it is 5:00 a.m. here at cnbc global headquarters. here is the top "five@5. another day and another rescue how the banks are shoring up support for the financial system. the banking global crisis is not doing anything for main street despite that volatility, stocks are track to end the week on a high note with tech in a commanding lead. another sign of resilient u.s. economy why shares of fedex are surging

ahead of the open. later, you thought the super bowl was the big game with online betting contessa brewer is here in the house with why march madness is not decided on the court it is friday, march 17th, 2023 st. patrick's day. you are watching "worldwide exchange" here on cnbc welcome to "worldwide exchange." i'm frank holland. let's kick off with the stock futures. futures right now, as you see, solidly in the green if the dow opened, it would be 54 points higher positive for the s&p and nasdaq. despite the market volatility with the dow up 1% and s&p up 2% and nasdaq up 5% much more on that rally coming up you see the sharp move up to the upside for the nasdaq.

let's check the bond markets and yields we have seen all month long the 2-year treasury at 4.16. this is 70 points leaver lower started the month. as we see more investors retreat to bonds for safety. we see the yields decline. we are watching energy oil market dipping below $70 a barrel up .75% this morning brent crude up $75 a barrel. over .50% up. turning to the week long banking crisis we have julianna tatelbaum live in london with the latest. good morning, julianna >> frank, good morning this morning, it is all eyes on first republic bank. u.s. banks, including bank of america and jpmorgan chase agreed to pool $30 million to

rescue first republic bank shares popped 10% yesterday. but shares are down 4.6% this morning in early trade looking at u.s. banks broadly, they sought record amounts of liquidity. they they are taking nearly $12 billion in short-term loans this week the facility offers one-year loans in exchange for collateral we continue to watch credit suisse this is the epicenter of the selloff. we saw shares close yesterday 20% higher after the bank would borrow up to 50 billion francs from the swiss national bank today, credit suisse is under pressure shares down 3.4% we crossed below the two swiss

francs per share level worth noting the stock is not continuing higher after the floor was put in, but the stock pulling back frank. >> julianna, something to note there. what about the stocks this week? seeing any relief? >> frank, yesterday, we did see a sigh of relief breathed by investors in the financial sector, but broadly in markets we saw european markets rally yesterday into the close and european banks also performed well despite that strong performance and despite the strong performance today, week to date, we get a check on european bank stocks week to date, they are sharply lower he it goes to show how badly they were hit when the credit suisse story broke. week to date, soc gen down 10% credit suisse down 22% despite the bounce back yesterday. we did see a rally yesterday yes, they are continuing to rally today.

overall, european banks stocks hit hard >> julianna, thank you for the latest live in london. stocks pointing to the strong finish on the back of the lifelines for first republic and credit suisse. jpmorgan chase indicating the fed has 18 billion dollars of loans outstanding. adding another quote here, the system is works aing as unintend let's talk about that and what it means for the markets is ben p emons. thank you for being here live. we saw what the ecb did yesterday with the 50 point hike we are looking at an 80% chance of a 25 hike

what do you think? >> i'm with the 80% camp the fed has the tools to limit the fallout because of the liquidity problems it doesn't have to pause on rate hikes. what the ecb did yesterday showed a similar way of expressing confidence in the banking system saying we can control the situation with liquidity while raising rates. >> i'll talk about the other side of the argument what we are seeing with the banking system will make loans hard tore get and loans more expensive. won't that slow down the economy which is the fed's goal with the rate hikes which is to cool off the economy? >> it is that is the next step here the fallout from the silicon valley bank effects the economy. how the deposit costs are going up and that is in loan rates and harder to get credit yes, you could expect more slowdown in credit. >> after this potential hike,

whatever the decision, do you expect the fed to say that's it or is there still an opportunity for more hikes >> there is still opportunity for more hikes inflation is too high. it will take time to get it done this episode will not necessarily cool off quickly you would expect the fed to take data dependent approach like the ecb and reassess the data and say if there is no more further financial tension, they will resume rate hikes in may >> 6% inflation is a long way away from 2% the inflation metrics are backwards looking. i want to circle back to the intro. we talked about the discount wi window the fed lending money to help with liquidity jpmorgan chase said banks need a lot of money what do you see with the discount window and what does this tell syou? >> i would say the stigma is fading

