>> weiss taiwan semi i think it bounces and news will be good this week. >> jason i add these skyrizi continues to work joe t in. >> the financial sector. the sector you should be focusing on tradeweb. >> all right. we will watch the markets. keep your eye on nvidia. lows of the day. tesla is now negative. all things that will follow into the final bell today. the closing bell. i mean the exchanges now. >> we'll see you on the closing bell scott. thank you. and welcome to the exchange. i'm kelly evans. here's what's ahead. the clock is ticking again on tariffs that could be imposed on mexico, canada and another 10% on china. it sounds familiar, i know. but our guest says he doesn't get the sense this time that any frantic talks are underway to find an off ramp. and while the impact was pretty muted the last time we were at this juncture, he warns this time could be different. plus, warren buffett warning on the economy and the consumer saying they could weaken. and our market guest expects more sudden and significant pullbacks because of it. he's here with

where he's deploying cash if and when that happens. speaking of tariffs that could be a help a tailwind for this u.s. uranium producer. so why is it down today? that's not the whole story. the ceo is joining us live shortly with more on that and what's plaguing the whole space. but let's start with the markets. and dom chu, are you in the what do we call it, dom, the ice box. >> the fortress of solitude? i am back in the fortress of solitude right now. kelly. so let's take a look at what's happening with the markets overall right now. as you can see them here. they did start the day in a new trading week off in positive territory, but we've lost a little bit of momentum since then. each of the three major indices, as you can kind of see down here, down roughly one half to three quarters of 1%. so fractionally losses there. the dow is currently just about down maybe half a percent, the s&p down a half a percent as well. and the nasdaq composite down about 8/10 of 1% on an intraday basis. the highs of the day for the s&p did see us up about 32 points. and the lows of the day were down 35. so kind of in the middle of

that range so far but generally negative. some traders are keeping a close eye on that 5952 level, which is that 100 day moving average, that line you can see across the screen right there, right down below here in this chart. we've traded on either side of that mark so far today. the tech heavy nasdaq composite is the real laggard so far today as you can see here. now one of the reasons for that tech underperformance is coming via the semiconductor stocks. computer chip companies are mixed and trading so far today. but some of the biggest names out there are biggest influences in the industry overall are lower. taiwan semiconductor a big focus as multiple reports now peg the chip maker as meeting with president trump today with plans to announce a possible $100 billion investment plan in us chip manufacturing capacity. shares are still as you can see, they're lower on the day as well. there is also a reuters report, citing sources familiar with the matter that chip designers nvidia and broadcom are testing intel's

manufacturing capabilities in order to assess whether or not intel can accommodate some of the necessary advanced production processes. intel shares are also higher, while nvidia and broadcom shares, as you can see, there are lower on the day so far. and then we're going to end with a check on cryptocurrencies. bitcoin and ether prices specifically have seen a jump over the past couple of days, as have other crypto assets like xrp. solana, doge and others. this is all after president trump announced over the weekend that america would create a strategic cryptocurrency reserve. bitcoin prices were just around 78 to 79,000 at one point on friday, they rallied to roughly $95,000 in the last 24 hours. shares of crypto related stocks like coinbase, robinhood holdings, riot platforms, microstrategy, strategy these days, they're all higher as a result. but off the best levels of the session. so, kelly, keep an eye on those cryptocurrencies a little bit of movement there. i'll send things

back over to you from yes, the cube slash fortress of solitude. >> you dom. the one month extension of sweeping tariffs on mexico and canada is set to expire at midnight tonight. and while the commerce secretary and others suggest the tariffs could be reduced or even called off, my next guest says the market is not ready for them to actually go forward. tobin marcus is head of u.s. policy and politics at wolfe research. tobin, it's great to see you. welcome. >> thanks for having me. >> so a busy weekend if we go back to friday and everything else. so this is kind of flying under the radar. and understandably, a lot of investors say, fool me once, shame on you. fool me twice. i'm not selling this stuff just for them to be called off or walked down again. you think that the market's overlooking some of the risks here? >> well, look, i thought it was really interesting last time around how much the markets didn't react even to the piece that actually happened, which was the 10% incremental on china. we're now facing down another 10% incremental on china that pretty much everyone agrees is going to go forward, along with the possibility that we get, you know, maybe the entire 25%, maybe some lower rate, as secretary lutnick alluded to on

