it is 5:00 a.m. at cnbc. here is your top five at 5:00. the jay hawk talking faster rate hikes to fight inflation. the timeline jay powell is laying out now. and lawmakers are talking about stripping taxing privileges we layout the political ramifications for florida. elon musk finding a partner for the twitter takeover bid congress set to return to washington advance the president's agenda

like build back better is bbb already doa and the morning rbi. introduce you to the red-hot ice cold stock market that we call the snack attack trade it is friday, april 22nd, earth day. 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 happy friday we made it, everybody. one more day to go it has been a very tough market. not only this week, but this entire month as of late. right now, stock futures are not giving us a real clear indication which way they want to go. i would say they would be flat a little more down i'm trying to be optimistic on friday dow futures off 60 nasdaq off .10%

only the dow is higher so far in april. that is barely mega cap names holding up. investors looking for safety you see the big tech is crushed. nasdaq 100 has been slammed. it is down 7.5% since march 30th we have more crazy market stats as well as bright spots. it is not all negative that is coming up in the morning rbi. maybe this could be an rbi this is the first year since 1994 that the major stock averages and government bonds are both down at this time in the year usually stocks go down and bonds go up and vice versa not this year. right now, yields are higher ten-year is five ticks away from hitting 3%

crude oil is slightly down odd day for oil stocks on thursday oil itself actually rose many oil stocks got creamed. oih. oil and gas etf falling $13. $101.75. down 2%. it has not just been a rough april here european markets taking a hit as higher energy costs credate real worries for recession. let's get more on the trade and headlines with julianna tatelbaum in our london newsroom julianna, good morning, ithink >> brian, it depends if you are long or short. we have heavy selling pressure in europe. 1% of losses for the german, french and italian markets more resilience in the spanish and swiss and uk markets

investors were listening to christine le gard yesterday. here is the picture for sovereign bonds in europe. german ten-year bond yield we were up around 97 points earlier. now trading at 95. bond yields rising across europe a lot of weakness in sterling. weak retail sales data with a down picture of the uk economy down 1.1%. earnings you can't forget about that. we heard about the luxury space. kering rose in the first quarter as strength in the u.s. and europe the luxury giant said gucci grew 13.4%. they flagged worrying signs from

china. shares are down 5% especially on those china worries. >> all right julianna tatelbaum, thank you. have a great weekend. some of the other headlines happening on friday including the latest on the growing fight in florida between lawmakers and disney kristina partsinevelos is here with that and more kristina, good morning >> good morning. a bill on the disney world special tax district is heading to the governor for his signature. lawmakers say this gives disney the power to control utilities on lands where the theme park is located. this is seen as the opposition to the bill that bars florida schools from discussing sexual orientation. this bill could go into effect as soon as next year french prosecutors issued an

arrest warrant for carlos ghosn. it is over $60 million of questionable payments. a spokesperson for ghosn said he was surprised by reports of the order. and elon musk in talks with private equity firm about partnering up for his bid to take twitter private this is according to "the new york post. thoma bravo is mixed on the idea over his politics. brian, this report comes after musk received commitments for $46.5 billion to help finance this potential deal. >> what do the kids say? it's getting real. things are moving along. it could accelerate. >> it got this much financing and you have all of the

interested buyers. >> where there is money, there is a way kristina partsinevelos, see you in a few minutes. speaking of money, let's get back to the markets. turning tail yesterday jay powell confirming more aggressive rate hikes are coming that is in the next meeting in less than two weeks. speaking at the imf panel, powell says it is appropriate to move more quickly. >> there is something in the idea of front-end loading an accommodation. that points in the direction of 50 basis points on the table we make the decisions at the meeting and we will make them meeting by meeting 50 basis points on the table for the may meeting. >> let's talk more about all this and the macro markets are ivory johnson. a member of the cnbc advisory council. ivory, welcome back.

