it is 5:00 a.m. at cnbc. here is your top five at 5:00. funding secured? big money backing up behind elon musk over his bid for twitter. call it a bullard in a china shop one looking at interest rate hikes. the big reversal it just had on gold after oil and gas drilling on federal land maskless at 30,000 feet. airlines changing rules mid

flight and masks ripped off. the judge says the rule is unlawful. and later, why staten island may be the beginning amazon warehouse union fight it is happening on this busy tuesday, april 19th. this is "worldwide exchange. good morning, good afternoon or good evening as always. welcome from wherever in the world you may be watching. i'm brian sullivan thanks for joining us on this tuesday morning where the weather is just -- merry christmas, everybody it's 41 and rain let's kickoff the hour with the check on the markets and money and soee if they are looking sunnier. stock futures mixed right now. dow up a touch nasdaq futures turning negative. ukraine saying russia entered what they call phase two of the war. that is setting its sights are

permanently taking donbas region of the nation. in the meantime, bonds are selling off and yields are going up 10-year yield is back to 3%. it is under 2.9% the oil market with crude at $107 a barrel and change there are concerns now about a dropoff of supply in libya after more irssues there. 300,000 barrels a day at risk. in a market this tight, everything matters libya is a place to watch. we are seeing bitcoin and ethereum higher right now. bitcoin above 40,000 all cryptos are higher. they are back trading overseas after the monday holiday. let's find out what is going on and how the trade looks and some of the top stories rosanna lockwood is in the london newsroom.

rosanna. >> brian, we joined the race here it is a negative open. four days off for the easter weekend. we closed lower for the second consecutive week in a row when we closed on thursday. we opened heavily in the red. ftse down heavily. down 1.9%. it could be that we are heavy commodities and heavy banking in switzerland. let's give you a look at fixed income in europe a similar story to what you were talking about. bonds setting off. yields hiking up 10-year has risen to the highest left since late 2018 in the uk the shorter end at 2-year at the highest end since 2016 a worry of the recession we will keep a look at the 10-year bund in germany. you have been saying there is not much new out there

it is the overhang a negative factor regarding inflation and monetary policy tightening and what is happening in ukraine >> rosanna lockwood in london. thank you. good to see you. welcome back. to the key business headlines and the latest on the twitter drama with big money ready to get behind elon musk elon and his twitter bid. silvana henao has that and more. >> reporter: shares of twitter on the news that considering financing a potential take private deal of the social media company from apollo global they the held suggestions with parties, but is not interested in being part of the consortium that would acquire twitter any financing would come in the form of preferred equity rough morning for chinese

tech stocks sliding in overnight trading in reaction to new regulations from beijing this time targeting the country's life streaming sector. officials now banning unauthorized games on public web sites. amazon says it will conduct a racial equity audit of the hourly employees the move is in response to h shareholders to provide transparency with diffiversity inclusion. brian, more accountability for companies. >> they are putting it down. silvana henao, thank you very much back to the money and let's take a closer look at the so-called yield curve. that is the difference between interest rates like the 10-year bond and 2-year bond of course, you heard about that inve inversion. guess what inversion has uninverted

it has widened up. the 10-year higher again all of this as st. louis fed president james bullard getting bearish. a rate hike over 50 basis points, that's .50% to you and i, is not his case he would not rule out a bigger hike at one meeting this year. >> i would point out that the 1994 cycle where we raised policy rates 300 basis points in a year -- first of all, that one was successful and set up the u.s. economy for a stellar second half of the 1990s in that, there was a 765 basis point hike i would not rule that out. >> joining us to talk about that is erin gibbs. erin, good morning

i don't know if you are a baltimore ravens fan i'll make a football analogy here is how the federal reserve feels to me, erin. the ravens are behind 47-2 or 42-7 or whatever it is the coaches are finally deciding that they need to ramp up the offense with about 4:00 left to go in the game that feels like what the fed is doing right now. got way behind the inflation curve and now talking about making deep passes or hail mary plays to come back do you feel like the fed is just so far behind the curve at this point it will be difficult for them to make it up and quote win the game by giving us any kind of a soft economic landing >> i do agree the commentary from the past two or three weeks has been very hail mary-ish in getting increasingly hawkish i believe their actions with

