it is 5:00 a.m. here at cnbc global headquarters. here is the top ""five@5. stocks tracking all week over the risk worries. and credit suisse gets a late night phone call from the s.e.c. forcing it to delay the report also under pressure. silvergate just 24 hours after reports it was exploring efforts to stay afloat the bank now says the efforts have failed.

the ceo of norfolk southern bracing for a grill on capitol hill over the chemical spill in east palestine, ohio. and president biden is looking for the latest on the budget proposal. it is thursday, march 9th, 2023. you are watching "worldwide exchange" here on cnbc good morning welcome to "worldwide exchange." i'm frank holland. let's start the hour with the check on futures after a mostly lower session for stocks yesterday. we are seeing futures this morning red across the board nasdaq down more than .50% we are checking the bond market yields here with the inverted yield curve. 2-year treasury is above 5%.

pretty much it hasn't been since 2007 the 10-year treasury is close to 4% those yields have been creeping up as the market weighs rate hikes. in energy, oil is falling from the recent high. we are seeing pressure on oil. wti is down about $76 a barrel both down fractionally nat gas is up 1.5% a very busy morning in crypto. bitcoin and ethereum under pressure bitcoin down 2%. ethereum down 1.5% cardano is down 2.5% we will have more on the sector later on in the hour overnight in asia, a mixed picture with australia and japan as lone standouts. red across the board we see the cac down more than .50%. ftse 100 down .75% let's check on the corporate

stories with silvana henao. frank, good morning. apple is reshuffling management of the international business to put a bigger focus on india this is the shift that reclassifying india as the sales region it has created a region specific online store and planning to open its first retail outlet in the country later this year. watching shares of uber. the company reportedly exploring a possible spinoff of the freight and logistics unit as a sale for a public offering uber is discussing with advisers with the ipo as the most likely outcome. and northwestern university's janice eberly is a leading candidate for the number two job at the federal reserve following the departure of lael

brainard the white house has been honing in on eberly in recent days. she served as treasury secretary during the obama administration. frank. thank you. turning to norfolk southern looking to testify on capitol hill this morning over the chemical spill in ohio shaw will share how he plans to make it right. adding he is deeply sorry for the impact this derailment has had in east palestine and surrounding communities. he will stress the commitment to financial assistance for residents and first responders $20 million in reimbursements. turning attention back overseas breaking news. shares of credit suisse under pressure this morning after the

late night phone call from the s.e.c. geoff cutmore is covering the story from london. geoff, good morning. >> reporter: frank, good morning. this is a story that raised questions about the group recovery plan. earlier this week, we heard david at harris associates which liquidated his enter pvntire pon the s.e.c. made a late call on the evening of march 8th in relation of the revisions to the consolidated cash flow statements in 2019 and 2020. as a result of that, credit suisse has now delayed the publication of the annual report and says we can confirm the 2022 financial results as previously released in february are not impacted we reached out to credit suisse, of course, on this and they are

not offering further comment the market had its say shares opening down 3.5% and struggle thing to-- struggling o get a bid. >> what performance are we expecting from credit suisse when the report is released? >> reporter: we have to find out how this particular story develops we already know this is going to be another terrible year for the bank they forecast a significant loss for 2023 as the restructuring program works through. the 2022 loss was the worst for the bank since 2008. >> geoff cutmore live in london. thank you. turning attention back to the broader markets. investors are not happy with what they heard so far from fed chair jay powell amid growing

expectations the fed fund rate may hit 6% this year traders pricing in a 78% chance of a 50 basis point hike at this month's fed meeting. now there are 35% odds rates hit 5.75% by july. that is up from the range of 4.5% to 4.75%. powell saying yesterday to clarify the fmoc has not made up their minds about the hike. >> we have not made any decision of the march meeting we will not until we see additional data. larger point is we are not on the preset path and we are looking at the incoming data >> let's discuss this with cate faddis cate, great to have you here. >> thank you, frank. >> the market hears what it wants to hear from powell. this time he said very bluntly they will not make a decision

