it is 5:00 a.m. here at cnbc global headquarters. here is the top "five@5. we begin with stocks under pressure on track for the worst week of the year as the fed looks for the read on inflation today. futures are lower. late to the game what jamie dimon has to say about the fed and policy and path forward and impact on price stability. one year on. the west doubles down on the financial support for ukraine and the war with russia. this as a third party tries to call for a cease-fire. anti-trust alert justice department is busy targeting two big names in big

tech later on, boeing beware. why the faa is grounding the gr dreamliner it is friday, february 24th. you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm frank hoe llland. you are seeing red across the board. s&p down .25%. nasdaq down .50% this after a day of green for the averages s&p snapping a four-session losing streak. we are on track for week to date major losses and will likely be the worst week of the year for the s&p 500. we want to check the bond market 10-year treasury trading highest since november this morning, it is basically

3.90%. 40 basis points higher than a month ago. the also a check on the action in short-term debt putting investors in a tight spot. we are watching crypto bitcoin and ethereum down. bitcoin down .50%. ethereum under .50%. a sharp move in the dollar take a look at the chart the dollar index up 2.5% month to date. let's get a check of the action in asia and europe. joumanna bercetche is standing by in the london newsroom with more good morning, joumanna >> good morning, frank the hand over from asia has been mixed. hang seng ended the session in negative territory down 1.7%. focus on the widening trade

deficit. alibaba numbers were down 5% in the hang seng. nikkei is up 1.3%. we had remarks from the new bank of japan governor ueda which was dovish and staying with the course disappointing for some who were expecting massive change in monetary policy. in europe markets, the picture is interesting with the dax. the index is trading negative. we had revised gdp at minus 0.4% over the last few months of 2022 worse than anticipated uk is up .30%. uk consumer confidence coming in better than people forecast. a couple of names we are watching for in terms of earnings the french car parts maker which received record growth they made a push for

electrification and tech despite that, outlook was disturbing with the stock down 5% another stock trading in the red is basf. it will cut 2,500 jobs in europe the forecast lowered again in terms of the price action down 6 points another stock we are watching is saint-gobain up 6 points. driving some of the gains on the cac 40 for the week, frank, all indices are trading in the red. >> a lot going on in international markets. joumanna, japanese inflation at a 41-year high joumanna bercetche, thank you. let's get a check on the

corporate stories. silvana henao is there with those. happy friday, silvana. >> thank you, frank. adobe reporting that the justice department is planning to block the deal to buy figma. the case could come next month the deal was announced in september and is aimed at helping adobe bolster the cloud business according to adobe, generate $400 million in revenue. shares of boeing on a wild ride the faa says the company is temporarily halting deliveries of the 787 dreamliner over the fuselage it discovered an error by a supplier related to the jet forward pressure bulkhead. boeing has to resolve the issue before reissuing delivery.

chinese ev maker nio plans to build its first battery plant as it seeks to recover from other suppliers. the new plant will have a capacity to produce 40 gigwatt hours. >> ev industry is just exploding. we will talk more about lithium later in the show. silvana henao, thank you turning attention back overseas today marks one year since russian tanks rolled over the border into ukraine kicking off the conflict that up ended the ree region and world china has become the latest to try to play peace keeper releasing a 12-point plan for a cease-fire this as more military aid is released for ukraine nbc's jay gray is joining us now

on the border of ukraine good morning, jay. >> reporter: frank, good morning to you we are at the border crossing at medyka the busiest crossing here between ukraine and poland more than 1 million refugees through the gates. now a year later and many still uncertain where their journey will end it is cold and dark and places dirty. for 1,000 refugees, the cots across the empty shopping mall are home everything they own in a suitcase hundreds living here for the better part of a year. >> we are ready to help them as long as it will be necessary >> reporter: since the russian invasion, 120,000 have passed through this shelter alone and dozens continue to show up every day. almost 10 million ukrainians have crossed the polish border

