it's 5:00 a.m. at cnbc headquarters and here's your top "five@5. all is not lost. why one of our guests says the market has a pop coming up you cannot afford to miss this advice. and one year off as we look at the energy markets and what a second year conflict could mean for you. plus bucking the big bang

trends as one ceo sees a bump in their pay package. and later on a billion-dollar buyback. this time it's not big oil or big tech it's wednesday, february 22, 2023, and you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange. i am frank holland let's kick off the hour with a look at markets and the u.s. stockmarkets right now we're seeing a bit of a mixed fixture. right now still a mixed picture. this comes after yesterday's major market meltdown with the dow swiping out all of its gain this year. they closed low owner the day as did 29 of the 30 dow stocks. the lone winner, walmart,

erasing early losses despite issuing that cautious full-year guidage eeking out a half a percentage gain. kind of similar to futures this morning, vacillating between the positive and negative eeking out the gain on the other side of the coin was home depot showing possible signs that consumer demand may be falling off on the non-essential markets. checking the bond markets, the 2, the 5, and the 10-year trading at the highest level the 10-year is about 40 to 50 basis points higher than back in mid-january. still seeing that inverted yield curve, something to continue to watch as we have these recession fears. we're also watching the energy moves continuing the downside. right now we're seeing wti crude

down also watching crypto we're looking at bitcoin and ether. bitcoin falling down half a percent, either a well bitcoin up about 35, 40% year to date, ether up that has slowed in february along with stocks we've seen selling off. let's check on the overnight action in asia as well as yufrmt joe europe julianna tatelbaum is standing by good morning. overnight we've got red for the markets. the shanghai composite dropping about 50 basis points. the hang seng and hong kong dropping by about 0.5% and japan seeing outside selling, pulling back about 1.3%.

the downbeat sentiment continues in europe. we've got red across the board here as well the spanish market leading the losses down about 1.2% ftse, 100, not far behind. we did get some relatively upbeat data out of germany this morning. the e though survey showed that morale has improved across german business in the latest survey, but recession fears do remain there is one bright spot i want to high light for you in the auto sector, that's stellantis revenue surged 18% to 180 billion euros. the carmaker also announced a $1.5 billion euro share buyback. they were able to sell a very strong product mix and offer -- and see upside to pricing, which offset continued logistical and

supply chain challenges. >> let's get a check on this morning's top corporate stories. silvana is here with those. >> good morning to you let's start with citigroup it's awarding its ceo jane fraser a $24.5 million pay package. she just completed her first year as ceo about $19 million in stock awards, a cash bonus of 3.1 and a $5.1 million in salary the federal trade commission will not challenge amazon's deal to buy one medical health, clearing the way for it to klis by the end o this week ftc will look at concerns around amazon controlling sensitive

user health data. and counseling giant mckinsey plans to eliminate about 2,000 jobs in one of its biggest layoffs ever according to several reports, the move is expected to focus on support staff who do not have direct contact with clients, and expectation tissues are hoping the move will help preserve its market compensation pool, frank. >> something to watch. silvana henao, we'll see you later in the show. we've got to begin with shares of palo alto networks it's sharpened its efficiency and reducing its head-count, something the ceo spoke with jim cramer about last night. >> we scrutinized our head count

and processes to make sure we run this business efficiently. we've been able to improve our profit margins in the last 12 months. >> toll brothers reporting better-than-expected first quarter results. the number of signed contracts dropped by half from a year ago, but the toll ceo says they've seen a pickup in demand. shares are up more than 2% this morning. finally, la-z-boy, they beat earnings forecasts and got a slyer boost that helped to offset lower unit volume in the quarter due to supply chain irns shares are up. when we come back here on w.e.x., jim cramer speaks about what needs to happen for all the selling to stop. we'll see if the top market technician craig johnson agrees. >> plus microsoft giving nvidia a new reason to celebrate as we look at the stock.

later, new clues in the mysterious disappearance of the ine nkg ceo. a very busy hour when "worldwide exchange" returns. stay with us that's what you get from the morgan stanley client experience. you get listening more than talking, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪ [music - cover of blondie's “dreaming”] to guide you throu[music playing]orld. ♪ imagine something of your very own. ♪ ♪ something you can have and hold. ♪ ♪ i'd build a road in gold just to have some dreaming, ♪

