just up over 100 points now on the dow. interesting things happening across the spectrum. i thought that was interesting. >> it's an evolution we've seen it. >> yep. >> it's friday >> it is. >> this is the bitcoin room, you think? >> whoops. we'll know the elite eight at the end of the day make sure you join us next week. "squawk on the street" is up now. good friday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer david faber has the morning off. it could be the first back to back weekly gains of the year for the s&p. the president heads to poll land after striking the deal to supply the eu with natural gas energies and metals are lower. the treasury secretary speaking on cnbc about the

strength of the u.s. economy and the importance of energy independence as we said, the eu targeting big tech, as well. announcing new rules aimed at curbing their dominance. b of a highlighting picks. why they love mangos. >> yes i love that. >> we'll start with the markets, though and the two-week surge for stocks, jim, the first, as we said, back to back of the year for the s&p. first since november. >> yes i keep going back to my friend larry williams said 21 times out of 21 times when you have the 50% of trade that takes it out. boom, it goes up then you basically discover why it went up as opposed to saying it went up because i think there are a lot of people who continually say how can you buy any stock ahead of what is going on in ukraine? and the answer is that during this period, the hedge funds are buying a lot there are big institutions on the sideline but i think that they've come back to faang in a

big way and mango. mango, by the way, is an acronym for semiconductors i saw a great notice about facebook and amazon and apple. >> disney. >> yeah. disney so, i mean, it's big cap i know there is a discussion on squawk about what kinds of stocks to buy. i'll tell you, you'll have the moves like the amazon gang is out today saying buy amazon. the tesla gang is out. >> market plays on tesla. >> yeah. you read them and say it's pretty compelling. you think they've been up day after day after day. give me something new. that's why m.a.n.g.o. is exciting. >> for those wondering what we're talking about. b of a today -- by the way, the chips above the 50 and the 200 for the first time since january. >> right. >> yesterday you saw that action man go is an acronym for marvel broad come -- and.

>> they talk about they're competing. they're not competing against inhave ya. they're partners against nvidia. i would say that vilifies comparison intel is busy destroying itself. pat gelsinger is talk abouting are spending money spending all the cash flow all i can say is circuit 92. >> right but the street is already well what they will understand what cash flow will be like for the next three years and the ohio concept, you know, that's -- talk about green fuel. there's nothing there.

cows corn. >> is in any wonder why he's pushing for subsidies. maybe harder than any ceo. >> keep pushing. >> because he'll need it >> yeah. every dime they're being sub planted everywhere marv l know matt murphy. >> we'll circle back to semis before the open. let's touch on the deal. we're looking at 15 billion cubic meters by the end of the year it sounds like lot. russia supplies about 10 times that every year. >> yeah. it will be difficult and the reason why it's difficult because you have to move a lot of gas around it's actually impossible if you do it during the off season. there's periods where typically we don't ship a lot. the problem is that germany doesn't have the infrastructure. the rest of europe might if you can take it through

belgium or poland. they don't have the infrastructure they might in two years. so it's not pie in the sky but you have to take a lot of companies that might have wanted to send it somewhere else and send it to europe. i think that you also have to make it so furyk stops being so difficult. i understand that people want this is more stuff it's possible but everything has to go right. you have to move you have to make it natural gas heading to korea goes to europe. but i think that in the end, you need australia, you need qatar, you need u.s they all have to produce u.s. is producing a huge amount of natural gas you can own it you can own coterra which has a lot of natural gas it's the merger where you got simmer x but cabin, which is a

huge natural gas let's roll the dice here -- >> yeah. a little $5. remember that's suki before he was exposed by aye khan. >> right they did help meet the target. you think it's not out of line. >> no. everything has to go their way one thing, they have to make it so the oil companies feel more secure to be able to put more pipe down. but the two rulings for furyk have made it so you have the thing, you know, you've got this justice and environmental justice is never been used before so i will note if the president is serious, if he comes back and said we have to change what furyk did. that's granular but the furyk rules updated so a lot of companies wanted to build

pipelines for natural gas, including alpine natural gas, take that gas to where you can make it lng are all gun shy because the president's people are so bad about exactly what he is selling over there. >> yep gnat gas, by the way, best week since february actually best week since january. hig highest since february things we don't normally see this time of year. >> yes that's interesting the way you get that natural gas over there, we don't need it you would send it there. we're at full tilt and, you know, we can put up -- we are putting up more plants. but the big stumbling block is the president. the president has to focus he's not focussed. >> he's got some balls in the air. he's going poland, as we said, today to meet with the president. he'll get the briefing on the humanitarian efforts and meet with some members of the 82nd

airborne yesterday he was asked whether or not that visit so close to the front would change his policy attitude and he said he's been to plenty of the regions in his lifetime so it's hard to imagine we'll get moving on the kinds of things you would like to see militarily. >> they continually talk about how putin is feeling more cornered more cornered. more cornered. there's a great quote that was about when he destroyed -- he said if you look weak, then you are weak and so i think you're going to see putin come out with some statements making clear he's not a weak person. they also have, i mean, there's a lot of -- if you notice, they're winning in the eastern part of ukraine. they're taking ground. >> there is some reporting today suggesting they've established essentially a land bridge. >> yes. >> between don yesk and crimea,

for example. would strategically would make sense. on the other hand, we had a lot of reporting suggesting at least east of kyiv the ukrainian resistance pushed back some forces. >> yeah. that's where, if i were putin, which i'm not, because i'm not -- i run "mad money" but i'm not a madman putin has to do something radical and make everyone realize he's going to do -- he's in charge. but it would not be nuke it would be a leveller you know, when he took over the war in chechnya, he said basically we have to start leveling cities. we can't have resistance the way to not have resistance take the city out.

