it is 5:00 a.m. on wall street here is your top five at 5:00. can stocks make it a turn around friday was that a bear market bounce or bigger futures are higher. crypto making a bounce back. bitcoin above 30 k is the crypto crumble over a not so soft landing. jay powell throwing cold water on any guarantees for beating inflation without sending the american economy in recession. and the head of the fed send

me an angel. looking to get musk's twitter bid over the finish line. and your top insider buys are back the stock that has been slammed all year it's all ahead on this friday the 13th this is "worldwide exchange" here on cnbc well good morning, good afternoon or good evening. welcome from wherever in the world you may be watching. i think i speak for over the great "worldwide exchange" team when i say tgif. day eight. let's get right now to the friday money stock futures are looking good on friday. higher across the board. you have nasdaq futures up 2%. it does look like, now, it could be a nice pop for big tech today. that after a nice recovery late yesterday.

yes, the dow, s&p and nasdaq ended the day lower, but they ended well off the lows. in fact, the dow was off 500 points from its intraday low couldn't get the green a big rally under the hood to end the day. all three indexes are down 3.5% to 6%. see if we can mitigate the losses in bonds, 10-year yield is 2.9%. they sold stocks, they bought bonds. that may help ease mortgage rates a bit. by the way, jay powell saying yesterday that two half point rate hikes are basically all but p guaranteed in the june and july fed meetings. hitting the market over the head rates will rise by another 1% in the next two months. in the oil market, crude oil higher by $106.50 betteper barrl

all this to allow the government to go after companies on what they consider to be excessive prices more on that coming up in crypto, it has been the market story of the last few days also seeing a bounce back with the big coins. bitcoin and ethereum higher. bitcoin above $30,000. it fell below $25,000 yesterday. we're also watching tether tether is the biggest so-called stablecoin it fell below its $1 peg on thursday rattled a lot of people. it is still below a buck not by much. that so-called breaking the buck has been a big market catalyst and source of worry in the past 24 to 48 hours then this.

luna stablecoin is now at zero luna it is wiped out. at zero. we'll get more on luna coming up all day on cnbc.com. if you invested in luna, that has been -- not gone, but effectively zero let's go around the world. asia closing the week with strong gains nikkei and japan up 2% softbank up. the hang seng and kospi up 2%. softbank and nikkei hit hard all week long. in europe, we have nice gains across the board and what has been a rough week there as well. maybe a little optimism to end the week julianna tatelbaum is in the london newsroom with the trade there. a lot of boston celtic green down 3-2 to miami or milwaukee

julianna, what do you have for us >> brian, always representing my home state as for markets, brian, there is some positive momentum brewing here in europe as we have seen in several of the last trading sessions, things can change on a dime. we have ghave green across the . healthy rally from late in the day yesterday. the stoxx 600, the benchmark, ended yesterday lower. it could have been worse the positive momentum continues to build ftse 100 in uk up this morning same for france. the dax not far behind up 1.3%. the swiss market is still up 0.9% really broad based rally today investors put more money back into risk assets from the sector perspective, green across the board here as well at the top of the board, travel is gaining 2.6%. outside performance there.

technology catching up 2%. banks performing well up 1.9%. there is a lot of talk around a july rate hike from the european central bank that would be positive for net interest margin for the banking sector on the down side, telecom is the worst. that is up 0.6%. auto up 0.7% the three worst performers this morning. brian, no doubt about it, the momentum is positive, but let's see if it sticks >> a couple of hours to go julianna, thank you very much. now to some of the headlines. including the very latest on the china draconian and bizarre policies around covid and literally locking people inside their own homes. bertha coombs is here with that and more good morning, bertha >> good morning, brian chinese immigration officials are denying reports that they

have been suspending passports and other documents preventing residents from traveling abroad. officials say they are still providing services for quote necessary trips outside of the country. the statement following announcement earlier in the week that china would strictly limit unnecessary overseas travels by citizens to minimize the risks of the resurgence of covid cases caused by international travelers. salesforce told its employees it will provide financial support to help them relocate if they are worried about access to abortions or other medical procedures the company revealing that move in the internal message which has been viewed by cnbc. it is announcing access to mental health services the move follows the leaked draft of the expected ruling from the u.s. supreme court that would strike down roe v. wade. the senate confirming jay powell for a second four-year