i think that's an indication of banks are not worried about getting additional stigma on them going for emergency liquidity. it is available and it is something needed i think this is a good sign and healthy sign in the end, it is about the fed stepping up quickly and providing liquidity and expressing confidence in the system that channels back to the markets. that is why the markets are up this morning >> liquidity is the word for march. before we let you go, let's talk about the broader markets. futures are up this week after incredible volatility and concerns about the stability of the financial sector, what do you expect for the rest of today? >> there will be volatility. you can tell from pre-market with credit suisse and first republic under pressure. there is uncertainty about how this will play out the broader market is positive and that means we didn't deal

with the true systemic issue at this point we are just preparing for next week confirmation from the federal he is -- federal reserve to raise rates. this means this is not a significant problem in the banking system >> some call it risk-on. generally people looking at riskier assets we watch the nasdaq. ben emons, thank you for being here i appreciate it. >> thank you when we come back on "wex," your big money movers and baidu's rollout blunder. we dive into whether the growth trade is back in favor. later, elizabeth holmes is back in court to seek her latest bid to stay out of jail.

more when "worldwide exchange" returns. ♪ imagine something of your very own. ♪ ♪ something you can have and hold. ♪ ♪ i'd build a road in gold just to have some dreaming, ♪ ♪ dreaming is free. ♪ accenture, let there be change.

welcome back to "wex." time for the big money movers. fedex shares soaring up 11% after reporting better than expected third quarter prosfits despite the drop in volume the company raising guidance to trim $3.76 billion in costs this

year. and u.s. steel lifting guidance as the company expect trends to continue in the second quarter. improvements in the flat roll and better demand over in europe shares up 5% this morning. shares of baidu jumping in hong kong recovering from the selloff yesterday after the a.i. chatbot ernie. baidu won a permit for a dr driverless taxi service in beijing. shares up 13% this morning with the turmoil in the banking sector, it may not feel like of the markets are on track for a winning week nasdaq up 5% this week mega cap tech is performing. the new york stock exchange index is ten of the highly

traded tech giants up 10%. some up this morning, is -- morning is amd and apple and alphabet let's talk about this resiliency in the tech sector is sofie gates. great to have you here. >> hi, good morning. >> why is tech doing so well we are seeing turmoil in the financial sector and the potential of another rate hike which reduces the profits of the companies. why are investors feel confidence in tech >> this is certainly a bit of a turn around compared to what we are used to and the narrative is shifting what we are seeing is a weakness in treasury yields which is pushing investors and pushing the crowds toward other growth and income avenues people are basically trying to

seek safety in the growth names which is, as we say, not something we saw coming a few weeks ago. >> i know you are watching the cloud sector the wcl names. out p outperforming the s&p this week. those are sensitive and sensitive to the demand slowdown and dependent on i.t. managers and cfos looking to spend more why are those stocks doing so well >> definitely this is something to monitor in a big way. i would say as much as they are benefitting ultimately from the overall tech boom we are seeing in recent days, there are still cracks in cloud computing. we saw in q4 that spend in the space is something to rein in as companies reined in tech spending we are looking at the fed hiking

by 25 points next week that is not the same as pausing or stopping the rate hikes we are expecting the high interest rate environment to stick around theses are vulnerable to that. not to take away from the recent momentum, but a lot to watch for the stocks. >> certainly a lot to watch there. what do you think of short selling in tech? we heard jim chanos talk about short selling in tech. you heard about the quality of the rally with tech. is that something you are watching as well >> it is again, not to take away from recent progress, but there are a lot of high caliber companies within tech and unfairly sold off because of developments. i think the rally could be short lived and reverse. we look at certain companies lacking direction and companies like meta which has questions to ask on that front. you know, you look at alphabet

up 9% in the last for days over the last 12 months, you are looking at significant losses. these companies are not out of the woods with a difficult economic back drop. >> absolutely. that is on a global level. not just in the united states or europe one last question, is there an inflation point with the mega cap tech names coming up a few weeks ago, people thought salesforce earnings would be big. is there something else to look at and say the rally has quality and it is sustainable or maybe it is not. >> i think this doesn't come as too much of a surprise when i talk about the "i" word. we have to see inflation come down and leading indicator for that is we might see job data needs to calm down particularly in the u.s wage growth needs -- the heat has to come out of wage growth that is something i'm keeping an eye on to improve the economic conditions for tech stocks to

