it is 5:00 a.m. at cnbc global headquarters. here is the top "five@5." stocks looking to gain on the issues of buying silicon valley bank. to capitol hill. regulators in the hot seat today to face questions of the lead up of the collapse of silicon valley bank and signature bank. what could have been done to avoid it and what is done to prevent the next crisis. details on the disney layoff plans and one area of the company bob iger is looking to

eliminate. and crypto's star player is on the wrong side of the law. why the pull back has warren buffett looking at his best stocks. it is tuesday, march 28th, 2023. you are watching "worldwide exchange" here on cnbc. good morning. welcome to "worldwide exchange." i'm frank holland. let's check it off with the u.s. stock futures after the mixed session yesterday with the dow closing 200 points higher and a mixed picture with the futures. we are seeing the dow in positive up 40 points if it were to open right now. the s&p and nasdaq both in the negative. we are checking the bond market. yields are ticking slightly from the start of the week. 10-year treasury at 3.57.

2-year treasury at 4.45. energy is coming off the highest session and total this morning. wti is above $70 a barrel. up .75%. the international brent crude is $79 a barrel. we are watching cryptocurrency. bitcoin struggling to stay above $27,000 after a key player in the space is set to answer questions from regulators. more on that coming up in the hour. and let's check on the action in asia and the trade in europe. we are joined now by arabile gumede, i believe. arabile. >> frank, good morning to you. certainly an interesting morning. markets have moved into the

positive session. it is following on from silicon valley bank and that is saving help things. fed officials have not pulled punches on the failure of silicon valley bank which citizens bought at a discount from the fdic. that was coming through yesterday. the prepre-prepared remarks shog it was a textbook case of mismanagement and they waited too long to address problems. the chairman's testimony is said to highlight the risk of banks failing in the space of the month. the regulation quote merits serious attention. particularly for capital liquidity and interest rate risk. officials will testify before the senate banking committee later today alongside the

treasury undersecretary for domestic finance before speaking to the house financial services committee. that is set to happen tomorrow. >> arabile, as legislators look for answers and is there a reason why we are not hearing from the ceos? >> we are setting the tone of what is happening. it seems to be an industry wide sentiment as opposed to a bank specific sentiment. the answer s are yet to come an we will paint a clearer picture once the sentiment has come through today. we have to understand the situation first and moving on to the crux of the matter. the banks will have to answer for something. when it will be, however, is not clear yet. >> arabile, thank you. sorry to toss it on you. green arrows in asia and europe right now. i appreciate the report. more on the hearing coming up

with former board governor and treasury secretary sarah bloom raskin. let's check on the top corporate stories with silvana henao. good morning. >> frank, good morning. disney reportedly eliminating the metaverse division as part of the layoffs expected toim -- expected to impact 77,000 teams. division head mike white remains with the company in the undetermined capacity. shares of pvh surging in extended trade after the company provided a strong outlook for 2023. the group which owns tommy hilfiger and calvin klein expect to grow between 3% to 4% this

year. it is well positioned to achieve growth in 2023 and focusing on the pvh plus plan to boost the brand. amid the pull back in oil and energy, berkshire added more occidental petroleum shares to the portfolio according to the recent filing of 3.7 million shares and bringing the ownership overall. berkshire paid $200 million for the latest purchase and holds $12.6 billion, frank. >> occidental shares up 2% this morning. silvana, thank you. to the fed rate hiking path.

