it is 5:00 a.m. at cnbc global headquarters. here is your top five at 5:00. wall street looking to close the books on another volatile week of trading fights are calm. president biden in europe for the emergency meeting as world leaders look to stop vladimir putin's war in ukraine. breaking news. president biden and european counterparts striking a deal on more natural gas to europe it's just one of many we'll discuss with jeff currie

he will join us at 5:30. big tech bigger regulation. is the eu getting ready to roll out plans to rein in well known conditions companies it is friday our weekly insider buying. five names making big-time bets. it is march 25th, 2022 you are watching "worldwide exchange" on cnbc. good morning i'm dominic chu in for brian sullivan let's get to the markets futures are trying to close out a volatile week. we are seeing calmer moves in the equity side. the dow is implied lower by 3 points the s&p down 5 appointments. calmness in the nasdaq

implied lower by 38 points treasury yields. we are seeing a slight tick higher in the ten-year u.s. yield to below 2.35% the two-year note a hair above 2.14%. the 30-year long bond at 2.5%. oil prices a focus not just for consumers, but traders around the world. wti benchmark crude at $109.49. we'll have more on the energy story in the next half hour with goldman sachs jeff currie. he is our special guest in that half hour. a big rally yesterday. the sector has been hit hard this year. nvidia led the way yesterday you see climbing 10%

intel popping at 7%. mega cap names doing the heavy lifting. still down 10% for the industry overall. a check on cryptocurrency. bitcoin skcreeping higher. it is pulling back today bitcoin at 4$43,941. ethereum prices at $3,212 is the last trade global stocks set for the first consecutive weekly gains of the year. a rough session in hong kong as chinese tech stocks tumbled again on the uncertainty of the u.s. possible delisting. check out alibaba and tencent and jd.com dropping in today's trade. europe is just getting started today. german dax flat on the day same for the cac in france

ftse 100 is down .25%. fractional gains for the ftse mib. now to the trip to europe for president biden and as he meets to leaders to stop the war in ukraine kayla tausche is joining us with the latest there good morning, kayla. >> reporter: good morning, dom we are waiting for president biden to make remarks. he will then head to poland to see the refugee crisis first hand after a trio of emergency summits in brussels yesterday to craft a response to the war in ukraine and further isolate the russian economy. as part of the effort, the u.s. announcing it is pledging to deliver additional 15 billion cubic meters of natural gas this year with more increases going forward. for context, that is 1/3 of the natural gas the eu gets from russia they will fast track regulatory

approvals for terminals to receive the gas shipments. president biden just met with the european commission and we expect both to make remarks shortly. there was a lot of news yesterday for are president biden in brussels. he called for russia to be ejected from the g20 he said nato would respond if russia chose to use chemical weapons and western allies would keep sanctions in place for more than a year if needed to get putin to reverse course. they are cutting off access to the gold reserves for putin to prop up the ruble. w we with wil we withl have more comments latr

sdp later. >> thank you, kayla. let's talk about the overall markets. let's talk to matt maley matt, this is a volatile week overall. i wonder if there is anything you have seen develop over the course of the last couple of weeks that makes you feel confident eeth ither that the me could be set up for a bounce continuing for the next week or if this is a head fake and due for more declines in the weeks ahead? >> dom, i'm worried about what is going forward here. the situation and stock market is sitting at the same level it was two monthsi ing ago in january. we have higher inflation and oil prices they all come together we have supply chain issues which are worse than before. gdp growth estimates have come down the stock market was expensive

back then. it is still expensive. it makes it tough for the stock market to really rally a lot more from here we do have the end of the quarter coming up. maybe the market can hold up longer i think we're going to face more headwinds for april. >> how important is the interest rate narrative to what you are seeing right now there was a time, maybe several months ago, five or six months ago, when we talked about interest rates being the headwind for trade especially in technology stocks. it doesn't seem to be that way right now. is there a disconnect? do you still worry the interest rate trajectory is more aggressive to the upside than some people think? >> definitely. the fed came out and confirmed the fed chairman a couple of weeks ago talked about how they would continue to be more aggressive he said as testimony to the congress that he really loved

