are it is 5:00 a.m. at cnbc. here is the top five at 5:00 more pain ahead after friday's meltdown stocks falling here and around the world. history in france. emmanuel macron wins re-election. the first of its kind in more than 20 years. a live report from paris ahead. will it be a musk win for elon twitter now ready to consider selling itself to the tesla founder. is food inflation about to get better the ceo of one of the world's

biggest fertilizers is here. and what you think is going to happen with the american economy with recession ahead it is monday, april 25th this is "worldwide exchange. good morning, good afternoon or good evening. welcome from wherever in the world you may be watching. i'm brian sullivan thanks for joining us here to start the week let's get to the monday money. as you know, it has been mostly a rough ride for stocks this month. really this year i'm sorry to tell you, it is not looking like it will get better. not today. stock futures are down across the board. dow futures off nearly 300 nasdaq futures off more than 100. about .75% down. this after another down week and rough day on friday. we saw the markets tumble in

late trading dow lost 3% for the worst day since october of 2020. the s&p 500 fell 5% from its thursday highs to its friday lows something that has only ever happened a couple of times in the last 20 years. remember, april historically is a good month for stocks. not now. the nasdaq 100 is down just 10% this month a full 18% this year stocks going down as borrowing costs rising those are coming down a touch right now. the 10-year yield is coming back up at 2.8% the oil market crude oil back below $100 a barrel global growth weighing on sentiment. the latest bank of america survey shows optimism around growth global is lowest that banks of ahas seen

and crypto is lower across the board. it is not just here. investors getting squeezed around the world as always, we have global team coverage sherri kang in hong kong and rosanna lockwood in london sherri, let's start with you >> reporter: that's right. good morning, brian. sell-off in asia and in the greater china markets. china stocks with the biggest slump to date since february of 2020 that is the onset of the pandemic shanghai composite down 5% shenzhen with a ytumble of 6% investors are much wwatching the

situation. they are worried that beijing could be next for lockdowns because of the test kit orders we have the chiensnese yuan faln to the largest one-year low. remember, stimulus measures announce so far by the authorities are not enough to meet market expectations here in hong kong, shang seng seeing a selloff the tech index as well when it comes to elsewhere in asia, australia and new zealand were closed under selling pressure we have the japan nikkei down 2.5% brian. >> cheri, thank you very much. and in europe, stocks are down

rosanna lockwood is in london with more in europe. rosanna. >> reporter: brian, more red across the board i know you get the paris report soon from our colleagues over for the election any kind of positivity you may think you get from macron winning re-election is wiped out. cac is down. macron is baked into the markets already. anything china exposed luxury, oil and gas. that is heavily down that is impacting london ftse 100 is down .20%. we had positive economic data. the report from germany this morning. that dax holding upper down 1.6%. a heavy selling process going on as a result, what we have seen is what you were talking about with the u.s. treasuries

european yields ticking down we also had steam coming from the euro where we saw a very minor jump after macron's re-election. we seeing a flight to safety is fair to say. brian. >> rosanna lockwood in london. thank you very much. let's come back state side stocks looking weak again. that follows selling friday afternoon. 980 point drop from the dow is the worst day since october of 2020 four straight weeks of losses for the dow and 9 of 11 weeks. nasdaq and nasdaq 100 are the worst performance since march 7th. the major averages are down 20% from the 52-week highs that is a technical bear market. let's talk about this and bring in the founder and ceo of decatur capital.

it sis a nervous time. what are you advising clients to do >> brian, what we are looking at is we talked about pricing power and inflation environment. how do you identify companies with pricing power one way of doing that is looking for companies that have higher relative gross profit and growing gross profit relative to competitors. that is the revenue minus cost of sales divided by revenue. if you need micro chips to make a car and the cost goes up, that drives up the cost of sales which can reduce gross profit if the company cannot increase prices so we're telling clients to look for and what we're doing for clients is looking for companies that have positive gross profits relative to competitors and

gross profits growing. >> well, we need ports in the storm, degus you heard the ugly stats we lost 5% from our intraday high on thursday to the low on the s&p friday that has only happened 10 or 11 times in the past 25 years where are some of the havens you see? >> first, let's talk about tesla. tesla back in 2016 had a gross profit of 23%. since that time, their gross profits is above 27% what tesla can do is have strong demand for their electric vehicles their electronic generation and storage is growing in revenue. also lower in debt another company is cvs health.

