it is 5:00 a.m. on wall street here is the top five at 5:00 rebound. investors trying to pick up the pieces after the worse two weeks in years. the recession debate reaching a fever pitch as the biggest banks talk to the white house on the direction of the economy. speaking of the white house. president biden waiving the gas tax. jetblue boosting the offer for spirit airlines. and wrapping up a wild week

for cryptocurrency it is tuesday, june 21st 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 thanks for joining us on tuesday morning. let's get to it and check out the markets and your money futures are nicely higher. nice to start the day with green on the screen. nasdaq futures are up 241. that's more than 2%. dow futures up 500 why? i have no idea not one big piece of news or one sentiment shift or one thing we're seeing that would necessarily push those types of gains. we have lots of guests to answer that right now, we are seeing futures well up. bitcoin and fed and energy still

the drivers of the market. all of this coming off another dismal week with stocks with the dow and s&p losing another 2%. the benchmark 10-year treasury at 2.7%. it came down a little bit last week it still has more than doubled is far this year let's more to mortgage rates it may take a pause going up because of the move in the 10-year treasury the average fixed 30-year is under 6% crude oil has come down in the last couple session. $110 a barrel. libya boosted production back up as it deals with internal conflict that is up 2%. we were at $115 a couple days ago. and so much attention on the recent crypto crash. here is how it looks

bitcoin and ethereum and other major coins are higher today that is a long-term chart. you can disregard that for the quarter, they are down 53% and 65% this quarter over the weekend, 90% of all crypto, other than bitcoin and ethereum, have lost more than 90% of the value there you go 90% of all coins not named bitcoin or ethereum have lost more than 90% from the all-time high crypto is higher across the board. that's what is happening here let's go as the show's name may imply. worldwide and check on asia and the early trade in europe. jp ong in singapore and julianna tatelbaum in london. jp, let's start with you >> today was a better day for markets in asia.

it was split we saw the nikkei and the kospi and south korea close and rebound. we once again saw mainly chinese stokes go against the grade. shanghai closing lower in the session. we got comments from key officials. we start off with the prime minister of japan who said the recent sharp falls in the yen were worrisome encouraging from the reserve bank of australia's governor said there may be more rate hikes in the future for australia. he highlighted that inflation will peak by december of this year we will look at the hang seng which closed strongly and seeing extending gains. they are still suspended on the hang seng, but they will stick to the plan to release

preliminary restructuring offer by the end of july and tencent marks into the fire for forray into the metaverse. we saw the koolearn technologies netease saw a delay of the release of the game and a post on chinese social site weibo stating it was critical of the chinese president xi jinping brian, back to you. thank you, jp. let's get to julianna tatelbaum in london. >> brian, great to see you european equities are extending gains. equities rebounding. stoxx 600 ended higher yesterday and the gains continue

cac 40 is up 1.8% in france. investors reacted to the surprise news that emmanuel macron lost his parliamentary majority now trying to form a coalition we have rebounded more strongly in france this morning dak and germany up 1.3%. uk is lagging, but still in positive territory up .6%. gains elsewhere. from the sector, telecom under performing the defensive basket of stocks chemicals up 2.3%. a real cyclical tilt today brian, several european governments signalled they could return to coal power to replace the gas flows from russia. germany, austria and netherlands and italy said they would be

ready to implement a move des despite previously pledged to shift away from knowfossil fuels here is a look at the dutch wh wholesale prices up 2% today. as you see, we have been rising over the last week, brian. >> truly amazing we have seen a lot of headlines of going back to coal because of russia that adds to it, but coal use was up a year ago as well because of lownatural gas stocks another part of the story. julianna tatelbaum, thank you very much. amazing that coal use is getting bigger in europe wow. let's get some of the morning's top headlines stateside with silvana henao >> good morning, brian the white house is formulating a plan to combat inflation

