it is 5:00 a.m. on wall street here is the top five at 5:00 stocks posting the first higher week in a month. all three eindexes with solid gains. jay powell not mincing words with the economy and inflation saying the central bank can't fail. oil executives with positive signs after the sitdown. tricky word play is raising

eyebrows. wall street's biggest banks getting a clean bill of health from the stress test. and your weekly insider buying segment is back including a big buy by executive for the first time in 19 years we'll name the name on this friday, june 24th. this is "worldwide exchange. well, good morning, good afternoon or good evening. welcome from wherever in the world you may be watching. happy friday i'm brian sullivan let's kickoff the hour with the markets and your money more green on the screen on a solid week for stocks. dow futures up 187 as we noted, a pretty good week for stocks

first time in a long time all three indexes are higher between 2.5% and 4% this week. this would be unless something crazy happens today, the first positive week for all major indexes in four weeks. we have been dropping for a month. in the bond market, stocks have gone up and yields gone down the 10-year treasury is back under 3.1% compare that to one week ago when the 10-year treasury was 3.34%. i know it doesn't sound like a lot. that's a big move in a couple of days crude is moving down crude oil up a couple cents today. d d down overall the lowest close yesterday since may 10th more growing concern of the economic slowdown.

opec meets next week scheduled for thursday we will see if they did something. natural gas down to $6.16. and bitcoin and ethereum on the rise bitcoin above 21,052 let's get a check of how things are going around the world and the top headlines with julianna tatelbaum in the london newsroom she has more green on the screen julianna, good morning >> brian, good morning things in europe are looking up. green across the board rebound under way. yesterday, the european market under performed the action on wo wall street. stoxx 600 ended the day lower. the cac 40 in france up 1.5% the swiss market up more than 2% ftse 100 up 1.1%

the dak is up .60% an online retailer delivered a profit warning sending shares lower. from the sector perspective, you see the retail sector is under performing dragged down by the stock story. it is having an impact on other retailers. autos and basic resources are under performing very similar to yesterday. at the top of the board, the defense sectors out performing brian, back to you >> julianna tatelbaum. thank you, julianna. it is friday let's get a check of the corporate headline and including bio-tech deal. silvana henao is here with that. good morning >> good morning, brian happy friday brian, mashiot son is speaking

out and said no final decision on arm had been made he added there had been a request to list arm in london without elaboratielaborating. did not say if softbank was considered there. merck is moving forward with a possible deal for seagen talks between the companies are picking up the journal reported this last week and it is unclear if merck offered a deal for the bio-tech company. and mcdonald's is making changes to how it awards franchises in the hopes of attracting more diverse candidates the letter seen by cnbc, they

will evaluate in the coming year in the past, spouses have been given preference they will look to oppoerate additional restaurants they declined comments to cnbc on the apparent changes. brian. >> a day last week, silvana, where 99 of the 100 stocks were down in the s&p. i said the only company that was higher was seagen. i never heard of it. >> look at that. >> the one stock that's up last week and now a potential deal. amaz amazing. silvana henao, thank you let's get back to your money and macro markets. we add to thursday's gains on the back of jay powell's

testimony on capitol hill. pressing the fed that the economy can slow without reducing inflation >> we will see what happens. we will try to make good judgments in real-time we have to get inflation down to 2% we want to see evidence it is coming down before we declare victory. we would be reluctant to cut >> let's talk about this and more with kiran ganesh at ubs. kiran, welcome to the program. what does it mean to you when the fed chair says we can't fail can we define failure here when it comes to the fed? >> if we look at the fed mandate, they have two things to fail on. inflation and unemployment that's where they are in a bind. it is harder to get inflation down for the fed to come out a winner

is a difficult situation i think it is interesting to see the market movement in light of the comments we have started to see maybe some expectation of earnings coming down. we have seen bond yields falling as well. that is the importance with the support of the markets the past few days >> is the market here and uk and europe going down this year? are the markets pricing in a soft landing or a hard landing because if it is a hard landing and we get a soft landing, that should be good for stocks and if the opposite is true, that should be bad. >> right think at the moment we are pricing in a soft landing. flat earnings next year and bond yields saying where they are maybe the fed can get inflation

down that is getting priced today at the hard landing scenario, we think you are getting earnings down 15% that scenario is not priced today. as i said earlier, when bond ne yields start to fall, that's when we see the floaw coming ino the market you drop earnings and bond yields and that's what it creates. they were pricing in the softish scenario of flattish earnings next year. >> that is little comfort. maybe 10% down soft landing, which is painful, but not the end of the world would you expect a sharp rebound in equities if that happened globally or could it be another two-year slog down/up scenario