thrive. >> we will keep our eyes on wage growth sophie yates, thank you very much. coming up, the key take aways from the financial stress roiling the global markets we speak with bethany mclean coming up. stay with us 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 (swords clashing) that lets-had enough?flatten, -no... arthritis. here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. 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

welcome back to "wex." the finding shows sizable progress and corporations pulling back diversity in the work force for new takes from the report is alice owens. thank you for being here >> thanks for having me. >> what are companies reporting? >> the important news is we have seen seen huge momentum since last year, the number for diversity data has tripled since

2019 real momentum and change with disclosure of this data. >> we have seen blackrock push for diversity on boards. is there a business case for diversity? >> there is a business case for diversity. i think that's one of the reasons we see significant growth in this area. according to just capital data we're releasing, companies are disclosing and outperforming peers by 7.9%. then according to deloitte and a number of other organizations, it is very clear that diversity has a connection to the decision making and customer satisfaction across the board, there are reasons businesses are investing in diversity >> when we talk about diversity, it is racial and ethnic gender

is there something else? >> there are other areas that people are talking about and are important as well. lgbtq and disability we are not seeing the same disclosure on those kinds of diversity. the current is still the gender and race and ethnicity we see all data. this is one of the few areas of significant growth in the last couple years >> do you believe that is encouraging? not only more growth, but companies outperforming? >> it is major progress and more to be done one of the things we talk about to both companies and investors about is this is a journey the expectation isn't perfection the expectation is tracking over time and measuring not just the types the metrics, but internal mobility rates

a strategy aligned with tracking and transparency all of these things go together and that is the area of momentum >> we are showing the progress with the graphic you emphasized there is more to be done. your average investor and what can you do to do more diversity reporting? >> ask for your diversity strategy and the expectations to see the numbers in public. it allows you to understand where the progress is being made and how it aligned with the business strategy. this is not the issue that lives off to the side, but very important it is part of the overall business strategy that you as an investor understand that companies are really prioritizing and seeing how it fits into the broader picture. >> this partnership with just capital has been great thank you for the report alison omens, thank you. still ahead on "wex," paying

up for one option and swifties seeing their queen. and if you miss "worldwide exchange," check us out on your dcpoast apps stay with us "wex" will return. what if we live to like 100? that's 35 years of being retired. i don't want to outlive our money. and i have been eating all these stupid chia seeds! i could totally live to be 100! why do i keep taking such good care of my- since we started working with empower, we're able to get all our financial questions answered, so we don't have to worry. so you never- no. never. join 17 million people and take control of your financial future to empower what's next. start today at empower.com

welcome back to ""worldwide

exchange." wall street is shaking off volatility with the indices set to notch gains for the week. we may add a bit of green on st. patrick's day. banks rallying around first republic amid a whirlwind few days for the financial sector. bethany mclean is here to weigh in. the battle of march madness on the court and smartphone as companies look to get a piece of the online gambling action it is friday, march 17th you are watching "worldwide exchange" here on cnbc welcome back to "wex." i'm frank holland. let's check on the u.s. stock futures. right now they are in the green.

despite the turmoil within the markets, the indices set to inch a -- notch a win for the week nasdaq is up 5%. you see the move to the upside here the gains may be substantial data from the ici and goldman sachs show they rushed into cash at record pace this last week with more than $120 billion flowing in the money market funds. the biggest jump since 2020. turning attention to the bond market following the first republic rescue. yields moving lower. the 2-year treasury at 4.14. the 10-year treasury at 3.54 we want to hit oil it has been hit by thoughts of destruction with the rate increases on the horizon we see wti and brent crowd down 10%. wti below $70 a barrel