term to lead the central bank. lawmakers voting 80-19 ending the long-delay de layed vote afr nominating powell back in november by president biden. powell is warning that getting inflation under control could cause pain he said whether we can execute a soft landing or not, it may dehe pend on factors we don't control. inflation is just way too high in the united states and, by the way, the same all over the wor world, he says the process of getting inflation down to 2% will include pain powell adds that with perfect behind hind hindsight, it would be better to raise rates sooner a lot of folks have been saying that for a while, brian. >> or maybe never printed trillions of dollars when half

the country never locked down and ended up making more money than prior to the pandemic many things that history will say we should have done different. bertha coombs, another boston celtics fan. see you in a bit. your next guest says the risk to investment is the capital? ryan payne has more. what do you mean >> brian, the world is pessimistic. if you look at it, every dire scenario is priced into the market whether it is 75 basis point rate hike or if inflation doesn't go down the next couple months i think you are getting to a point where it is a sentiment driven selloff yesterday, we had the ten-year treasury down and markets still sold off i wonder how we priced in

essentially the fact that interest rates are going higher and the biggest risk is the positive news. whether it is earnings surprises. we had a pretty good quarter for earnings maybe we ratchet down the conflict in eastern europe a lot of things can happen the market isn't discounting enough positive news we could see in the next couple months. long story short. >> we just talked about the fed. what if the fed flips? they are raising rates in june and july if you are waiting for the fed to raise to make a move, i have beach front property in arizona. lake havasu i want to sell you >> that's where you give them massive appeal nothing has changed, brian we have investors sitting with trillions of dollars of concern

cash on the sidelines. the worst thing is sitting on cash because you are earning nothing. it is a great point. the one thing about america is it is all about filling a need supply/demand. if we think the supply chains are not fixed, i have lakefront property i like to sell you. we like to figure these out. you could not get a mask when the pandemic started within two months, we had an abundance of masks any supply chain issue will get fixed in the next 12 months or 24 months. that is deflationary the surprise is if inflation comes down and the fed is dovish, it is risk on again. we are back to the races you want to take advantages of the fact we have the low prices it will not last forever

>> no, speakingof low prices and then what about luna we had sketchy internet stocks and it went to zero. we had mortgage lenders that were sketchy and high flyers and went to zero right now, we hhave sketchy crypto luna is still trading, but you can go back to the 0000 decimal point. do things likes this or not that obscure corner of the cryptocurrency market, does it matter is it a paying trade or cash raising trade? do you care? >> that sis a good point. we have seen it unwind it has been a lot of pain, no pun intended, my last name it is indicative of the bubbles we have seen in the past

you know, we have seen this with coinbase borrow against bitcoin and borrow against the coins you are getting 25% interest rates and paid in the other cryptocurrencies someone is borrowing those cryptocurrencies they speculating with that money. so on and so forth it is the biggest casino we have seen that leverage has unwinded and bled over to the equity markets. i think there will be more pain there as well. at the end of the day, the other stablecoins, wite don't know wh it is backed by. that one coin was backed by more bitcoin. it is a huge house of cards. >> i tweeted out they were related. people said i don't understand why they are related you have to sell what has value. there are some people -- bill

miller said he is selling stocks to pay for margin calls on crypto maybe i got it exactly wrong you get the point. you have to sell what has value to raise money for something else ryan payne, great to have you on hope for no more "payne" in the market >> no payne, no gain >> we are learning it. we are just getting started on friday. when we come back, the morning's big money movers what has robinhood shares going to a pop after the all-time low. call in the gasoline police? some in congress trying to pass a law to go after oil and gas companies for what they consider price gouging. they can come for your local gas station owner. and coming up, the exclusive. the fertilizer producer nutrien.

talking shortages and food costs. the "worldwide exchange" ex-includes excl exclusive. that is up in a couple of minutes. escriptions? 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.