blackrock is arguing the fed will keep raising interest rates despite concerns over the impact on the banking crisis. this amid comments from phillip jefferson who said the stress on the banks could have impact on small businesses and access to credit. joining me now is horizon investment zachary hill. great to have you here. >> great to be with you, frank. >> i want to get your take on the comments about the concerns over the banking sector and spilling over to small businesses. you see that as a risk to the broader economy? >> it is a risk and something we are trying to evaluate in real-time. the fed and every market participant is doing that well. small companies are dependent on bank credit for operations as opposed to the markets. i think to delineate between those two things is important. we don't know how things will evolve. this is something we are paying

attention to on a daily and weekly basis. >> we have back-to-back banking hearings on capitol hill. we expect to see a mix of grandstanding because it is washington, d.c., but also tough questions of the solvency of the u.s. banking system. >> our sense is this is not going away just yet. it is also not a 2008 situation. what we are watching are comments with bank regulation and where people are in terms of fdic insurance and the like and trying to assess whether we're in a situation where policymakers want to come together and come up with a solution that will finally put this to bed or still in the blame game situation. i think it is more the latter. that is what we are watching for today. >> i know you are watching mega cap tech. we see the hang seng and kospi up 1%. what are you looking at with

asian equities or investors can look at here? >> that is right, frank. as we see it, those are the ones with the risk/reward skewed in their favor. we like exposure to asia generally speaking. china and all of north asia really and japan as well. a lot of reopening momentum and under positioning and the market estimates the impact of the growth. in the u.s., we are talking about banking situation and access to credit. you want to go where there is high quality balance sheet and good management teams and generate a lot of cash. it is really had to say any place in the market than mega cap technology and the top of the u.s. equity names that you get. those are the two areas we are looking and paying attention to

what is going on in the cyclicals. they have gotten beaten down over the last two or three weeks. rotation has been quite aggressive. that is something that is on our radar. >> zachary hill, thank you very much for being here. when we come back on ""worldwide exchange," one of the star players in crypto finds himself on the wrong side of the law. ceo shakeup hoping to turn

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welcome back to "worldwide exchange." federal regulators taking action in the crypto space and targeting another major player. the cftc with binance founder and ceo and chief compliance officer. they are accused of operating an illegal exchange and sham compliance program. this could mark a major blow to the largest crypto exchange with the potential for trading bans. this as regulations for criminal -- crypto is intensifying. arjun khapal is in london with more. >> good morning, frank. a couple of things to watch out for. the rally in crypto is brought on by a couple of things. flight by bitcoin.

it is seen as safer than the banks and perhaps the fed may have to slow down the pace of rate hikes which has given bitcoin respect. what we have seen is aggressive action from u.s. regulators in the first few months of the year. post the collapse of ftx. the wells notice to coinbase and now going after binance. the largest cryptocurrency exchange. binance was a big player behind the collapse of ftx and came out as the crypto savior. saying it remains despite the turmoil when cz really is trying to show himself as a responsible player in the industry. now the ftc announcing the flouting of rules with

customers. impact is down to how many investors are trading on the international exchange. if those are taken out of the market, what does that do to liquidity? if these actions continue to ramp up, it could put a lot of retail investors, particularly, off the crypto space in what they are seeing so far. a lot of overhang for the crypto markets. >> the crypto markets right now and bitcoin down fractionally. the rest of the sector in the green. what is the real crux of the allegations from the cftc? >> really they paint this fascinating picture as they stay it really around binance and ceo cz. they allege binance flouted the rules of know your customers and get u.s. customers on the international platform. binance is giving vip customers

a head's up if law enforcement is coming after them. these are all allegations at this point. this is a picture of opaqueness of how the companies form together. it is clear, the cftc says that cz was at the top of this and the lawsuit with the cftc is using to allege that cz was pulling the strings. they claim in january of 2021, that cz signed off on the expense of $60 related to office furniture in the month the company made $700 million of revenue. that is what they are using the show how close and involved cz was in binance and global operations. that gets to the heart of what the cftc has issue with and allegations they are making. >> that is a granular detail. very interesting detail to that

case. also, recently, you were at the crypto conference. what is the action with the other coins this year? >> they are bullish on the industry as you would expect despite some of the regulatory headwinds. several suggests that bitcoin could re-test the all-time highs of $69,000 again. one suggesting it could be above $100,000. i argue lot of headwinds at this point. the all-time high key is getting investors back on. the bump at the start of the year has been down to very few players and low liquidity at this point. retail players haven't entered back and probably scarred from the crash through last year. the key is going to get retail investors back on board. if the regulatory actions continue and if there is still a lot of uncertainty over what is