looking at the federal reserve is rarely out of step for more than one to two quarters they have so much power behind them, they will catch up within a relatively short period of time they might go overboard or they might make missteps. they might make mistakes getting us out that could be an overcorrection. i think got thing is this new fed is a lot more responsive and if they see they are making a mistake, they will pull it back quickly. it is just unfortunately as investors, we have three-to-six months of pains and corrections and overcorrections. we have to ride it out and work with what the fed is doing >> do we i'm looking at the 10-year yield under 3% it feels like the bond market is way ahead of the fed

or do you think the bond market still has a lot of room to move if the fed continues to be more aggressive >> yes i should have made that correction the bond market actually is being fairly rational. i think it is the equity markets getting more emotional every time there is a new comment, we get the massive selloff and the risk-off trade i think the bond market has been rather stable and the yields continually going up we haven't seen any big switches where we are seeing yields go down or even not much flattening it has been consistent that they are slowly moving up that inversion is between the 2-year to 10-year is starting to flatten. that inversion is becoming less. that sense, the bond market is saying yeah, guys, we have been through this we know you will correct it.

on the other side, on the equity side, we are seeing more of the volatility >> you know, the s&p is down big this year, erin, but if you break it out, the s&p growth index is grim. down 13% this year what happened overnight? the higher bond yields crushing multiples? >> when you look at it, it is a twofold story. part of it is the higher yields are crushing growth type companies. when you look and split between value and growth, value has been pretty much flat it is down a little less than 1% year to date it hovers over the straight line and the growth is down 14% year to date. that is what is bringing the bond markets down. on the other hand, the other part of the story is it is not

value industries across the board. when you drill into value, it is very much about energy, materials and autilities and really pulling up the index. it it is not just about style it is sector specific. that's what i'm advising drill into the individual sectors. >> a rough start to 2022 especially april traditionally a good month april looks okay weather wise. 41 degrees and pouring rain. erin gibbs, thank you. see you soon take care. folks, it is brutal in new york and new jersey bundle up. when we come back, forget gasoline what may actually be the single

most inflationary thing happening in america right now. and millions of dollars of crypto targeted by criminals worl worldwide. the secret service tackling down on fraud eamon javers is here with the look center fo tracking crypto. and our mystery chart is down who is that? i'll find out. stick around or same day if you need it sooner. but aren't you glad you can also just swing by to pick it up, and get your questions answered? because peace of mind is something you just can't get in a cardboard box. that's how healthier happens together with cvs.

welcome back did you know the united states secret service's duty of protecting the president not the only purpose the agency is cracking down on crypto fraud from domestic scams and international crime rings. secret service says fraudsters are billions illegal assets. eamon javers spoke with the agency's top official overseeing the crypto investigation about how these criminals actually move their money >> reporter: we're inside the rarely seen secure room in washington >> what is this facility >> right now, we're standing at u.s. secret service headquarters the global investigation center. that is our hub for our most complex and impactful

international cases. >> reporter: no longer just capturing counterfeit money, the secret service is tracking illicit bitcoin on the blockchain >> secret service is now the primary agency investigating the illicit use off digital assets. >> reporter: david smith is the leader of the organization. >> share everyone with computing power to include law enforcement. the secret service is not doing anything that wasn't the original intent of the blockchain we are using the same mechanisms intended >> reporter: you say crypto is more traceable >> it is >> reporter: so far, the numbers are staggering the agency seized more than $102 million of crypto in 254 cases here, we see analysts and agents

examining wallet addresses. >> they are making relationships and looking where the hot spots are to see where the activity is occurring and focusing on those areas. one of the things in the benefit of the bad guys is the volume of the activity >> are you using the same software the rest of us have access to? >> you follow a wallet, it is no different than an email address with identification and once a person and another person make a transaction and that gets into the blockchain, we have the ability to follow that email address or wallet address, if you will, and trace it through the blockchain >> reporter: criminals use techniques to obscure the digital money. something smith compares to a house of mirrors >> all of them exist exactly to keep law enforcement off the bad guy's trail. they want to go into the blockchain and make as many transfers as possible to lose us

like an old fashion surv surveillance >> reporter: crypto cases cracked by the sech secret servf the operation in romaromania. a group of russian speaking criminals who threaten with ransomware attacks the use of money mules who may be recruded by a fraudster >> they are duped into moving the money? >> correct it is a matter of trying to make a quick buck >> reporter: and to protect investments, crypto criminals watch the market they convert bitcoin into stablecoin which iss pegged to a national currency. >> they want to avoid the market volatility >> interesting they are going after stablecoin it is a roller coaster ride every day. the criminals hate that. >> the criminals hate that, too.