there's evidence of that influx most everywhere you look in warsaw right now, around 150,000 ukrainians are in the capital city that number does fluctuate and has been as high as 300,000 in the last year. >> in times of crisis, people can come together. >> reporter: warsaw's mayor is proud of the city's response >> we granted ukrainians citizen rights they have rights to free education and free health care and social services. we enrolled more than 17,000 kids to our schools. >> reporter: he acknowledges it has put a strain on his budget, city and social services and understands that, like the war, the humanitarian effort will likely continue and intensify. >> it will not end today or tomorrow >> reporter: back at the shelter -- >> translator: it is hard.

>> reporter: -- anastasia is grateful, but wants to go back >> translator: home was dear to me >> reporter: she wonders if her home will still therebe there wt is safe enough to return the mayor calls this a revolving door you have families looking for shelter and safety others moving in to ukraine with much-needed supplies some to join the fight on the frontlines frank. >> a serious humanitarian issue, jay. question for you what are thoses on the ground think will happen along that border in the next few months? >> reporter: i think most everyone agrees that the situation is going to get worse before it gets better. we will see more people coming into poland and dispersing as it

is intensifies as analysts believe it will over the next few months we have 5 million people in ukraine displaced. they have to go somewhere as well >> serious situation there jay gray live in ukraine when we come back on "worldwide exchange," why jamie dimon says the fed is playin catch up and what it means for investors. plus, more are the one-year anniversary of the war in ukraine. what happens in d.c. with more support? and looking to the cloud for returns. the deep dive in the space and the ones that are being left behind a very busy hour still ahead when "worldwide exchange" returns. stay with us ll prescription-str? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme.

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the fed will do what it has to do. they will get caught up and pause and do when they need to do >> 2%. are you there for that >> it will take a while. >> rates longer and higher and longer >> possibly, yeah. >> you heard strong words from jpmorgan chase ceo jamie dimon with jim cramer. calling out the fed with the poor timing. dimon adding interest rates could hit 6% let's welcome in ben eamon

great to have you here in person you heard the strong words from jamie dimon. >> he is right the fed will have to move further from here. this number from here that will show changes now and services remains strong goods inflation has been declining. that is reversing. they have to stay the course probably going to the rate that we talked about with steve liesman to get this under control. >> is pce and inflation rates market movers? we got the fed minutes they will do ongoing rate hikes. they did not say pause or pivot. people are hearing it between the lines. >> people are looking at two things looking at the super core inflation. services minus housing and that

is what powell has been talking about. that moves more than expected. people take from it and then people need to look at anything deflating in the basket which is reversing in a different direction. >> we have to watch. we had an interesting start to 2023 in the first quarter. big rally in january soft february. what are you expecting for the last month of the quarter? >> continuing to be a struggle you boxed in the range with the s&p with 3,800 to 4,100. there are signals in the earnings that are mixed. you can expect to see a major bounce from here especially as the bond market reassesses where the fed is going. i think that is overhanging the equity markets >> that is leading to my next question you put out a note the parallel shift with

treasury why is this important? >> is interesting shift in the sense you talk about steeping of the curve. when the yield curve goes up and all at the same time, 2, 5, 10, that really is pricing in a fed that has to tighten and perhaps over overtighten. this happened in the 1970s with high inflation bond markets think the inflation will not go away that quickly. >> ben emons, great to see you. coming up on "wex," the big money movers and why carvana's rough ride may have hit a road block. we are back after this ng less complicated custom scans help you find new trading opportunities while an earnings tool helps you plan your trades and stay on top of the market

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welcome back that was a sneak peek at the programming lineup big changes and more reasons to live ambitiously we are looking at shares of block up 7% after better rethan expected revenue the payment firm ended the year with 51 million users monthly. two of the three users

transacting once a week. and to carvana s an estimated $1 billion. the retailer missed on revenue for the recent quarter that stock down 92% in the last year down 3.5% right now. beyond meat shares jumping up 14% after the company reported a narrower than expected loss in the fourth quarter with sales falling sales are expected to keep falling as the company looks to prioritize above growing sales with margins expected to increase throughout the year shares of beyond meat up 14%. it is not just stocks. commodities making big moves lithium's rally coming to an end and dragging down mining stocks. pippa stevens is here with more.