cvs had a profit of 17% in 2017. today, gross profit is 40% this is due to acquisition of aetna and digital platform that is doing really well and growth in pharmacy. and then lastly, texas ind instruments. it was 61% in 2016 today, the profit is 67% what is happening there is a stronging growth in demapped for chips by automakers and also growth in the internet of everything for chips these are companies that have strong gross profits and growing gross profits that would do very well in inflationary environment. >> which is the environment we find ourselves in. a weak take as well. we are watching txn and cvs. i appreciate the ideas degas, thank you have a great day

we'll have much more on the macro markets all morning long on cnbc. right now, we have a developing story on the elon musk/twitter drama. reports saying twitter is in discussions to sell to musk and backers with a deal potentially finalized as soon as this week according to the wall street journal, they met yesterday to talk about the proposal and were making progress. many issues are still debated with a deal far from certain twitter has been aggressively fighting a deal. including talking about a poison pill defense the twitter board turned a bit as musk lined up financing of $40 billion deal remember, twitter board and all company boards have a fiduciary duty to maximize shareholder value. they are likely under pressure musk said the $54.20 is the best and final offer.

he reiterated to the chairman in recent days that he will not budge on price twitter is set to report first quarter earnings on thursday that stock is higher in pre-market. when we come back, we have more to do more on the global equity sell off. and we have mark y yusko with latest. and we will talk about the food prices surging and we talk to jon najarian. stock futures are down across the board. oil down below 100. we are back after this short break.

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a lot of concern about global growth and slowdown around the world that is hitting energy prices. crude oil here and overseas and natural gas all down across the board. in fact, price of crude oil here back below $100 a barrel that is weighing on oil and gas stocks that looks to continue this morning. in fact, live trades chevron and exxonmobil all down 2% to 3%

could be a tough day across the energy space. back to that in a moment right now, to france's presidential election. emmanuel macron holding off a push from marine le pen. macron's victory may be short lived with the next parliamentary elections in two months we have karen cho with more in paris. >> brian, good morning this was a high stakes election seen by many as a brexit vote. emmanuel macron was reelected. that was an uphill battle for the president. no president has been reelected to office in the past 20 years in france. you can feel the voter disenchantment many tried to see off marine le pen, but 41%of the vote going to the far right this was a concern that the far right's marine le pen gained on the cost of living crisis and

concerns of anti-immigration and push back of russia and war in ukraine. emmanuel macron took to the stage and also acknowledged the tactical voting that people turned out to support him, not his ideas, but see off the far right. that was important he spoke about unity the next five years of his mandate looked to be one where he tried to see off the concerns and discontent from the left and right. it might be a slightly different macron government we have here one that will try and bridge some of the gap. this is a very business friendly government here, but may have to give more concessions. that begs the question of what he will do with the reform agenda the next challenge is the reform in parliament elections in june.

>> so is it over the systems are different in every country in the world you talked about the parliament elections. is macron in as president for the next term? >> indeed, yes securing the vote. 17 points over le pen. don't forget the exit polls. we knew the result at 8:00 p.m. local time we were certain of the result at 8:00 p.m of course, who macron has to work with, whether a collection of candidates or bring in ministers from the left of the side of politics in france and if he will make concessions with

the cabinet. that is the difference in france as they try to tame the cost of living crisis. i think this is a president accused of being aloof i spoke to the president as he went to greet supporters last night. >> that consistency in france may be important part for europe is not helping stocks. they are down across the board historic victory for emmanuel macron karen tso, thank you very much. on deck, stock futures are down again mark yusko is coming up next on what you should do now. elon musk taking on bill gates over a bet on tesla. stick around at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan

