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 indexes higher.

dow up 246 the s&p hovering just below 4500 right now. up about 1%. the yield on the 10-year higher to 2.34% though not as high as the levels hit yesterday oil prices pulling bag in amp trading perhaps giving a lift to the equity market. president biden speaking moments ago in brussels. kayla tausche is there with the headlines. hi, kayla. >> reporter: hi, morgan. president biden rearranging the schedule slightly running a bit behind and moving the press conference on the way and took a moment to tout the deliverables that allies announced so far a billion dollars in new aid from the u.s a coordinated sanctions to ban russian central bank from transact in gold and prop up the

euro additional sanctions from the u.s. on russia's law-making body and several elites in russia to align with what europe is doing. president biden earlier said the response by nato has been the opposite of what vladimir putin thought he would get. >> putin was banking on nato being split. my conversations in december and january 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 what he intended to have as a consequence of going into ukraine >> reporter: president biden said that allies are also willing to sustain the bruising sanctions that they have implemented so far not for a month or two months but for more than a year if that's what's needed to get

president pulten to reverse course in ukraine. as to what happens next, president biden asked about russia using chemical weapons said the nature of the use determines the nature of the response a measured response in kind based on however that response plays out. the white house has a team to do contingency planning for the scenarios and president biden has not been willing to share the details of that planning in public finally president biden also said as it relates to the international stage to like russia to be kicked out of g20 and while other members may not agree if they choose to keep russia as a member then president biden thinks ukraine should be a member, too. back to you. >> thank you let's get more on the conflict and possible resolution monica duffy toft is a

professor. monica, welcome. good to have you with us. >> thank you. >> is -- can diplomacy solve this war or is the moment not ripe fordiplomacy to do that >> it's a great question and what i would say is diplomacy can help but at this point it doesn't seem as if the russian federation under vladimir putin is ready to negotiate. he still is pretty foirm what he wants which is a demilitaryized ukraine and then on the ukrainian side they don't want to roll over diplomacy, where we see t, is in signaling and with president biden today in europe signaling that nato, the european partners and united states are fully aligned in this. at this point so long as russia believes that it can prevail to

some extent on the battlefield and the ukrainians understand they keep them at bay i fear we won't see a diplomatic entree in the next couple of days. >> sometimes wars end in surrenders or cease-fires. sounds as you said that the ukrainians are in no mood nor do they seem in anywhere close to a position to be forced to surrender so i guess then the best possible outcome in the medium term would be some sort of cease-fire in place for the time being is it a land for peace solution or what? >> you are absolutely right. i have been saying this since the get-go with the harm to noncombatants and the harm to soldiers right? both sides this is a particularly deadly war. we have five generals dead on

the battlefield. this is a big conflict with missiles and tanks and aircraft and industrialized modern cities destroyed and so at this point neither side really does believe it is not going to prevail the ukrainians at least to push the russians out and the russians trying to get as much land as they can so when a cease-fire is called they will have longer extended lines and control of more territory and possibly can negotiate away. it is clear they want a land bridge from crimea through donbas area and they do keep pushing west and encircling kyiv a cease-fire would be terrific but what each side is trying to

do is maximize where they control the land, the territory, so when a cease-fire comes if it is permanent there's something more to negotiate. ukrainians don't want to give anything up. a cease-fire would stop the killing and destruction and doesn't apepear to be the case that either side wants. >> president biden was clear to say that sanctions are not used to deter they'r the they're essentially used to inflict pain and while projecting a unified front. the role that sanctions could play in getting to say a cease-fire especially when sanctions haven't always worked. >> yeah. we want to point out that these

are unprecedented sanctions. we haven't seen this level they're punitive they punish. extraordinarily important coarse i have tools they signal unity, the fact so many states backing this, european partners and then ore states backing this. they're important to keep together the groups of state that is want to sort of punish russia by going into ukraine's territory. they want to punish the perpetrators of the violence and the people that put the -- the perhap traitors in power, the ruin citizens. they have been targeted. there's more individuals targeted but we know that they target the banking system, energy systems so they're trying to persuade and signal to the