time for the check on the morning's top corporate stories with pippa stevens >> good morning, frank starting with elizabeth holmes due back in the california courtroom today. the hearing is being held for restitution and if she can remain free while appealing her conv conviction her attorneys are expected to argue she should be allowed to remain free because her appeal has a substantial chance of succeeding and she is not a flight risk. former jpmorgan chase head jes staley set to be deposed over his relationship with jeffery epstein. lawyers for the bank reveal they plan to speak with staley next week jpmorgan chase is suing him for any penalties it has to pay if it is found libel brought by the

alleged victim ge ceo larry culp seeing his co compensation afternoo taking a . down from $22.7 million in 2021. the drop was expected after culp and ge board last year agreed to reduce his annual stock award from $15 million to $5 million frank, that is a 50% pay cut i would still take it. >> a lot of people would pippa stevens, thank you turning attention back to the top story and wild week for wall street with the attention front and center on the global banking crisis let's see how we got where we are today. we start sunday into monday following the collapse of silicon valley bank just days before the treasury and fed announced emergency measures to shore up the banking system and

seizing signature bank of new york we turn attention to tuesday overseas with the annual report for credit suisse and reporting weakness and wednesday, within hours of the credit suisse investors saying it will not provide additional assistance, shares fell to a record low and the swiss national bank with a $54 billion lifeline then back on thursday, another rescue package from the group of 12 largest banks in the u.s. any optimism there was short lived now u.s. banks borrowed $152 billion from the lender of last resort in the weekending wednesday. breaking the all-time high back in the 2008 financial crisis take a moment and think about

that let's ask if any red flags were wa warned joining me now is "vanity fair" editor bethany mclean. >> thanks for having me. >> is there anything that could have prevented this crisis >> i think so. when you have the rapid interest rate rises was a sign that regulators should have been looking about what might have been coming. >> regulators should have been looking. was there one thing they should have seen? the rising rates for svb was there something else out there that should say we should pay attention? >> for svb, there were a lot of red flags. resting nation to the chief

information officer and rapid growth of deposits another red flag that tells regulators take a close look here there is something going on. when you see that kind of really rapid growth could regulators predicted this could be systemic for the u.s. banking system that is the question the same thing in the financial system system we all knew there were sour mortgage backed securities should regulators see if was a systemic issue yes, it is tricky in reality you did have jay powell, the chairman, telling congress a few weeks before this started to happen that the u.s. banking system was safe and sound. he did not see stability worries. >> hindsight is always 20/20 a lot of people are staying away from bailout you have a lot of experience as a banking analyst at goldman sachs and investigating situations like this what would you call here involving svb and signature in

general? >> i think for sure svb is a rescue it is not a bailout in the sense the stockholders and bond holders got crushed. this is a different model where you had actual bailouts and it is different on the other hand, there is something unpleasant about it because it is a bailout of the venture capital firms and should have known better and understood this bank was wrrisky. what is upsetting people about it is it does look like there is a different set of rules for different people ha borrowers not been so powerful, it is unclear what would have happened here. we are not getting a one playbook here. the guarantee of deposits --

every time the fed expands the safety net you get the expansion of moral hazard i think bailout-not bailout we can debate. >> what about the others in silicon valley what does this mean for them >> if silicon valley bank had gone under, employees would have lost access to their portfolio companies and access to funds. they would not have been able to make payroll on monday morning it would have taken down a lot of innocent people that is the argument i think the goal is as a company is to have so many people leveraged here and they can't afford to let you fail they have to come to your r rescue it did end up and the purpose was not to rescue the venture

capital firms, but it did rescue them there is something that feels unfair in the fact they had a call on the administration and regulators in order to say you can't let this fail. >> a lot of powerful people involved in the situation. the question, especially if you are a retail investor, someone not involved in the system and financial services sector and is there a take away that the investors can learn and avoid problems in the future >> that would be nice if you could avoid problems in the future i thinkthe take is anything ca happen and the people in charge aren't always right. if you listen to regulators and fed and fdic and everyone running up to this, it would be fine interest rate rises would percolate and everything would work out and there would not be a banking crisis and there was we look back at the global financial crisis and those in charge who said this is not a

