cases enter the criminal justice system for the former president of the united states, donald trump. >> ben, just a few moments left here, what will you be watching? >> i'll be watching to see what trump says when he comes out of here, what the charges are specifically and how much evidence they have on him and how likely it is that he could be convicted of these and obviously what he says and what he does in the next few days to gin up his supporters. >> ben white, thank you so much. eamon javers, thank you as well. "power lunch" will pick up coverage of donald trump's arraignment. let's send it over to tyler mathisen and morgan brennan. we continue to monitor developments in lower manhattan. welcome, everybody, to "power lunch. alongside morgan brennan, i'll tyler mathisen stocks pulling back today after a strong recent run. despite that good start to the year, market pessimism is running sort of high

we'll ask legendary investor mario gabelli what he sees ahead for the stock market and the economy. plus former president donald trump about to be arraigned in new york court the proceedings expected to be shortly. while cameras are in the building, the arraignment itself will not be broadcast live here's a live shot outside, though we'll bring you any news as the situation develops either inside or outside of the courthouse. >> as he goes through processing ahead of an appearance ahead of a new york state judge first a check of the markets everything is down right now kristina has a look at today's big movers. >> markets are fixated on the spike in oil prices and what that could mean for inflation and the global economy, especially after we saw a drop of u.s. job openings in february don't get me wrong, there's still a lot of job openings but the market is very sensitive to any changes in narrative

the s&p on track to break a four-day win streak. industrials and energy the two worst performing sectors caterpillar is down about 5%, the biggest drag on the dow, after we learned from the ise number yesterday that u.s. manufacturing hit a three-year low. what that happens you have concerns about construction spending and that's expected in the 5% drop we are seeing today. the usual safe haven bet gold futures hitting the highest level in over a yoear. prices now are well above $2,000, trading at $2,037 an ounce. and it's quiet on the corporate side given the shortened week but etsy, piper upgraded the name with a buy to a price target of $140 right now it's at $110 they think the e-commerce stock

valuation is compelling and that's why it's one of the big movers on the nasdaq right now. jamie dimon dialed back his tone on an impending recession remember how dour he was six months ago now he says he thinks the economy is in pretty good shape. listen to what billionaire investor barry sternlicht told cnbc today. >> i think jamie is wrong. i think we're going into a serious recession and the government has a huge problem. they have a massive deficit and keep feeding the deficit. >> so what can we expect from the economy this year? we're always happy to see mario gabelli. mario, great to have you with us so who's right here? or who's more right here is it jamie dimon or barry sternlicht. >> great question, good way to start. basically from my point of view, the economy over the next couple

of months is going to have a challenge. clearly the banks with regards to accounting, with regards to what's going on in the commercial real estate, what's going on with regards to funds flowing out i challenge. we've gone through bank crises this is my seventh since i've been investing in business but the banks are stronger so jamie is right about that and we'll figure this one out. with regards to the economy, the consumer sector, i think car sales will hold up i think the consumer is in okay shape. just look at the balance sheet of the consumer. on the other side, the industrial side, because of the iia and iija, certain sectors of the industrial sector will do well but the major event is china china is 20% of the world gdp and they're going to activate their economy and it's going to provide some ballast through

cross-country trades in the second half of the year and the first quarter of next year so on wal balance, the stock market i don't think is going to do very much, i think it will go up and down, but the economy will go through. so i'm more borderline on jamie dimon's case. >> what about 2024, do you see that as a better year than 2023 because, for example, some of the things that are stumbling blocks potentially right now may have been passed and, number two, china really may be back and humming again? >> yeah, i think you've articulated and highlighteddynas sectors that i like, like defense spending, and sectors that are not as tied to the economic sensitivity historically housing but housing, which is down sharply, they have enormous backlog of demand coming up.

automobiles were materially underspent the last several years and there's no lower cost cars available so that's another pent-up demand in addition to that, depending on how the dollar reacts and what we do with our exports, that's an important part of the u.s. economy but the most important thing is to allow the free market to function and take advantage of these global opportunities that's the other challenge that i see. >> mario, it's morgan. it's great to speak with you again. the fact that this is your seventh bank crisis that you have experienced, are there certain ways that these type of crises play out? and what does that mean as an investor when you're seeing cost of capital going up and credits heighten right now are there opportunities in the financial sector in terms of investing? >> well, i always worry about shadow banking and private credit and the unregulated sections that have sprouted, but let's go back. 1973, 4, 5, 6, when inflation

