it is 5:00 a.m. here at cnbc headquarters and here's your top "five@5. it's been a volatile few days for the markets, but bank of america says don't get too bullish yet. and higher this morning, bank stocks bouncing back in a very good way yesterday. today they're set to gain more ground at the open. and this is the fed's drill-down on the legal action with its former executives in its crosshairs plus why carl icahn says he's not buying any stocks at

this level of course, we'll debate it. getting latest on chatgpt. it's getting a little weird. it's wednesday, march 15th you're watching "worldwide exchange" right here on cnbc ♪ good morning and welcome to "worldwide exchange. i'm frank hole land. let's check on u.s. stock futures. right now we're suing futures in the red. they've been flat, slightly positive all morning right now it looks like the nasdaq is very fractionally in the green but something to watch. flat futures right now, this after a mostly higher session for the stocks yesterday with the dow snapping a losing streak and the s&p seeing the best day since january. and leading the markets yesterday, what else, bank stocks, that sector snapping a six-day losing streak and seeing its best day since february. the rally doesn't appear to be over yet we're looking at names like

western alliance and first republic, up more than 12% also comerica. right now the 2 year note at 4.340% a week ago it was over 5%. we're seeing the 2-year, the benchmark, at 3.67%. of course, remember, prices and yields move inversely. we're also watching energy oil taking a diploer as we see rates rising and fluctuating wti crude is about 72 buck as barrel, 4 bucks less from a week ago. this morning up. same for brent crude natural gas down fractionally. we're also watching crypto we'll talk a lot more about it today. bitcoin crossed the 25,000 mark yesterday, now up half a

percent. ether, xrp, solana -- excuse me solana actually up. now let's get a check on the overnight action in asia and europe our julianna tatelbaum is standing by in our london newsroom you are standing there live, but i was jumping the gun, julianna. >> i am indeed live in our london studio. in terms of the market action overnight in asia, we saw the markets follow the relief rally we had on wall street yesterday, so all of the majors there catching relief overnight. shanghai catching about 0.5. we got some fresh data out of china that which effectively shows the recovery is happening gradually post the covid reopening. clie naree tail sales growing 3.5% that was in line with expectations a little bit softer than expected was industrial production for the period.

now in terms of european market trade, we had a solid rally yesterday, but this morning investors are taking some profits after the bounceback that we saw. on the downside cyclicals are underperforming. two names in the retail space in particular camping a lot of focus, inditex and h&m both are trading lower the companies delivered disappointing numbers despite higher profits in the uk, we're keeping an eye on the budget. chancellor jeremy edmonton will be delivering measures to improve growth we have for the most part seen bond yields grow higher across the region tomorrow they're expected to raise rates once again, but beyond that, a lot of debate frank, over to you. >> julianna tatelbaum, thanks

very much for the overseas action we appreciate it as always. we continue with our top story, the collapse and backstop of silicon valley bank the latest, the federal reserve is considering tougher rules and tougher oversight for mid-sized banks from $100 billion to the $250 billion range to head off further issues and disaster in this sector, this as the world's largest equity firms like blackstone, apollo, and kkr are exploring loans totally some $74 billion. plus as small bank falls, one big bank surges. bank of america has taken in more than $15 billion in deposits in the last few days. that's not all we have more on the fallout over svb's collapse. >> reporter: silicon valley bank now under federal investigation. the department of justice along with the securities & exchange

commission have launch ed probes looking at among other things stock sales made by company executives before the bank collapsed, this as a new call for regulation is made. >> i do think profit for sales by the owner should be clawed back because we're going to have to be raising fees on banks in order to pay for the uninsured depositors at this bank and other banks. >> reporter: despite several regional banks bouncing back, moody's announced a downgraded outlook for the u.s. banking sector as a whole. how healthy are other small institutions like silicon valley bank, analysts say we will not know the fundamentals until the federal reserve looks at the report two weeks from friday. >> the stocks are not a reliable indicator. in two weeks we'll know if there's a big outflow or not, but that's the kind of scheduled data point we'll get.