i hope this doesn't happen, but i think his playbook is to level the city and have they have so much artillery, they can do it. >> right that's one reason zelenskyy has been asking for more jake sullivan on the tape today saying the u.s. and nato are doing contingency planning for the possibility they choose to strike in nato territory. >> right i think what they should be doing is trying to give them enough anti- -- the missiles are expensive but raytheon is fantastic technology they should be calling just say, look, what do you got? what do you got for us remember the pentagon somehow is not running the show the somehow is being run by the national security and the pentagon's ready the pentagon is ready. again, i hate to keep using this word, but they have to focus i mean, we've got the wrong guys running the show we've got the wrong weapons. we're not using what air

environment has. we had the arsenal on our set. i mean, it's much scarier than what we're using we're giving them the pocket stuff. >> telegraphing a pivot to the pentagon would also send signals to the likes of china where we're on a diplomatic tight rope, china. >> i think greg hayes, when you talk to greg, he would say, look, if you give people -- this is raytheon. if you give them the latest technology, it's not a tight rope a lesson to keep it so their hospitals aren't crushed and schools aren't crushed you know, i love -- i don't think poking the bear is what is happening. i think that the bear, russia, is destroying life in major cities everyone is sitting back the world is sitting back and an

watching a travesty of missiles going into schools and hospitals and just saying, you know, let's not put putin -- >> well i -- they're the most isolated country in the world. it's hard to say we're letting anyone get away with anyone. >> it's financial. i just think you need to get -- you're right i'm saying ukraine needs to be able to fight back i'm not talking about what the infamous tweet that we got about why don't they strike. i'm saying they're getting second rate. they're getting second rate military munitions. they need first rate that's why they should call raytheon we should get raytheon right now -- get greg on the phone and say, listen, give them the latest the truck with the lasers that

shoots down the missiles it sounds like syfy but they have it. >> that's ha live shot of poland where the president has arrived after meeting with european and g7 and nato allies kayla tausche is live with more. good morning >> reporter: good morning. president biden is heading to poland where he is going to be meeting with troops. he's going to be meeting with refugees tomorrow. he's going to be giving a major address. also, having a bilateral meeting with poland's president. the city is about an hour from the ukrainian border it's a major con due it for the weaponry being delivered to ukraine. it's a resupply passage way for the forces there on air force 1, jake sullivan said nato allies are in agreement how to respond should russia use weapons of mass destruction. he described it as a severe

price russia would pay without going any further. he said u.s. and allies continue negotiations to send anti-ship and anti-air equipment to ukraine, but it's unclear how soon that equipment could be delivered. he did say he didn't want to elaborate further on those discussions for fear of destroying some of the efficiency of getting those tools to the ukrainians. he also said that so far the u.s. still does not see any evidence that china decided to pursue material support of russia's effort. that supports the comments we got from janet yellen earlier this morning she doesn't think it's appropriate to sanction china because of any perceived alignment it has with russia and its efforts in ukraine you've been talking about that energy deal. i want to share a few details about that 15 billion cubic meters is what europe said will be offsetting with new supplies from the u.s. and from other partners.

a senior administration official would not elaborate what portion of that is actually going to be coming from u.s. producers all though they did acknowledge that production would need to go up to satisfy some of those requirements not just this year but also the commitment of 15 billion cubic meters by 2030 president biden, when he announced the deal with the president of the european commission, he said the goal is not just to reduce dependency on russia natural gas end dependency on natural gas period an acknowledgment like a move like is in direct conflict with his other climate initiatives but they're in between a rock and a hard place jake sullivan saying a major discussion at the g yesterday was how to lower energy prices around the world possibly another strategic reserve in a coordinated fashion. guys >> any chance the mig 29 issue comes up with the fighter jets

i know the president feels it would provoke russia but many air force people say, look, only the mig 29 can take out the artillery that is killing innocence in the major cities. >> reporter: it's likely to come un, jim. sfwrrm jim sullivan said the u.s. position has not changed on the front. there haven't been any negotiations with poland since the situation a couple of weeks ago where poland announced they'll be delivering those to for delivery to ukraine. the u.s. saw it as a provocation to russia. it didn't want to go there if the position hasn't changed, according to sullivan, it's hard to see how they can go forward with it. >> thank you, kayla. >> i appreciate your reporting this week, kayla kayla tausche in brussels. a closer look at the apple rally. stocks aiming to extend the win streak to nine today

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for $64.99 a month. and ask how to add securityedge™. or, ask how to get up to an $800 prepaid card. can apple make it nine days in a row the shares are up more than 15% since the rally began. meantime, the eu parliament and member states reaching the deal on the digital markets act a set of regulatory rules aimed at curbing the power

the market power of big tech is this material, jim? >> it's the usual shakedown we get from europe every couple of years. some of the budgets down there they need money. it's write checks and, you know, parking tickets or whatever. i thought it had no teeth whatsoever nor do i care that much about the apple or the epic lawsuit, i think it was on thin ice against apple. i care about is that apple is talking about something i've begged them to do. >> hard work. >> a subscription. every time i speak with tim cook, i suggest subscription lifetime and, like, when i used to -- no. no no i said will you please break it out? we need it

the last seven times i said if you can give us a subscription model, we have something big and i'm persistence. they're ood. i think they're coming around. >> maybe i was thinking the spring quarter, for example, is traditionally where they talk about capital return 'balance sheet. maybe it could be folded into that. >> i like it i get, you know, five or six bills that come between 3:30 and 4:00 a.m. from apple i would like --they offered me something that included apple plus and this and that and back up and everything. and if i act now, you know, it's certainly not the way apple does it but the credit card i would do it. i think tens of millions of people do it they got to be a little more creative and realize that the bundle is a little difficult let's get an actual deal where we -- remember, they have no default rate that's what they told me no default rate. i would find there would be more things i would take from apple

make money off a lot of people they would say, look, you do this and get this, this, this, and there's a lot that say i want that. particularly apple plus. >> how about the notion written about yesterday they might follow suit or arrange similar deals spotify has with google. >> that would be bad for gross margins. i thought you buy alphabet off that because they're saying we can giveaway that. we saw an amazon break up play i haven't seen one in a long time they said if you broke up amazon, you basically would get the retailer for free. and i love these and say no one is going to break up amazon. if you broke it up, or if you closed it with a book value, we would be worth -- i don't think you're breaking up anything you're closing that's a supposition. >> more theoretical than

practical. >> we have tyriq hill and russell wilson the eagles would be killing it that's not going to happen. >> okay. can you afford him now i don't know. >> no. i had an interesting with mr. laurie yesterday i said we're trading him and he said, well, this is jeffrey laurie we're not doing that [ laughter ] when you have the owners talk about what i want to go to i mean, i probably have to buy a team and go. colorado is for sale [ laughter ] but owners meetings those are -- those are the kings getting together and, you know, the people, i mean, like temper is the richest owner from carolina. when they get together, it's -- it's just is like world war i.

>> yeah. jeff is about to be unbowed in a division -- >> we'll talk more about the correlation between sports and sports business is pretty hot now. if we can get to that. we'll get cramer's mad dash and count down to the opening bell in about six minutes don't go away!

competition beat us again. how? they have a better finance system than we do. i feel like they might have a better finance system than we do. workday. how do they make better decisions faster? workday. it's got to be something workday. i think i got something. work... hey, rob, you're on mute.