problem. these losses are small and it became something profound. to me, the answer is the old answer from kindergarten use your imagination and anything can happen. those innecessary -- necessarily know the answers. >> you did a lot of investigating of enron and people did go to prison in that situation. i want to ask you if you see criminal charges filed with the banking situations with silicon valley bank or signature >> i doubt it. there is a difference with what we look at and say this is awful and we don't like this and criminal wrongdoing. they are two distinct things at silicon valley bank, there was news that the attorney's office was investigating and some questions surrounding the loan book and questions with the chief risk officer whether that amounts to end in

t -- to everanything in the end remains to be seen. >> thank you, bethany mclean coming up on "wex," march madness not just on the court. contessa brewer will layout the sport betting apps looking for action and the surprising name that could come out on top. as we head to break, some top trending stories krispy kreme and dunkin and applebee's making st. patrick's day sweeter. you can cash in on doughnuts and half off green smoothies st. patrick's day spending could hit $6.9 billion in the u.s. google raising the price of google tv starting in april from $65 to $73 a tour five years in the

making is kicking off today. taylor swift kicking off the u.s. leg of the tour all ten of her studio albums included in that tour. a lot of material. "worldwide exchange" is back in a me mont

welcome back

ar be aware of of the madness of march. furman beating virginia. princeton taking down a 2 seed brackets are busted. espn says only 18,000 perfect brackets remain and 20 million suffered at least one loss probably on the princeton game march madness with an estimated 68 million americans betting on the tournament contessa brewer is here with more >> frank, the tournament is projected to bring in two and a half times of money estimated on the super bowl this is the way to increase the market share in sports betting the same number of teams qualify for the tournament fanduel and draftkings and

betmgm ties up the market. let's say they hold three of the final four 60 other operators are looking for a cinderella story take better is launched in ohio. c co-founded by jake paul. no massive spend on marketing. for gamblers aged 21to 25, bet tore caps the account deposit at $2,500 it is focused on responsible gaming look at the language it uses no money line or plus 7.5 spread it reads like a multiple choice quiz easy to understand for a casual sports fan and easy to figure out how much a player stands to make. >> you are choked up >> i think it is unbelievable if

you say to young people, you can't raise your limit until you go to a responsible gaming tool and change it. sport trade has chosen the language of wall street for its pla platform buyers and sellers make bids and trading sports events like you trade stocks this app was inspired by robinhood. it is available in new jersey and colorado finally, the juggernaut. fanatics it is late to the party. it launched a retail sports book in maryland. licensed for ohio and massachusetts and maryland for online sports betting. michael rubin aims to be a one stop shop. th these are all underdogs sometimes the long shot wins

>> contessa, i'm not a gambler i do have a question why is gambling on legal sites jumping? are therein se incentives >> hybrid work has come in and we don't see as many brackets because you are not in the office it is exciting you see the ads on tv and social media. you read or hear about your athletes talk about sports b bet betting. draftkings has a little tab you can go to where you can bet against your friends on draftkings that makes it ientertainment. you can smack down your friends instead of draftkings. >> is all of the sports gambling

ex expanding means that it will be bigger than the super bowl >> there is no one individual game that out strips the super bowl you have how many games? 67 games a lot of games going on here you have a lot of opportunities to bet and people who graduated from the schools -- i went to syracuse they are not in the tournament if it was, i live in new york. i cannot bet on in-state schools. if the one team i really like to root for is not in it. >> contessa brewer, great stuff. i'm sure everybody who likes to gamble is listening. >> how do i make money on gambling and not actually gamble >> brucontessa brewer, thank you still ahead, banks look to shake off the week as we gear up for the big fed meeting next

week throughout the month of march, we share stories of women leaders and business and those of the cnbc teammates. as we head to break, here is julia boorstin >> i've interviewed thousands of ceos and leaders in the past two decades. the number of women has increased, but still rare. i was so struck by the way women were innovating and tackling different problems and it inspired me to interview over 100 women and write a best selling book called "when women lead." we should be inspired by women who defied the odds by leading in ways that are authentic to them we can all benefit from the underestimated advantages of female leadership.