on canada and mexico. but yeah, i think investors in general are in i'm going to need to see it to believe it mode, given how much uncertainty there's been. i mean, how could you possibly make a confident prediction about what's going to happen. >> right? so i want to just kind of take this piece by piece. so i actually actually let's start with the china tariffs which have gone into effect. the 10% tariff went into effect that last month brings the kind of blended rate up to almost 20 another 10%. tomorrow would bring us up to about 30%. and you thought that was kind of the what you i don't want to say the worst case, but that if we go there, you know, that markets aren't priced for it and we could be there tomorrow. >> yeah. our pre-election base case was that we'd get about halfway to what trump had said he would do on china. he was talking about 60% on the campaign trail. we had been penciling in 30%, and we may already be there as of tomorrow. and importantly, these are much more sweeping tariffs than we saw last time around. in 2018 and 2019, we had differentiated rate structure where certain things were hit harder. we had certain products carved out entirely. iphones we get asked about a lot, were not subject to tariffs. they are now along with

everything. it's 10% across the board. so we've seen more, you know, kind of tolerance for something that consumers might notice on that dimension. >> right. that's the china piece of it. and i guess one final thought on that. the chinese stocks have obviously been doing very well lately. i did see some headlines, for instance, i think honda or one of the japanese automakers going to open a plant in indiana. but do you think then the market needs to take more seriously the idea that another 10% goes into effect tomorrow, and you think that will have bigger impacts than anything we've seen so far? >> i mean, you know, it's i think the impact will build up over time. i don't think that we're going to see another 10% on china tomorrow that suddenly causes everyone to sort of snap to their to their senses and have some big sell off. you know, i think that we're seeing the uncertainty and the cost from these tariffs build up and weigh on markets over time. we're seeing it in consumer confidence and we're seeing it in the index movements. >> all right. so let's move on finally to the canada and mexico piece of this, which was the much bigger part of the market's reaction at least i thought last time around. and then they were delayed until tomorrow

potentially. and again it hinted that maybe there you know, maybe they start at a lower level and kind of work their way up. maybe who knows what could happen between now and then. but you said you were struck that we haven't really seen a lot of scrambling to, you know, like we did last time when we had, you know, post on x from the leader of mexico and so forth trying to delay them. and this time around, so far, none of that. >> yeah. that's right. i mean, talks are underway, but last time around, i mean, we had the journal, you know, sources on background saying, you know, folks within the trump administration are scrambling to try and avert this, the kind of, you know, the intraday reporting from the journal today has president chamberlain of mexico saying we're going to see what happens and everything is possible. and, you know, folks on in both canada and mexico are complaining. they don't know what what president trump wants and what he's looking for. and so, you know, that plays into how investors should read these, these messages from senior members of the administration. i'm not sure that secretary lutnick knows what exactly trump wants or what he's going to do either. and so, you know, i think there's some trial balloons. i think there's some advocacy for certain outcomes that we're seeing from senior

members of the administration, rather than, you know, them knowing what's going to happen and being able to tell us. >> right, exactly. so i don't know if, you know, we could check on the kind of usual suspects, the automakers stocks, the suppliers that do big business in mexico. but again, to your point, not seeing a huge response today, right? maybe tomorrow's the day. maybe they're waiting until the moment happens. tobin. thanks. appreciate it. tobin marcus with wolfe research meanwhile, warren buffett himself weighed in on tariffs over the weekend, telling cbs's norah o'donnell that they could really hurt consumers. >> tariffs are actually we've had a lot of experience with them. they're they're an act of war to some degree. >> how do you think tariffs will impact inflation. >> over time? there are attacks on on goods. i mean, you know the tooth fairy doesn't pay them. i mean and you always have to just end then what you always have to ask that question in economics always say and then what prices will be higher ten years from now and 20 years from now and 30 years from now.

>> we can ask our next guest. and then what? i mean, his then what is that? we get an economic slowdown in the coming months. joining me is dean mackey, the chief economist at point72. dean, it's good to see you. and first of all, to be clear, i mean, there's a lot of bad headlines around the first quarter. i think atlanta fed is now down to almost a minus three on gdp. are they over extrapolating. is this the slowdown that you're anticipating or is this just a one off event. >> this is not the slowdown that we're anticipating. we think that growth in the second half of the year is going to slow all the way down to 1.5% from about 2.5%. now the trend. and that's because of increased immigration restrictions and the tariff increases and the results of those. what we're seeing now in the first quarter is some softness in january related to cold weather, a surge in imports that a lot of let a lot of people to mark down their gdp numbers. but really, a surge in imports can't really hurt you in the real world from a gdp perspective, because that shows up somewhere else that goes into inventories or consumer

spending. so it doesn't just evaporate at the border. >> although it's amazing. i mean, maybe you can rattle off the numbers better than i can. but we saw one of the biggest import surges we've ever seen. is that right? >> that's right. and this does seem to be front running ahead of tariffs. so people are are importing to get ahead of the tariffs. again that's that's not something that's deteriorating in the economy. it's just something that's happening as a result of the tariffs. >> so spin it forward for us a little bit. you know we just heard warren buffett saying okay then what. and then what. you know what. how does the economy look to you three, six, nine months from now? >> yeah, i do think that we're. >> going to see a cumulative slowdown happen. and there's several reasons for it. the tariffs themselves will slow down consumer spending. but people often forget about the knock on effects. we will have retaliation from foreign partners that will slow down u.s. export growth. and just the uncertainty around trade policy is really going to weigh on business investment spending. and we saw a bit of that in the