hit, you had unforeseen bankruptcies in the 1990s you had the s & l crisis and that laid the foundation of an accounting change standard 157 came in which allowed the banks to hold to maturity as a result of the fed not raising rates because they thought it was transitory, that is inflation then their raising rates sharply caused that part of the balance sheet. the good news is that, you know, certain dodd-frank regulations were put in place. they have to re-examine those. don't you remember, the statement let's dance until the music stops. the leverage was unaccountable for, not acceptable. so what do i see nothing different. i i think in 20 24 you'll have an election in the united states

and you'll basically try to get the economy strengthened by that time i think the comparisons will be a lot easier for companies in reported earnings. >> we've seen deposit shifts from smaller banks to the bigger banks in the weekly data we've also seen a record number, i think 300 billion of inflows into money market funds. es tis that a good place to put cash according to your viewpoint? >> you're going to make 4.5% on u.s. treasuries. you don't have to pay taxes in california, because of a supreme court ruling in 1818 i basically think about the following, though. how do i pay long-term capital gains taxes. and that is at whatever the rate is, 23.8% today as opposed to ordinary taxes

i want good businesses owned by good managements and the prices are going to be reasonable that's why i have t stocks to talk about one of which is baseball, which i recommend again. so those are the things i look at how do i earn a return three or four years out >> one of the things i love about having you on, mario, is you talk about stocks that i've actually heard of. and i actually partake in. a lot of them are in the entertainment or media area. earlier this year you liked warner brothers discovery. you have been so vindicated. now you like paramount, leber t liberty braves, caesars. what are you seeing apart from

your kquality play. >> you saw it with man u and you saw what happened with wwe and ufc. you saw what's going on in the commanders, the football team. i think the notion of 2.5 to $3 billion plus the value of the land around the park down in atlanta, you know, the company has 60 million shares, you're selling at 35. $2 billion market cap, i think you can make money, so play ball the pitch clock is not going to hurt, it's going to help secondly from my point of view, we have a controversial owner, but there's a lot of controversial owners you've got to be careful we think that the knicks and the rangers doing well will help new york city and they need a shot in the arm in light of everything else that depogoes o politically and other dynamics so let's cheer jimmy dolan for the main event that we're

brubr bringing sports and excitement back to new york but tegna has a deal and for the first time they have moved the deal from the fcc and they moved it into the media bureau which is going to procrastinate this to death the stock is 16. it's going to earn $3 next year because you have political dynamics, you have companies in the food and service business and i'm bringing in new products that will start advertising more the car dealers will start advertising. i think 2024 is a good year. the stock will sell in '24 if they don't get a deal in the x number of days in addition to that, you take a look at a company in europe that bought a company that we were large holders of, the big truck manufacturer they are putting that in overdrive. i talked to two car dealers, including one that's a big car dealer on friday they like what they're doing

by the way, he's a truck dealer for a freight liner which is a competitor he said watch out for navistar. another t would be textron there's a contract that they got from the government to replace the -- that's being challenged by boeing and that will come up for renewal for clarification on friday so the stock is 70 i've got so many of these, tyler. >> of course that's something that's been valued at $80 billion. a huge win for textron and a key decision. >> not yet. >> yeah, a key decision we'll get about that i guess we'll say prospective win from the gao this week we've talked about this before, the geopolitical landscape

the world seems to be getting more dangerous, not let right now. what does that mean in terms of the flow of defense dollars and the defensive nature of defense stocks >> well, it's clear to me that if they allow finland, which they did, into nato, they'll up their defense spending but the whole nato defense system is on alert the notion of china, which china won, the notion of what russia did in ukraine, the notion of what iran might be doing, you know, it is -- reminds me that we had this problem back in the '70s when we were just in conflict with russia and came out of vietnam so we have those challenges. the amount of money that we have to put into hypersaonics and other defense dynamics, xyz doesn't turn this many down like they did when they were trying

to be bought by lockheed so that's what we need we need to look at what is the efficiency of our defense system and obviously shoot down all these balloons >> mario, thank you. there is nothing i enjoy more than spending ten minutes with you and that was fantastic. >> tyler, we'll do it again, thank you. the other t and we'll talk about trump first. >> that's the last t mario gabelli, thank you very much we are awaiting former president trump's exit from the courtroom where he will be officially arraigned if he has not already been officially arraigned. we're joined -- he has not been arraigned yet we are told. contessa brewer is outside the building and eamon javers is down in washington contessa, set the scene for us painting the picture of what it's like in downtown manhattan. >> reporter: there are hundreds, if not thousands of people