chairman voelker he said it again and reiterated it this week they will go 50 basis points in may. most people say it will go that way in january the bond market rates have moved up they are seeing a different story than the stock market. we all know from passes, the bond market is one and the higher interest rates before long are going to come back and hurt the market and cause tech stocks to pull back. >> technology is the huge focus for obvious reasons because they have been volatile and the place that investors have gone to in times of dip environments like we're seeing right now i wonder about the energy trade. we heard kayla tausche report about the idea that we might be at least moving toward solidifying more relationships, especially in the natural gas front, with our partners in europe is the energy trade attractive

to you even after the run from the pandemic lows in 2020? >> you know, the thing is, i turned bullish in october of 2020 i think it has further to go two weeks ago, i saw energy stocks, especially crude oil got overbought only on the short-term basis it came from 130 below 100 it is stabilizing at $110 now. you know, this thing with russia is not going to end any time soon the whole cease-fire talk is pushed to the side putin, i hate to say it, i don't think putin is going anywhere. we are looking at months of this that means sanctions are staying. as great as europe is making the moves to be less dependent on russia, this is not something they can do quickly or any significant way. not even by next winter. that is a big problem. i think oil prices will stay

elevated that means the energy stock will stay high. >> matt, before we let you go, what is the scariest part of the market for you right now what gives you the most trepidation? >> stay away the thing that concerns me the most is during the rally in the stock market, credit spreads, although came down a little bit, within two or three days, they stabilized they have not come down as much as the stock market has rallied. this is another area where the credit markets are telling us things are not good as what the stock market is selling us that is the biggest concern. >> matt maley, thank you when we come back on the show, it was a so-called pandemic play. why is instacart slushing valuation? that is coming up next. as we head to break, check out the biggest pre-market movers in the s&p 500.

continuing a momentous run for the fertilizer names on the heels of the ukraine war with russia stay tuned a busy hour still ahead when "worldwide exchange" returns after this commercial break.

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exchange." let's get back to brussels and kayla tausche. our senior white house correspondent. kayla, we just heard from president biden. what was the take away we wgot the idea of the liquid natural gas. what is the comment? >> reporter: announcing a task force on energy. president biden talking about transatlantic allies on the effort he noted the effort not just transitioning away from russian natural gas, but transitioning away from natural gas entirely there will be costs associated for europe and other countries around the world he says it is an important one for the climate and the economy going forward. he also made announcement, less expected than the energy announcement, about agreement on privacy and data transfer.

this was a long-running thorn in the side of the u.s./eu relationship to try to strike a deal on transferring consumer data to make it accessible with the privacy protections for the use by companies and governments. negotiations had been going on for years and a deal elalluded both sides they reached a deal on data transferring there will be unprecedented protections for consumers. we await details dom. >> kayla tausche live in brussels with the latest from president biden and counterparts in the eu. futures indicating a very, very muted open right now. stability in the face of the volatile week. dow implied lower 19 points. s&p 6 points nasdaq trade down 35 let's get a check of the top headlines with silvana henao

>> dom, search teams are going through the wreckage of the china boeing 737-t800. crews have not found the second black box which is thought to contain the flight data recorder the airplane cockpit recorder was found on wednesday and will be analyzed at a lab. and bed wibath and beyond wl disclose a 8% stake in the company and calling for change and including at options for the bye-bye baby division. instacart is slashing valuation by 38% market turbu instacart has been

dealing with low growth. dom, i still like going to the supermarket. it's nice to get groceries delivered. >> i've always liked going to the grocery store. even during the depth of the pandemic it is a soothing exercise. >> therapeutic >> slilvana, thank you. coming up, pop stocks popping on congress taking the next step of federally gazi marijuana stay here. you are watching "worldwide exchange" on cnbc. watch: serena williams... wonder woman... serena... wonder woman... serena... wonder woman. ace. advantage! you cannot be serious... get your tv together

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time for the big money movers three stock stories of the morning. you've got tilray. shares in extended trading after jumping 21% yesterday. pot stocks higher across the board after the house of representatives announced they will vote next week to federal legalize marijuana the measure cleared the house two years ago, but stalled in the republican controlled senate stock number two is nio. the chinese maker is reporting better than fourth quarter rev revenues nio traded in hong kong this month and expects to deliver