i'll not say the fed lost the confidence of the markets or they are irrelevant. they matter a lot. i would say this, every single note i read from wall street suggests that the bond market has done the work of the fed the work the fed does is in the rear-view mirror the rates and bonds is that part of the market just cutting in line of the federal reserve. what is your take on the fed, inflation and rates? >> i think what is happening is the bond market has priced in aggressive fed and the stock market has priced in a fed that will get more adovish and pivot with the ramifications and rate hikes. the fed is in a tight position because on one hand, you have real wages negative. that is to say if wages are going up by 5% and inflation is 8%, workers are taking a 3% haircut. on the other hand, you have an

economy that will start to slow and you also have inflation. it won't grow at the same rate for oil inflationary at $144 a barrel and all this is happening in the back drop of the midterm election that's coming in six months the fed is in a tight spot i think we will see this manifest in the stock market as they resolve which direction they go with or without the hawkish rhetoric from the fed. >> yeah. i don't want to be tough on the fed. i feel the fed kicked the gate open and all the hogs ran out on inflation. now they are scrambling around trying to round up all these hogs and throw them back in the pen. in other words, they lost control. putting it bluntly has the fed lost confidence?

how do you view it >> it is a day late and dollar short. they thought inflation was transitory it was not here they are now trying to clean everything up. even when inflation now has happened an example is the man hheim indx used car prices are coming down. oil prices will not happen at the same rate. we have inflation and he is raising rates in the economy that will slow we talked about the $1.3 trillion of stimulus that's gone away that is 6% of the economy. there is the narrative that americans have the money saved because of covid dollar savings not savings rate dollar savings is lower than it was pre-pandemic anybody who got a tax refund they received it the stimulus --

>> they spent it >> it is already spent. now earnings are beating expectations 67 companies from the s&p 500 with earnings year over year are down 7%. now you see the earnings slow down you will see the economics slow down. >> are we pricing in recession >> i don't think the recession is priced in if you look at stock prices. if you look at the s&p down 7%. that is better than the nasdaq down 16% that is because inside the s&p, you have the positions like utilities and real estate and consumer consumer staples they will buy toothpaste, but fl not go on vacation if it turns into recession, we don't know that yet

>> the market is pricing in something. ivory johnson, i appreciate you joining us it is friday trying to be optimistic. have a great weekend see you soon thank you. all right. grab another cup of coffee we have a lot more to do on this friday when we come back, your morning big money movers including shares of one retailer tanking that is your mystery chart after a c-suite shakeup. mcdonald's firing back on carl icahn talking about his going green is hog wash. and try to give ditch the pi on this opportunity to go green on this earth day. we'll be right back.

staying up half the night searching for savings on your prescriptions? just ask your cvs pharmacist. we search for savings for you. from coupons to lower costs options. plus, earn up to $50 extra bucks rewards each year just for filling at cvs pharmacy.

this is elodia. she's a recording artist. plus, earn up to $50 extra bucks rewards 1 of 10 million people that comcast has connected to affordable internet in the last 10 years. and this is emmanuel, a future recording artist, and one of the millions of students we're connecting throughout the next 10. through projectup, comcast is committing $1 billion so millions more students, past... and present, can continue to get the tools they need to build a future of unlimited possibilities.

time for the big money movers three stock stories happening right now. stock number one is snap parent of snapchat with a first quarter loss and revenue that missed forecasts snap blaming inflation on advertisers and privacy changes. everybody is blaming apple down 2%. stock number two is down more. mystery chart. that is gap. clothing retailer slashing first quarter sales forecast and replacing the head of the old navy brand shares are down 12%.

stock number three ppg. the paintmaker shares getting a touch up. first quarter revenue rose 7%. the company, like many, plans to rise prices. citing energy costs. that stock up over 1%. on deck, starbucks facing a growing unionization movement. we will tell you about that and more when we roll on right after this

make fitness routine with pure protein high protein. low sugar. taste great. high protein, low sugar.. so good high protein, low sugar, mmm birthday cake and for a cheesy crunch, try pure protein snacks.

hybrid work is here. it's there. 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.

welcome back happy friday we made it today is earth day annual call for action to protect the planet the toy industry is trying to do its part cutting the use of plastics in products and packaging and switches to sustainable materials as retailers continue to face rising costs and delays from items from factories to stores james zahn is joining us now nice talk, james, but as a parent of a 7-year-old, every toy i have has a big plastic container and i cut myself and then put it in the recycling bin. are some companyies doing it better than others

