>> amazon erased 20% selloff to start the year stock derisked. >> interesting thank you for that jim lebenthal? >> wynn resorts trying to break out. >> thank you. thanks for watching. see you in a little bit in "overtime. "the exchange" is now. thank you, scott welcome to "the exchange," everyone i'm in for kelly evans today president biden meeting in nato with nato today in brussels. nato promising more troops and aid to ukraine new sanctions on russia by the u.s. can anything they say or do stop putin's war? and blackrock says this war the beginning of the end of globalization. what does it mean for big multi-national companies a trader's stake. and one potential bright spot for housesing down 20% in a month.

enough to offset costs of rising mortgage rates we'll get to all of that but begin with stocks. dom xhoou wichu with the number >> in the green. solid gains. nothing spectacular but notable. dow jones industrial up 212 points now more than one-half of 1% context, highs of the session up 279 points in the dow. lows, just a mere 4 points to the down side. tilted towards higher end of daily trading range now. s&p 500 a little below 4500 mark 41 handles up sides. and 1.25% gains s composite. it grammatically speaking, seeing a pause pause in the late rally that we've seen in chinese internet stocks look at big names seen so far in trading today. pin duo e duo -- duo duo doan.

these four, four of the worst performance in large cap nasdaq. check them out big down trends overall. bounce back pulling back again today. keep a close eye on what's happening with darden restaurants. parent company of olive garden, long horn steakhouse up 2.5% reversing pre-market losses. a quarterly earnings report below expectations for profits and revenues restaurant sales and established restaurant locations coming in slower than some hoped for darden restaurants doing better. also kind of lower full-year outlike still, what you've seen, luxury side of things driving same storr restaurant gain-- same-store restaurant. gamestop riding a win streak

amc entertainment, four-day win streak today a pull-down. amc down 3% intraday gamestop down as well. recent volatility to the upside for sure a check on those keep an eye on these. >> thank you. meantime, president biden meeting with global leaders in brussels and speaking as a european council summit as the war in ukraine kayla tausche is in brussels. >> reporter: debriefing his team is president biden after a morning filled with emergency summits with nate eand the g7 focused on the war in ukraine. whose president,delivered an impassioned plea >>. >> translator: give 1% of all

your airplanes, 1% of your tanks. cannot buy it. depends on political systems how can we survive a war without such equipment >> reporter: as the war enters its second month allies concerned russia will resort to using weapons of mass destruction. the white house currently is contingency planning for that possibility with its so-called tinge tiger team over the next several months nos confirming phosphorous bombs in ukraine by russia, saying the alliance is equipping ukraine and handle any possible contamination trying it cut off funding for the war. world leaders taking collective agz to keep russia from evading punishing sanctions. g7 nations restricting russian transactions using gold pap senior administration official

estimating russia's central bank held more than $100 billion in gold and using it to prop up the ruble. leaders also will discuss europe's energy outlook with europe still buying energy from russia, but there are skeptics on accelerating move away from russian energy germany's chancellor ole af schulz said just yesterday, stopping the purchase of russian energy would cause a recession morgan >> definitely a key part of this broader conversation which brings me to my question to you starting to see headlines that the eu is set to receive lng shipments in the u.s. under plans being finalized. will we hear about this as a reality? tlart is the what we're expecting to happen tomorrow morning, morgan. the president of the european commission ursula vonderline set to me the president biden

tomorrow any potential lng announcement would come in the wake of that meeting. for her part she wants the u.s. to commit to shoring up europe's natural gas supply for the next two winters. of course, europe had been getting majority of its gas from russia as they try to build up their storage supply they need russian gas to fill up some of those reserves unclear what to happen over the course of these two winters if they not have that morgan >> kayla tausche, thank you. my next guest says the nato summit is a great show of unity. don't expect break threws for peace in ukraine bring in professor of international fairs and the great-granddaughter of former soviet premier nikita khrushchev brate to have you on, back on, i should say given the fact you know these countries deep as you do and history that goes back many centuries, anything here today in terms of these meetings

between world leaders that moves the needle on the conflict as we see it playing out on the ground right now? >> i don't see it. ip could be wrong and hope i'm wrong, but i don't see it. we, in fact, already heard although there is a danger o using the kremlin using weapons of mass destruction, potential chemical weapons, we already heard today if those weapons and hopefully not, but maybe used in ukraine and stay in ukraine they're gos t going to interfer. heard president biden even calling vladimir putin a war criminal wouldn't do anything to increase the conflict. jens stoltenberg saying nato is not party to that conflict so it seems showing of unity is important. the sanctions are important to keep pressing for the west