until they see the economic report the jobs report tomorrow and cpi next week. which one of those two is bigger in your mind >> i think the data is confusing. in a general sense, in my mind, we are going to have more raises because the fed seems very consistent they do not want inflation to run away from them they look at what happened in the '70s and any hint of that news, they will raise. >> we will get to the picks in a bit. we have everybody coming on cnbc saying short-term bonds are more tr attractive how is that impacting your portfolio management and view on bonds? is it still 60/40 equities and bonds? >> it is 60/40 and we have 50/50. we have clients that are

retirees and love income now they can get bonds at 5% one-year bond at 5.2%. who knows what will happen it can go as high as 6%. we are excited >> i like income, myself, cate that is a universal feeling. i want to talk about where you see opportunity in the market. one of your picks is in a space we have been talking about here on cnbc. the weight loss drug sector. tell me your number one pick which is novonovonordisk. >> it has notgotten a lot of pr. a danish market cap company of 3$317 billion the company is in the business of insulin production for decades. they now have a drug for diabetes which has the beautiful

side effect, frank you can lose up to 20% of your body weight. the way it works is it stimulates the nerves in your stomach to tell you that you are full no more. you keep eating and an hour later, i'm full. obesity is a disease in and of itself >> you are talking about ozempic? >> yes ozempic and wegovy there are drugs aimed for diabetes and now we can cure obesity. they are marketed for obesity as well. >> i don't want to cut you off, but we want to get to the picks. the semiconductor space. we talk about that here on cnbc. quickly quickly, whyattractive

>> they sell test equipment to test the wafers. they go into silicon carbide chips. you can imagine, demand for evs and charging stations will grow 50% a year for several years europe has mandated that by 2035 all cars have to be evs. the demand is enormous this is the hot one. and ten times revenue. it is trading. it is not cheap. not for the faint of heart it is an interesting name. >> the ev market is growing. cate, thank you for being here. when we come back, shares of silvergate sinking as efforts to shore up capital fall flat we have the fallout ahead. we have the first on cnbc with the ceo of mastercard and

the spending pulse report. we speak with michelle merey a very busy hour when "worldwide exchange" returns. 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

welcome back to "wex." shares of cryptocurrency bank silvergate down 43%. this despite yesterday it was working with regulators to shore

up capital the bank overnight says it plans to liquidate we havehave mackenzie sigalos nw with more. >> frank, we are looking at voluntary liquidation. the company did not say how it plans to resolve claims against business, but it referred to the overall process as an orderly wind down. the liquidation comes a week after the popular real-time payment platform known as silvergate exchange network which was the core offering. silvergate added all deposit related services are relational. this is the culmination of months of setbacks for the company. the stock is down 95% in the past year. silvergate delayed the 10k

filing citing investigation under way now by the doj and in relation to the dealing with the ftx. in the last few days, frank, silvergate customers have jumped ship circle and gemini and galaxy >> we have known the issues at silvergate for a bit how significant is it as the bank folded and anyone worry about other issues >> this a major blow to the crypto industry. for almost a decade, silvergate was one the key gateways to connect to mainstream banking. it built on the business of banking and it invested in treasuries as well now it collapsed and some people in the crypto industry is

worried. gaining access to the traditional banking system is problematic for the crypto companies. the firms behind tether fa falsified documents and opened shell companies. this will put a microscope on banks that work with crypto companies. signature is a bank that is larger than silvergate compared to the $11 billion of assets to $20 billion. shares are down60% this year the market may be handicapping another collapse >> how is this impacting the crypto assets? >> bitcoin and ethereum and other coins are all under pressure this morning. singling out the volatile moves in bitcoin, it is below the $22,000 threshold. just getting word this morning, that transfer volume in bitcoin

is down 35% in the past 24 hours. total transactions down 17% in the same time. also crypto companies outside of the banks. coinbase and micro strategy falling ahead of the open. troubling signals here, frank. >> wow a lot going on there i was looking at the charts. mackenzie sigalos, thanks. ahead here on "wex," breaking down the biden budget and what it means for wall street ray ray raymond james' ed mills is here with more when we come back. i am a fiary, t just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals.