>> it is taking a breather the last month with prices retreating from record highs global prices down 11% prices in the chinese spot market down more than 20% since december there are a couple of reasons for the weakness higher inventory and change in china ev subsidies and battery making cutting priors i prices market share prices surged more than 800% in the last three years the pull back could be healthy cheaper batteries will accelerate the ev movement prices could fall quite a bit more with the latest rally and still being high enough for production we have seen weakness in the mining stocks this month albemarle and livent trading in the red.

>> this is interesting new evs every day. a pull back in lithium is it temporary? >> it is all supply and demand i think especially on the demdemand side of course, when prices get too high, it kills demand. benchmark talked about the sweet spot where the prices are high enough for production, but not so high that the ev makers have to pay top dollar. he pegs that level between $30 and $35 per kilogram ultimately, they see prices tending higher and starting to slow down. however, they are one of the bullish people some will think prices come down faster goldman sees prices at $34 for

the next year. >> energy reporter pippa stevens. thank you for being here in person. still to come, the jetblue/spirit merger back in doubt. and "succession" may be coming to an end why the creator says now is the right time to sign off if you miss "worldwide exchange" check us out on spotify and other podcast apps "wex" will be right back yet. amsung'r switch and save up to $1000 on the new galaxy s23 ultra. now that's epic. on the network america relies on. go. go lights. go big city lights. go spotlights. go stadium lights. emerson software helps clean energy become reliable electricity. go “good night." go boldly. emerson.

it is 5:30 a.m. in the new york city area we are just getting started on "worldwide exchange. stocks on pace for another down week as investors turn to the favorite fed metric for inflation. russia's invasion of ukraine hitting the one-year mark as the biden administration is preparing more aid we look at d.c.'s tab and appetite for more spending ahead. and fresh accusations against google and alleged evidence destruction it is friday, february 24th. you are watching "worldwide exchange" here on cnbc welcome back to "worldwide exchange." i'm frank holland. let's check on the stock futures right now. it is in the red ticking lower from the start of the show we are seeing the s&p and dow and nasdaq solidly down.

nasdaq down .7.75% dow opening up 60 points lower this is after a tough week shaping up for the markets s&p looking at the worst week of the year all averages down between 1.5% and 2% the down side moves right here key for investors is the latest read on pce inflation which is out at 8:30 a.m. it is the fed gauge for prices core pce and energy coming off a 4.4% pop in december which is down from the previous month economists looking to hold steady of course, we have to check the bond market. especially with the jamie dimon comments yesterday still with the inverted yield curve. something to watch with the markets. let's hit oil. flat for the week. wti is trading at 7$76.

crude up 8$83. it's time for the top stories with silvana henao thank you. let's start with carlos watson watson pleading not guilty to charges including securities and wire fraud and identity theft. he faces accusations he skechemd to keep his company afloat as it lost millions of dollars before shutting down. the arrest yesterday came after two top executives plead guilty to fraud charges this month. and the family of thomas lee announcing he has died at the age of 78. he is considered a pioneer of private equity investment and buyouts. he founded the firm lee equity his deals include the purchase and sales of brands including

snapple and warner music. the department of justice is accusing google of deleting evidence needed for the lawsuit. google routinely destroyed chat history. the company is required under federal law to preserve the documents for anti-trust lawsuit. this case is focused on the suit filed back in 2020 accusing google of unlawfully maintaining monopolies of search and search related advertising. frank. >> silvana henao, thank you. turning attention to washington now the biden administration announced u.s. will send ukraine $2 billion aid package amid warnings that russia is planning a new offensive timed around the one-year anniversary of the invasion we have white house correspondent kayla tausche with a closer look now of how much the money the u.s. has spent on the war and appetite for writing