>> as you said, if the market prices in the hard landing and in 2023, it is more under control more quickly, you can seethe sharper rally the danger if you enter the hard landing scenario, is there leverage in the system and parts of the market we appreciated being at risk? that is the case i would not expect it to be banks back off low and hard landing scenario and time to find the bottom and continue to see volatility once that data is coming through, we will realize >> kiran, quickly, i know you like the end of security trade quickly explain what that means. >> we've had russian invasion of ukraine and regardless of what happened there with continuation or a cease-fire, i think it really has focused the minds of

businesses and individuals and paramount importance of security and stability and prices are taken into consideration what do we mean by that? energy security and agriculture yield enhancement and food technology and cybersecurity all of these areas will be in focus in the coming years regardless of what happens in russia and ukraine >> sadly a new world and new cold or coldish world. kiran, thank you we have so much to do on this busy friday including what is happening in europe again that could be bad for the global economy it is the morning rbi. it's ahead. because of the sanctions, do you think russian oil is off the global market?

think again. we have new stats you have to hear your big money movers or big money mover has one stock on the move there's the mystery chart. it's higher right now. maybe some good news for the american and global economy. grab a cup of coffee happy friday morning we're back after this short break. ♪ 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. ♪ ♪ cvs. healthier happens together. (♪ ♪) how do we demonstrate our unmovable strength? (eagle call) nope. how do we show that we'll stand tall through the storms?

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let's turn to oil and gas. yesterday, seven industry executives met with energy secretary jennifer granholm in washington, d.c. also after it ended, something odd happened the department of energy put out a press release about the meeting. that's not odd that happens all the time. in part of the release, the energy department wrote this, quote, at a time when the u.s. is achieving record oil production under the biden administration and went to reference the spr release and global cooperation at first read, the administration was saying the american oil production is at record high. it is not. yes, we are on the rise, but daily oil production is still more than 1 million barrels lower than a couple of years ago. we were nearly at 13 million barrels a day for a number of months before the pandemic

in fact, we averaged more than 12 million barrels a day for11 months now at 11.65 million barrels per day. not even close it was easy to think the press release was a mistake. this is the government's own data maybe it was indeed a istake then i looked at it more closely and realized that the specific language may be revealing smart word play. quote, record oil production under the biden administration so, yes, this is the highest oil production it has been under this administration. not overall. honestly, it may be such great word play, i'm impressed political wordle, if you will. don't let it confuse you just to make sure that is what they were going for, we emailed the department of energy for comment. as of right ow, we had no

reply. still impressive word play if that's how it went here is a piece of news you may have to hear twice to digest russian oil production is nearly back to pre-war and pre-sanctioned level not only that, the amount of russian oil for sale around the world is back to pre-war levels. according to data from your next guest. it is hard to believe given the fact that the u.s. is not buying any russian oil, but it is true. according to report, india is buying russian oil and up 650% from a year ago. china is also ramping up buying. that is sold at discounted prices and vladimir putin and his oil buddies may now be pulling in more money than before the sanctions from america and europe hit let's welcome clay seigle. clay, this is your data.