crowded into a few city blocks here, tyler. outside of the criminal court behind me, you have anti-trump protesters, pro trump supporters we've seen a few classes this morning. we saw congresswoman marjorie taylor greene get here and she had publicized a protest she came, she spoke very briefly and in a mad crush of people she was quickly escorted out of here we also saw the long island congressman george santos who encountered a big crowd and ended up scrambling through some shrubbery nearby but the moment everybody is waiting for, not only protesters but media around the world, the historic moment of the former president walking into this courthouse he is now under arrest he will go into this court and face his arraignment on multiple charges. we are waiting to hear what those are. inside the judge has said he will not allow the hearing to be recorded on video camera

there will be cameras allowed to record the president inside the courtroom. in the hallway the question is will the former president stop and talk with reporters. there's a pool camera available there. we did see sort of a triumphant gesture of the former president when he was leaving trump tower in midtown manhattan with his first bump in the air. and then down in the courthouse, he went inside the courthouse here and there was a cheer that went up from a nearby crowd. so now it's all about this arraignment. all our eyes are on what's in that arraignment, what did the grand jury decide should move forward as charges against the former president a lot of people out here pressed up against the iron bars and waiting to see and hear any news from inside that courthouse. we are keeping our eye on that indictment coming down the docket >> eamon, not only notable is

the fact that this for the first time a former president or any president is being charged criminally, but one of the things that's going to come out presumably today will be what is actually in the indictment that is charging president trump with crimes associated with hush money payments, we presume, to the porn star. i use that term advisedly, stormy daniels we're going to find out what the counts are, aren't we? >> yeah, and of course that makes all the difference, tyler, in any criminal case as you know this is going to be a moment, a dramatic reveal, so to speak, from alvin bragg, the manhattan d.a. who we just saw a couple of minutes ago walk through that door you have live on the screen and head into another side door on the right-hand side of that hallway. he has a big reveal here he's got to reveal what these charges are but also more importantly what the evidence is and tell the world whether there's anything new in this

case or whether this is his legal interpretation of facts that we have all known for several years now. did he uncover anything additional in his investigation that is going to be news to the world, or is this his legal take on the hush money payment to stormy daniels of about $130,000 back in 2016 there might be business records fraud or federal election fraud associated with that, according to the manhattan d.a we'll wait and see that. at this moment, tyler, we don't actually know the format for how we're going to see that so i've got a couple of laptops in front of me, an iphone, a couple of monitors we have every way of receiving this information it could be handed out on paper inside that courtroom we're looking at right now so a lot to be determined here in terms of the significance of the charges against the former president of the united states but i can't stop for a moment

and just point out the historic nar nature of what we're seeing here the former president of the united states is in custody. he's in police custody right now. he is not free to leave that building until he goes through the court process, and that's something, tyler, that we have not seen before in american history. >> it's certainly an unprecedented moment, eamon. that was the question i was going to ask, is when and how we are going to find out what the charges are. there are reports circulating that it could be something like more than 30 counts brought forward this afternoon but we just won't know until that information is provided. however it's provided, it's worth noting that what we were talking about here is a former president being arraigned, being arrested, being formally charged after being indicted last week what that simply means is that according to a majority of that grand jury, there is enough evidence to proceed with a case.

any sense on the timing of such a case, when it could go to trial what, that court process could look like and how long it would extend >> i would expect this would be a long time. and you're right, start with the very important first principle that an indictment is simply an allegation made by the prosecutor in this case an allegation that a crime has been committed the grand jury voted there was enough information visible to the grand jury to move ahead with this case now the former president of the united states is going to have the presumption of innocence until proven guilty in a court of law that could take a long time. we're going to see a blizzard of motions back and forth we saw him on social media today suggesting he wants to move the venue from manhattan, to maybe staten island where he had more political support in one of the boroughs in new york city there. so all of those things will be contested in motions over the coming weeks and months. this could be a year or more

before this case is resolved we'll be watching to see if now the former president is fighting legally on multiple fronts remember, you have the january 6 investigation, you have the classified documents investigation, you have an investigation in georgia in terms of election groimpropriet. all of those could enter the legal sphere and no indication when that would be but that would be a political and legal significant, significant challenge that would certainly knock out any other presidential candidate but this presidential candidate has proven immune to scandal the way very few others have. >> but two others, a defamation and rape allegation brought by the journalist e. jean carroll i believe that goes to trial sometime later this month. and the new york state attorney general, letictia james has a civil fraud suit slated to go to

court next fall, in october, over asset valuation so whatever happens here, there is legal jeopardy on multiple fronts, whether civil or in this case criminal, that could mean the former president could be spending a lot of time in court. >> yeah. this is his first brush with the criminal justice system as a defendant. it may not be his last that is to be determined but as you say, there is an array of potential legal jeopardy out there for this former president we have not seen before for any former president. the immediate past president, you might think richard nixon, but he was pardoned by gerald ford for any crimes he may have committed during the watergate scandal so that example not applicable here. and the remarkable situation of all of it is that he's running for president again. we have never seen a presidential candidate with that much legal baggage run