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like this, you have to recognize we're going through what wall street call as reset a reset. in plain english, that means almost all stocks have gone up too much since the beginning of the year and they now have to repeal some of that move remember, the 2023 rally has

been all about the idea that the federal reserve will soon be finished raising interest rates because it seemed to be winning the war against inflation. it doesn't seem to matter to people it doesn't matter that jay powell, the federal reserve chief, never said he was about to win he was not about to declare victory. he made some comments about disinflation, but he also made it clear we've got a long way to go. >> that was jim kramer on "mad money" calling a present day stock sale has a long quay to go he laid out a check list that has to happen before all that selling slows down among them, prices for some of them, they need to come back down to earth while blue chip stocks need to get a little bit of love and key technical indicators need to be showing a much more oversold market than what we have today joining me now is craig johnson.

craig, we just laid out jim's check list agree with all of it, any of it, disagree give us your take? >> i agree with a lot of what jim cramer laid out in his perspective. i kind of think we have yet to see the top in the market temperature at this point in time when we go through and look at the technical indicators, i can look at the case where we have more room to go. we see this downtrend reversal on all the major averages at this point in time, whether it's the dow, the s&p, whether it's the russell. we've reversed the downtrend not surprised to see some backing and filling that cramer is talking about that's what you see when you reverse a year-long down trend, frank. >> he was keyed on the technical indicators, saying they need to show a much more oversoeld market give us a sense what you think would seven-day forecast phi

cramer's requirements for the check list, whether you agree or disagree. >> i would agree we need to see this reset happen, and i think what you'll ultimately see happen is the market can pull back niev 5 or 10%, but what we need to sew is the uptrend support from the october lows and not to break what was resistance at the downtrend resistance line. that's what you typically see. you'll see the momentum indicators get pretty well reset on that sort of pullback. >> let's get to your thesis in 2023 you see a hop, a drop, and a pop. where are we right now in these series of events you see for the markets? >> well, frank, i think we're still in the hop phase at this point in time. i think the reset cramer talks about is just that i think over the shorter term here, this market can move up toward the 42, 4300 range before

you see a drop in play what's going to come is a drop by a lot of people that's when the fed has finally stopped raising rates or at that point in time, they've probably done a lot of the tightening that they need to. do you'll see the market probably come in that is typically what we've seen in the past you'll probably get a reset that will take you down to 3800 after that, we'll probably hear we're in a recession perhaps and once you're in that recession, most of the damage is done arcnd then you get the pop, frank. >> before we let you go, what's your target for the s&p, what leads up to it, and the fed minutes coming out later today, can they change your price target or thesis at all? >> i don't see the news changing that thesis. we're look for 26.25 we still think there's an upside from these levels. we think the sectors and financials could be a key driver

i agree with krarm tech needs to take a break and we'll see other parts of the market broaden out and increase by the end. >> craig the bull. thanks. the return of an iconic item at mcdonald's and why heinz wants to buy back one lucky sailor's boast and your morning latte. your top trending stories when "worldwide exchange" returns (vo) sail through the heart of historic cities and unforgettable scenery with viking. unpack once, and get closer to iconic landmarks, local life, and cultural treasures. because when you experience europe on a viking longship, you'll spend less time getting there and more time being there.

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welcome back to w.e.x. the chip giant is teaming up to bring activision blizzard and catalog games to g-force now the deal will refocus on the data center sales and new revenue streams to continued investment with several analysts saying nvidia has the opportunity to outperform its peers. joining me now to talk about it is wedbush's matt bryson great to have you on. >> thanks for having me on. >> do you see this changing the company's gaming business and do you see it changing the guidance we're looking at the chip revenues from a quarter ago. most analysts say it has more than 50% decline in gaming revenue from a year ago.

is this a guam-changer for nvidia >> i don't think it's a game-changer for nvidia yet. their g-force technology is real impressive, but also there's been concerns around gaming remotely it's just up until very recently, the performance wasn't synonymous with what you're able to get from a pc or console at home so i think when you look forward, this could be really interesting for them but i don't think it changes anything in the near term. >> got it, got it. let's circle back to what's given nvidia a run-up. we're going to show the chart since microsoft announced the invest millionaire a huge run-up in nvidia stock, up 30% how much of this run-up -- excuse me, actually 40% year to date how much of this run-up is due to the secular buzz around ai or