ism manufacturing index today, where firms cited uncertainty about tariffs as causing a decline in new orders. so it's already starting to happen from that perspective, from the uncertainty perspective. but we think it's going to happen from the direct effects of tariffs as we look out, especially in the second half of the year. >> immigration as well, you think kind of slow us down here because obviously, you know, just from a numbers point of view, more people coming into the country was a boost to gdp in recent years. that that will be smaller now. but i'm actually curious about the counterpoint from some who say, look, the you can't underestimate the deregulatory impact of doge and animal spirits and kind of trying to get everything into the more productive private sector. you know, could that end up having a bigger than expected impact in helping growth this year? what do you think? >> it's possible, but i think that we didn't see a tremendous pickup in growth in the first trump administration with all deregulation that happened, then the average growth rate in the first three years of the trump administration was 2.8%, versus 2.5% under the second obama

term. and remember, we had a big tax cut in 2017 that provided some of that growth. so i'm skeptical that the numbers are really there to see a massive pickup in growth as a result of deregulation. in other words, i don't think there's a ton of banks that are not making loans right now that would be profitable to them because of regulatory reasons or, you know, firms that see a lot of investment they want to do but just can't because of regulation. >> what do you expect the impact from doge to be overall at this point, based on, you know, we're all kind of tallying it up as we go. we've seen the spike in local claims. you know, the we're i guess going to learn more in the payrolls report. i saw that said we might separate out kind of government spending as from gdp. so we're going to get a lot more granularity on this. >> yeah, i think it's highly uncertain right now how this eventually is going to play out in our slowdown to 1.5% in the second year, second half of the year. we're not expecting a big effect on economic growth. there's a lot of reasons to be uncertain about this. there's all these court cases looking at

whether this all these various actions are legal and will be held up. and we really need to see some resolution on that before we know the ultimate impact on the economy. >> yeah. and so finally, just so as investors think through what you're saying and they go, okay, well, we don't want to be overly exposed to a slowing economy. you're not talking recession. you're talking about, you know, we go from two something to a one something pace, which is kind of the buffet. then what question. what does that all mean then for, you know, markets just for the momentum we have going into 2026. >> that's right. we do see a lot of momentum behind consumer spending. and business profit margins are quite strong. so it's not the time to have a recession right now in our view. but these will accumulate into a slowdown in growth. and one of the things is that the fed may not be able to cut aggressively because inflation stays sticky, in part because of tariffs and in part because wage increases may pick up even as the labor market slows, because we see so much less labor supply coming

in. >> interesting. and that's where you don't quite get to stagflation, but you get kind of in that direction. you don't have the fed either for that easy kind of a way to let the markets out. dean, always appreciate it. thanks for your thoughts today. >> thank you. >> dean mckee with point72. meantime, speaking of the markets, consumer discretionary is one of the worst performing sectors ahead of the potential tariffs tomorrow, piling more risk on top of the one two punch of sticky inflation and slowing spending. we just heard about now, home depot last week said its managed tariff risk through diversified sourcing. competitor lowe's, says it's monitoring the situation. stocks did decently well. my next guest says the supply chain will play a big role in determining who can weather this storm, but the pain will be shared across discretionary and retails. have retailers have less pricing power now than they did in 2019? chris horvers is jpmorgan's head of broad lines and hard lines. chris, a lot of people think retailers have more pricing power now because we have inflation now. we didn't have it then. welcome. >> yeah. you know, what we've seen over the consumer over the

past three years is that they are seeking out the cheapest prices. you're particularly seeing this in food. walmart and costco are gaining a ton of share in the consumer wallet. people aren't going to target like they did pre-covid, not just because they're not engaged in general merchandise, but because prices are just so high. people have a long memory of going to the grocery store and getting a lot more for the $100 that they spend on a weekly basis. and so you're seeing that consumer really be very resistant to price. you're seeing this in eggs right now. there are some elasticity. i think that squeezing the wallet a little bit as we speak. so i think it's going to be much more difficult, especially in discretionary categories to pass along tariffs. now it will they will pass along. the retailers will have to eat a little bit. the manufacturers are going to eat a little bit. but there's also going to be an elasticity impact. >> broadly what do you think it means. so if we're talking look there's the banner a weakening consumer right. does that mean i have to stay away from discretionary. >> you know what's funny? it's