time for the friday big money movers three key stock stories happening now. affirm shares are surging as the buy now pay later firm reported

a loss affirm raised sales guidance and extended the partnership with spotify. the firm ceo spoke with jim cramer on "mad money" last night. >> the consumer is alive and well they are shopping. they are paying their loans to affirm well. generally speaking, things are going according to plan. the appeal of the stock market does not have impact on the underlining business which is performing really, really well >> investors could use a pop f affirm shares are down this year robinhood shares are higher after sam bankman freed has taken a 7% stake in the trading platform that would make him robinhood's third largest shareholder. and stock three is figs.

it is tumbling sales missed forecasts. it makes medical scrubs and other apparel. itgained more clients and revenue rose, but figures is down with shipping costs down 30% still to come, stock futures are higher across the board. bonus friday addition of the rbi and the two stocks that sum up the markets this year perfectly. you want to see this it's next. stick around

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new icy hot pro with 2 max-strength pain relievers. welcome or welcome back. good friday morning. let's talk energy and politics the house is set to vote on a bill next week to go after anyone or company found to be price gouging on oil, gasoline or other refined products. the consumer fuel gouging prevention act makes it against the law to sell at a price that is seen as unconscionable excessive. it would kick in after a declared emergency the priority is to go after companies that sell more than 5$500 million of fuel per year. that would be 54 public american companies. the bill is clearly designed to go after big oil, the language

would seemingly allow states to go after your local gas station owner if they were found to be charging what someone determined to be too high a price the penalty under the law would include fines and bringing other civil actions. it is possible the state authorities could go after single gas station owners or someone, it is not clear who, determines they are charging -- what someone determines is exce excessive. it is important to note that actions like this have been around for a long time in fact, in 2008, when gas prices and oil prices were high as well, a similar proposal was brought up backed by washington senator maria cantwell who is leading this new bill again 14 years later. coming up, the white house stepping into the baby formula shortage crisis. looking to get critical food for infants back on empty store shelves. the latest ahead.

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the bulls looking to mount a charge into the weekend. futures are pointing to a higher open to end what has been another tough week on wall street crypto crushed more than $200 billion wiped out in the market in one day the questions about the stability of so-called stablecoins. and the insider buyer and ceos putting their money on the line the top five insider buys are back. it's not scary it's friday, may 13th. this is "worldwide exchange.

welcome or welcome back. good friday morning, everybody it is not quite 5:30 it's close thanks for being with us i'm brian sullivan let's get to your friday money things are better today than they have been all week long we are seeing stock futures higher across the board. nasdaq futures are up more than 2% right now it looks like a friday pop all that after a late bounce yesterday. dow and s&p and nasdaq ended lower. if you didn't pay attention to the action, you saw it in the red again. that didn't tell the story they rallied as hard as they could and at the end of the day could not get into the green the dow rose 500 points from the intraday low we will see if that momentum yesterday carries over into the markets today. crypto naturally is the market story all week long. right now, stock futures are looking better all of the major coins bitcoin and ethereum are higher. bitcoin is back above $30,000.

at one point yesterday, fell below $25,000. you have bitcoin with a 5,000 point swing in 24 hours. you talked about intestinal fortitude. that defines it there. we have the biggies. tether is the biggest stablecoin what is that it is a 1 to 1 paying with the dollar the money market fund. this is the undercarriage mechanical being of the crypto markets. tether fell below the $1 to $1 peg on thursday. it is just under that right now. effectively at a buck. that is good news. fortunately, many manias end in wipeouts we have one. luna competing the crash luna this morning is now at zero it was 115 a month ago now it is not gone, gone, but

all but worthless unless you go out to the ten thousandth decimal point. we will get more on that coming up in just a moment. on fridays, we do insider buying instead of the rbi. we have something to perfectly review the market so far the once darling lockdown stocks are loved. look at this this is a chart showing zoom's market cap versus exxon's market cap over the last couple years why do we show you this? because you can see at one point in october, where the blue line goes above orange. zoom's market value was actually $20 billion more than exxonmobil out with the old, in with the new. exxon, that year, did $176

billion in sales zoom came in at $627 million exxon did more in revenue than zoom investors did not care fossil fuels bad zoom calls good. how much has changed exxon is now worth $330 billion more than zoom that stock lost 79% from the record high. the point is not to dunk on zoom or golf clap for exxon it is to remind you that things in the market move quickly and maybe, just maybe, that is so far the chart of the year. friday random and hopefully interesting. let's move on. to the morning's top corporate headlines outside of that. bertha coombs is back with these. bertha, top that chart >> no golf claps here. start-up investor jason