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let's get "mad dash" as we count down to the bell. >> talk tesla. we have a reinterelevation by dan ives barclays has hated all the way didn't try to get a side track

on musk's social media i don't know how you keep a sell on it and write positive things. >> they take their delivery estimate this is for the quarter to 320k. they were at 309 the street is at 312 you said berlin will add fuel to the fire. >> i said it would go to a thousand and got 900 i got the usual cat calls and mentioned. i loved them i urge the people who hat me to just watch me every minute and continue to hate me. mate me or like me watch me. >> new highs reasonable? >> absolutely. >> is it hard to do given overall sales -- >> no. i think when we see the fact they can make cars they have their own supply chain and a lot of the people in the auto business are jealous they have the chips so they will sell. i mean, there's cars that go

against them but elon musk had the foresight. the only person really in the world who had the foresight maybe we need to develop soup to nuts i mean, how smart is this guy? lootsds of people are hanging out with him lately. i should answer his poll today he has a poll. >> he did ask whether or not twitter practices free speech. >> yeah. i didn't know. i've been mulling that over all morning. >> then followed it by saying vote carefully because the results could be consequential whatever it means. >> anything he does is consequential. he may be the most important industrialist in the world right

now. >> watching for delivery data. we'll see what it means. >> yeah. [ opening bell ] we haven't talked much boeing yet. a bunch of news. the faa administrator on squawk talking about unruly passengers. china eastern crash. the max 10, which may not be cleared this year. >> i don't know about that obviously, the black box, i mean, you talk about the plane broke up in midair or not. i don't know whether it may be is that maintenance?

is 2 boeing? i continue to through suffering owning boeing. i keep waking up thinking today is the day today is the day it goes down. it's not been a great stock. we don't talk about the drug stocks they've been sensational the president, obviously, remember like all congress used to be focussed on the drug stocks and rolling back. that went away. >> yeah. when you have the stuff go away then are the drug stocks play. i think the fda is a little more positive about what is going on. i remain positive on eli as the drug stock of the year he's got the breakthrough diabetes drug. i'm a big believer in the alzheimer's drug that's from the work i do -- i mean, i don't communicate -- i have problems with it.

when there's something wrong with your brain, like when you have a migraine, people have to know there is something that stops a lot of migraines. >> it's chemistry. it's chemistry. >> yeah. bio haven has it and you take the drug i'm the key spokesperson for the american migraine foundation and people don't know. i have a terrible migraine how about the drugs? what drugs they're using extra strength migraine i mean, that's like taking, you know, children's aspirin >> i haven't thought about it in a long time. >> remember that i mom used to take it. >> yes speaking of chemistry, brain chemistry, tillray up. >> i'm glad you mentioned it

if it goes through and it's not a flown, you'll see canopy will be good. that's the leader. i like aurora cannabis on a comeback but you got to win then you have to start making it so it's more than guns >> yes a lot of policy annalist said it could go. >> yeah. but no clear path in the senate. >> it's kind of a bust it's kind of like gambling stocks the market is not nearly as big as they thought. when you say that, it's like, hey, yeah. >> everybody can see the long-term charts. >> right the story in the early part of the week is m & a rather than legislation. >> yeah. they have to have the shake out. there's too many companies i have to tell you, i looked at the market and the drink market and i don't think the cannabis

drinks -- i mean, you know, the big gap on cannabis drinks they don't taste good. >> really? >> yeah. as a person who drank something who had something in the periodic table, mountain dew pink, i'm willing to suspend taste. they can't make it taste good. >> that's a problem. >> when you drink a drink, you want it to taste good. unless it's alka seltzer. >> pop, pop, fizz, fizz. they can make all they want. they can put it in beer. you can't figure out what proof it is. could be 20 or 40. could you narrow it down no it's the wild west. >> we'll look to see what the house can put together next week and where it leaves us bed bath the agreement with ryan

cohen. >> caved. >> look. if you read through the lines of the release of ryan, who has become a good friend of mine it's been a reach out. bed bath, they want to sell buy buy baby i talked to mark and is doing a good job when the stock was at 17, i bought buy buy baby was worth a whole company. so i think that ryan cohen, there's his picture. i mean, he's taking little pit stop from game stone and getting buy buy baby sold. it's off to the races with the great ideas for gamestop. >> right. >> still waiting. >> still waiting but the apes, you know, are aided, as i said, the show

trying to get -- make some sort of reparations irz gave money trying to save the actual apes as opposed to those guys giving money to save the market. >> one of the best. >> how about disney? >> i think going to say, wells has a good note. they're looking at management will be presenting some things about the marks. >> yes. >> in the coming days. their argument is maybe the street is too low. on park leverage, park attendance in the long-term. it could be 5% eps >> i thought it was very good. they made it a signature pick, which i guess means it's a signature pick but when i do want to see is a discussion about the future as opposed to about civil rights. and it was very volatile myself. i think the initial position was clearly wrong. but i think that the idea that there could be the park is doing well and the idea we'll get some good news about the slate does matter spiderman was good

i think people still go to the movies i just think that there's also, obviously, the zest of going to the movies was not the way it was. interesting piece in the "new york times" about how no one cares about the oscars >> which are on abc on sunday. >> i know. >> we'll see we're getting used to multiyear ratings and lows on a lot of award shows. >> yeah. but the only thing that holds up is the nfl that's why i think if you have the nfl. i spoke to bob the other night and -- i'm going back and forth. his nfl toll promote paramount plus is working. football brings him in and basketball. >> yeah. in a world -- march madness is exciting sellers are marking football now. >> yeah. i have to tell you, people, i've never seen so many people talk about football during the off

season >> uh-huh. >> i think live sports is so back i think the nba is going to be incredible when they start playing defense. i think there should be a boundary, if you play defense we'll give you extra money new vaccine mandate. >> yeah. big boost by jensen. today good notes about facebook and reels. i continue to believe in my contacts at facebook that reels will blow everybody away and this stock, which my travel trust owns, by the third quarter is going to put up great numbers. people are selling it now. they'll be very wrong. i think that zuckerberg said tiktok, look out

reels is coming for you. everyone debated where instagram and stories would be the answer is he's been close to this unusual object i think when you sit back and watch minute 72, you see what zuckerberg is going to do. and, by the way, he is a client. you know, it's -- says everybody else, for that matter. it's not promoted but he has to use their technology there isn't anything remember sure whatever dopgsz will be somewhat related to stay at home. as you said, hybrid work

even in cities like austin and houston are only back to 50%. >> it's incredible when you csit down with the ceo, they say -- it's everything. i wish they would come back but everybody is afraid that people will go to facebook or alphabet. everyone is afraid. >> bonuses looked pretty good the past week. >> yeah. a lot of people make a lot of money. this is what jay powell is worried about. we have the rich are crushing it and the not as rich are at the supermarket buying cereal for $6. >> you see the report if minimum wage kept pace $62 minimum wage. it was a good one. rates today b of a joined the

bandwagon. they see 50 in june and july terminal rate 3.75 people are now saying, you know, you'll see inflation top out in the eights in april and may. >> yay i think it could be nine the rates are amazing. you see the debates about housing. it's the supply and the housing guys would say we're not meeting the number us because there's not supply or eventually demand we don't know yet. there's a shortage because of the stay at home no one was ready for stay at home i think one of my biggest worries we had -- this was fascinating to me. i felt, well, what is the price going to be whatever it's about calories. 13 rnt of our calories are being taken out by ukraine and russia. 13% who will make it up? the so i market in brazil is not coming

it's not happening you'll see the great complex up dramatically this summer you can buy fertilizers. if you tochlt go there, i mean, you can buy mosaic, which i've been saying. if you look at mosaic, i mean, it's a par bollic chart. yesterday talking about famine in 12 to 18 months when ukraine is unable sow. >> yeah. and you have to remember -- there's going to be terrible famine i think we're trying to figure out how to help as many people as possible.

