really appreciate you being here this morning. we'll be tuning into the vaccine data and for all the news you'll be presenting there. thanks again >> thank you >> meg, thank you very much. and i'm with stefan, get the flu shot because you don't want to get sick when we come back we'll have your corporate headlines and alan will join us on the recent move in technology and how rising rates could impact that sector. so far this week shaking it off in a big way before we head to the break let's get a check on the markets this morning dow futures now indicated up by about 160 points nasdaq indicated up by triple digits too, a gain about 100 "squawk box" will be right back.

welcome back to "squawk box. in the led lines this morning the ceos of major u.s. airlines are calling on the white house to lift the mask mandate for air travel in a letter to president joe biden they say the restrictions don't reflect the current conditions the mask mandate is in effect through april 18th after being extended last month. meantime the russian stock market has resumed trading amid heavy restrictions the market had been shutdown following the invasion of ukraine. only a limited number of stocks were allowed to trade including i should say energy giants no

short selling allowed there and foreign investors are not allowed to sell. i'm sure there are people in the united states who like those approaches meantime wall street bonuses hitting a 15-year high in 2021, this according to a report from the new york state comtrollers office the average pay out last year was $250,000 held by record deal buying as well as trading activity we've got the ceo of alaska airlines on in just a little bit. >> we have an alaska senator on, too. a great place. you can see putin's house from there apparently >> i know somebody who thinks they have that view. >> they do the baron straight coming up adobe shares were down 9% yesterday after guidance

coming in short of wall street's hopes partly because of the impact of russia's invasion on ukraine. is it a sign the market hasn't priced a slow down in europe john is going to join us after the break on the other hand. and later alaska airlines preparing for a pick up in travel and what flying could look like as more people start taking to the skies. "squawk box" returns after this. time now for today's aflac trivia question. what year was the first cellphone demonstrated the answer when cnbc's "squawk box" continues the aflac pre-pain show. aflac! ohhh, mark is about to become a living piñata. luckily, aflac will help cover his unexpected medical bills. aflac? [whimpers] i don't think he has any candy in there. am i at least going to get hit hard enough to forget this? nobody is going to forget this, ever. [bat hitting] ohhhh! i'mma call his momma. aflac!

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now the answer to today's aflac trivia question. what year was the first cellphone demonstrated the answer, 1973 by motorola the model weighed over 4 pounds. adobe shares were down 9% yesterday after a guidance came in short of wall street's hopes partly because of the impact of russia's invasion of ukraine so is this a sign that the market hasn't yet priced in a slow down in europe?

john is here to weigh in what do you think? >> becky, the market is pricing it in. that's what we were seeing the first half of this month when the s&p traded down levels last june europe's an area of concern. europe and ukraine were barely mentioned two weeks ago. and plus i spoke about the impact of the tragedy unfolding in ukraine he said european demand is holding up fine. yes adobe took some cuts into the war. adobe is still trading above its pre-pandemic highs and probably suffering from the expectations it was one of the few outstanding companies that could shrug off the macro environment entirely we are trying to enter a post-covid stage and also dealing with the fed raising rates. inflation is spiking almost everywhere, which isn't ideal. but the overall economy in much of europe looks strong enough to hold up for now. right now we're in challenging

times, but the market is reasonably reflecting the risks ahead, becky >> okay, so why did adobe shares drop so much on investor results? shouldn't they know something like this was coming >> on the other hand, it might be a warning in adobe's case it's pretty cut and dry. the company halted new business with russia and belarus and halted any expectation revenues from ukraine none of that should have been a surprise because adobe said two weeks ago it would halt russia business but here's the thing, this probably isn't just an adobe issue. two weeks ago i spoke about the impact of the ukraine tragedy. he says if the war continues toweeks or months it'll hit the european economy hard, energy challenges and refugee movements will mean governments have to step in with resources to help sure enough we can already see

signs this will be tough in the u.k. yesterday the finance minister said the post pandemic recovery has been upended by the war in ukraine. the budget office there said energy bills will rise 40% in october unless gas prices fall, and residents there face the biggest drop in living standards since 1956 it is getting serious, becky >> i guess the take away the guidance this earnings season is going to be especially important not that it isn't always, but things are changing a lot more quickly, so we need good updates and need to listen to everything they say >> there seem tuesday be a key difference in the couple of weeks between when oracle reported and when adobe reported the war is dragging on, which for those who are watching the ukrainians fight for the country is in a way encouraging, of course but then at the same time the impacts in europe, that's shifting every day and we know the president right now meeting with nato about

exactly that >> you know, we just got back to the point where some companies are actually starting to give guidance again a company like target which hadn't given guidance through the entire pandemic because they said it was too difficult to see what was going to be coming three, six, nine months down the road do you anticipate guidance is going to maybe go by the wayside? not that won't tell us what they're seeing in terms of pressure but the idea they're making a forecast what to expect three months from now that seems a lot trickier >> right now i'm picking up on companies based in europe or have a big exposure to europe other than companies who just have customers in europe and i'm going to be listening this earnings season to see the difference in the commentary there and how much of that is flowing through as these impacts become a bit clearer >> jon, thank you. i like on the other hand it makes us think. we all like it

still to come famed investor alan patricof joins us to talk tech rebound and plus the ceo of alaska airlines on the return of travel and what he sees heading into the warmer months stay tuned you're watching "squawk box" and this is cnbc ture. so you don't lose sight of the big picture, even when you're focused on what's happening right now. and thinkorswim® is right there with you. to help you become a smarter investor. with an innovative trading platform full of customizable tools. dedicated trade desk pros and a passionate trader community sharing strategies right on the platform. because we take trading as seriously as you do. thinkorswim® by td ameritrade 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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black rock's larry think is out today with the head of his shareholders he starts his annual communication with the russian invasion of ukraine and the impact the war has had on markets around the world fink weighs in on the fate of globalization as well. he writes i'm a long-term believer in the benefits of globalization and the power of global capital markets access to global capital enables companies to fund growth, countries to increase economic development and more people to experience financial well-being. repeat events and the swift sanctions western economies have levied against russia have shaken his approach somewhat, though the russian invasion of ukraine has put an end to the globalization we've experienced over the last three decades. access to capital markets is a priv lnl, not a right.