russian population and the leadership that these are hurting, going to take time and if you feel pain now imagine in a couple weeks when the bank account can't access and the shelves are empty and the electronics that you love you can't get them fixed or replace them the sanctions play a very important role in this signaling to partners and the russian leadership and population and on top of that they hurt. we're hamstringing the economy and the capacity to function and with the announcement of sanctions it hurts and take time and meantime we have a pretty brutal war going on and would be great to get the sanctions to bite sooner and harder but they

take time. >> monica, thank you for joining us. >> thank you for having me. the war in ukraine prompting larry fink to call for end of globalization. others echo the same comments. let's bring in someone with a front row seat to globalization, carlos gutierrez, commerce secretary and former ceo of kellogg. welcome back. >> thank you. >> how do you react to larry fink's letter today in which he claimed that the era of globalization is either gone or dying? >> there's no question there are going to be changes to world architecture, alliances. changes we can't foresee today i think the talk about permanent

change is different because things swing there will be a decline in the level of globalization to the extent to define it as being everywhere but look companies are going to continue to do business around the world. i think what will change is that geopolitics will be a lot more important in decision making and in terms of where businesses invest, how much they invest and who they do business with. they'll do more scrutiny over that and geopolitics enter the board room i don't believe that everyone's going to pull back to the home country. there will be a decline. no question. >> what about -- obviously president trump was big on bringing american manufacturing back to the united states. he decried the fact that so many countries were manufacturing whether in mexico or china or

elsewh elsewhere around the globe give him credit or say he was ahead of the game there. do you expect that trend to continue or maybe accelerate in a world where we can't be -- can we -- so dependent on china a frenemy if ever there was one for silicon chips, consumer goods, iphones and stuff like nike shoes and apparel >> look. i think the idea of bringing home everything and being self sufficient, i don't believe that will ever be ahead of the game i think in this day and age and any day and age that puts you at a disadvantage there's mexico, europe we are talking about a conflict in russia and ukraine. what boards will look at is if this expands this is like the cold war

instead of communism it is democracies versus authoritarianism we have to be careful that we don't increase the number of countries that are on russia's side right now russia is isolated i worry about the rhetoric against china and its public rhetoric we don't have to scold china in public and tell them that if they support russia we apply sanctions. that makes them more, more willing to cement their position the objective should be to isolate and contain russia and not increase the number of countrys that are in on russia's side it was telling that china actually abstained in the united nations vote and that is something that we should keep our eye on and i think president

biden's goal right now should be to keep it contained to russia and don't continue to have the kind of rhetoric to make countries fall and be pushed to russia's side. >> i don't disagree with you on that or the tactics of that but you said a moment ago that boards and companies are going to have to decide one way or another where they're going to do business, whom they patronize and source the goods and are they going to source them in democratic countries or in autocratic countries the largest autocratic country in the world right now is china. >> right so the world is not one big democracy. and i think that's our reality today. and i don't believe that because

of russia-ukraine that we should jump to the conclusion to do business only with democracies there are a lot of markets that are in play that are big markets part of company's global footprint that are not ideal democracies. there are very few ideal democracies. so we need to be careful to not start a problem that goes beyond the problem today which is russia so no. i don't think that this is an opportunity to continue to sanction china i think the opportunity here is to separate china from russia, to find a way to continue to collaborate with china we'll compete with china going to fight not going to like everything they do but we need to prevent china and russia from forming this mass i have power bloc.