>> you are right i have two little one withes i have been the guy with the garden shears. i know first hand. we have finally turned a corner, i believe, where going green and sustainable is not just a trend any more it is part of business going forward. a lot of the companies, mga entertainment, mattel, hasbro, they are all making moves to be sustainable by 2030. the big example we can start with on something changed is from mga the lol surprise dolls these have been one of the hottest doll lines over the past f four or five years they were known for being full of trash this is the new earth look model. this is sustainable here this ball is made of paper

bamboo recycled. this is the grow girl. she has tools with her and things that is one example of all of the plastic stuff inside there is now all compostable recyclin paper. bake d potato is doing a one tre initiative every game sold, they plant a tree this, too, herd mentality. if you buy the version on amazon, it comes in a smaller package with no plastic whatsoever >> listen, james, this all sounds -- no, no i love it. i feel your pain, literally, ripping open that plastic. it sounds great. i wonder if consumers would pay? i guess that is as good as it is for everything it will cost more.

we don't buy things from china because we want to, we buy it because americans demand cheap they don't want to spend a lot of money maybe people don't have the money to spend will people pay up to do better? >> so that has been a concern. a lot of times you can really see it in the independent toy stores one made in china and one is green and made in the u.s. and $5 more, the customer is going to say i want to go green, but then i'm saving $5 here. now we're seeing the technology and production is coming down on the sustainable stuff a bit and with all of the supply chain nonsense that is happening the cost of stuff that was being made overseas is increasing to the point where it is really washing out a lot of the financial upside of production in china and other asian

countries. we're seeing reshoring happening and near shoring happening it is all working in tandem. i believe consumers will pay more for now, but as this sustainable product takes the place of non sustainable stuff, eventually they won't have a choice in seven or eight years. >> very quickly. can we talk christmas? i know the audience is like what it's april 22nd. if you don't buy the stuff now, my wife works in consumer products her company is talking about the holidays are there going to be toys on the shelves december 25th, james? >> absolutely. christmas comes the same day every year the toy industry has this habit of reacting to challenges. very resilient if you look at the last five years, it is one challenge after another after another.

we lost toys r us and the u.s. and china trade war and then covid. last year is supply chain. this year is supply chain and war on top of it these companies are reacting they are taking a hit on this. they are bringing merchandising early. we heard this week when hasbro came out of the gate with first quarter earnings season. they are bringing in product early. they are looking at a $1 million hit because of the russia and ukraine situation. all of these things happening on top of each other. retailers are getting smarter. consumers are getting smarter. they learned last year to buy early. we hear this every year. buy early to avoid disappointment for the kids. now you really have to or you will lose out on the selection >> yeah. you got to talk about christmas in april hard to believe, but true. >> yes >> james zahn. i love talking to you about it

these are real things parents have to deal with. good luck with the packages, the other ones, open, james. take care. wear gloves. plastic is sharp literally, you can buy the world's sharpest knife and it is in less packaging than a toy for a 6-year-old. still to come, the continued costs of borrowing costs the mixed picture for banks. dom chu is here. as we head to break, a gentle nudge follow our podcast, i'm ldisto, pretty good. we're back right after this. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪

♪ ♪ ♪ ♪ [sound of helicopter blades] ugh... they found me. ♪ ♪ nice suits, you guys blend right in. the world needs you back. i'm retired greg, you know this. people have their money just sitting around doing nothing... that's bad, they shouldn't do that. they're getting crushed by inflation. well, i feel for them. they're taking financial advice from memes. [baby spits out milk] i'll get my onesies®. ♪ “baby one more time” by britney spears ♪ good to have you back, old friend. yeah, eyes on the road, benny. welcome to a new chapter in investing. [ding] e*trade now from morgan stanley.

welcome or welcome back. i'm brian sullivan it is 5:27 on this friday morning. good morning if you are joining us or good evening if you are in asia let's get to the friday money. it has been, as you know, a tough market this year futures rightnow indicating we may not get a lot better today down just a touch. i don't want to make too much of it down .10% for the nasdaq all this coming off another down day of stocks with indexes and i hate to say it april has been a brutal month. it is also a tough year.