and following russia's invasion we saw how the private sector quickly terminated long-standing business and investment relationships. and that's a bit of an understatement watching how many companies have pulled out of russia so quickly i think probably has to have some globalest head still spinning on this but an excellent point after years and years of globalization and we are still seeing a change in the global dynamic when it comes to this >> i still think the biggest issue is going to be earnings, though i'm going to say earnings meaning you're going to tart to see -- in some of these companies that have historically done a lot of business in china and other places that are now related to these things -- >> i don't think you're going to see it happening quickly >> no, but then you have margin compression. the capital costs of actually

moving some of these things. i think there's going to be -- i think the next 12 months and i'm not sure it's in the market yet. >> thinking a broader way how long this lasts and whether russia could get back into the global community if putin were gone and if there was actually a there was a refeudiation by the people and different russian government people say these other guys, and they've even circled a cup of them who could take over, but they're no better than he is so is it possible -- if putin's there and this continues they're never getting back in. this is going to be years of margin compression you're right, this is something to consider, and when do they get back in? >> although russia is such a small part of most of these companies. russia is such a small part of this company's business. the bigger issue is china,

right, what happens with china do we have the same sort of morals and standards or say never mind because it's way too complicated and expensive? >> we made the point china was kind of -- how do you fly under the radar with what goes on with uyghurs and 10man square but they've managed to no one's pulled out of china no one said, okay, i'm out of here if china gave russia support and weapons -- >> then what would tim cook do >> you'd have to >> what would starbucks do >> that's what i mean. they were lucky. they get away with everything but can't do taiwan now either after being closed since russia invaded ukraine, russia's stock market stocks moved sharply overnight. the moskow exchange resumed trading in 33 russian equities some of the big names there.

between 3:00 a.m. and 7:00 a.m. eastern, short selling on stocks is banned and foreign investors are prohibited from selling stocks or government bonds until april 1st. yep, april 1st the moax russia index jumped sharply after it happened and lifted sharply higher by russian oil companies. much more on the russia-ukraine gas oil prices in just a bit with senator dan sullivan. it's alaska day here on "squawk box. we'll be right back. for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... the path is gilded with the potential

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welcome back to "squawk box. this morning tech stocks have staged a serious come back in the last cup of weeks, down a bit the last day overall amazon, tesla and apple up significantly from their lows earlier this month joining us to talk more about this rebound in tech, famed tech investor co-founder and chairman of prime time partners and chairman emeritus. good morning to you, alan.

>> better improve your greek -- your latin i should say. >> i'm working on it, alan help us on this because we've watched the tech stocks stage somewhat of a rebound. the question i wonder the private world you're living in, whether you think tech stocks or private tech stocks have effectively been marked properly since then because there's a lot of venture capital money and private equity money in this space, but it's unclear whether those marks match what's going on in the puck markets >> andrew, you couldn't be more on the mark. i'm really concerned by some of the largest marks being applied to the latest stage in a multitude of private portfolios, and it's a reflection of the enormous amount of capital that's in the hands now of hedge funds who are investing in these

areas plus all the obvious later stage players that are, you know, all excited by what they had seen in the euphoria of the market earlier, and it takes a while for a market decline to permeate down into the private market but what surprises me more than anything, andrew, is the faang stocks you've been talking about. there's probably the most pressure in two decades. i heard senator blumenthal the other day give a whole discussion about what's going on in the senate and senator klobuchar you've heard david cicilline in the house has had a

250 page report and i read a reasonable part of it and it's a dramatic indictment of the competitiveness these companies have, and you would think there's going to be some kind of legislation but the market doesn't even care. >> i would argue with you and you may disagree with me that wouldn't necessarily be a bearish call on these stocks, which is to say even if they are ultimately broken up, there might be more value there. if i told you, you could buy one stock today you'd have to hold for the next 10 or 20 years, i'd imagine you'd still buy something on one of the faang's. wouldn't you buy something on microsoft or amazon? >> amazon now has such a large percentage of the -- of the online retail and such a large part of overall retail in this country. and i don't know i understand your argument, but it flies in the face that we are in.

i trust legislation. it's so outdated i mean going back to the late $1800s and early 1900s and even though we passed things and i'll give you an interesting point there have been over 500 acquisitions by these companies in the last ten years -- maybe less than ten, and only three have had any questions about them they've all went through automatically. if that whole approach changes, i mean it will change the dynamic of that -- of that business somewhat. i mean whether it's broken up or whether they shift or spin out activities or most importantly for me at least the way they solve it is to make the data available in a ubiquitous way so people have access to the same data at the same time. that would be a step forward but there's a lot of attention going on >> what do you make of all these

public companies and i'm thinking of some of the spacks and other companies that have become public they're going to need capital, going to need money in the next 12 months, going to need money in the next two years. who's going to buy all of them people going to pick them up going to be a private equity feeding frenzy, a venture capital feeding frenzy what's going to happen >> you're now switching to a totally different subject with the spacks the spacks they go out, get a pipe, impose their long letter classifications and then go out on a hunt. a few of them have in the back of the mind where they're going. they're kind of going out on a fishing license. i believe that a lot of these spacs may end up having a return on their money because the public does not buy in, and i