they are dealing with other criminals and some may apply conse consequences >> if your bitcoin crashes, you may have a problem. >> based on who you transacted with >> and, brian, criminals love crypto because of the international nature of the coins. david smith says criminals are learning that the traceability is not the ideal solution many thought it would be, brian >> kind of nothing is. they find a way to do this. maybe they don't want to give this away, eamon how do they identify who holds the crypto hewallets? >> you saw the criminals in the operations center they're doing this they are using off the shelf commercial software. they are using things like chain analysis in order to follow the blockchain you can see on the public ledger where cryptocurrency is held and

which wallet holds the stolen currency the question is can you match that wallet identity with a real-world person. that is where the investigation comes into play and the tools of investigators, including subpoenas to the exchange that are u.s. law compliant and interacting with other known wallets. a wallet interacting with a wallet you have done business with before, there is your clue. you can start reeling that back in to find the identity of the person >> kind of good old fashion detective work it sounds like, eamon. it may come down to people amazing. eamon javers, great stuff. cool look inside that agency thanks we have a lot more to do still on deck, the ceo of the world's biggest utility on their big wind farm plans in america. plus, the big flight moment

in the sky as airline mask rules change and instantly many masks came off what you need to know if you are heading to the airport next. >> announcer: today's big number $20 million. that was the median pay for the ceos of the 100 largest u.s. companies last year. that's up 31% over the prior that's up 31% over the prior year ♪♪ ♪♪ take the world by cloud. accenture let there be change.

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welcome back it is earnings time. your big money movers are back three key stock stories happening now. stock number one is netgear. reporting first quarter results worse than expected. the company laying blame on the drop of the u.s. wifi market and lockdowns in shenzhen. and number two stock is super micro. raising guidance for the quarter. and the third stock is jb hunt revenue from the mobile business of rail, ship and truck jumping 30%. costs grew slower than sales stock down 15% this year

much of the decline has come this month concerns of higher diesel costs and potentially seeing a drop in trucking rates. we also have big news from the skies. after two years, masks can come off on a plane, if you want them to the legal ruling throwing out the federal mandate on public transit. let's get that and other headlines from frances rivera in new york good morning, frances. >> brian, good morning the cdc travel mask mandate struck down by the federal judge in florida u.s. district court judge appointed by donald trump said the cdc did not have the legal authority to impose the mask mandate. the government broke the law by doing it without first seeking public comment the ruling setoff widespread changes and confuse. tsa says it will no longer enforce the mask mandate on public transportation and

transportation hubs. delta airlines and united and jetblue and southwest said masks are optional on domestic flights. uber will no longer require drivers or riders to mask up new jersey transit and mta will still require masks. day 55 of the russian war in ukraine. president volodymyr zelenskyy says the battle for donbas has begun. the pentagon says the u.s. expects to train ukrainians on using artillery systems. and top trump supporter testified for hours in the january 6th investigation. kim kimberly guilfoyle worked for mr. trump's re-election

campaign the panel said she quote played a key role in organizing and raising funds for the rally. and brian, are yoyou are up to e with the headlines. >> thank you, frances rivera straight ahead, it is not apparently just in california. allegations of discrimination at tesla are turning heads on a federal level. we'll update that stock ahead. and attention new jersey power users. the ceo of the national grid is joining us on the big wind farm plans. if you missed a show, we get it it's early you can check us out later in the day. it is available on all of the podcastinging platforms. "worldwide exchange. how original dow futures are down dow futures are down we're back right after this.

