it is 5:00 a.m. on wall street here is your top five at 5:00. get ready to growl on the edge of the bear market stocks preparing to do something for the first time since 1932. a wild day of trading. fuel to the fire nearly $2 trillion in options expiring today jim cramer not pulling any pun punches. sh how he is calling jay powell to clean up or go home. and one retail analyst is calling the market uninvestable

in the short-term. later, the insider buying report find out what executives are using this weakness to buy it is friday, may 20th this is "worldwide exchange. well good morning, good afternoon or good evening. welcome from ever wherever in the world you are watching tgif i'm brian sullivan there are $1 trillion of options expiring today according to goldman sachs. it could add to the high market volatility it is calm right now dow futures up 270 nasdaq futures up the most on the percentage basis up 1.5%. all that, though, after another

rough week for probably most investors. the dow is down nearly 3% on monday on pace for its longest weekly losing streak since 1932 when it fell eight weeks in a row. how is that for an rbi the s&p and nasdaq just as bad, but not as historic. both down 3% only on pace for their longest losing weekly streak since march of 20012001 8 of the 11 sectors are down energy has been the leader with the slim gain. all of this is happening as bonds have gotten bought when you buy bonds, you send yields lower 10-year yield is 2.86.

crude is off the cash close yesterday, but elevated overall. it is $111 per barrel. all of this with some reports that president biden may be working with saudi crown prince in june. nothing confirmed. my sources are skeptical a meeting would happen it is out there. if it does happen, it could be a thaw in the cold relations with the u.s. and saudi arabia. in crypto? bitcoin and ethereum are doing something that it hasn't done this week. going higher around the world, rebound in asia china cutting a key lending rate to stimulate spending. julianna tatelbaum is in our london newsroom with the global picture. julianna >> brian, good morning that positive tone seems to have been set in asia overnight

beijing cutting the key interest rate one rate that directly effects the housing market not necessarily the measure to support the overall economy in china, but the housing market specifically nevertheless, a strong positive reaction shanghai composite rallied 1.6%. hang seng rose 1.3%. the japanese and australian markets performed well in that part of the world. here in europe, we are also seeing strong gains this morning. the ftse 100 up 1.7% the dax also seeing a strong bid this morning up 1.7% the swiss market up .50% from the sector, we are seeing green for every single sector except household goods down .30%. the luxury name delivered some

concerning comments for the market china is effecting their business that stock has taken a plunge this morning outside of household goods, it is green across the board. brian. >> hard to go shopping when you are locked in your apartment building because somebody's cat got covid. julianna tatelbaum, thank you. let's get to the key headlines. including president biden arriving in asia bertha coombs has that and more for this friday. b bertha, good morning >> good morning, brian president biden arriving in south korea within the last hour kicking off his six--day tour of asia the president set to tour a samsung factory there in a bit with that country's president. the facility used as a model for sam samsung's semiconductor facility in texas president biden will use that visit to make the case for a

bipartisanovation act. staying in asia, the people's bank of china looking to shore up its nation's economy cutting the benchmark rate as julianna mentioned. on loans like mortgages by 15 basis points a bigger move than most had expected the central bank at the same time leaving the one-year rate unchanged as officials call for more urgency over the slow down tied to the zero covid policy. and our jim cramer is calling on jay powell to act big and now to tamp down inflation here is jim on "mad money" last night. >> he needs to act and act now abou with a tougher stance. he needs to act big. we need to break the back of inflation before it is too great on the economy

after the super inflation disasters from target and walmart, everyone should understand the situation >> cramer adding the longer the fed entertains smaller rate hikes, the likely the economy will see a crash landing and continued surging inflation. brian, it wasn't as bad a message as with bernancke. they know nothing like in 2008 it is a gentle nudge this time i think. >> you know, listen, i agree with jim bertha, when you were a kid, did your parents pull that band-aid off slowly and make the pain longer or rip it off and it hurts and they give you a hug and you figure it out. on a basic level, that is what jim is alluding to with the federal reserve. >> exactly

