it's 5:00 a.m. here at cnbc global headquarters, and here is your top "five@5." fed chair jerome powell rocking wall street. a pivot many will see as the wrong direction. caught off guard stocks seeing their worst day in weeks as treasuries do something for the first time in nearly four decades, flashing warning signs of a coming recession. and goldman sachs, blackrock, and more, now weighing the odds of a terminal weight here near 6%. plus the tiktok ban bill

getting backing from the white house after being introduced in the senate and then later warren buffett doubles down on one of his new favorite stocks. it's wednesday, march 8th, 2023. you're watching "worldwide exchange" right here on cnbc ♪ good morning and welcome to "worldwide exchange. i'm frank holland. let's kick off the hour with u.s. stock futures we're seeing green across the boards right now very muted but slightly positive for the s&p, dow jones, and nasdaq the green a welcome sign for investors, this after a wild day of trading yesterday the dow closed lower by more than 570 points or nearly 2% and turned negative for the year the sharp move low fehr everyone coming after comments from fed chair jay powell saying the rates need to go higher than previously anticipated and at a

higher pace. the 2-year note is now trading above 5% this is very meaningful. it's the highest level since 2007 with that spike, the spread between the 2-year and 10-year benchmark bond yield is now at its widest since all the way back in september 1981 we saw an economic downturn after more than a year oil actually going to other way this morning we're seeing wti down to 77 buck as barrel. brent crude down and natural gas down about half a percent. we're also watching cryptocurrency bitcoin falling below 22,000, this morning about a third of a percent. ethereum up half a percent both falling since a spike on march 5th. let's get a check from overnight action in asia our julianna tatelbaum is in the

london newsroom and jp ong jp, let's start with you. >> we saw the stockmarket pull back you saw it play out despite the fact that the r and b governor said they my be close to taking a pause. the stepback pointing to the asx200 in sidney we saw the chinese markets mixed. there's also the prospect of less stimulus from the national people's congress laid out by beijing congress makers that isn't adding much support for lack of a better term for the prospect of the greater chinese markets. there was one exception and that was the nikkei 225 which held onto its gain and closed modestly in the green.

it led to many currencies including japanese to weaken there's one exception. it happened to be nissan motors which saw shares take a step back and pull back significantly because of the s&p or standard & poor's cutting the rating to junk status. they're one of the few carmakers that actually lost ground in tokyo. one of the survivors was the nikkei taking it on the chin for lack of a better term for asian stocks >> now to the early trade in europe and our julianna tatelbaum. great to see you i was in london over the weekend. >> good morning. here in europe, the market has been a little more resilient than what you've seen stateside. week got a bit of green on the board this morning

all trading marginally higher. a bit of a pullback on the french, swiss, and uk markets. yesterday we had a more resilient market than what you saw on wall street a part of the reason, the economic picture is a little different here this morning just minutes ago, we got eurozone gdp estimates revised slightly lower from 1.9ch initially estimated. but that's a more lagging indicator. the story has been at the lagging indicators, a little weaker than had been expected. but the more forward looking indications had been stronger than expected. perhaps part of the reason for the more buoyant perspective from a sector in europe, up 0.3% autos performing well. con continental up this morning. one name to highlight for you in particular is adidas, the sportswear giant they're bracing for another tough year after posting an

operating loss of 724 million euros in the fourth quarter as china sales plunged by half. it cut its dividend this morning to 70 cents a share. it's a huge fallout from the termination of the yeezy partnership. silvana henao is here with the stories this morning. >> good morning to you warren buffett adding to his stake. the company just bought another 5.8 billion shares over the past three trading days, ranging in price from $59.80 a share to $61.90, this latest buy totally $350 million now brings berke shir's total stake to $12.2 billion or just over 200 million

