it's been a heck of a move it is 5:00 a.m. at cnbc global headquarters. here's your top "five@5. we begin with breaking news. ubs bringing back a former ceo we have the highlights in just a moment. also fireworks from capitol hill as those in charge face off with lawmakers over the collapse of banks and after countless delays, apple officially launches its

buy now, pay later service, adding a major player to an already crowded space. we speak with one company slated to take on cupertino. plus jamie dimon headed to court to be questioned over his bank's ties with jeffrey epstein. later, what chipmaker mike lawn said ahead of the opening it's wednesday, march 29th, 2023 you're watching "worldwide exchange" right here on cnbc ♪ good wednesday morning welcome to "worldwide exchange." i'm frank holland. let's check on the u.s. stock futures after a modest day yesterday. futures right now as we can see solidly in the green the dow opened up 200 points higher at this very early part in the morning both the s&p and nasdaq three-quarters of a percent higher, again, at this early part of the morning. we're checking the bond market looking at the yields.

the ten-year, 3.55 the twoe-year yield is above 2 crude, 73 bucks a barrel, 73.5, up a half a percent. brent crude up to about 79 bucks a barrel, a couple of pennies short, up almost half a percent. natural gas continues to slide down about a percent and a quarter. crypto, watching crypto especially with respect to the banking situation, back at 28, 5. xrp doing the best out of this whole crypto complex, up 8%. we're also watching the action around the world we're seeing green arrows over in asia. the nikkei, the best performer so far in asia, up one and a third followed by a pop in

alibaba shares more on that coming up in the hour european trading day getting under way. cac is up more than a percent. sticking with europe and the breaking news this morning, ubs naming a new ceo to oversee its credit suisse takeover, arabile gumede joins me now from london. it's a new ceo, arabile, but also an old ceo. >> yes neohkne-yo has the song "go baco what you know. the lender said it made the decision in light of the new priorities after acquiring credit suisse just a short while ago. meanwhile swiss resays the chairman will step down on april 12th and a short handover period will happen. the stock has popped on the back of that news going up nearly 2%

at this stage, really kind of being helped by this surge as you can tell, the share price had dipped quite prodigiously over three months. the incoming ceo sergio ermotti said he 's focused on satisfying the clients and shareholders as well as swiss authorities. >> i'm fully aware the swiss authorities are coming with the important task and expectations, and i'm fully aware that we need to work very hard to avoid any consequences for the taxpayers in switzerland so i think you have my word and commitment that together with my team, we will work and do everything that it takes to make this transaction successfully and to write an order and very successful chapter of ubs's

history. >> yeah, so, frank, that is the sentiment then right now as you can tell, banks looking in the green however. >> yeah, arabile you mentioned the european banks right now. how are they doing on the back of this news obviously a bit of a surprise and a change for ubs. >> yeah. so it is certainly a bit of a surprise as we said, different priorities is what is being kind of focused on by ubs, but it does kind of send a clear picture there is a sense of stability that stability is hopefully going to go on to the other banks across the structure the former employee, ermotti even commerzbank in germany up half a percent certainly positive, enjoying the news and facing an upward trajectory for now. >> arabile gumede live from london thank you very much. turning to washington now a

day after being grilled, they're going to do it all over again in the house. they're going to be answering questions to oversight failures and what led to the collapse of signature bank brie jackson joins us from washington, dc good morning. >> reporter: good morning, brie. regulators say mismanagement was mostly to blame for silicon valley bank's downfall, but they also announced better oversight is needed. the nation's top bank regulators on the hot seat following the recent collapse of signature bank and silicon valley bank. >> for over a year regulators were saying to this bank, straighten up and fly right, and they never did a damn thing about it. >> the risks were there. the regulators were pointing them out, and the banks didn't take action.

>> reporter: michael barr at the federal reserve is examining whether the fed should have done more and vows accountability if there were any failures in its oversight of the banks senators also want federal regulators to strengthen banking rules. >> will you commit to using your authority to undue to rollbacks that your predecessor initiated and stremgen the rules for bangs with greater than $100 billion in assets? >> senator, i think you do know i was a member of the board at that time. >> i do. >> and i voted against those measures i think it's promote appropriate for us to go back and review it in light of the recent situation. >> reporter: they took unprecedented steps including backing full deposits for banks so customers would not lose any money. >> i think we've done what we need to do executively i feel confident things are