volodymyr zelenskyy spoke again and asked for no-fly zone and airplanes and tanks and so on, but his foreign minister said we are not going to participate in the summit, because we are w waiting for nato to accept us. a push and pull even from ukraine. the unity is there, but the idea vladimir putin at this point can be stopped, probably is not there. i believe it's a correct one i don't think he's going to pay attention to the nato summit to see the errors of his way and withdraw from ukraine at this time. >> in light of that, i've heard this from national it security and defense officials here in the u.s. and my conversations as well talking about vladimir putin, someone doesn't see losing as an option what would it actually take to stop him do we know >> well, the negotiations with ukraine i think the german chancellor ole of schulz says it

better and more often than anybody, this is negotiations between ukraine and russia so if they come to some agreement, which is going to be uncredibly unfortunate for ukraine but may stop the war that is the case i also think that for putin be, if he's asked for solutions, for putin, the more weapons ukraine gets, the less likely he will stop attacking it. that's another conundrum the west and ukraine need to address. it doesn't seem -- they need to have more weapons to defend themselves, but the more weapons they get, the more forceful russia becomes in eliminating it it is only the agreement that, between ukraine and russia, and russia wants incredible amount of concessions, but if that comes to some sort of a, a negotiation final point that may stop and withdrawals, a

withdrawal withdrawal what it means for future of ukraine is another question. will ukraine exist as an independent nation after those, in the form it is now, after all these agreements, negotiations with putin would be met. that's a question. >> no matter how it plays out, safe to say the world changed. having a conversation. high-profile investors talking about the end of globalization, for example. were where russia is specifically concerned, that economy thrust into turmoil quickly as we are what does that look like in eastern europe and in terms of all of these trade dynamics potentially between europe, russia and the rest of the world? >> i mean, trade, essentially no longer exists between russia and in europe. of course, still gas, and that's another thing. putin wants to show that gas is important for europe, and be, or

russia is the sole supplier of it in fact, now by actions in ukraine he only increased the time frame in which other energy suppliers will be invented, created, and whatnot so that's -- that become as problem for russia but i think the mood at least in russia, official mood in russia, sanctions were coming anyway more and more auv we see, we hear from the state officials that what you, what russia is doing in ukraine right now is, it doesn't allow itself to be eliminated from the world map. it would have been eliminated in global globalization, that's what the west wanted. now create its own greatness and, therefore, doesn't need the world. seems to be a problem for russia abroad sen crawl asian republics suffering already tremendously from sanctions and beginning

unemployment and whatnot the ripple effect is not -- if not an explosion is already here, and then soon we'll see more results and more, maybe, in years to come, but all countries be dependent on themselves rather than others and already saw this trend and vladimir putin exasperated it. >> professor, thank you for joining us appreciate it. >> thank you got breaking news on apple meantime steve kovac has that story. >> apple shares up a bit on this bloomberg report apple is considering an iphone hardware subscription program something investors and analysts have been watching for since they started bundling services together so in theory this, you pay a yearly, monthly fee and every year get a new iphone. bundled together with services like apple music, apple fitness, so on. reached out to the company

nothing yet from them, but moving shares. something people have been expecting apple to do for quite some time. >> steve, thank you. >> thanks, morgan. shares of apple up 1%. and the russian-ukraine war saying this will be the end of globalization. putting an end to globalization we've experienced over the last three deck kids leaving many communities feeling isolated and looking inward exacerbated to the extremist polarization seen across society today. if it comes to pass what does it mean for international investors? joining me now, tim seymour. great to see you, tim. >> hey, morgan. >> i argue, okay perhaps this conflict that sort of exacerbated the situation, but i argue that the pandemic and thern before that the trade war triggered this

somebody invested across the world many years, how do you see it >> yeah. i've been chasing global trade a long time and argue, sadly, that globalization probably peaked at the great financial crisis and when central banks around the world first of all had to protect jobs on a sovereign level more than cared about efficiencies, public sector bailing out the private sector global trade is a percentage of gdp and fighting that. talked about the pandemic. a case where look at our drug companies, our health care system the way that the u.s. and europe were vaccinated first. look at some of the dynamics around then china with their made in china 2025 that's not about let's broaden and diversify our economy. it's, let protect china and put china first in terms of the global internet and cybersecurity, making sure china the not on the wrong side of nanotechnology seen it many years