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welcome back to "worldwide exchange." time for the three stock stories of the morning mongodb falling despite the top and bottom line beat long-term growth opportunities may be impacted until economic conditions normalize shares down 11%. eli lilly will halt the alzheimer's streetreatments the shutdown is a serious blow for efforts to treat alzheimer's in people in the early stages of the deisease shares of sill van v-- silicon

valley bank are sinking. shares are down 27% this morning. let's check on the other headlines with frances rivera in new york with the latest >> frank, good morning senate minority leader mictch mcconnell is in the hospital after tripping at the private dinner in washington, d.c. last night. he is receiving treatment. right now, there are no further details on the condition of the 81-year-old senator. the senate passed a resolution to overturn criminal law changes passed by the d.c. council. it removed most mandatory minimum sentences and lower penalties. the measure now goes to

president biden's desk this would mark the first time that congress nullified the laws through this process the democratic mayor vetoed it, but it was overwritten and an marge mordensky went sky diving in hawaii and developed a reputation as a daredevil. she has gone hang gliding in her 80s when her husband passed. she wants to go sky diving again. more adventures to come. may we all be like her >> i'm not jumping out of any airplane frances, thank you. straight ahead, why scripted matches are not stopping the wwe from throwing its hat in the ring with draftkings

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it is 5:30 a.m. in new york city we are just getting started on "wex." here is what's on deck higher rates from the fed following the fresh batch of employment data. the ceo of norfolk southern

getting grilled on capitol hill over the train derailments in ohio and check the pulse of the consumer mastercard out with more data y it is thursday, march 9th, 2023 and you are watching "worldwide exchange" on cnbc. welcome back to "wex." i'm frank holland. picking up the markets futures are under pressure across the board nasdaq is hardest hit down more than .50%. we are watching the bond market with jay powell on the hill. 2-year treasury is at the level it hasn't been since 2007. the 10-year treasury is almost 4% inverted yield curve continues the spread is widening as

investors continue to worry about the rate hikes energy is impacted by the rate hikes and worries of decrease in demand falling from recent highs. oil is doing a turn around up for wti $ $77 a barrel let's pay attention to earnings we are keeping an eye on oracle. forecast to see revenue growth of 18% shares are under per fforming yr to date. showing surprising strength in demand notes forecasting a strong quarter. cloud revenue increased 15%. you are looking at the numbers here on-premise business could see a benefit from the slowdown in the transition to cloud.

oracle offers a.i. for cloud before the chatgpt hype, they were touting nvidia. investors will be listening closely for any additional comments in that area. let's check on the top stories with silvana henao silvana. >> frank, jpmorgan chase is suing the former head jes staley accusing him of being accused of sexual assault he was friendly with epstein, but never knew about the crimes. this comes as jpmorgan chase is defending against other lawsuits who says jpmorgan chase aided in epstein's sex trafficking by keeping him as a client.

federal regulators are looking into the collision of a tesla. the model s collided with the fire truck in walnut creek, california last month. the nhtsa has investigated the matter. and betting on the wwe may be a thing sources say the company is in talks with gambling regulators in colorado and michigan to legalize betting on high profile matches. wwe is working with ey to secure scripted match results in hopes there is no chance results leaking to the public. the company spokesperson declined to comment. i know fans would be excited about that >> i'm a wrestling fan. we know it is fixed. why bet on it? >> exactly. >> silvana, we'll talk about that after the show. silvana, thank you very much

fed chair jay powell making it clear during the testimony on capitol hill that the central bank is prepared to react to the signs of strength by raising rates higher than previously expected among the strong retail sales jumping 3% in january as the american consumer continues to spend. new this morning, mastercard spending pulse out with the read on the consumer showing spending may not be going away any time soon i'm joined by michelle meyer the chief economist at mastercard thank you for joining us >> thank you >> retail sales up 6.9% year over year in february. what does that say about the state of the consumer? >> i think there is a lot of uncertainty how the data would come in for february after extraordinary gains in january across a number of indicators.