covid created an economic scenario like no other. you know, when we were all stuck at home in 20 and 21, we painted every wall in the house. we bought multiple tvs, we bought laptops, we bought sofas, we bought patios and grills. for the past three years, that's been a massive headwind in spending, simply because you're not going to replace a grill that you just bought two years ago. you're not going to paint a wall that you just bought two years ago. what we're actually seeing now, like you saw with home depot, lowe's, wayfair and others, is that that consumption of those goods, especially related to home, but also electronics, is starting to trend back to wage growth. typically, consumption, as your prior guest talked about, consumption grows in line with wage growth. so wages are up three and a half 4%. that's what categories typically typically grow. the good side have under indexed. now i think what will happen is we'll start to approach to that to that overall level of wage growth, which is good because my companies that have been comping negative for

three years finally come positive again. but if you put tariff on top of that, it's going to have an implication to how high in terms of the recovery becomes and also their profitability, because the retailers will have to eat some of it, particularly in these discretionary categories that have high sourcing in china and maybe mexico. >> i know we've got to leave it there. has bj's reported yet? are they coming up? >> bj's is this week. and obviously we're going to see some nice egg egg bounce there. egg egg with egg prices up 100%, egg sales are up about 100%. we think that could be about a point and a half of comp for a company like bj's, but also someone like costco who reports this week, and walmart with what you saw two weeks ago. >> no, it's a huge driver. and i that was a good angle on bj's too. 85% from grocery and maybe a couple of points there. we'll keep an eye out for it. chris thanks. appreciate your time today. >> thanks, kelly. >> chris horvers from jpm. still to come, u.s. tariffs on canada

could be a boon for the uranium market here at home. so why are shares of america's largest producer moving lower today down about 8% and 40% off their november highs? we'll speak with the ceo about that and the white house's emphasis on energy security. what it means for the nuclear renaissance. stocks are at session lows across the board. the dow, erasing its nearly 200 point gain were down almost 300 right now. the nasdaq extending february's losses after posting its worst week since september and worst month in nearly a year. it's the worst performer today, down 1.3%. and look at the ten year treasury for 17. we're back after this. >> this is the exchange on cnbc. >> nothing stands still. not technology, not the market and not franklin templeton. we've been a firm in motion for over 75 years, always innovating. today we're a leader in public

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sale and make your dream office a reality. >> welcome back. uranium stocks have been under pressure since deep seek, remember threw into question how much energy will actually be needed to power ai. and a lot of people were laying bets that nuclear would be a big source of that. tariffs of course, add another layer of complexity. here's what canada's energy secretary told cnbc on that subject earlier today. >> i have been saying every time i come to washington, and i'm going to be there again later this week, that it would be better for us to focus on things like critical minerals than break the supply chains that china presently controls. and the united states is dependent on. we can do that. but but we need to back away from the tariff conversation. but certainly if the united states chooses to go elsewhere at this stage, it's only option for most of these products is china. and

in some cases, like potash or uranium, the only option is russia. it makes it very hard for someone like me to think that that canada is somehow a greater threat to the united states than china or russia. >> well, my next guest is the ceo of uranium energy, and he's already been seeing an increase in enriched uranium imports from china, saying tariffs will only accelerate that. amir adnani is the ceo of the company, one of the largest uranium miners in north america. and it's great to have you here. i appreciate it very much. >> yeah. thanks. >> so investors are going to be sort of confused to say, okay, the shares are down today. they're down 40% since the fall. and yet here we have this talk about kind of reshoring our energy supply which should benefit you. so just disentangle that for us. >> market doesn't like uncertainty. and tariffs have for sure created uncertainty around the industry. and really when you go back even to deep seek which was about a month ago, we've seen the entire nuclear sector and uranium sector start to move one leg down after another. and so this is just, i think, par for the course when you have uncertainty

in the market. but tariffs are complex and we certainly don't want to get ahead of them. but on a positive note we're seeing a premium right now on uranium that is warehoused in the us. so there is certainly positive green shoots developing. but it's just so complex. and obviously questions need to be answered. >> yeah, i mean you look at nvidia which was down 5% at last check. and your stock in many ways seems like it's a high beta play on what's going on in terms of chip demand and everything that people are expecting on that front, which is kind of a tough place to be. >> i never thought in all these years doing this as a company was founded 20 years ago by myself, 20 years doing this. i didn't think we'd be correlated to nvidia. yes, we should be correlated to supply demand for uranium. plain and simple. right. >> which in the long run you should be right. >> 100%. but you're 100% right that these correlations have been created over the last six months, perhaps in particular. and what we're noticing, too, though, is and what's most troubling is the fact that we're importing almost 100% of uranium