exactly. we all learned that. you just have to rip it off. >> it's kind of like the red sox season right now it will go on painfully. bertha, see you in a few minutes. >> just end it now. >> my angels are good for once thanks see you in a few minutes. let's stay on inflation and how it impacts the market here your firsts guest says inflation is the reason the stocks have been dropping with the s&p 500 on the edge of a bear market which technically means 20% or more from its highs. right now at 19% joining us now is robert teeter at silver crest. robert, good morning would you agree with jim maybe not do it all, but don't raise 25 basis points or half percent every meeting for the

rest of the year >> i think they are on a decent path we have seen the ten-year rise quickly and the financial conditions tighten you could go for that bigger shock factor i think that would shock the markets rather than inflation. they have to keep after the game plan and look for inflation to fade in coming months. >> by the way, i love your tie i'm not sure if we emailed yesterday. >> the word got out on coordination friday. >> coordination friday unlike the fed, i guess. i'm not going to knock my network, but we talk about the fed. who said this? tomorrow they said that. you wonder the source of not only -- almost market anxiety.

what did muster say? i wonder if it is better to take the pain now to clean out the excess froth in the markets. >> that's right. i think that's a good point. the question is if that shock value will work in terms of current weat curing inflation some are fed policy inflation and some are not my fear with inflation here and the reason i think investors are so challenged by it is it is removed policy flexibility from the fed. until inflation goes away. whether they raise rates a lot or little, they raise rates. everything is treated as amplified risk that is the concern we see with the slowdown in economic growth.

>> either the market is predicting a massive slowdown ahead or it's wrong. the nasdaq and s&p have doubled from the pandemic low. it has been a heck of a run. what are you telling clients right now? i'll sure they are afraid and ready to hit the sell button what is the best piece of advice >> extend. sentiment is terrible. every metric is maximum negative valuations are now the ten-year average. that provides a little bit of a compelling back drop with the longer term time horizon you have to be patient of the slew of every piece of news which is heavily scrutinized because you don't have the pos policy flexibility, it is each treated individually we continue to be choppy and we look out at the other side and

the companies will do a good job of posting earnings. >> we will wait and see. it has been a brutal quarter for retailers. robert teeter, the best dressed man on cnbc today. thank you, robert. >> thank you, brian. >> if you are listening on the radio, robert and i have the same suit and tie combination on on this busy friday -- when we come back we are not going to commercial break. we have breaking news. president biden live in south korea. he just landed a few moments ago kicking off a six-day tour of asia he is greeting the president of south korea. he will be touring a facility for samsung. a live look at president biden

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markets, but big money movers today. we have four stocks to highlight this morning stock number one is palo alto network. posting better than expected third quarter results and raising guidance for the third straight quarter billing rose 40% broad based demand for the products second quarter property revenue and third quarter outlook missing forecasts for applied materials. demand has never been stronger the company is constrained by supply chain issues. stock number three, shoe deckers. the results beating forecast the first year with $3 million in sales deckers expected growth to continue this fiscal year. no early trade on this one the bonus stock? vf corp. shoe and clothing company. coming up shy of estimates they expect revenue to climb

with low double digit growth at the vans brand. still on deck on wex, elon musk appearing to fire back on wild accusations of sexual harassment and misconduct. the breaking story on elon musk. we've got that next. >> announcer: today's big number 92%. that was the jump in insurance premiums for cyber coverage in 2021 over the prior year according to the national association of insurance commissioners. ♪ ♪ what do you think healthier looks like? ♪ ♪ with a little help from cvs... ...you can support your nutrition, sleep, immune system, energy...even skin. and before you know it, healthier can look a lot like...you.