we are seeing the spending pulse that the consumer is still out there spending almost 7% year over year growth for the party of the consumer which shows that the consumer has purchasing power that is sunpported by the healt of the labor market. >> one issue is lodging and hotels and airlines. airline sales up 15.5% year over year lodging up more than 42% year over year. what does that tell us about the american consumer over what they are spending >> in t >> well, that is an excellent point. that is part of the consumer basket if you take into experience spending, lodging and air travel, et cetera, you are seeing a much stronger consumer out there that is absolutely

prioritizing spend on experiences. it is a consumer that is able to make choices where there is pent-up demand and experience based spending these numbers are impressive >> is this credit or do consumers have cash? i see a 43% in hotel stays and 15.5% in airlines. these are high-ticket items. >> they are. there are a few considerations some rotation of the consumer basket consumers are spending more on those items and less on others furniture spending or big durable goods, you see contraction. you see the reallocation of the basket the other point of the purchasing power or source of spend, there are three income, savings and credit they are all being used. savings and credit have been important buffers or shock

absorbers in order for the consumer to spend in excess of income growth depending on rate of inflation or what the basket looks like. >> the report is focused on consumer spending. some volatility in the stock market and increase in rates when does that hit the resilient consumer is there a breaking point with auto loans that may cause people to spend less or mortgages? >> that is the question i get all of the time. including the federal reserve. what is the amount of financial conditions tightening that we see to really have a break in the economy or have a shift in the economy particularly with the consumer the reality is there is not a magic number the fed will see it when they know it. when they see the transition of the policy in the economy. it is happening in some sectors. the housing market home sales fell throughout all of last year it is a bit of a rebound last month. we will see what happens with

interest rates rising again. there is a clear sensitivity in the interest sectors no, it is not bleeding into the economy yet. powell says they will continue to work to tighten financial conditions until they see that broader transition which means they are on the path to price stability of 2%. >> certainly something to watch. michelle meyer for mastercard. i'll call you a friend of show thank you. c coming up on "wex," the ceo of norfolk southern testifying on capitol hill over trying to prevent derailments from happening again. rk. you choose advanced security for total peace of mind. and you choose a next generation 10g network that's always improving, getting faster; more reliable; and more intelligent to keep you ready

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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 ♪ welcome back to "worldwide exchange." a developing story alan shaw will testify before the senate to address the health concerns from the train derailment and chemical spill in east palestine, ohio shaw will share how he plans to quote make it right. he is deeply sorry for the impact this derailment has had for the people of the surrounding communities. shaw will stress the commitment to financial assistance for the residents and first responders amounting to $20 million in reinn br re reimbursement and investment one of the biggest unions is

sounding the alarm for norfolk southern we have lori ann la rocco with more >> frank, good morning they are announcing the union handling the measures which lacks workers needed to get the job done the president of the brotherhood railway union told me the work force is responsible for installing the measures is staffed at 40% among that is the installation of 1,000 heat box detecters. those boxes can catch overheated bearings baldwin says norfolk needs to hire the specialists for the detecters. three years ago, there were five specialists that worked on the line which included east palestine. today? there are zero

in a statement to cnbc, norfolk spokesman says they reevaluate needs and norfolk has hired and trained 150 new signal employees. crew size, as you know, is a subject of congressional j scrutiny all of this is hours before alan shaw's testimony according to industry analysis, they cut spending by 8%. that is a year from 2017 to 2 2021 compared to the other railroads, this cut is larger according to the data from everstream analytics, the trend of derailments are up, way up, from 2021 and 2022

