it is 5:00 a.m. on wall street here is the top five at 5:00 hello $6 a gallon gas. demand shows no sign of slowing down ed morse is here with more. and not just oil natural gas soaring. companies that pull it out of the ground our conversation with the ceo of chesapeake energy ahead. call it a treasure trove of data elon musk's request of bot info

a reality. and down, but not forgotten. cathie wood's big bet. and making investors a lot of green lately. it is thursday, june 9th this is "worldwide exchange. well good morning, good afternoon or good evening. welcome from wherever in the world you may be watching. i'm brian sullivan good to be with you on thursday morning. let's kick it off with your market and money stock futures are flat to slightly down across the board these are -- well, you know what i wrote that literally 270 seconds ago. now we're seeing stock futures higher this is a good lesson for me why i'm not saying don't rely on

the futures. maybe we shouldn't show them they are voluvolatile dow futures are up 97. nasdaq higher as well. this after stocks fell again small and midcap hit the hardest. s&p is 14% from the key highs. the benchmark 10-year yield is 3.2%. oil is moving higher crude hitting $122 yesterday it is down just a touch. it is still over $121. by the way, the uae energy minister on the tape yesterday, saying oil is where nowhere near the potential highs. natural gas is $8.30 per unit. now 21 states in america where the average price of the gallon of gas is above $5 11, not 21 that's still a lot in cryptocurrency, bitcoin

and ethereum on the rise bitcoin above $30,000. futures are popping just a bit with the green on the screen there is the set up there. surround the world, surprising economic data in china and europe where investors await a key decision julianna tatelbaum has the details from the london newsroom julianna, good morning >> brian, good morning let's kickoff with the asian markets and the key policy meeting in europe today. it was a mixed session for markets. we got mixed news on the down side shanghai, parts of the city, will go back into lockdown millions of residents forced back into the homes as they carry out mandatory testing after two symptomatic cases found in shanghai. on the positive side, export data for may which showed stronger rebounds. a little bit for the bulls and

bears. shanghai traded .75% overnight a little bit of green for the japanese market trading .04% higher now the central bank meeting no change to interest rates expected today instead, the focus is on the new forecast for inflation and growth with the firm expectation we will see the european central bank raise rates from july in terms of the trade, we were trading red across the board momentum has touurned positive the swiss market now in positive territory. red elsewhere. we are off the lows. uk market trading down 3%. brian, you talked about the price of gasoline in the united states here in the uk, for comparison, data shows the average cost of filling up the average car is now 100 pounds the significant uptick in the price of petrol or gasoline as

you call it over there here in the uk as well >> i tweeted that out and it blew my mind your cars are a lot smaller. an f-150 ford pickup truck would be $175 if my conversion is correct. julianna, that is bonkers. thank you very much. $125 for a fiat. let's get a check on the top corporate stories. including how twitter is giving in to requests from elon musk elonmusk let's get more from seema mody >> good morning, brian twitter is reportedly planning to offer elon musk access to a trove of raw data on hundreds of millions of daily tweets according to reports, this is an effort to push the $44 billion take private deal past the finish line and tamp down concerns of rampant bot activity

on the platform. lawyers involved on the deal would not confirm the agreement and no comment from musk yet cisco ceo chuck robbins weighing in on the supply chain concerns and destruction with soaring inflation. here is robbins with jim cramer last night >> i think there is demand softening in the market that is freeing up in other areas of the market pcs as an example. we all know. so you are seeing come ponents available because of that. the stuff that we go after together despite stock struggles, ark's invest cathie wood is adding tesla to her shares wood says she added at least 50,000 shares of the ev maker to

her fund autonomous technology and robotics fund and the next generation internet fund the question is, brian, how or what will investors extrapolate from the move? some say cathie wood getting into the market is great taking advantage of lower stock prices. we he have also seen her etfs nt doing well. >> looking for brighter days ahead. seema mody, thank you very much. now to the markets and your money. don't tell anybody we might actually have a positive week for the big stock averages with two sessions to go i jinxed it there. all ahead of the important consumer inflation number on friday and the fed next week that is pretty much a locked in thing. let's talk waboabout it with gia

sanchez. she is a cnbc contributor and all around nice person gina, welcome back to the program. i blew it for the markets. we are green on a wednesday. is it inflation? is it the fed? is it earnings what will be the next major catalyst for these supermarkets? >> the fed is largely priced in. if you look at the s&p and where it has gone. the problem with the fed stimulus with the last two decades is it did not find its way to inflation until just recently it found its way into asset price inflation. if you look at average pes, it used to be at 16 around 14 to 15 times. 16 times is where we thought fair value was before the great financial crisis and before the pandemic we went all the way up to 20 now we're back down to 18.