is there something else investors are getting really enthusiastic about >> i think a lot of it is due to the buzz around is the secular ai with regard to stocks in general, there has been a view we may have seen the bottom in terms of the forecast for q1 and to that extent, you've taken a risk out of the name but i think ai stock s s have hd success. wu the success that chatgpt has had in terms of providing what ai can do to a broader group of users. >> more room to run on ai headlines, let's say we get more ai headlines, does that run nvidia up even more, or is all that hype pralready priced into

this stock >> headlines have to turn into revenues i think over time ai has a huge runway ahead of it and nvidia has established a secular lead in the sparks but i think for the stocks to move further, you have to get a relatively positive outlook in terms of their data center business, which is largely driven by ai. >> we're going to find that out after the bell i want to focus on this piece a little bit more. they're always looking for best in class stock and nvidia is seen as a market they're called accelerator chips. you're forecasting they get $3 billion in revenue their next closest competitor, amd, a big drop-off. how close have they come >> they've done a great job in the sense that with their 'cuda

software, they've effectively ceded a whole set of software engineers and programmers with their algorithms and their languaging and so when you think about trying to build something on ai, nvidia, by offering algorithms, it makes it easy when you look at them. proving on the programs like we did, they've worked with 'cuda, and so i think that they've done a great job in terms of effectively making it easy or easier for companies to choose nvidia i think that's created a barrier. it's not that amd or intel can't make a chip that competes with their data they use, but rather it's trying to work around this

soft software by nvidia. >> something we'll have to watch. matt bryson, thanks for come oin on we appreciate it. coming up, the war and what a second year conflict could mean to you. our steve sedgwick is standing by in poland with much more. good morning, steve. >> reporter: good morning, frank. look, the worst economic scenario for europe hasn't happened despite a threat of russian economic and especially energy blackmail over the winter we're just coming out of why hasn't it happened why has europe survived? and why are prices going down aggressively in europe we'll discuss on "worldwide exchange" when we return ♪ finally we can eat. ♪ you know you make me wanna...♪ and then we looked around and said, wait a minute, this isn't even our stroller! (laughing)

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and you're watching "worldwide exchange" right here on cnbc ♪ and welcome back to w.e.x. let's get a look at futures. kind of vacillating positively and negatively fractionally all morning long this comes off all major indices down futures right now kind of mixed, kind of under pressure turning our attention to the bond market, the 2, 5, 10-year trading at the highest since november right now the 10-year is at 3.96 it's three points higher than its low in january and oil, we want to dive into the action one year after russia's invasion into ukraine

in just a moment wti down a percent and a half. brent crude at about 82 buck as barrel, down just over 2%. and in the wake of selling, let's get a check on early trade in europe. our own julianna tatelbaum is standing by in the london newsroom with what's going on. >> good morning. the red is sticking. we've got red across the board in europe now about 2 1/2 hours into the trading session and the ftse 100 down 1.15%. the losses have exaccelerated he in the uk. what's driving the index lower is the basic resources we're seeing underperformance here and in the spanish market, down 1.25. but ftse 100 in italy not far behind at 1.1%, down as well in switzerland, it tends to be a more defensive market, just a

half a percentage point we're down 2.5%. one of the most cyclical sectors in the bunch the two success tors trading in the green are the more defensive ones then you're got media up 0.2%. frank, just to remind you, we have one auto stock in focus, stellantis, which is showing a profit they have impressed their shareholders frank, back over to you. >> our julianna tatelbaum live from the london newsroom turning our attention back stateside, despite yesterday's losses, the consumer discretionary cost is down our don chu is taking a look at this month's sector. >> very top-heavy consumer

discretionary. you look at some of the communication services stocks that have really kind of tilted toward the upside in the markets overall. if you take a look at the discretionary sector, down 17% over the laugh year versus 7% for the s&p 500. you see the gap start to widen up in the early part of this year we're getting a little bit more of an outperformance on a relative basis if you take a look at the reasons why, there are two stocks that drive almost all of the action within the consumer discretionary. that is amazon and tesla those two stocks make up roughly 40% of the overall index for the consumer discretionary side versus 62% forrering else. those two stocks, as goes tesla, amazon, the rest of the sector as well. if you take a look at the sectors, that's one thing to focus on right now because amazon has been a huge

underperformer, tesla, 28% over the past year, leading to that 17% decline in consumer discretionary. to give you context, frank, about how much market cap has been lost, those two stocks have lost a combined $1.5 trillion with a t in market value just to give you an idea how significant they are, frank. i'll send things back over to you. >> wow thank you, dom. let's get a check on our top stories. our silvana henao is back with that >> amazon employees continue to express frustrations over the ceo's andy jassy's return-to-work mandate they're pushing back on the mandate, which requires them to be back in the office at least three days starting in may they have about 5,000 employees