settling out. >> reporter: regulators also reassured americans that banks are safe and bank regulators say they are investigating the conduct of board members an executives at the failed banks and considering penalties such as possible callbacks of executive bonuses frank? >> certainly something to watch, brie is this the last that we'll hear of these regulators? >> reporter: no, it's not. they'll be in front of the house financial services committee, and you can expect they'll face some of the same tough questions as well as some of the same frustrations from lawmakers when they come back on the hill today. >> all right certainly something to watch the hearing starts at 10:00 a.m. eastern time brie jackson, thank you. let's get a check on this morning's top corporate stories. silvana henao is here with those. >> jpmorgan's ceo jamie dimon will be questioned under oath

over his relationship with jeffrey epstein. his testimony is expected to take place in early may. jp epstein had been a client. epstein died in prison awaiting a trial for charges of sex traffics and there will be ev layoffs by lucid they said it would include a one-time charge of between $24 million to $30 million. in the wake of u.s. regulatory action from the cft c, traders are pulling billions from binance according to crypto provider danson, as of monday, they pulled out $2.1 billion. overall binance holds $63.2

billion in publicly disclosed wallets, frank. >> all right we'll see you later on the show. when we come back, much more on the regal bank reckoning and a red flag in one area of the market almost nobody talks about. we speak with one bank ceo who's sounding the alarm. and apple sending shares of competition sinking. ahead we learn how one of those rivals plans to take on cook and cupertino. we have a busy day ahead when "worldwide exchange" continues stay with us e 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 to "worldwide exchange." taking a quick check of the markets, we see the nasdaq must moving a bit higher. and we're looking at the biggest gainers in the extended hour of trading. lululemon up paycheck is up more than 3.5%. lucid up over 2% also micron after an earnings report where they had a big miss on eps, up actually 2% in the premarket. we're going to talk much more about that later on in the show. turning now to the turmoil in the banking sector and the global ripple effect, there are fears that seem to have faded away just a few weeks ago. traders are now betting the fed is done hiking rates they're presentation on a 50% chance of a pause on the fed's next meaning on may 3rd. they're monitoring the potential

for banking stress to trigger a credit crunch. let's talk much more about this with our next guest. great to have you here. >> great to be here. >> i know you're paying attention to fixed income. you're focused fixed income. give me a sense. once one of the things we're watching is the falling and two-year widen sfoog the number one message i think is that particularly for the united states we're probably getting to something closer than a peak in yields for clients who have put cash on the sidelines, we think it's an opportunity to re-engage and try to lock in some of the higher yields at whatever the tenor ploept appropriate before they

roll over. >> are we talking short-term treasuries that a lot of people are piling into? is it money market areas is it something outside the investment vehicles that you think is a good investment without all of the volatility? >> yeah. the volatility is a factor that helps make the fixed income look relatively more attractive than stoxx right now, and we would say move more toward the high grade side of things, you know, across tenors. we think there are opportunities with china reopening and some of the attractive prices there. we think one of the second key messages for investors based in the united states is this really is a time to think about some diversification, be that from u.s. equities or perhaps looking abroad also in the fixed income space. >> all right a lot of diversification talk. i want to touch on something

else there's a big hearing on the banking sector later what's your take are we past the point of crisis? has it mostly been resolved or is there some risk not only to the economy but to the markets >> i think the message is we don't think this is 2008 the banks are much more capitalized than they were going into 2008 going on a tier one basis. not a crisis we've seen regulators globally take, you know, almost shock-and-awe steps to maintain things in the banking sector that's one thing there one of the things we've been looking at is lending and will there be a eduction in lending i think it's important to realize those who have less than $250 billion in assets are doing roughly 50% less commercial

lending in the u.s. and we think this at the margin could mean that credit contracts and that increases the risk that we have a harder landing than maybe we did before this period so i think the message is it's not a crisis, but this impacts the outlook for stocks and the outlook for growth in the near term. >> yeah. it seems like the market can't make up its mind kre up, 0.75 also great to see you. coming up on "worldwide exchange," micron issuing its worst quarterly sales outlook in 20 years my next guest says he's not deterred stay with us