>> secretary gutierrez, it reminds me of the comments from president biden a short while ago. the idea of saying that china is more economically aligned over the longer term with the u.s. than perhaps russia. all of this raises a question from an investor standpoint. that is, does the concept, does the definition of esg needs to change to defense stocks or companys that are focused on reshoring or near shoring or working with trade partners need to hold more weight for investors focused on social issues, for example? >> that's a great question and you probably will see an expansion of the definition of esg, more shareholder scrutiny where you invest and supply chains, especially immediately in russia. you could see that you could see in a similar

fashion as you see investors demanding climate change plans, demanding more diversity on board. investors will want to see where companies invest the money and that is most likely a trend that we are going to start seeing now. so it is a very good point >> secretary gutierrez, thank you for joining us today >> a pleasure. coming up, a long time market watch irsaid investors should bauy utilities as rates rise tesla on a tear. up 25% in a month. what's the next stop find out when "power lunch" returns.

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welcome back to "power lunch. utilities, a best performing sector this month, the etf up more than 5% on pace for its first positive month of the year our next guest is betting on the sector even as rates rise. kevin, great to have you on. why are utilities a buy here >> it's now reasonable to believe there's six additional rate hikes this year and up to

fo four additional next year. whether you think they'll be aggressive it is rising. we did the research and looked back at the last eight rate rise cycles and what we found was that the stock market on average moves by 43% and then as we dove boo what sectors outperformed in those periods of rate hikes the best three is technology, energy and utilities. utilities have a history of performing well when rates rise and fare well in periods of market volatility like here in 2022. >> that's really interesting it's contrarian to everything you imagine with the correlations and the relationships in a rising rate

environment. so why specifically do utilities tend to outperform or the stocks tend to rise and based on that, are there specific names that you like right now given the situation? >> absolutely. the important part of our research study here is utilities are a best performing sector as rates are rising raising rates by 25 basis points a utility that's paying 3, 3.5% still looks pretty attractive to income oriented investors. a couple names we like within the portfolio strategies here at smart trust is american electric power, duke and exelon historically performed well when the market pulled back and in the case of duke energy, a

largest regulated utility in the country with electricity, gas and commercial renewables. this is a company that's poised to continue to grow as the economy continues the grow the economy starts to slow as we expect it will utilities will still maintain the ability to produce revenues and support the dividends. >> number one, should i try to pick winners within the category or go with an index fund that represents utilities stocks or an etf that does >> certainly great question there are exchange traded funds that allow you to invest in the broad sector but i think it requires more research to identify the particular utilities with low betas a history of growing the

earnings and high dividend payout. >> very quick final and quick final answer how much will a turn to electric vehicles help utilities or stress them and hurt them? >> it depends on the utility itself if they provide electrical power that will allow them to expand the balance sheets and it depends on the utility. >> thank you. >> my pleasure. treasury secretary jantd yellen joins "squak box" tomorrow 8:00 a.m. eastern to talk the economy, probably won't talk much about the fed but she will and a lot more certainly talking about sanctions and using currencies and crypto to potentially avoid them. ahead on this show now, tomorrow morning will come 8:00 a.m secretary yellen crypto's new king?

ethereum the blockchain used for building nfts grows but is bitcoin being left behind. plus the trader's take on two tech giants having a massive run. tesla, for example, up eight straight days. "power lunch" will be right back w, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

welcome back to "power lunch. i'm dominic chu. computer chip stocks are moving high every with an etf that tracks the names smh in positive territory. every constituent of that it of up on the day with some of the biggest names like nvidia up 9% at this hour and intel, amd, broadcom keep in mind that the chipmakers not spared from the tech volatility and in fact nearly every member of this etf is still in negative territory for the year so far. the etf is tracking a worst calendar quarter since 2020. keeping out of the chip stocks

back to you. >> all right see you later. let's go to rahel solomon for a news update. >> hi. legal expirts are praising judge ketanji brown jackson on the nomination for the supreme court. the american bar association giving jackson the highest rating of well qualified saying a sterling reputation and exceptional competence. americans are not rallying around president biden's leadership opposing russia's invasion and the associated press found 43% of people approve of president biden and similar amount agree with the handling of relationship with russia and both figuring little changed from before the invasion. university of michigan settling a sex abuse suit. it comes two months after the school agreed to pay $490

million to hundreds of people claiming they were sexually abused by a campus doctor. back to you. >> thank you. ahead on "power lunch," month movado facing rising costs more the ceo joins us next.