honestly, it punched me in the face when you and i were going back and forth on this last week we think, we're cutting off russia they are out of the global markets. we're starving them of money for their war machine. that is sadly not true >> not yet good morning, brian. thanks for having me back. right, this is remarkable from the friends at portexta. the sea exports from russia is 5.9 million barrels a day. that is identical to the 12-month average prior to the invasion what we're seeing right now is a big reshuffle of those russian barrels and other barrels around the world. we're not yet seeing removal of russian barrels from the market. that may come when the eu bans take effect later this year and next year. the remarkable thing we are

seeing in the data is the swap in the destination of where the russian oil and particularly crude going compared to before before the invasion, almost all went to europe 90%. that is down to 56% today. on the other hand, asia, before the invasion, only took 7% of the russian crude. they're up to 37%. this a major realignment in world oil flows we need to keep an eye on going forward. >> shipping cost, obviously a lot lower from the baltic or black sea ports to europe than india. we can understand that this is stunning data because there is a perception that we have cut off russia from global markets. we cut them off from us and not quite from europe, but getting there, and india and china

india and china doesn't care they are buying all they can how long, clay, do you think that indian buying can go on before they reach maximum storage or maybe they are using it all >> i think they are using a lot of it. india is an interesting case study. they were taking little russian crude before 30,000 barrels a day up to 600,000 barrels a day. that is a 20 dx increase india is an interesting case study. of the crude oil supplying india more was pushed out because of the discount of russian oil atlantic basin crudes and west africa and from the americas mexico and a canadian oil that is exported via texas these are on the losing side of

the trade. oil from the russian black sea and baltics to india is really ruling the day >> so we mayadvertentlyinadverty not we, but the west, created a big new market and maybe a big new geopolitical friend for russia in india because when you are tied by fossil fuels, those become important and often longstanding relationships >> that's right. here's the thing to keep our eye on as the eu bans loom the end of this year and next year, keep an eye on the russian oil that goes distressed and unbo-bought. if that remains small, putin benefits because he will have the war chest and oil revenues

to prosecute the war if the amount is large of russian oil going unbo-bought, won't have the revenues. you could see a split with russian which is an overhang condition and the rest of the world. that oil market could be tighter. that raises prices in europe. >> quickly, clay, is it possible -- i know they are selling oil at a discount. we don't know the exact prices is it possible russia is taking in as much or more money now than it was a year ago >> on average, it is possible. the real inflection point is once the bans take effect. that will tell us the strength of putin's war chest here is the thing. it is a difficult tradeoff later this year that you are alluding to the policies that are most successful in restraining the

revenues and restrainingputin are the ones which have the hard economic landing prospect over here we have to work out these tradeoffs. >> and these are truly stunning stats. we will see what happens in january with the eu sanctions. for now, nothing much has changed. opec saying and russia saying, clay, russia back to pre-production war levels. we appreciate you coming on. clay seigle, i appreciate it think about it on deck, get ready because there is a big market shuffle on the way. we will tell you about the changes on tap and what itig mht mean for already shaky trading taking place we are back in a moment. when yecide to to that amusement... -no. -no. when you decide to go to hawaii. aloha. turns out your beach people. i think we're beach people. whoa whoa, slow down boys. we know you love it.

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time now for the big money movers today is one money mover singular more word play fedex shares are higher. giving upbeat guidance with earns topping expect tationsexps higher package prices and labor shortages. that stock is up 3%. one big money mover. it is really an economic bellwether and this may be a bit of comfort for the u.s. economy.

let's step out of the world and money for a second and get a check on the other key headlines. those are from phillip mena. >> good morning, brian america is on the brink of having a new federal gun law senators were up into the night passing the safer communities act. 15 republicans joined democrats. it is the most sweeping gun bill to move through congress in three decades. this legislation includes funding for red flag laws and closing the so-called boyfriend loophole and enhancing background checks for buyers under 21 and boosts mental health and supreme court is expected to hand down more opinions today the question is will they undo the 50 years decision of roe v.

wade it could mean that these states in green which protect abortion access to see an influx of women crossing state lines for care. just a week removed from the warriors winning the nba title and it was time for the league to reload at the nba draft >> with the first pick in the 2022 nba draft orlando magic select paolo banchero from duke university. >> paolo and that suit going first overall to orlando the fourth duke player contakenn the draft. and chet holmgren was the second pick and jabari smith as well as keegan murray.

a lot of new talent in the nba next season. brian, back to you >> you are a texan are you a rockets guy or spurs >> rockets we have jaylen green to look forward to moving on from james harden era. >> it is rebuilding. we know the owner of the ro rockets. his birthday is tomorrow happy birthday there you go thank you. have a great weekend >> you, too. still ahead, betting on big tech in a tough year jefferies jared weisfeld lays out the names and the high profile stock that they took off their favorites list reminder, if you haven't already, follow the podcast. it is called "worldwide exchange."

it has a high rating no thanks to the ht.os dow futures up 200 nasdaq up 1% we're back right after this. us this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel.