>> silicon valley bank blamed the events on elevated client cash burn. now they're looking at other clients are exposed to similar sfl rinks. we look at yesterday's positive session that saw all indices end in the green some analysts say we're not out of the woods just yet. the new u.s. regime indicator dipping for the second straight month. the head of u.s. equity and quantitative strategy at bank of america says it confirms we're officially out of the late cycle and in the next phase of downturn let's talk with the adviser and portfolio manager and chief

financial strategy great have-to-you both on. >> thank you. >> excuse me not gentlemen. both of you, great to have you on apologies. a bit of a wild week we saw all s&p sectors in the green. communication services being the leader following the meta onps we saw higher flows in the qqq that tracks the 100. karen, i'll start with you what do you make of all this, the flight to indexing and one of the biggest stocks making a move, being a company that had a layoff >> so i don't think you can make too much out of one company, but i would say we've gotten to a point where higher quality stocks have found buyers

we're too a point where confidence has been hit. we're looking at big businesses, strong cash flows. all of those kinds of things means higher quality stocks are going to do better i have to put technology in that camp if you look at it as a sector, it has essentially almost zero percent net debt when you compare that to the banks where you have tremendous leverage, you can see why investors might be taking a second look at tech here, and i think that this marks a significant break in the way that the market has been performing over the last year or so where higher quality stocks were essentially left in the dust as lower quality, higher yielding companies really ruled the roost in 2022. but now that that defense has been shook here somewhat, the shift -- there's a bid now for companies with better balance sheets. >> quincy, i'm going to

apologize to you it's the elephant in the room. i thought quincy was a man. >> you're not the only one you're not the only one. >> i kind of looked. i wasn't staring at the screen, but let's just move on what do you make of conservative leaders yesterday and the higher than normal volume in indexing and the qqqs >> it was an interesting day certainly. we were looking to see if the banks could see inflows on all of the selloff many portfolios and others were waiting to move. we had that certainly. had a large order, multi-billion-dollar order at the end of the day, you saw the market pick up very close to the close as that money went into those indexes the fact is that the market right now understands that the first quarter earning system is

going to be much tougher than what we had previously as we sort of muddled through. the other part of the story is that we have a scenario which financial conditions are actually starting to tighten we enjoyed a period where the lower quality names were moving higher dramatically on the back of or predicated on a very attractive weak financial conditions, loose financial conditions the picture has changed, and the picture has changed, i think, quite dramatically, and we're going to see communication services the quality names, you mentioned meta the market has rewarded companies that are cutting costs and layoffs have been very attractive for the market in big tech. >> absolutely. kevin, quincy said this word over and over again, quality i know you're looking for quality names. i think the story's changed. give us a sense really quickly

of the metrics that make a quality stock in today's market. >> oh, sure. that's easy. we want to see debt at less than about 30% of the capital structure. we want to see profitability based on assets, not equity, much higher than what the market is and then we're looking for a business that when you look back at performance through thick and thin, those are businesses that have delivered and all of those things tend to be underappreciated in bull markets like quincy was describing where capital is available and liquidity is flush. they may take a back seat, but this year with confidence taking a hit, those companies are able to deliver consistency and you don't have to worry about credit quality, they suddenly get a bid. that's very important especially when the market is under stress. >> quincy, i want to give you the last word. one thing you're watching is short covering

it's pushed the sld cloud and enterprise computing what other areas are you seeing it having a significant influence. >> i think you're going to see short covering even more with some of the quality names. whatever is moving high eric that's where you have to cover your shorts. and if the market starts to see, you know, broad-based quality moves in the market, you're going to see short covering. there's nothing wrong with it. by the way, most bull markets, triple markets, secular markets begin with short covering, but you start building and building and building and buyers actually come in rather than those just covering the shorts some of there's nothing wrong with that. it is normal right now we're looking to see if we can push through the 200 moving day average the market is looking to see if we can build on that and keep going higher and kind of reclaim some of those important technical levels short covering or not. >> i'll leave the conversation

there. k kevin caron and quincy krosby. i. uft want to try to get out of this one. much more on silicon valley bank and the sector fallout. we speak with a former s.e.c. investigator on what could come next and later why carl icahn has a big problem with tech. more when "worldwide exchange" returns. stay with us power e*trade's award-winning trading app

makes trading easier. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills, you can stay on top of the market from wherever you are. power e*trade's easy-to-use tools make complex trading 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.