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all right. welcome back to "worldwide exchange." micron reporting its worst quarter in history after the bell yesterday dealing with more than $2 billion in losses, not seen since the dot-com bust and a 53% year-over-year decline in revenue. despite misses on top and and below the bottom line, their objectively poor quarter may signal a bomb to the stock it signaled an upbeat call as it cut staff by 15% that's up from a previous trim by 10% what do the results mean for micron let's ask our next guest

angelo, great to have you here let this make sense. up 2% in the premarket a miss on the top and bottom line also some really soft profit guidance i didn't see a lot to be really encouraged about, but on the call, the company was upbeat give us a sense why investors are feeling upbeat about this stock as well this morning. >> i think it's one of those cases it was so bad it was good, right? you kind of look at the numbers here number one, it kind of confirms we are in this bottoming process in the sense they took a massive writedown in the quarter expecting about $1.4 billion, looking for another 500 million in the may quarter, essentially pulling in a lot of projected declines in future quarters. that sets up a very nice recovery in the later half of the second half of the year as the utilization marks start to improve. what we're starting to see clearly is some of the end

markets specifically on the consumer side of things that were hit the hardest are starting to stabilize and you're seeing the unit volume actually holding up okay, which kind of also confirms that later this year those utilization rates should improve. >> let's get into that you've hit us with an interesting term there those are used for mobile phones and auto how important is the reopening for china of micron? it deram business is about 70%. >> it is critical toward, you know, the overall business of their company. on the underside you have the other side of things

>> there are three drivers you've got the cpu server ramps which are going to help and has greater memory content that will help on the deram side of things. to your point, the china demand recovery on that side of things has been so anemic in the last 12 to 18 months, any kind o recovery on that side of things should help micron. >> it's an even bigger business in the united states we sequel we're getting from micron what does this mean for the overall chip sector. looking this morning, it's up fractionally are we seeing the bottom is it only up from here or are there rocky moments ahead? >> i think the worst is over micron is kind of like the ugly

duckling in the group. they were definitely hit the hardest with all the chip names in the space here fundamentally. they're more consumer driven as well as cpu driven, which is now kind of going through some of its pain here. you saw infineon overseas provide essentially better than expected revised outlook on their end and they are more kind of an industrial automotive driven when you put those two factors together, the data points are indicating, yes, we're starting to see some light at the end of the tunnel as we kind of go into q2 and q3. >> the recent secular rush and buzz run may be a headwind -- excuse me, tail wind angelo zino. great to see you. check out shares of the

largest egg producer producing third quarter revenue as prices, they rose significantly. the average price of a dozen eggs hitting $3.68 in a quarter versus 1.46 a year ago your omelet is a lot more expensive. "worldwide exchange" will be right back

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ubs as they tap their former ceo to take the helm and manage the credit suisse takeover more in just a moment jo back in the hot seat we key up day two of the congressional hearings. and apple officially entering the buy now, pay later space. we talk about what it could mean it's wednesday, march 29th, and you're watching "worldwide exchange" right here on cnbc welcome back to "worldwide exchange." happy wednesday morning. great to have you on board let's pick up the half hour with a check on stock futures we're seeing the nasdaq up in the highs, up just about 1%. the dow jones at this point in

the morning -- again, it is very early. we have to give that caveat. would open up 100 points higher. the s&p up three-quarters of a percent this morning a big upswing in terrell trade the major indices preparing to wrap up what's been a mixed market the s&p essentially flat, the nasdaq continues to outperform it's up more than 2% up more than 2.25% right now we're seeing them bounce off the lows right around the time of the whole svb situation right here we talked about it the russell 2000 getting hit, on pace for its worst monthly performance since last september when it fell 10% on pace for the first back-to-back negative month since september as well. you're seeing a steep decline there. let's take a look at the bond market right now, something we continue to watch right now. the spread when it comes to the two- and the 10-year

the widest spread, it's an active thing since the great recession all the way back to 2009, something we continue to watch. also the t2-year note, the benchmark, 3.54. again, something to watch. the movement of these bond yields have a big impact on tech stocks and other parts of the market that are rate sensitive we also want to hit snerj, especially oil with wti holdingup above the $70 a barrel mark, it's ticking up higher about three-quarters of a percent. brent crude is at 79 bucks it ticked up half a penny. we continue to watch it slide. when it comes to natural gas, down just about a percent this morning. >> turning our attention back to this morning's breaking news, that is ubs bringing bag sergio ermotti as ceo in the takeover of credit suisse

we're seeing ubs up 2% in the united states. on the u.s. exchange overseas we're seeing it up just about 2% right now. ermotti who served as ceo for nine years before stepping down in 2020, he will replace current ceo ralph hamers according to the bank, hamers will stay on as an adviser during this transition experience in a statement he said this makes sergio ermotti ideally placed to pursue tin tell grags of credit suisse. to washington, fdic treasury is expected to testify on the collapse of silicon valley bank and what if anything could have been done to prevent it, this after members of the senate banking committee grilled the witnesses yesterday. >> maybe something to look at all this and say we don't need new rules. the problem was those arrogant