legal and what is not legal and how can we get involved in crypto and some of the big allegations made, it will be difficult to re-test the all-time higs given the uncertainty. frank. >> arjun, thank you. the regulatory crackdown continues on crypto, but hong kong is looking to transform into a hub for the digital asset. eunice yoon is joining us from beijing with more on the cryptocurrency there. >> reporter: frank, by this june, hong kong will create a framework to work as a crypto capital. hong kong has been granting licenses to crypto companies and they decide to allow crypto etf for crypto futures. they are reviewing bitcoin and ethereum.

they decided to offer $101 million of green bonds as digital tokens. this is a global first. the pitch for hong kong is unlike places in other parts of the world, specifically the united states, their regulations will be clear. they also want to send a positive signal they want the industry to be here. another bonus that companies see is hong kong could be an approved way to tap into the mainland demand for crypto. it has been banned or completely shutdown here after beijing took action against the industry. this is what one crypto player told me about that. >> at the end of the day, xi jinping put policy in the agenda. there are questions around what happens with crypto in the sense we see in the rest of the world.

i think, you know, people in china are purchasing crypto and investing in the space. they are buying nfcs. they don't do it through approved mechanism which hong kong would provide. >> reporter: hong kong said 80 companies have reached out to set up or expand. what is interesting, frank, state owned companies or banks, have been soliciting for crypto business in an apparent green light by beijing. >> interesting, eunice. i was understanding that china banned crypto trading. why would beijing allow this? >> reporter: that has been a source of speculation and one of the reasons that people have come up with is that hong kong has gone through a rough couple of years and it wants to reinvent itself after zero covid and covid controls and to be

able to revive itself as a financial hub as well as entrepreneurial hub. what better way than to support the crypto industry. it could lead to a lot of jobs and jobs for young people may mean fewer protesters on the streets. >> something to watch. eunice yoon in beijing. thank you. coming up on "wex," the latest to the kfc menu and something coming to the town outside new york city for tiger wo ♪ o icy hot pro starts working instantly. with two max-strength pain relievers. ♪ so you can rise from pain like a pro. icy hot pro.

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welcome back to "worldwide exchange." let's get a look at the headlines with phillip mena in new york. >> frank, good morning. we begin with breaking news from nashville. overnight, police releasing video showing what they say is a targeted attack on an elementary school. video shared by the metro police department appears to show glass doors blasted out by gunfire and suspect is a 28-year-old former student walking through the school with a large gun. authorities say the shooter was killed by police 14 minutes after the first 911 call. we are learning more about the six victims. three were students. the aunt of holly scruggs.

the pastor who hired mike hill 13 years ago said hill was sending texts. the head of the school was killed. a parent described her as a saint. in israel, benjamin netanyahu will halt his plans for judicial overall after protests over the weekend. the senior biden administration official says the israeli far right government abandoned the plan. for now, netanyahu says he is postponing voting until consensus can be reached. alleged hush money payment meeting hearing continued on monday.

david pecker had the second day of testimony before the grand jury. mr. trump denies any wrongdoing. that is it from here. frank, back to you. >> phillip mena, thank you. straight ahead, lawmakers get set to grill regulators over the banking system. former board governor and treasury secretary sarah bloom

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it is 5:30 a.m. in the new york city area. we are just getting started on "worldwide exchange." here is what's on deck. collapse of silicon valley bank set to go under the congressional microscope. former treasury and fed official sarah bloom raskin is here with the regulatory repercussions. and stocks building on the back of gains to kick off the boost from banks. futures are working to maintain momentum. and the shakeup as they top a former amazon executive to pull through the struggles. it is tuesday, march 28th, 2023. you are watching "worldwide exchange." welcome back to "worldwide exchange." i'm frank holland. a check on future stock futures.

