it is 5:00 a.m. on cnbc. stocks trying to mount momentum after tuesday's turn-around fizzled out. futures are in the green but not by much. top on i vinnesters' radar, the latest on inflation. potentially showing a peak with record prices, but that would mean it's going down shares of coinbase going down. a crypto down to 40 cents. the senate signs off on lisa cook to join the federal

reserve's board. perhaps the market story of the year, energy surprising new stats on just where you may be getting more of your power from. it is wednesday, may 11th, this is "worldwide exchange. good morning, good afternoon, good evening, welcome from wherever in the world you may be watching. i am brian sullivan. let's jump in and get right to it stock futures are higher right now but not by much. nasdaq futures are up the most, about 0.75%. dow futures up 303 so they have popped in the literally last few minutes or so. all this off a mixed and probably disappointing day for many investors on tuesday because we have futures higher at this time yesterday and the dow ended down the s&p 500 and nasdaq did squeak out some gains. all this as the ten-year yield

fell below 3%. right now those yields are going down again the yield around 2.49% there's a very real concern about a slowing economy being felt in the bond market as yields get hit and bonds get bought oil taking a hit on that as well crude ended yesterday's trading below 100 bucks a barrel right now it's popped up at 103.20 natural gas up about 1% to $7.45. by the way, the u.s. government making some very interesting projections on oil and gas next year you want to hear those they are coming up in your rbi in the later half of the show. in crypto, we're seeing bitcoin and ether back down again. ether is up. bitcoin is down a little bit bitcoin around 31,254. pay attention to this. the so-called stablecoin that is

supposed to be tied to the u.s. dollar is plunging it is trading down around 35 to 40 cents according to coin gecko. this stablecoin is supposed to maintain one to one to the u.s. dollar luna plunging as much as 80% earlier this morning we're digging into why on both and hope to have more all day here on cnbc in is a bizarre story for both of these coins we're going to try to figure out what is going on let's try to figure out what's going on around the world. julianna tatelbaum is in our london newsroom with a look at your early trade in europe, some headlines and, once again, a lot of green on the screen julianna. >> brian, good morning just like you saw u.s. futures basically pop before your eyes, i'm seeing the same in europe. as you gave your opening pitch to start out the show, i've seen the cac 40 in france cross the 2% mark.

we're at more than 2% in france. half an hour ago or so we were up 0.7%, now up 2.1% the german market up 1%. positive momentum has been building throughout the morning. we got german inflation figures out this morning which show german inflation remain elevated in europe. a lot on the ecb and whether this will tip the balance in raising interest rates sooner rather than later. the swiss market down about 0.25%. roche, the health care giant namely philip morris has made a 106 swedish cash offer, $16 billion deal the maker of snooze and nicotine patches says they see the

long-term market for cigarette alternatives turning to natural gas prices, uk has said it will block the flow of gas through a transit point that delivers almost a third of europe's supply from russia ukraine's gas system operator says it will shift the flow elsewhere while gazprom says that's impossible. we are seeing elevated gas prices uk wholesale gas prices up 10% dutch gas, a proxy for european gas is up more than 0.25. the best story i've ever read, the best book is called the match king about the swedish match company founding it's a great financial book "the match king," check it out. >> thanks, brian >> it's a good read. now to what else is happening right now, including congress moving forward with

providing more money to ukraine. for an analysis on that headline and more >> good morning. the house has passed a bill providing $40 billion in new aid to uk. it provides funding for a long list of priorities including military and humanitarian assistance the bill heads to the senate president biden this week asked lawmakers to separate the ukraine aid package from a measure on covid relief funds in an effort to get the ukraine bill through speaking of the senate, it has confirmed lisa cook as a federal reserve governor vice president harris breaking the tie vote on cook's confirmation and economist at michigan state university is the first black woman to be named to the central bank's board she becomes the second of president biden's picks to win confirmation following fed chis chair lail brainard. tesla has sent cars from their