the eagle has landed. whithat's one smallool helpsstep for man...trades hey, what's up? -one giant... uh... houston... we have a situation. how did you get here? you're characters in our video game! video game? yeah, it's what we can do with the xfinity 10g network. basically, the greatest achievement since the moon landing. i think they're talking about us. i know. you can play from anywhere. -yeah, i'm in the basement. i'm at the dentist. check this out. it's super smooth even when everyone's online. whoa, can i try that? you're in the game! what the heck is that? those are the bad guys. -are they friendly? nope! ok, here's the plan. on the ship there's some wire cutters, some tubing and rubber bands. now with our know-how and some elbow grease and a little bit of luck, i — you're probably going to want to start running. the next generation 10g network, only from xfinity. one giant leap for mankind.

bitcoin surging to a high of 26,000 before giving back some gains. analysts point to the mildly increasing inflation data. cryptocurrencies have shrugged things off in the past week. let's get more insight with the director of research at kaiko. great to have you on this morning. >> thanks. >> all right so i think the question a lot of people want to know, is there any fundamental reason why we're seeing cryptocurrency, particularly bitcoin, move to the upside in the last week or so >> there was essentially mass market chaos amid news that they had funds stored in svb. they had about $3 billion. the stablecoin they were issuing

would have been devastating. markets rallied, and that's what we're seeing today there was other news that was binance. they announced they would actually be converting 1 billion busd into bitcoin and either yum. this is pressure on the entire market which is essentially skyrocketing prices. >> that's really interesting that news to converting to bitcoin and ethereum, the fact they want to take their coin and turn it into pop already more well-known coins, you're saying that's creating some of the rally, right >> yes essentially they're going to be buying bitcoin and ethereum. this is a lot of money especially since they're relatively liquid right now, that will cause significant

pressure it's unclear whether they've actually started the purchases but the news alone caused a market rally. >> there's a fundamental reason here a lot of times you look at the movements. this time there's a lot of fundamental reasons. not too long ago we saw a direct correlation we kind of move lockstep this is like late last year. does that correlation continue and what does it tell us >> no, with tfx that was a pretty idiosyncratic market event so it briefly dipped it seems like since the start of the year, we've seen a steady decline. i would say in the first two months, january and february, crypto markets were suffering, and so what we're seeing is a slight decorelation.

now we're seeing a reversal which is stronger than what we're seeing in nasdaq so it's sort of the opposite trend since the start of the week. >> all right, clara, the big question, we have a big fed meeting coming up next week. had the svb situation. we saw signature bank, which is considered the last crypto bank shut down. coming up, this fed meeting, is that going to have an impact on crypto the same way it will have an impact on stocks or does crypto have some other meaningful moment coming up? >> cryptocurrencies certainly react very strongly to any fed meeting especially over the last year and a lot of crypto investors are very hopeful especially with news of three bank closures in the united states that the fed is going to take it easy this is good for all risk assets it's not just crypto it's energy markets too. they happen to be a lot more volatile, so they lead market

sentiment. right now there's a bit of a bullish mood across all markets that they're going to halt the fed rate hikes or slow it down that's overflowing into crypto today. >> clara medalie, thanks for the insight. bitcoin up half a percent. something to watch. ahead here on w.e.x., your big money movers we're back right after this.

for businesses of all sizes, there are a lot of choices when it comes to your internet and technology needs. when you choose comcast business internet, you choose the largest, fastest reliable network. 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 for today and tomorrow. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. (vo) sail through the heart of historic cities and unforgettable scenery with viking. unpack once, and get closer to iconic landmarks, local life, and cultural treasures. because when you experience europe on a viking longship,

you'll spend less time getting there and more time being there. viking. exploring the world in comfort.

it's time for your big money movier lennar is expecting first quarter results caused by rising costs in materials and a labor crunch lennar's chairman said they've been impacted by the housing rates, but there continues to be a housing shortage nationwide and he says there's still demanltd shares are up 3.5% >> sentinelone posting a smaller fourth quarter loss. it's 50% below analysts. i spoke with the ceo last night who says the company has been gaining major attraction in cloud security and opportunity in that space could be even larger down the road