more checks. good morning, kayla. >> reporter: frank, president biden's visit this week is mean to shore up support for the war now entering its second war. $30 billion of military aid and $13 billion of assistance to keep the country's bills paid and $2 billion in humanitarian assistance in all, congress has green lit $113 billion for ukraine through september. despite that being higher than any other nation has contributed, as a share of gdp, developed countries are sending 0.2% that is to defend the land which has been decimated by russian air strikes. rebuilding is estimated to cost 3$349 billion in total. the private sector is beginning to step in two weeks ago, jpmorgan chase

executives held a summit with president volodymyr zelenskyy. the bank restructured the country's sovereign debt last year and jamie dimon tells cnbc, we are proud of the long-standing support of ukraine and committed to doing our part to lift up the country and its people the full resources of jpmorgan chase are available to ukraine as it posts the path to growth blackrock's larry fink signed a memo of understanding to enlist other investors. there is no clear sign when there is a return on that. frank. >> kayla, we are spending and sending money to ukraine is there appetite in d.c. for more spending on this war? >> reporter: the administration says in private conversations, they are not seeing resistance from republicans in either chamber of congress. some members are expressing that

publicly there is opt imism that when the president says they will support ukraine as long as it takes and that support will continue >> kayla tausche thank you very much. the invasion of ukraine leading to the uptick in investor interest driving the aero and defense up. this is led by lockheed martin and northrop let's dive more into this with kristine liwag >> thank you, frank. >> kayla laid out the sense of the support we need to give ukraine. how has this impacted the defense and aerospace industry >> frank, to start, russia's invasion of ukraine is an

irreversible wake-up call for spen spending they are providing abilities and northrop is the best in the portfolio. their portfolio is based on capabilities and highest portions of spending like space and hypersonics and nuclear triad. our air force systems are aging and we need a generational investment >> you said a term the nuclear ttriad. we spoke yesterday this is the nuclear capability in the air and sea and land first established in the cold war. can you say how it impacted the united states sees the nuclear triad and how it invests in the nuclear triad? >> frank, for context, we have a land war in europe this was really an unexpected

and unpredictable and something that in modern times would not expect to have happen. another country invading another with 44 million people i think when you look at what happened in the last cold war, the cold war did not turn into a hot war. this is where the u.s. invested in nuclear capability for first strike and second strike capability for land, sea and air. this is what historians and political analysts would attribute to how the cold war didn't turn into a hot war and why the u.s. and soviet union did not use nuclear weapons. in this conflict going forward, these systems are aging. land based nuclear triad is over 50 years old the sea version and air version are over 30 years old. the question is what do we do next going forward to prepare

for strategic turns in the future and prevent this type of conflict emerging? it seems countercterintuitive t invest in nuclear weapons. we anticipate this could be the nuclear strategy for the future. >> we want to show the audience the nuclear triad wall companies directly tied and suppliers to the nuclear triad you look at the different areas and explain to us which companies are going to benefit from the investment in the nuclear triad or what companies are best in class? >> frank, this is why northrop is my top. northrop has two legs of the nuclear triad today. they produced the b-21 bomber and the sentinel which is the ground portion general dynamics produces a

nuclear submarine. >> three stocks to watch for any investors out there focused on the defense industry kristine liwag, thank you for your time. coming up on "worldwide exchange," we head to the cloud with the biggest names seeing gains to start the year. the potential factors fueling that rise and the key names set to capitalize when we return stay with us boost your team's productivity with samsung's fastest processor yet. switch and save up to $1000 on the new galaxy s23 ultra. now that's epic. on the network america relies on.

welcome back we are taking a closer look at the cloud and enterprise space the wcld etf the high growth and valuation names seeing outsized gains. taking a look at the holdings, including monday.com and a whopping 28% all these names have different businesses and different models. one big thing in common is double digit short interest. many movers have short interest. i spoke with derek wood.