know one or two that have gotten through the minefield, but there are a lot of spacs out there in spac heaven, and the substance behind them is really -- was a great money making opportunity if you could, you know, sell a spac, raise money from people. well, it's less outrageous than it was but outrageous carries and go fish. but whether they're going to buy substantive companies or just going to be at the end, at the 22nd month you get pretty desperate to buy anything. so i think it was always precarious, and i think it's something to be concerned about now. >> spac heaven i think there's a movie in that. >> i just invented that. >> we always appreciate your perspective. i do and we're going to have you back i wanted to mention actually

you've got a memoir coming out about your 50 years in venture capital coming out this spring i'm very excited about >> they've got a sign behind me to announce the book coming out which is coming out on may 3rd and preordered on amazon that's a head shot i hope we can talk about some time >> we are. and you're going to come back and have a big conversation about that when we return, the ceo of alaska air will join us to talk about the company's plan to expand its fleet and offer more flights as we head into the summer months. he'll join our phil lebeau after this break and later president biden and nato leaders gathering for a high stakes meeting. we'll have the latest from brussels and bring you updates "squawk box" will beack gh brit after this break

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welcome back to "squawk box" this morning i want to get straight over to phil lebeau who joins us a very special guest this morning >> i'm going to be bringing in the ceo of alaska airlines who put out guidance in the last hour essentially for 2022 you're going to be lowering capacity, seeing increased costs because of jet fuel. how high do you expect jet fuel

costs to be. do they say at this level? >> 75% of our so we're going to take the sting out of high fuel costs. we're modeling fuel to be about $110 a barrel for the whole year >> it's going to be staying around this level. that's your expectation. >> that is our expectation oil is going to stay high. and we've got a business model and a hedging program and we're going to be profitable even with the higher fuel costs and probably for the year with the pretext margin with the 6 to 5% range. >> higher ticket prices, that off sets this a little bit how much higher do they continue to go, or do you look at this and say we're probably going to see this peak here in the next month or two

>> you can only increase prices before demand starts to trail off so we've got to be careful fortunately for our business model we've got a low cost business model and hedged and we're going to try to moderate the ticket prices. >> you and other ceos sent a letter to the president saying get rid of the mask mandate. how much resistance are you noticing from passengers saying look it's gone everywhere else, why should i be wearing it on a plane? >> when masks dropped from the outside world and they come onto an airplane it's tough for them to make that transition, so we're making the request to have the masks removed on april 18th and the air onboard gets recycled every three minutes and we have hepa filters >> are you noticing people who are now saying i'm going to hold

off booking a ticket or are you looking at this and saying it's going to be through april 18th >> we're seeing our load factors are strong so we're seeing strong bookings. >> ben, becky has a question for you. >> just wondering in term of demand do people want to go to florida and california and warm places, or is this demand everywhere >> no, we're seeing strong demand, becky, across our entire network. leisure for sure, but we're seeing business bookings come back so for the first time we're seeing business bookings over 60% of what we were at 2019 levels so it's looking strong across all our markets. >> wanted to ask you, just speak to the whole issue of masks in part because all the airlines took money from the government

and task payers along the way. what is it this time that's changed your mind in terms of actually pressing to remove masks at a time where a month or two you didn't want to >> you know, i think when you look at the pandemic we've learned a lot. and you look at the vax nazes, the progress in vaccinations, people getting, you know, getting covid and natural immunity, i think we're in a place as society where i think we can make that leap. so we feel confident as an airline, again, just in terms of we feel as safety onboard our airplanes and the quality of the air. we feel good about making that request. >> we're switching to an all boeing fleet by the end of next year, and this comes at a time when there's an investigation going on in kina and nobody knows what happens in the crash there. there's no indication boeing is

at fault in that crash but any hesitancy? >> not at all, phil. we've had the 737 and this is a fantastic airplane it's been a workhorse for alaska we have a lot of confidence in the boeing product in fact, our headquarters is 5 miles away from the 737 gets built, so boeing had been fantastic partners for us. >> one last question you have to flight pass, the monthly subscription plan for people in california, nevada and arizona. what's been the take rate there for people who want to say, okay, i'll give you $49 a month but i can fly twice a month? >> it's been high. we're seeing high take rates in california particularly with gen-z and millennials. this was an innovative that came on and we got in a small little box right now and see how it pans out >> do you quickly -- do you

change the price given what we're seeing with jet fuel >> right now we're going to keep it how it is and see how it evolves in the next few months >> i want to ask you how you think about consailidation right now, your name meaning your company's name and jet blue and others have been banding about for a long time as potential merger partners in the future and what you think the administration will allow or wouldn't allow >> andrew, right now our plan is for organic growth we have 145 boeing max airplanes on order we're going to grow up to 40% over the next few years so we've got an aggressive growth plan. we don't have a large appetite to do an acquisition we did our acquisition about five years ago withvergen america and we've got a strong plan growth. that's where our head is at right now. >> do i still get priority

boarding >> my heart is still broken for that, but, yeah, we'll see what happens. >> ceo of alaska airlines, i send it back to you. >> you guys hedge it all maybe you should i don't know, what do you see near-term and intermediate-term? you're going to have to raise fair prices, your surcharge or something. >> fuel, fortunately 50% of our fuel is hedged so we're in a fantastic position for 2022 when ticket prices go up, fuel prices go up, yeah, ticket prices are going to go up a little bit 25% of our cost structure is fuel, so even a 10 cent, you know, hike and fuel price represents $75 million to the bottom line for us so ticket prices going to go up a little bit, but fortunately we're hedged for the better part of 2022. >> all right >> okay, thank you for that. appreciate it very, very much.