>> with the turmoil, you can see they're trying to take advantage of that. >> for more with the interview of the sentinelone ceo head over to the cnbc page. guess in quarter one says their profits are below expectations it's weighing against a strong performance in europe. that's its biggest market. let's get a check on the other headlines. nbc's phillip mena is in new york with the very latest. >> good morning. the pentagon said a russian fighter plane brought down one of their drones over the black sea. the unmanned american drone was confronted by two russian fighter jets who got dangerously close to it, dumped fuel on the drone and then collided with it.

after that they dropped it down into the sea the russian military claims they only responded to a violation of their airspace near occupied ukrainian crimea. president biden is getting tough on gun safety measures he signed an executive order increasing background check on guns mr. biden was in monterey park, california, where two months ago a gunman shot and killed 11 people at a dance studio. and finally a man in chicago has filed a class-action lawsuit against buffalo wild wings he's accusing the company of desep tissue marketing because their boneless chicken wings are made from deboned breasts, not chicken wings. they said, it's true, our boneless wings are all white meat chicken and the buffalo

wings are zero percent buffalo. >> i love the response you're upset over getting better quality chicken? >> next they're going to tell me there's no such thing as chicken fingers, you know? >> good point. like that one. touche great to see you, man. see you tomorrow. >> likewise. when we come back, why apple tv may be on the hunt for a new hit. that's right, we're showing you the vide"to ed lasso." it's going away. we'll be back with the stories stay with us

the eagle has landed. that's one small step for man... hey, what's up? -one giant... uh... houston... we have a situation. how did you get here? you're characters in our video game! video game? yeah, it's what we can do with the xfinity 10g network. basically, the greatest achievement since the moon landing. i think they're talking about us. i know. you can play from anywhere. -yeah, i'm in the basement. i'm at the dentist. check this out. it's super smooth even when everyone's online. whoa, can i try that? you're in the game! what the heck is that? those are the bad guys. -are they friendly? nope! ok, here's the plan. on the ship there's some wire cutters, some tubing and rubber bands. now with our know-how and some elbow grease and a little bit of luck, i — you're probably going to want to start running. the next generation 10g network, only from xfinity. one giant leap for mankind.

it is right around 5:30. we're just getting started on "worldwide exchange. investors seem to shake off fears around the strength of the financial sector silicon valley bank under investigation. the latest as the doj and the s.e.c. launch probes into the factors that caused the firm's collapse. >> and carl icahn says he's nodl sold on tech stocks despite sizeable pullback prices it's wednesday, march 15th you're watching "worldwide exchange" right here on cnbc ♪ welcome back i'm frank holland. you're watching w.e.x. it's around 5:30 in the area we are watching futures right now. they've take an turn decidedly to the downside. right now it looks like it would open up 50 points lower. the s&p and nasdaq down a third

lower as well. time for a check on some of this morning's top stories silvana henao with those stories. >> the federal aviation administration is set to hold a meeting over concerns about safety in the skies and on the runways. the agency summit will focus on ways to strengthen safety following a recent rash of incidents including fights and engine fires and near runway collisions be sure to check in with billy nolen on "squawk box" at 7:40 eastern. tiktok is looking to move away from its parent company over concerns for national security risks the potential split from bytedance which could involve a sale of the ipo is considered a last resort. tiktok would only go down that road if itses existing proposal with u.s. national security

officials does not get approved. >> and open ai rolling out its latest artificial intelligence offering it includes human level performance on several academic and professional tests such as the s.a.t.s and bar exam. >> i don't like this ai turning more human i like the computer stuff. >> i agree i could not agree more. >> i've seen "terminator." >> same. >> thank you very much. >> you've got it. turning to the latest on the chance of the silicon valley bank the doj and s.e.c. opening several investigations into the bank's downfall, sourcing are telling cnbc news whether they sold any stock brier to the collapse. meanwhile report this morning the federal reserve is weighing whether it will create tougher rules related to