executives but there will always be arrogant executives. that's why we need strong rules. >> if you can't stay on mission and enforce the laws as they already are on the books, how can you ask congress for more authority with a straight face >> and that was just a sample of some of that grilling. joining me to discuss, an expert on all things banking. h hu, give us a sense >> thank you senate lawmakers grilling them it boiled down to them which is who's to blank from this as you would expect particularly with the federal reserve being the most aggressive owl of the three saying this is silicon valley bank's issue. we, the fed really reserve, looked as early as november 2021

there were whrisks with the way they ran their balance sheet they thought interest rates wouldn't rise and when they did third quarter were sitting on bank losses and when they did, that exposed them to a bank run that happened earlier this month. one of the most interesting things, by the way, frank, was the depth of the bank run. they revealed new details, which is, you know, everybody knew this on that thursday, the day before they received, svb lost $42 million in deposits. that's really bad. what he revealed yesterday was that actually $100 billion in further deposits was scheduled to go out the very next day, the day they were ultimately seized. so when you put those together, that's a startling 82% of their entire deposit base, which really points to -- you know, this is one of the other

insights of the day. it points to the need to update, you know, their resolution management, their oversight of these banks given, you know, the speed in which bank runs can happen these days with technology, social media feeding part of the panic, but also the ease of online banking allowing huge withdrawals to happen very quickly, frank. >> michael barr gave us a lot of details we hadn't had before did we hear anything about possible new regulators for mid-sized banks like svb or signature? >> yeah. in a little bit of context, in 2018 they basically looked at the layer of banks that are troubled today and they said, you know, these bangs aren't big enough to raise a high level of scrutiny let's raise the bar of scrutiny to those worth $250 billion in size clearly that was a mistake all three regulators kidding any

bank with more than $100 billion in assets is going to have a higher level of scrutiny in the future, and that is going to be, are you managing your balance sheet correctly? do you have access to liquidity should you need it, and in particular is your client base diversified? ords, svb, part of their issue was they banked and moved en masse, in a herd when they had fears. those are some of the concerns it seems like it's a very safe bet that there's increased regulations with mid-sized banks, banks with $100 billion plus. >> what about today? these regulators head to a house hearing today. it's probably going to be a bit of a different tone. again, we're expecting grand standing and tough questions, but is there anything else we should be looking out for? >> they're going to be the same presenters, same people being

grilled. they'll probably have roughly similar opening statements, so it really comes down to the lawmakers. in the few minutes that they have, how much are they going to make a moment for their own purposes i do think there's going to be more fireworks today when you're dealing with the house, there's the potential for a bit more grandstanding as you point out and i would really wait and see how that unfolds. >> we're really watching a lot of what's going to be unfolding, a lot of the questions and we're on lookout for regulations hugh son, expert on all things bank related thanks for being here. the fallout still rippling through the regional bank sector one regional bank faring better than most of its peers down only 14% compared to a bank that dropped 13%. jeffrey schweitzer is the ceo of

a commercial bank with locations in pennsylvania and maryland and he joins me now. jiff, good morning. >> good morning, flank. >> we were talking about the banking hearing yesterday. i'm sure you and a lot of your peers were watching it pretty closely. what's your sense in terms of regulation coming down the pipeline and how would it impact your business? >> based on the testimony when you have all three regulators talking about additional regulation, i guess we would all expect to have some coming down the pike we are well regulated as an institution. there's sensitivity to market risk, asset liability on all banks regardless of size we do a great job. i think we're unique situations. more failures of risk management than it was failures of regulation or failure of the regulators, so like all things,

the pendulum seems to swing one way. i think there are ways we deal with it. >> i know we got to speak for a second you didn't buy a lot of treasuries wasn't an issue for you. i want to talk about commercial lending. half of your loans are commercial lending we had a guest earlier mark haefele, and he had this to say about commercial lending. >> one of the things we've been looking at is, you know, the lending, and will there be a reduction in lending i think it's important for people to realize banks who have less than $250 billion in assets are doing roughly 50% of the commercial industrial lending in the u.s. and so we think that this at the margins could mean that credit contracts and that increases the risk that we have