a bit mixed picture. the nasdaq is lower. s&p is flat. we are watching the bond p -- bond market. the 10-year treasury at 3.57. same story for the 2-year treasury. that yield is over 4%. we are also want to hit oil. a bit of a boost of oil. data from china showing demand to increase 6% with crude. right now, the u.s. benchmark is $3 a barrel higher than it started the week. up .50%. brent crude is up $3 a barrel. up about .50% this morning. time to get a check on the top corporate stories. silvana henao is here with those. >> frank, lyft going through a shakeup. the company announcing that the cofounder logan green and

president john zimmer will step back. the former retail executive at amazon will take over as ceo on april 17th. speaking with cnbc last night, he laid out his first move as ceo. >> i come from the amazon world of customers. at the focus is to focus on the customer. pick them up on time and drop them off where they want to go and make sure the team is excited about the next chapter. >> shares of lyft down in the pre-market, but down 70% in the last 12 months. virgin orbit is extending the pause in operations as it resumes efforts to secure a financial lifeline. dan hart revealing to cnbc that

some of the company's late stage deal talks who told "worldwide exchange." -- "worldwide exchange" last week he was in talks over the collapse last weekend. and doj filing on monday with the google filing saying the doj failed to prove it is a monopoly. this marks the second federal antitrust complaint against google. >> silvana, thank you. let's get back to the top story. the lawmakers investigating silicon valley bank and signature bank collapses with the hearings today. on the stand today are three regulators charged with safeguarding the banking system.

the federal reserve vice chair michael barr and under secretary to speak today. preparing the testimony today and barr is not blaming it on the lack of oversight, but textbook case of mismanagement. adding his staff was actively engaged with svb but it turned out the extent of the vulnerability was not apparent until the bank run on march 9th. joining me to discuss with unique insight is former deputy treasury secretary sarah bloom raskin. a duke university law school professor. sarah, great to have you here. >> good morning, frank. >> we laid out who is testifying. we hear things in advance of testimony from michael barr. who will face the toughest questions? >> they will all face pretty

tough questions. you have three important officials and each covering a different aspect, really, of what happened that weekend with silicon valley bank. you will have, you know, marty, the chairman of the fdic, talking about issues regarding the role of deposit insurance and what happened with the receivership and what the timing was regarding the placing of svb into receivership. you have vice chair michael barr talking about the super advisory aspect. what happened from the very early stage regarding the management of interest rate risk at silicon valley bank. then you have undersecretary nellie wang. we know this event created a

systemic designation which is why the federal reserve stepped in. you have three aspects. the deposit insurance run, you have the supervisory aspect and the financial stability pieces on disdisplay. in terms of hot seat, they will all be quite the focus of the attention. >> three fairly hot seats. you mentioned interest rate risk. that is something barr will face questions about. in your opinion, is that something that should have been identified by the office and bank examiners that check out banks? >> this is a basic 101 of banking. this has to do with the ability of the bank to control the interest rates are moving effect. when interest rates move, the value of treasuries varies. if interest rates are moving because the fed is changing the

path of the federal funds rate, this provides a real set of opportunities for the institution to manage. that is exactly what happened. we know the fed began raising interest rates quite a while ago. it was really at that point in time when the supervisors would have come in to the institution and really started to check. do a bed check to make sure that the banks understand the interest rate risk. signal. interest rates will move. do you know how to manage this? >> all right. this is a committee hearing. we have heavy hitters in the room. let's take off the table with grandstanding. who are the senators to watch and what line of questioning do you expect them to take? >> i think you will see grandstanding. a lot of different agendas here. different people have different perspectives and aspects and

things they want to pull out. the supervisory piece is quite important here. you will have a certain -- senator warren will look at supervision. you will have senator scott on the other side of the aisle. he will take a -- he has been signaling interest here in the super advisory aspect. what took so long here? why, essentially, did it get to this point from the super advisory perspective? you remember supervision is something the banking examiners do and the federal reserve does on a schedule. they come in periodically. good times, bad times. what took so long here? that is the favor of the questioning here. you will see, i think, different senators with different aspects here. different agendas and things they want to probe. >> here is a tough question that