he said many gains are short coverings. some others in the portfolio are now considered a.i. stocks also in the process of being acquired jim chanos raised concerns of the quality of the tech rally. calling on the question of the sustainability of the gains without short covering the next big test is earnings next week. this is a valuation for snowflake with short interest of 5% that is typical for an s&p stock. for more on that within the cloud and names that may be best positioned, let's bring in dan ives managing director of equity research great to see you >> great to be here. >> you are out looking at the cloud space. what do you think of the elevated short interest? do you think the rally is short covering in. >> -- covering?

>> no doubt. earnings is much better than feared what we see is growth within the cloud and it will still be significant going into next year as well as m & a i have believe the cloud rally continues and deposendoesn't st. >> i want to touch on something when it comes to the big parts of the cloud that investors are invested in. the hyper scalers. amazon, microsoft and alphabet what demand are they seeing? what kind of spending environment? >> we raised our price target in microsoft to 290 you saw a deceleration for aws we are seeing a lot of the large projects get done. less than 50% of work in the cloud is bullish from microsoft and bullish for amazon and bullish for google that is a theme that is taking shape here which has a ripple

effect for other cloud players it is a golden age for cloud despite the macro. >> you call it a golden age. 45% to 50% of workload on the cloud. that is moving up in the next co coming years is this a rising tide or are there winners or losers? >> i believe microsoft is a share gainer i think google is gaining a lot of share when you look at the application and ecosystem, it will be a "game of thrones" playing out here that will lead to what i view is unprecedented m&a from strategic buyers the haters will continue, but the stocks reacted the way they have this year. >> you want to talk about it talk m&a

they are looking to bolster offering with a.i. they are looking to bolster cyber security or security in general. we saw sumo logic get taken with a private deal what are the next stocks that are possible targets for m&a >> this is now you look at the rem central. that plays out i think also you look at c3. then verint. they are trying to match suit ors. i think what we see here are buyers are sharpening on cloud >> i have been looking at the wcld etf trading what it was three years ago today right before the pandemic got under way right now, if you are an

investor, would you put money into the etf trading at pre-pandemic level >> it is a gold nature cloud you invest in the names. i believe it is one i believe cloud stocks are ultimately up another 20% to 25% this year. >> a big earnings coming up next week salesforce may be the biggest one and snowflake. i spoke to couldwen. can you give us a sense of the earnings next week and is this an inflection point for cloud stocks or earnings >> snowflake is key numbers. salesforce is the best the barometer with cloud spending. we sit here and you look at snowflake and specifically salesforce it will be better than feared.

i think guidance stabilization going into the next six-to-nine months is key on cloud. >> dan ives. managing director at wedbush thank you. as we head to break, during february, we celebrate black heritage with the cnbc teammates and business leaders here is cnbc contributor jason schneider. >> by definition, being a minority is fuewer than. i needed to assimilate into the rooms and teams and boardrooms that i participated in realized that diversity is a super power. i encourage you to show up as your authentic several there is so much value

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welcome back time for the "wex wrap-up. the justice pladepartment lookig to block the deal from adobe boeing says there is no safety concern for 7876 dreamliners. and the used carmaker

carvana stock down as you see on the chart 92%. flight attendants for jetblue and spirit airlines are divided on the merger. asking officials to block the deal due to anti-trust violations. and warner bros. posting a losses and revenue miss as the industry contends with a soft ad market ceo is forecasting improvement this year. warner bros. discovery down this morning. and the end is near for the family season four of the series "succession" is the last one he wanted fans to know the end is approaching i want to enjoy the new episodes come on. there is a season five gearing up for the trading day ahead, a slew of economic data on tap. pce is out at 8:30 a.m

we also get new home sales and consumer sentiment at 10:00 a.m. watch out for fed speak from loretta mester and then james bullard and susan collins and christopher waller mester will be here on "squawk b box. and s&p down 1.5% this month. putting money to work in the s&p tracking etf may be warren buffett's best advice. it may turn the idea on its head the treasury trading the highest since november, but the shortened of the curve is looking at returns the yield is now 5%. even one-month bills are yielding 1.4%.