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folks, time for the run down with 90 minutes left in the trading day. stocks, bonds, commodities, the rest talking to the ceo of the movado about supply chain and cost challenges let's begin with bob pisani at the new york stock exchange. >> hello, tyler. commodity stocks helped by a rally in tech. take a look at the new high list same as the old high list. embedded on the list for a week or so. any of the other higher beta energy names like devon on the new high list. it's really been quite

noticeable besides "the wall street journal" doing a great story on nvidia today, intel 42, 43 two weeks ago. 51 today 15, 16% gain in about 2 weeks. broadcom with a great run. this is a big support for the market because they're big market capitalizations builders not doing anything but disappointing numbers on the housing report we had disappointing earnings commentary from the companies and all down about 25% so far this year. no energy at all in this group i want to note the vix is down again today. we are at the lowest level since early february does that matter yeah momentum traders are willing to take risk when the market is lower. back to you. >> the 10-year yield rising.

rick, i want you thoughts on the bond market. i don't know if you heard our korlgs with carlos gutierrez about globalizations but it's an area of passion for you. >> oh, absolutely. back when i used to have santelli exchanges i did many on globalizations as china's behavior changes around 2016 and used to input prior to that just in time inventory and philosophical differences got the best out global economies and now inport inflation and i don't see it coming back any time soon and will continue to play havoc with markets and

might make international interest rates higher than they normally would be. post-covid and post-russian invasion week to date chart we have come back but not overtaken the high close or the intraday high, high for the cycle. look at the end of july for 10s. psychological that 2% area is 3-year highs in 5s. bund yields for the 5-year at 26 they closed the year at minus 45 back to you. >> bonds and more. rick, thank you. oil closing for the day down sl slightly as they digest world events. that's all they've been doing. >> yeah. the eu did not agree to sanction russian crude. men time energy secretary

granholm saying this morning that discussions are ongoing around another emergency stockpile release. all tools are on the table she said at a ministerial meeting. this would be on top of the 60 million barrel release announced earlier this month president biden is meeting with eu officials and the focus to be lng and shore up europe's gas supply that's largely because of price dynamics prices were higher in europe than in asia and ships went to europe wti down and brent crude falling to $118. back to you. >> thank you. a pulse now of the movado group dealing with headwinds from supply chain and labor challenges to inflationary pressure and not to mention russia and elsewhere in the

world but in spite of that the shares of the watchmaker jumping today after record fourth quarter results. here now is the chairman and ceo of movado group. good to have you with us. >> thank you for having me. >> delighted let me begin by asking you what you're doing with respect to selling product in russia or belarus and was that, is that a material part of the business? >> so it was not a material part of the business but we actually immediately about three or four days into the invasion decided we would not ship into russia from the websites or to our retail customers there and then quickly followed on with belarus, as well. we knew that that was -- it was important to me permly and also important to our consumers and

our employees, as well. >> you had a wonderful quarter and you're a global brand and manufacturer of watches and other products for other brands. we have been talking about globalization and the global markets. and whether that phenomenon has peaked and whether there's going to be a return to something sort of less globalized i would like your thoughts on that you have built the brands on a global basis you have benefitted from that trend i'm sure in terms of manufacturing and distribution what do you think? >> so we're a global company and i don't -- i think you will see changes but that you won't see dramatic changes over 50% of the business is internationally. we have probably close to as many employees overseas as we do

in the united states our brands are global so brands like coach, calvin klein which we are launching now, movado, and i think that that's here to stay might be markets that come and go but that's going to continue to -- we'll continue to operate in a global world. >> it is morgan. record quarter stock's trading higher you did delay product launches having supply and labor challenges how can you counter them with higher prices? >> so we see inflationary pressures really on today everybody's cost of living has gone up and passing that on within the brands and in price increases. we implemented some last year and implemented some during this