requirements and nuclear fuel requirements into the us, 100% of it. >> and what's the do you know, the breakdown of where that comes from? obviously, a chunk of canada and a chunk of that is russia, right? >> our biggest concern last year, based on stats that were made available, were the amount of and the spike we saw in chinese uranium product imports into the us and russia, kazakhstan, uzbekistan certainly are actually some of the biggest suppliers. over the years, us has had a trade imbalance when it comes to uranium and nuclear fuel issues. and so to some extent, you would argue that canada as a ally is not the big issue here. we have significant trade imbalances, importing practically 100% of our requirements. but state owned companies of china and russia play a far more important role than canada does. >> so you're based in corpus christi, as i understand it. where are you mining the uranium? here in the us? >> we're six months into a phased ramp up in wyoming. wyoming is where we just hit a milestone last week, drawing and drumming of our first uranium concentrate. but are there any. >> other uranium mines in this

country, or. >> there are several projects that are trying to get off the ground. you see, my company, as you mentioned, is the largest and fastest growing. we're operating in wyoming. we're building a new mine south of corpus christi in texas. and so that's going to be coming online later this year. so we're seeing all the market signals here to grow domestic capability. >> we gave it a long enough time. i know we can't bring this stuff online that that quickly. but could how much of what we're importing do you think we could replace with domestic sources. >> we have an industry association, the uranium producers of america, that surveys the whole industry. and they've put out reports that over the next 5 to 10 years, we can see production go from basically nothing to 20 to 25 million pounds, and the country consumes about 50 million pounds. >> per year, half the. >> supply, half the supply of. what is. >> that then? so if i'm sitting, you know, in the white house thinking through this and you come, you say, look, we're getting more from china. is that what you are getting? more from russia? do i say, well, but, you know, we just wait a few years and you're great company and others. you're going to be able

to replace that very quickly. >> despite what we just said about the uncertainty, though, the white house actually last week came out very clearly with the executive order on the creation of the national energy dominance council. it talks about. and one of the objectives is that we need to address national security of energy supply chains, and that uranium is an amazing national asset. and energy secretary chris, right, has had a secretarial order to unleash the commercial nuclear power capabilities for grid reliability. and so we actually think there's a huge market dislocation here. the fact is, this administration could not be any more clear about wanting to rebuild american energy production capability and its supply chains. >> would they ever subsidize it? i mean, is it going to be cost effective to compete with uranium? i don't like you said, i don't know if it's literally produced in china or if they're just kind of getting it here or produced in russia and kazakhstan and the rest. >> when you look at the supply chain, there's uranium, which is the front end of it is when we mine the uranium out of the ground. but then there's conversion and enrichment. department of energy has had and has provided funding for the enrichment side of the business.

and five companies received almost $3 billion late last year, by the way, all bipartisan support for that. but the uranium mining, our mines and projects can be cost competitive without needing grants. and that's why this is a globally competitive industry that we have here. our company is debt free, doesn't need government grants and support. and look, at the end of the day, i think we have to realize there's a revitalization going on of nuclear fuel that is a function of how much electricity we consume. >> absolutely, absolutely. quick last question, i appreciate it. it's been very instructive as we all try to get up to speed on all of it. so if tariffs on canada, i'm sorry, go into effect tomorrow, which is right now a big source, i think that graphics about 25% of our supply. what happens. >> already. we're seeing a slight price differential between uranium that's available in canada for sale versus the us. the us price is at a premium. and so i think a bifurcated price could develop in the near term. look, longer term tariffs are obviously a complex issue. and so myself and

our industry association we're not taking any sides here. but one thing is for clear we need a robust domestic nuclear industry for just national and energy security issues. and let's not forget the russian uranium ban bill that was that came into law last year, had bipartisan support passed through congress with unanimous support as a as a clear policy that that's designed to say we can't continue to rely on russia and china and other countries for something as important as a source of power for one in every five homes in america, right? >> no, i always say here in new jersey, it's a huge source of our of our energy grid as nuclear. we're fortunate in that sense. amir. thanks. please come back and keep us posted. >> we'd be delighted. >> thank you. ceo of uranium energy corp. speaking of which, we're following bitcoin bouncing back over the weekend after hitting its lowest level since november. it's giving back those gains somewhat today, but it's still around 88 k. after president trump announced the creation of a strategic crypto reserve, solana, ether and xrp

also spiked over the weekend, although they're down about 12% today. and not everyone in silicon valley is on board with the president's mood. move will look at what's driving that divide. and as we head to break, here's a look at stocks broadly moving to new session lows. the dow down almost 400 points right now. nvidia is down more than 7%. the nasdaq down 1.5%. and we'll have more after this we'll have more after this break. (♪♪) discover alaska aboard riviera, the only true foodie ship sailing the region. where breathtaking natural wonders meet unmatched service from the heart. with one chef for every ten guests, indulge in gourmet dining on an ultra-premium small ship. scenic days, endless memories. call now for amazing savings. book now at oceaniacruises.com