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welcome back let's get a check on dow winners this week. yes, we said winners not every stock has been down. boeing, verizon, dow inc not the dow. merck and caterpillar. walmart getting crushed on monday coca-cola and cisco and mcdonald's and p&g taking a huge hit this week. let's stay right there first it was walmart on monday and then target. now ross stores is whacked that stock down more than 25% right now after posting first quarter results that fell short of estimates the ceo says quote following a

stronger than planned start, sales under performed in the balance of the quarter that move weighing on tj maxx and burlington joining us is scott mushkin with the latest scott, what is going on? the guidance is not great. they are not saying we're never going to sell anything again or our business will fall by a quarter and the market is just burning the whole thing down >> i think that's it clearly the market is forecasting a huge demand issue going forward. these guys are missing earnings. no doubt about it. the moves we're seeing with target and walmart to call it unprecedented is not justice. i have been doing this 30 years and i have never seen anything like it. to see large companies like this moving 15, 20, 25%

this is just crazy so, i talked to a lot of ceos. it's a research firm and co consulting firm with private and public companies and there is fear out there about consumer demand as we get through the summer >> yeah. now, listen, i'll bring up a twitter poll here, scott it is my poll. my followers take it or leave it. i thought it was telling for the segment. i asked this have you or are you going to cut back effectively on a trip or some big purchase that you planned? 60% of people said yes nearly 20% of people said no, but i'm wavering you look at people who have or thinking about it. just one the poll. who cares about that if that is accurate, maybe that's what sort of the market is reflecting of what will

happen in october, not now >> absolutely. that is really interesting we have been talking about the lower to lower minimum you look at the necessities. food, utilities and rent we put those closer to 20% that is 40% of people spending the low end already was challenging to say the least given what is going on with unf inflation. now the anti wealth effect if you have looked at your 401(k) lately, you are nervous i travel a lot with field research there was a line to get to the sky club at laguardia. not all spending is falling off the cliff, but there is, as i said, a lot of nervousness you cannot stress it enough. ceos are really nervous. >> yeah. that's, i think, what is

confusing to our audience. they see what they see with their eyes the airport and mall and local restaurants with two hour waits. what is the market saying? home sales are pretty good car sales are strong it's the fear of what will happen my wife works in consumer products all we talk about is how retailers may not be willing to take price increases i think sales may be strong, but talk to us about margins, scott. how much money will they make? not just how much they sell. >> this is target. target sales were fine they said they thought the consumer was fine. the margins are disaster they have the wrong stuff. they were heavy tvs. the tv sales were weak on top of that, you see the elements of diesel prices and

cost of labor escalating it is tripping up margins. they can't raise prices fast enough to recoup the costs going up the question -- >> let me jump in. i apologize. we are running out of time on this friday. my bad is there one stock that you think is on sale one thing i learned in doing this, never bet against the american consumer. they surprise to the upside. any name unfairly sold off >> our favorite name is tractor supply they are going through a transformation and lifestyle has come down with the market coming down number one pick is five below. i'm sorry. tractor supply we do like five below as well, too. >> that is more like 4.5 below at this point. take advantage of high commodity costs. scott mushkin. thank you very much. >> thanks, brian. let's get a check on the

other top headlines outside of the world of business and markets with nbc's frances rivera in new york with that good morning, frances. >> good morning. the war in ukraine is entering the 86th day the senate approved another $47 billion in aid for ukraine president biden met with the leaders of sweden and finland the day after the nato application membership the move breaks the long held neutral stance in europe. the suspect in the supermarket shooting in buffalo appeared in court. the grand jury handed up a first-degree murder indictment covering all ten victims it was the first time family members came face-to-face in court with someone yelling at him you're a coward. rory mcilroy played in the first round of the pga championship shooting a 5 under par and including this drive on the 5th

hole that traveled near 400 yards. tiger woods shot a 4 over 74 he tees off at 2:30 p.m. eastern. a lot of us will have, you know, early fridays to watch tiger on the course brian. >> frances, frances, on our schedule our weekend starts at 9:00 why not? >> why not we'll make the excuse. >> when you are waking up at 2:00 or 3:00, the weekend begins at noon. frances rivera, have a great weekend. thank you very much. see you next week. take care. halfway down halfway to go on this friday stock futures are higher across the board. trying to put a bright spot on what has been a tough week for investors. as we head to break, during may, we celebrate asian american and pacific islander heritage month. here is producer dean .