calacal calacanis is raising millions for musk he is soliciting funds from individuals with a requirement for people to commit to at least $250,000 twitter shares, in the meantime, are trading below the purchase price of $54.20 per share. the biden administration says the u.s. will increase baby formula imports as the nation looks to deal with the shortage. data shows 40% of formula supplies were out of stock at stores across the country. this month, the nation's largest formula manufacturer abbott closed its plant in michigan amid a recall to deal with contamination issues it is looking to restart production there within the next week or so if given the green light by the fda it would still take six-to-eight

weeks to get production back on shelves. nissan is considering adding a third auto factory in the u.s. as it looks to keep up with demand for electric vehicles the company has plants in mississippi and tennessee currently. brian, that baby formula story is tough for parents right now. not really much of an alternative. >> bertha, do we know exactly why? where did it all go? that's the thing is it hoarding supply shortages or all of the above? >> all of the above. they had a recall because of concerns of possible bacterial contamination. children were sick if you are a parent and know there is not much formula, you will buy more. there are a lot of stores limiting how much you can buy at any one time once you switch your baby over to formula, if they are really

young, months old, it is really difficult to move on to foods. it's a really difficult situation for parents of young children >> my kids were raised on infamil for many reasons i remember the transition. let's say, it is expensive already. if you cannot find it as a parent, you will get emotional and nervous about that bertha coombs, thank you >> one of the biggest increases with consumer prices last month. >> of all of things. that is one they should keep down bertha, thank you very much. let's talk crypto. they are higher right now. overall, of course, lately, most have been slammed. bitcoin on track for a seventh straight weekly loss that's a record. this is after the collapse of the stablecoin terra ripples

through the market it broke the $1 to $1 dollar the world's biggest stablecoin tether is under pressure, but back 1 to 1. the validaidate ors halted the block chain on thursday. let's talk more about what may have happened with caitlin ostroff from the wall street journal. caitlin, i won't lie and say i understand this entire story i remember 2008 and we were talking bonds. outside of the technical jargon that may blow right over many of the viewers and listeners heads, is there any indication in your report, you have been on cryptocurrency for a long time

there is an element of outright fraud here >> it is hard to know what happened with terra. there have been a lot of concerns with that for a while as a stablecoin, it wasn't that stable as you point out, it relies on the sister currency luna to keep its table. it incentivizes people to buy terra. it incentivizes people to buy luna when terra gets too strong. what has happened and other stablecoins in the past, as soon as one breaks, both go down. they wind up in the death spiral there are some people who say, you know, people investing in this should have known the risks. we have seen this happen before. not with a stablecoin this large, but it has happened before then other people are saying inn

ve investors were misled. the level of information when buying has to have is not necessarily what you have if you buy shares of apple. >> i bring that up we don't know what happened here i want to make that clear. nobody is accusing anybody of anything i will say this, caitlin, being as old as i am and reporting in 2001 and one of the lead guys in '07, watch out when you criticize something and people come back with you're old. you just don't get it. you're not smart enough. when they divert and deflect and not able to explain exactly what's going on -- that is when, as a journalist like yourself, it opens your eyes and makes you say what is going here who is doquan?

the man behind terra. what do we know about this guy >> he has worked in tech and has had this non-profit he helped start to back luna he is the creator of that. he has been a very aggressive defender on twitter, not just this week, but before then people who voiced concerns of the stability of terra usd he criticized them some followers think that because of the coded support of the project. he has a tech background there seems to be a lot of faith in the project that it could maintain the stability where other stablecoins failed as we have seen this week, that did not last >> caitlin, we have to leave it there. you have done great work there

i'll make a prediction based on my information there is a lot more to come on this story and big reveal being h revealing headlines. caitlin, thank you i think we have seen this picture before on deck, a big market and big humanitarian story on food the ceo of nutrien will join us after the break and what he sees with supplies and what will happen thees rt of the year. futures are higher we're back after this. billion-dollar views. a cutting-edge data-security enterprise. yes, with a slide. a perfect location for the world's first one-hour delivery. an inspiration for the next workout cult. and enough space for a pecan-based nutrition bar empire. it could happen. because there's space for any dream on loopnet.