year our team stays really close to our supply chain and have great long partnerships and relationships and been able to manage the supply chain over the last two years extremely well, especially if you go back to the gunning of the pandemic. supply chains ceased as they started up markets closed and we were able through excellent communication we start really quickly and today are in pretty good shape. >> how would you gauge the health of the consumer >> i think healthy and lacking stimulus in the first quarter of this year and probably have some effect on retail but again, stimulus occurred in the u.s. didn't occur in other markets. i think -- you are also seeing people return to travel and

restaurants and experiences. so that also will put some added pressure on things they buy. >> thank you for joining us today. >> thank you for having me. up next, hype builds for a new and improved ethereum 2.0. we'll explain what that means for the crypto space and investors next ♪ ♪ 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 and if things don't work out, you can always cancel. seriously, no one will judge you if you call it off. ok! learn all the ways to save with amazon.

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welcome back cryptocurrency having a strong week bitcoin up 7%. a new version of ether could help that outperformance continue kate rooney joins us to explain. hey, kate. >> hey, morgan the ether outperformance comes amid ethereum 2.0. not happened yet and told to expect the full upgrade this year and the recent developments are sparking a bullish sentiment. a couple big things here for one the ethereum network should be more efficient and

cheaper to create cryptocurrencies and use less energy in the process. the energy part is key the carbon footprint is one of the main critiques of that industry for this upgrade to happen ethereum has to merge to a parallel test network that's been set up on the side and the most recent test appears to have gone well and the last test before the actual merge and should see later this year meanwhile there's potentially b bearish news with ethereum there's a slowdown in network activity but despite that metric that upgrade should be viewed as quote universally a price catalyst also possible that ether can perform quote remarkably well in the rest of the year regardless of the broader market. back do you. >> kate, when you talk about the merge planned for this year is

this a situation do see buy the rumor because there's a way dos go until it's reality? >> that seems to be the case and depends on who you ask in terms of when this will happen the goal line looks to be moving back a little bit and told q4 or q3 and like you said could be a little bit of a buy the rumor moment and the upgrade is priced in and helping the sentiment around ethereum and that network in general and the narrative in sentiment in the past is important for cryptocurrencies and seen this play out this year and it's important and other factors. it was oversold in some technical analysis and then there's other factors as the market matures and looks more like bitcoin with the futures markets that also tend to impact prices so things like short squeezes that we see in traditional markets as the assets become more mature you see the same factors weighing

into the price there. >> all right thank you very much. we appreciate it. apple and tesla continue to climb despite the risks to tech so should investors believe what they see or could there be risks under the surface? steve grasso will share -- u aret y cyberattacks slow you down. so you partner with ibm to build a security architecture to keep your data, network, and applications protected. now you can tackle threats so they don't bring you to a grinding halt. and everyone's going places, including you. let's create cybersecurity that keeps your business on track. ibm. let's create

welcome back two big companies making big moves in the past few days take a look. shares of apple are up 7% in the past week. and actually up another 1.25% right now. crossing the $1,000 mark for the first time that's not apple that's tesla so that's apple. it's up 172.43 is the level of those shares and then tesla is crossing the $1,000 mark, up today. both names still negative for the year, though, and so is the rally just getting started how do you trade these names if it is. let's bring in steve grasso, a cnbc contributor let's start with apple as i mentioned, it's been up for eight straight days. you hold apple, if i'm not mistaken what do you think of the stock here >> yeah, i think at the most

overused line, morgan, is you don't trade apple. you just invest. you buy, and you just hold it. you don't go back and forth. you don't try to pick the bottom you don't try to pick the top. it's just a steady eddy type of performer that people want for the portfolio. i'm going to stay long it, hold it, but i think what you touched on in the intro is that the marketplace was looking for depending on rates moving higher and then we got thrown a curveball with russia. so what happens with the overall market volatility in a word? and when you look at high growth tech names, those are the first to sell off during periods of rising rate environment. so now that we have heard from chairman powell, people are starting to think, investors are starting to think, hey, let me get back in there in some of these safer names. >> is the way to think about apple is it is essentially a defensive play in the broader