one aspect of suspending the federal gas tax. president biden speaking with reporters over the weekend >> it's in consideration i hope i have a decision based on data i'm looking for by the end of the week. >> the price of retail gas is down from a week ago the aaa national average for a gallon of regular this morning is $4.97 versus $5.02 last week. and jetblue increasing the offer of $53 per share for spirit jetblue strengthening to diversify assets to get approva for the deal

it has been postponing offering to look at other bids. and goldman sachs is looking to boost the u.s. recession odds by 30% it is concerned the fed will feel compelled to respond to high headline inflation and consumer inflation expectations if energy prices rise further. goldman's updated outlook comes as it believes a mild recession starting in q4 is more likely than not citing tightening financial conditions and food supply disruption brian. >> 30% is not 100% so still a chance. silvana henao, thank you morning math there. back on wall street. investors looking to shake off another tough week

the s&p facing the biggest loss since the pandemic and lockdowns in march 2020. if history taughts an us anythi, it is still in the early stages. according to goldman sachs, the s&p has sold off 15% or more on 17 occasions since 1950. in 11 of the 17 times, the market managed to bottom out only around the time it started to loosen monetary policy again it hinged on the fed for the other times. let's bring in dana d'auria. dana, good to have you on the program. is it all about the fed and some kind of dovish pivot for the market to find a bottom or do you think down 25% on the nasdaq and they find the bottom on its own? >> a great question.

thank you for having me. the fed is huge in finding the bottom when you do hit the bought am in t bottom, and we just started tightening, is it possible we could have bottom? of course. my thought is we're not there yet. there is a lot of negative news on the growth side the fed has no choice but to crush inflation. >> so when you added that by any stretch, dana, there may be more selling to come. this could be a summer of pain or no major rebound other than the occasional bear market rally? does that summarize it >> that is the highest likelihood you will have buying opportunities. if you consider right now an opportunity. if you are a retail investor and

in it for the long haul, put money to work over time. that is not to say we are hitting bottom or at the low u know, anytime you have a market down turn, you have the spikes we're seeing futures up today. is it meaningful i would say probably not it is a reaction from the selloff last week. >> yeah. this morning, futures are well higher dow futures up 500 nasdaq up 2% i like saying that at 5:00 eastern in morning, dana, better than the opposite. is there anything you are seeing to cause futures to surge? i'll admit it. i have no idea why this would happen right now >> we have biden saying recession is inevitable. we have gas tax break which is temporary. it doesn't fight inflation you know, a little bit of good news in the narrative.

it is temporary. i think of it as a reaction with last week being a selloff. the market sees an opportunity to buy a little bit now. >> i think suspension of the federal gas tax will get chewed up by marketers and gas station owners the trickle down to the consumer either way, dow futures up 500 dana, a short week we appreciate you kicking off the show for us. have a great day >> you too. we have a lot to do on tuesday. elon musk hinting at quote unresolved matters" with the take private deal for twitter. his latest comments coming up. plus, digging into the american energy crisis and how your next guest says utility stocks should help the portfolio bottom later on, why people

call him the recession whisperer. what larry summers is saying about the state of the economy get a cup of coffee. we're back right after this. ♪ ♪ how's he still playin'? aspercreme arthritis.

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all right. welcome or welcome back on "worldwide exchange" on a tuesday morning. don't rub your eyes. it is an actual trade.

dow up 513 the nasdaq up 233. the reason for the surge is insert reason here i don't know there is no screaming headline out there to suggest any reason for pop. bear market rally. oversold bounce. maybe it dana's point that the hope of energy prices will come down who knows? we are seeing dow futures up 511 points the question is not just today, but where are we going longer term from here katie stockton is in the house and she will layout charts on the market and bitcoin and oil icarnde reo stk ou (woman vo) sailing a great river past extraordinary landscapes into the heart of iconic cities