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funding secured? a big twist in the musk twitter drama with one equity giant eager to get in on the action. it is not just twitter the deal for one of musk's other company dealt with delta airlines. and forget gasoline. the most inflationary thing happening right now and it has to do with corn. it is tuesday, april 19th.

this is "worldwide exchange. welcome or welcome back. good tuesday morning, everybody. if you are just waking up, let me be the first to wish you a happy thanksgiving because it is 40 degrees and raining in new york right now a beautiful fall day i'm rolling my eyes. it is actually april the markets kind of feel like the weather. futures just can't get out of the way. stock futures are down across the board. they were higher he when we gotn this morning this adds to what has been a rough run for investors. particularly in big tech in fact, check out this little rbi, if you will, from bespoke investment group the nasdaq 100 was down year over year coming in yesterday morning. it doesn't sound like a big deal, but that is the first time

in 488 trading days that the index has had a negative return for the same period as the year before a two-year streak broken like that it is still true with monday's slight gains nasdaq down now year over year another nugget 145 of the s&p 500 names are down more than 25% or 20% rather from the 52-week high. 145 of the s&p 500 is tech technically speaking in a bear market all in about four months, folks. i have been doing this 25 years. outside of the pandemic panic of 2020, i'm not sure i've seen a market reversal that swift and that brutal in that short of time wow. a rough run for many equities. bonds, by the way, are also selling off as borrowing costs keep going up. 10-year yield creeping up to 3%.

just below at 2.9% and change. in the oil market, a drop from the overnight highs in crude oil. still $107 a barrel. keep an eye on libya output issues there. we are watching shares of twitter this morning it is on the move again. news of apollo global is considering a financing takeover of the company sources telling cnbc the private equity firm held talks with relevant parties it is not interested in being part of the kind of consortium that would buy the company instead, it would act like a bank apollo would finance a deal and likely come in the form of getting back preferred equity in exchange from the money. the private equity firms are starting to become banks at this point. to the other top corporate

headlines. delta airlines ceo ed bastian saying the company has begun working with starlink to provide in-flight broadband internet delta has held talk was starlink and conducted tests of the technology no word from spacex. rounding out the musk trifecta, anti-discrimination laws have been looking into tesla. the revelation coming to light in the legal battle with tesla in california over harassment and racial bias. the department of fair housing sued tesla saying the company turned a blind eye on factory workers. and amazon with another labor fight.

in new jersey, the warehouse has enough votes to hold elections as soon as this year they will gain the right to hold the election and they have to prove 30% of staff and location are interested in a vote early they aris month, an amazo hou warehouse in staten island is the first to vote for the union. it is costing more to eat, literally nearly every crop is up in price from last year that includes maybe the most important crop of all. that is corn corn, of course, not just a deliciou deli deli delicious summertime treat it is in anything you buy. president biden allowed for

expanded use of etchhanol at the gas station. the price of corn is soaring this time, it is really all demand fertilizer prices, too we have bill baruch of blue line futures is joining us. bill, it is not just the absolute price is. it is what i said at the top of the show or this half hour with regards to stocks. it is the absolute quickness and violence of the move higher. what do you make of it >> you are absolutely right. it has been a quick move higher. you know at the top of the show, you said something else. 40 degrees the weather has been a little bit threatening. this is something to think about where you have the situation which is taking place in ukraine and forcing the world to have a perfect planting season. that is under the microscope

we have colder weather and dryness in the southern plains and that makes it difficult to plant wheat. it is prices and the entire back story is also china. you have the china slowing down in demand. china is not slowing down in demand they are buying everything they can. export sales have been strong and they are expected to stay that way >> you know, so much of the inflation we're seeing hassing nothing to do with the war on thursday, by the way, dt will bring back the wall of inflation that we brought back last april. that was a year ago. some of this is, bill, ukraine which is a bread basket. it is a corn basket with wheat and corn crops as long as the war is going on, is it likely that corn crop and corn prices will remain high >> i expect them to stay higher. looking farther out, this is a

situation where you not only have this year's crop and prices for delivery in 2022, but 2023 and 2024 these prices are lower, but i expect them to be much higher. there is a good trade there. at the same time, there has been a really great technical landscape. the onset of the war with the agriculture commodities ripped higher now they are threatening previous record highs. the constructiveness of the move lays the ground work for a breakout $10 corn is not out of the imagination at this point. >> wow you know, listen, our viewers have to pay prices at the store. is there some kind of trade? listen, i say -- i used to trade chemical fertilizers in a previous life. markets move quick this is a different beast than