the markets have started pricing in tighter fed policies. in some ways, that is absorbed into the markets i think right now, the markets are now just trying to figure out if oil prices remain high, do we get tipped into a recession? that is the big question at the moment >> our rbi the other day had what they call the rule of 10. when mortgage rates and gas prices equal 10, it foretells an indication of possible recession. we are right there you are laughing at $5 gallon gas. you would love that in l.a you are probably higher. do you think this will cause a recession? i will say this, fuel mileage on average tends to be up and wages are also up. it is not just exactly the same as it used to be >> correct, brian.

the fact that wages are up is the only bright side of all of this inflation wage growth tends to come with it real demand growth. those wages will pass right through many of the bank accounts and into spending the problem with oil and oil remaining high is that it acts as a tax and depresses consumption. the outlook is terrible. i heard the saudi comment that we could see higher oil prices oil prices were high before china started reopening and they began reopening and put more pressure on oil. we are doing this at the time when psupply was constrained you didn't have people in the mines. you didn't have people at the wells. this was a real challenge. so bringing supply online is going to take time >> yes we were told yesterday it would take time.

we know that from the producers. are you optimistic the stock market can right the ship? >> i believe the stock market has priced in a lot of negative news in some ways, we don't think we have to get back down to 16 times to say we're done. we think we're already there the markets are not known for getting there. they tend to overshoot we could see volatility to the down side. the pig is halfway through the python there >> the pig is halfway through the python i took the under on the python reference, gina. thank you very much. coming to us from out west that poor pig. the python is happy. when we come back, the cnbc exclusive with the ceo of chesapeake energy. his take on natural gas prices and attitudes in d.c. and some say an under valued price.

and surging oil. gas goes above $6 a gallon in areas. we check in on ed morse with hihi s his estimates moving up. and we will talk to amy zhang with threeewtockic n s pks just for you. we have more to do keep it there. stick around could be danny. guess it's on maggie. should we have another one? talk to us about retirement today. feel comfortable about tomorrow. massmutual.

welcome back good thursday morning. as the stocks have climbed, many have gotten a lift that includes chesapeake energy which popped 80% in a year the biggest gas player in america. with the rbc conference in new york, we sat down with the ceo we start by asking him if that move could be under value. >> we do think we're really under valued today in the market we produce a ton of cash flow and it produced a high yield that means that investors don't have the confidence that cash flow will continue we couldn't be more confident in the cash flow with the depth of inconvventory and assets we have the market we are operating in is so strong and we know we

continue to show results to the market that investors can have a real opportunity to see that yieldcompress and see the stoc price elevate. >> can you grow production what i hear is yeah, we can probably do it we don't have the infrastructure to do it pipelines, whatever. >> it is a huge issue, brian infrastructure is needed in the country. we need more pipelines and more pipelines in pennsylvania. we will build more in louisiana as an industry it is easier there the u.s. is benefitted by a tremendous asset in the marcellas. we can generate a great amount of return for shareholders and a really important amount of production for the citizens of the country to alleviate more pipes. >> this winter, we talked about it a lot on "worldwide exchange." boston was importing crude oil for power production lng from trinidad and burning things like dung

they are 150 to 200 miles away from the greatest gas fields in the united states. we have the environment concerns do you think this is getting done given the anti-pipeline lobby is strong andnortheast. >> it won't be this winter we should have the pipes in the ground as quickly as possible. it will take time. once you get pipes approved, it takes time to get constructed. >> people are scared they are worried about leaks and environmental damage >> i think natural gas is an important component of being able to supply both affordable, reliable and low carbon energy the concerns people have about natural gas are just not that well founded we can deliver a much better answer for the citizens of the country around supply of natural gas to lower overall energy supply costs and reduce the