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welcome back we will get more on the macro markets with futures down across the board. this morning, top stories. secretary of state blinken and defense secretary lloyd austin meeting with the ukraine president overnight in the unannounced trip to the capital of kyiv. they will offer the country more than $320 million in military funding. speaking at the undisclosed location in poland near the border following the trip to

kyiv, blinken said russia's attempt to take the ukrainian independence and in his words failed. and elon musk accusing bill gates of shorting sale aof tesla musk revealed he asked the microsoft founder if he was betting against the electric vehicle maker stock. musk speculated on the possibility of gates shorting tesla. the spokesperson for bill gates was not immediately available for comment when contacted by cnbc hedge fund manager gabe plotkin is rethinking the capital management plan. that according to reports. plotkin apologizing to investors saying he is delaying the surprise plan to return their money. he will take the next few weeks to decide on next steps before closing the fund

scrapping a plan to start charging performance fees after backlash from investors. hard to charge fees in you shutdown the fund. the fund has plummeted 50% since the beginning of last year with the short squeeze of gamestop collecting millions of dollars in fees and down 50% this year you are making a lot of money. nice work. straight ahead this morning's rbi and your chance to speak out when it comes to the likelihood of recession in the country what you think is going to happen with the markets. if you haven't already, follow our podcast if you miss the show any day, no prob check out the podcast anytime. we are back. dow futures are down 300 points. nasdaq off .70%. we are back after this

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mark yusko and jon najarian with what they see now. elon musk could win twitter by the end of the week the twist in the elon musk/twitter takeover saga. rising risk of recession morning rbi in what you think the road ahead for the american economy looks like it is monday, april 25th this is "worldwide exchange" here on cnbc welcome or welcome back. good monday morning, i think thanks for joining us. let's get to the macro markets a rough ride for stocks this month. it looks to continue this morning as well. we are seeing stock futures down across the board dow futures off 300. nasdaq futures off 1% as well. it looks like a tough run for the markets.

dow down four weeks in a row it lost 9 of the last 11 weeks this is interesting. s&p 500 falling 5% from its intramarket high on thursday to its low close on friday. 5% drop from the intraday high the day before to the lows of the next day that is something according to tom lee, that has only been seen a handful of times in the last 20 years it has been a rough take historically april is a good month for equities stocks have been going down as borrowing costs soaring. not right now. buyers are coming into the government bond market 10-year treasuries are down 2.1% oil and gas is down. concerns about global growth price of oil is below $100 a barrel here. it is above that for brent

crude. natural gas is down. all of these are higher than they were a couple of months ago. lower overall. check this out latest bank of america fund manager survey optimism of global growth is the lowest they have ever recorded a lot of red on the screen could be another tough take today. let's follow the elon musk/twitter saga. new reports the company is in official discussions to sell to the tesla founder. the deal potentially finalized this week. that according to the wall street journal two sides met yesterday to talk about the proposal and apparently were making progress. although issues are still being debated and a deal according to the journal, is far from certain. twitter is set to report first quarter results on thursday. that stock is higher right now not anywhere near the $54.20 t

takeover bid the market is not buying into it 100% let's get back to the global mar markets. we are selling pressure in shanghai we have red arrows across europe as trading gets under way there. pretty much every major global market, including our futures, are down right now like we said, futures here are off sharply after that friday market meltdown that saw the dow post the worst day since october of 2022. nasd na nasdaq and russell 2000 are down just in late november, which is a technical bear market for those indexes as well. joining us now to talk about it is morgan creek capital ceo mark yusko. we have a global audience. they could use your steady hand.