every one of those stocks you can buy. >> right jim, we talked about overall market action. in sort of a catalyst vacuum right now, we have a jobs number a week from today. >> right. >> and cpi will come and get some fed minutes next week will be a lot of data. >> yeah. >> the market behaved pretty well in the absence of data. >> yeah. today there's not -- there's no company of any consequence so that analysts catch their breath when they catch their breath, they recommend mango, tan go. >> i know. on low volume. >> they take nvidia up 25 points i reiterate you want to be -- intel had a nice little move move on.

marvel is crushing it in key markets. you can go to broadcom for a trade but i don't want to stay there. >> right it's the king of mango, as b of a is calling it. >> those stocks are down now all right. whatever. >> this is not 1999 where we expect stocks to go up every day. >> right b of a has been fairly negative on equities said their bull indicator indicates a buy signal again. they think they'll be opportunities to sell in q2. >> right a lot of strategists are struggling because the tape is going up so if you listen to them and you're at home, you say, well, did that guy say look you can buy and sell them? and the answer is yes. >> yes. >> you're right at home. it will rain today

if it doesn't, it's going to be sunny. >> thank you thank you for that that's value added if you want real buys, grow back to natural gas because you've got a worldwide mandate to buy our natural gas companies. >> yeah. it's an interesting mix today. we'll get to bob good morning, bob. >> good morning. about even on the advanced decline line you're right a little bit of a flattish open. look at the sectors. this trend has been pretty clear for weeks now. on days when energy stocks and met toll stocks tend to be flat to down, the market, the rest of the market tends to be a little bit higher so financials up a little bit. health care up a little bit. tech on the flattist side. the overall trend i mentioned is pretty clear for example, take a look at sectors this week. the major sectors. metals and mining are the

leaders. it's up about 8% this week oil services even exploration production stocks up 5 or 6% semiconductors are also leading the rally. they're up about 3%. the s&p up about 1% for the week, by the way ark innovation flat. it's been doing better recently but up about 1%. the banks aren't doing much. not really participating in the recent rally down about 1%. another way to look at it, look at the etf trends. my favorite etf in the last month is moo i love tha m-o-o. it's an index of companies in the agribusiness it's stocks. it's deer and archer daniels midland, tractor supply, tyson it's a mix of everybody in the agricultural business. it's a historic high for this. it's been moving up very aggressively this is the perfect etf for the

moment if you believe in food inflation, this is the eft you want to own. the volume has been higher in the last month that's understandable. at the same time, another interesting trend is volatility going down why is that important? well, it makes certain players momentum players more willing to play in the market there's the vix. this is a complete round-trip. we went from 21 a month ago to 37 at the height of the concern on ukraine now we're back down to 21 again. this is a round-trip it's like a green signal to people who are momentum players to sort of get back into the market the last two days, though, have been strange these are among the lowest volume days of the year we've seen in the last two days. you have to go back to january and see overall lower equity volumes. wait a minute, markets up. volatility is down volume is down that's very interesting. so what we see right now, what i see right now is we've been in the trading range. right. 4300 to roughly 4600

and we're not far from breaking out on that here anything close to 4600 would be a break out year that should bring in some of the institutional traders. i think those are the ones sitting out to market. i think that's why the volumes have been lower recently and the retail traders have been active the momentum guys, the commodity trading advisors they trade s&p futures and the momentum followers you get prices up, volatility down those kind of players tend to come into the market so, remember, the main story is the commodity prices and the fed outlook are driving the markets right now. and the commodity prices decline. the markets rally. vice versa i think the problem here, carl, is what is the limits to this little rally when you start getting your 4600, you're going to get people going out there saying, wait a minute, i don't see commodity prices going down much there has to be some limit how far you can push the market with inflation still an issue and the fed remaining a gredsive and ukraine unresolved

i thinkst that's the problem. back to you. >> that's very good analysis. >> 46? >> yeah. exactly right. not bad. >> yeah. that's the channel we'll see. bob, thanks. a quick reminder get in on the cnbc investing club with jim. i was talking with a producer about your debit call. i think it's on 20% plus. >> yeah. we had rick muncrief on. he's the guy who came up with the idea let's return capital now, obviously, if they all started pumping, maybe the price of gas would go down i'm not sure about that. what does matter is devon coterra, diamond, and pioneer pxd decided to return a lot of capital. devon is the king. they were up the most last year. ty i have known rick for 11

years. he's the smartest guy. scott, don't get mad at me they're smart, too. >> one more reason to sign up for the club. >> thank you before we go to break, take a look at the bond report. a lot of data coming our way ♪ ♪ it's electric... ingenuity... in motion. it listens, learns, adapts and anticipates your every need. with intelligence... that feels anything but artificial. the eqs from mercedes-benz. it's the car electric has been waiting for.

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as we said, looking for maybe can the dow get back-to-back gains here this week but look at week to date gainers. intel, 8%. apple from 151 to 174 in the last few weeks an up 6% this week and up pntanwee 95ois d 'r back after a break i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. jim, what is on mad tonight? >> everybody is talking about the metaverse. well i'm going the opposite imi'm going to a company called d-local. this is a uruguay payment company, now i remember my family, they were trying to figure out half of them went to south america and half went to north america. and i think it is the fastest growing company in -- it reminds me of when you get these companies like back arda libre, and south america is an

incredible growing market. the emerging markets are where there is jeppo side and people murdering people how about a democracy with a payment process coming. >> that is a good radar. some new ideas people haven't thought of yet. >> it is a terrible stock. down 12% but it is growing fast and it is a democracy where people treat people good it is a very progressive country with a very progressive country. d-local. >> looking forward to it. >> i could do metaverse. i do a lot of stuff with the najarians. there you are again. i need him to be a little more like me. >> jim's unusual activity. >> jenson has one of me over at no nvidia. >> we'll see you tonight at 6:00 p.m. "mad money." dow is up 92 don't go away.