carbon footprint and not expose the people around the projects to anything dangerous. these are safe products. they can be delivered safely >> it feels there is a softening of tone from washington and white house toward the oil and gas industry recognizing the energy crisis. not my word. do you feel there is a softening? >> i do. i feel there is a move to pragmatism the concept is a choice of whether or not we have energy security or a lower carbon energy supply is a false choice. we can have both the administration in the face of the real supply shortfall or crisis to use those same words is we do need to be more prag pragmatic. that is a false choice we can have both. >> you can have a handshake, not

a hug, but you can have both last question. $9 plus. lng exports maxed out. has the market got ahead of itself >> supply is below average storage is below >> it is not empty >> as we go into the summer and winter, if we have robust demand due to weather, we could see storage problems it is hard to say it is necessarily beyond where it should be. the price could normalize a bit if we have a warmer winter >> it can come down? >> yeah. it is still great for the industry we are not too worried about that we see the market is not met the demand for natural gas today we are a big p part of that. we are really important to meeting that demand. >> thanks to nick.

ceo of chesapeake. still on deck, we talked about commodities, do you know which commodity is up in price more than anything else in the past year? maybe think a diamond in the rough. the answer is coming up. plus five below? more like look out below shares of another retailer take a big hit. we'll tell you about it next >> announcer: today's big number $11 trillion that's how much tappable equity mortgage holders had at the end of the first quarter according at the firm black knight th is a new record and twice the previous peak in 2006.

only at vanguard you're more than just an investor you're an owner. that means that your priorities are ours too. our interactive tools and advice can help you build a future for the ones you love. that's the value of ownership. welcome back time for the big money movers. stock number one is five below the first quarter forecast did beat numbers, but revenue missed same-store sales dropped 3%. they expect the macro environment to remain challenging. customers will continue to seek value more that stock down 9% right now stock number two is meta bloomberg reports that the facebook parent is looking on a rumored smartwatch it was expected to debut this summer and would have two

cameras for photos and videos. and would cost about $400. today is the day that meta trades as meta they go to meta. the old fb symbol is gone. stock three is sharp shares dropping nearly 6% in japan. why are we talking about a japanese company projecting full year profit dropping 30% citing deteriorating market for large lcd panels maybe another sign of slowing global and consumer economy. let's get a check of the other top headlines outside of money and business phillip mena is in new york with more >> brian, good morning gun violence and climate change and more president biden discussing a wide range of topics on late night television's "jimmy kimmel live." >> the last time we did something serious on guns was

the assault ban. i sponsored that all of the cost the family has on a maconthly basis includes health care and prescription drugs and child care i propose to get it done i propose we, in fact, reduce the cost of those things i think if the court overrules roe v. wade and does what the draft. >> what we heard they will >> if that occurs, we have to legislate it >> the president ended the interview by saying this is the united states of america we can do anything the january 6th committee will present findings before the american people tonight. the committee member tells nbc news, they want to convey the gravity of the event, but republicans are dismissing it as political theater. you can watch it live on nbc and streaming on nbc news now and cnbc with shepard smith.

those follow a day of action on gun laws. house passing the protecting our kids act written by democrats. the bill would raise the minimum age to buy semiautomatic rifles to 21 and require all firearms to be traceable. it is not expected to make it through the senate it also wants to include juvenile records to be accessed. that is it from here brian, back to you. thank you, phillip straight ahead, we are talking options action with our friend jon najarian and including some big calls he is seeing we have ed morse on oil and gas and amy zhang with three small and mid-cap stock picks. t do on a busy thursday we're back right after this.

commodities on fire and why natural gas and oil may be the tip of the commodity iceberg. first it was uber and coin sc coinbase and meta. amy zhang is here with three special stock picks for you. it is thursday, june 9th this is "worldwide exchange.

welcome or welcome back. good thursday morning. thanks for being with us 5:30 a.m. on the east coast. here is how the markets and your money look green on the screen. stock futures are higher across the board. not by a lot they are up. dow futures up 82. nasdaq up .20 of 1%. we end there we pretty much gain back -- it has been a pretty good week. we're actually higher on a thursday morning which we have not been able to say i'll leave it there. stock futures are in the green two days this week we're down nine of the last 11 weeks. all that as oil continues to move higher. crude oil hitting $122 yesterday. below that right now highest level since the weird march 8th time right when putin's war began and oil briefly spiked to $130 a barrel.