you know u, the economy is slowg down the fed is backing up raising rates. i'm not sure anybody has confidence left in the fed to navigate a soft landing. what do you attribute the selling or is it all of the ab above? >> brian, you are right. it is all of the above the challenge is we are moving from an orderly selloff to what looks to me like liquidation that is normal operating procedure when you have a highly levered market one challenge of this particular bull market cycle over the past couple years since the lockdowns was the extraordinary amount of debt incredible leverage that went into the system. the fed and other central banks around the world handed out free money to investors those investors took that money

and deposited it into the trading accounts and the brokerage firms said take more money in the form of low interest loans that is all starting to unwind one of the ugly things of liquidation is you don't sell what you want to sell. you have to sell what you have to sell. gold goes down bonds goes down. crypto goes down everything goes down not just stocks. >> yeah, we're seeing that across the board it is not our futures down here 300 points, mark, this is a global program and we see markets everywhere falling it is not just a u.s. fed problem, is it bank of japan. european central bank. b bank of england did it. >> i think everyone would like to believe

all of the central banks would like to believe that they can control the inflation that's raging around the world. i said it. i don't believe it is inflation. inflation is caused by excess demand with limited supply of goods and services that's not what we're seeing what we're seeing in the last two years is currency devaluation particularly in the west in japan, in europe, in the united states. currency devaluation is not going to be reversed we're not going to put the dollars in euros or yen back in the bottle i think one of the things i follow is people say the dollar is so strong look at dxy. all that means is it is less bad than yen and euro. look at dollar/yen it has gone ballistic in a bad way. rising from 110 to 128 over the

last few weeks normally the yen is a safe haven. it is getting liquidated they things are liquidated, central banks are rendered not that useful. that makes a rarely difficult environment for investors. where do you hide? one place to hide short duration assets and then look for over value. the last one is to increase your own liquidity. as i said, cash, cash equal, arbitrage. things like that >> the fed give and the fed take away we are seeing a lot of pain. we're down 9 of 11 weeks all of the stats, mark, 5% drop from intraday thursday high to friday low it only happened 10 or 12 times

the past 20 years. overall, investors made a lot of money. still, for the most part, the past two to three years. how do you view the longer term? not just today or tomorrow, but the longer term? do you have a few? >> if you look at the last two years, we he had extraordinary rebound off the covid lows you go back further 5 years or 10 years or 13 years of the global financial crisis. the challenge is that all of that is really a sugar high. all of those gains are really devaluation of the currency. it is money illusion one of the interesting stats is we look at stocks, bonds and other markets in currencies. that makes sense that's what we pay for them with we look at japanese stocks and yen and euro and u.s. stocks in

dollars. if we denominate those in money. gold is money. the only asset that exists in the absence of the liability other than bitcoin, the digital form of that when we look at stocks in nominal prices, it looks like we have been making all-time highs until recently if you denominate in gold, we're dead flat since 1996 it is currency devaluation if that reverses, which i don't believe it will, i think they are threatening and that is causing this they will back down and they will not raise nearly as much as they think they like to. >> we're starting to hear chatter like that, mark. you know, all of the talk with six or seven more rate hikes .75 the next meeting the fed will say they are not paying attention to the stock market it is impossible to ignore it. we have, by the way, the

november midterms. a lot of other stuff churning under the surface. do you think the stock market decline is sending a wake-up call to the fed and they have to back up? >> brian, you nailed it. it is a midterm election year in the u.s. this is a global market and a lot of things going on around the world that are impacting markets. things like the shutdowns in china and the back-up of the ships in ports and empty that will weigh on gdp growth around the world supply chains are not getting better this is a midterm election market in the u.s. there is zero chance we get 6 or 7 or 8 rate hikes. they would be lucky to get away with another 50 basis points here in may. i don't think that will happen i think they will back down to 25 there's just no way the debt and deficit can support higher

rates. they are in a box. remember, japan in 2007, said they would end qqe they said they would stop buying bonds. they have been buying bonds every day since 2007 now hold 137% on the bank of japan balance sheet. same for europe. when draghi was leaving, we will stop le gard buys too much. i think they will have to keep >> i love how you said it. you didn't leave it at 2%. zero percent you did not leave the margin of or the zero percent chance. suddenly turning dovish again. we will know time stamp it. mark nailed it mark, pleasure to have you on. thanks for getting up early. i appreciate it. on deck, has the world seen