shares in oxy. a new plan would give the biden administration the power to ban tiktok in the u.s the bill would allow the commerce department to review deals, software updates, and data transfers in which a foreign adversary has an interest and report this morning that crypto bank's in talk with regulators to avoid a shutdown at silvergate. they're lining up new investors. bloomberg notes fdic examiners arrived at the offices last week and are currently examining its books and records. turning our attention back to futures investors looking to shake off the dust the chairman is expected to return to capitol hill for day two of testimony before congress, this after telling lawmakers in the senate yesterday the central bank's job of getting inflation under control is far from over

powell added, interest rates may still need to go higher for longer. >> we've taken forceful actions to tighten the stance of monetary policy. we have covered a lot of ground, and the full effects of our tightening so far are yet to be felt even so, we have more work to do i think the data we've seen so far and we still have other data to see, we still have significant data to see before the meeting suggests that the ultimate rate that we write down may well be higher than we were at the end of december. >> all right let's bring in the chief market strategist a lot to take in from jay powell what was your take on his comments and also the fact that just yesterday we saw the watch tool where only 30% of the people saw a rate basis hike and now a 70-point basis rate hike coming up. >> it just affirms the fact that

any time inflation started to decline and show progressing it's going to be a long road you know, the terminate rate is going to be higher and they're going to be at that rate for high longer than most of the permeable crowd or those who are clinging to or holding on to the environmental we're hoping for. >> so we saw the big selloff yesterday, dow falling 570 points and a selloff of the nasdaq and s&p 500 was that a sign that not even 25-point basis price was planned? i don't think jay powell ever said pause or pivot out loud, but we thought we were going to see one. >> remember there's a tug-of-war going on between technical traders and trend followers and fundamental investors. there are very few naive enough

to think 18.5 times earnings is being cheap. that being said, after markets bounced and the 200-day moving average, you start to see a lot of trend buying. effectively as powell reiterated that, hey, we're going to go to higher rates for longer and we open the door to a 50-basis-point hike, the fundamental investors dwaved getting technical buying if we blow through the 200-day moving average, it's sort of a lookout given the trajectory of the fed. >> what are you telling clients about their investments right now and where you're looking to put some money to work >> in the big picture, this is an environment to protect capital. don't be a hero. focus on strategies that can make mid- to single digits with low volatility, strategies like commercial real estate loans, multi-strategy solutions know alternatives, even though

they're more democratized, they're never going to be more than 10%, 20% of a client's optimization, you have to look at long-term trend use can believe in and also volatility investments have been tied to natural resources and energy in that basically the energy and natural resource complex has gone through this secular stagnation period for a fixed investment in order to make new production. >> let me jump in for a second i know you have a couple of picks for us we listed bdc. you have picks in the bdc space. give it to us quick and why are you bullish on this in particular. >> that's another thing. cash flow is king. in an environmental where the cash flow is hiking, one of the advantages is providing investors access to private credit markets you have primarily floating rate

exposures. some of them trade at significant discounts, which boosts the yield so we have a 10% to 14% dividend yeel can tolerate a lot of volatility that yield should go up as the fed continues to hike, and even though credit quality will deteriorate a bit here, a soft landing is not the end of the world for credit quality so cash flow is king tied to that theme and that gives you a way to play the upside to the fed with the very healthy level of cash flow. >> cash flow is king i think everybody likes cash, troy. >> quickly your picks, for the audience out there, they can look it up themselves. when we come back on w.e.x., a first on cnbc interview with jim fitterling and much, much more more on jay powell's second day of testimony on capitol hill and what the street is now saying about the fed policy's path

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welcome back to w.e.x. cnbc's brian sullivan, friend of the show, was on the ground and joins us now with a special guest at the energy summit.