it is now just after 8:00 a.m. in new york and you're watching "squawk box" live from the nasdaq market site along with joe kernen and becky quick i'm andrew ross sorkin take a look at futures right now ahead of the open. would open higher. dow jones about 133 points higher nasdaq up about 87 points and s&p 500 looking to open about 21.5 points higher right now big focus for investors president biden is in brussels for an emergency summit. vladimir putin has made a, quote, big mistake and just in a few minutes we're going to have senator dan sullivan of alaska to be our special guest. we're going to talk russia, energy independence and a lot or among the headlines making news right now two key economic reports coming up at the abottom of the hour. the labor department out with its initial report on jobless

claims expected to fall by 4,000 to 210,000. and the durable goods expected to show a 1% drop. meantime reinstated tariff exemptions for 352 products imported from china. and involves items like car parts, electric motors and consumer goods the exemptions had expired back in october, but they're going to be retroactive and extend through the end of this year in some other trade news the u.s. and japan striking a new deal it's going to be cutting down on the imp position of tariffs on u.s. beef that had been exported to japan tariffs can still be imposed but a new mechanism sets a higher bar for allowing that to happen. becky? >> andrew, thanks. let's get over to dom chu. he's been taking a look at this morning's premarket movers >> let's start first of all with the consumer in america because it is still pretty strong out

there, but we do have a bit of weakness in one big chain restaurant in america. that's the parent company of olive garden, long horn steakhouse and others. been roughly flat over the course of the last year. reports earnings and sales that both fall shy of analyst estimates and also cuts its full year 2022 profit outlook and guidance what's interesting here is same store sales grew pretty well but just below estimates driven in large part by a lot more sales growth that established locations for luxury or high end part of the market darden restaurants certainly a focus here in premarket trade. also what's happening with the nons&p 500 stock enelectric car maker nikola after the closing bell yesterday it confirmed it had started production of its commercial

electric vehicle on march 21st, so last week that is helping to drive some of those shares higher. the corporation still down about 24% over the course of the last year as we do often in this hour of squawk, a check on the most popular tickers viewers and readers have searched on our website cnbc.com from yesterday's full session i'll point out the ten-year note yield remains in the same spots. gamestop, we're seeing a 5% drop, wti crude still in the top five adobe and apple still in the top ten as well and the rest of the top ten on my twitter feed at the domino interestingly enough the 10-year, 20-year, 5-year and the 10-year two year spread have all now shown up in the top 50 so a lot more focus on that big interest rate trade, joe >> can you imagine that, yeah the ten-year 2-year spread

showing up we have the best viewers >> and the five year now as well >> don't forget the five-year. no i would never. thanks, dom. >> sure. >> coming up, president biden in brussels this morning meeting with other world leaders amid the russia-ukraine war we're going to talk to senator dan sullivan for the latest out of washington and what to expect but we don't want to miss you another interview coming up. union pacific ceo lance fritz talking about surging prices, supply chain issues and much refu costs, everything stay tuned "squawk box" will be right back.

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indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire welcome back to "squawk box," everybody. check out the futures this morning. we've seen green arrows all morning with the dow futures indicated up by about 140 points and the s&p down by about 22 and today we can show you the moskow stock exchange or the moex that's because trading resumed today interest the first time since russia invaded ukraine

hit vladimir putin with a raft of crippling sanctions however, this wasn't a full reopening for the moex short selling is banned and foreign investors can't sell stocks until at least april 1st. so you can call it a market sort of a lot of this was because of some heavily traded stocks they did see some sizable gains, as, again, local traders were able to get out or get into some of these things and you do know those sanctions will mean in some cases those companies going to be getting back stakes and equipment western companies have decided to just walk away from at this point. >> moderpa's ceo says it would make sense for the u.s. government to authorize a fourth shot of its covid vaccine in the next few weeks for at least a subset of the population last week moderna applied for approval of that second booster in all american adults, and ceo

stefan joined us earlier this morning. >> if you look at any similar countries around the world going to default testing in people at high risk. as you know there's a big web of ba.2 variant right now and i think it's very wise to get ready for a fourth dose for people at high risk. >> also told us that he thinks the number of the ba.2 infections are being significantly underreported because so many covid tests are being conducted at home and because of asymptomatic cases. >> in our community right now, we are seeing a big spread it's in schools, people bringing it home from work and again a lot of those are not getting picked up, so it's here. don't know how aggressive this

is >> what do you think about the mayor in new york here >> i've seen people raise valid questions why would you do it just for celebrities >> because the nets don't have a chance unless we can get kyrie back that's why >> this is true. >> is there another reason >> yeah, because he's getting pressured. he's getting pressured by a lot of famous people to do just that the cops are upset about this big time >> nypd and the fire department. why doesn't it apply to them >> durant and kyrie had a post scoring 25 and both did and then that's lost anyway sorry. >> you digress >> yeah, i digressed again

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welcome back to "squawk box" on cnbc. want to get straight to brussels this morning where president biden is meeting with other world leaders on russia and ukraine. >> reporter: good morning, andrew president biden just concluded a bilateral meeting with secretary-general jens stoltenberg after biden this morning told the nato alliance according to a senior official that the u.s. supports adding more troops on nato's eastern front. earlier today president zelenskyy of ukraine accused russia of using phosphorus bombs but did not provide evidence of that, and while they did not ask for a no-fly zone or admission to nato, he did repeatedly ask for military planes and tanks and says ukraine cannot defeat russia without them. a u.s. official tells reporters that there are currently discussions to send ukraine anti-ship missiles and we will see if that deal gets finalized.