russia/ukraine a sad reminder. >> and what do you say about this global world order? >> clearly negative consequences a lot of the inflationary dynamics we see in the world are ones we thought were a function of covid or, you know, supply chain dynamics some of it really again started where we have seen the global economy become much more regional i think higher inflation i think there's a going to be a case where investors need to find strategic sectors in terms of multi-nationals, they will be more exposed and if you look at small and mid-cap companies, they will outperform. i believe. i believe actually outperformed over the last 15 years or so during this period where globalization kind of peaked strategic sectors. obviously energy sector front and center much as people think this is a

trade and oil will be lower by, whether six or 12 months out, lack of investment in the energy sector means structural reasons energy prices stay high. as an investment, energy sector less than 3% of the s&p. of the s&p 500 think about where energy peaked in financial crisis, close to 16%. i think this trade's on your side uranium specifically around energy uras, etfs, both i own, and energy sector brought into front and center, and regionally mexico, for example a major beneficiary of outsourcing regional outsourcing also are an oil economy still and i think a lot to say about that. >> yeah. near shoring. at least where the u.s. is concerned. raising the question central banks tightening around the world. high inflation

strengthening dollar and, of course, this reorganization of supply chains. where does that lead emerging markets more broadly >> it's tough. i think investor need to be more -- need to not seek out the eem or the bwo as etfs to get the entire asset class maybe china bottomed owning the ewz or brazil, eww, mexico, the way to invest in emerging markets someone been there much of his career, i'm not happy to see that if you invested in the eem versus the spy over the last 15 years you continue to make lower lows so i think you have to pick your parts of this trade in respect is higher growth there are demographics em is not dead you have to be a lot more selective than taking a proxy play approach. >> great to see you. come see us more. >> thanks, morgan. >> thanks.

coming up, the ban or russian imports and now the white house looking to strike a deal that could reduce europe energy dependence on moscow. what does that mean for crude and gas prices which rallied since the ukraine invasion that's up next. check out housing stocks sliding to new 52-week lows. all down more than 20% year to date are they the victims of the commodity crunch and the coal mines rest of the market "exchange" is back after this.

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saving you up to $500 a year. so boost your bottom line by switching today. get the new samsung galaxy s22 series on comcast business mobile and for a limited time save up to $750 on a new samsung device with eligible trade-in. welcome back to t"the exch exchange". lower for second time in three sessions on pace for the best month since november 2020 as the war in ukraine disrupts global supply white house reportedly closing in on a deal with european union to help ease dependence on russia and more supply of natural gas. announcement coming as soon as tomorrow what could that mean for consumers and investors? let's ask. paul, great to speak with you today. >> thanks for having me.

>> seen volatility in energy prices in the future es market where do we go from here seen inventory depletion here in the u.s. a conversation about europe potentially weaning itself more off of russian oil supplies and then seen other disruptions and issues going on in saudi arabia and the middle east as well. where does that position us going into the warmer months >> well, i mean, obviously you're referring to warmer months, driving season in the u.s., very low unemployment. seen two things, we always do. more demand in the summer, but before summer refiners need to switch to make summer grade gasoline, tends to tighten the market actually struggling to make diesel most short of all diesel effectively, and, therefore, may have a gasoline shortage this summer talking about 110 to 140 dollar brent over the course of the year 120 today in line where we thought we would be given the disaster in ukraine.

>> does the u.s. have natural gas to supply to europe right now? what does that do to the pricing dynamic for gas? >> biggest prop for natural gas, geology. the pipeline do much more to facilitate them. natural gas responsible for lowering outside emissions for the past 20 years as it replaced coal in the balance. i'm very against lumping natural gas in with coal and calling it fossil fuels makes no sense of course, seen in europe with very aggressive carbon dioxide reduction in mission targets ended up hugely dependent on natural gas because as you imply, very good news for u.s. enp companies. here we have the sellers, we call saudi arabia of natural gas. potential is for us to explore more and very good for the