but this is a candidate who has shrugged off scandal after scandal and you might imagine he'd be able to do that again here so it's certainly not clear that this is the end of his political career, although it might be for any other political figure. >> i'm going to big up on that thread and bring ben white on, a cnbc contributor, sitting here with us at the desk back into the conversation that is what i want to pick up on with you, the fact that we're talking about this particular case moving forward. the other cases that are being investigated potentially brought against the former president as well but it has no legal bearing on trump's 2024 presidential candidacy either based on the constitution even if he were to be found guilty, what that would mean in terms of his ability to run for president. >> that's correct. as far as i know you can run from prison. yeah, the point is he is open to various legal challenges, some of them carrying more serious

sentences than others. this set of charges that we're getting read out today are relatively minor in the scope of things all they have done is increase his poll numbers, fire up his base, allow him to raise more money and been pretty much exactly what he wanted this experience of being in custody for him is not going to be a happy one for him there are much more explosive charges in the georgia case, the january 6 case these are things that could in fact preclude him -- not legally, but destroy his political career he has so far proved immune to everything he's immune to this and could be immune even if convicted but there is stuff on the horizon on january 6, on georgia, on the cases that tyler mentioned that could be more threatening politically. right now this one is a bonanza for him politically. >> contessa, i'm curious, are there more media people there than there are ordinary citizens >> reporter: no.

that was true when i first got here early this morning, tyler but the park on the other side of my camera and facing the courthouse is full of demonstrators. both those supporting the former president and those who are fierce leo pose e ly opposed to. and when we heard the crush of the helicopters overhead and heard some action happening over on the side of the courthouse, there was a big rush of all those people to try and catch a glimpse of the former president. there is clearly still a palpable sense that he motivates people politically out here. those who cared enough to come down to lower manhattan today and be outside of this courthouse and he's still drawing a crowd >> eamon, turning to you, presumably the former president is going to walk out of the courthouse released pending trial on his own recognizance

and there is probably no one that has higher recognizance than president trump does. then he goes back to mar-a-lago where he is expected to give some sort of speech to a crowd either at mar-a-lago, or i don't know when. >> yeah, we do expect him to make a speech tonight once he returns to mar-a-lago. we'll wait and see what he says based on his experiences today but he'll be embarking on a very strange presidential campaign from here on out in which he is fighting criminal charges, at the same time running for president of the united states i can thing of one other precedent where we saw eugene debbs, a socialist candidate, running from a jail cell actually and winning millions, i believe, historians will check me but millions of votes as a socialist running from jail. so that has been done before what we have not seen before is a former president facing criminal charges as we're seeing

here and the man who is the front-runner for the republican nomination in 2024, not a fringe candidate, not a minor party candidate, but somebody who is a former and potentially future president of the united states you can imagine there's a group of supporters for president trump who will look at this and say this is democrats in a blue state out to get the former president of the united states this is political, it's trumped up, it's not fair. we'll see how many of those supporters there are or if we start to see co corerepublican support peel away looking for an alternative candidate. is there someone out there who can be trump without the criminal charges someone like ron desantis to give you the same energy but not the legal draw backs will republicans start to look for that alternative we'll have to wait and see i don't think even polling can give you a good sense whereof that is. >> i want to get your thoughts

on that, ben. >> that is a good question that eamon asks, is there a nontrump trump candidate. for those who would like to see a republican emerge to be a candidate against joe biden, it's not clear this will happen. this set of charges has done nothing but help him financially and politically. if he gets hit with worse charges, that would give the opportunity for somebody to emerge but desantis since all this broke, his numbers have gone down and trump's have gone up. >> and we're continuing to await, as you see on your screen with that video, we continue to await more information, more news as it's coming to us in realtime with trump being arraigned in this historic aund precedented moment. >> there is president trump exiting the courtroom. let's watch and take in the scene.

he has obviously exited our view moving down a hallway or a corridor to his left, our right. obviously clearly cordoned off by new york state court officers as well as barricades there. we're not exactly certain where he will be headed next or whether he will be taken to an area where he could speak to media. oh, he's gone into the courtroom now we're told apparently that is the step. this is not the conclusion it would seem then. he's gone into the courtroom for a formal arraignment those obviously were doors that led from a processing area where he had been earlier where various information was collected about him, fingerprint were taken and so forth. now he has moved into the courtroom. obviously the timeline here,