that was a one or two day phenomena. this is a steady climb back up natural gas at $8.30 speaking of oil. check out this stat of the day with oil going up, oil stocks have gone up exxonmobil exxon has a market value of $435 billion. we say this because oil or exxon was worth $135 billion on its market lockdown low. that means, carry the one and do the math, oil -- i keep saying oil. synonymous exxon added $300 billion in market value in just over two years time $300 billion in 26 months. wow. let's stick with the markets and bring in our favorite guest. jon najarian c co-founder of market rebelrebel.

good to have you back on this is interesting. outside of commodities your team is seeing really big buying of calls for the summer in volatility. the vix. what are you seeing and what might it be telling us >> i'm pretty sure, brian, it is a bet on the cpi, but not just one. two cpis the reason i say that is we're expected the cpi on friday if it is not benign and it is hard to imagine the 8% reading being benign, but if it is not, i really think we're in for a lot more volatility. that is what it appears, brian, when somebody yesterday bought 90,000 call options in the vix this is probably the trader that you heard and referred to i'm sure as well as 50 cent. it is not curtis it is a trader that generally

buys options at 50 cents, but 90,000 of the july calls in the vix with the july vix trading at 24 does that mean they think it is going to double and go to 50 i don't think so they pick a number, like i say, is relatively around the 50 cent level and a number that could double up pretty quick and go to $1 or $1.50 if you have a hot cpi reading in june or july. >> this is a big trade, is it not? this is not a retail trader messing around and rolling the dice and hoping for something. this is a big fish who is making a big bet on a very out sized potential event about a month from now a month and a half >> right they really want to cover, i think, brian two cpi reports by doing that, each of the

options -- when i say 50 cents because each is for 100 shares, that's $50 m multiply $50 by 100 times. this is a big portfolio they are f protecting or making a big bet of volatility that could pop it could pop if we see a hot cpi reading. >> wow that is certainly something to watch. a big bet on volatility. outside of that, a couple of si single stock options the parent company of surveymonkey and other brands. 10,000 of september puts bought against no open interest what does that tell us >> well, the stock, this parent company of surveymonkey was

significantly higher it has crashed down to the levels either, brian, somebody is protecting and now maybe they're buying stock and buying puts anytime they buy puts fast, you want to get on the short side and maybe they are looking for problems with surveymonkey that does a lot of the questionnaires and so forth and runs a lot of online chats maybe they're looking for a quick move lower over the next little bit you know, to put on a september trade, they he haave a lot of t for bad news to be covered in this particular trade. >> yeah, watching mntv and the vix and the pop on volatility this summer. jon najarian, we appreciate it have a great day talk to you soon. >> you, too, brian let's step out with the top

corporate headlines with seema mody what are we looking at >> brian, deloitte in the news pushing back against reports that the company is exploring a plan to split its global audit and consulting practices it calls it categorically untrue this comes after weeks after the other big accounting firm said it was evaluating audit quality. intel adjusting near-term spending plans on the ma macroeconomics uncertainty it is imposing a temporary hiring freeze at the group if confirmed, the hiring freeze would be the latest in a string of similar moves by other tech companies, including uber, meta and coinbase and robinhood. news just breaking chinese regulators are reconsidering the ipo.

bloomberg says discussions have begun. this shows china slowing down the crackdown on big tech and i would point out the kweb china rebounding the last couple days. it is on pace for the best month since june of 2020 >> it has been a heck of a rebound. many big chinese tech companies. seema mody, thank you very much. coming up here on k"wex" we have amy zhang with three new stock picks and that guy. ed morse why inflation is not just about oil and natural gasf a couple of big interviews coming up. we're back after this. cause you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered.