will be raised in the committee hearing. in 2018, they rolled back components of dodd-frank and that included smaller banks from stress tests. do you believe if that rollback hadn't happened that silicon valley bank and signature bank situation would have been caught sooner? >> great question, frank. you are right. at the same time that we are seeing what is a failure of interest rate risk management, you are also seeing the rollback. with the rollback, did it really make a difference? i'm not exactly sure. the rollback really had to do with the threshold that moves you from regular supervision to enhanced prudential supervision. what i maintain and i think most bank supervisors understand to be the case is interest rate risk management and you have to

kick the tires on that if you are a bank supervisor regardless of in the enhanced supervision world or regular supervision. this is the question of regular supervision. >> i'll ask the question that is asked in the hearing. were there any warning signs any agency should have caught to prevent this? was there a clear problem that is an issue that should have been addressed? >> yes. again, interest rate risk management is something that all bank examiners are supposed to go in and look at periodically and regularly. if they see an issue, they flag it. they write it up. they put it into the exam report and they elevate it to the board. the board of the bank and they require the board address it with their management team to get the problem fixed. if it is not fixed, they elevate

it to a met to a memo of understanding and get the remedies in place and put in place urgently and correctly and appropriately. if that isn't done, you elevate again. you create a cease and desist order. this is ppropriate mechanisms you need to see. when it is flagged, you flag it. you do something about it. you doing something about it fairly urgently. >> all right. so great to have your insight. the hearing states at 10:00 a.m. former deputy treasury secretary and former federal reserve deputy. thank you. coming up on "worldwide exchange," the semiconductors

chips act is supposed to help companies here. how long will it take? now a look at the top stories. a move musk calls the wave of bot swarm taking over. mike trout announcing he is building a new golf course and club in south jersey with the project expected to break ground and expected to be open by 2025. the course named trout national will be designed by tiger woods golf course architecture firm. 18-hole course and lodging and a chapel. and nuggets are back. kfc adding chicken nuggets. the first menu item add since the late '90s.

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welcome back to "worldwide exchange." president biden is visiting north carolina to tout the economic policies that includes the chips act. the president visiting a manufacturer in the tar hill state. we have kristina partsinevelos with a closer look at the

rollout of the chips act and where it stands right now. good morning. >> reporter: good morning, frank. chip companies across the u.s. promised to send billions to build up manufacturing here in the u.s. like $1 billion from analog devices to $20 million to micron and intel. we calculated over $200 billion of promises with the potential of 40 million jobs made. promises made even if they don't get funds from the chips act. we asked if the funding is imperative to expansion. many said yes. intel funding is critical to the success of the investment. simply no commercially viable means to implement our plans without federal assistance. you also have one company wolf

speed. this is a firm that has talked about spending $5 billion if they get funding. listen in. >> 25% of the funding coming from government sources and so forth. we're in the early phase of applying for that. the regulations just came out recently. >> reporter: president biden intends to visit wolfspeed for what the white house is calling the investment in america tour. the applications for leading edge chip funds starts friday. chipmakers have to provide revenue and profit projections to assess the size of the award paid by taxpayer dollars. then you have to build the factory which could take two or

three years. highlighting this manufacturing boon will not happen overnight. >> it won't. do we have a sense of the chipmaker this money goes on? >> reporter: that would need more leading edge technology which is why the applications start friday. we want to bring the a.i. technology to the united states. we don't know the breakdown if micron gets 20% or intel of x amount or samsung getting less because it is a foreign firm. we hope to find out more. once the companies apply, they are not supposed to talk to the media about the application process. maybe silent for a while. >> maybe. big day for you. micron earnings after the bell. kristina partsinevelos, thank you. great report. coming up here on "wex,"