25,000 vehicles this quarter and finally you've got netflix shares it is buying another video game company as it looks to create new revenue extremes buying boss fight for an undisclosed sum. it is known for the game dungeon boss let's get a check of the other top headlines with frances rivera in new york with the latest good morning, frances rivera >> dom, happy friday we start with details as the january 6th house committee in possession of text messages between mark meadows and jenni thomas wife of supreme court justice clarence thomas. according to sources familiar, the messages discuss them

keeping trump in office. they were turned over to the panel before he stopped cooperating with the panel cnn reported the panel obtained the messages washington post and cbs obtained copies and reviewed them they were confirmed by five people who have seen the documents. nbc news has not reviewed the texts. the messages took place in november of 2020 and january of 2021 in one text after president biden was projected the winner of the election, thomas told meadows he should encourage trump not to concede nbc news reached out to the attorneys for the two for comment. more emergency measures for miami beach chaos. the state of emergency was declared this week after the weekend of violence. it is now banning alcohol sales. this is on top of the nightly curfew from 12:00 a.m. thursday

to 6:00 a.m. monday morning. liquor stores have to stop selling by 6:00 p.m. thursday, friday and saturday. now to the sweet 16 highlights duke had to fight from behind against texas tech the blue devils turned it on in the second half. led all scores with 22 and coach krzyzewski gets his 100th victory. a bad night to be the number one seed cougars beat arizona, the top seed and a monumental win goning gonzaga upset 74-68. the wolverines put up a fight, but the wildcats walked out with the win.

the women's sweet 16 tips off tonight. the blue jays look to fly high against iowa state dom, friday. we have you covered with the highlights. >> they call it madness for a reason thank you, frances rivera. have a good weekend. coming up, jeff currie will be our special guest from goldman sachs. if you haven't done so, check out our podcast on spotify or your podcast format of choice "worldwide exchange" will be right back d i miss work? i don't know. you could sprain your ankle, throw out your back... get hit by a school bus. or a regular bus. get kicked by a horse. fall off a ladder. bathtub mishap. polio. boating accident. stuck by a fork. rabies. wolves. scurvy. talk to us about disability income insurance today.

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wall sdreetreet looking to e the book on the week of volatile trading. breaking news. president biden and eu counterparts strike a deal for more natural gas to europe one of many topics we'll discuss with jeff currie he will join us live coming up. our weekly report on insider buying trends. five well known names making big-time bets. it's friday, march 25th, 2022. you are watching "worldwide exchange" on cnbc. welcome back to "worldwide exc exc exchange." i'm dominic chu. let's get straight to the market

story. a volatile week. futures showing stability. dow is flat implied at the opening bell down 10 points s&p down had 4 points and nasda down 25. very muted compared to what we have seen the last week or two treasury yields showing signs of stability. ticking slightly higher. especially on the long side of thecurve with the ten-year in particular a shade above 2.35%. the two-year treasury note is 2.195% the 30-year bond is a slight tick lower for the long end of the treasury yield cryptocurrency bitcoin gaining above $44,000. ethereum up to $3,124 at the last trade the last week showing the

technology trade showing signs of life. if you look at the last week, the vaneck semiconductor segment gained 2.5%. it has been volatile just yesterday, we saw nvidia and intel do well. check out cloud computing stocks if you look at the big etf that tracks that. clou is down in the pre-market trade. up 3% in the last week cloud computing is a focus cybersecurity stocks are very much a focus the first trust nasdaq cybersecurity flat on the pre-market trade up 4% over the last week in the chinese internet trading session. they all have been weaker today.