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call it a taylor swift market with stocks trying to shake it off shaking off what has been a shaky week futures higher for now as china works to stimulate the economy. new overnight. elon musk appearing to slam a report laying out sexual misconduct details ahead. the biggest insider buys of the week, including two buys with more than $20 million each. that has never happened before names ahead on this friday, may 20th this is "worldwide exchange. welcome or welcome back. good friday morning. just about 5:30 on friday. let's get to it. futures are looking about as good as the weather. it should be good. it could be in the mid-90s in

new jersey this weekend. be sure to hydrate dow futures up 300 points. nasdaq futures up 1.5% some green on the screen today it is early. all of this coming after what has been another rough week probably for most of the in inve investments. dow is down 3% since monday. on the pace for the longest weekly losing streak since may of 1932. that is is when it fell eight wk in a row was noted earlier, nearly $2 trillion of options expiring today. futures look good and things are calm right now, this is wall street you never know what can happen as the day rolls on and some of the options rollover on the sector basis, 8 of the 11 are down for the week consumer staples with the worst with a 9% drop since monday. walmart and target and others

taking the whole group down. en the 10-year yield is under 2.9% at 2.86% crude oil is off the close from yesterday. it is still high overall at $111 a barrel gas prices nationally are averaging $4.52. we get more on the markets in a minute. let's get the top corporate stories. bertha coombs is back with more on those bertha >> brian, elon musk is denying what he calls wild accusations following a business insider report that states musk's spacex paid $250,000 in severance in 2008 to a flight attendant who accused him of sexual misconduct cnbc has reached out to spacex for comment on that report in addition to the tweet over

the wild accusations, musk also tweeting without context, the attacks against me should be viewed through political lens. this is the standard disespicab playbook musk also said the alleged incident referred to by business insider quote never happened turning to covid cdc has signed off on pfizer's booster shot for kids ages 5 to 11 the panel recommending the group get the third shot at least five months after getting their initial vaccines this comes after only 29% of kids eligible at this point between 5 and 11 are actually fully vaccinated. and canada announcing plans to ban technology from china's huawei and zte

the wireless companies started working with other providers ahead of the announcement thursday china has condemned the move calling it a form of political manipulation brian, canada becomes the latest member of the ealliance to ban r restrict the huawei technology in 5g networks that follows the u.s. and uk and australia and new zealand. i thought canada had already gotten in on this. i guess not. better late than never. >> me, too it has been going on for a couple of years. bertha, thank you very much. on this show or if you follow me on twitter, we talk a lot about something called market structure the mechanics of the market. how things like stocks and options and etfs are all tied together and how that can move stocks and markets in ways that

are not always making sense from the headlines. today, there is $2 trillion of value in options expiring. few people understand all this better than tim quast. he talks about this on the twitter as well and maybe our first mountain time guest of the week we appreciate it talk to us in a layman's terms because it gets confusing at this hour. how all this is sort of tied together and why we get the out sized moves particularly to the down side. >> good to see you thank you for your singular focus on market structure. geeks like me who spend a lot of time in the quantitative data really appreciate it here's how we describe this to public companies and investors around options expirations which don't occur on one day, but stretch this week, wednesday,

thursday and friday. new options on monday, books squared on tuesday a five-day period where retail investors and public companies -- it is like a black hole you have no idea he what is on e other side what is tied to the equity it is a bad time to report results. we tell public companies why do that it is like trying to give a speech over a leaf blower. things that will be far more impactful than your story are reset and recalibrated and bet on these periods of time you will see moves that are extraordinary or can be that are not tied to rational factors then what happens is everybody roots around to figure out what in the information a company reported like target or walmart or cisco explains the dramatic decline in shareholder value it's not that. to me, the principle element that causes this today is exchange-traded funds and

pre-market after hours trading where only a small part of the audience can trade i'm against it i can't fix it the fact that big lots of etf shares wcan be created off marke by a handful of participants before the rest can participate is a tee cokey contributor. say morgan sdtanley is a participant of etf for black rock before the market opens, hedge funds want out and target and consumer stocks, morgan stanley will go around and borrow a bunch of blackrock etf and return them to black rock and receive in exchange an equal value of shares heavily weighted to walmart and target. because that is not a customer transaction -- this is morgan