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welcome back let's get a check on the big money mover. twitter shares are higher after comments from elon musk over his takeover bid overnight speaking at a forum in doha, qatar. he said there are still a few unresolved matters about twitter. still awaiting resolution for how many bots are on the social media platform musk adding he would drive the property of twitter. he doesn't necessarily plan to be the ceo shares are up 1%. breaking news are german natural gas overnight. u.s. lng venture global announcing a supply deal to

supply power to german producer of natural gas beginning in 2026 this deal adds to more privately held venture globals in europe they have poland and shell and bp and others. it comes from the louisiana facility as they build out capacity it will be years before the german giant sees the american gas, any capacity will help wean off russian natural gas. europe is not the only area in the world dealing with surging energy costs it is happening here, too. it will impact your air conditioning bill this summer. last week in the midwest, wholesale cost surged five times from june last year. they have come back down this week, but it will trickle through to your bill what does that mean for

utilities? joining us now is john bartlett. he is with reeves. good to have you back on the program. john, i was looking at the wholesale power costs at 151 megawatt hour. i wondered how that impacts utilities bottom lines are they making more money off surges >> utilities are not making money off the surges customers are going to have to pay. you are absolutely right to point it out things have eased in the natural gas markets, but things remain tight in the midwest the midwest market started getting tighter two years ago. this spring, we got signs in the capacity market for it generally, brian, the most important, first order impact of

what is the amount of demand for power remains the weather. we have certainly had hot weather. you know, unfortunately, hot weather gives the short term the potential for the double whammy. higher price and higher use. >> yeah. you know, it is also a convenient excuse, john. it is easy to say it's been hot. we have to have rolling brownouts like they had with customers in columbus. i went back and looked it was hot as heck last week it was just as hot in the '80s and the '50s heat is nothing new. heat waves are not historically a special event. it feels like the power generation is not where it needs to be because they are rolling off coal plants? >> that's a fair statement

absolutely it is something we have to deal with it is not just really the lack of coal plants, but lack of coal that's been a little bit of a challenge this year. again, it surmountable we are in a teething pain in the energy transition process. >> who wants coal? fine shutdown the coal plant. maybe it heats 190,000 homes you better have something else to heat and power and cool the 190,000 homes. is there anything where we take the old stuff offline, but we have to make sure we have reliable power to replace it who is being smart

>> remember, take a step back. utilities are purchasers of the commodities. in a lot of sense, they are price takers that said, there are -- every customer across america will have a different experience. every utility is going to have a different way to generate power and it buys power. clearly when you have a diverse fuel mix with coal, nuclear and natural gas, you are not feeling as much pain when you rely totally from the outside market, you are susceptible to the most pain it depends how you buy your power. how your customers will be feeling this year. you know, i'm very proud of my home state we have deregulated power markets, but the new jersey

commission and state of new jersey set up a scheme to buy power three years ahead. we are not feeling it as much as other states >> wow john, it is hard -- i almost have to shake my head with someone saying new jersey has done something right go, new jersey >> go, new jersey, is right. yup. we're in good shape there. you are right. further north and east, the price of power in new england and customers will feel a 25% increase you know, i will say the price of power has backed off. about a week ago, they were looking at another 25% increase in 2023. i will say one of the fundamental issues facing that part of the country is the lack of pipeline capacity into the region. >> 150 miles from the biggest natural gas field in the united

states literally burning dung and wood in the winter to make enough power. i guess whaling may be next for boston who knows? john, we got to go i appreciate it. we'll get you back on soon john, thank you very much. >> my pleasure, brian. >> the power market. john, thank you very much. good to get his views. on deck, president biden leaning on former treasury secretary larry summers from trying to prevent the economy going into recession where the two men stand on the economy. we'll be right back. ♪ in any business, you ride the line between numbers and people.