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welcome back the incredible commodity run of the last year have moved on. they continue to go up in price, but not the only major commodities higher in the past 12 months. wheat, orange juice, coffee, cattle, hogs, corn and soybeans is higher over the past 12 months the inflation story is globally important. let's get more from ed morse global head of commodities at citi you are the global head. i want to remind our audience on

"worldwide exchange" that this is a global story. as bad as it is in the u.s. and uk, many will have it tougher. how risky is the real shot of a global food shortage particularly in the developing economies? >> it is a serious problem it has significant geopolitical risks behind it. you have to remember that countries that are in the emerging markets, particularly in the mediterranean have been dependent on black sea wheat and corn it has global repercussions. we have the spring of 2011 that came about because of the lack of russian corn and wheat as well as ukraine. what is happening with the food and fuel problems given where prices are on that basis, dollar denominated, there are political

p r risks ahead for sure >> let's hope for the best wheat in ukraine which is critical cutting off exports. ye egypt is in a tough bind lower prices might help, ed, across the commodity spectrum. do you see any price easing any time soon for the markets? >> we're seeing a price emergency. some prices are going up some going down. some temporary some permanent the best news we have seen is on the natural gas side natural gas price is down 40% from the peak around the world not so much in the u.s. so much. the u.s. is insulated from the global markets we think we will have inventory building it will make next fall and winter better with the gas prices better. we have a temporary down turn in

industrial metals. nickel, aluminum and copper. and some of the optimism with the lockdowns and the increase of the opening of the chinese economy. as prices went up, they went down again we are seeing a resurgent of lockdowns in shanghai. it is an uncertain future. the supplies of the metals is more ample than people thought it would be. we may have more difficult times ahead with china and global recovery for the moment, those prices are also down. >> when you say difficult time ahead, maybe they lockdown yet again or if they go full bore wide back open and what that

could do to supplies >> metals have grown in inventory. there is an oversupply in the market it is unclear what will happen in the chinese economy the tension with opening it up and getting people employed and keeping covid down we saw the reopening response gave rise to increased optimism of chinese growth. then a lockdown in the heart of shanghai s>> let's get now to oil and ga. people care about it because it impacts so much. you raised your longer term forecast for brent crude oil $122 levels and the big oil bulls i talked to are thinking there is room for a bpull back for the near term. what is the longer term? >> longer term, things will even

out. we have notonly a tight market but a disruption of flows. we can't under estimate that flow europe and u.s. and other countries, but mostly the u.s. said we will get rid of imports of russian oil and gas on the oil side, they hope to be down to limited amounts from russia by the end of the year. they down a significant amount now. what are they doing? bidding up the price of the nearest thing they can get which is atlantic basin crude oil. we have a two-tier pricing level. it is dislocated from the marketplace. europeans are bidding up the price of what is available we have a surge of u.s. exports. it is remarkable crude is the highest of any in the world. 10.5 million barrels a day in

the last few weeks that is where the incremental supply whichinventory. we think that will balance out over time as changes get going we also think there will be a big hit to demand. we do have the summer ahead. as you look at u.s. demand to date, gasoline demand on a four-week moving average is the lowest level in ten years. that a reflection of high prices and impact on demand we are seeing that we are wondering what the summer pull is going to be with the driving season is ahead and whether the high prices will curtail that >> yeah. people finally deciding to stay home take the kids on that summer vacation ed morse, thank you very much. i appreciate it. >> thanks for having me. good to see you again.

>> always, ed. time to get random but interesting on the commodities story. this morning, let's stay on the energy story this rbi is not about those. it is about something else that has been hotter. coal yes, coal. coal prices and coal stocks. they continue to go up as global power demand soars coal traded in rotter dam up 112% in six months if you watch it this show or follow us on social media, you may not be surprised this should not be a new piece of information for you over one year ago, our rbi was also on coal look at that and coal demand and prices starting to boom that was 12 months ago if you took that information and did stock research on your own and threw cashstocks,

congratulations. look at the returns. peabody up 120%. baytex up 300% in a year incredible returns most of the stocks were left in a pile of coal a few years ago btu was doa. investors realized the need for global energy would grow big homes, air conditioning and cell phones require a lot of power generation whatever you may think, a lot of that is coming from dirty old coal that has coal investors seeing green. kind of hard to believe in 2022. it's true. it's deaf finitely random but interesting. a reason to watch wex. and coming up, top fund

manager amy zhang is back. and throughout the month of june, we are celebrating pride month. as we head to break, our field producer has more. my advice to the community, especially lgbt youth is to stay true to yourself no matter your back ground. there will be someone who disagrees with you what defines you is the kind ever you are an ally, speak up to create anchge, we must use our voices to lift each other up in any b ess, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance.

cla - cpas, consultants, and wealth advisors. we'll get you there. hybrid work is here. it's there. it's everywhere. but for someone to be able to work from here, there has to be someone here making sure everything is safe. secure. consistent. so log in from here. or here. assured that someone is here ready to fix anything. anytime. anywhere. even here. that's because nobody... and i mean nobody... makes hybrid work, work better.