kweb is off 4.5% it has seen a big bounce over the last week or so as people bought up chinese stocks the grand scheme of things, the etf has lost 2/3 of the value in the last year. coming up, goldman sachs energy guru jeff currie will join us with the energy trade. plus, inflation. rising food and energy costs are hitting the restaurant business hard we will talk to the owner of the new york city restaurant eric ripart as we head to break, some other top stories. eu is taking aim at technology again. leaders are finalizing a law called the digital markets act which would impact app stores and online advertising and messaging as well. hailed as the most sweeping piece of legislation since rules to protect online data and

privacy back in 2018. u.s. justice department indicted four russian nationals. they work for the russia government and committed cyber attacks against hundreds of energy companies worldwide. southwest is launching a ticket category to allow free cancellation and same-day flight changes. the move comes as the airline looks to boost sales overall southwest shares in focus this morning. stay tuned you are watching "worldwide exchange" on cnbc. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

welcome back to "worldwide exchange." check out what is happening with the futures market dow jones industrial average implied lower. s&p 500 lower. the nasdaq is down by 21 it has been in recent weeks the most volatile part of the u.s. indexes. tr trying to close out a couple of volatile weeks. we highlight the top five stocks bought by the most with the executives as always, the data comes with our thanks to the insiderscore.com team. we are counting down from number five to number one number five is auto zone get in the zone. $503,000 buy in by the chief

information officer. her first buy insider for auto zone since joining the company number four is bumble. a nearly $1$1 million buy by th board member the buy was actually done by her husband. they bought last may as well this is one to watch bumble that stock down 46% or so in the last six months. number three he is docusign. a $5 million buy by ceo dan springer if it sounds familiar, it should this is springer's third big i go rinsider buy in the last four months docusign has been on a high after the pandemic he is an aggressive buyer of his own stock. number two is natera

a $5 million buy shares down 60% this year. this board member was a seller last year. this is a real reversal. the most insider buy is a big name and meme stock we have been talking about. number one is gamestop no surprise there. a $10 million buy by ryan cohen. his first buy of the stock since december of 2020 he has a 12% stake in the video game retailer. ryan cohen is the chairman of gamestop shares up 45% this week. there you go auto zone, bumble, docusign, natera and gamestop. we do this almost every friday it is the segment you will only see here on cnbc's "worldwide exchange" or go to cnbc pro to sign up today.

all of the information is there. cnbc.com/pro now to the major topic for companies, consumers and investors. raw material costs gasoline to wheat and sugar. you name it. not coming down off historic highs anytime soon nowhere is this possibly more important than consumers' wall e ets or businesses passing along the costs. joining me is eric ripert. the owner of the new york restaurant he will be honored at the new york gala next month they are doing great things to feed people in the metro area. eric, thank you for joining us today. please take us through what exactly it has been like for a

restaurant owner now that we have tried to emerge from the covid pandemic >> well, it has been very challenging as you can imagine first of all, we reopened 25% from a year ago. finally by december, we were able to be at full capacity. what was very difficult to do with the reopening was to hire employees. a lot of the work force disappeared and didn't come back to new york city then we are dealing today with inflation which is pretty substantial and some items, we see enormous surge in prices >> in the restaurant hospitality industry, food and labor costs are known as prime costs for hotels and restaurants because they make up the bulk of the

cost structure for the restaurant business. with that kind of right-left combo in terms of being beaten up by both, how exactly is a high-end restaurant owner and manager supposed to navigate through this are you raising prices for customers? >> so, we did raise prices we tried to be fairly as reasonable and we are making sure we are not too expensive for the luxury products that we are. however, we raise our prices by 10% to 15% the rest we take care of it ours ourselves. >> in that kind of a situation, are you looking for relief down the line is there any way a restaurant owner can protect themselves from the issue i understand food costs are food costs. how about the labor situation?

how do you go about attracting people to come in there? do you have to pay them more or are you trying to be more creative with the compensation and benefits packages you offer potential employees? >> it is a combination of both for sure, we are raising prices, especially on the small salaries minimum wage is $15 in new york city you cannot hire anyone in the industry right now less than $20 an hour. that's for sure. that's a fact. then the management because we don't have enough employees, we have to increase the salaries of the management substantially that also is different than pre-pandemic therefore, our costs are higher than before, of course >> eric, before we let you go,

we saw better sales trends for dardin restaurants which owns olive garden and capital grill they are seeing the high-end do better are you seeing better traffic at your restaurants because it is on the upper end of the spectrum >> yes thetremely busy again, the lack of employees i'm optimistic that soon we will be operating normally and hopefully inflation will stop. >> eric ripert, thank you for joining us we hope you come back to update us sdplchl us >> thank you very much. oil prices are holding steady brent crude at $110. supply concerns are easing for now as european union members are split on imposing embargo on