and offering a 3.1% dividend yield and now is primetime to look at short-term opportunities. let's bring in john stoltzfus. >> thank you, frank. good to be with you on "wex. >> do you think that is the best place to put your money? >> it looks like a good idea right now. on the other hand, equities look like a good deal in the sense that equities recently have come back under pressure. bears moving in here on the uncertainty. concerns about the uptick we have seen in inflation questions to how long the fed has to raise our opinion has been no pause. no pivot from the fed until they get the job done in the meantime, there is opportunity for equity investors. if we look on the year to date, the s&p now has been bound up

4.5% the consumer discretionary is up 12.9% since the start of the year info tech is up. communications services is up 9.76%. those are all out performing the benchmark. those were especially tech and consumer discretionary and communication services were lo lousy performers last year >> speaking of the normal. we had an interesting start. big rally in january soft february. we got pce today what do you see for march? >> i think march tends to be -- march 15th is the ides of march and that concern we are looking for the

fundamentals we think what eventually kills the bear market will be the fact that fundamentals will overwhel m m the segment. we think the fed is doing the right job. it is ending free money. sectors include toech and industrials and financials we heard a lot of good stuff on industrials. it is big in agriculture energy and alternative and traditional fossil fuel prod production a lot of stuff to look at here when stocks are on sale, that's when we want to be looking at them >> i like things on sale i want to ask, john, you sound bullish. any changes to the price target for the s&p? >> we feel very comfortable with the 4,400 target, frank.

as we move forward in the year and as we get to the point the fundamentals overwhelm the sentiment, that mai by be adjus upward >> wait. there are dips along the way we had somebody else on this week with a hop, drop and pop. up and down action what do you see? >> i think you have to look on a day-to-day basis with stocks bounce with gains and losses as you go forward in a work out year, which this is, last year was disrupted by vladimir putin's incursion into ukraine and china's shutdowns of segments of its economy. this year, what we are in the process of the world getting back and looking toward getting back to a next new normal. we think it is the process that gets us moving forward in a positive motion. requires patience,

diversification and also requires confidence in one's convictions. >> so, you are hitting on a lot of factors i have to ask about the macro tension. we are marking the one-year milestone of the russian invasion of ukraine. there are global tensions. does that impact the market over the rest of the year >> without a doubt that remains an overhang of uncertainty. that said, we can remember, as you know i have been in the business for 40 years, coming between may and july this year essentially, we have been through points of cold war, all kinds of tensions where stocks have been able to move up in the u.s. economy which prospered we deniedtend to look at it and recognize it and we want to hold the positions with industrials because we think this is

worldwide where people will be buying munitions and defense gear. >> speaking of recognizing things i want to recognize the price of bsnp john, thank you for being here one check of the markets and futures right now. we are looking at futures all morning in the red taking a bit of a move lower since the start of the show. right now, dow opening at 80 points lower that does it for us on "worldwide exchange. "squawk box" is coming up next dynamic charting and risk-reward analysis help make trading feel effortless and its customizable scans with social sentiment help you find and unlock opportunities in the market with powerful, easy-to-use tools power e*trade makes complex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity

good morning futures are under pressure this morning as another key inflation report is about to be released the russia and ukraine war hits the one-year mark

now china is calling for a cease-fire as president xi tries to play peacemaker. the founder of ozy media carlos watson arrested facing fraud and identity theft charges. when was that? he was on and tried to explain everything >> about a year ago. >> is it a year? it is friday, february 24th. "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live at the nasdaq market site in times square i'm andrew ross sorkin along with joe kernen. becky is off today we have a lot to talk about. the s&p managed to snap a four-day session losin