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markets looking to keep the winning streak going this week futures are higher on this friday we'll see where it goes. right now a lot of green on the screen passing the stress test. the fed giving the all clear for

america's biggest banks. your weekly look at the biggest insider buy is back this week one snapping up shares for the first time in nearly 20 years. that name and the other four are ahead on this friday, june 24th. this is "worldwide exchange" here on cnbc welcome back, everybody. happy friday thanks for joining us. just past 5:30 a.m. on the east coast. we are higher across the board haven't said that in a while we could be on pace for our first higher week in a month that's right we have lost steam and fallen the last four yearweeks. it felt like a year. sign of a longer term bottom or

that bear market bounce we referenced we have to wait and see. dow futures up 202 nasdaq up higher on a percentage basis. take note of this. it could be one of the heavier trader days of the year. ftse russell is rebalancing. it happens once a year around this time where they kick stocks out and bring others in. why does that matter the indexes they reference are, of course, tracked and bought by numerous funds with trillions of dollars tied to the performance. you get a stock that goes into bigger indexes it has to get bought you get kicked out, it gets sold and it can really move stocks around among stocks on the move, former investor darling facebook now meta and paypal. all three jump into the russell

1000 value index the others will be reduced valuations have come down as prices come down now value stock. good for value bad for growth gamestop will make its way into the value and get tossed out of the growth index so much money is tied to the indexes. if you go into growth or value, value managers buy and dump out of growth. we will see how it shakes out today. let's get a check of key friday headlines with silvana henao. what's going on now? >> this country's biggest banks passing the test of durability to withstand market and economic d downturns. jpmorgan chase and morgan stanley and goldman sachs have enough capital to handle unemployment and collapsing real estate prices and drop in

stocks banks are now in clear to announce dividends and stock buybacks on monday. shares of zendesk are surging ahead of the open on the announcement it is close to a bo buyout deal. that could be coming in the next few days it would continue as an independent public company after completing review of the business. another crypto hack taking place. harmony announcing the breach between the coins. horizon bridge is working to find those behind the hack and retrieve the stolen funds. this is the third major breach this year. >> just doesn't end. it is holding crypto back. people don't feel safe with

their money, they will not buy or hold it silvana henao, thank you get the cyber issues under control. >> absolutely. it is friday, which makes it a great day overall, because sleep, but also great because it is that time when we bring you the weekly insider buying segment. we highlight the top five bought the most by the executives with their own money. that comes with verity platforms. we count down five to one. like the doors song said stock five, microchip technology $458,000 buy from the ceo for the first time since the summer of 2018. stock four is oneok. making the first insider buy ever to the tune of $498,000 and stock number three is and

lo analog devices $526,000 by a board member this was a smaller buy from the past buys. for thetop two this week which have something in common they are real estate related companies. second most, federal realty investment $1.01 million buy by the non executive chairman his first buy ever in 19 years as an insider. hasn't bought in nearly 20 years. the first buy coming out of nowhere is a $1 million buy. watch frt. the most insider buy this week is annaly capital. $1.11 million by the ceo it is his biggest buy ever by dollar value in four years

by the way, the lowest he ever paid for the stock he bought in the pandemic lows at $6 a share. he got it for $5.50. the names. two semi conductor companies and two real estate companies and one natural gas company. this is the segment you only see on wex or cnbc pro let's talk more tech and find out what jeff series analys are saying there have been changes sense the last appearance. we have jared weisfeld from jeff sdl eries. good to have you on. i don't know if you saw mark zuckerberg on "mad money" the