the worst of rising food prices? the ceo of the world's biggest fertilizers is here and tells you what it means over what you pay for food. and join us on cnbc pro next monday for a very special hour we are live at the global conference with four great market guests running employee pension funds from around the united states. it is one hour live. totally unscripted with great advice for you it's at 11:30 a.m. eastern time on monday. it's only on cnbc pro. sign up at cnbc.com/pro. we will see you there. by the way, on cnbc tv, we will kickoff the milken conference monday morning with the biggest name in bonds. literally. guggenheim's scott minerd will join us. not a better time than to hear

from scott in the meantime, dow futures are 2 2 280 here a bk teth srt break.

welcome back good morning the market pain we have been seeing the last weeks is not going to end this morning. stock futures down 250 on the dow. just under 1%. na nasdaq

a lot of the recent winners are all lower. those are live prices. down 3% and 4% many tech stocks as well are down right now the nasdaq 100 down more than 20% from its all-time high late last year which means technically it is in a bear market facebook, apple, amazon, netflix and google all lower again many stocks down 40% in the last 90 to 120 days while stocks may face a lot of pressure recently, one area of the market that has remained red hot is commodities particularly food. look at the price changes since january 1st. corn is up 33% soybean is up 42%. wheat up 40% playing a huge role in the run-up is not only the war in ukraine, but the cost of fertilizers needing to grow the crops and raw materials needed

to manufacture the fertilizers particularly natural gas and ammonia. joining us now with the inside look at what is going on is the international president and ceo sven i'm not sure a lot of people knew what they were thinking about when they heard fertilizer urea and phosphate and natural gas and anmmonia how hard has your industry been hit by the spike in gas and changes with the chemicals that go into your product >> thanks for having me, brian i'm deeply disturbed by the events in ukraine. i'm strongly condemning the russian military invasion there. as they say, in addition to the

suffering we are seeing in ukraine right now, we are moving into a global food crisis. this will make food more expensive for all of us. for most vulnerable, this is a question of life or death. the reason is it is all connected. ukraine and russia are world powers in the food system. together they represent one-third of global wheat exports. it is 8% of sunflower oil essential for cooking and maze russia is a producer of fertilizer nitrogen and phosphate and pot ash and natural gas used to pro produce nitrogen we know half of the world's population gets food because of

mineral fertilizer it adds up to a difficult situation. >> it is we have seen it get so difficult, svein, i don't need to tell you of the shutdowns because of the fertilizers because it is so expensiexpensi. are you actively producing fertilizer right now >> it is volatile market right now. we had shutdowns before the war as a result of the increased energy prices that we saw toward the end of the summer last year. it reached a peak in the beginning of march with the natural gas prices in europe getting off to $110 or $120. we are talking about a $600 per barrel of oil equal. it is difficult to produce just about anything at a reason able

return we had to make shutdowns since then where natural gas prices have come down in europe and fertilizer prices have gone up at the moment, we are producing at capacity in europe. it is very volatile. we are monitoring this day by day, brian >> okay. you are producing at capacity right now which is good news is demand for fertilizer inelastic? it was at $200 a metric ton, u.s. i'm hear $1,400. farmers will buy it because if they don't have a crop, they don't have a business. is demand inelastic or will people cut back on using it? >> it is hard to think of more

essential good than food when half of the food in the world is produced as a result of fertilizer, there is demand for product. you know, farmers are put in a difficult position as well with all of the uncertainties and volatilities here. fertilizer prices at record highs. it is also about having the credit are they able to take on the risk with a credit line? it is important that we do whatever we can to support and it takes time before it is reflected in the food prices the crops justify the use of fertilizer what we see is the first phase with the cost of energy. why do we eat food to get energy it is all connected. it takes more time before it is reflected in the food prices we saw high food prices in

february before the invasion it is up 12.5% in march and we are helping with farmer economics, but in the volatile market and uncertain market at the moment. >> it is good news that you are back to producing and producing at capacity to make sure fertilizer are available svein, thank you for coming on cnbc have a good day. little bit of good news. fertilizer is being produced. on deck, tough day of trading taking shape here off the back of the selloff on friday jon najarian is here to layoff the spike of fear. he is seeing the markets nasdaq off under 1%. oil back under $100 a barrel crypto down across the board as well maybe grab another cup of coffee we're back right after this. what if you were a gigantic snack food maker?