shanghai plant they sent more than 4,700 vehicles to slovenia, the first batch of exports since the factory reopened last month. tesla is expected to ship another 4,000 cars on friday following word that tesla was facing production challenges at the facility due to parts shortages and ongoing covid restrictions brian? >> thank you very much let's get back down to the markets and your money, as everybody out there kind of searching for a bottom in the ongoing wave of selling. the worst may not be over yet, according to hedge fund manager l leon cooperman >> the best evidence of bond, a company comes out with disappointing earnings, the stock closes down and unchanged up we're not seeing that at all i would say the stock market is not yet discounted the economic slowdown we're experiencing, in

my opinion >> that's leon's opinion let's bring in managing director of securities, annika. good to have you on the program. >> do you agree with mr. cooperman and it's not the bottom in stocks >> he's made a good point. look at q1 earnings, 80% for s&p companies that reported these estimates. if you look at what the s&p has been doing, it certainly doesn't feel that way. so, it's -- there is a huge amount of concern in the market about all sorts of things. it feels like a perfect storm. he's certainly making a good point. >> what to you is the biggest troifk equities? is it inflation, is it policy shares by fed governors in europe and here, is it something else or are they all kind of connected and am i asking the

same question all in one, annika >> it's all kind of connected. it's this cocktail which comes together and it's all about the ultimate question. we're all asking it. can the fed pull off a soft landing. there's huge trepidation around it we're starting at shockingly high levels of inflation and extremely tight labor markets, which doesn't set for a very high likelihood of being able to pull this off. >> it's not just our fed, is it? this is a worldwide phenomena. we have the european central bank, uk's central bank, the bank of japan, all kind of acting in concert in the same way. do you think this will be a global soft landing or is every country going to kind of screw it up? >> the thing is, and this is where you get into the nitty gritty because it's all been

rather orchestrated in a very similar way with regards to how the pandemic hit us all, how the central banks had to sort of all come together and look at support from a monetary policy perspective but the government is doing it from a fiscal policy perspective. you've started to see the differences radio creep in, the bank of he can land -- but if you talk about the ecb specifically, this is really problematic. this is not only about the problem of how can you needle the thread and manage inflation without triggering a recession, the ecb has this inherent problem of managing, you know, 19 member states with one policy regime >> so, what are you and what are you advising companies around the world right now? >> yes, the only thing you can do is get really, really nitty

gritty you know, relying on -- well, the first point is, shifting away from what we've all got a little accustomed to, a lot of people havele become accustomed to, the ev sales approach back into real cash flow, back into looking through the p&l, the balance sheets of businesses that's one and the other one is, back to the classic fundments around fundamental investing, the nitty gr gritty, understanding the businesses the past aera of companies showing losses without a clear path into improvement cash flow positive territory, that's going to be very complicated >> it's a great point, actually doing the hard work, digging into company fundamental, income states, balance sheets, not just throwing a dart at the wall, which is work for the majority of the last two weeks. appreciate you always coming on. thank you very much. when we come back on "worldwide exchange," we have a lot more to do, including your

big money movers including one company taking a huge hit. elon musk reportedly getting more locked in after taking twitter private. the end of an era, apple officially pulling the plug on one of its all-time biggest products we'll tell you about it. 20 years stick around

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it's time for your big money movers three key stock stories of the day. i apologize in advance for these because they're all done the first is a biggy, coinbase, posting a first quarter loss and lower than expected sales. coinbase losing more than 2 million users from the platform as it cites the impact of lower volatility and prices for crypto, in other words customers are bailing because they were probably losing money. coinbase expects trading to be lower. it's down 18% right now, which means it's down more than 80% from the all-time high of $368 a share just six months ago. wow. stock number two is roblox reporting a wider than expected first quarter loss bookings fell 3% that also missed estimates they expect net loss to continue for, quote, the foreseeable

future due to higher expenses and a slow downin demand from the highs of the pandemic. people are back to school. shares down a touch but they also fell about 5% on tuesday. stock three continues this trend, unity software. this will likely be your disaster de jur. the company's first quarter results were in line with estimate but it gave weak revenue guidance the rest of year.