stanley p operating on its own and turn around and buy puts on the basket and short the futures which are expiring all of that volume is dumped at the open of the market and the stocks get crushed it has nothing to do with rational thought it is all about market structure. >> i appreciate the compliment i'm a market geek. you described the frustrating part of our job. trying to find a headline. we can't come on the air and sa i don't know i'll talk to the guys and say what is the gamut on the trade i want to know the swimmng tim, let's say i go out for dinner and they have ten nightly specials on offer. ten people in the restaurant it should be fine. there's 30 people from outside online who are going after it. maybe artificially, the same special. is that kind of what is happening with etfs where it

expands access, but not artificially to the same product, but it is a huge swing to the down side because all of the extra people cominginto th restaurant at the same time. >> yes the short answer is yes. i can add some color to that i'm well acquainted with the larger hedge funds they he tell me what they do two of the biggest told me they make 2/3 of the return on leveraged derivatives bets around earnings. i might buy no matter what i may decide the bet may be short on target. then i'll borrow 8 to 9 times the money that my options bet is and just overwhelm the supply side of the market the stock market is just like supply and demand. we can see there was no demand in target ahead of reports

the short volume jumped 62% of the trading volume there are two factors to contribute exactly the same point you made with the restaurant reservations analogy. there are things you can't see where there is a great deal more supply than demand it can be reverse when things rise the compounding -- >> tim, why is that allowed? i'm all for free markets, but out sized multileverage bench. they are getting their faces ripped off because of a leverage options bet they never heard of. >> there are three words that tell you why it is from the s.e.c the s.e.c. decided the purpose of the equity market is three words. continuous option market some of the things that begin before market hours then have to filter through the system. here is what i mean by this. the s.e.c. decreed under

regulation national market system there will always be 100 shares of everything in the bid of the offer it s it is impossible they cannot fulfill that obligation unless you exempt us from regulation sho rule 203-b2. that is the short location rule. market makers do not have to locate stock they manufacturing it. they will go and do that in whatever direction the market is moving that is how target volume jumped from 42% before reporting to 62% short in a day market makers will see the imbalance and beat it. if i want to short a stock, they manufacture stock to make it available to do that that is the problem. it is a flaw in market structure. everybody should be aware of it. the beginning point for succeeding in markets with complexity is a baseline understanding of how they work >> listen, we have to go, tim. this is a very enlightening

interview for a lot of people. myself included. people, when they invest, you have to understand these things are going on that's why we have target falling 25% in a day on results that weren't great, but weren't the end of the world tim quast, we appreciate it. thank you very much. >> thank you all right. coming up, you're welcome. your exclusive insider look at the buys snatching up the company shares and including two this week that were over $20 million each we're not done yet futures are higher we're back after this.

welcome back futures are higher on this friday believe it or not, as tough as the week as been, there are winners. chinese based companies are doing well cutting the overnight lending rate to stimulate the economy. like pinduoduo and baidu on the laggard side. ross stores. ross is down 25% right now dollar tree and costco a retail washout all week long it is time for the weekly exclusive insider buying segment. we highlight the top five stocks bought the most by the level

executives with their own money. this week, we have big numbers insiders have used the weakness to load up on stocks as always, it is our thanks to verity data. like this time, we are counting down five to one here we go the fifth most insider buy this week morgan stanley board member buying $1.9 million of the bank. number four, liberty latin america. the media mogul buying $4.6 million. he owns 10% of the company he sold some of the stack buyin. number three, starbucks founder and returning ceo howard schultz stepping up with the $14.9

million buy. starbucks down 23% in three months as coffee prices surge and labor woes increase. that would normally be the biggest buy of the week so far not this week. an insider buying first. top two stocks are more than $20 million buys by just one executive. number two dish network. $24.3 million by the executive vp who has been there in 20 years and not sold in seven years. the most insider buy this week is a new name. honestly, a company i never heard of american homes for rent. amh. calabasas, california company that buys and fixes up homes and rents them out board member buying $27.6 million of amh it is the 13th insider buy and

she has never sold that stock held up better than most on the list only down 2% the names morgan stanley and liberty latin and starbucks and dish and american homes for rent five names to watch. reminder, we do this almost every friday except in earnings season with the blackout period. you will only see this on wex or cnbc pro if not, sign up today. on deck, could stocks actually go higher today futures are up, but allied investments lindsey bell is up next and saying the worst may not be over. stick around