western leaders are expected to announce new sanctions later today and tomorrow a plan to ship more natural gas to europe. u.k. prime minister boris johnson says the sooner putin begins to feel even more financial pain, the sooner the war will end the kremlin today confirming russian billionaire roman abramovich played a role in the early. but a kremlin spokesman says they were excluded because of this role as mediator that he had been playing as the war now enters its second month it reports the u.s. will announce a plan to accept 100,000 ukrainian refugees the united nations says 3.5 million uranians have fled their country. >> we've got to run but is this the russians effectively

thr throwing abrabramovich under the bus? if he's no longer playing mediator they should take his stuff? >> perhaps there are reports out there so the kremlin was responding to a question from a reporter about the role he had played and suggesting he's no longer playing that role anymore "the wall street journal" report suggested the discussion took place several weeks ago at an earlier phase of this, so it's unclear whether the kremlin is accurate in that assessment. we do know of course the u.k. has included abramovich in its sanctions. there's not been a united strategy how to tackle his assets specifically between the allies, but we'll see whether that changes in the next few days >> okay, kayla taushe in

brussels, thank you. >> let's talk about russia's influence in energy prices and really whenever we talk about the war, i'll ask a republican senator dan sullivan joins us now and one of the first things you say is from day one the white house is focused on killing production of energy and i will grant you the rhetoric was there, and even before president biden -- before the election when he said i will kill the fossil fuel industry there was the executive order and in january of 2021 that outlined -- but that's a lot of rhetoric you're in alaska where this is a major export specifically what has the biden administration done in term of permitting or leasing or pipeline, concrete examples of what the biden administration has done that you feel has made it harder to produce

>> well, joe, thanks and you mentioned it joe biden when he's on them capain trail said he was going to end fossil fuels, and i think they've actually really tried to do that let me give you a couple examples you mention right when they came in, day one there was a 60-day moratorium on anything and i mean anything with regard to federal lands. 60 days after that any application to drill -- these are thousands of permits to do basic work on leases which had been traditionally approved on federal government officials in alaska, this assistant secretary said she has to approve everything right now there are 4,600 of these applications to drill stuck in the headquarters of

d.c. they should get rid of that memo, that authority right now and start approving these applications to drill. over 4,000 of them so that's one big thing and then at the national level and you guys see it in order to get the nod to be a federal regulator, think about it, you have to commit to the holy war against energy think about the nominees they put forward for comptroller of the currency, for the fed with miss raskin, the scc chairman. they're all putting out rules that are anti-energy this of course hurts investment and it sends a signal that the federal government doesn't support energy production, so it's a huge issue. and from day one they've been focused on killing energy, infrastructure production. and i'll say one thing they're getting a big assist from a lot of our woke and i think weak financial institutions we had an

announcement recently. here's an america helping prop up chinese economy for decades and now they're black balling invest wants in alaska >> aig is a public -- it's the free market what aig wants to do >> of course it's the free market >> would you say they're som responding to pressure from the government to enforce this esg if it's just aig they can do what they want, and if a oil company decides they don't want to drill because they don't think they can get their money back on it or it's not feasible, you could make the argument those are market forces, but then again market forces are only as good as the regulations and the government over sight. we've seen so many examples in

the past how government can screw up free markets. what do you think it is? >> well, i think it's the combination of several things. like i said the federal regulators of the biden administration has put forward a lot having to do with finance, right, comptroller of the currency, fcc chief, they're all putting out signals. i mean, heck, some of them are just blatant we want to bankrupt america's energy companies that's what she said before she was yanked as comptroller of the currency you guys did a lot in terms of what raskin said they didn't get the job but they're sending the signal let me continue. it's john kerry and gena mccarthy going to american financers saying don't invest in american energy projects i know for a fact some of our recipients of american lng like in japan have been told by carrie and others to be careful on buying american lng, and then of course it's the whole esg

movement, which, again, you're right, joe, aig can do whatever it wants in terms of a free market, but it will tell you this, the american people are getting sick of it congress is getting sick of it when they see companies like that having no problem investing big money in china, propping up the chinese communist party, and then they're going to black ball american workers, alaskan workers to produce american energy, you know, there's going to be a reckoning here >> senator, i'm not going to disagree with you. i actually think there is going to be a reckoning here, but i think the reckoning might be a little bit different than how it's being described the first thing just co contextually, oil and gas companies realized they couldn't invest because the economics didn't make sense. that's not to say this administration is somehow favorable towards their own gas industry it is not because they're trying to be favorable towards cleaner energy, and clearly the

transition is becoming a problem, and i think people are realizing it's becoming a problem pretty quickly but that isn't to say we shouldn't give up on that either so the question is where does that middle look like? >> well, andrew, as you know both the international energy agency and our own eai has said that the transition is going to take decades, decades, that we're going to need oil and gas for decades no matter how quickly this transition moves. and if we need oil and gas, then we should produce it from the place that has the highest environmental standards. that's america that's alaska. that has the highest labor standards, our country and we certainly shouldn't be going out begging dictators from countries like venezuela and iran to produce more american energy when they're shutting it down in our own country. it makes no sense.

>> senator, jamie dimon just said yesterday or maybe the day before i have a meeting in washington where he said there should be a marshall plan for energy one of the components you're referring to is permitting, we want to make permitting easier especially given the current situation we have relative to russia right now but beyond that what else would you do are we talking about tax incentives, something even grander? >> no, i'm not talking about tax incentives i'm talking about let the market play out i mean, we had this revolution in natural gas that occurred over the last two decades. by the way, as you know we have reduced greenhouse gas emissions because of that more han any other country, major economy in the world by far what i'm saying is get the federal government's boot off the neck of american producers that's with regard to permitting think about it, andrew, firk

just put out a rule going to make it harder to transport and export natural gas you may have seen the joe manchin chair where he brought all five of the regulators in front of committee and said this is ridiculous. it's the same with regard to finance. the big energy companies are going to be able to get financing but what i see in alaska are smaller independent companies coming to me saying they can't get financing, and i think this is due to a lot of pressure from federal regulators and this administration's pressuring of american finance institution. my view is those financial institutions need to wake up, not take the pressure and certainly not make grandiose announcements they're going to black ball investment in america's arctic, alaska, when they're at the same time investing major capital in the chinese communist party.