if you are not keeping get it. turn away if you don't like ugly numbers. here is where we stand in 2022 nasdaq 100 is down 16% this year down 19% from the all-time high in november. russell 2000 is down 11% just this year. the s&p 500 off 8% the xle energy etf is up 40% look at that out performance with oil and gas, thought dead on arrival, and big tech it is more than 50%. that in just four months time. remarkable as we talked about it earlier in the show, this year is the first year since 1994 that the major stock averages and the government bonds are both lower

at this point in the year. bonds dropping once again as yields go up 10-year yield is five ticks away from hitting 3%. with all of the talk of interest rates, there has been an increased interest in the banks and how the stocks are perf performing dom chu has more on that with the sector-nomics. >> good morning, brian those interest rates are a big part of the story. you talk about the major market cap against the s&p overall. if you look at the financials versus the s&p 500 you see on the year to date basis in 2022, the financials are out performing a lot of that may have to do with the move higher in interest rates. that may be one of the drivers people view higher interest rates as one positive sign for the banks and lenders.

the s&p 500 is an under performer versus financials. if you look at the interest rate trade, the one part of the equ equation is the gap with the longer term rates. the yield curve and steepness. it doesn't matter which part of the curve you look at. if you look at the ten-year/two-year spread that is flattening bank results have been tied more toward it. take a look right now at the biggest banks in america folks at y charts, the analytics firm, looked at the relationship between the spread of 10-year/2-year yields versus the banks stocks the banks with the tightest relationship is jpmorgan chase at number of 8.9 it is usually .33

look at bank of america and wells fargo. it is not as tight right now, big focus, brian, on the spread >> can you be more specific? .89? i love it. dom, how important is the ten-year treasury yield to the bank trade we say bank like it is the same thing. jpmorgan chase and goldman are two different banks. very different from the bank on the street corner. >> very different. we talked about the trading relationships with the spreads interestingly enough, you mentioned the ten-year long bond the yield on the ten-year treasury note is inversely correlated with the big banks. while we have a positive trading relationship, banks go as the

yield spread with the yield on the ten-year, it seems to not have as much as an impact on the other big banks. it is a relationship we will keep an eye on the folks are doing an interesting job with trading relationships. brian, back to you. >> they do a great job dom chu, have a great day and great weekend. also happening now starbucks facing another unionization vote as the fight with the company and workers heats up kristina partsinevelos is back with that. >> reporter: the workers at the second starbucks in seattle have joined the unionization. the employees voting 38-27 to make the move. starbucks will respect the process and bargain in good faith hoping the union does the same this marks the 25th store out of 27 holding votes to say yes to

unionizi unionizing. mcdonald's is calling carl icahn's sustainable issues unfeasible he wants the company to stop housing animals in crates. the company says that would be expensive. it cares about the health and welfare of the animals and supply chain, it objects to the calls for new commitment. and former president obama is calling on tech companies to combat disinformation. the former president said the spread of disinformation online is harming american democracy. he also called on congress to consider reforms to section 230 which allows for content moderation brian. >> all right kristina partsinevelos thank you very much. the next story goes in line with that a bit. let's talk disney and florida.

florida state legislation voting to revoke the disney world designation as a special tax district that is a privilege that disney held since the 1960s it allows the company to sort of self govern. that bill called the parental right and education act heads to the governor's desk. joining us now is former walt disney world resort is lee cockrill lee, talk about this reedy creek. what does that name for disney do for the state of florida? >> it is a local government that manages all fire proper decks, high protection and highway construction

all of those public facilities are managed by disney. a constant growth at disney with building and over the years, it has been -- they he do a great job of getting this done and getting it done in a quick way i always said disney builds a highway quickly. it isdone before you know it it's fire protection it is one of the safest places in the world, i would tell you it also is a safest zip code in america. i think all of that is because disney is all over these things like safety. it works >> please, if i'm wrong, lee, correct me i'm not going to profess to be an expert on this. as i understand it, disney world itself is in two counties. it is is so huge, it crosses

counties if a county wants to build a road, it goes into one county and they have to issue debt and they work together t then disney can do it on its own and everybody benefits if this special tax district ends up going away, do you think the orlando community is going to suffer or make it harder to get roads built but also have higher tax bills >> well with, that money has to go somewhere disney builds things ten times quicker than local government can. they can issue bonds and get funding and get it done. so often, local governments have to build a mile at a time as they get funding for the next year.issue it is mind boggling to me. i was there for 16 years

i never heard anything about any of the issues ever this is all new news >> you didn't? so, lee, i'll follow along with you. i didn't work at disney world. i have been there. i grew up near disneyland. that is california a totally different things i had no idea this existed i'll not lie i never heard of this special tax district or reedy creek or any of it before a week ago. what do you make of the fight? >> it is obvious what it is about. disney had no choice bob chapek had no choice but to stand up for the disney skvalues people around the world appreciate this. we respect everybody we treat everybody the same. a place where everybody parties. they know they matter. i'm not sure what this is all