welcome back let's see how we will close out the busy week. earnings from john deere and

boeing capsule is supposed to connect with the international space station. that mission is a critical one for boeing after the delays to improve the starliner is able to care people to space back to the markets. closing out another rocky trading week volatility is the name of the game for investors lindsey bell is at allied invest and cnbc contributor lindsey, great to have you on. for a few years here, we he never had 2% daily moves in stocks we broke records for boredom for the last segment when we spoke to tim, you noted we have seen 2% more moves what the heck is going on? >> the month of may is not pretty it has been a rocky ride for investors. rocky for sure we have not seen this in a while.

volatility this year as ticked up i think it is a reflection of investors trying to grappling to figure out the direction of the market there is a lot of uncertainty here a lot of question marks about where growth goes from here. are we going to see a massive slow down led by the fed or stabilize after a period of slowing down from really high record rates of growth going forward. i think the jury is still out and really trying to figure out what the fed is going to do. >> lindsey, what is the fed going to do? jim cramer last night said just go big 100 basis points do it. rip the band-aid off get it out of the way. do you agree or do we have the fed drag all year and parsing every word from every fed speaker every day? >> that sounds like a fun way to

spend the rest of the year, brian. >> sorry. >> i'm in the camp that the fed is using forward guidance and rhe rhetoric we saw that this week to be hawkish. show the commitment to raising interest rates in a fast and furious way to tamp down inflation. they are really committed to lowering prices here now the question is will they be able to move as fast as they are talking and will the talk be enough to really dampen demand and do the job ahead of them before raising rates the fact of the matter is if they don't have a lot of tools in their chest to really help the economy and if we are going into recession or massive slowdown, interest rates are still very low and moving very quickly is going to slowdown the economy much quicker than anyone would like to see and it would put them in a difficult position because they don't have a lot of

ammo to work with if we are in the recessionary environment tough place to be, brian >> yeah. i fell like the grim reaper talking about it it is not a fun way to spend the summer it is nice to say the stocks are ticking up a bit and we can breathe. you wonder with the declines, lindsey, the markets are moving faster than ever we talked to tim quast things are happening in weeks in what used to take months if we get recession next year, when is the market done pricing that in? it will move now, not later. >> right the market is always antic anticipating the slowing growth rates. that is what you are seeing right now if we are entering into that environment. for investors, i think the first thing you have to do is accept we are in the volatile environment until we have more clarity on where the future takes us

we haven't been in this type of situation where we can't see into the future and have a clue where we mighting be headed in very long time that is why you are seeing the moves in the market. investors are moving on any data this morning it is the china news cutting rates on the prime loan rate. you will continue to see that jumpiness on data points the best way to deal with that is have a diversified portfolio and desk defensive exposure. at the same time, we are down 20% in the s&p 500 you can consider picking some names that have fallen more than at this point in time and remain of high quality and good cash flow that is the recommendation i would make to investors. >> yeah. good advice. comforting advice. we can use it on a friday. you are spot-on with the china news the china rate cut is the reason

we see futures higher this morning. the world needs somebody to stimulate. lindsey bell, thanks for getting up early we'll see you soon thank you for watching "worldwide exchange" all week. have a great day and great weekend wherever you may be. we'll see you on monday morng.in "squawk box" is next take care. this? this is supersonic wifi from xfinity. it's fast. like, ready-for- major-gig-speeds fast. like riding-a-cheetah fast.

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good morning stock futures are pointing to some gains a little bit of rebound at the open with the s&p 500 on the door step of bear market territory. you know that's down 20% from the highs. we'll show you what's moving right now. elon musk is denying wild

allegations following the business insider report that said spacex paid $250,000 to a flight attendant who accuseds musk of sexual misconduct. and president biden arriving in south korea we will tell you what to expect from his asia trip it is friday, may 20th, 2022 and "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen and andrew ross sorkin. we made it it's friday. thankfully this is a heck of a week if you are watching the markets thankful they will close for two days after today however, u.s. equity futures are harply in the green. dow future