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♪♪ okay, so that's how you want to play. ♪♪ the exchange. i'm pippa stephens with your cnbc news update. the sec is offering its employees $50,000 if they resign or retire by april. bloomberg reporting an email from sec chief operating officer ken johnson, said the offer was voluntary for workers who had been on the agency's payroll before late january, and they have until march 21st to apply. a spokesperson for the sec declined to comment. humanitarian aid groups are warning that stockpiles of aid in gaza are limited following israel's suspension of deliveries to the area over disagreements in the ceasefire deal. according to the international federation of the

red cross, more than 300 trucks loaded with aid were stopped from entering gaza on sunday. and even if president trump follows through his vow to impose tariffs on canada and mexico, the price of your chipotle burrito won't go up. that's the word from the chain's ceo, who told nbc's hallie jackson last night that his company plans to eat any increased costs for now. he warned price changes could come if the costs become a significant headwind. kelly, back to you. >> a divergence between starbucks and chipotle since nicole left has been interesting. pippa, thanks very much. pippa stevens. president trump's announcement of a strategic crypto reserve sort of announcement is exposing a rift among some of his biggest silicon valley backers. deirdre bosa has more in today's tech check. deirdre. hey, kelly. so this really exposes a deeper ideological. >> battle within silicon valley's pro-trump faction. it pits those in favor of less regulation at any cost against libertarians, who see this as potential distortion of free

markets. against the bitcoin maximalists, who see other coins as diluting bitcoin's narrative. now these tensions, they were on public display over the weekend. the administration's crypto star david sacks, facing off against joe lonsdale, an influential ally. lonsdale critiqued the use of taxpayer taxpayer money for a us crypto reserve that puts sacks on the defense. and then you had brian armstrong, ceo of coinbase, indirectly questioning the rationale behind diversifying the reserves, suggesting that a bitcoin only option would be the best option. you also had one of the winklevoss twins as well coming out against it. it has also led to accusations of self-dealing among vcs that have gained influence in the white house. while sacks says that he has sold his crypto positions, he is stilln early investor in bitwise, a crypto asset management firm whose top five holdings. you're looking at it right now and its big fund are the exact cryptos the president announced for inclusion in the reserve. now, to be fair, they're also the top five cryptos by market cap, excluding

stablecoins. a spokesperson from craft ventures tells me that sacks is still in an ethics process and cannot speak to start up investments in the meantime, but that really hasn't stopped critics from questioning whether the reserves structure was influenced by tech's ties to the industry and the white house. there's another vc firm, andreessen horowitz. it was one of the earliest and highest profile trump supporters here in the valley during the campaign. it's also an early investor in cardano and solana. this friday, the white house will hold its crypto summit, and we could see these tensions boil over. or they could blow over. as one industry insider said, he's hopeful they will. but kelly, a real test, perhaps, of support among trump, among tech for trump. >> what's the case with the crypto summit at the white house friday? >> well, they're going to be giving more details. they're going to be inviting many from around the community. so we'll see if they sort of coalesce around the idea of having a reserve versus stockpiling bitcoin only. or maybe some of

those tensions come out into the open even more. but it is the next sort of data point to keep an eye on. >> i don't think tensions would come out into the open at the white house. deirdre, it's to state it's not the place. >> why would that happen? yeah, that would never happen before. >> no, we've never, never seen it. deirdre. thanks. speaking of which, the european defense stocks are surging after the leaders of nearly 20 nations met in london this weekend to discuss a peace plan for ukraine, which would include a ramp up in their defense spending. italy's leonardo francis and the uk's bae systems all posting their best day in at least 25 years. but the market has heard this kind of talk before. the question is whether europe will finally follow through. and what does it mean for u.s. defense firms with big exposure? we'll dig into that. but first we'll dig into the market internals. with stocks continuing to weaken this afternoon. bearish sentiment building. but our guest is buying the dip. he'll join us next with where he's seeing opportunity. don't go anywhere.

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good thing. the ay ay ay ay bearish survey. the most negative it's been in a year. b of a sell side indicator solidly bullish saying the direction of travel is bearish. declining last month for the first time since april of 24. my next guest isn't so sure about what this means for the bull market, he says. february's mixed action and sector rotation kind of give us a glimpse of what to expect for the rest of the year. let's bring in david katz. he's the cio at matrix asset advisors. david, people don't want to hear that. >> they might not want. >> to hear it, but. likely what happened in. >> february is going to happen a lot of months this year. we think it's going to be a pretty volatile year, both upside and downside. >> okay. so, you know, you could say, well then options are more valuable. you know their volatility creates a lot of opportunities up and down. but more broadly what do you think is going on here with just churning along until we get clarity or what. >> well, there are a number. >> of good things that are going on right now. the economy is doing well. corporations are doing well. we do have significant concerns about a