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green on the screen. futures are surging as wall street comes off one of the worst weeks in years katie stockton is here with a chart that matters now recession risk d downplaying the economic downturn as a pair of banks issue warnings of when, not if, a pullback happens. and another brutal weekend in the skies airlines delaying or cancelling thousands of flights marking another black eye heading into the summer. it is tuesday, june 21st this is "worldwide exchange" here on cnbc welcome or welcome back.

good tuesday morning hope you had a great long weekend. let's get a check on the markets and your money fights are looking strong. i wish i had some glaring headline as to why sdow futures were up 500. i do not i have no idea why stock futures are surging. maybe a technical bounce or insert headline here nasdaq futures up 2% the fed and energy still the drivers of the market along with kre crypto all of this coming off the worst week since the lockdowns and pandemic struck in 2020. we are seeing nasdaq futures up 228 points right now bond market. 20ebz under 3.2% the price of oil is $100 a

barrel libya coming back online the libyan market adding 700,000 barrels a day. that ease the globe supply crunch price has come down a little bit over the last couple sessions. there you go let's get key headlines. workers in the maryland apple store unionized. one of the first in the u.s. to do so. the employees at the towson location voted 2 to 1 to make the move employees of two dozen apple stores have expressed interest in unionizing over the last couple months. it was another brutal weekend for flyers flights canceled or delayed on saturday alone with 6,300 flights delayed and 850

canceled flight aware says the major u.s. airlines, delta was the worst with the similar problems due to the memorial day holiday all of this with the transportation secretary pete butigieg and his flight canceled we were on the app on delta about the flight change and it said estimated -- i posted the screen shot. estimated wait time. 697 minutes. that's 11 1/2 hours. it turned out to be 4 hours. 697 minutes. that was at 5:30 in the morning. i feel your pain, folks. a group of former tesla employees are suing ev maker overl layoffs

they say the company did not provide sufficient notice over the job cuts it claims more than 500 employees were let go from that facility the debate over the coming u.s. recession is growing more intense from comments from the white house over the weekend aiming to tamp down fears of the economic downturn. here is treasury secretary janet yellen speaking on "this week. >> i expect the economy to slow. it's been growing at a rapid rate it is natural to transition to steady and stable growth i don't think recession is at all inevitable >> all right yellen's rhetoric matching what president biden told reporters yesterday. recently spoke with the former treasury secretary larry sm

summers, one of the few that got it right on inflation and following that conversation, recession is potentially avoidable pending policy initiatives. lowering medicare costs and pause the rise of the price of energy what summers is telling the president is in stark contrast to what he says publicly summers said the fed did not help with the new projections and saying, quote, we are headed for a pretty hard landing. adding to the speech in london yesterday, i fear we will have both elements of secular stagnation and secular stagflation. we need five years of unemployment above 5% to contain inflation. summers is not alone in this economists at goldman sachs are boosting outlook for the recession next year up from 15%

to 30% odds. still only 30% investment bank nomura saying they believe a mild recession is likely joining us is andrzej skiba and john stoltzfus john, i'll start with you. i understand why there is a discrepancy with the biden headlines and what summers is saying publicly. i guarantee it is all how you ask a question biden probably asked summers, what are some things we can do to minimize the chance of a recession. summers gave him an answer it doesn't mean those things are going to happen. take that for what you will. are you in the recession later this year or early next year c camp, john >> brian, we are not we think we can start a recession. it means come close to it, but we think we can skirt it this year

just the slowing we have seen in the economy and our view doesn't suggest recession is on the way. we see it from a sentiment point of view with the fed dealing of this since it pivoted in the fourth quarter we think we will have a bumpy landing. you are talking about commercial airlines if this is parallel to the commercial airline headed into a landing. you know, we are experiencing turbulence we come down from 40,000 feet to 30,000 or 25,000 feet. we got some turbulence it does not suggest we have a hard landing or emergency landing, to speak. >> andrzej, what is your take? later this year or early next year can we skirt it? >> hello, brian.