which originally had him in court, in the courtroom at sometime around 2:15 is running about 15 minutes behind or so if that is -- if that is what is indeed happening here. so not to be -- shouldn't be surprised that things are taking a little bit longer. so we will keep watching what's going on and keep discussing this you know, i think, ben and eamon and contessa, one of the things that is concerning here is the precedent that is being set. many people talk about it. it's not an original thought with me certainly. the precedent that is being set that a president can be charged -- in this case it appears that actions taken prior to office. that's one thing but there are other things that are pending that are actions taken while he was in office and that this could unleash a cycle in american politics where virtually all former presidents

can be charged by someone, by an attorney general in texas or indiana or california with some offense. >> it's a legitimate concern to have that it covers while in office and can be used in a political weapon in ways we would not like to see. i would say in trump's case, these are allegations that are very serious not necessarily this set of charges. this is hush money in a case that is real and the charges can be real and the penalties can be real but when you're talking about the undermining of an election, the attempt to get the georgia elections official to find votes that don't exist, when you talk about firing up your supporters to attack the capitol which he arguably did and undermine the nature of our democracy, that's a different animal is there a precedent setting that could be dangerous and abused i'm not sure there's not, you have a point but it's impossible for the american public to go forward without the full airing of charges. this is not the reckoning that is coming from him that will come from the georgia

case and the january 6 investigation. you can make the case that this manhattan d.a. should have waited for that to happen because this is kind of a sideshow, but those things you just have no choice but to go after them in every way you possibly can. in the meantime we're going to get an update with bob pisani with the dow down 283 points bob. >> well, i think the important thing is considering how controversial the jolts numbers are, it has had quite a bit of impact on the stock market the most important thing you want to look at today is the cyclical stocks simply collapsed when those numbers came out. so caterpillar, for example, some of the big material names like new core and the steel stocks moved down rather dramatically that's had quite an impact on the market because those stocks had some real momentum in the prior week treasury yields moved down rather dramatically on top of that, so utility stocks that compete against treasury held up comparatively well we had defensive names, for

example, procter & gamble, that have held up reasonably well in the stock market so again, two sectors that moved rather notably as the yields moved to the downside. the other thing we saw was gold moved up rather dramatically gold moved up over $2,000 and it's now at a 52-week high essentially. what's moved is all the big gold names which normally are not in the top movers on the s&p 500, but numont is usually not up there. the other thing that happened in the middle of the day is the regional banks started weakening as well. last week they had stabilized a bit and this week they have now started to move towards the lower end of their recent trading range. key corp was 12, $13 last week you see now dropping below that even though the volumes aren't near where they were several weeks ago, the fact that they were dropping and there hasn't

been much buying interest is a sign there's not a lot of enthusiasm for accumulating regional bank stocks so again, considering how much controversy there's always been around the jolts report in general, i'd say it's had quite an impact on the market today. guys, back to you. let's now go check on the bond market as the 10-year yield on pace for its lowest close rick santelli tracking the action for us in chicago >> yes, tyler, it was a huge number i was on the air at 10:00 eastern when jolts hit look at the chart. that is the lowest level of job openings since may of '21 and the market's answer was resounding and immediate look at 2-year note yields they were well over 4% and you can see where the dust settles we hover in the mid-3.80s. if you open the chart up, we're hovering at a place we could be at the lowest yield close in a

couple of months but that 10-year is definitely on pace for the lowest yield close in seven months. the issue here is we don't need to dig too deeply into this. anybody who's been breathing the last couple of months knows that everybody is on pins and needles for that moment where the labor market shows us there are cracks in it. today may be that day. the biggest issue of all is going to be now that we're there and the labor market might not be as pristine as we think, why is the equity market going down? wasn't it supposed to be when the fed is done, stocks rally? now stocks have to pay attention to a bigger issue. yes, it's the "r" word, recession. back to you. >> the second day in a row we've had pins and needles in our commentary here. so there you go. president trump in the courtroom now for his arr arrai arraignment. when he departs the courtroom, we will bring it to you live stay with us [office sounds]

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there are new demand concerns following weak economic data still ending the day at $80.72 gas meantime jumping into the close. still the commodity has been under pressure following high production and soft demand with warm winter temperatures inventory is now elevated as injection season begins. the prices here are $2.10. turning to energy stocks, they have rolled over alongside the broader market today's losses are being driven by the refiners with phillips 66, marathon petroleum and valero the worst performers. the backdrop is actually improving for energy equities. while higher commodity prices will lift the sector broadly, they did say to focus on