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welcome back to "worldwide exchange." let's talk fertilizer and food in september of last year, we talked about the high gas prices and natural gas prices, you need to keep the eye on the competitors. they will have a tough time competing with the higher input costs. since that tweet, most fertilizer stocks have doubled look at nutrien. large fertilizer supplier in the world. now there are concerns of food shortages around the world because of the russian war in ukraine. let's talk about all of it with ken seitz. ken, i appreciate you coming on

"worldwide exchange. this is not just a stock story it is a humanitarian story i read the transcript of the earnings call. you are doing all you can to increase production because belarus and ukraine and russia are offline. where do you stand with production increases >> hello, brian. pleasure to be with you. if we look at the impact of the conflict in eastern europe has had on the crop nutrients and nitrogen phosphate and pot ash, between belarus and russia, they produce 40% of the world's pot ash. there will be nutrient shortages. we are looking at what we can do in this environment. we mentioned on this call that we have the ability to ramp up pot ash production we increased pot ash production by 20%

that is 70% of all production has come online in the last few years. we invested heavily in the nitrogen network we increased production by half we are the largest producer in the world. we are looking to ramp up. we have talked with the engineers and business people to see what it could look like. we believe we can help out in this environment >> part of the issue is the higher -- back in september -- higher natural gas prices. huge input cost of nitrogen and phosphates and et cetera russia is on the precipice of losing natural gas if europe has the flow interrupted, they choose to interrupt it, what would happen

to global fertilizer costs is there another higher leg if the energy crisis gets worse >> absolutely, brian a great point. not only is russia the largest exporter of nitrogen, they obviously send natural gas to europe that is the feed stock for the european nitrogen plants if you have $35 natural gas for europe, it would be more than that today the nitrogen prices need to be high to keep the prices running. last year, energy price in europe were too high and the plants how shutdown it is critical feed stock which is the majority of the operating cost for nitrogen plants is natural gas. there will be challenges for the european plants we believe >> i read on the transcript that you do not expect this to get

bernie time thisany time this yr you were looking at 2023 and beyond >> those were the conclusions we were coming to, brian. if we head to the spring season in the northern hemisphere, we saw historical levels. this is prior to the conflict. there had been supply disruption now with the spring season under way in the northern hemisphere, inventory is coming down we expect physical shortages will be felt soon and with the challenges we're seeing in eastern europe with exports and supply chain logistics and sanctions, of course, we see that there could be challenges into 2023. >> you have to load the big ships. carriers you are facing shipping challenges as well is that getting better >> no, we don't see that getting

better in fact, i'm in brazil right now meeting with our team. we are not seeing russian vessels show up in brazilian ports the way they used to to your point, brian, if you look at sanctions and what is sanctioned, it is not agriculture commodity, but the facilities like shipping and ports inviting russian vessels into their terminals like banking and insurances the things that facilitate export and sanctions are causing challenges as well >> ken, we appreciate you coming on it is a critical story for crops and food for the rest of the world. it is starting to see shortages in sri lanka let's hope it doesn't expand ken seitz, thank you have a great day. >> thanks, brian. time for the weekly exclusive insider buying segment where we highlight the top five

buys these are people buying with their own money. it is coming thanks to the insider score platform we are counting down five to one. here is the fifth most insider buy. i heart media. the $517, 000 buy. and number four is the ceo from parker $809,000 and stock three is align joe hogan buying $2 million worth worth. this is the first buy since 2019 let's get to bigger numbers. aon. the board member buying $4 million worth. his 11th insider buy this is aon's third appearance on the insider buy list in the

last two years the most insider buy this week is uber ceo dara he bought $5.3 million he bought last year at a price of what he just bought stock is down 44% this year. top five insider i heart media and parker and align and aon and uber we can't do this during blackout periods, but we try. that is a segment you will only see on wex coming up, we're trying to find some good value in this market liam dalton of axion management is up next he will talk about what he thinks you should do right now your doctor gives you a prescription. “let's get you on some antibiotics right away.”