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welcome back to "worldwide exchange." we have a market flash on alibaba. up 6% on the report that the chinese tech giant may split into six companies to pursue six ipos. the current ceo will head up the cloud and intel division. shares of alibaba up 6% on the news. time for what we call "wex wrap-up." we start with first citizens stock. agreeing to acquire parts of silicon valley bank, the stock helping to boost shares of regional bank peers. and disney with layoffs expected to hit 7,000 employees. all members of the metaverse

team were let go. berkshire adding more shares of occidental petroleum to the portfolio bringing it up to 211 million shares. blackrock says the federal reserve will keep raising interest rates despite the global banking sector. shares issuing a strong outlook for 2023 of tommy hilfiger's parent company. shares up 12% in the pre-market. a quick check of the crypto prices after the allegations from the cftc that binance founder cz violated copiance rules. we are looking at bitcoin trading below $27,000. gearing up for the trading day ahead.

home price index out at 9:00 a.m. and followed by march consumer confidence and earnings from walgreens and lululemon and micron. the hearings on the collapse of silicon valley bank at 10:00 a.m. michael barr and martin gruenberg are expected to testify. back to the fourth straight session for the banking system which appeared to ease for now. we have jeffery dunlap on "closing bell" yesterday. >> a large correction of it. it will contrast. i think all in all, the economic

headwinds are building. >> that is a bleak picture. let's bring in courtney doming with more. do you agree with his thesis and tightening with the banks will push the country into recession in the next few months? >> i think there is a risk. i think you will hear more and more of that. realistically, what you are seeing is the idea of the fed put is back. the fed is backing the banks and taking the uneainess in the banking sector. lending will pull back. it will likely affect the bottom line of the regional banks. that's where you will see more mergers and acquisitions in the banking space as they need to consolidate costs. i don't think it is necessarily leading to a recession. the reason being is this is more and more likely the fed is at the end of the rate hike cycle. as they continue to raise rates and make treasuries attractive, people will pull money out of banks and park in treasuries. right now, we contend this is

not an issue for the banking sector. if the fed raises rates down the line, you see inflation coming down. multiple reasons for the fed to stop hiking which is good for the economy down the line. >> you feel inflation is coming down. we will get a read this week with the pce. with the turmoil in the banking, do you believe the pce report is as important to the fed as before march 10th? >> it has not gone away. it is not something they will ignore. that is a closely watched number. inflation has come down since october. we had the january reading which was higher than expected. you saw the markets saying inflation is not coming down fast. it is pretty normal. as much as we like inflation coming down from there, it is normal to have fluctuation which we saw in january. it is continuing to come down afterwards. we are hopeful and continue to

see the data. the fed will watch that and we need to see that continue to come down. a lot of the reasons is hopeful to continue. >> we moved 11% to the upside since last october. what is the price target? >> i think generally the economy remains on good footing. we are focusing on issues with the banking sector. people are focused on that and layoffs. layoffs are in the high profile companies. general economy saw twice as many jobs. wages are increasing. it is slowing pace which is good for the fed. just generally speaking, you are not seeing the kind of red flags you would see as you lead into recession. i think what you want to focus on here, however, is make sure you are concentrated toward different sectors of the market which have been performing in the last decade. all of the bank tech firms which

people tend to rush to with the banking sector and rushing to the tech firms for safety. valuations are still high. small caps and leading to international and energy are going to be good performers. >> courtney garcia, we have to leave it there. looking at futures to the down side. s&p and nasdaq both in the red. the dow is flat at this moment. something to watch. that does it for us here on "worldwide exchange." "squawk bo x

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good morning. stock futures are mixed ahead of the open. blackrock, someone at blackrock says the bet on rate cuts is

long. a company named former amazon executive david rishe ceo. a new report that says the group working on metaverse strategy for disney has been eliminated. it is tuesday, march 28th, 2023. "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. andrew ross sorkin is out today. let's look at u.s. equity futures. things are mixed. ye