signing the petition. the ceo of norfolk southern is vowinged support to east palestine, ohio nrk the aftermath of the toxic derailment and toxic chemical release. speaking with the ceeo yesterday alan shaw says he thinks it's safe for the residents to return to their communities and he'll do what he can to make the situation right. >> my commitment to the citizens of east palestine is the same for the folks at norfolk southern we're going to do what's right, and we're going to to be here today. we're going to be here tomorrow. we're going to be here a year from now we're going to be here five years from now, and we're going to do what's right for this community and help this community get back on its feet and help this community thrive. >> this is your promise you will be here on the ground to ensure that happens. >> yes

>> amid shaw's comments, pennsylvania governor josh shapiro says his office has made a criminal referral against norfolk southern to the state's attorney general claiming the company allegedly gave officials inaccurate information and refused to explore or offer alternative courses of action following the derailment. >> and elon musk's pay package potentially at risk. lawyers for tesla shareholders are urging a judge to inval gate the 2018 plan presents to musk potentially worth $55 million. they say the package was dictated by musk and the product of sham negotiations with directors who were not independent of him and that shareholders were given misleading and incomplete disclosures. the judge has ordered another round of legal briefings, frank. >> elon musk can't seem to stay out of court.

>> no, not at all. turning to ukraine the country marking one year since vladimir putin launched his offensive, and the war has led to major shifts as russia, the world's leading gas producer a and exporter continued to face sanctions by the u.s steve sedgwick is following closely on the ground. good morning, steve. >> reporter: it's absolutely fascinating. what is the oil price as we speak? brent is trading just under 82 bucks. it's not 92 bucks or 100 bucks as it was after its peak when the war started, and this is the great weapon, the dog that didn't bark, the thing that was going to bring europe to the tablt and stop its support over the long term, the stranglehold the ructions had on european energy they were by far the biggest gas importer, and yet despite that

peak of $120 a barrel, suddenly they're 40 bucks lower than that, that's in part because europe has learned to live without russian product. guess what there were plenty other producers out there who were managing to sell to the european union. the americans have sold it the western africans and their friends in opec. it's not just the case with oil do you remember the energy crisis we were going to have in europe this winter, the shortages, blackouts, the businesses not being able to work guess what the wholesale gas prices, they peaked at 320 euros per megawatt hour in 2022 as we were concerned of going into the northern hemisphere winter they're about 50 dollars

guess what as well they conserved and stored more and got more from the norwegians and others as well i'm afraid it's the big weapon putin thought he had on europe that didn't happen. >> the warmer weather helped this whole situation i have to ask you, any ramifications for the oil drop in opec and opec plus? >> reporter: i think so. look, i spent a lot of time over in vienna following the oh peg peck grouping as well and it became opec plus and got reinvented with the russians who do they sell product to the they can't sell it to the europeans, if they can't sell it to the g7 or the united states well, they chase the same market that opec has traditionally gone for. who's that that's china, the ee merning market that's india this is a problem for their

economy. even though it's not flalen anywhere near as where people thought, they're having to sell it they're selling it, according to some of the great expert out there like dan hogan who we speak to as well, they're selling it on a 30% discount that means $50 per barrel plus in order to get their barrels to the same markets that their dear friends of opec are trying to sell as well it's going to be quite interesting as they all try to sell the same baseball to the same customersing frank. >> steve sedgwick live in poland. let's continue the discussion on how the energy sector looks one year after russia's invasion of ukraine rita sen is cofounder. great to have you here we broke everything down with steve. big run-up when it came to oil last year. it hit about 130 a barrel at its

high, very briefly, now well below that, both about six bucks below. what's the next move for the oil market >> i mean, look. steve said as well, i think, the government's played a big role in getting prices down that was the big effort difference we had 220 million barrels of that come out of government commerce into the stock in anticipation we would be losing russian barrels. we haven't really lost a lot of russian barrels. there's been a little bit. there will be some reduction, and russia has also talked about cuts for march there will be some reductions in supplies going forward, but

combination of no more at least merge spr releases from government and china reopening, we expect an increase. that should tighten markets up, but probably more in the second half of the year than the first one. >> so we're not out of the woods just yet we actually import oil to the colonial pipeline. explain why we have to import when we're a net exporter? >> it's to do with the regional, i guess, infrastructure issues with the u.s the east coast has always been a net importer, and even though the gulf coast has a lot of refining capacity, it isn't able to send everything that the east coast requires it does send a lot of products on the pipeline, but it has to be met with imports, which tends to be canada and europe.