♪♪ 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

i think i'm ready for this. all your family's prheck ya! with e*tradep. 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 ♪ welcome back

time for the "wex wrap-up. sanofi cutting the price of insulin by 78% and cap the cost for those with private insurance. this comes after eli lily and no v novo made the similar moves this month. and tiktok is in talks with buyers amid the proposals from oracle and amgen cutting 450 jobs amid pressure on drug prices and high levels of inflation fedex reporting better than expected profits for third quarter despite the problem in volume u.s. steel lifting guidance for the first quarter citing extending of lead times and

improvements in the flat roll and mill business in europe. and michael jordan in talks to sell the stake in the hornets to the owners of the hawks and hornets according to espn. we have march consumer sentiment out at 10:00 a.m we are watching quadruple witching day all expiring at the same time. we had a guest on yesterday who said this could lead to additional volatility. bank of america topping the list with financials receiving $1 billion of flows over the last five days. joining me to discuss this and the trading day ahead is lee

baker. you have a long resume, lee. glad to have you here. what are your feelings about of financial sector and investing in banks any banks you are feeling bullish about? >> i feel bullish about first republic it has been a victim of guilt by association, if you will i do not think there is a systemic problem as it relates to banks they got hammered as you see on the screen i like the idea of picking up a company at 80% off this reminds me of exxon when covid hit. >> interesting, lee. i want to ask about the fed meeting next week. we look at the cme fed watch tool where do you see the action potentially going with the rate hike and how does that influence the market with the volatility this week? >> i think the turmoil and volatility of this week is probably resulted in shifting to

the 25 basis point hike. when jay powell mentioned a week ago that a 50 basis point hike was in the cards, i think that was the case i don't think that would have come out if that wasn't where they were going. then the activity with silicon valley bank and turmoil we experienced last four or five days thinks we will have a rate hike, but 25 basis points is more likely. that is a sign of two things one, the fed does not believe that there is a big problem brewing that is systemic in nature otherwise, it would be more likely to be zero or scuttlebutt with the rate reduction. secondly, the economy is relatively healthy although i think the pace and rhythm, if you will, with the layoffs is quickening >> i think the economy is healthy overall. the fed is trying to cool it

off. not trying to speed it up. let's take the other side of the argument with the 25 basis point hike is what we are seeing in the banking sector going to slow down activity in the united states will loans be harder to get? >> i don't know it will have the same effect. i think we're in an environment where we continue to see other rate hikes they will continue for the year. i agree it will have an effect to cool down the system. i just think that they under estimate how strong the u.s. economy was. you know, the math might not be there, but the effect of the loan tightening regime as a result of this might be needed in addition to 25 points >> you mentioned first republic. are there other areas looking for opportunities or specific stocks you see as an opportunity

today? >> today, you know, take a look around one thing that is interesting in hamburg, volkswagen introduced a concept car that they think will come in about $25,000. finally an ev for the masses which is appropriate for the car that was basically the people's w wagon, if you will it remains to be seen if they take significant market share away from tesla. that is an interesting option. >> auto space. tech is outperforming this week. anything else in tech? >> tech is outperforming this week i think we are still going to have volatility. i'm not really ready to jump in, if you will, to the tech sector any more than before with the broadly diversified fund for most of our clients. >> lee baker thank you. i appreciate your insight. >> happy to be on with you. that is it for "worldwide

exchange." "squawk box" is up next. happy friday happy st. patrick's day. everything's changing so quickly. before the xfinity 10g network, we didn't have internet that let us play all at once. every device? in every room?

why are you up here? when i was your age, we couldn't stream a movie when the power went out. you're only a year older than me. you have no idea how good you've got it. huh? what a time to be alive. introducing the next generation 10g network. only from xfinity. the future starts now. i screwed up. mhm. i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck.

good morning wall street to the rescue of major u.s. banks with the deal to deposit money for the bank of republic. fedex shares jumping the company raised its guidance. lower than last year second quarter in a row. details ahead. turmoil in france.

the nerve. president emmanuel macron bypassed legislature to raise retirement age all the way up to 64 from 62 sparking protests in the city of paris. i know what day it is. i have a green tie on. st. patrick's day. march 17th is that green? >> are you color blind >> yes "squawk box" begins right now. good morning welcome to "squawk box" here on cnbc we are live at the nasdaq site in times square. i'm andrew ross sorkin along with joe kernen. becky is off today welcome back you missed nothing >> the s&p is at 3960. down