again, i think congress is getting really tired of this hypocrisy, and i do think there's going to be a reckoning on this, but we need american energy we're going to do it for decades. we should have the federal government help us produce it, not try to kill it, which is exactly what this administration has done in year one >> i hear what you're saying on these points, but i think the huge reason you don't see some of the big companies investing at this point is there's no rules of the road, an investment they make today is going to be worth anything four years from now, six years from now, eight years from now and you can't make billions of dollars worth of investment when you know the two parties can't agree on things so it's going to get torn up over two or four years. let's get a plan in place that doesn't get ripped up because a

different party comes into power. how do we lay things out so public companies can feel very comfortable investing billions of dollars and not thinking it's going to be lost >> becky, you're making a great point and i agree 100% every election seems to have a different approach i would say the biden administration's approach has been particularly egregious. you know, producing american energy, american energy independence has been a bipartisan goal of administrations, you know, dating back to the end of world war ii even president obama was very supportive of natural gas. so i think what we need to do particularly now in this new era of what i call authoritarian aggression led by xi jinping and putin is to recognize one of our great strengthens is american energy it's also american natural resources. it's also critical minerals. >> senator, what do you tell the investor class, though, both the private investor class, and by

the way i don't know if you saw the news overnight chicago's council banning city investment from oil and gas firms so you have hedging funds, sovereign wealth funds and then private funds around the world that are effectively saying we don't want to invest in this stuff. what do you do about that? >> well, look, i think that's a small class of activists and as a matter of fact i'm meeting with larry fink in a couple of hours in my office and i think the whole esg movement is not reflective of what the average american wants there was a poll recently that i think 65% of americans think we should be producing more oil and gas. and again i think the average american understands when you restrict the production of american energy and make it harder to produce, the results are very predictable what are they? higher prices at the pump which are hurting working families, laying off american energy workers and empowering our

adversaries. and, oh, by the way, as i mentioned we have the best record on the environment for producing energy than anyplace on the planet. if we need energy -- >> larry fink is building a whole series of funds and marketing funds that effectively exclude these kinds of companies. there are now dozens of firms that are doing the same thing. >> well, look, i mean one of the things i'm going to talk to larry fink about is legislation. i'm getting ready to introduce that would take away passive investor firms like his and, you know, black rock, state street, vanguard look at the amount of capital and shares they control. it's well over 15 trillion they actually don't do any management -- >> what are you going to do to them >> i'm just going to say they shouldn't be able to vote those shares

this is juks the next step in dodd/frank you might remember when dodd/frank made it so brokered dealers didn't have the right to vote in what was called stocks if they held in street name. why should these three companies that have monopoly power be able to vote all these shares >> and the truth is most retail investors don't vote their shares that's the sad reality >> i think we should make it clear that the retail investors, the people they hold the stock for should have the ability to vote the shares. it's distorted the market, as you guys know, tremendously to have these three companies with massive, massive power you know, they control -- they have 88% of the s&p 500 those three investment firms the highest amount of share holdings that is a distortion of capital markets, and i think that it reflects on the energy policies that we're talking about that

are not supported by the average american we need american energy, and we shouldn't have a few wall street firms saying we don't. so this is a big issue you guys are raising important questions, but to me what we need to do is produce american energy from our own country, and we're going to do it for decades. >> wow, that's going to -- good luck interesting you're going to see larry later, and that is a real issue about, you know, voting the -- his own personal sort of feelings on a lot of this voting, massive amounts of shares it's very interesting to be able to do that i would just say, senator, just be very glad larry's on the morally right side of all these issues so think if he wasn't, then it'd really be a problem. >> we'll see how morally right he is on a lot of this i'm not show sure. >> he may know nothing, but he's certainly not in doubt of virtue

of doing a lot of this thanks for your time >> we should be moving towards more clean energy. >> you're debating it, but i'm not sure too many others are in the meantime rick santelli standing by at the cme in chicago. the numbers, sir >> yes, down 28,000 on initial jobless claims, 187,000. welcome tothe 1960s. and welcome to the 1960s with continuing claims as well. 1,350,000 is also going back into the 1960s well before covid hit. these are really good levels and if we look at the current account balance for the fourth quarter minus 217.9 million. the reason i bring it up is that is the worst since 2006, but it's the second worst since 1960 in recordkeeping the worst is like $218 billion,

so we're right there durable good orders february preliminary read down 2.2% if you strip out transportation it's down 0.6, so of course you can see that aircraft really brought that number down durable good orders -- nondefense exaircraft down 0.3 and of course these will get revised a bit. let's see, overseas you reach 26 basis points and a five-year boom actually ten year boom is around 53, highest yield since october 2018, and of course yesterday's activity was very counter intuitive to a stock especially treasuries acted, but then again many traders try to get the jump on some of the quarter end adjustments that large pension funds make, of course, when they want to bring back balances when

something's rallied a lot. they saw it when something breaks a lot and they buy it >> thank you, sir. we're going to get over to steve liesman. what do you think about all this, steve? >> well, a couple things real quick. we've had an investment boom in this country, an equipment and investment boom and it's been going on, but this month it took a pause, and you have to just ask the question is that the leading edge or the raul tilt of the data that as i've said many times the goods data is volatile month to month and you like to look at it over a quarter, but the ex-transportation number being down 0.3 is worth keeping note of. and i'm looking at the high frequency data, and i'm not seeing it, and i'm certainly not seeing it by looking at the jobless claims number, down 187,000. i don't know if there was a

single maybe a single state did something weird but it's still been down as rick said back to the 1960s. for the moment maybe one of those things takes time to show up, but the big issue here, andrew, and i think you've been covering this here is what has happened if there's a decline in good purchases because there are people paying more for gasoline that's been overshadowed and you had the alaska air president on this morning, and he's been saying he's seeing the bookings and seen people still traveling so we're not getting a read here that shows there's a fall off in the consumer because of this so we're just following it you have to watch the high frequency data over time to see if it does show up >> mr. liesman, thank you, sir, for that analysis. >> thanks, andrew. when we come back, inflation sky rothing fuel prices and a delicate u.s. supply chain our next guest gets to deal with all three of those issues every day.