united states of america. >> stands to do well companiwise? >> and the gas producer, an export play isn't up and running but a developing country and classic, existing major energy exporter in the u.s. a couple others have been beaten up shell and sources of energy from the u.s. a number of ways, but not that many and we think shell should break up and make a stand-alone lng company to take advantage of a huge future for lng. one add on lng demand didn't fall during covid. idea of the structure case for that particular energy thing. >> hmm a key point. talk about it as perhaps rightly should be as a bridge fuel also talk about adoption of hydrogen technologies, natural gas and lng play as role potentially in that process as well you just mentioned the possibility of shortages of

gasoline, and fuel shortages this summer. how real is that how do we avoid that >> very concerned about inventory levels oil went up yesterday, and putin saying wants to be paid in ruble, everyone is scratching their head and simultaneously reminding everyone what a disaster dependence on putin is. that was the first thing secondly, russians announced block off ckazakh oil exports the world is not actually sanctioned, has to travel through russia those alone are scaring the market with pricing potential for really major problems, particularly with regards to that ruble payment thing, which basically europe can't substitute the amount of russian gas they use anytime soon. no possible. particularly for germany a real problem and the market's pricing you know, european gas

accordingly essentially trying to destroy as much demand as it possibly can, unfortunately. effectively there already is a shortage. >> paul sankey, thank you for your insights. >> thank you. still ahead, alaska air outperforming peers after giving flu guide. stock up nearly 30% in two weeks after hitting a 16-month low later in the show, we'll tell you what the street's excited about. and what the ceo is saying about rising fuel prices and airfares as we continue that energy conversation. plus, this stock is trying to snap and eight-month losing streak the longest since going public up next, tell what you it is and what's weighing on the shares. 68% since last summer. "the exchange" is back aer is. ft

nato's headquarters and president biden expected to speak momentarily. once he steps out on the podium we'll bring you there live for those comments we'll welcome back to t"the exch exchange". s&p up, just below 4,500 level dow iup 235% and nasdaq outperformer p tech stocks best today and real estate only sector in the red. materials and communications

services higher alongside those tech stocks, but we're going to take it back over to shephard smith and president biden at nato headquarters. >> thanks very much. moments ago warning the president will be out in about two minutes speaking with leaders from all nato countries about how to shore up the sanctions, how to help the ukrainians militarily and what to do about the humanitarian crisis building by the moment. senior white house correspondent kayla tausche is traveling live with the president we'll hear from her just after the president speaks this afternoon. we've heard from spokespeople today about what exactly has been going on throughout the day. he has five different sessions in which the president is participating, and jake sullivan spoke to us earlier in the day about the key points they were going to discuss and in shoring up this alliance they want to present a -- a focused and one-voice presence

in response to russia, in solidification with the ukrainians, and throughout the day come to an agreement on what sort of military response would be necessary, for instance, if the russians escalate this attack if they were to use chemical or biological weapons what would the nato response be? we've asked the nato secretary-general about this matter who, by the way, was just given another term as head of nato we didn't get specifics from him on that matter, but the hope was that these, the leaders of the different nato countries might be able to give a specific answer to what would happen to vladimir putin and russian forces if, in fact, they did escalate and use chemical or biological weapons nuclear is not something -- we know what nuclear would be a nuclear attack that

infesinfeshgts infeshgts -- infected nato ally, considered an attack an on all kayla tausche what can we expect to hear? >> reporter: expect president biden to talk about the alliance, it's unpress debitsened and fomented in recent months despite the circumstances that have brought the world leaders to this point. i think what's important to remember, shep, behind the flowery language of these joint communiques there are differences behinds the scenes at the one-year press conference president biden slipped up about that, it appeared. >> -- with all the press you must be getting very tired am i the 16th or 17th? in any event, all kidding aside, thank you for taking the time. today marks one month since russia began its carnage in ukraine, the brutal invasion of ukraine, and we held a nato summit the very next day

at that time my overwhelming objective was wanting that summit to have absolute unity on three key, important issues among our nato and european allies first was to support ukraine with military and humanitarian assistance second was to impose the most significant, the most significant sanctions, economic sanctions regime ever in order to cripple putin's economy and punish him for his actions. third was to fortify the eastern flank of our nato allies who were obviously very, very concerned and somewhat at, worried what would happen. we accomplished all three of these, and today we're determined to sustain those efforts and to build on them the united states is committed to provide over $2 billion in military equipment to ukraine since i became president, and