welcome back to "squawk on the street." rick santelli here with breaking news university of michigan sentiment, our march final read. 59.4, well 59.4 isn't bad. we're replacing 59.7 but it is at the lowest levels

since 2009 we look at current conditions. 67.2 replaced 67.8 and on expectations, 54.3 replaces 54.4. on the inflation front, we remain at the highest levels on one year inflation outlook at 5.4. as i said that, goes back to 1981 and on five to ten-year inflation, it has moderated a bit. it is at 3%. which it was last time but the high water mark has been 3.1%. and that went back to 2011 we also have our february read on pending home sales. for that, let's aim east to diana olick. >> pending home sales dropped 4.1% in february month to month according to realtors and down 5.4% from a year ago that is a big miss street was looking for a slight gain and this is the fourth strats month of declines no surprise given what is happening with mortgage rates.

these sales numbers are based on signed contracts so that is people out shopping in february as rates took off. the average on the 30-year fixed started rising in january and went higher in february. more than a full percentage point higher than a year ago so if you add in higher home prices the median monthly mortgage payment is over 20% hire than a year ago sales were down except in the northeast. sales were weakest in the midwest which is where homes are the cheapest but the west weren't far behind that. and these are a future indicator of closed sales, one to two months out so the spring market is off to a disappointing start. back to you guys. >> >> thank you very much. and rick, thank you as well. welcome to another hour of "squawk on the street. we're live at the new york stock exchange and morgan and david have the morning off

holding on to 4525 president making his way to poland as the invasion making its way into the second month, leslie. >> we're 30 minutes into the trading session. and here are three big movers on this busy friday morning starting with nio, better than expected quarter sales but deliveries down, down 30% year-to-date and bed bath and beyond appointing three new directors chosen by rc ventures. that stock up about a percent. and honest company reporting a quarterly loss as sales of masks and sanitizing products dropped significantly. the company issuing weaker than expected, and stocks just above $4 >> meantime, back to the broader markets. the treasury secretary this morning on "squawk box" talking

about consumer spending as well as the overall economy >> growth over the last year has been extraordinary, job creation remains very high. when you look at the balance sheet of the typical american family, it is in very good shape. consumer spending is strong. and tax revenues have frankly been surprising to the upside. you know, helping us in a plan to reduce deficits, we'll be releasing the budget shortly so, i see a lot of strength in the american economy inflation is high and, you know, the fed certainly has a role to play there >> joining us this morning to talk about it, pimco economic adviser joaquin fells. thank you for the time today. >> good to see you. >> one of the hallmarks of this

morning's action is the wave of macro strategists looking for a series of 50 basis point hikes today it is b of a citi sees 50 at the next four meetings, is that likely and enough to stem the trajectory of inflation right now. >> i think the fed is out to kill inflation and i think they remember the old saying that only hawks go to central bank. so it looks quite likely that the fed will accelerate the pace of tightening. they've been talking about being open to 50 basis points at the next meeting and we may well see several steps of 50 in the near future they really want to prioritize the fight against inflation. so it's shoot at inflation first and ask questions about growth later. >> one argument earlier in the week baz that the bond market headed backwards and there was a

great opportunity to endorse 50 out of the gate when it was priced in a month ago and they passed on it was that an error? >> well i wouldn't say it was an error. there was pretty high uncertainty after the start of the war in ukraine i think without that war, they would have probably gone 50 in march. but opted for caution. they have the ability to go faster now they also have an additional instrument which is running down the balance sheet at the faster pace than last time and that would also lead to a greater tightening of financial conditions so i think it was right to go slow at the beginning and then they have the option to accelerate the pace. by the way, allen greenspan did a similar thing back in 1994 that was a tightening cycle that could be at analog to what we're seeing this year. >> that is an interesting touch point. 1994 people are discussing that as a soft landing and aggressive fed

tightening cycle but it is only the beginning of transparency in 1994 and i wonder where we're dealing with a different rhythm and you mentioned the objective to tighten financial conditions. since the fed raised rates, stocks have gone up and volatility coming down and credit spreads tightening a bit. is that counter productive to what the fed is doing or give the fed more room to act on rates? >> i think it gives the fed more room in the near term, right they don't want an uptightening of financial conditions. they want conditions to tighten obviously, that is how you try to fight inflation but given that the market reaction so far has been pretty muted, given that the markets are already priced for a pretty aggressive tightening path, they could now try to walk up that forward curve without, at least that is what they hope, without creating too much financial

turbulence and volatility. >> joaquin, you at pimco had a note where you raised your risk outlook for the potential for a stagflationary environment and it is not your base case but you have increased the likelihood of that happening what is the potential that the fed does have a misstep that pushes us into a stagflation environment. >> i think recession risks are real they are rising. i think what we're seeing is really a stagflation cocktail which could push us into what we call an anti-goldilocks environment where the economy is both too hot in terms of inflation but also too cold in terms of growth. so, as the fed is focused on fighting inflation, but as inflation is very high in the near term and probably going higher given what happened to commodity prices i think this really leads into a -- or could lead into a stagflationary environment so that risk is real and rising

and the whole world is facing a stagflationary shock that is a different environment for central bankers but also for investors and what we got used to over the past 20, 25 years. >> right so does the standard, there have a lot been written by 60/40 portfolios, but will there be a new playbook for that environment. >> i think it is a new play boork. you'll see much lower concerns across all asset classes we all got used to both bonds and stocks doing well. 60/40 portfolios went really well over the past 10, 15 years. think we're now in a new environment with much higher volatility so i think that is a world in which investors want to keep some powder dry. and where you want to focus on liquidity but also flexibility of your portfolios >> new era for sure. good to see you again. thank you so much for helping us start the hour

joaquin of pimco here is a look at the road map for the next hour. congress that could change the industry and the eu going after big tech, aiming to change app stores. >> and bed bath & beyond huntsman moving in opposite directions this morning. we'll tell you why more "sqwkn e re" ua othstetis straight ahead don't go anywhere. check out this vrbo. oh man. ♪♪ come on.