(vo) singing, or speaking. reason, makes hybrid work, or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything. welcome back a rough go for sectors of the

market including the midcaps. s&p down 11% this year it is performing better than the s&p 500. the next guest is talking about it amy zhang is fund manager of the alger midcap focus one of the top fund managers in all of america amy zhang, welcome back to cnbc. i remember years ago when this guy came on, he was the ceo of the company called heiko he said we make aircraft parts and we have protection we are the only ones to make 300 parts on an airplane returning to focus with you 20 years later. tell us about the company. >> good morning. brian, thank you for having me on again heico is a special company a high quality industrial company like you said.

almost every major airline is its customer they have two businesses one is the fly support segment that's where they make the non-oem supplier of aircraft parts. the other part is electronics and they make very highly engineered electronics for some niche markets and a great multiple industries for the employing of aerospace and medical. what is interesting about heico is alger investors want to have our gross take and recovery too. now the commercial air space business is in the early stage of the cyclical recovery we are years away from the

normalized demand levels as you can probably see with airline travel picking up and commercial air space cycles are very long for heico specifically, their strongest growth driver now is the increasing adoption of pma parts, manufacturing approval. that is a process where the faa grants third party manufacturers ability to approve the parts heico is the largest and can save money for customers >> if we go into recession or a dow downturn, you believe your company or in the medical business could weather the downturn because of what they do i want to bring up a chart of

biotech. it has been around a long time it doesn't get a lot of attention. >> that is the most underrated gem in the live silence tools and diagnostic space what they do is they are leading bio life science tools with over 500,000 products including proteins and antibodies and other industries. what they do is they serve markets like university and government which is a stable market like nih budget for example. it is very resilient and serve the bio-pharmaceutical market

and bio-research i think the research is currently at the golden age. we like to invest in companies that saves lives and reduce costs. bio-techne does all of that. nothing is more important than saving lives what is unique about the company is most of the products are very, very different they are very strong and have strong pricing power and resilient in the down market inn flation and recession are t two things we worry about and they will do well. that's what we like about that company. >> running out of time i promised three palo alto networks we have to get you on a cnbc pro. we have great ideas. heico and bio-techne and palo

alto amy, have a great day. >> thank you. >> our pleasure. before we go, ubs upgrading tesla. on the tape getting upgraded to a buy. buy ubs. their future is brighter than other. 1,100. ubs upgrading tesla to a buy brighter than ever sounds like our future everything's an going to be fine i'm off tomorrow i'll see you next week "squawk" and the gang is coming up next. have a great day and great weekend. take care. we cou ring it right to your door. with 1 to 2 day delivery from your local cvs. or same day if you need it sooner. but aren't you glad you can also just swing by to pick it up, and get your questions answered? because peace of mind is something you just can't get in a cardboard box. that's how healthier happens together with cvs.

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good morning futures at least at this point looks like they're opening slightly higher. 70 points. we'll show you what is moving. including another retailer taking a big hit crude prices trading near $122 a barrel. average price of gasoline creeping closer to $5. depends on which state we'll talk about the ripple effects for the economy. and cathie wood is buying the dip on tesla how much of the ev maker stock and her fund bought in the last few weeks. it is thursday, june 9th, 2022 "squawk box" begins right now.

good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm rebecca quick along with joe kernen andrew is live in washington andrew, what brings you to washington >> i'm here hosting the deal book d.c. summit this afternoon. i'll speak with janet yellyellen after that, we will talk to howard schultz i'll talk with senator chris murphy i'll bring you highlights from that tomorrow morning. so many other big regulatory issues in d.c. we'll talk about payment for order flow and other things with the guests today lots to discuss. >> for sure. a lot going on in washington