owning stocks. i want to say that be careful that aside, bill, is there a trade that you can advise to help our clients or viewers make money to pay for some of the higher prices? >> we work with clients in several ways on the futures side, obviously, as you mentioned, direct access to the futures market. to be honest, cme has done terrific jobs in much years in smaller contract sizes it is not like it was 20 years ago where you put out a massive contract you can size positions how you like there is a mini bean or mini corn 1/5 the size. it gives you the more feasible manner opportunity i believe in a real asset bucket we have exposure to commodities. mid stream to agriculture products there are a number of ways to gain access to the markets in

this time. >> bill baruch, blue line advisers watching corn. i wonder if we get to $10. thank you, bill. coming up, your morning rbi and the white house coming around to black gold the big reversal by the biden administration on drilling on federal lands. plus a first on cnbc the ceo of the national grid and his company's plans to give renewable energy a real jolt herein america. as we head to break, other headlines. zen desk clienmbing higher after the software company rejected a $16 billion offer from the group of private equity firms. watching shares of stellantis used to be fiat and jeep and peugot

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welcomehee talked about it is 41 degrees in new york city guess what i just got checked on the left is peru, new york. up against the vermont border. look at syracuse yup. it is snowing in both of those

places need i let you know that we are closer to may than we are to march. 40 and raining in new york snowing upstate. be safe out there. those roads look nasty time now for the most random, but interesting thing of the day. cnbc style this morning with the big and quiet change from the white house. they will allow more oil and gas drilling on federal land that's right the department of interior will put up 173 parcels for auction totaling 143,000 acres of taxpayer land. that is not a lot, but it is something. remember, the white house tried to ban new lease sales on federal land and partially overruled by the federal court and keep selling federal leases

the biden administration wants to make more money off the sales. it will raise the leases 18% the fed is selling more leases and making it more expensive to drill on it. that will send oil companies into a tizzy environmental groups are ticked off. not the royalty rate, but more oil and gas drilling on federal land at all. that goes directly against the promise the president made when he was on the campaign trail if you did not hear about this before, you are not the only one. that news dropped without a sound on friday night heading into the easter and passover weekend when nobody would pay attention. almost nobody. more drilling on federal lands random but interesting. let's talk about energy of the different kind

wind your next guest and company is not one of the biggest utilities in the world, but ambitious plans to grow more using renewables like offshore wind. john pettigrew, ceo of national grid, a london based utility and operates in new york and massachusetts and rhode island maybe soon in new jersey john, good to have you on the program. we are hearing a lot about the wind power potential off the coast of new jersey, a state in which i live what timeline of starting construction and turning on the lights with wind-driven power for the first time >> good morning. yes, we're excited about the offshore wind project we are developing we are doing it with rwe we were delighted to won a sea bed lease. that would produce 3 gigawatts

of wind. it will take a while to do the development. we are expecting the construction work to happen in the second half of this decade hopefully we will have electricity to people's homes in new jersey and new york by the end of the decade. that is not the only thing we're doing. we are announcing a new vision for fossil free gas. 39% of all of the carbon emissions in the northeast of the u.s. come from people burning fossil fuel for heating. we are announcing a version that sets up how you can replace that natural gas with renewable natural gas and hydrogen to provide an affordable solution for customers going forward. >> we have been talking about both energy costs where you are in the uk and energy costs in new england as well as england

they were bourning dung and wood to heat homes in the boston and connecticut areas. i hear renewable natural gas people will roll their eyes at that phrase. what is renewable natural gas? >> this renewable natural gas is produced from food waste and from rubbish you can produce it from waste water. across the u.s., there are 100 million tons of food waste every year we have 17,000 water treatment plants and 19,000 ponds. all producing natural gas. if you can capture that, it burns in the same way natural gas. it is really good for the environment. if you mix that with hydrogen, what potentially you get is a fossil free gas you can use in the home for heating and

cooking. it is a cost which is lower than if you electric everything you have to increase the network fourfold it is a real resource we can use and lower costs. >> i'm glad you say that, john electric is cool, but it is like trying to push a football through a garden hose without improvements to the grid i want to ask about your country. we were there in november. we talked about the coming energy crisis and prices you are a grid operator. not a power supplier from your point of view, where g did the problem begin? 54% jump in power costs on april 1st? another one to the uk in october. if you look at the program from where you live, where did it go