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all right. welcome back we have a lot in store to close out another busy week. there is the menu. i have to hit the breaking news. i'm sorry to pull an audible headline from elon musk. elon musk tweeting out minutes ago and i'll read. i apologize. twitter dealing temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users. back on monday, twitter said in a filing that false or spam accounts were less than 5% of the monetizable active users you don't care about that, but elon musk saying twitter deal temporarily on hold pending calculations twitter stock down 18% in the

pre-market back to 37 the deal was to buy the company for $54.20 so this is a tweet from elon musk a tweet about twitter saying the deal quote temporarily on hold he obviously seems concerned there is not more fake or spam accounts that's the bizarre part of the headline this breaking just minutes ago twitter stock down 18% more all day right here on cnbc. no doubt let's get back to the macro markets and continued drop in mini stocks with the s&p 500 on track for the worst week since january. joining us now is axion capital founder and chairman liam dalton liam, you have been through a number of cycles i'm not calling you old. we had lunch 20 years ago, i remember this is a scary time for people. what is your best advice for

clients right now? >> there is a lot of talk why this is happening. the reason for the decline is picked over. the dominant influence is the inflation pressures and the federal reserve reversing course i think a plan of action is probably the most important thing for investors to have now because we went through a very extended period of time where conditions were different. as a result, it sets up a bias where people feel like they searching for where is the bottom, where is the bottom. that is not the healthy eviest approach there are steps you should take pro-actively to make sure your account and assets you are managing are in good shape to be able to handle higher volatility environment. this environment isn't likely to change soon. we are having undulations up and down that's a lot with the structure

of the market. we have people who recognize what is happening. a lot of hedging going on and short selling going on it is building up in the market. we had bounces in january and february and march now the bigger leg down in may i think overall, it is important to have a plan and get yourself and your account in a position where it will be better able to handle the volatility, number one, and you have a good tax reserve to own shares when the thing does stabilize that stabilization needs to be proven over a period of days and weeks and not just on a one-day basis. >> well said i want to refresh viewers. liam, one second twitter alongside you because twitter is crashing. stock down 19% right now on the headline that elon musk saying the deal is temporarily on hold. there is his tweet i guess he is upset that there is not more spam accounts. unclear what he is referring to.

reuters reporting on the accounts apologize, liam. you look at what is going on with twitter how much does the cryptocurrency crash, if at all, maybe it is 0%, liam, factor in to what is happening with stocks? they do seem to be correlated. bitcoin at .82% to the high of nasdaq >> you are right, brian. it is another sign of risk aversion it is a sensitive sign of risk aversion because toward the end of the move in bitcoin, it seemed to attract a lot of media attention. it was really becoming a retail market it got frothy. all of the indications in the decline there were hints and clues. we saw it with the high growth stocks they took the charge on the down side they were the most sensitive to a change in fed policy

now, what we had is a joining of the gang on the down side. i think it is broadening out and all of the indications were there for people to see. >> are you buying -- quickly, l liam, are you buying in. >> i'm trying to hold on some are devalue we are long-short. we have the ability to short hedge our portfolio. that is very, very helpful as a result, we are trying to keep a big cash reserve. we still haven't seen the signs of what we find in the proprietary studies for bottom >> liam dalton we'll get you back on soon have a great day thank you. folks, twitter shares are crashing down 21% right now on the tweet from elon musk that the deal to buy twitter is quote temporarily on hold. that is his term by the way, tesla shares are higher on the news twitter down more than 20%

tesla up 7%. more breaking news covering all of this on "squawk box" next we will see you on monday. big breaking news on twitter continues next wealth is breaking ground on your biggest project yet. worth is giving the people who build it a solid foundation. wealth is shutting down the office for mike's retirement party. worth is giving the employee who spent half his life with you, the party of a lifetime. ♪ ♪ wealth is watching your business grow. worth is watching your employees grow with it. ♪ ♪ xfinity mobile runs on america's most reliable worth 5g network, your employees grow with it. but for up to half the price of verizon so you have more money for more stuff. this phone? fewer groceries. this phone? more groceries! this phone? fewer concert tickets. this phone? more concert tickets. and not just for my shows.

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coinbase shares fall to a new low. just now, elon musk tweeting the twitter deal is temporarily on hold. twitter stock is cratering tesla soaring. it's friday, the 13th. dah-dah-dah. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site from times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. dow futures are up s&p futures youup 40.