mid-sized banks in the wake of svb. the fed is also looking for ways to strengthen its national stress tests with firms with $250 billion assets. and bloomberg is reporting that u.s. regulators have begun receiving interest for bids from signature bank they've opened a so-called data room to engage bidders to do their due diligence over a lender that was seized by the government over the weekend. for more on the reaction to svb's downfall, let's bring in our next guest he's a former invorsment senior counsel and also a former assistant treasury secretary for condition financial institutions you both have long resumes we've got the two right guys here

jacob, i'm going to ask you first. we kind of detailed the things happening right now. i want to go back for a moment we heard what happened with svb. do you think the system failed here, or was there something else that happened >> thanks for having me on your show you know, obviously there's some changes in the system. gone through some changes since dodd/frank, but at the end of the day, the federal reserve and treasury has stepped in and made the dpepos pospossible depositoe the system has been restored i think the system trillion much worked >> what do you think >> i think chris gave you the answer to the question. >> i apologize.

>> that's all right. that's the regulatory side i do think is system works but that doesn't mean there aren't violations of law when you look at the seriousness of the magnitude. we have to look at the laundry list it's not going to be the s.e.c it's going to be the office of control. ta banking, house financial services, and the fed's already involved and the states. so it's not just what are they looking at, which i know you're going to want to talk about in a second such as insider trading and other violations, but who's going to be looking. >> you know what i'm going to ask next f let's just jump right into it. base whoond we know now and we know there's an investigation to see if they sold stock prior to this happening, does that meet the qualification for insider

selling. >> frank, i didn't know what you were going to say, but that was part of your lead. in fairness, when you have senior executives who are trading in a close time of a major event, that's what they look at, possible insider trading. it doesn't necessarily mean there was a violation. i think while there was a focus particularly on the ceo who sold i heard shares in the weeks preceding the bank's failure, the fact is we don't know who else may have been told or who else may have known. i think it's much broader than just the ceo i know there's talks about the tenby playing.

i think there are a lot of issues yes, it's when you have senior executives and other heavy trading in advance of such an announcement, such an event that you do naturally have a look into whether there was trading during non-public information. briefly it ties into what they're going to look at in terms of the corporation, svb financial itself, which would be its disclosures and whether they were accurate or did the company disclose or fail to disclose weaknesses and lending practices and accounting practices in other areas. >> chris, over to you. you actually worked for the treasury during the trump administration during the time when some regulations were rolled back. do you believe if they weren't rolled back, we would not have seen this, or does this defy some of the regulations on the book because technically they didn't do anything technically wrong. i'm talking about in terms of buying from the treasuries. >> i don't think i would have

changed anything the reality is there's a concentration risk to banks. again, we'll see how the investigations go out. at the end of the day you look at the perfect storm there's not a lot of cap left for funding new projects there was a high concentration of very, very heavy svb. they had these massive drawdowns. so it's a convolution of significant events that cause a lot of strain and these two banks of one customer. >> all right so chris i'm going to stay with you just for a second. i'm going to ask you a question a lot of people will ask today as this continues to unfold. did something criminal happen here in your mind and should someone go to jail, and whether or not something criminal happened, do you think what's

being done now is enough to restore confidence in the banking systems? two pretty tough questions. >> i'm never going to presuppose what investigators are looking into i'm sure there's going to be a robust investigation there's going to be panoply of folks looking into this i'm sure it will be an exhaustive research into what happened but i do believe and there should be faith in the system. it should be restored. what the federal reserve and treasury has done is stepped in and guaranteed all those folks who have small businesses and folks who have to meet payroll have made payroll. all those folks that are birthing these great new ideas in the united states and have the funding to be able to, you know, make sure they grow their businesses now can as well if they had -- if they were involved with these two banks. >> same question we've got a few seconds before we have to go. >> i'll give you a hard answer which is yes

if there was trading of non-public information, in other words, people knew where the bank was going to go and they trade on information, there will be criminal prosecutions but if if is if they do it they've got stock that goes from 333 to 86 in weeks to worthless. for somebody doing that, they're going to come under intense scrutiny where we're going to see potential criminal charges is going to be insider trading and also the disclosures and potentially in and around statements around lending practices. >> all right, jacob frenkel and chris campbell i wish we could talk more. we spent so much time reading after your titles and resumes. hope to pick your brain again. coming up on "worldwide exchange," carl icahn showing no love for big tech. why he just can't get on board with the sector despite a pullback in prices