wrong? what happened? >> i think it is a challenging time in the uk at the moment a lot of it stems from the terrible war in ukraine. we stand in support of ukrainians and all of the actions the government is taking in support what we have seen in the uk is not dependent on russian gas 4% of gas comes through pipelines from europe and russia actually the uk is exposed to european and world gas prices. when gas prices rocketed in europe over the last period, then the uk is facing the same that is a real charge for customers. the typical customer in the uk has gone 1200 pounds from the gas and electricity bill to 2,000 pounds that is likely to happen again in october that is the challenge. with the concerns around russian gas, uk is suffering from that they don't have a secure supply

issue. there is not secured supply issue. it is different in europe. that's creating challenges for germany. >> challenging for a lot of people trying to pay we hope to have seen the worst of the energy and electricity inflation. john pettigrew, i appreciate you coming on cnbc and "worldwide exchange." i look forward to updates on the new york and new jersey wind farm thank you. >> thank you very much. you're welcome on deck, tired of what has been a mostly brutal stock market this year? don't worry. we have names hitting all-time highs right now. names you might not expect. plus, capital wealth planning's kevin simpson on one big bank stock may be a g bi inflation hedge for you right now. that name ahead. stick around

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welcome back let's get back to the markets and your money on "worldwide exchange." we're all about opportunity and the markets had a tough year and there are plenty of individual stocks hitting all-time highs. they don't get attention, but quietly rocking. let's make them unquiet. dollar tree. soaring. john deere rising fmc corporation. all-time high. pkg is rocketing and peg, public service is moving higher. let's get more names with kevin simpson. he joins us now. we were talking about inflation, earlier, kevin i said i felt like the fed is

the coach of the football team that's down 49-7 and suddenly decides they need to play football and try to catch up with hail mary plays how far behind the curve is the fed, if at all, and how long do you think this inflation will really last? >> we know they are behind the curve. you and i have talked about this before i prefer reactive fed more than pro-active fed i'm glad you did not give me a twitter analogy. it is fun talking about twitter the past few days, that will not help look at inflationary environment or prepare for it. the question is is inflation peak peaking? are we heading into the recession? the szeitgeist at the moment is are we already in a recession?

>> credit card data is up? airlines are packed. are we >> sometimes it is a measure of semantics. corn at nine-year high talking about energy every day i was in naples diner the other day and talking to the owner about eggs and the price of eggs they were paying $24 for a case of eggs. that same case is $96. the person out on the street is looking at this and saying i think we might be in a recession. you know, we went to school, it was an easy definition if you have two quarters of depreciating gdp, that's a recession. i don't think it will be our great grandparents ecession. it is not something we should be terrified of to your pioint, that doesn't mea there are not opportunities. we need to adjust for

inflationary environment and recessionary environment. >> kevin, we never know it until we were already it and look back at it. i teased a big bank stock. why is goldman sachs a good bet here >> so much talk about the rising rates and they trade in the opposite direction the stock came down 30% from its high as we look forward, what is a real inflationary hedge? the hedge is the dividend and increasing dividend. if we look at goldman sachs, dividend growth is incredible. >> you got music, kevin simpson. it is like the big hook back in the '30s we appreciate the seeinggmentset have a great day take care. that does it for us on "worldwide exchange. stock futures are down

the weather is down. oil prices are at $107 grab a cup of coffee "squawk box" is next we'll see you tomorrow it' s th. it's everywhere. but for someone to be able to work from here, there has to be someone here making sure everything is safe. secure. consistent. so log in from here. or here. assured that someone is here ready to fix anything. anytime. anywhere. even here. that's because nobody... and i mean nobody... makes hybrid work, work better. this is xfinity rewards. our way of saying thanks, with rewards for the whole family! from epic trips... to the original jurassic park... on us.

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the judge strikes down the biden administration rule from the cdc. private equity firm could become part of the bid for twitter. details straight ahead. and we could say this every morning for the next three weeks. more corporate earnings coming your way this hour we are expecting results from johnson & johnson. we will speak with the health care giant cfo he's woke. joe woke tuesday april 19th, 2022 "squawk box" begins right now. >> good morning. welcome to "squawk box" here on cnbc live at the nasdaq market site in times square. i'm andrew ross sorkin along with joe kernen. becky is off today we start with the conversation with masks and wha