>> we're pleased to be joined by jim fitterling i love this company. you guys are a leading indicator. you're at so many industries, manufacturing, supply chains, the energy transition. from your perch is the u.s. economy headed into a recession? >> it's difficult to call it a recession right now. i would say the economy has changed a little bit we've seen it move away from durable goods orders, big ticket items, as you would expect with inflation, people are focusing more on their day-to-day needs we've seen a shift discretionary goods are holding up relatively well. >> what does that tell you to look at that analysis? >> it's not different from what we typically see in a slowdown in the environmental when the consumer gets

concerned, they stop making big ticket purchases housing has been a big driver for all of this because housing was on a tear and now with interest rates being high, mortgage originations are low, new home starts are low, and so typically that has a knock-on effect of consumer electronics, furniture, bedding, appliances, et cetera. all things which were going crazy during the covid pandemic have slowed back down to more normal levels. of course, china's big drag on the economy is construction as well we've got to watch those two markets for signs of some rebound here. >> because you're in so many things we don't eve think about. one of the themes, newsy themes, particularly this week at cera has been the collapse of natural gas. that's got to be a positive for you. >> it is it's a natural energy but feed stock making all the goods you would buy. so that's a net positive for us,

but i think it's also an indicator of the season that we're in i mean this is spring season we're moving out of winter, and we've navigated through winter pretty well. we didn't have a very cold winter so both europe and the united states were able to navigate through better. >> you spent a lot of your career in asia so many of your businesses are has the u.s. or global supply chain normalized are we almost back to pre-covid-like situations. >> we saw through december the ability to move marine packed cargo out of the u.s that's been good i would say truck traffic is back to normal actually overall if you look at truck transports, things have slowed a little bit because of the durable goods comment i made earlier. and rail is a big -- we're a big shipper on rail around that's been fairly normal.

>> jim fitterling, ceo and chairman of dow. >> thank you, brian, for that. be sure to tune in to the premiere of brian's new show kwft last call" that starts at 7:00 p.m. eastern tonight. looking forward to that. ahead on w.e.x., get your ted lasso next google goes in person for the first time in arye and hershey's. we'll have your top stories. stay with us to connect your da wherever it is, you need cdw and netapp. cdw experts will work with you to understand your needs, then customize a netapp cloud services solution to integrate data management for all your clouds, helping you reduce spend, improve security, control data 24/7 and automatically detect anomalies. in the cloud, at least. netapp makes efficient cloud management possible. cdw makes it powerful.

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welcome back to w.e.x. first up, crowdstrike, shares up more than 6.5% as the fourth quarter results beat analysts' estimates. they're targeting more small to mid-sized customers even though those accounts have been harder to close as people put off purchases amid the loom reeg session. stitch fix reported a wider fourth quarter loss. the company's offering a dimmer view on sales this summer. shares are down almost 8%. finally casey's general store had a strong sales profit. snakes and candy sparked an

increase prepared foods posting strong sales. casey's is the largest convenience store chance, up almost 2% this morning >> let's get a check on this m morning's news frances rivera has more. a tragic update. two of the four victims who were kidnapped at gunpoint last friday are dead while the other two returned to the u.s. on tuesday with one suffering injuries the group of longtime friends had crossed the border through brownsville, texas, to met mom matamoros, mexico calling it a mistaken case of identity. voters in oklahoma just said no to a ballot provision on tuesday that would have legalized recreational marijuana

use. it would have made oklahoma the 22nd state to legalize cannabis for those over the age of 21 this comes after oklahoma approved the use of medicinal pot back in 2018. it seems ticketmaster is ticking people off in countries outside of america as well customers who wanted to buy tickets to a concert in liverpool, england, reportedly were kicked off the site or received error messages. the concert starts may 9th and the shows are all sold out ticket master denied the crash saying, quote, a very small number of fans experienced issues accessing the q so taylor swift fans, beyonce fans can commiserate together because they didn't get tickets. >> they don't share music in

common but they do share their views of ticket master. weight watchers' stock closing up 79ch yesterday at it entered the obesity drug business. if you haven't already, visit our podcast. check us out on apple, spotify, orwi ehae"ilcast apps. "wlddexcng wl be right back stay with us hey dad, i'm almost out. i got you. any questions, chris? all good, thanks maura! there you go, one new inhaler! nice did you get my refill too? maybe [door bell] here you go, sir. you're a lifesaver. have a nice day. healthier is managing all your family's prescriptions in one app. cvs pharmacy. healthier happens together