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as we head back to break, chinese stocks mostly low tore close out a choppy week. you could see there jd and alibaba down more than 4% and more than 3% respectively. while the china internet index is down more than 5% the k-web that tracks many of the names poised for the fifth weekly decline in the last six weeks. there is more ahead. stay with us concussions, migraine attacks followed me home. i wasn't there for my family and i was barely functioning. until nurtec odt changed all that. nurtec is the only medication that can treat & prevent my migraines. don't take if allergic to nurtec. the most common side effects were nausea, stomach pain, and indigestion. now, i run a non-profit for other green berets. when i feel like myself, i can do so much more. what will you do? ask your doctor about nurtec today.

welcome back to "squawk on the street." it is time for our etf spotlight looking at vanguard, ticker vde. up more than 35% this year more than 10% in march alone new this morning, the e.u. and u.s. strike a deal for natural gas looking to cut dependence on russian energy let's bring in tamara esner, thank you for being here i want to ask you first about this deal. the u.s. will work with allies to provide more than 15 billion cubic meters l&g to europe this

year is this enough to curb reliance on russian energy and where do you think the gas is going to come from. >> hi, leslie. thanks for having me this is an important step in the short-term whether or not the targets are immediately achievable, by the end of the year is up for debate but i think the deal is really significant. because it sends an important message to investors and industry companies that there is a long-term future for natural gas as part of the energy mix. we in the industry have always known that that was a sensible outcome. but the european union had been equivocating on the role of natural gas, of wanting to phase it out in favor of renewables so now we're seeing that there is actually support of regulatory regime for companies to make long-term investments not just in the productive capacity but more importantly in the associated infrastructure for terminals, for imports and exports and transporting storage and et cetera. so i think this is a big opportunity for u.s. companies

and i think to answer your question, a lot of that will come from the united states. but it will take beyond this year to really ramp up exports because we're already basically at capacity. >> beyond this year, how long are we talking in terms of a time line for this becoming a reality, do you think? >> well i think that the united states has the potential to actually fully displace russian exports of natural gas to europe by the the end of the decade so it will take a while. but the productive capacity in the u.s., particularly for natural gas, is enormous and the main impediment has been the development of the infrastructure for the pipelines to transport it from the productive fields as well as the export terminals so once we see that those are ramped up and we see that the ferc, the federal energy regulatory commission has rolled back some of the environmental hurdles that have impeded the development of the pipelines

so that is an important development that took place and i think that will help speed up the infrastructure but it will, to your point, take a couple of years to fully displace russian natural gas. >> when it comes to crude oil and the supply disruptions and ho the market is attempting to price that in, your top line conclusion was almost any outcome in the ukraine/russia situation, aside from regime change in russia is bullish for energy prices. now when you say that, do you mean bullish meaning the prices go up from here or they'll be supportive of where we are and we're still going to struggle with replacing those barrels for the long-term? >> i think prices have to go up from here. and we're talking about structurally higher prices because even if china and india absorb some of the displaced russian barrels, which we think that they will but it will not be offset enough to fully offset those barrels. so we think that we are looking

at higher prices over the long-term. even if there is an immediate cease-fire, we don't think that western energy companies, particularly the oil services companies, will be happy to go back and make long-term investments in russia. russia has very old fields they are heavily reliant on western technology for the upkeep and maintenance of those fields which will other wise go into decline so on a long-term basis, we do see that russia could look a little bit like venezuela and iran in terms of having tremendous productive capacity but really seeing it marginal in terms of market relevance. >> yeah. that was brought into even sharper relief this morning on news that signa-peck is pulling plug on russia which is directionally important given the diplomatic tight rope we're walking with china i'm curious, you argue that as we wait to see if the e.u. could pull the plug on their russian supply, at what point does putin

make that choice for them? if at all? >> yeah, so great question we've seen that russia has already taken incremental steps to weaponizing energy and if putin feels that he needs to, he could fully weaponize by with holding energy supplies to europe and making that decision for them so some really important developments over the last week with them saying to the european union and other unfriendly nations, that they will have to pay for russian natural gas in rubles that effectively nullifies some of the contracts from a practical perspective. it will be almost impossible for some of those european customers to make payments in rubles so that is a clear step up in terms of the willingness that he has to weaponize energy. we also, an important development, see the potential for russia to slow walk the return of kaz acoil to the market that flows through the

black sea that russia has control over and we've seen that they've taken some steps to delay the iran nuclear deal. so they are not afraid of weaponizing energy and so that could ultimately play out in a full -- >> they still do have leverage it is remarkable to see how this whole thing is shaping up. thank you very much for joining us today. >> thank you for having me. coming up after the break. we're going to tell you why pot stocks are flying high in today's trade. although you might have a clue as to. dow session highs up 195 we're back in a couple ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay...

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we're watching apple this morning. the stock aiming for the 9th straight day of gains. it is just turned positive up about .3% of 1% and the e.u. targeting apple in a new regulatory ruling.

joining us now to discuss is ever core analyst, out with a new note outperforming rating on apple. great to have you this morning let's talk about the news out of the e.u. it is a familiar pattern perhaps, where there is this new measure that would target things like app store arrangements, companies bundling their own services or making the messages systems open to one another. do you think any of this is a threat to things like apple's app store. >> the elements of this that could be moan issue and the worry on apple is regulatory across -- and i think the two things that regular could go after is, one is asking everyone to use the apple payment to make app store payments, you force a break up about the apple payment versus the app store fee. in the netherlands, they are

doing that and south korea is trying to do that. and what do the economics look like after that and could apple still charge you a fee in what mechanism that you use that is one set of issues. and the google ad revenue that apple gets a really good check, 10, $12 million to default on all of our devices those are two things regulatory wise that you worry about for apple. >> and in terms of refreshed outlook on the stock and your valuation, new target up around, what, $200 a share it would seem that it is this combination of somewhat steady but modest top line growth and share buyback some m&a and a little bit of margin expansion it seems look a consumer products company that is maybe how it has become to be seen is that worthy of the valuation that we've now given it. it is more of a premium multiple

and talking about $10 earnings in four years so 17 times 2026 numbers. do you think the market is going to accept that. >> so far they seem to be accepting it fairly well but you bring up a good framework. the way you describe apple, it is a mid, high single-digit revenue company and as they would forward, consumer staple, it is between consumer staple and a high luxury goods company and apple is trading at the lower end of the valuationet metric this is a bull case scenario and our price is $210 but the bulk is the luxury and good markets and i think that is the ultimate upside if they could execute on though model with more consistency and less volatility than what folks have seen in the past. >> speaking of consistency and

less volatility. there is a report out of bloomberg about apple working on a subscription service to smooth out the revenue and make it more of a recurring how does this change the equation in terms of valuation here does it achieve what you're looking for in making apple less of a hardware multiple and how do you think the app works, based on the reporting it is not an installment over a 12 to 24 month time period, it is just a fee that consumers would pay over a significant amount of time so how do you think that actually would change the game for apple? >> yeah, apple has been trying to do one thing, which is how do they convince people to reduce the replacement cycles of the iphone it used to be two years and it's closer to four years today and how do they reduce the replacement cycle and through innovation and -- and putting