a harder landing. >> all right i don't expect you to answer the question about the hard and soft lending. that's a tough one but i want to ask you about contracting. based on what we're seeing, especially with your business, are you going to see changes in your philosophy when it comes to commercial lending >> overall we've been a conservative lender. i think all banks say that, but our statistics prove that out. what we're seeing with additional focus on liquidity and capital and while we have ample liquidity, $2.4 billion access to liquidity and we have very, very strong capital, i do believe you will start to see things slow down a little bit as banks want to start to get priced for their risk. with that we need to increase the pricing on loans, and i think we are starting to see that that is having an impact on customer demand with respect to projects that used to work at 6%, 5.5%

when you get to 7% or prime's at 8%, all of a sudden the cash doesn't flow well. boroughs are pulling back in addition to bank appetite and things tightening up. >> i want to talk about the residential mortgage part of your business. the area you serve, we're seeing a big influx of people moving into the area. gentrification in all fairness, a lot of turnover of homes how is it? how is it going to impact your residential mortgage business? >> overall our residential mortgage business over the last three years has been very strong we've done $700 million in production we're starting to see there's a sensitivity to rate for the borrower when we get to 6.25, the 30-year fixed, we see people locked. we don't see it spinning as much when you combine that with overall supply that's in the market, czech you know, the

whole country is supply strained now when it comes to homes, it has an impact on first-time home buyers we're not seeing it on the larger deals they're price-sensitive when it comes to rate and definitely when it comes to the first-time home buyers. they're being squeezed out. >> jeff, i want to ask you a question we're going to ask a lot of bank ceos a lot of talk about raising the insurance limits with fdic does that chairchl at all? does it leave your customers leaving more money in your bank? >> i don't think it will change. or average commercial deposits are a little over $100,000 so raising it above 250 doesn't have a huge impact about, nor would it have an impact on most banks. as i said earlier svb and

signature were unique circumstances. their balance sheets aren't representative of the vast majority of regional banks throughout the country it really comes down to what's your philosophy. i don't think it's to protect the $3 million venture capital project a bank might have. it's making sure the mom and pop down the street, that their deposits are secure. so i wouldn't necessarily see a huge impact on our customer base we send out communications to everybody what all of this went down and our call volume was pretty small. >> jeff schweitzer, ceo of univevt. coming up, apple sending shock waves across the sector. we speak with another player in that space, zilch. what that means for the company and the highly competitive industry in a "worldwide exchange" exclusive. we're back in just a moment.

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welcome back to "worldwide exchange." apple introducing buy now, pay later. it's placing its in a space with a growing competition with affirm, block, paypal, and others joining us for an "worldwide exchange" exclusive, philip with

zilch. great to have you here. >> good to be here. >> what does this mean a lot of people getting into it. does it change something about the space in your mind >> i think what's going to be interesting about this is first and foremost, what an endorsement of the space, just princ principally, right you have them saying, hey, we recognize there's something here we have to ask ourselves why is apple bothering? i think customers are sick and tired of paying credit card companies $150 billion every single year in fees and interest across the uk and the u.s., and i think, you know, we've sort of seen customers sort of marching out the door with their thumb so to speak they're voting with their thumbs

and saying we don't want to pay these high interest rates anymore. there's a better way to do it. it's the single biggest change in the last 25 years since paypal. >> philip, i don't want to cut you off. i want to talk about your business in particular apple has a billion people already in its ecosystem how much of a competitor is this going to be when people can choose apple pay on their apple phone and make their buy now, pay later purchase >> it's a fair question. i would say, i think about this a little bit in terms of market size how big is the total market? if you look at the problem today, you've got about a trillion dollars sitting on credit cards across the u.s. and uk right now the size of the problem is massive. so even if apple did a great job -- by the way, i'm a big apple fan. i think they'll do a great job of this. '

even if they do a great job, it's going to take a lot of zilches and apples to solve this we've got a market leading position today, a direct relationship with customers. we are not one of these buttons that sits on the checkout page i think that market's in trouble. we've seen companies like affirm dropping how far can it go, i don't know. you know, all of these businesses need to be concerned because apple is taking a direct to consumer approach very similar to what zilch did four years ago. they're forging those relationships through their technology in the brand and leveraging that to bring customers business this. 's very different to what you see on the button side of the world where everyone is racing to try to find deals, maybe to lend customers money at the checkout i think with apple entering the space, it endorses our route to market of course, it creates a competitor, no doubt but i think the marjt needs a number of big firms to solve this problem.