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it's right around 5:30 here in new york city area. here's what's still on deck. investors hoping to shake off tuesday's tumble with the dow shedding more than 500 points, however, futures suggesting a major turnaround not in the cards just yet investers eager to hear what the fed chair will say next after he tells senators the fed is ready to go higher and longer. we tee up for day two of powell's testimony. and we look at a deep dive in twitser and its interest in new owner elon musk. it's wednesday, march 8th, and you're watching "worldwide exchange" right here on cnbc >> and welcome back to w.e.x i'm frank holland. ahead of powell's second day of testimony, futures are in the green across the board, up slightly, amajor turnaround.

a big move in stocks yesterday, matched by a bigger move in bonds with yields moving sharply higher the 2-year note now trading above 5%, its highest level since 2007 we're prepared to see this current yield by 5%. the spread now its widest since all the way back in september of 1981 and back then that was ahead of an economic downturn that lasted more than a year we also want to watch the oil market we're seeing it move lower than what we saw yesterday. wti crude about 77 bucks a barrel down a fraction, three bucks cheaper than it was yesterday. same for brent crude fears of a rate hike, also launching fears of demand obstruction when it comes to the oil market let's get a quick check on europe with our arabile gumede arabile, what's going on there >> good morning to you certainly markets have really

looked to follow on from yesterday's steep fall european markets have fallen by their steepest in two weeks following off of jay powell's speech from congress they're really speaking about more rate hikes on the way symptoms still look a little different, however, here in the uk we saw the boe's own members while speak about perhaps it's time to pause. so we'll certainly see how the market reacts to that pretty mixed picture thus far at present. onto the earnings front, adidas bracing for another tough year after a net loss of 724 million euros in the fourth quarter as china sales plunged by half. they cut their dividends by 70 cents a share, adding that the termination of the partnership with kanye west will continue. certainly a difficult story there. as you can tell, a bit of red for adidas. >> arabile gumede live in london thank you very much. now for a check on the top stories. sil

silvana henao is back with those. good morning. >> good morning, frank federal investigators opening a wide-ranging probe into norfolk southern over a series of accidents involving the trains the national transportation safety board says it's making the move given the number of accidents involving the company following an immediate review of safety practices they're facing scrutiny over its operations following two derailments in ohio in just a matter of weeks including in east palestine, ohio ceo alan shaw is set to testify before a senate panel on thursday about the derailment. the federal trade commission telling twitter to off its communications on elon musk. they detail information about layoffs and names of journalists with whom the company has records. and fox chairman rue put murdock saying anchors at his

company's network went, quote, too far. the revelation, documents submitted as part of dominion's voting lawsuit against fox others show murdoch rejecting conspiracy theories that his company promoted. turning our attention back to the top story and fed chairman jay powell heading back to capitol hill for day two of testimony, this time before the house financial services committee, this after telling senators yesterday the fed was caught off guard by some recent economic data and will need to act accordingly. >> the latest economic data has come in stronger than suggested, which would suggest the ultimate interest rates are likely to be higher than previously anticipated. if the totality were to indicate faster tightening is warranted, we would be prepared to increase the pace of rate hikes.

>> and powell's comments catching many across wall street off guard. take a look at this. just yesterday before powell was on the hill, they were pitting the odds of a 50-point-basis rate hike. this morning the odds according to the fed watch tool, they're now surging more than 70%. others are quick to change their outlooks this morning. blackrock and schroeders increasing their rates the new target between 5.5% and 5.75%. joining me now, nick tear mohs with "the wall street journal. you're also an author. so we've got so much to talk about, nick. i think the first question, any expectation of a change of tone

now that he sees that the market has priced in this possible hike >> you're right. that's the big question today because he said the data's going to play a different role here. doesn't know what the probe will be friday. there's still data that could make up their mind here. but what i thought was important is powell pointed to the provisions it wasn't just the hot january data but the revisions that changed the profile of what the economy looked like late last year and it seems unlikely that that's going to change in the next batch of data so the revisions seem important here. >> yes, the market kind of shrugged off those revisions