in just minutes we're going to be speaking with union specific ceo lance fritz. stay tuned you're watching "squawk box," and this is cnbc each day looks different than the last. but whatever work becomes, the world works with servicenow.

as we mentioned before the break the business of our next

guest sits at the intersection of surging supply chain, surging inflation and high fuel costs. that makes him one of the best people to speak to about the state of the economy right now joining us now is lance fritz, also the chair of the business round table trade and international committee, and lance, it's great to see you today. there are a lot of things i'd like to talk to you about, but i think you have a very good idea what's happening in the u.s. economy right now. we are concerned about inflation but the economy seems to be booming. is that what you see >> becky, first, thank you very much for hosting me this morning, and yeah, the economy feels very strong to us broadly. there's a couple of sectors that we serve that are a little weaker year over year, but they're for very specific reasons like the automotive sector and the chip shortage absent that it looks like the rest of the economy, the consuming economy as well as the industrial economy is on pretty strong footing right now

>> let's talk about a few other areas. one would be grains. i mean, that's a huge issue. given what's happening in ukraine and that russia and ukraine provides something like 35% of the world's grains when it comes to these issues what are you seeing with grain in the united states is it changing in terms of where it's being sent or just pricing? how does any of that impact what you're seeing? >> becky, there's cleary an anticipation in the coming season that it's going to be gang busters for u.s. demand you know you mentioned ukraine and let me just start by saying how deeply the hearts of union specific employees feel for the people of ukraine who through no fault of their own have an aggressor waging war on them, and we all see the same images you see. they're just miserable and it's going to have a real significant impact on global grain markets. in addition to i think rizel has

been having struggles with weather. >> you have a surcharge that went on i think starting march 13th, so earlier this month. it could go up to $4,000 per container. is that because of fuel costs, because of shortage of availability, higher costs you're facing because of labor, what is it >> becky, we use surcharges on boxes, intermodal boxes as a way to make sure the boxes are going to places we've committed them so if you're in our mcp program which is a mutual commitment program where customers have provided us with assurances of demand through the year and we provide them with assurances of box availability you're not seeing a surcharge but if you're not in that program you're seeing a pretty significant one and it's to make sure the boxes are available for those who have committed volume

on a ratable basis through the year it's an indication, part of demand for sure and part that the supply chain still not yet purely fixed, right? we still have driver shortages we still have labor shortages in warehouses and in transloaders and still causing extended street time for boxes. >> correct me if i'm wrong, but that probably sounds like something that hits small and medium sized businesses a bit more than businesses who can commit to having that traffic all throughout the course of the year i'm looking at this because it seems to me small and medium sized businesses have a lot more to deal with than big companies who have to noeg with their suppliers just because of the volume they have >> i think that can be true, becky. and it's not just things like a surcharge. think about the ability to paz through inflation of any kind. if you're a small and medium business a lot of times they're

late to the game of getting through harder inflation and have a hard time passing it through. that's not to say business of any size is greeted with open arms and when you talk of increased cost and having to increase price >> let's talk about intermodal traffic overall. because of problems with supply chain you have seen a lot of changes from normal patterns, and that would be a lot more shipping going to the east coast than had been before i read annalist report that said this could be a problem for some of the train companies, some of the tracks because they can't really take advantage of the things that are going to the east coast as easily because they don't have the rail networks built-up there, that even though there may be just as much traffic coming into the united states it's coming from different places, and that does kind of offset things and create some problems. >> yeah, becky, there's a number of things going on in the

overall trade flows. and to your point part of it you're seeing in a transition of volume that's showing up on east coast ports in savannah or florida or charleston where they're at record levels but let's remember the port of long beach and l.a. are also at record levels. significant increases in volume hitting the u.s. one of the biggest changes in behavior we've seen is on the west coast, a desire by ocean carriers to get their international container empty in the l.a. basin and get it back across asia for another load that incentive is there because they're getting much more for shipping the load across the pacific than they do in normal time and that impacts us in that we're not seeing as many international boxes given to us to bring all way inland like to chicago or points in the middle of the country interchanging to the east and it's also creating a real --

a real negative effect in the l.a. basin where they don't have the resources whether it's truckers or transload facilities to handle that new volume. so we're working hard with ocean carriers to get more of that volume back immediately on rail, allow us to take it out the ports and get it inland because we're fluid and ready to handle that business. >> also heard some complaints maybe things aren't as orderly as they usually. is that an issue we speak with just about every business leader we talk to >> yeah, i think there is an issue, becky it started out late last year with availability driven by covid specifically omicron so we were having a hard time staffing our railroad the way we had designed because we didn't have people available who were either presumed positive or

quarantined because of omicron that's really largely gone away. those numbers are very small but the knock on impact has been an imbalance of crudes and an imbalance of power we're working hard to get back to a point where it's fluid and to your point we're also hiring, and it's -- we are filling jobs, we're just not filling them at the pace we had planned on for them >> so net net what does all this mean for your bottom line? you've got this booming economy, huge amount of demand but also higher costs in the things you're facing. >> becky, recall we had an outstanding financial last year and poised to have another great year this year we anticipate growth and anticipate price we're going to have another year

of margin improvement, and we think all that adds up to being a really strong cash flow and operating income year. now, having said that, right, we still have got to get our house in order and got work to do in terms of the service product, but we're essentially growing. we're about 5% up year to date right now, and we're looking forward to more growth i know we can handle it. we're looking forward to it. >> lance, we've been having a conversation all morning long sparked by larry fink's letter he has out today, his annual letter talking about how globalization is facing some problems and clearly we've seen that play out with the sanctions that have been put against russia because of what it's done to ukraine what message would you have for the biden administration when it comes to globalization, when it comes to some of these big trade deals we've seen >> great question, becky, and appreciate it. our message to biden administration is engage with your allies, and the first field of play that makes the most