tech sector? >> sure. and i think the best way to think about it, that's it in a nutshell, and if you're a trader of this market, vow to look the the safest things go last. before the sell-off, all of those high multiple names are going to go first, and then your apples and googles are going to go last. once they go, the flipside of that, though, is once people get back in the market, it's the first thing they buy apple was the first thing people bought >> all right, so speaking of growth and speaking of other tech names that have also been momentum plays, tesla. i don't believe you currently own tesla, but what do you think of the trading action we have seen here? and i guess across the broader ev space, which is higher today? >> yeah, so this one you have to have an iron cast stomach. i'm in rivian, and that one has been just all over the map, from $106 to basically $175, back all

the way around trip and then some they have had major debacles the flipside of that is tesla. tesla is seen as the table ev company. if you look at the recent volatility in this name, it's at a recent high of over $1200, and a recent low of $700 so that is not for the faint of heart. if you're in the name, i probably would stay in it at this point if i look on my chart right now, the number that comes up is $971 that's the 50% retracement from the recent high to the recent low. people use that as the barometer of success and failure so it might sound like it's a long way away, but it was just there two days ago if it breaks below that, i would think about liquidating your position otherwise, you're good >> why do you like rivian? >> i like rivian because i think they're really gaining a lot of

mental market share, and i think one day it's going to be something that people really want to jump into. the preorders were great and just anecdotally, people around the neighborhood want to buy rivian they want something new. they don't want a tesla anymore. they want something new. tesla is becoming more of a ford or gm, more stable, more investable rivian is becoming your beta play, your high risk play. >> i don'tdish agree with you at all on that because i noticed in my town in new jersey, they go through official cars of the town i live in a long time ago, it was the volvo, then it became the prius. then it became the subaru. now it's the tesla it is the default car in my town so it's lost a little bit of that panache thank you, sir >> i like it maybe one day we'll see you in a rivian >> all right, man. thanks a lot good to see you. >> thanks. >> up next, the widening gap

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well, more than a third of men say they're confident they can retire without running out of money that's nearly twice the percentage of women who expressed that same confidence dom chu is joining us with more on the story >> we talked a lot over the last couple years over the k-shaped recovery and the u.s. economy,

this motion that more who are well off in the wake of the pandemic got better off than those in the lower part of the income spectrum became worse off. that similar phenomenon is happening with women and men when it comes to survey. this is a survey of 3,000 adults just 19% of women actually feel confident about being on track to retire without running out of money compared to 35% of men so that's a 16% gap. by comparson, back in 2013, men still felt better, more on track for retirement than women, but that gap was closer, about 9% over the last decade, women have become less secure in their retirement prospects what's even worse is 31% of women say they were not even able to save for retirement at all during this whole process. so this is something that a lot of financial planners are looking at right now, especially in the wake of the pandemic. >> i think it goes to the income gap, obviously, that women are

lesser paid than men i think there's also a confidence gap i think men are inclined because of our oversized egos sometimes to be a little more confident than we should be. >> or maybe take risks where we shouldn't sometimes. >> yes, dominic chu. an egoless man thanks for watching "power lunch. "closing bell" right now stocks are near session highs with the nasdaq leading the pack the most important hour of trading starts now welcome to "closing bell," everyone i'm sara eisen here's where we stand in the market 1% gain at least for the s&p, for the nasdaq, which as i said is leading, up 1 poi .3%. and small caps also rebound. the only sector lower in the s&p is energy. technology is the best performing sector. materials, communication services, health care. oil is weaker. bitcoin at a three-week high and treasuries slumping again. here are my top takeaways on today's biggest stories. is the econo