anti-air systems, anti-armor systems, ammunition and our weapons are flowing into ukraine as i speak and today i'm announcing the united states is prepared to commit more than $1 billion in humanitarian assistance to help get relief to millions of ukrainians affected by the war in ukraine many ukrainian refugees will wish to stay in europe closer to their homes. well, we've also, we welcome 100,000 ukrainians to the united states with a focus on reuniting families. and we will invest $320 million to bolster democratic resistance and defend human rights in ukraine and neighboring countries. we're also coordinating with the g7 and european union on food and energy security. more to say about that tomorrow. we're also announcing new sanctions of more than 400

individuals and entities aligned with, with alignment with the european union more than 300 members of the duma, oligarchs and russian defense companies that fuel the russian war machine. in addition to 100,000 forces now stationed in europe to defend nato territory, nato established, you already know, four new battle groups in romania, hungary, bulgaria, slovakia to reinforce the eastern front. putin was banking on nato being split. my early conversations in december and early january it was clear to me he didn't think we could sustain this cohesion. nato has never, never been more united than it is today. putin is getting exactly the opposite of what he intended to have as a consequence of going into ukraine. we built that same unity with our european, the european union and wit leading democracies in

the g7 so i want to thank you and i'll be now happy to take your questions, since there's so many people out there i'm going to, given a list how about chris of the associated press first question. >> thank you, mr. president. so you've warned about the real threat of chemical weapons being uses have you gathered specific intelligence that suggests that president putin is deploying these weapons, moving them into position or considering their use and would the u.s. or nato respond with military action if he did use chemical weapons? >> the first question i can't answer that and not give you intelligence data, number one. number two, we would respond we would respond if he uses it in the nature of the response would depend on the nature of the use. josh of bloomberg. >> good afternoon, mr. president. thank you very much. >> if i had your voice i'd have

been elected a lot earlier. >> a long arm. thank you. sir, since your conversation with president xi's china, any indications of action or lack of action from china led you to believe whether they wintervene? provision of supplies to support the war in ukraine and secondly can you say whether the conversations turned to subject of food shortages and what the u.s. will do to address wheat shortages in particular as a result of this war thank you. >> on the first question relating to president xi jinping of china, i had a very straightforward conversation with xi, now i guess it's six days ago seven days ago in that range. and i made it clear to him i made no threats but made it clear to him that, make sure he understood the consequences of him helping russia, as had been

reported, and as was expected. and i made no threats, but i pointed out the number of american and foreign ko corporations that left russia due to their barbaric behavior and i indicated -- because we've have had long discussions in the past about his interest in making sure he had economic relations and growth with europe and the united states, and indicated that he would be putting himself at significant jeopardy, and those aims, if, in fact, he were to move forward. i am not going to comment on any detail about what we know or don't know as a consequence of that conversation, but tomorrow -- is it tomorrow or next monday that ursula's having that conference with china the 1st.

on -- on april 1st we've had discussions, because i think that -- china understands that its economic future is much more closely tied to the west than it is to russia. and so i -- i'm hopeful that he, he does not get engaged. we also did discuss today that there's a need for us to set up nato to set up and the eu to set up a system whereby we have an organization looking at who has violated any of the sanctions and where and when and how they've violated them. that's something we're going to put in train not done yet so with regard to xi, i have nothing more to report. with regard to food shortages. yes, we did -- talk about food shortages. and it's going to be real.

the price of these sanctions is not just imposed upon russia it's imposed upon an awful lot of countries as well including european countries and our country as well, and because both russia and ukraine have been the breadbasket of europe in terms of wheat, for example just to give one example but we had a long discussion in the g7 with the, with both the united states, which has a significant, third largest producer of wheat in the world, as well as canada, which is also a major, major producer. and we both talked about how we could increase and disseminate more rapidly food shortages and in addition to that we talked about urging all european countries and everyone else to end trade restrictions on -- on

sending limitations on sending food abroad. so we are in the process of working out with our european friends what it would be, what it could take to help alleviate the concerns relative to food shortages. we also talked about a significant major u.s. investment in terms of providing for a need for humanitarian assistance, including food as we move forward. >> tarina of the "wall street journal" watch you don't get hit in the head there now. >> mr. president, in your view, does president zelenskyy need to crede any ukraine territory to -- do you think also russia needs to be removed from the