it is a close call it is likely from a couple weeks ago. the federal reserve needs to fight the credibility. we think it increases the likelihood of recession quite significantly compared to previous expectations. the more financial conditions have to tighten, the quicker the fed needs to go and the higher the likelihood recession is on our door step. >> okay. john, given that macro view, what about the stock market? because it feels like the market is pricing in a large downturn of some kind call it a recession or not has the market priced all of it in or is there more downside to come >> there were times last week when it reminded us to what selling looked like in 2008 although the situation doesn't

suggest the systemic risk at it point tantamount to what we saw in 2008. the selling was so discrikcrimi and violent, we can't help but think we were at the bottom last week and we were actually close to it. we remain constructive and beyond that still bullish on equities we like cyclicals over defense which looks expensive. we have to look at the forward multiple and five-year average for multiple versus today. there is a lot of opportunity out there. it takes a lot of gumption it is easy to say buy low and sell high. it is difficult to buy low that is where the issue lies >> john, i want to go back to that why is that? every aspect of our lives, we

try to get a good deal amazon prime day i'll negotiate that car deal down every aspect we try to get the best deal we can and yet when stock prices fall, a lot of times we tend to sell into that and buy back when they're higher it doesn't make any sense relative to anything else we do. >> it is probably the only industry when the goods are put on sale and very few people show up at the store. the good news is buffett has shown up and made a lot of factors for recovery to get out of this mess >> andrzej, if markets are reacting to fixed income and central banks, then where are rates going?

>> we think there is a good likelihood that yields need to move higher from here as inflation remains stubbornly high further out the curve, there is clearly of a move in the opposite dpirection as recessio fears increase a lot of the shift ahead will be curve shifts rather than across the board. it is important to mention that when you look at the fixed income and credit in particular, if we are indeed heading into recession, there is a long way to go in terms of re-pricing we need to see. markets like high yield are not priced for recession right now we are priced for a slowdown that is baked in we are not priced for recession if that were to happen >> all right

we will see if rates move higher from here. it seems hard to believe it is true andrzej skiba and john stoltzfus. gentlemen, we appreciate it. have ea great day. thank you very much. coming up, your morning rbi is back. if you are frustrated by high gas prices and you think an economic slowdown will bring them down, think again we'll show you the raw history of oil prices and recessions as we head to break. bitcoin bouncing back after falling below $20,000 over the weekend. the level not hit since 2017 price pressures continue pro shares launching the first etf. be careful out there, folks. celsius asking people to give it more time to fix the problems and equities. the firm halted withdrawals and other actions for customers last

week. and prosecutors in south korea banned employees over terraform labs workers from leaving the country. this comes as the investigation into the company and the implosion ofheer t tra st stablecoin wow. "worldwide exchange" is back in a moment rt your nutrit leep, immune system, energy ...even skin. so healthier can look a lot like...you. cvs. healthier happens together. (vo) this is a place for ambition. a forge of progress. a unicorn in training. a corner to build a legacy. a vision for tomorrow. a fresh start. a blank canvas. a second act. a renewed company culture. a temple for ideas. and a place to make your mark. loopnet.

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president biden said the administration is set to meet with top oil executives this week president biden is weighing a tax holiday on gas taxes it is not that simple, mr. president. refining capacities are maxed out. according to the federal data, refining capacity at 94% during the pandemic, you had a number of refineries retired or converted to bio-fuels because they were told to be more green. adding more refining capacity at the moment is tough. president biden may be asking that of oil ceos coming up. that brings us to the morning rbi. let's go deeper into the economic slowdowns and recession. there is a lot of frustration with the high price of oil and gas.

s for some, it could help ease the pain at the pump if you are betting on the long-term drop in demand, history says you are wrong the chart from the world bank and opec it shows global oil demand and growth and recessionary periods of time. a lot going on in 60 years, there have been ten years where oil demand growth fell that means it rose in other 50 years or 83% of the time since 1970, global oil demand grown from 46 million barrels a day to 100 million barrels today. if we fall in recession and america or europe, like so many predicting, will that send prices lower maybe, but maybe not as you see in the chart, some of the recessionary periods like 2008 and 2009, we did not see

oil demand fall off. the little red lines dipping below the green. that's it. the 1991 recession caused by the gulf war, oil demand grew around the world. likely because oil demand is shockingly resilient most people drive, fly or charter ships because they have to, not because they want to remember, like everything with history, it doesn't mean it will happen again every situation is different using history as a guide oil demand and prices to fall off as the economy slows history may have you over a barrel random and interesting on deck, stocks looking to kickoff the trading week on a very strong note katie stockton is here to layout signals she is seeing and why more market relief may be on the way. and june is pride month. here is former professional