i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone

from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create

which i think are here to say, you really can't justify some of the prices of these tech stocks where you look at the present value and said you're better than the interest rate that was true when you were talking 2% interest rates, but not now. even then, with these tech stocks, they're run by people in many cases that shouldn't be running companies. >> all right, that right there that was the very outspoken carl

icahn on "closing bell" yesterday. we're going to focus on tech stocks now joining me to weigh in on those comments and much more, richard kramer great to have you on. >> thanks. >> you just heard the comments from carl icahn. he had a lot to say about tech, biotech and much more. i want to really focus on the mega tech comments what did you think >> well, i didn't hear the full comment from carl icahn, and i think it's a little rich to say who should or shouldn't be running the companies when they're founder led. we do see with meta job cuts yesterday is that tech is moving through the same three-face restructuring that we had long expected, which is the first phase is to cut the flight of fancy balloons and drones that provide internet service the second is to grind down activity enhancements.

meta has fired, i think, 21,000 people the third will be for companies that face a survival issue to look at absolutely every cost they have and possibly have to think in terms of survival. >> let's focus on meta for a second yesterday it finished up at more than 7%, trading at about 20 times forward earnings in your mind, someone that looks at these stocks s that too rich, too high of a valuation for a company like this that has, number one, a very strong business and consumer base and the potential if some of these things take off to really explode? >> before we talk about the potential for something to take off like the metaverse, which is clearly sometime in the future, our issue with meta, and we have rated it as a sell right now, is the valuation has become too rich and if you look at the estimates for the second half of the year,

the street is expecting 9% or more sales growth, and while there will be easier cuts, they wouldn't react the same with the same rosy outlook. the problem with a lot of the tech stocks is the e is wrong. the earning estimates are wrong because the street is perpetually too bullish on these things here. >> quite fair. now a look at microsoft and a look at its ai investment, trading at 26 times forward earnings is that valuation too high. >> again, most has a bit more of a durable franchise in that it has recurring revenue as opposed to reoccurring campaign spend that meta tries to pull in from advertisers, and they're less exposed to the demand obstruction that happens whenever advertisers pull back their spending we look at tech stocks generally

and they're punchy given the higher interest rate that carl icahn mentioned. >> i'm looking at amazon trading at 65 times forward earnings, so if 26 times is punchy, what's amazon at 65 >> look. i think you have a whole category of companies that have -- you know, they're above the stratosphere they're kind of in the trope os fear you can't shoot them down because they have a business model or story long term that people can have faith in if you look at -- you throw up alphabet or apple there, they're companies that generate substantial levels of operating cash flow. in the case of apple and alphabet, they have the stocks there's a buyer of $80 billion of apple stock every year, and that's apple they're recycling that cash flow back into its own stock, which

creates some support amazon, i think, is uniquely exposed to a slowdown in consumer discretionary spend, which is one of the bigger risks in the market right now very clearly. >> richard kramer, great to have you on it looks like you agree with carl icahn more than i thought you were you kind of comment on him and then you went lockstep after that great to have you on as always. coming up, kari firestone with her stock picks including one spot in the financial space. facing a selloff as she calls overdone and also throughout the month of march we're celebrating women e's h herstory here's jennifer hyman. >> we're capable of more than we think. we need to dream bigger.

the bigger you dream, the bigger the outcome is going to be i started rent the runway when i was 27 i didn't have any experience the thing that has led me to where i am today is just putting one foot in front of the other and continuing to be positive, continuing to be resilient along the way. so don't give up on yourself because you will actually be able to achieve way more than you've ever dreamed of 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 ♪ a third kid. what if she likes playing golf? it's expensive. we're outlawing golf. wait. can i still play? since we work with emower, we don't have to worry about planning for a third kid. you can still play golf... sometimes. take control of your financial future to empower what's next.