>> that's going to increase the potential prices and rasz not only oil prices but gas prices >> yes, i think that -- >> go ahead. >> go on, sorry. >> please, go on. >> i think that's a very important point you bring up because we're talking about oil prices over here, but at the end of the day, especially in the sum e what will hurt us is what price we are paying at the pump. and i think the biggest issue right now with russia selling all its crude to the east is we are really, really adding to shipping costs in the past, europe and russia, for instance, would send components in and other products to the u.s. east coast now they have to go to the middle east and india and get relabeled or reclassified and sent back all the way to u.s. and to europe. so effectively, we will have to pay for the inefficiencies we are creating in trade, and

that's pretty much a structural issue going forward. >> amrita, i've got to let you go, but can you give us a price target and is it for the middle of the year? end of the year? just give us a sense >> sure. we expect it to remain stable now, but by the end of the year, it will climb about 105 for wti and 115 for brent. >> amrita sen, thank you. the supreme court takes on big tech as the justices examine a 30-year-old law that could reshape the digital world as we know it and many of the key players in it. we start with starbucks launching olive oil-infused cove in roughly two dozen stores. the ceo howard schultz says it

creates a buttery and melty taste. very interesting. heinz is searching for a sailor who survived a month at sea for nothing but ketchup and rainwater. they want to find this guy and buy him a new boat in thanksgiving for his safe return. the mcdonald's shamrock shake will be available at participating strareaunts nationwide while supplies remain how many times have you heard that "worldwide exchange" will return. >> announcer: sectornomics provided by sector ets

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welcome back to w.e.x. the supreme court is expecting to hold hearings around two cases including big tech today twitter is put under the microscope eamon javers joins us with more on these potential lawsuits. good morning. >> the question before the supreme court on monday is just how much legal protection do internet companies have under a

1996 law that sheeled them from liability when it allowed third parties to post content on their platform right now it protects the families, but lawyers for a young woman who was killed by an islamic attack in paris, they argue they should bear some responsibility for her death because section 230 is in place, they can't argue they're liable because they hosted the video. instead they say the algorithm promoted viewing on monday justices seemed skeptical wondering how many lawsuits that interpretation would unleash and what the impact on the entire economy could be a lawyer for the parent company google argued some system needs

to be organized so youtube's algorithms should be protected under section 232. the court's going to hear a related case today, frark. it's called twitter versus tam taamneh. the key question, can dwighter be held accountable for the aiding and abetting terrorism under the anti-terrorism act. >> i've got to ask you what would the tech industry look like if the cases were successful >> that's the big question here. it's unchartedterritory rm we really don't know. i mean section 2030 has been baked into the internet since the internet got started as a massive business what we don't know is what would

happen if you open up the company to that kind of liability. we saw justice kagan talking about a tsunami or ocean of cases. justice kavanaugh wondered if the supreme court is the right body to be hearing about it. you saw a lot of skepticism as they're looking at the scale of the change they're being asked to make here we won't know until the supreme court makes a decision. we're celebrating black heritage with some of our cnbc teammates and partners here is greg branch. >> every black history month we're reminded of the countless generations of african americans who suffered in situations with little choice, little opportunity so we would all enjoy the choices we have today

arc and why the fight for equal opportunity and access is far from over, we can't let that hamper us in terms of making choices we do have available today. celebrate the good ones, learn from the bad ones, seek out mentors and advisers who collaborate on the difficult ones, but whatever we do, we can't let the choices pass us by we can't let them be decided for us much sacrifice went into allowing many of us to choose our own destinies. ...meets trailblazer. ♪ ♪ classic meets modern. ♪ at morgan stanley, we may seem like a contradiction...and we are.