number of the administration's policies one toward tariffs, two towards immigration and the relationship with the fed. at the moment, the market has ignored a lot of that. we think at some point the market wakes up and all of a sudden you'll see a 3 to 5% correction. we think ultimately the economy is going to get through all of that. so we would be prepared to buy into the dips. and when the market rallies, we wouldn't chase those rallies. the other thing to look at when you're looking at this market is expected rotations. last year's leaders have slowed down a lot. a lot of things that did not do as well last year have really started to pick up in a meaningful way. we do think that's going to continue. >> you know, some of the people listening might not might not say there's much of a difference between okay, buy the dips, but don't chase the rallies. in other words, tell me what's on your list and what names you think are the right names to own in this environment, which maybe can protect you to the downside but still give you that upside exposure. if the market, as it has time and again proves the naysayers incorrect. >> perfect lead in question. so the stocks that we're talking

about today are things that have already had pretty significant correction. so really regardless of what the market does we think they do well. that would be paypal, zimmer, microsoft and u.s. bancorp are all really good businesses. most of them are selling at under 13 or 14 times earnings. good outlook. microsoft is the one that's a little bit richer price that's selling at 26 times next year's earnings. we think that technology mega-cap technology is going to slow this year, but microsoft has sold off so much that we think it's poised to finally start to do better again. there are really disciplined companies, very good long term outlook 26 times. next year's earnings, we think is pretty reasonable for that type of quality business. >> i don't see nvidia on your list. you know you can get it 7% off today. >> we are still wary about nvidia. we think that there's tremendous demand. ai is a huge thing but we think the stock is fully priced. it is a momentum play. and we think that as the momentum slows down, a lot of people that bought it for the wrong reasons are going to jump

out. so we think there are better places to make money in this market. in terms of the semiconductor space. we like qualcomm better. that has not done nearly as much on the upside. and we do think is a second or third derivative. i play. >> some where else just because i find this very interesting. so kind of looking across you know consumer staples. does that interest you. what about health care. we hear ad nauseam about that this year defense. >> so we do think there are opportunities each in terms of healthcare. we mentioned the zimmer. medtronic is another company that we like there. we do like the drug companies. but they've also had a pretty significant run. so we might not put new money in them today. defense is a little bit more complicated, but we do think there are opportunities in defense. our two favorites would be l3 harris, which we think does benefit by that european spending that you just talked about, general dynamics, the same thing. they're both at 16 or 16.5 times earnings. so if you can buy a good defense company at that price, we think you're generally going to do

well. there is the doge overhang. but we think those two companies are going to get through it pretty well. >> and finally. >> we do like consumer staples. sorry. >> that's exactly i was going to just circle back to that, which is one place people like to go. but again the valuations are high dollar headwinds. a lot of question marks there. and also the financials, which have been a decent performer lately. well, depending on your definition of decent and lately. >> financials actually have been off the charts for the last 52 weeks. a lot of them are up 30 to 40%. so we've liked financials. you know we like them a little bit less today. but there are still opportunities. so the one that has lagged has been that u.s. bancorp that i just mentioned that still sells at about 12 or 13 times earnings. they do have a new ceo coming in. we like the things that she's talked about. so we think that that's a good place to make money in financials. we still like the others. they definitely will have a tailwind this year. regulation is going lower. the interest rate environment is good for them. the economy is good. washington is generally good for them. all good things, but a lot of them have run up a

lot. so we just wouldn't jump on to the huge rally. but there are opportunities in that space. >> all right. a playbook for what could be another turbulent period of time. david, thanks so much. appreciate it today. >> thanks a lot. have a great day. >> david katz with matrix. we've got some news some more news on the tariff front. president trump just posted on truth social writing to the great farmers of the united states. he says get ready to start making a lot of agricultural products to be sold inside of the united states. tariffs will go on external product on april 2nd. have fun. that's what trump's statement. now remember, april 2nd is the reciprocal tariff date that trump had mentioned. that's when those tariffs on other major trading partners are set to take effect. so a specific call out here for specific call out here for agricultural products as part of ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya provides tools that help you make the right investment and benefit choices. so you can reach today's financial goals and look forward to a more confident future. voya, well planned, well invested, well protected.