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welcome back stock futures are in the green this morning dow up 302 nasdaq up the most, 4.1% as bond yields up and oil fell a lot of news around crypto. looking a little better this morning, keep in mind, though, dow futures were higher at this time yesterday and that index ended lower. let's get a check on some of this morning's other headlines,

including more raging fires in new mexico and a big night for an angel in anaheim. nbc's francis rivera with more on that. >> today the capitol senators are expected to vote on abortion rights a bill is going to the floor that aims to codify the protections of roe versus wade into federal law it is not expected to reach the 60-vote threshold to bypass a filibuster but senate democrats want to get to a vote. a red flag warnings are up in about eight states. about a dozen massive fires burning. the largest is in new mexico burning more than 200,000 acres. thousands of residents have been forced to evacuate as crews try to get a handle on the blazes. it was an anglic performance. the rookie tossed a career high 108 pitches but he threw a no-hitter in just his 11th

career start it is the second no-hitter this season the first no-no for the angels since 2019 los angeles beat tampa bay 12-0. for your midweek headlines, brian, we've got you covered back to you. >> as a lifelong angels fan and somebody went to angels country baseball company in 1979 through 1982, it was very nice to see. francis rivera, thank you very much >> sure thing. >> that's random and not that interesting. one thing that is up this morning and way up lately is the u.s. dollar. it is near a 20-year high. the dollar index which tracks the greenback versus six major rivals has climbed more than 8% this year. more cash coming into u.s. dollars as people worry more about the world. this is impacting nearly everything you buy it's a big question.

where is it headed let's get more from head of foreign exchange rates at goldman sachs. joining us by phone. its been a heck of a run for the u.s. dollar. do you see it moving higher or is this it >> yes, good morning yes, it's been a strong run but it's been a run of two parts until about the end of march, the dollar strentens mainly against other market peers the euro area, the yen, the uk, given the u.s. was about to start monetary tightening. since april and early part of may, you've seen a different kind of dollar strength which is much more broadbased against a whole range of emerging markets and that's against more fears of a recession or slowdown in the

global economy and china has been part of the dollar move as well. yes, while it's been a very strong run, it's come in two different flavors and both of those impact the back the u.s. is tightening, perhaps, faster than domestic peers because of inflation issues and also because the dollar is a safe haven asset. both those courses are contributing towards dollar strength >> are we going to go to parity, one-to-one with the euro, any time soon? >> look, parity at the end of the day is just a number and it is a case that if you continue to see the u.s. tighten policy faster than the euro is able to tighten itself and deliver higher rates, then the dollar from that standpoint, at least the dollar impulse will continue

to be strong yes, you'll see further dollar strength and euro weakness even relative to current levels the one place where we do see much more dollar strength which is -- is the uk in sterling. that's the place where we see the bank of england even last week when the fed so-called delivered a height perceived as being somewhat dovish of the market, a 50 basis point hike still outdelivered the uk and you're seeing more weakness in sterling we're more confident about that. that's the view we like to express, sterling shorts through our trade recommendations. beyond that, i think a lot will depend on today's cpi release in the u.s. if there is a clearer sign there's a peak in u.s. inflation, that you're seeing the highs and those highs are then behind us, that is a kind of news or development you need to see to finally start putting

a break or slowing the pace in the strength of the greenback. >> it sounds like you're kind of saying, i don't want to put words in your mouth, that people are kind of temporarily parking their money in the u.s. dollar and waiting for something maybe better or something else to do with it. is that fair >> i think we are in a very uncertain period as chair powell himself said, there's a narrow path here to a soft landing one where inflation peaks and starts moving lower but the economy also avoids a severe downturn in the u.s. and the rest of the world. if we can get to that narrow path, then absolutely. i think there are going to be other, more interesting higher yield cyclical assets, be that the canadian market, which are going to be much more interesting to investors on either side of that narrow path, if the u.s. has to hike