about except it has to be a political issue. if you want to get u.s. total population recognition, attack disney everybody in the united states knows disney your name is going to get in there. there has to be something attached to this for name recognition if the governor is going to run for paresident it seems obvious to me we never heard about it before >> yeah. researching it, disney's not the only one daytona speedway may have one. a couple of others in this state. this is not unique to disney they are the ones talked about right now. we will see where it ends up lee cockerell, thank you have a good friday and weekend. is president biden's build back better bill already dead on arrival?

we will talk about the to-do list for congress with ed mills right after this >> announcer: sector nomics is sponsored by sector spdr etfs.

at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner.

welcome back congress getting back to work monday after a two-week easter break. the agenda is full with the fed confirmation and budget reconciliation and the build back better plan what can taxpayers hope congress

can get done joining us now is raymond james washington policy analyst ed mills. ed, great to have you back on. what is job one or job one or two for congress right now >> brian, i think for the next month, maybe next several months, it is three things number one, confirmations. number two, a bill related to u.s./china competition then the third is what, if anything, congress can get done through reconciliation congress looking at what can be done on inflation and what they can do to support this economy >> yeah. there's so much out there, but at the same time, ed, you have the shadow i know it is only april and midterms are november. the shadow of that election already seems to be looming

large. is it going to change what happens with congress as a lot of democrats and some republicans who are in trouble in the polls start to maybe shift or maybe decide they don't want to do a lot >> brian, this is what happens every election year. usually we look at memorial day as one of the unofficial de demarcations of when things can get done that demarcation is moving out as far as august before folks really get into the all campaign mode because reconciliation is on the table as we discussed many times, that is a 50/50 vote. democrats will have to see what they can build that fragile consensus. what can manchin and sinema support in the middle? what will the progressives support on the left? i think if there is a bill that gets done there, it is really going to be energy focused and

health care focused. there are expiring health care provisions such as the subsidy for the exchanges. the timeline for what can get done is a little bit longer, but you are right, brian we're getting into what is known as the silly season in d.c once that starts, nothing of substance gets achieved. >> does something get done does build back better pass in some stripped down form? >> i think the most likely thing to happen are the confirmations you highlighted. jay powell has not reconfirmed five nominations for the fed there is a real desire to give lena cahn the fifth majority vote after that, the next likely thing is the u.s./china competition bill that would support $50 billion there are a number of things

more concerning to tech. an outbound investment restriction. on reconciliation, the over/under people are putting 60billion. there is a chance and it will be built by the fact if they don't get something done, these are things that won't be done for another decade democrats will feel the loss much greater if they don't get something done there there will be growing optimism we have to see if that fragile flower can come together >> it will be a heck of a time to watch coming out of a two-week break with so much at stake. ed mills, i appreciate your views. notes a must read. have a great day >> thank you all right. on deck, morning rbi with some crazy stock stats. including what we will call the snack attack trade you will see what we mean coming

up. dr. j., jon najarian, in the house. what he is doing with netflix stock. and all april is financial literacy month here is gina sanchez and how sh learned about money. >> i heardlearned about money bs i grew up poor in south texas. anytime we made a purchase, my mother would take out a napkin and do the budget to determine if we could make that purchase that is how i naturally began budgeting from the time i was 10 your doctor gives you a prescription. “let's get you on some antibiotics right away.” we could bring it right to your door. with 1 to 2 day delivery from your local cvs. 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.

with directv stream i can get live tv and on demand together: baseball, ghostbusters, baseball, ghostbusters, baseball... ♪ ♪ it's good to be back! that is one foul ball. let's do this! ♪ ♪ cross the stream! get your tv together with the best of live and on demand. directv stream. now get $30 off over 3 months. given all the market action this year, we thought the rbi should be about the market

old-school dive in the random but interesting things going on right now. some stuff you may not know. first, out of the s&p, 11 stock sectors, three of them are higher this year even in the bad year, three are up you know energy is up. crushing up 40% since january 1st utilities are up 5.5%. consumer stables up 4.5% they have done okay. the worst group is what s&p blandly calls communication services it is down 21% this year the worst three stocks in that worst sector are names you know. match group down 41% meta, facebook, down 43.5% netflix is down 64% since the beginning of the year. a lot of pain on the screen. we don't want to end the week like that for you. especially on a friday let's end on maybe some bright spots. first, did you know that 74 s&p