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out shares of reddit higher on the news. the co-founder alexis ohanian, is joining project liberty. frank mccourt's bid for tiktok. mccourt says ohanian will help promote his bid to buy tiktok's u.s. assets. reddit, for what it's worth, down 22% from its record february 7th close. but it is bouncing back 4% today, and it's still up 400% since going public nearly a year ago. coming up, european equities are outperforming the us so far this year. bca writes that policy uncertainty is weighing down stocks here, but europe is poised for less regulation and major political changes. while credit trends and sentiment improve. we'll dig into that. and what friday's trump zelensky spat means for america's relationship with the america's relationship with the continent. that's next. - [narrator] we just signed the lease on our third shop. my assistant went to customink.com

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happen, benefiting european defense companies over us names, she says. joining me with more reaction from london is zandi. zanny minton beddoes, editor in chief of the economist. zanny, it's great to see you. what's what's the buzz? what's the word? look at these stocks flying. it's a sense a new era is upon us of european defense. no. yeah, absolutely. >> i think that's certainly what investors are banking on. and i think it's a couple of things. firstly, as you say, it may be a sense that europeans are going to have to rely on themselves more, but there are. secondly, i think there is a general view in europe that defense spending is going to have to rise and rise substantially. that's partly because if there's going to be any assistance for ukraine, it's going to end up being primarily european. and the europeans have got the message loud and clear that donald trump is going to demand much more defense spending by europe, if indeed, nato is going to survive. but i think, thirdly, there is a growing concern on this side of the atlantic that perhaps we can't take america's commitment to european defense at face value any longer. so europe's

going to have to do more itself. and i think all of that is now being reflected in the jump in these stocks. the question, though, is, you know, european governments have needed to do this for a long time. they're talking the talk now, but it's a long way to really increasing defense spending by the amount that europe needs to. so i wouldn't get too excited yet. i think we need to see a lot more detail spent spelt out. although in germany, in the uk we've seen a commitment to higher defense spending. i think the european union there's talk of setting up a defense bank. the european union may change its rules. there are lots of sort of initiatives underway. but right now i think that investors may be anticipating more than is necessarily going to come in the short term. >> as they as is their want. if i may use a phrase. so where's the money going to come from? zanny. now bond markets are not freaking out. they're not reacting to this move and selling off, you know, sovereign debt and worrying about it. so maybe i'm the only one worried about this, but where is the money for all of this european

defense going to come from? >> so it's a really good question. and i think there are a few sources in the short term. you know, europe's biggest economy, germany does have room. as you know, it's probably the healthiest fiscal shape. it just has this pesky thing called the constitutional debt break, which it needs to essentially get out of the way. but the chancellor in waiting, friedrich merz, has clearly pushing to get another kind of big bulk of defense spending pushed through as some kind of exception to that debt break. so that's one possibility. the uk has just committed. last week, prime minister starmer said you're a british defense. spending would go from 2.3% of gdp to 2.5% by 2027 and then higher after that. that's a pretty concrete commitment. the european union is going to be looking, i think, at easing its debt, break its debt rule so that countries can spend more on defense without it affecting their whether they broken the debt rules or not. and there is this talk of a kind of a some kind of a defense

bank. all of this is a long way from from detailed prime time. but together, i think it tells you that this money is coming. but i think you put your finger on a bigger point, which is most european countries are pretty indebted, and the kind of defense spending increase that is going to be needed, particularly if europe can no longer rely on the united states, is not just a couple of tenths of a percentage point, it is above three, three and a half, possibly 4% of gdp, a huge increase. and that will require serious spending cuts somewhere else. perhaps european welfare states will have to be looked at or increases in taxes. but many of european countries, as you know, are already incredibly highly taxed. so i don't think people have begun to think through the consequences for the european economy of having this scale of defense spending. but it could perhaps be a silver lining for the european economies, which have been, as you know, very slow, very sluggish, weak growth rates. it won't be sustainable unless european growth increases. and i think one of the things that

investors may be betting on is that this proves to be the kind of catalyst that is needed to get a sluggish european economy, really to kind of turbocharge itself. >> i agree in markets, certainly, you know, they've bid up these stocks, they bid up the indexes across the continent and they see it that way. but to your point, i was wondering why they can't increase taxes anymore. you know, the consumer already bore the brunt of that energy increase, you know from the russia-ukraine war. so the jury remains out. but sandy, thanks for joining us. with the mood across the continent today, we really appreciate your time. zanny minton beddoes from the economist. and that's it for us. thanks for watching the exchange. and i'll join brian sullivan, who is back for power lunch right after this break. >> what if there was a cruise that felt like no other? >> a cruise. >> created by foodies for foodies. >> one chef for every ten guests. every meal prepared to order and every plate a personal

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and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities. >> and welcome to. >> power lunch. >> i'm brian. she's kelly. here's what's happening right now. a big event on chips coming up at the white house shortly. plus. is china illegally. >> buying critical. technology from american companies? >> we'll look at nvidia and the. >> semiconductor makers and why some of these chips may end up in places they should not. plus with tariffs tariffs on canada and mexico set to launch. why isn't the market and your money even more negative than we already are right now? >> that's an interesting question because stocks are starting to weaken this afternoon, giving back some of that late day surge on friday. the dow's down 352. the s&p