much more aggressively because inflation remains a persistent and stubborn problem, or in the process, if it tips the economy over into a much more weaker position, on both sides of that, you have some sort of dollar strength so, i wouldn't call it temporary but i do think in a sort of -- when you think about the whole distribution of outcomes possible, there's a couple that are leading you to dollar strength, but i think if you get to that sort of narrow path, that's going to be the way you see this dollar strength start to abate and then, you know, seeing some of the other more cyclical currencies do better. >> been really an amazing run for the u.s. dollar. and impacting every commodity traded in dollars around the world. appreciate your time thank you very much. on deck, just how much higher can overall prices go or has inflation finally peaked we'll set you up for today's

huge number. a gentle reminder to follow our podcast. you can check us out later on. we're on apple, spotify, the podcasting apps and we're back stock futures higher emerging investors are absolutely investing with their heart. they're two times more likely to invest in companies that have social and environmental goals. ♪ ♪ there are so many more young investors coming in and participating in the financial marketplaces today, and that's really due to advancements in technology. there's a proliferation of innovative technology solutions to be able to interact and invest in the financial markets. younger investors today are engaging in social media in ways that we've never seen in the past. they're in forums, actively engaging with their peers on certain topics and certain investment ideas. 75% of them believe that their investment decisions can influence climate change,

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inflation. a big-time read just three hours away and it could be a major

market mover today calling out china, warning china's covid zero policy is, quote, not sustainable this is china continues to forcibly remove citizens from their home, even if they don't test positive. reports of the death of coal greatly exaggerated. we have surprising new stats from the federal government itself it is wednesday, may 11th. this is "worldwide exchange." welcome back good wednesday morning, everybody. it's exactly 5:30 on the nose. thanks for joining us. get now to the market and your money and the stock furious are in the green they're higher across the board. we're seeing gains on the nasdaq of more than 1.5% right now. dow futures up just under 300. of course, need i remind you, we were kind of here yesterday.

it's early, futures are nice but they're not everything in the meantime, bonds, ten-year yields continue to go down we're actually seeing bonds get bought the last couple of days remember, we have potentially market-moving inflation data out this morning, around 8:30 eastern time that report could be huge. energy, oil is back higher after falling a bit on tuesday it is back above $103 a barrel natural gas is up and wholesale gasoline prices also at new record highs which means we're sorry to say that gas prices are likely to rise again at your local station. in crypto, we are seeing bitcoin and ether on the move as well, but the story today will be this -- the so-called stablecoin, the ust made by tara, it is tanking. at one point hitting 31 cents on the dollar again, this is supposed to be tied directly and pegged to the american dollar.

so, this move all happening overnight is very, very unusual, the creator from south korea saying they're close to announcing some kind of, quote, recovery plan soon not sure what that means we are trying to find out. obviously, there are a lot of very frustrated probably nervous, probably angry investors right now in what is turning out to be a not so stable stablecoin. that is going to be a very big story there. watch the headline also making headlines, shanghai reporting that the city has achieved so-called zero covid status, meaning no cases but officials there say strict restrictions must remain in place under some kind of national policy. even the world health organization is calling china's strategy unsustainable as citizens are prisoners in their

own home, struggling to find enough food to eat. apollo global is reportedly in talks to lead preferred financing for elon musk's twitter bid. bloomberg reporting the funding is arranged by morgan stanley and will exceed $1 billion they are trading at $54.20 traders are skeptical about the transaction being completed. and it's a sad end of an era at apple announcing it will no longer made the legendary ipod, more than two decades after the device was first introduced. you can still buy the ipod touch online and in stores while supplies last. the ipod, by the way, changed everything for the first time ever you could keep all your music on one device and the battery seemed to last forever i actually still use my 120 gig ipod in my car