individual names their top ideas include apa, conoco, exxon and occi. >> for more on the outlook for energy prices we turn to ed morris, citi global head of commodities. ed, great to speak with you. is there an opec put in the market here? >> there has been an opec put in the market and, yes, there still is they surprised the world by no more changes for the rest of the year and probably it's in response to the weakness that we're seeing on the demand side so yes, that's what they're looking for, $90 oil probably and not something in the 60s. >> so how do you balance that against the possibility of recession as we are seeing increasing data showing signs of at least in the u.s. economic slowdown >> we're seeing economic slowdown, so to speak, not only in the u.s. but elsewhere in the world. china's expected jump in demand

is not materializing china's recovery has not been led by goods but by services we're now questioning whether the jump in chinese demand we've been forecasting is going to come through meanwhile, yes, u.s. demand is down year on year and it looks like it's going to be even weaker than we thought so we think the prospect for prices is going to be on the downside rather than the upside. >> we have to talk about the other energy market that's been seeing wild moves as of late and that is natural gas. we had an unexpectedly warm winter season, not just in the u.s. but in europe and other parts of the world too prices basically around $2 right now. a year ago we were at close to 10 do we have farther to fall from here >>we don't have much farther t fall but it could fall well below $2 we have too much drilling, too much supply and not enough demand the u.s. is being poised for phenomenal growth in the lng

export market. but those export facilities are not ready until sometime late probably in 2025 therefore, the producers are primed for a market that's yet to materialize so we were looking at weak market prices for the next quarter or so until maybe the drilling falls even further and we can get supply/demand back into a proper balance here in the u.s. >> so what could happen with natural gas prices over the rest of the year, both in the u.s. and in other markets in europe, most particularly? could they go up dramatically? >> yes, they could and we actually expect that european and asian prices are likely to be twice as much this time next year as they are now that doesn't affect the u.s. market so much, because we are kind of maxed out at how much we can export we can't export more so whatever we produce has to stay in. that will be the case until we get this phenomenal increased

ramp-up in our ability to export out of the united states meanwhile not only are we not increasing our lng capacity to provide europe with more supply but nor is anyone else in the world. so the global market is seeing supply curtailments. and we expect demand to be growing across the planet over the course of the year and with that this artificially low price is bound to get higher, doubling or tripling ahead of the weather. >> how closely are you tracking oil, which is well above $2,000 an ounce right now it's really having a moment. >> gold is having a moment but it's going to come and go. gold responds to interest rates. gold responds to the value of the u.s. dollar. we expect after the next couple of increases by the fed they're going to be curtailing we also have a forecast of a much lower dollar, dxy, the

average index for the u.s. dollar has been above 100. we think it will be below 100 the next year or the year after and that speaks to gold going up above t2,000. >> oil is up $15, $14 a barrel in the last ten days or so where do you see it topping out? and is that a sustainable top or is the oil market likely to do what the oil market often does and that is, a, overreact and then fall back >> so on that where the oil prices were in the '60, that was an overreaction to what was happening in the u.s. financial sector and the global markets. and it wepgt went down more than the supply/demand balance warranted. now we've jumped up above where the -- >> ed, i need to cut you off right there. we're got some breaking news as

we are getting our first photos from the courtroom. >> they did allow still photographers into the courtroom and i believe we can call up the first pictures we're seeing now. i believe these are from the associated press there you see donald trump in the courtroom flanked by his legal team of course no video allowed of this court proceeding, this arraignment that's going on as we speak, but these still photos released to document the event morgan, these photos will now enter the pantheon of american news coverage of court scenes. and now a former president of the united states in a courtroom. that's just something that we haven't seen before. so as we consider the historic impact of what we're seeing today, these images are likely to be seen again and again in years to come. one point of note, the politics of all this are playing out simultaneously even as this is going on, the former president entered the hearing room at 2:29 p.m. east

coast time at 2:31, the former president's presidential campaign released an email to supporters entitled my indictment, asking for campaign contributions the former president's campaign staff writing i simply have to write for your support during these unprecedented and dark time as the radical democrats attempt to bury our campaign in e never-ending witch hunts contribute $24, $47, amounts up to $250 from his supporters. he has been successful raising money off of this event since his indictment last week even now as he is in the ar arraignment process in the hearing room, we're seeing these still photos and his campaign raising money off of this as well politics never stops, guys. >> i believe that those individuals sitting with hem are the familiar attorney joseph tacopina who has appeared on

television frequently on the former president's behalf as well as susan challes and todd blanche, just added, a former prosecutor just added to the trump team within the last 24 hours. he has pleaded not guilty, by the way, not surprisingly, eamon. >> that is correct there are also some political aides in the room. i saw boris epshteyn and also jason miller, political aides to the former president with him as he walked into the courtroom so some familiar faces and then at least one new face here on the president's legal team as he expands his team that's going to be defending this case and potentially we'll see about any others that might come to fruition and what he wants to do with legal teams in those cases as well. but the president clearly burning through some hourly billing fees here with his legal team you can see why they are sending out that email solicitation for fund-raising.