g20? >> latter point, the answer is yes. depends on the g20 that was raised today, and i raise the possibility if that can't be done if indonesia and others do not agree, then we should, in my view, ask to have both ukraine be able to attend the meetings as well as, well, basically ukraine being able to attend the g20 meeting with regard to -- what was the first question >> -- ukraine -- >> that is a total judgment based on ukraine nothing about ukraine, without ukraine? i don't believe that they're going to have to do that, but that's a judgment. there's negotiations that, discussions, i should say, have taken place i have not been a part of including ukrainians

it's their judgment to make. cecilia, abc. there you are. >> thank you sir, you've made it very clear in this conflict you do not want to see world war iii but is it possible that in expressing that so early that you were too quick to rule out direct military intervention in this war could putin have been emboldened knowing you are not going to get involved directly in this conflict >> no, and no. >> follow-up to clarify on chemical weapons if chemical weapons were used in ukraine would that trigger a military response from nato? >> it would trigger a response in kind. whether or not you're asking whether nato would cross -- we'd make that decision at the time. >> my final question, because you're heading to poland tomorrow, do you think getting a firsthand look at the effects of this war on these millions of

ukrainians who have fled their country could change the way that you might respond >> i don't think so, because i've been to many, many war zones. i've been at refugees camps, in war zones for the last 15 years. and it's -- it's devastating and the thing you look at the most, you see these young children you see children without parents that are in those camps. or in, or refugees you see women and husbands, men and women who be completely lost are and have no -- you see the look, that blank look on their face that absolute feeling of, my god, where am i? what's going to happen to me and so what it will do, it will reinforce my commitment to have the united states make sure we are a major piece of dealing with the relocation of all of those folks, as well as humanitarian assistance needed both inside ukraine and oiutside

ukraine. for example, this is not something that poland or romania or germany should carry on their own. this is an international responsibility, and the united states is leader, one of the leaders of at international community has an obligation to be engaged, to be engaged and do all we can to ease the pain of women and children and men for that matter throughout ukraine, and those who have played it across the border. i plan on attempting to see those folks, as well as i hope i'm going to be able to see -- i guess i'm not supposed to say where i'm going. anyway, i hope i get to see -- a lot of people. [ laughter ] marcus are derschspiegel. >> thanks, mr. president there's a presidential election

coming up in 2024, and as you know -- >> there is? . >> it's true and widespread, predecessor, maybe predecessor himself might get elected president again. so there are any steps, anything you are trying to do and nate eis trying to do here these days to prevent or what they're trying to, or becoming undone? >> no. that's not how i think it is i've been dealing with foreign policy for anybody involved in this process right now i have no concerns about the impact -- i made a commitment when i ran this time i wasn't going to run again, and i mean that sincerely. i have no intention of running for president again, until i saw those folks coming out of the fields in virginia carrying torches and nazi banners, and literally singing the same

vile -- rhyme that they used in germany in the early '20s, or '30s, i should say, and then when the gentleman you mentioned was asked, what he thought, and a young woman was killed a protester. he was asked what he thought he said, they're very good people on both sides and that's when i decided i wasn't going to be quiet any longer, and when i ran this time, and i think the american press, whether they look at me favorably or unfavorably acknowledge this i made a determination nothing is worth, no election is worth my not doing exactly what i think is the right thing not a joke i'm too long in the tooth to fool with this any longer. we're a long way off of elections. a long way off my focus of any election is making sure that we retain the house and the united states

senate so i had the room to continue do things i've been able to do in terms of grow the economy and deal in a rational way with american foreign policy and lead the world. be the leader of the free world. so, but it's not a -- it's not an illogical question for something to ask i say to people at home. imagine if we sat and watched the doors of the bundestag broken down, hundreds storming in imagine if we saw it in the british parliament or whatever how would we feel? and one of the things i take some solace from is, i don't think you'll find any european leader who thinks that i am not up to the job. and i mean that sincerely. it's not like, whoa. that's that -- the point is that

the first g7 meeting i attended, like the one i did today, was in great britain, and ai sat down and said america's back. one of me colleagues said, for how long for how long so i don't blame or criticize anybody for asking that question, but -- the next election, i'd be very fortunate if i had that same man running against me thank you very, very much. >> mr. president -- >> whoa, whoa, whoa, whoa, whoa, whoa, whoa, whoa you know one final question right. hey, hold on a second. please i was supposed to be an hour ago at the european union meeting. and to speak no, i'm thanking you some i called on before. you? who are you? >> i'm -- from -- thank you, sir. >> okay. >> sir, deterrence didn't work