that's the ipod mini that's super mini. you couldn't see the song but it would tell you what the song was. rip ipod still available, by the way. maybe a museum piece back now on wall street, everybody out there bracing for the release of april's consumer price index due out at 8:30 eastern time today most economists expect a report to show headline inflation rose 8.1% year-on-year compared to march's historic 1.2% month over month increase and 8.5% gain whether it's 8.5% or 8.1%, this is nearly record inflation joining us is michelle gerard. it's great tohave you back on. i'm not trying to be glib about it, whether it's 8.1, 8.5, 7.9, does the headline number matter? >> it's high. >> it's high, super high. >> it's super high

it is -- i think it will matter that year-over-year number ticks down i think that's the first thing markets will look to is has -- do the numbers suggest that inflation has peaked at least it's not moving higher. and that is our forecast, both with respect to the month of april. we're a little bit higher than the consensus. we're looking for a month-over-month gain of 0.3 going forward, we see that year over year number coming down optically, you may have some confirmation or evidence to suggest the worst is behind us so, check that box but, you know, we do have to focus on these month over month changes. that's going to be very important. and if you strip out food and energy, which i'm only stripping out because of the volatility. this month you will see energy prices come off for the month of

may, helping to hold the number down if you strip those volatile components out, i don't think the numbers are going to be all that great we're looking for 0.5% increase. way too high on a sustainable basis. >> well, you know, used cars have been such a huge part of this, and whatever you think of the makeup of the cpi data, but the mannheim auto index, kind of the benchmark. mannheim is a huge auto auction in mannheim, pennsylvania, that they use as a benchmark has rolled over. used car prices starting to roll over headline inflation may actually come down but does that mean it really is getting better >> well, that's what we were saying if you strip out some of the volatile components like food and energy, and energy has been higher inflation story and at least for this month has abated,

the numbers are not that encouraging. you mentioned used car prices, which previously, you know, last year it put a lot of upward pressure on the core rate of inflation, they came off sharply last month we expect they'll be off a bit further, again, now in april i'm sorry, i misspoke. these are april numbers. but, you know, used car prices, you mentioned if you want to buy a car, we think the used -- i'm sorry, we think the new car prices this month are going to be very firm we've got them rising over a percentage point the other area of -- if you look more broadly away from services category, whether we're talking about rent and housing more broadly or whether we're talking about hotels and airfares, we see a lot of firmness there. if you're running half a percent year over year, that's a 6% annualized increase. you can't -- for it the fed, that's not ultimately going to be what they're wanting to see.

>> i think they've been clear signaling, 50% increases if optically the number suggests, hey, maybe we have seen the peak, i think they'll feel comfortable enough to stick with that. >> either way it's going to be red hot. we always appreciate your views. get ready, 8:30 a.m. take care. coming up, the rollout of solar panels across america hitting a brick wall it's because of the federal government that story ahead when "worldwide exchange" returns.

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it is time now for your morning rinne. today let's get random but interesting. on energy because it really has been the story of 2022 so far. a new report for the government says that it's likely to stay a big story for the rest of this year and into next year. now, that report covers oil, gas and electricity and even coal. there are a lot of really interesting takeaways from it. first on oil the eia saying that despite all the political groaning about stingy oil producers, production is set to new daily record at

12.8 million barrels a day, that would trump 2019's 12.3 million barrel average you think that would come up in political conversation but anyway, even with expected higher production, the agency also sees continued high prices with brent crude in europe staying above $100 a barrel for the rest of this year and falling just below that to 97 next year. though the eia says this forecast is, quote, highly uncertain given the russian war. now, none of this may be that surprising or random or interesting, but this may be the eia is predicting overall electricity use will grow a little bit in the summer even with cooler weather predicted. they expected solar and wind will provide about 11% of our electricity needs this summer. that's up nicely from last year. but the government also rather sheepishly says that coal production will actually rise from last year, up about 3% from