♪ ♪ at 87 years old, we still see the world with the wonder of new eyes, ♪ helping you discover untapped possibilities ♪ and relentlessly working with you to make them real. ♪ partnering to unlock new ideas, ♪ to create new legacies, ♪ to research, innovate, collaborate, ♪ and build the way to transform a company, industry, economy, generation. ♪ because grit and vision working in lockstep puts you on the path to your full potential. ♪

rail vision is at the forefront of an evolution in train safety. puts you on the path to your full potential. using advanced sensors, ai and big data technologies rail vision is taking rail into the future, making it safer and more efficient, reducing railway accidents and downtime saving lives and money. billions of dollars are expected to be invested in rail safety in the coming years. rail vision has the solution today. learn more at rvsvinfo.com. rail vision is at the forefront welcome back to w.e.x. time now for your w.e.x. wrap-up, six stories you may have missed as we close in on the 6:00 hour. we begin with new details on the mysterious disappearance of the chinese investment banker. he was working to move some of his fortune to singapore from china in the months leading to

his disappearance. he remains unreachable coinbase is saying the crypto market has improved in the first quarter, but the rest of the year remains cloudy. >> shares of palo alto networks popping, also offering strong guidance. mortgage rates hitting a fresh high for the year, inching toward 7%. though they're still below the 7.37% matter reached ban in october. citigroup paid ceo jane fraser $24.5 million. apple tv plus may be winning in football they're about to start a 10-year, $2.5 million

agreement with soccer. we look at results from baidu, ebay, it circumstance and invidium we're awaiting the minutes from the meeting at 2:00 p.m. eastern followed by a speech by john wchls at 5:30. james bullard speaks exclusively with cnbc. that's coming up on "squawk box" at 7:00 a.m. eastern. want to take a look at the futures right now f. we've been talking about the futures all morning. a bit under pressure almorning we're seeing the s&ping the dow, the nasdaq, all three, the dow looking like it opened up fractionally higher at this point. we want to take a look at treasuries we saw the runoff when it came to equities. right now it's about 50 basis points from its mid january low and we're seeing the yield curve all trading at 5-year highs.

down about a percent natural gas down almost 5% and a look at crypto very quickly. we're seeing crypto down almost a har a percentage point ether down also. saolano down and meta, apple, amazon, and alphabet all up. a look at the premarket in europe saw red across the board when our julianna tatelbaum broke down the action over there we're seeing a similar picture with the jer map dax down just about 0.75%. a quick look at asian markets. red across the board with the nikkei down. but the kospi down more than

half a percent a quick look at metals right now. gold up pretty much flat actually up fractionally. you see a little bit of green, but not up right now silver down about a quarter of a percent. palladium, hardest hit, down almost 2%. one more look at the futures futures have been mixed amid pressure all morning between vacillating between positive and negative, kind of popping slightly to the green here we're seeing the dow could open up fractionally higher right now if the markets open right now. of course, we have a ways to go. of course, we have "squawk box" coming up. thanks for watching "worldwide exchange." thanks for being here. helping them achieve financial freedom. we're providing greater access to investing, with low-cost options to help maximize savings. from the plains to the coasts, we help americans invest for their future.

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we have a meeting ahead of the fed, jim ullard. we'll have details on the company's internal slack channel. plus starbucks is planning to launch a line of olive oil infused coffee drinks. we have the details straight ahead. it's wednesday, february 22nd, 2023, and "squawk box" begins right now. ♪ good morning and welcome to "squawk box" right here on cnbc. we're live at the nasdaq market site with joe kernen, i'm andrew ross sorkin. we've got a huge lineup

including an exclusive interview with president james bullard as to what the fed may or may not do next. and then former vice president mike pence will be on set. we'll have a conversation with him at 8:00 a.m. eastern time. so much to talk to him about as the election gets underway, what, two years in advance. >> it's a great piece. i want you to look at this because we're going to talk at length about it. it's about our overall debt. it's everybody's fault it's everybody's fault but it's how the u.s. can prevent a debt spiral. it's in the journalist, but the numbers are staggering we're at 120% debt to gdp, only the second time it's been on that, and based on how much the interest rates will grow, it will be half our gdp even larry summers says it will

probably cut gdp growth permanently over the next ten years by almost 7% we're going to talk about a lot of things. bullard, i can't wait for it yesterday was brutal, the worst day of the year. home depot ended down 20 points. walmart ended up trading higher, believe it or not, came all the way back here's what i want to know we can ask bullard what happened with home depot. you've got the down down -- they don't like it when the dow goes up because of the wealth effect. so that's playing in your hands, and it was the first time in over a decade that home depot is projecting, you know, this kind of same-store sales performance, which is not good. see, there's walmart, which almost closed up so the consumer is being aff