what makes you think vladimir putin will alter course based and the action you've taken today? >> get something straight you remember if you covered me from the very beginning i did not say sanctions would deter him. sanctions never deter. you keep talking that. sanctions never deter. the increasing the pain and the demonstration why i asked for this nato meeting today is to be sure after a month we will sustain what we are doing. not just months but the entire year that's what will stop him. >> do you believe -- [ inaudible >> that's not what i said. you're playing a game with me. the answer is no i think what happens is we have to demonstrate -- the single most important thing is to stay unified and the world continue to focus on what a brute this

guy is and all the innocent people's lives lost and ruined and what's going on. that's the important thing but look if you're putin and you think that the -- europe is going to crack in a month or six weeks or two months, why not -- they can take anything for another month but we have to demonstrate the reason i asked for the meeting, we have to stay totally, thoroughly united thank you. >> president biden answering questions in brussels as he continues the nato summit to try to deter president putin from continuing the onslaught in ukraine. some news on a couple fronts i think. there was this discussion about what would happen if the russians unleashed chemical or biological weapons or got into the nuclear armaments. the president said the united states would respond and respond

by a means that are determined by the way they are used no real specifics. the white house has put together a national security team and intelligence team which is working on all of the options that would happen, if something happens with a nato country, a bombing of relief supplies coming into ukraine. the president talked about sanctions and especially on members of the parliament the duma in russia, get to kayla tausche. lots of new sanctions imposed today. >> reporter: and i think news there from the president where he said that nato allies are united in keeping those sanctions in place as long as it would take president putin to reverse course

he said they were not to deter as the basis for that strategy but said they're committed to leaving the sanctions in place up to a year or longer if needed to get putin to withdraw the forces from ukraine and said he he supports the withdraw of russia from the g20. you need member countries to vote on that and biden said perhaps oh members like indonesia would not agree but that other countries noting ukraine invited to the table, as well finally asked about his legacy and his involvement in u.s. foreign policy and the put into rebuilding the alliances and asked clearly how to feel if someone else elected after him and ripped up the seeds that he's sown and he said he doesn't think about it that way and

would be happy to run against former president trump but didn't say his name and says that european leader will say that president biden did a good job. shep >> thank you, kayla. nato is sending four new battalion groups to enforce the eastern front and $1 billion from the united states in humanitarian assistance for the crisis building even now complete coverage of the president's activities tonight 7:00 eastern on "the news. morgan, back to you. >> thank you. turning back to "the exchange" and the conversation around the latest happenings with the markets all in the green right now. the s&p up 1% retracing 4500 concerns about inflation and geopolitical risk. my next guest said value stocks outperform over the long term.

joining me is eli saltsman thank you for being on lay out the case for me why value is so compelling even now after the fact that we have seen some value oriented sectors outperform the market year to date. >> sure. thank you for having me. we're in a very different world now, the world of disinflation of 30, 35, 40, 35 years is over. this is a world with much more inflation both on a circular and secular basis and looking at value over growth. growth is long duration. value is short duration. you don't want to be lock duration as rates rise. >> looking to the barn market to ask the question what happens if stalling economic growth is a reality in the coming months and years. does that not actually reignite growth stocks? >> the answer is if the

valuations were different it might and growth is in the 90th percentile never like this including 2000 if economic growth accelerates here clearly not good for value or growth. stocks will go down. value will outperform growth on the down side and then believe that value outperforms on did downside. >> where do you see the greatest opportunities within value right now? >> sure. so we have been overweight energy for a year and ten months we love energy, moved from 20 where we bought it to where it is today still experiencing a serious deprivation of capital energy is a place to be. materials we are positive on again a sector in the private

capacity slightly overweight defenses only in the last six months have we changed direction. >> thank you for joining us. >> thank you. >> that does it for "the exchange." "power lunch" starts after this quick break. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪

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good afternoon, everybody. welcome to "power lunch. we have breaking news at this hour president biden speaking moments ago in brussels saying nato is more united than ever. when asked about the potential use of chemical weapons by russia he said the nature of the response depends on the nature of the use in other words, a calibrated response morgan brennan has a check on the markets hi. >> that's right. tech stocks, tells leading the equity