it certainly seemed like they did not. we have cpi coming up and then the week after that, we have the fed decision so how important will the cpi report be? we saw inflation kind of plateau. does it need to go lower to avoid this 50-basis-point hike, or is that happen nothing matter what >> when they say they're data dependent, i guess you have to take them at their word. i think you're right we thought before this meeting it looked like the bar to do 50 was fairly high. that's what markets seemed to be pricing, at a fairly high bar. and then you would really need to see hot data for them to do 50 and the way the market reacted yesterday suggests that the bar has been lowered, and now you would need to see weak data for them to do 25%, sort of the consensus of several outside analysts i spoke to yesterday. i think the other big story here, frank, is the lack of confidence around where the terminal rate is if you go back to the last fomc meeting, the whole architecture

or the whole strategy seemed to be if you think you're going to be hitting traffic soon or getting to where you need to, go then you can slow down now they seem to be saying, well, maybe we didn't know, you know, that that was the right place to slow down we may have to speed up here if we think that we just don't know what the terminal rate is. >> yeah. i think indecision may be the word of today. so let me ask you this if we do eventually see that 50-point basis hike, what does that say about the path forward? >> i think that tells you they're trying to figure this out along with everybody else. this has been a very unusual recovery the idea a year ago -- you know, if you had told people a year ago, the fe's going to go up 450 basis points in 12 months and the unemployment rate is going to fall to 3.4%, i don't think you would have had a lot of people believing you the fed has wanted to see the economy slow down. i think part of what's happening here is less confidence in the

soft landing because the economy reaccelerated as financial conditions eased a little bit over the last three months >> so obviously jay powell is taking the main stage. on the side stainch we have someone speaking about the labor market this morning. is that a meaningful discussion he's going to have or is it all about what jay powell says to the house? >> i think it's all about what jay powell says to the house powell is, you know, driving the committee at key points like this one this is a large committee. if anybody's ever had to lead 18 people, you will know it's hard to get agreement here. obviously there were some different views at the last meeting. there were a few fed presidents that wanted to do 50 then. i do wonder if you would have had a sense of that, if they had done 50, you would have had discements from people who wanted to do 25. you'll get the sense of how the rest of the committee reacts to this after it felt like they had

socialized the plan of raising rates 25 basis points at every meeting until you've seen some sign that you've done enough this is a reflection that if you had that data in hand at the january meeting, maybe you wouldn't have done 25 at that meeting. >> nick timiraos, thank you. it seems like they're still responding great to have you here. coming up on "worldwide exchange," president biden's big buncht proposal and ushering higher taxes on wealthy americans. we lay out the wider net first as we head to break, some of your top trending stories google's annual conference expect to take place in person since pre-pandemic 2019. ted lasso's favorite pub hits airbnb for only 13 bucks a

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shore up medicare's finances by increasing taxes on the wealthy. robert, i don't want to call this a wealth tax just yet because it looks like it's not just the wealthy who will face higher taxes this year. >> that's right. the affluent as well he's calling for two tax hikes to fund medicare he plans to tax those who earn more than $400,000 a year. the tax split with employers goes from 3.8% to 5% and would not be capped by income. tax analysts say this effectively creates a new top federal tax rate of 42%. the bigger change would be applying this tax to active business profits right now business profits from pass-throughs and partnerships are not subject to the tax a growing number of lawyers, accountants, real estate investors, celebrities, money managers, they label a lot of their pay now as business profits rather than wages to

avoid this tax now, biden calls this a loophole opponents say closing it would actually hurt a lot of small businesses it's expected to generate over $200 billion a year in added revr revenue -- sorry, over ten years. the top federal tax rate would be 44.6% in california, 57.9% in new york city, it would add up to 59.4%. >> both of my parents have been entrepreneurs and both have llcs are you talking about a pass-through through an llc, would that be impacted by this >> absolutely. it sort of depends on how much