all right. welcome back time now for your w.e.x. wrap-up. six stories you may have missed as we close in on the 6:00 hour. diamond sports group files for chapter 11 followed by a $8 billion debt load. it's restrength during first republic, keycorps and

comerica with upbeat earnings. there are rising costs for materials as well as a labor crunch shares are rising as a result. fheshpet offering $350 million. bloomberg reporting signature seeds a low. and invests continue to assess the potential impact on the weakness of bank's internal controls which credit suisse identified in the report yesterday. investors turn their attention to next week's policy meeting. let's find some opportunity amid all this volatility and bring in carey fires ton, chairman and ceo as well as a cnbc

contributor. carey, always great to see you. >> nice to see you, frank. >> let's kick it off yesterday communication services outperformed boosted by meta after that layoff news we also saw increased flows on the index fund and the qqq nasdaq 100 what does that mean? >> i think the reaction yesterday had a lot to do with the fed result and the banking system we understand that growth stocks do better when interest rates come down. there's an inverse relationship. you want to pay less than three years from now if the interest rates are higher the signal is if inflation is coming down or it wasn't higher than the whisper numbers, it was

basically inline, we know that with bank failures what happened over the weekend with bill con valley bank and signature really puts a lid on what the fed can do in raising rates. i mean there's almost no chance they're going to go to 50 basis points it's much more likely it will be 25 basis points and a pretty good chance, i guess, also there might be no increase and then one after that and that would be good for growth stocks. so i think that the market -- it was a relief it was a relief. that really helped the entire group. >> all right so i know you're big on bank stocks new this morning, credit suisse upgraded charles swab, saying the stock has overshot to the union side in the svb fallout. you also made a bank purchase. explain the rationale behind your bank purchase. >> we bought some first republic bank yesterday this is a stock we've known well and we did a lot of work over the weekend on it. it has been one of the most respected banks in terms of

customer satisfaction. about half of its loans are mortgages. most of those mortgages have some tie to a deposit. people don't move their money when there's a mortgage involved it's a mortgage. of course, they'll lose assets because every bank except for maybe the top four are losing assets right now to the bigger banks, but that's a fear factor. and we feel that it's a solid bank definitely now with the infusion and the potential for more assets from jpmorgan and from the federal government. i mean that's -- the government has made that clear. the book value is $80 a share before this. the book value, you know, we have seen it come down, but the stock was trading at 19 on monday morning and we bought the stock above

that level but not much. we feel very confident this is a bank that will stay in business, has great customer service, and once the country calms down, we're going to see that these banks are very important for the whole banking system the government does not want more banks to fail. >> okay. i want to get to your picks. i mentioned meta earlier that's one of your picks along with salesforce. give us a sense of why you're so bullish on those two names >> for years we saw those companies expand their employee base, expand the scope of all of their operations, and even in an aspirational sense, meta even at their core business, this has been a year of reckoning over the past really 16 to 18 months where these big tech stocks saw that investors were disenchanted with their style of growth and their approach toward unprofitable segments of their operation. they've gotten both religion in terms of cost-cutting and streamlining, but also activists

involved that's going to improve their margins. it will increase earnings. their base businesses are strong they've been specific income recessions and we think that's good for the companies going forward. >> kari, great to have you on. that does it for "worldwide exchange." watching the futures take a move to the downside. dow futures down about 200 points "squawk box" coming up next. good for the companies going any questions, chris? all good, thanks maura! there you go, one new inhaler! nice did you get my refill too? maybe healthier is auto refills and delivery made easy. you're a lifesaver. have a nice day.

good morning stock futures pointing to a drop in the open. american consumer retail sales, we're going to get those prices. >> and let the investigations begin. at least two government agencies now looking into the collapse of svb, silicon valley bank, as regional bank stocks continue to

bounce after monday's drop is the game of dominos over at least for now? we'll see. it is new chatbot. the new chatbot is out it can outperform 90% of humans on the s.a.t. and bar exam we're going to talk about what that means it's wednesday, march 15th, 2023, and "squawk box" begins right now. ♪ good morning welcome to "squawk box" here on cnbc we're live at the nasdaq market in times square. i'm melissa lee along with andrew ross sorkin joe and becky are off today. we have a lot going on. >> we do. >> after yesterday's big market gain, we've got the nasdaq indicated speed down s&p looking to give up 31 at the