people in the model. it is unclear what the advantage would be for you and i as a consumer to do it. compared to at&t or iphone upgrade offers you but apple will achieve, one reduce the replacement cycle and secondly make this a much por recurring business when we could get more consistent operating business model than the massive volatility that we get around iphone cycles. >> you mentioned that e.u. regulatory push might not necessarily be much to jeopardize the app store revenue, but what about the deal spotify struck with google to get paid directly. is this going to create more pressure just in terms of those margins that apple does enjoy through third party apps >> if i could just put the numbers on today apple gets about 12%, 13% of eps from the app store. about 70 cents the question is does that

payment of 30% go to 10% or zero it is unclear what google and spotify want the economics to look like. but say it goes to 20% that is a lot of 300 basis point hit to apple models. that is very solvable for them, on the back that spotify doesn't pay them anything, they would pay them a little bit of money and you have apple advertise that they continue to be underappreciated. >> appreciate you running through the case for us. thank you very much. >> thank you let's get a news update with rahel salo mon. >> here is your cnbc news update at this hour president biden has arrived in poland for his final stop this is week. le visit u.s. troops stationed about an hour from the ukrainian border and refugees from ukraine and american humanitarians offering aid today biden and the head of european union announcing plans to supply u.s. natural gas to europe it is part of a broader strategy

to reduce the europe dependence russian energy imports ukrainian officials say that about 300 people died when a russian air strike blew up a theater being used as a bomb shelter. and russia has updated this ukrainian death toll for the first time in weeks and an official said 1351 soldiers have died in ukraine, but some western estimates range as high as 15,000 russian soldiers killed and back here in the states in minneapolis teachers have reached an agreement for better pay and other issues strike impacted 29,000 students. mike back to you. >> thank you very much well cannabis stocks surging yesterday, starting in the afternoon on a report that the u.s. house of representatives is going to vote next week for a second time on an act that would legalize marijuana federally the moore act. joining us now is matt, cana cord genuity

and they have tried to pick apart exactly what the drivers are, obviously this is a sector sensitive to any suggestion that there could be federal legalization on the other hand, the group is down 70% off the highs like a lot of other kind ever speculative areas of the market. they have bounced a lot recently what is your read on it? >> well, yeah, we've noticed over last 12 to 15 months, obviously the sector has been on a downward trend but it is spring coiled at the federal level. we saw this back in november nancy mace republican in congress put something forward and stocks were up in the next week about 20% even a few months ago chuck schumer wrote a letter to constituents and even if it is not likely to come to fruition, this type of buzz gets the short sellers to cover and incremental capital coming to the space in advance of hopefully positive news in the coming months or even years here. >> you say it is not likely to happen meaning full passage of any bill

of this kind, perhaps does not seem like there is a straight line to that outcome what does that mean for the stoc stock? are we talking about a fleeting bounce in that instance. >> it depends. that has happened over the past year if you look fundamentally, the valuations are at very attractive levels for the leading multi state operators. it is more of a binary will there be federal legalization and do i have custody issues in holding securities where the fundamental business is dealing with a schedule on drugs still so i think in terms, how you said it, a straight line is really something that no one is anticipating but 70% of americans seem to want full legalization for both recreation and medical for the medical side it is even higher than that and a number of politicians both republican and democrat looking to stir it up. with midterm elections and other portfolio variables it is hard to handicap when and how but there is certainly enough support behind this where the

tail winds i think eventually will come. >> we'll see if that makes it's way to the halls of the senate i did see some analysis this morning that if moore fails, the that the safe act could be, i think what btig called logistical legislative fallback. does that make sense. >> i think that the safe bank is the most bipartisan. it deals with this structural elements of how legal cannabis operators on a state level could lend or get mortgage approvals there is not as much in it as a full scale legalization. so there is the safe banking act but people have to look to chuck schumer who has a different piece of legislation that is expected to come out in april in draft form, the cannabis operation opportunity act and maybe he'll get together with senators and others dealing with the moore act and potentially some something coming out of that down the road but i think it is fair to say that safe banking, if you had to get

statistically or probability has the highest degree of probability. but chuck schumer and cory booker has said they don't want any dealings with the state banking act until a more sort of a social justice or equity reform gets put forward first. >> matt, if we assume no change in the legal treatment on any of these fronts what stocks do you think have some value at those levels >> there is a number of them we think true leave and cura leaf and crestco just announced a $2 billion acquisition for columbia care. these are very scaled up operators that trade at around eight times maybe nine times forward ebidta and this is sort of real ebidta. we have the leaders in the space doing 1.5 billion or more in revenue. so all of the operators, as much as the federal catalyst would see fund flow into the sector, and even if we have a delay for a year or so, it benefits to

continue to dig in and get their heels in and the first mover advantage in entry into a lot of states is a positive even though of course they would love to see an eventual libberization of the sector as a whole. >> as the industry continues to mature either way. matt, appreciate it. >> anytime. star board waving the flag in the fight with huntsman the full company slate of ten nominees was elected with none of the four nominees including jeff smith obtaining enough votes to get on the board. the activist has said that they believe change is warranted in the boardroom to hold management accountable. shares trading lower on those headlines. since star board filed the 13-d disclosing more than an 8% stake ands are now trading about 12% slower huntsman announced several new directors in an effort to

refresh the board ahead of today's vote in response to today's -- huntsman said in a statement just released moments ago, the outcome of today's shareholder vote is recognition that the huntsman of today is vastly different than the huntsman of five years ago also in activism world, bed bath and beyond, the chewy founder's directors will be on board to explore potential alternatives for bye-bye baby the deal was in the works for only a week. it happened pretty quickly and there is already treatic and financial interest for bye-bye baby and so rc ventures could run a proxy fight if the company doesn't deliver. cohen who owns just shy of 10% of the company urged the consideration of the sale of baby he achieved colt status over his

activism at gamestop where he is now chairman shares of bed, bath&beyond up about 2% on these news today >> interesting on the bed bath & beyond front, the fact that it was handled so quickly. i wonder to what degree this was not an unwelcome strategic idea. in other words potentially looking for options for buy buy baby the stocks had huge waves of up and down and other activists in there before. >> i think the question as you look @these two situations is the idea of star board is a very traditional long standing activist and that doesn't have success with huntsman and box most recently and its proxy fight there. so you have that on one side and then you have ryan cohen, who is a different activist than your traditional over the last ten years and then he has this kind of retail cult following and do companies feel more pressure na

from that given the stock price reaction it depends on the company. but it is an interesting thing as we look at activism 2.0 in 2022. >> when you own almost 10%. >> but so does star board. they own about 8.7%. >> and on huntsman, given the fact that chemicals in general have been in the favored group, i don't know if it created breathing room for the company to say our valuation is doing good as it is. >> buy buy baby. >> it depends. >> maybe not quite an analog, mcdonald's icon and exxon in the last few months. >> esg more in focus and those are such interesting pitches in and of itself because they are marketing. you have these long onlies, block rock and others saying we support esg proposals and we support that trans -- this transition to a net zero economy. you do hold they're feet to the fire.