your parents and others categorize their wages as other. if they categorize it as wages, it wouldn't be much more than 3.8% to 5% increase, but many people if they're in a pass-through llc or s-corp, they're starting to shift more of their income and label it as a business profit, in that case it would go from zero to 5%. so for many of these companies that have been using what biden calls a loophole, it's going to be a big increase, and it would affect some medium-sized businesses because the income has to be over $400,000 a year. >> yeah, i think that would impact a lot of small businesses the rise in llcs, a lot of people looking for that pass-through benefit for their taxes. a lot of people are going to be looking to their accountants frank and frank, we do it again. ahead, another round of powell testimony we lay out what to do with your

money amid the higher risk of rates. and as we head to break throughout the month of march, we're celebrating women's heritage, sharing stories of women leaders in business. here is usp ceo carol tore may. >> 100 years ago u.p.s. hired its first woman into our company. that trailblazer's name was jessie bell and she worked as a stenographer in los angeles. today her legacy is thriving with women playing a critical role at every level of our work force and i'm honored to be the first woman to serve as our ceo. today one third of our c-suite is comprised of women and 60% is made up of women it doesn't stop there. beyond our walls we provide resource and training to 100,000 women and business owners,

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to guide you through a changing world. ♪ welcome back time 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 berkshire hathaway buying more shares of pe tloel yum in the past three days according to an s.e.c. filing they have a stake of about 22%. the white house endorsing a bipartisan bill that could give president biden the ability to ban or force restrictions on tiktok the ban was introduced in the senate yesterday. elon musk reports twitter is about to close as being cash flow positive speaking at a conference in san francisco. he said it's startling how little twitter makes.

silvergate is in talks with regulators in looking at ways to avoid a total shutdown options include lining up new investors to help shore of liquidity. shares of stitch fix are falling after they offered a dimmer view on sale this quarter. wework is in talks to restructure. a real estate software maker is in big talks softbank is not. ahead of a slowing gnomic data on tap, feddal adp employment, federal chair testimony and the key event of the day, powell's second day on capitol hill as he testifies before the house financial services committee at 10:00 a.m. eastern, cnbc will have full coverage of that testimony all right, let's dive into that powell testimony, the kmirk and what it means for your

company for jeff kilburg and ivory johnson. great to have you on right now. >> thanks for having me. >> good morning, frank. >> jeff, i'm going to start with you. yesterday we saw traders pinning the odds of a 50-point basis hike yesterday now surging more than 70%. what does that say about what you're expecting in the markets today and beyond >> it really reveals, frank, that no one really knows what's going come out in the jobs report on friday it's fascinating to see that surge of expectation but what's fascinating also to remember is just last week we got so encouraged when bostic, fed chairman came out and talked about 25 basis points. so i think the market is really ahead of itself. maybe they got way too ahead of itself when we thought the pause was coming

the outlier where we had more than 500,000 jobs, i think we're going to see a wiley different an contrasting number, weaker than expected, under 200,000 this friday. if we see a revision lower, we're kind of back to where we are. where are we, frank? we're above the two-day moving average. the vix is under 20. we need to take a deep breath and realize this rate normalization process, which has been going on for quite some of time is volatile and quite emotional. >> what about you? are you taking a deep breath or have you seen interest rate traders saying we're going to take it from 50 to 70? >> i think it's like a co-dependant child with helicopter parents i think he was calory in his comments he'll do whatever it takes to curb inflation. to jeff's point, one of the ways he wants to do that is by

increasing unemployment, and i'll tell you he's on his way. if you look at 73% of americans who live in state where initial jobless claims went o up we've lot more tech jobs since the covid crisis we don't just have an inverted yield curve. on a percentage basis, it's deeper than it was in 1981 you start to bring in to play higher interest rates. that causes issues with refinancing risks. you talk about raising taxes in the federal government that's because the federal reserve was sending them $100,000 a year in profits that stopped the refinance risk was because they borrowed so much money on the short yield curve. when you start raising rates, that causes economic growth that decelerates. i would be concerned and pay attention to how the market responds going forward.