other day laying out the case for the metaverse and ai world we are showing part of it. do you think meta is a buy right now? >> good morning, brian i was absolutely able to catch that interview i would absolutely agree with you. i thought mark zuckerberg laid out the foundation for the metaverse and how he is planning to capitalize on the investment for the next five to ten years and put it in perspective. meta trading at 12 times earning. the russell rebalance into the value index and the ability to underwrite meta at five times. you have very real concerns in terms of the advertising budget slowdowns. you have concerns on tiktok, but at the end of the day, that is factored into the current

valuation given underwriting meta >> i thought the interview was so important because it provided clarity on what exactly they are doing. obviously investors have not given them credit for it as far as the stock price goes. are you comfortable with the facebook valuation >> you have meta with $15 billion to $20 billion a year in facebook reality labs. that is the investment in the metaverse. despite the significant investment for the next five to seven years where they are generating no rerevenue, you are still underwriting meta at five times. we have shares overweight. that makes sense when you think of the investment they are making and despite that, we are talking about a sub market m

multiple for meta. >> you recently removed nvidia from the favorite names list why? >> this goes back to my framework in terms of where we are right now with respect to tech i think this is a really interesting opportunity to be getting long software secular growth when you think of what is transpiring the last three to six months with the forward language from the fed. you have obviously concerns with where we are right now look at the broader back drop. you think about going into a potential recession. you think about going into tougher economic times with tight financial conditions see semiconductors are a tough place to be. you see it breakdown with the s&p. you see software out perform it makes it a difficult environment when someone like

nvidia is leveraged so significantly to the cycle and we're worried about the weakening consumer and they have revenue contributing to the pc and graphics cards it is a difficult back drop for semis. >> okay. good stuff there i know you also still like the big tech microsoft and oracle jared weisfeld of jefferies. your boss texted me last time you were on and said you were looking good i appreciate it. on deck, your morning rbi d e atwi europe's energy crisis and why it could literally cost lives no, he eizt t with merrill. moving his money into his investment account in real time and that's... how you collect coins.

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a big lineup next week from the cnbc and aspen ideas festival we will hear from ceos of google, intel, pepsi and wells fargo and more a big week tune in to cnbc to catch the sitdowns aspen ideas festival play john denver time for a special friday rbi. this is not only random, but interesting, but it is a big deal for europe and its people

and global economy. natural gas prices are surging again because of reduced flows from russia and primarily in germany. it is still flowing in europe, just less of it. germany declaring another step in the energy emergency. here is the chart for the dutch natural gas. spot gas above 130 per megawatt hour that equates $39 u.s. per unit we are paying under $7 in america. europe's cost on the spot market is five times higher than us let's put it a different way one year ago, same contract traded at 22 prices have gone up 500% in 12 months it is not just putin's insane war. that is part of it

you can see the prices are about this high going all the way back in september that second bump or first bump on the screen on the right this is a result of years of policy decisions which put europe, particularly germany, at the mercy of russian natural gas because they killed off most of the nuclear power without backup besides beholden to russia for gas. germany is starting to buy lng that will take years to ramp up. so, this is in europe. what about right here in america? even though our costs are lower, much lower in many cases, they are taking a real world toll consider what we said yesterday century plant in kentucky laying off people their power costs went up 50% in the first quarter from last year a if we are shutting down plants

here in america and paying 650 for gas, what will happen in germany and other parts of europe where their costs of gas is at 35 or 40 bucks it seems impossible not to think major industrial slowdowns or shutdowns aren't going to happen because they can't sell their product more than th production no wonder bridgewater associates is a massive short bet against european stocks now. you better hope or pray for good weather the rest of the year for there and here random but scary on deck, stocks will keep the overall win streak rolling it is one week we'll take it. we have malcolm ethridge here to layout the stocks he likes now. and in june, we celebrate pride month. here is goldman sachs' susie

scher. >> my advice is to be out at work when i came out at goldman sachs in 2000 on the eve of the birth of my first child and i now have four, i had no idea how being in the closet was preventing me from connecting with my colleagues and clients authenticity is an important part of your brand so come out and be out think he's posting about all that ancient roman coinage? no, he's seizing the moment with merrill. moving his money into his investment account in real time and that's... how you collect coins. your money never stops working for you with merrill, a bank of america company. ♪♪

your money never stops working for you with merrill, ♪♪ ♪♪ take the world by cloud. accenture let there be change.