500 stocks hit all-time highs yesterday. 74 amazing the lousy take overall there are big names with new highs you may not have heard about. coca-cola. hershey and spam maker hormel. the snack attack and hotels marriott and host and loews hotels and get out and trade stocks seem to work and the shining stars so far this year have one thing in common that is energy here is the top performer this year in the three major s&p index. s&p 500 is occidental. up 104 p%. the s&p midcap

eqt. we highlighted that company a few times. up 93% the best of the best s&p 600 small cap star rpc inc who? a small cap oil and gas driller and a handful of analysts cover and it jumped 153% this year rpc is in the hotbed of oil and gas atlanta. a lot of stuff we threw at you bottom line this because it is early. number one, conventional wisdom said gas stocks are dead money two? eqt is in pittsburgh and rpc is in hot-lanta you have to look where no one else is looking for the winners. random, but interesting. let's bring in the jon najarian and see what he thinks about this

he is the co-founder market.com. john, we know energy is hot. facebook stunk up the joint. what do you think of the stats >> we had interesting activity in that eqt, perhaps, because you have been talking about it or because people just really need energy. you know, one of the biggest natural gas plays out there is eqt. it has had a nice move for the year and even year over year i think is 150%. year to date, 96%. i think most of us would take any stock that does that >> are you guys at market rebellion seeing upside call interest or any option interest in oil and gas names or do you think what you are seeing, jon, many have been played out?

how high can they go >> i think they can go a lot higher still that's my personal opinion we've seen a lot of people placing big bets months out into the future i think one of the reasons for that, brian, is that in all like likelihood, we will see the sanctions and/or the pure demand that is out there for energy right now continue for months and months, perhaps years. it is one of those things that people were surprised how quickly the market decided that we're going to have to pay a lot more for energy. then even things like releases from the strategic petroleum reserve are not slowing it down. we are seeing a big jump in prices and i think you will see that for months and months if

not years. >> yeah, this big spr release hasn't happened. it starts with the big one the president announced that starts on may 15th. jon, i want to talk about the vix and volatility the vix is up from where it was. it is only at 23 i'm confused by that we have the putin's war in ukraine and then let's be clear. you talk about the energy, jon this is my opinion the very real risk of a major recession if not worse down turn in europe because of energy prices which are six or seven times or higher than that of what we are paying here. i'm not saying the market is calm are you surprised the vix is at 23 or is that too high >> i was surprised when it was low. i was surprised when it was 20 23 is still not very high. i think one of the keys, brian, that people like you and i have

looked for is what are the futures doing. because the spot vix is what you and i quote most of the time the futures have been up there at 27 the whole time so, that's telling you that people don't believe that any short-term moves are what we should be watching we should be paying attention to further out the curve seeing higher volatility because of the uncertainty because of some of the issues >> well said at 36 jon, 20 seconds. a birdie told me you are pbuying netflix or netflix calls >> there hasn't been heavy institutional buying there has been just the opposite sometimes you do have to buy when there's blood in the streets to quote warren buffett. i did buy netflix calls and sold

calls against it of i think that will continue to work i do think netflix isn't just going to go straight back up i think it is a long slog for them becoming an ad-supported company. >> and tom lee said this is the third 70% draw down in the last 20 years now this time and it rebounded jon najarian, we appreciate you joining us have a great weekend >> you, too. good stuff by tom. 70% three times in its history that does it for us on "worldwide exchange. we will see you back here on monday morning have a great day and great weekend. don't go anywhere. "squawk box" is next take care.

good morning fed chair jay powell adding more weight to the possibility of the 50 point interest rate hike before fed leaders are going to go quiet heading into the next meeting. it's a harsh world after all florida politicians vote to strip disney of the special status that its held since the '60s more fallout over the so-called don't say gay law or parents rights law depending which issue you're on. and warner brothers pulls the plug on cnn plus the streaming experiment will end after weeks in operation that is amazing. it is friday, april 22nd, 2022 "squawk box" begins right now.