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today's rbi is actually isn't that random, but hopefully is that interesting. we always find it interesting to know what you think about things no one wants to hear us blathering on. all of you make this happen. thank you. we like to poll you on big issues what is bigger than the american economy? nothing. with inflation out of control and millionsbailing on the wor force, there are a lot of questions of where the economy is headed. if recession is in the cards, then we asked you a question will the economy fall? no, yes, later this year, yes, next year, or depends on the fed. you surprise us. you surprised us again 40% said yes, later this year. next highest answer was yes,

next year or after equal, but smaller number said no think about that 72% of you said we are going into recession whether later this year or next year you think it will happen doesn't mean it will fascinating response remember, definition of recession is drop in economic activity in a number of months because that will always be backward looking, we don't know when we're in a recession when it starts. you look back and say we were. if most of you are right, we still won't know until next year we will time stamp this rbi. no offense hopefully it will be wrong nobody wants a recession. let's get back to the markets and bring in jon najarian and the guy that watches the markets as closely as anybody else. jon, big spike in the vix. under 30 right now

to what do you attribute the thursday and friday market crushing and spike in the vix? >> you were nice enough, brian, to shoot me the, hey, jon, we traded over 5 million puts on the spdr on friday you were right that is probably almost 40% above what it did just the prior couple sessions. that is a significant move the fact the vix made that big spike, brian, was below 20 just the day before in other words, thursday, the 21st, last week, it was below 20, the vix. that's the spot. the futures, when we talk about out on the curve, all the way out to july, we are hanging around 28. well, to us, since they were hanging up rather than coming down with the spot, that said

people did not think it would last long. clearly it did not we spiked to 28 and traded over 30 last night. we are below 29 right now. if there is a silver lining at all, brian, it is that those fi futures, all the way out to july, have not budged. they are basically 28 or 20 or something like that. 28.40 across the board to me, they think most of this is very quick. it will pass quickly this volatility rather than continuing to ramp higher although we could in the short term see move back through 30 again. it is not foretelling a big long surge in volatility, but rather 20 was pay too cheap >> yeah. to what you referenced at the top, you're welcome. i love going back and forth with

you all the time, jon. i got trade notification on the 5 million put thing on friday. somebody made -- not just somebody, an institution or collection, made a huge bet against the s&p 500. maybe the tail wagging the dog if somebody lays that kind of negative trade on the s&p 500, it will shake a lot of things out. >> yeah. you know, your point is well taken. anytime somebody trades a lot of futures or other derivatives, it will cause hedges in the asset itself whether it is triggered by that big trade or people start scrambling and looking for protection and right when they look for protection, all of a sudden, all that selling pressure comes into the s&p at the same time. it is a real witch's brew when this happens i would say overall, the

volatility and strikes they were buying were far out of the money. it seems to be that if somebody wanted to buy protection that would really aid them in the short-term, they would buy something more at the money, brian. in the iwm, they are buying out the money rather than at the money. they want to hold their long position >> maybe a little glimmer of hope in the negativity that is what we are seeing >> little bit. yes, sir a little bit yes, sir >> hey, we'll take that much over the mark yusko zero percent. thank you very much. somebody on friday laying a huge bet against the s&p 500 and options market options run the show we will see you tomorrow markets down across the board. "squawk box" picking up the must-see coverage coming up next have a great day

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good morning stocks are set to plunge again after the worst day for the dow since october of 2020. we'll show you what is moving. overnight, the steepest selloff in china since on 2020 and the onset of the pandemic. covid has been spreading there undetected for a week. plus, twitter reconsidering a new report saying executives are in talks with elon musk and warming up to his takeover offer. it is monday, april 25th, 2022 "squawk box" begins right now.