2021 that was actually below their previous forecast for coal's growth it is the very last thing they put in their press release who can blame them, talking about the growth of coal as a source of power. it's 2022. it seems impossible but it's not. hopefully it is random but interesting. let's stay on energy now as badly as america wants to grow out renewables like solar, there's actually a big problem happening right now. the department of commerce recently opened up an investigation into alleged dumping of cheap solar panels from asia. at issue is whether solar panels from some southeast asia countries are actually coming from china under false pretense from other nations as a result, chinese panel makers are halting most solar imports. that's going to cut solar installations by a lot our next calls this one of the most disruptive issues ever to

face the solar industry. marcel joining us now. how big of a deal is this commerce department investigation for u.s. renewables growth? >> hi, brian this is a very disruptive event. we're estimating that around 64% of 2022 installed or potentially to be installed solar capacity is at risk of being delayed or outright canceled. as you mentioned, it boils down to the fact that the threat of tariffs being imposed on supplies is being enough of a risk so, importers have decided not to bring any other equipment into the united states this is very disruptive for the industry because in 2021, 85% of the imported panels came into

the country, specifically malaysia, thailand, and cambodia >> how long might this last? >> that's a great question the department of commerce decided to start an investigation around the end of march. their preliminary decision will be done by august and the final one is scheduled to be in january 2023 the impacts of this investigation might be felt for longer than that specifically if tariffs are imposed on panels, it will take around 18 months for any given planned capacity, manufacturing of solar in the united states to become operational if anyone decides to build a

facility after january 2033, we would see that capacity coming online in 2025 >> what's odd about this story in some ways here in america, is this was brought by the commerce department on behalf of a petition from an american solar company, a small company called auxin solar. the department of commerce investigates and they pick up this investigation it is a u.s. company looking to get breaks for the u.s. and say, we can't compete against these cheap imports. at the same time it does damage the rollout. talk to us about how once power systems are in place, you're not going to swap them out so, the longer that solar does not get installed, aren't people then going to look for other alternatives that are kind of locked in for the long term? >> yeah, that is a great point we're definitely seeing some coal plants scheduled to be phased out

they're being pushed -- their phase dates are two years down the road now specifically to the supply chain constraints on panel imports into the united states so, any time that there's a hiccup in installation of solar power, it's a longer time when fossil fuels will remain in the grid. >> we didn't get into steel, that's another investigation going on affecting u.s. oil drilling but i know it's a different analyst. marcela, we appreciate your time thank you very much. a really big story not getting a lot of attention. on deck, jon najarian is here and he's going to cut through the language of the options and tell you why stocks may not be done going down, even with futures higher this morning. of course, during may, we are celebrating asian american and pacific islander heritage

month featuring a lot of our friends, teammates and contributors here's janette chin. >> i'm the daughter and granddaughter of chinese americans. growing up my grandfather took care of me while my parents went to work. he is the biggest influence in my life to become a journalist he told me stories of coming to america and traveling by train to different cities looking for work and i knew that by becoming a journalist, i would be able to see different parts of the country and meet different people just like my grandfather. here at cnbc i get to meet people who make history on a daily basis. for me, that is a dream come ulbeergrdfhehink my anatr wod vy proud.

welcome back it's going to be a very busy day once again here's sort of your morning calendar setting you up for the day on wall street thebiggy, of course, is april consumer price index, a big measure of inflation

it could move markets. that comes out at 8:30 a.m. eastern time you have the april federal budget, 2:00 eastern nobody cares about that. you might care about this. earnings after the bell from disney, that stock's been a disaster beyond meat and bumble out after the bell from fed speak, you'll hear from atlanta fed president at noon. cnbc will bring you any headlines you may need to know. let's find out what else we need to know about where the options market is being set up and bring in our friend, jon najarian, cnbc contributor and from marketrebellion.com great to have you back on. certain individual stocks i want to talk about, but are you seeing the macro market positioning? you know, options, bets for our against the s&p 500? if so, in what direction >> right now, brian, we've seen