>> and coming up after the break, we're going to talk to the companies teaming up with uber on the massive deal with new york city taxis. first though a check on markets as we're up to 4540. that is going to take you back to february 10th for session highs. stay with us you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance. as active investors, to outdeliver with customized strategies, integrating esg best practices into our investment decisions. as asset managers and fiduciaries, to outserve, with our commitment to better esg outcomes. join the pursuit of outperformance at pgim. the investment management business of prudential. you are an electric vehicle.

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as you know by now, uber reached an agreement to list new york city taxis on its app a shift for the ride-sharing company that has faced strong opposition from tradition add taxi services. they expect to launch in the spring joining us to talk about it, curb ceo aimos one of the two taxi hailing apps that are partnering with uber. appreciate the time. good to see you. >> good morning, thank you >> we've talked a lot about what this may mean for uber i'm curious to know what is brings to curb >> i think first of all, it brings a lot to the backseat that our main focus, it will

bring another layer of demand and it is welcomed and needed in the taxi industry. if you go back to 2014, 64% of the time the cap result of a passenger and today is down to 40%. so with an increased demand coming back, new york city is coming back, and -- is coming back and a lot of curb users are utilizing the app. we need demand bark to taxis this is another layer the partnership would bring another layer of income and demand for the industry so i think it is very healthy. >> how long have this been in the works? some something that might have bon earlier had ride demand not fallen so sharply during the pandemic >> i think it is -- it's due for a long time. but i think that the significance of this partnership is that uber now recognizes taxi

as part of the fabric of transportation so this is a significant change. our wish it was done earlier but it is never too late so we welcome it now and really hoping that it will be a win-win for everyone >> aimos, how does this change the economics for taxi drivers if at all. because the introduction of uber about a decade ago really caused the value of the medallions to plummet, so many drivers went bankrupt as a result does this help them especially in a period where we're seeing such high gas prices >> i think it is significant any way you look at it when any business getting an additional volume. it is significant on the bottom line sand we hope to bring back the cab occupancy north of 60% from 40% so put aside the gas prices, this is significant on the overall daily income for drivers. the better income, the better

financial -- they are for the medallion owner on the medallion retention. >> amos, this is maybe a little bit of a extreme local interest question about how this is going to work. a new york city taxi, if it accepts an uber dispatch ride, and it is going to -- so it takes it out the pool for a street hail at that point and how do the mechanics work as the driver kind of navigates both modes of picking up a passenger? >> yeah, i think this is actually important question. and, yes, as you know, that curb is also having the app, and that is going to continue and we also think it is a challenge of how do you handle a rider that decided to pick up a street versus the e-hail. we're going to continue to maintain freedom of choice for the drivers. i think it is important for us as new york to continue to have

the option to have cabs. we continue having this option for the drivers. drivers could choose whether or not they want to accept or reject some of the -- however, do you think if you look at the puts analytically to those things, there are room to introduce more e hail without affecting the street. >> finally, i always think back to the turf war that say uber had with the cab commission in miami. that was pretty ugly do you think this buys them some good will. how easily does this get replicated in other cities >> i think very easy because the concept, it will buy some good because bringing back the taxis include the fabric -- and i think it is extremely important. but the concept is that the truth generated by uber of dispatch to the existing pool by many regulators for the cab so

they don't have to accept the jobs, it is all done through the existing technology provided by curb and other vendors >> fascinating quite a pivot for uber and maybe for cities we'll see. amos, please come back thank you so much. >> thank you very much. coming up this morning on tech check, we'll get more on the e.u. crackdown on big tech these new rules set to take effect as early as october we'll talk about if they'll be material for some of the big tock names dow is up 7.22 "squawk on the street" continues after this i travel a ton, so this info was kind of life changing. maybe even lifesaving. ♪do you know what the future holds?♪ with my hectic life, you'd think retirement would be the last thing on my mind. thankfully, voya provides comprehensive solutions, and shows me how to get the most out of my workplace benefits. voya helps me feel like i got it all under control.

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underperformance happening with ether, no surprise here they were tracking fairly closely, but the gap has widened, so we will see if there is a convergence between bitcoin and ether. if you break it down individually, over the course of the last year, we have seen very highs in terms of bitcoin prices at the peaks over here, bitcoin's total market cap was approximately 1.3 trillion right here it's closer to 850 billion dollars. so that move is like losing the entire size of a visa or j.p. morgan and market cap to put context around that move

ether, smaller coin, smaller token so maybe the $570 billion range if you look at the market cap and down to where we are here, $380 billion if you look at that market cap move, it's like losing the value of a ups so ether prices may be more volatile this year in 2022 we have seen a little more focus by some traders within crypt tote on relationships between those crypto currencies and other more volatile parts of the stock market these have tracked a little more closely to what has been happening with the nasdaq 100 stocks i am going to use the kwufqqq a example. the crypto trade could be tracking more like stocks for the time being

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some americans pay no income tax, but some new proposals could require people to pay up >> it is tax season and estimates showing 57% of americans paid no federal income taxes in 2021. that is well above the 43% prepandemic. the reasons the higher tax credits especially child tax credit as these phase out, expects taxes to fall back to normal payroll taxes only 41% paid zero

in combined payroll and federal income taxes it is said some need more skin in the game and should pay it is estimated if every taxpayer paid at least $100 in federal income taxes it would raise more than $100 billion a year in revenue. but more than 80% of that would be paid by those making less than $54 thousand a year 1% paid 39% of income taxes last year the top 10% paid 71% of taxes. as we head into the april 18 deadline, all of these numbers take on added importance mike >> robert, we got to this point because for a couple of generations people have essentially reduced the middle class tax burden and tried to put it elsewhere that was the only thing you could run on

has anything changed politically now that they are trying to reverse this >> it hasn't even when senator scott was pushed back upon, he said i don't want any tax increases the average tax rate for the middle is around 5 to 6%, that's the effective rate of what they pay. unlikely either party has the political will to change that. >> we will see we have a midterm election coming up. thanks >> not a popular platform to run on, as we have seen in the past. one sector in the red, information technology everything else in the green >> another follow through day. less than 1% from a lot of this area the february highs in the s&p is the real test.

bonds are the story. 10-year yield above 2.5% we will see if the market can stomach this >> the worst start to the year for t for treasuries in history. that will do it for us tech check starts now. ♪ >> good friday morning welcome to "tech check." today, a landmark new law in europe and what it means for your iphone, why big tech is sweating over this regulation. sink your teeth into a