also, your business has two sides to it. there's the consumer who buys something that is often in relationship with the merchant usually the merchant gives you a percentage of the purchase with apple entering the space, do you see that dynamic changing, what you get from the merchant falling at all or being reduced at all >> again, i want to appoint out the two different types of models if you take it, they're negotiating a discount they're negotiating a fee from the merchant for the privilege of lending money to the customer what we've done at zilch is very different. apple is following a simple approach we're actually billing retailers out of their marketing and sales budgets, and so what's going on, if you think about it today, brands of spending billions of facebook and google to get in front of you and then customers are pulling out their credit cards and paying billions to

afford the products they want to buy. what zilch does is sir kun vents this it takes markets dollars and uses those and passes them to the customer in the form of free credit cashback deals and discounts, and that's how this is being funded so we're bringing in ad dollar, models to payments and credits that's what's going on that drives upward pressure in the model because brands are wanting more exposure, more leadings, and more conversions they want to pay more for sales number one wants to pay for things that go nowhere anymore so i think with all the crackdown on data, lack of access to first party data, you're going to find companies like zilch and anal have a sweet spot to ride this retail media wave, basically saying i want to pay. >> philip belamant i wish we could talk all day thank you for your insight and

joining "worldwide exchange." coming up on w.e.x., the market signals your next guests are suggesting -- i come get the words out -- an encouraging road ahead. "worldwide exchange" coming back in a moment. stay with us i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com

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welcome back to "worldwide exchange." time now for what we like to call your w.e.x. wrap-up, six stories you may have missed. breaking this morning, serge yes ermotti is returning he served for nine years before stepping down in 2020. current ceo ralph ha mers will stay on. jamie dimon will be interviewed under oath over his bank's relationship with client and convicted sex offender jeffrey epstein. his deposition is reportedly set to take place in early may. lucid motors says it's cutting costs. and in a wake of u.s.

regulatory action, they're pulling billions from binance. as of monday evening they pulled over $2.1 billion in the past seven days. chinese lifted shares of alibaba following a surge in hong kong. the upside move, the company is splitting itself into six separate units >> and shares of lululemon issuing an outlook fourth quarter earnings in revenue came in above estimates. as we gear up for the trading day ahead, we take a look at futures, solidly in the green. we're seeing the nasdaq up very solidly, up just about a percent. but the dow jones up more than 250 points as if it were to open right now. seeing the s&p solidly in the green. our next guest says the treasury market's recent behaviors is offering up signals. sidney haimen is the global strategist at globe shares

i stumbled a little bit. markets right now, in the premarket, in the green. that's an encouraging sign what encouraging sign are you seeing >> let's look at treasuries. what's happened in the last month is actually the inversion. it's gotten smaller. the rallies,er about knows in the two years has been wild, but it's been muted at the 10-year, so that's a good sign. break-evens have gone down they didn't move in the 10-year space. that mutes this motion that this is about a contagion and recession and more about a krd it contraction, a little bit of acceleration of the bringing down of inflation but nothing worse than that. >> but it seems people go to bonds for safety so even though the yields are going down, it seems like the confidence and equity markets

are waning a bit are you seeing signs of that turning around >> look. we've held up flat really since the beginning of silvergate on march 8th. it's not a terrible sign but let's look at valuation for a second we're at 18 times earnings importantly if you look at earnings expectations, they're now flat year over year, so that's not a bad place to be we've had a bit of earnings, so flat isn't a bar that's going to be super easy to overcome, but certainly there's no expectation for earnings growth, and the bears will focus on 2024 >> right now you're identifying yourself a bull. what area of the market are you looking at right now for the rest of the first quarter obviously for the few days and the rest of the year >> on the equity side, if you're a little nervous about banks and

margin contraction, an easy place to look is the s&p 500 aristocrats. not only have they expanded, but there's no banks there the rule is 25 years of increasing your dividend the banks roll out since the crisis that's one place to look if you're looking for diversification, here's the weird thing. we've got the binance news and bitcoin is up. interesting stuff. >> something -- we've got to leave the conversation there looking at bitcoin simeon, thank you ryve much. that's going to do it for us on "worldwide exchange." futures solidly in the green "squawk box" is up next and taking over. thanks for watching.

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exclusive acting administrator billy nolen plans to avoid disruptions during the summer surge "squawk box" at 6:00 eastern good morning

breaking news. ubs turning to a former ceo of ubs to lead the bank through its takeover of credit suisse. and new details about the collapse of silicon valley bank and the billions of dollars of deposits customers tried to withdraw that triggered its failure. plus lululemon shares its story after a blockbuster holiday quarter for the maker of those innovative clothes it's wednesday, march 29th, and "squawk box" "squawk box" begins right now. ♪ good morning welcome to "squawk box" here on cnbc we're live from the nasdaq market site in times square. i'm becky quick along with joe kernen