sense is trade trade supports something like 41 million jobs in the united states, 15 million of them held by minorities and 28 million of them generating middle income or better wages so it's a great source of economic might for the united states, and it's a great way to counter some of what we're seeing happening whether it's china or their behavior in global markets whether it's russia or current behavior there's no better apt dote than fluid trade and overall global order that says open markets and reasonable fair trade deals are the way to go and also addresses some of the supply chain concerns we have right, i'm a strong believer in not concentrating supply chains and not overreacting and reconcentrating our supply chains back in the united states or north america we need diversity. we need some amount of diplusty,

duplication in the supply chain. and that, again, largely points back to good, fluid trade agreements so we're all over the administration encouraging them to take the field, be ambitious, use th don't stop there. >> let's hope you come back and tell us what you hear back we appreciate your time. >> thank you, becky. let's get down to the new york stock exchange. jim cramer is joining us now jim, if a gas tax hike is regressive, why wouldn't a gas rebate for $100 why wouldn't it be progressive i realize how good a thing it is. >> goodness gracious, the world is upside down the people that -- up is up. down is down. >> i don't know how i felt about

it until andrew said we shouldn't be giving out anymore money. i realize it's for people that need that. we can use the $100. we night not be able to use the $100 right, jim? >> i can't. >> what? >> i can't even. >> joe makes a lot of sense. >> thank you. >> senator sullivan? >> yeah. >> the war on oil and we need more oil i mean, how much common sense is offered on your show what is the administration doing to further any issues we need for national security? i want to show you that this morning. i mean, it's breathtaking. >> kind of interesting. >> interesting subject, too. we somehow got the voting the etf shares that's an amazing thing. we got to the issue is globalization dead not yet. if china makes -- does the wrong thing, then i'm worried. we can isolate

we might as well call it the soviet union we can isolate russia but if it's -- it will be over globalization if china goes all in. >> oh, yeah. >> it's always just, i mean, i read it three times and it's just so good it's chalk full but, yeah, i think that this is the high noon, you know, frankly, gary cooper wins in wh this one i don't feel -- i think the good guys win what's a matter with you, joe? what's wrong with that >> if you kill a lot of your own people, maybe we shouldn't be buying your bonds. >> i'm curious, jim, what do you think about the power of larry fink or power of these big financial firms? >> you can argue it is the free market you can argue concentrated and describe it as a free market.

>> i think a lot of these guys who come into the markets are scalpers when things go bad, there's a lot of firms that have to dump the bonds. these guys are opportunistic. >> do we want -- this is going to sound crazy do we want a true democracy, if you will, in the context of voting stocks? >> no. >> we want -- >> we know that. we want a younger statement. larry fipg knows so much more than the people voting we bought halburton for the travel trust halburton wasn't involved. the people selling disney now because they feel disney is incredibly discriminatory, i'm not so sure about that, andrew,

either. >> i love it i think it's fascinating i've never thought there was a democracy going on anyway. that's the truth. >> i'm not sure. >> you don't have to be with larry. you can walk, okay you don't have to be -- it's aggressive you don't like it. >> larry is -- look, you put money with larry, larry is going to have some say what's a matter with that? you don't have to put it with larry. you can put it with vanguard, andrew andrew, when you put your back to us, what was that about was it to us >> yeah. it was. >> you hurt my feelings. my feelings were hurt. >> because he doesn't want a progressive -- >> it was more than -- i couldn't fathom what was

happening. >> just tell me it wasn't against me, andrew. >> it wasn't about you. >> no! >> joe, is it ever about -- i called him joe. >> we have to go, thanks, jim. >> i'm jimmy choo. >> we'll see you in a few minutes. we'll get to interview janet yellen tomorrow. competition beat us again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. it's got to be something workday. i think i got something. work... hey, rob, you're on mute. hello! hey, rob, there he is. workday. the finance, hr and planning system for a changing world.

welcome back to squawk check out shares of uber the "wall street journal" reporting this morning that uber reached an agreement with new york city to link up its taxi cabs into its app. something they hinted at in an interview with me last month take a look. >> i will tell you, though, that while that's happening, we're working hard to bring taxis on to the uber platform so my hope for you, andrew, if you want to get an x, that's great! if you want to get a taxi, that'll be available on uber i'll tell you in new york, i have a feeling it'll be available sooner rather than later. >> it's happening now! check out the reaction in shares to competitor lyft

i talk about ash trajing the taxi cab versus uber it's going to be harder to do in the future. >> why >> because sometimes i'll -- and i know -- i'll call for the uber in the app if i see a taxi -- >> oh no. >> if i do it quick enough, i jump in the taxi at the cheaper rate and cancel the uber >> that's bad behavior. >> that's bad behavior. >> they're going to catch you. >> you're supposed to be there and, oh, my god. >> you're going to get lower ratings by doing that. >> i told you i got in the uber once and said you're the squawk guy, right they said i heard what you said about it he knew. i'm sure i got a one-star for that. >> then he spit on you [ laughter ] >> yeah. i thought one of your kids threw up in an uber. >> that's also true. >> is that "someone i know." >> a kid or you threw up >> don't say which kid

don't say which kid. >> yes we had a little incident. >> you did >> we did. we did we cleaned it up, though. >> oh. >> by the way, they charge you like $250 now for that. >> uber does >> yeah. >> as they should. we got to go "squawk on the street" begins now. bye, everybody good thursday morning. welcome to "squawk on the street." i'm carl quintanilla with dajim cramer david faber has the morning off. the extraordinary nato meeting takes place with the president in brussels. jobless claims lowest level since 1969 fink saying it's the end of globalization. airline ceos urging the president to lift those covid mask map dates as andrew said, uber surging after reaching a deal to list all new york taxis on the app. we have the details. we'll start with t