>> and of course we're showing this on your screen as well, that trump has pleaded not guilty to 34 felony counts of falsifying business records. any sense, and i ask this realizing the entire situation, eamon is unprecedented and we're in many ways in uncharted waters here, but any sense of just how hefty that number is versus a case that you would see with a politician involving something even remotely similar in the past >> well, what we could be looking at here and we don't have the indictment yet. i'm just refreshing my screen to make sure that that has not been released in the past couple of seconds. we do see now 34 felony counts of falsifying business records, morgan and so it could be that each of these counts is one of the falsified documents or allegedly falsified documents in this case so if there are 34 instances perhaps in which there was a filing or a record that the d.a. is saying was falsified here, that could get you the 34 separate counts here

we're going to have to wait and see what's in this indictment before we say for sure whether that number is undue or outsized in any way it is within what had been reported and what was expected, though. >> do we know whether the indictment was presented by the d.a. -- personally by the d.a., mr. bragg, or by someone on his team do we even know that anybody in the control room knows? >> we don't know that. we don't know that, tyler. the plan going in was it was possible the trump legal team would be given an opportunity to review the indictment and step outside the room into a separate facility where they could review the indictment document, put this hearing on hold and go back in the room. we haven't seen any indication that has happened yet. i'm watching that door we were looking at a couple of minutes ago. nobody has emerged from this hearing room while we have been talking so it doesn't look as they have taken a hold to review

the document but presumably the trump legal team has a copy of the indictment and the president has pled not guilty to it. we will all be getting a copy of that forthwith, i would imagine. how forthwith, i can't tell you. >> contessa, let me turn back to you and ask whether people in the crowd are learning about the indictment, the not guilty plea in the way we now seem to consume our news via cell phone. has there been any reaction that you've seen to any of this >> reporter: the crowd has become very subdued now. there is a level of calmness that has sort of descended across all of these people when i look around, the media, the journalists who are here spread from this block all the way down to this block, and they're busily working i will say that because there are so many people jammed into such a small area, what we've seen is that there are communication issues, technology issues people are having trouble

getting information in and out by cell phone in the way that you often see when you go to an arena for a sports event or something like that. this is crowd where when i look out over it, i can see the flags that say trump 2024 and lots of american flags out here, but we've also seen a solid presence of those who say that the former president should face justice, and they want to see him held responsible for the things that he's been accused of so going into that courtroom, and again, i think that eamon and tyler and morgan you have done an adequate job of really conveying the fact that you have a former president sitting in a courtroom having his picture taken while the charges against him are laid out and he's in a position to plead anything to criminal charges i think this is a momentous moment in history, and for a lot of the people who are out here, i think it's really about just

taking part in a historic day no matter what side of the political aisle they fall into >> an historic day, one that the market is largely shrugging off right now. but basically in line with the levels we've seen before we've been getting these most recent headlines. ben white from "politico," you're back on set with us i want to get your reaction right now to trump pleadings guilty, not guilty, excuse me, to 34 felony counts of falsifying business records. >> exactly what we expected to happen, the number of counts and his not guilty plea. he plans to be completely, you know, in war mode against these cha charges. he will later at mar-a-lago appeal to his supporters and say this is a witch hunt, this is politically motivated. this is their attempt to not allow me to win the presidency again. i don't believe any of the things he's saying are true. these are legitimate investigations of legitimate charges of things he did to

break the law. he will be emboldened by this. he will continue to plead innocence, and he will use to to raise money and increase his poll standing. there's nothing that indicates to me that's going to change or he will be reduced in his political standing until he's actually convicted of something or multiple things, and maybe not even this, as we talked about before the more serious charges come from georgia and january 6th and some other investigations ever until that day when he is convicted and put into prison for something. >> eamon, let me turn back to you, the trump legal team, which is big and growing with the addition of todd blanch from the firm cad walter in manhattan is interesting. he has now become apparently the lead counsel here supplanting taco tacopina and susan na shell lis. bla branch is interesting because among other things he represented former trump

campaign official paul manafort and succeeded in getting some charges dropped in that case against manhamanaffort. he's also annes esteemed attory in new york city. >> he left his position in order to take on this job. i saw a quote from him this morning saying it was an opportunity he couldn't pass up. the legal proceedings here are on one level, the scrutiny of this is other worldly, so the amount of time and effort that this case is going to take, i don't think you can underestimate. so blanch is going to have his hands full certainly, but clearly somebody that the former president is turning to thinking he needs to beef up his legal team, he has had some lawyers who have been on television a lot. he's had lawyers now in the courtroom alongside him. and he's got some former lawyers out there who have been