rush sian oil and gas president biden announced increasing shipments of lng to europe as part of the initiative to help reduce the reliance on the russian oil and gas. let's talk to jeff currie with goldman sachs. we have spoken in the past about the commodity markets being volatile is this a regime of higher prices is this a super cycle? >> we have been forecasting a super cycle since october of 2020 more than 18 months into this. this is not something new. we've been in it for a while i think uninvestors need to wrap their heads around it. open interest commodity markets

collapsing equities, energy equities. severely under valued. in some cases, high as 30% bond yields in the energy space. the credit spreads every single metric you look at and as you pointed out, this is just beginning at this point the only way you are solving this problem on the longer-term basis is capital in the space and make investments and grow supply we cannot do this at this point right now. whether it is people afraid of the higher prices or esg >> jeff, if we are in the early innings of the so-called commodity super cycle, when do we see enough pressure brought on the market or enough pressure on the overall companies that

they have to deploy capital? not just back to shareholders, but drill for oil and gas or is the whole world in the move to clean energy making these companies more apparenrehensive about the drill, baby, drill. >> they need to have access to the capital. i like to say it is not about the supply and demand of the barrels of oil it is about the supply and demand of the dollars used to create the barrels let's say it is not all blamed on esg let's not forget that two years ago or 23 months ago oil prices were negative. the losses in the sector were nothing short of epic. we need a good track repcord to answer the question of the

purse strings. prices moved up in '03 and '04 it wasn't until '06 that the purse string opened up when you look at the history of the super cycle, it takes a while. they want to see a track record. they want to know the coast is clear. we are in the process of creating the track record with good returns we have yet to see it follow through. >> jeff, the overall coverage you have commodities can be any number of things we focus so much on the hard commodities. the things we mine for and nickel and oil and base metals then the soft commodity side of things you look from the trading perspective. where do you see more upside is it in the agriculture commodities or the hards that will be driving a lot of the

upside potential >> there is so much focus on oil and gas and energy supply disruption in comparison to the current situation in russia with the oil supply shocks of the '70s what people are failing to recognize is the non energy side the hard commodity like nickel and aluminum, but the soft commodities. this disruption in the non energy is the largest we have ever seen. in the case wheat is 25% of global exports metals is 15%. just to put it in perspective. oil supply shock is 1.5% of global supply. repeat that. wheat is 25% of global export. i'm in the middle east right now. i tell you, places like north africa are big importers of wheat. this is going to put a lot of stress on the system the last time we had food prices at these levels, we ended up

with the arab spring which kicked off other disruption. this is a serious issue. people need to be focused on it. the upside and the non energy is substantial. aluminum, copper these markets. you asked me which one is likely to be the tightest i put wheat and corn up there. on the upside, corn, you can potentially spike up the $10 a bushel the risk here and the agriculture commodities is significant. >> jeff, there is no doubt your view is there is possibly more upside given the dynamic i would be remiss if there was a base case scenario you are referring to and bear case where you see reverse course what would have to happen for that to come under pressure and

we see the commodity prices actually fall? >> the biggest risk here is the supply shortages do so much damage to demand remember, demand destruction is not prices going high and killing off demand think about it this way. supply coming out of the market. demand tied to that supply has to be reduced. the prices rise to the point of the last consumer still standing that is what demand destruction. to pull out supply and create recession, that gets the pull back i want to emphasize in the 1970s super cycle. one in 1970, '74 and one in '80. prices went like this. what happened to the super cycle in 2008 and 2009 pull back with prices bounced back up. the biggest risk to the near term -- by the way, not a high probability on it. our view is no recession

it is that kind of damage done to demand due to supply disruption create a pull back in prices we are not seeing evidence we are far away from demand destruction levels at this point, the risk is to the upside that would be the type of risk that creates a pull back it would be temporary as it was in the super cycle in the '70s and 2000s. we don't put a high probability on it right now. >> jeff currie, you are a very busy man thank you very much for your thoughts we appreciate it safe travels. coming up on the show, what investors need to know on the last trading day of the week we'lbeig bk tethl rhtacafr is

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welcome back of to the latest fighting in ukraine. molly hunter is live from lviv with the latest. good morning, molly.