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there is the what to watch for today. supreme court decisions continue

to roll out. back to the markets. a brutal year for stock market investors. for more actions by the fed and odds of recession rising, the s&p exaccelerated losses down 1 this month the next guest says there are oversold catindkaindicators tha is flashing. katie stockton is here with us katie, you send this last night before futures were trading. now 500 up on the dow and 2% on the nasdaq i said i have no idea what is going on with futures and why they are in the green. you probably do. is this just your perfect oversold bounce setting up >> i think so. you know, the technicals will never answer the question why something is happen. we did get oversold extremes in

the market leadership and volume and sentiment. all of those got to levels we have not seen in most cases since the covid 2020 low and some before that yet, we have a down trend. it has a hold on the major indices. we want to have that framework when we evaluate the short-term which bodes well for stabilization if not a bounce in the indices that could last one to three weeks our indicators are set up and that could be viewed that is counter trend. >> are we in a longer or medium-term down trend whatever happens today or this week >> it won't fix it oversold bounce is unlikel enough to impact the medium-term or long-term gauges. that is pointing lower the s&p is down 11% month to

date with that, you have very strong down side momentum the signs of down side exhaustion are short-term in nature i assume we will see an oversold bounce or stabilization. the 3815 level which has been taken out di decisively. the next is 3500 on the chart. we want to he is that follow through. it seems likely the indicators are set up and that means we will see down side from the nasdaq 100 we are looking for mega cap to under perform during the next down draft >> under perform so if people out there think this is the bottom, you are telling them think again >> i think so. we are looking for indicators to be more constructive closer to september or october if it happens sooner, great. we will react then as it stands, in the average

duration of the signals we have, they put us past the summer months we will see a difficult summer and perhaps more difficult and maybe more side ways s choppines that could be the basing phase the higher growth arena and they are deeply oversold long term. that is when we watch for an indication and that is what is needed to restore confidence to the market >> okay. i have to imagine nineof ten clients are asking a little or a lot about bitcoin, katie i don't know how technicals work on bitcoin assuming they do, when you look at bitcoin, what do you see? >> i think technicals are one of the only things that works on bitcoin and other cryptocurrencies at times. the supply/demand relationship

is deep and growth we have charts respectful of the technical indicators we have seen equity markets with a series of breakdowns bitcoin was below 20,000 support we were watching that took it to secondary support which led it to 18,300 for bitcoin, like the equity market, we look for stabilization. we are viewing it as counter trend and something that would not be indicative of a buy in opportunity. we think the bounces are difficult it time. rather it is something that could provide temporary relief from the downside momentum we have seen. with the proximity of the support level, it suggests we could see a breakdown on the back of near-term stablstabiliz. >> more breakdown on bitcoin

>> beyond the near term, it could be at risk of a breakdown. the next support is below 13, 13,900 >> we will watch at 18 tough on equities and cryptocurrency katie, thank you very much whatever the longer outlook, stock futures are soaring. dow up 500 nasdaq up 2% i'll leave you with green on the j screen and good news to start tuesday. see you tomorrow "squawk" is next so healthier can look a lot like...you. cvs. healthier happens together. think he's posting about all that ancient roman coinage? no, he's seizing the moment with merrill.

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good morning stock futures bouncing right

now. up around 500 points just under we will show you what is moving. crypto is rebounding after bitcoin hit a low below $18,000. new over the weekend jetblue raising the offer to buy spirit air details straight ahead monday not monday feels like monday. it's tuesday, june 21st. a long, long day in terms of how long the light is there. 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