>> lori ann la rocco, thank you. turning attention to president biden as he prepares to release the budget request to congress the key piece is higher taxes on wealthy americans to help fund medicare for the next 25 years the president looking to impose a tax on billionaires to reduce the deficit and scrap subsidies. for more on the budget wish list and what will make it through, we bring in ed mills at raymond james. ed, great to have you here. >> good morning, tank. >> let's start off with the tax. does that have a chance of passing in the congress? >> frank, you say a billionaire is over $400,000 i'm joking what we hear from folks in d.c. today is the president proposes and congress disposes. most of this should just be viewed as a political document

it is all about the debt limit this is all about the 2024 presidential election. what the president wants out of the budget proposal is the headline that he is committed to shrinking the federal deficit by $3 trillion over 10 years. going on the offensive that he and congressional democrats are willing to have a conversation what is the budget proposal from republicans and how do we deal with the deficit long term and the debt limit near term >> ed, let's talk about that debt limit negotiations. it is coming up this summer. how important is it to get the deal done? we know this impacts the credit worthiness of the united states >> it is the biggest thing out of d.c. this year. the goal is the white house to not have the spending cuts tha republicans have highlighted

republicans won't want to have any increase of taxes that are being proposed here. i do think this is something that obviously goes to the brink. what i advise clients is is there a third cap here we don't break through the logjam of spending are their re ways to increase revenue? there is a lot to do on permanent reform with energy and getting more in the all of the above strategy from republicans. is that the way out here i do think we will raise the debt limit, but i don't think it is not without land mines or pitfalls and market reaction if we get too close to the date. >> how big of a political football is this you mentioned the 2024 election. how big of a political football is this debt issue

>> it is huge. republicans want to run on the idea of the fiscal explosion the last three years democrats will highlight that started under the trump administration it started with the trump tax cuts the reality is over the last five years, there has been tax cuts or new spending totaling more than $10 trillion above trend. when we go out, our current debt goes from $30 trillion to $50 trillion in the next ten years unless something happens republicans think this is the way to capture the white house and if they bring home the message they are the ones fiscally responsible and democrats want to paint republicans as those who want to cut real guy programs that have support from a lot of voters this is a battle setting up for the election in 2024 who wins that battle probably

wins the election. >> one thing is president biden hoping to end tax breaks for fossil fuels also crypto and private equity >> frank, these are provisions that have been in the budget for a while. it is easy for the biden administration to say what is an unpopular industry and let's add extra taxes on that. these are messaging documents. it was important to look at the last two years where democrats had full control of congress and full control of the white house. they were not able to increase taxes. the next time we have to think about taxes is in 2025 when the trump-era tax cuts expire. that is why this is a play on the election. >> ed mills with the latest on what is going down in d.c. thank you. >> thanks, frank. we are celebrating women's

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♪ dreaming is free. ♪ accenture, let there be change. welcome back time for the wrap up as we close in on the 16:00 hour.

credit suisse will delay the release of the 2022 report following the call from the s.e.c. over cash flow statements in 2019 and 2020. apple is reshuffling international business to focus on india according to bloomloomberg, thi the first time india is a sales region. northwestern university professor janice eberly is in the lead for the fed position vacated by lael brainard. and silicon valley banking is sinking in stocks this morning. and silvergate capital is planning full repayment of all deposits. and shein is set to raise $2 billion in funding this month with the eyes on the u.s. public

offering this year. gearing up ahead is jobless claims and bj's and ulta after the bell jobless claims are ahead of the jobs report. for more on that and the day ahead, let's bring in patrick palfrey at credit suisse >> thank you for having me. >> we are looking at the data. the jobs report tomorrow futures under pressure with jay powell on the hill for two days. what do you make of this >> i think the fed is trying to be almost painfully clear in messaging. they need to slowdown the pace of inflation and in order to do that, they are going to need to be more aggressive whether that is a prolonged