a predominance of bets against the market that doesn't surprise anybody, i'm sure but the size of these bets has been growing exponentially so, right now, just yesterday, a big spy trade, which is, of course, the spyder for the s&p 500, they bought 20,000 puts in september at the 370 strike, which most of us would say, 380 to 385 is more or less where we would expect a very significant stoppage and a bounce for the s&p 500. somebody wanted protection just beneath that just in case and they bought nearly 2 million share equivalent for that, brian. that was a big trade other than that, they just continued to hammer on these small caps through the iwm and expressing a bearish few through those options. >> why is everybody hating on small caps, jon?

i thought they were supposed to be tied to the u.s. economy and the u.s. economy, we're told, is strong >> yeah, it is not gang busters at all there's pretty clear signs people are hunkering down, brian. we've seen time and time again consumer discretionary and regular consumer staple stocks with massive bets to the downside and warnings subsequent to that that, hey, the consumer's fine but they're just not buying as much at these prices the choices, of course, the company eats that extra rather than passing it onto the consumer, which means, of course, profitability goes down. those people want to keep their jobs so that's not what they want or inflation goes up. you cite that inflation number today, that is going to be very key, especially volatile food

and energy we talk about a lot. at least that's moderated with china being shut down. that could be a very temporary thing, brian >> as long as you don't eat or heat or cool your home or send your kid to college or have health care bills, you're probably free of inflation jon, from an individual stock perspective, coinbase, that stock, earnings were bad, stocks down 19% right now but now down more than 80% from it's $368 share level back in november so, in five or six months, it's lost over 80% of its value do you see any options activity there? >> yeah, sadly, brian, you know, april 21st, you know, which isn't five months ago. it's more like less than five

weeks ago they were buying the 120 puts when the stock was 140. you figure that's going to be a bad report probably. i've rolled those puts down now 14 times and my latest ones i was down to the 75 puts, meaning i was taking profits, buying new ones, taking profits, buying new ones all the way down like you say, the stock almost getting cut in half again this morning. it's just a blood bath for that stock, the sector. you've talked about the peg not holding with some of these stablecoins, at least one. i shouldn't say plural one stablecoin and that's been bad news for everybody in the space >> you're a big crypto guy, jon. this ust, stablecoin, it was down 31 cents. it was supposed to be tied one-to-one to the dollar the creator is a company called

tara, in south korea they put out a statement to cnbc and they got a statement saying they're going to find a solution or recovery soon not really sure what's going on. you have any insight into that and what do you make of it >> this is one where they were giving people a 20% return on their deposited crypto and so forth and they were trading that crypto to try to hold that peg at one obviously, it worked for a while and quite obviously again it didn't work overall. then the market just feasted on it and they've driven that one down, like you say it looks like it's going away. that is just egg over everybody's face, including nova who just got a tattoo on his arm about this one calling himself a lunatic. i think anybody that owns it right now feels like a lunatic.

>> if someone is offering you 20% guaranteed on anything, shouldn't that raise an eyebrow, jon? i don't care what we're talking about. farmland, gold, crypto >> yeah, it should, brian, but sometimes greed does take over this is not just staking they were trading this algorithmically to a buck and i don't know how you can do that. >> keyword there is try. the great simpsons line, you try and never fail thank you very much. i'm quoting the great homer, homer simpson. that does it for us. i'll see you on 23 hours on "worldwide exchange. big coverage next with "squawk."

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good morning stock furious higher ahead of today's big inflation data we'll get you ready for the april cpi numbers. coinbase plunges and stablecoin trading at 40 cents plus, a stick somewhery situation at starbucks an actor glued his hand to the counter. we'll tell you what he was protesting wednesday, may 11, 2022 "squawk box" begins now. good morning, everybody, welcome to "squawk box" on cnbc live fro