(mom allen) verizon just gave us all a brand new iphone 13. (dad allen) we've been customers for years. (dad brown) we got iphone 13s, too. switched two minutes ago, literally right before this. (vo) now everyone can get a new iphone 13 on us on america's most reliable 5g network. for every customer. current, new, everyone. to show the love. all right. packed agenda on friday. first up we hear from st. louis fed president jim bullard. that is followed by may new home sales at 10:00 then the june consumer sentiment. we will get more fed speak san francisco fed president mary daly at 4:00 p.m

we will have earnings from carmax and carnival corporation. and stocks on track for the worst first half of the year since 1962 ugh! what are financial advisers telling clients, especially those with less than optimal time horizons? joining us is executive vice president malcolm ethridge what are you telling your clients? phones are ringing or buzzing all night. >> one of the big things i'm telling clients is this is what a normal market looks like interest rates and companies are actually giving realistic guidance and not the pie in the sky numbers the last couple years. we are telling clients this is the reset to what a normal market is supposed to look like.

>> it is really good advice. we have been through this -- minus the pandemic march, april meltdown -- which was fast and scary and rebounded. we haven't had this since the financial crisis this is a new thing for a lot of investors who have not been around for 25 or 30 years. >> yeah. you know, at a time we encourage investors to look for companies with positive revenues and profits, but we're looking at a name of iron mountain. the company will never blow the doors off, but returning close to 5% to shareholders in the form of dividends and holding up well in the bear market. there is nothing exciting. iron mountain gave guidance they are migrating their physical

record storage to the cloud. going digital is telling us they will have the cash flow consistent and it will be a good dividend grower if you are looking for safety in the environment. >> iron mountain michigan is sun re unrelated to the company outside of that, malcolm, abbott labs, abt. it hasn't gotten a lot of attention. why do you like it >> abbott will continue to sell covid tests to governments around the world the diversified set of health care and strong balance sheet and strong dividend growth is a recipe for the climate everybody is looking for safety. everybody is looking for companies with a strong track

record of paying back dividends. abbott looks like another company as health care products is the focus as people are looking for growth abbott will lead the way on that as soon as they get past the baby formula shortage as they already started to ramp up production and started to build shelf stock up we will hear abbott tell a different story. that is when we expect them to recover and to gain back this year >> don't have time to get to the third pick albuquerque, new mexico. a startup. it has done well microsoft. random trivia. founded in albuquerque, new mexico ma malcolm, have a great weekend. thanks for getting up early. see soon thanks very much that does it for us on "worldwide exchange.

guess what be we are back on monday. markets get rounded route higher for the week i think i speak for everybody on wex team when i say you're wel welcome, america "squawk box" is next have a great weekend ♪ ♪ how's he still playin'? aspercreme arthritis. full prescription-strength. reduces inflammation. don't touch my piano. kick pain in the aspercreme. this? this is supersonic wifi from xfinity. it's fast. like, ready-for- major-gig-speeds fast. don't touch my piano. like riding-a-cheetah fast. isn't that right, girl? whoa! it can connect hundreds of devices at once. [ in unison ] that's powerful. couldn't have said it better myself. and with three times the bandwidth, the gaming never has to end. slaying is our business. and business is good.

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good morning pretty impressive showing yesterday in the markets ending higher one of the best days in a while. futures pointing to more gains at the open. we'll show you what is moving right now. breaking news. we will tell you what happened with the meeting with oil executives and secretary granholm details from the room ahead. we talk to the head of the major flight attendants union of the flight cancellations this cr

that created a global travel nightmare. it is friday, june 24th, 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 carry-onjo kernen and andrew ross sorkin. you will see there are green arrows on what has been a good week the best week in a while you are looking at the dow futures indicated up 232 points. s&p futures up 31. nasdaq up 122. maybe a bigger story for the markets has been what happened with the treasury market yields have come down significantly. 10-year treasury is now 3.085%