>> let me ask you. how are you balancing portfolios we heard people say 60/40, that's going to work is that going to work or do you want to up your investments when it comes to bonds? i would be 40%, 50%. at my age, you start to get nostalgic. i already conjured up the image of paul volcker. it's not cash. it's a cash equivalent obviously, but still no volatility, 4.5% that's a nice comparison to bonds right now. any time people go to cash, the dollar gets stronger so i think you'll continue to see the dollar get stronger. those are some areas i'd want to hide in until we find out what the fallout will be with higher interest rates because i'm concerned about the high interest rates.

>> i want to clarify you're say 40g% equity, 50% mutual funds or cash >> cash and other alternative assets like cash if you're going to do bonds, i would consider doing bond ladders. >> jeff, what about you? i'm sure your phones were ringing off the hook after that selloff. are there any big changes that you see that are needed right now? >> i'm more cautiously optimistic, but i think ivory brings up a great point. the cost of capital with a 2-year, now at 5%. that's fascinating to me the cost of capital takes time it doesn't take a month or two it takes quarters upon quarters. it takes decades to have this rate normalization process where we're calculating, looking at energy, the themes that worked in 2022 are going to work in 2023. we do see the stockmarket up about 16%. so understand the range that we're trading in the range in the s&p 500 is 3900

to 4200. emotions get high. think i you have to rebalance and reallocate there, but i think going into the next couple of data points, remember fed chairman powell reiterates the fact we're data dependent. i'm in the camp and we will see inflation abate. it will be a different picture where the fed will be able to come up for air, sit on their hands, and let this higher cost of capital that ivory smartly pointed out will affect the consumer i know it's been a mixed bag in earnings it ripped the cover off the ball at the end of the day, i think they will weaken going into the next quarter. >> you're hoping the fed sits on their hands. let's get over to picks. ivory, your pick plays off the dollar, up 2.2% in the last month. your pick's ticker, uup. explain why you're so bullish on

this. >> it was the cleaner shirt in the laundry bin. think about what that does for our global trading partners. when our dollar goes up, the other currency goes down that causes inflation. then they have to tighten into a economy that's already slowed and it creates another loop. if you don't mind k-1 and waiting until late in the is season to file your taxes, that's a great place. >> now over to you, the nasties of the nasdaq. explain that. >> think of lucid, tesla, and these are interest rate-sensitive i don't think the t10-year is going to be up we like energies and like essential names. you know i'm very tactic tical n the portfolios i manage. take advantage of these choppy

markets. don't hide underneath your desk. >> jeff kilburg, ivory johnson, what a tag team. i like the comments. thank you for being here that's going to do it for us here on "worldwide exchange. "squawk box" is coming up next i think i'm ready for this. heck ya! with e*trade you're ready for anything. marriage. kids. college. kids moving back in after college. ♪ 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) you live with your parents, but you own a house in the metaverse? mhm. cool...i don't get it. here's to getting financially ready for anything! and here's to being single and ready to mingle. who's ready to cha-cha?! ♪ yeah, yeah ♪

good morning stock futures slightly higher after yesterday's powell-fueled selloff. the fed chair will testify before the house today, oh, good. starbucks ceo howard schultz agreeing to testify after subpoena pressure from senator bernie sanders schultz had previously declined. berkshire buying more

occidental shares. brian sullivan, star of tonight's big debut. it's wednesday, march 8th, and "squawk box" begins right now. ♪ good morning, everybody. welcome to "squawk box" here on cnbc we're live from the nasdaq market site in times square. i'm becky quick along with joe kernen andrew is off today. let's take a look at things. new day, new beginnings, believe it or not. you're going to see right now the dow futures are up by about 47 points, the s&p futures up by 7, the nasdaq up by 3. yeah this all comes after jay powell's congressional testimony sent stocks di