experience with higher interest rates or whether that is and i think there will be continued rate hikes past what we previously expected. both options are on the table and equities need to adjust to the reality of higher rates and for longer that is what we are seeing as stocks continue to soften up on the messaging. >> i want to ask about the futures. jay powell said they are not making decisions jobs report tomorrow and cpi next week. why are the markets under pressure when we don't know? can we take him at his word or is the market doubting the 50 basis point hike will happen no matter what? >> i think we need to take him at his word. through the process starting almost 18 months ago, the fed has been painfully clear in the path forward they held true to the path with the 75 basis point moves and slowing as we have gotten on

we are closer to the end athan the start. there is a hope of the fed pivot, but jay powell has to reemphasize the fact that inflation is first and foremost the primary focus. he is being clear. i think equities are continuing to look for the hope we will get the pivot. in reality, inflation is showing no signs of slowing down particularly with how tight the labor market is. that is the decision here. >> we see the worst earnings season since great financial crisis a lot of investors are turning to bonds and two-year note the top has crossed to 5% yield. what is your take on the inv investability of equities? >> you are asking the equity guy if we should buy equities.

the economic back drop will allow for an earnings or eps growth of really low single digits i'm talking 3% to 4% that's a difficult environment for equities to work that is the baseline that is before multiples expand or contract. if you look at rates at 5% against the growth equal or under that, the opportunity for bonds is looking good here it is not just areas that equities work as you need to be selective, but take onit on the surface. it is time for interest rates or bonds to shine here. >> i thought you said it is a shoe salesman shoe here. you threw me off i want to get back to equities i want to get back to the s & p

price target. >> we have a market run over 10%. we pulled back since february. our expectation was going to carry us through the first half of the year. we got that really in the first calm couple months. the back drop is profits the back drop for equities to move higher is environment to be honest, we are having a conversation if the fed raises rates. the cost of capital goes up and it is negative for pe. if you are not getting the profit growth, it is hard to see multiples expanding. >> we with will leave it on one word what sector do you see the most attractive for the last month of the first quarter? knowing we are seeing the fed meeting at the end of the month and rate hike of 25 or 50? >> i think right now is the area for investors to focus on

secular growth i say if you have technology up there and the truth of the matter is it is too early to get defensive. we are still a little gun shy on going full-on cyclicals. >> all right patrick palfrey, thank you for being here before we go to "squawk box," oppenheimer raising the target on meta it cites higher advertising as a.i. investment is driving targets. ubs initiating marathon petroleum with the price target of $60 a share over the past two years, marathon paid out $19 billion to shareholders the highest among refiners. one last look at the futures. if the markets were to open

right now, dow would be lower. nasdaq hardest hit at this time. that does it for us on "worldwide exchange. "squawk box" is coming up next at morgan stanley, old school hard work meets bold, new thinking, ♪ to help you see untapped possibilities and relentlessly work with you to make them real. ♪

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good morning stock futures pointing to more losses after jay powell repeated on the second day testimony that the fed will be setting rates higher for longer. new overnight, investment bank credit suisse delaying the release of the annual report after late-night phone call from the s.e.c. those shares are tumbling. scoop. world wrestling is petitions gambling on scripted matches the headline is they're scripted it's thursday, march 9th, 2023 and "squawk box" begins right now.

good morning welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. >> i'm back. >> we had other people in the chair. >> i heard about that. >> guests. >> my chair? >> there are people that sit here on that show late in the afternoon that i'm not so happy about. >> really? >> yeah. >> why cooties? >> yeah. >> suddenly you are worried about germs? a look at u.s. equities at this hour. things are just slightly in the red. dow futures down 5 points. s&p futures down 10. nasdaq down close to 70. stocks were mixed yesterday. the dow slightly lower