>> reporter: dom, good morning we are focused on mariupol the city in the southeast. we got a sad news from the city. more sad news. the drama theater bombed by the russians last week that clearly had children written in the sand outside. clearly visible from above we believe there were over 1,000 people sheltering inside the city came out saying about 300 people died inside talking to people who fled mariupol, dom, the drama theater was the back-up plan if the basement failed and that failed, they went to the theater. this was the meeting place for the cars to get out of mariupol. there are two humanitarian corridors leaving mariupol today. that coastal town outside of mariupol, where the ukrainians shelled the landing ship

yesterday. if that gets too dangerous, people evacuated from mariupol are in real trouble. the other thing we have learned from the ukraine side, we have not confirmed, is there are 48 buses waiting to go in and pick up civilians they are being blocked there is a fuel truck, dom the only way to get out of mariupol to get to a safe place is in private cars because the city has been besieged for the last month, they he aare running out of gas the humanitarian corridor allows for them to get gas and get out. the humanitarian aid has not been able to get to the city as the situation is dire by the day. dom. >> the images are shocking molly hunter, stay safe. please be careful. back to the markets here joining us now is patrick

fruzzetti at hightower patrick, the images molly showed is tough is the war with russia and ukraine the biggest factor we have to consider that is driving ma markets or is it something more? >> i think it is part. ukraine/russia conflict came at the worst time as covid induced inflation was declining significantly. when you look at supply chain issues and take a country like commodity producing country like russia out of the equation, that is not rectified overnight that is not the only thing i don't really view this as a buy the dip environment. there is a clear rotation in the market there's a change in leadership, i believe, that is taking place. energy has doubled the last two years. it is barely 4% of the s&p there are a number of factors.

the fed in their actions going forward will be at the forefront. ukraine/russia is a significant factor when you look at inflation going forward. >> patrick, if that is the case and in your words, not a buy the dip environment, should you sell the rally? should you hold or buy in other parts of the market that may be more attractive? >> it depends what you own if you very broad exposure to the wide indexes, you should sell exposure. they are overexposed to tech there are opportunities out there. for example, we've been big owners of gold over the past couple years we think it should be part of the portfolio. it should help hedge the dollar. when you look at companies we really like the class i rails

outs there >> class i rails which ones which ones in particular are the ones attractive to you >> most attractive one today is canadian pacific shareholders approved the acquisition of kansas city southern late last year. andrew carnegie once said we have over 1 00,000 miles of stee to bind the nation that binds all of north america together and we have rails from canada to mexico higher energy prices and they stand to benefit they have a lower carbon footprint. by the way, inflationary environment in the consolidating industry like the class i rails, they have more pricing power we like a company like canadian pacific in this environment. >> all right the call from patrick is gold and the rails. especially canadian pacific. thank you, patrick

>> dom, thanks for having me. that does it for us on "worldwide exchange. let's check the values here. dow implied higher by 37 nasdaq lower by 2 points stable to close the week it has been volatile that does for us here. "squawk box" picks up the vegeere next have a nice weekend. makes as much sense as playing hide-in-seek... ready or not, here i come... in the desert. uhh. really guys? t-mobile has more 5g bars in more places. and now, when you switch, you can get iphone 13 on us, and one year of apple tv plus for free. you're not going to fit in that hole. don't look any further. unlock the full power of iphone 13 on us at t-mobile. when it comes to cybersecurity, unlock the full power the biggest threats don't always strike the biggest targets. so help safeguard your small business with comcast business securityedge™.

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good morning futures relatively calm a day after the chip stocks led the market rally we will show you what is moving today. right now. the u.s. reaching a deal with europe for natural gas they they look to phase out the russian reliance. state of connecticut taking

emergency action to ease the pain at the pump governor lemont signing a bill to suspend the gas tax the governor will join us. it is friday, march 25th, 2022 "squawk box" begins right now. >> good morning. welcome to ""squawk box" here on cnbc i'm rebecca quick along with joe kernen andrew ross sorkin is live in d.c. he has the capitol building behind you andrew, you have a big interview. good morning >> a big interview later this morning. live at the treasury department building to interview janet ye yellen so much to talk about.