frustrated with dealing with him as a client over the years so this president, this former president is extraordinarily experienced in hiring lawyers, tyler, and clearly he's decided to beef up the team. >> where's rudy giuliani >> that's a very good question, absent from all of this. hopefully he's not having his makeup meltdown anywhere on television, but i don't think that he's viewed now as an effective spokesperson for trump and has been kind of, you know -- >> marginalized. >> marginalized, out of the loop there will as this indicates, emerge some fresh legal names. trump his entire career has relied on armies of lawyers. i would get paid in advance if i were one of these attorneys. there will be new stars, new people to talk about him and defend him we're seeing some of that and figures like rudy giuliani who were associated with earlier periods may fade away. >> one thing we can be sure of is that george conway will not be on his legal team. >> i would not imagine conway

would do that being not a fan of the former president. >> we keep talking about the former president being immune, so far, thus far from many of the different controversies that have swirled around him including legal up until this point. has his business been immune do we know have those investigations into what his earnings and how this has impacted his empire is and his real estate empire and everything else, how that has evolved in the midst of all of this >> to the extent that he has that much of a business empire, you all would know better than i the exact holdings of trump's real estate business he is mainly in the celebrity business and has been for a while as an nbc star on the apprentice and a retailer of his own various brands of things i don't think that there's anything in this business world right now that is going gang busters that is making him a ton of revenue i could be wrong about that. historically, you know, his controversies have not hurt his businesses that much, and as a br

brander, they've helped him. he is a marketing man. he is a celebrity personality who profits off of his name both politically and financially. that's going to continue to happen until, as i mentioned before, something actually comes up and catches him, and there are consequences to pay. he has paid business consequences over the years, bankruptcy filings, the rest of it for business failures his controversies have not really done anything but made him more politically popular and he's used that to leverage the celebrity brand. >> you were pointing out to me earlier that his social media company, the value of it in the marketplace has gone up in recent days? >> it has. it's under -- >> it was a spac. >> it's a spac that is looking to merge with -- it is under pressure it looks like it's selling off today, and i should note it's a very small market cap. >> it's very small and had lost a lot of value. >> it is down in the midst of all of this. >> people are now looking at it. he sequestered himself inside that bubble, which does not have a lot of viewers, does not have

a lot of people on it this is a reason for a lot more americans to look at truth social from that perspective, it would make sense >> eamon, at what point does this -- and i ask this because the markets were down today, the markets were down before this arraignment process started. at what point does this become a situation where wall street and investors take a closer look >> morgan, i don't think it does, particularly when you're not in a general election cycle where the markets might be looking at two candidates many a general and saying, well, one is better for tax policy or economic growth than the other, and if that candidate takes a hit, then you know, maybe that might have some implications for the market this early on, i just don't think trump's legal fortunes matter a whole lot to the stock market we'll wait and see one little additional note of clarity here we're getting now information that there are 34 counts of falsifying business records and conspiracies, add the conspiracy element to this, for his alleged role in hush money payments to two women, so

not just stormy daniels but two women towards the end of his 2016 presidential campaign that is, again, as expected here and as previously reported by many outlets, the conspiracy element here would indicate that he conspired with others, right? that there are other people involved in this effort to falsify these business records and presumably some of those people will be people who have already given evidence to this grand jury we'll wait and see, all those details we do not have the indictment documents yet, guys. >> we're going to continue to monitor the situation. we are nearing the end of our hour of doing so, eamon javers, contessa brewer, ben white, thank you for joining us here today. just to get another check on the markets. the s&p is down about 3/4 of 1%, 4093 is the level there. the dow is down 257 points and the nasdaq is also down about 3/4 of 1%. you have yields across the treasury spectrum. >> significant move in yields. >> under pressure and of course we saw that weaker than expected, which was good news to the market jolts number this

morning. >> jolts number, people moving into bonds out of a sense of safety, probably a safety play there, also the anticipation that perhaps the economy will slow and that that will stay the fed's hands and maybe bring sooner the date at which the fed decides to start cutting interest rates >> exactly that seems to be the push pull with investors is good news good news or is bad news good news, et cetera, et cetera. >> we'll have one eye on the courthouse, one eye on the markets for you, and the guy who's going to use those eyes is scott wapner, coming up right now is "closing bell," which will pick up where we leave off. rall right, thank you very much good afternoon, everybody, you are looking at a live shot on the right side of your screen, inside that courthouse in lower manhattan where former president trump is being arraigned he has already pled not guilty to 34 counts of falsifying business records we're going to continue to monitor those proceedings for you as we await the former president's departure from the courthouse, and of course we are going to show that to yo