you've got to keep some cash on hand and, remember, ultimately it's not about picking the exact bottom. by the same token, you never want to check out of this market, ever. liz claman, can't wait for this last hour of trading. liz: yeah. and you know what, charles? we're looking at the bulls kicking the door down right now. breaking news, u.s. aviation regulators have widened the area of eastern europe and russia where u.s. airlines and pilots are barred because of the conflict. what we're hearing, and maybe we can look at some of the airline numbers here and some of the airline stocks, the federal aviation administration has prohibited u.s. airlines from flying over any part of the ukraine or now belarus and the western part of russia. you can see exactly why on your screen. we have an active war going on. while it is not still clear if the new sanctions president joe biden just announced about 50 minutes ago will stop russia from attacking ukraine, they are

working to bring the markets back from the brink. take a look at stocks right now. we do have the s&p is, nasdaq, russell and transports in the green. that is not where they began the session. we have the dow -- a little breathless here -- [laughter] we have the dow jones industrials down about 229 points, but the s&p popping 15 points, nasdaq up 243. take a look at the vix, or volatility index, which measures investor fear. before the president began speaking, it was high anxiety time. the vix spiked 10%. it has has reversed and is slightly negative by about a quarter percent. let's bring up the intradays because that'll give you a sense of how we're entering the last hour of trade. you see the steep drop at the open on the left side of the screen, falling as low as 4119, if we were looking at the s&p we would be at the moment 4240, so a real comeback.

the dow was down about 859 points, now it's moving higher by about -- lower, rather, still about 230 points. the nasdaq briefly dropping more than 199 1 points which -- 191 points which put it in bear market territory, down 20% from the recent highs, but now it's up 242 points. this entire hour what we're going to do is continue to keep a hawkeye on natural gas. russian president vladimir putin has weaponized russia's natural gas reserves, as you know. crude, wti, brent, let's see, natural gas down about 1%. it had been higher by about 3-4% depending on which part of the overnight you were looking at. the most pronounced effect of this hot war, oil and natural gas. crude oil, which earlier sped past $100 per barrel, west texas intermediate, right now it's at about $92.72, that's a gain of about three-quarters of a percent for crude.

and brent, the global benchmark price, smashed through $104 per barrel. that was an 8-year high. it has,s indeed, moderateded a bit. and back to natural gas, it earlier got within about 8 cents of $5 per million british thermal units. now it is definitely calmer. russia produces 10% of the world's oil output and supplies, 40% of the european union's natural gas. let's look at banks. both u.s. and european banks were earlier taking it on the chin down 4, 5, 6% as the idea to cut russia out of the swift banking system -- and if you don't know what that is, it basically allows 11,000 financial institutions from 200 different countries to conduct commercial transactions -- that gains momentum. it's not there yet. president biden said he's not there yet, but it is not off the table. european banks, deutsche bank down 111%. bar -- 11. barclays down 8%, credit suisse

getting hit to the tune of about 3.5%. as we mentioned, president biden said not ready to go that far in kicking russia out of swift with or cutting them off, but he did slap new sanctions on russia's banks. listen. >> and today we're also block four more major banks. that means every asset they have in america will be frozen. this includes vtb, the sec largest bank in russia, which has $250 billion in assets. as promised, we're also adding the names to the list of russian elites and their family members. this is this critical to me. but this aggression cannot go unanswered. if it did, the consequences for america would be much worse. america stands up to bullies, we stand up for freedom. this is who we are. liz: countless sectors, big tech included, suffering steep selloffs as well that may or may

not be justified. but look what happened. now all in the green here. we've got amazon up 3%, microsoft -- look at this. i mean, folks, this was all red earlier. the tackle what america needs to do now to blunt russia's natural gas power, we're joined by -- [inaudible] fox business contributor gary kaltbaum. well, gary, omg -- [laughter] we're seeing a full-blown turn around here although the dow's still down about 140 points. but yesterday was a big day of losses, today a big day of losses. do you anticipate that this is a short-term bounce and that stocks get worse before stabilizing? >> after i get over my vertigo, i can answer -- [laughter] liz, i've been very, very bearish on the markets. today earlier i put out a note that i think we could have a definitive washout day. the masses have gotten very bearish. we dropped 12-13% in nine days on the nasdaq, and i think we're

getting a big -- not a small, a big washout here where the lows are put in for right now, and we'll get system good upside testing from here. it's just a matter of sellers got wiped out today, the buyers are coming in. i love the fact it is being led by the growth arena, the technology arena. that's the area that usually leads markets up and down. they've been leading down for a while. i'm pretty sure that changed today, and i must tell you, i don't really like to look too far back, but if you go back all the way to '98 and somebody goes to look at a chart, it looks exactly the same on the second drop before we were off to the races again. and i do know there's a lot of news, there's a lot of bad potential news out there, inflation and russia. i'm a big believer in watching the tape, and it's speaking pretty loudly today at an important juncture. liz: yeah. and i'm just checking bonds because earlier we were for the

10-year yield and i was taking notes all day long are, you can see it right now, 1.97%. what does that mean? it means a that investors are emboldened. we could cycle through a whole bunch of different ec sectors and specifically energy. i want to bring in chris wright, of course, with liberty natural gas, it's a very big story today. we know that russia's muscle comes from its energy. they use it to fund their military, today use it to fund their foreign policy, their economy. how does the united states turn that, chris, into its achilles heel in -- heel? >> yes. well, the u.s., fortunately, liz, we're in a pretty good position. we produce -- we're the second largest exporter of natural gas in the world after russia shah, but europe is not in a good position. i mean, energy security equals national security. energy security equals economic

security. so the best move now is that europe should build import terminals or expand their import terminals to get more of their energy resources from the united states and from other free countries. that's what should happen. i believe it probably will happen. but that takes years. we can't help a lot in the short run for the energy question, but we can help a lot in the medium term. liz: okay. we're looking at the frackers right now, and they are still down, chris. is that because the united states has sort of slipped in its leadership position? we are still the biggest exporter, of course, of natural gas. russia's right behind us, but you've got to tell us exactly what we need to do now and what is the fastest way that we can get back to taking more, even more of a leadership position in natural gas? >> energy realism, liz. the biggest problem we had is the government in our country somehow believes oil and gas is bad, and they want to oppose it, but they're opposing domestic

production of oil and gas. if we don't produce it here, it just means it's going to be imported. it doesn't change demand or greenhouse gas emissions. so what we should be doing is building the infrastructure so u.s. can continue to grow as a powerhouse. we need more natural gatt gas pipelines, more oil pipelines, more export infrastructure so we can supply not just our own country, but our allies and other countries around the world. we have the resources, we have the technology. liz: the two u.s. lobbyists that were working on behalf of the nord stream 2 pipeline which we just said have now excused themselves. they have quit. they are not going to work with russia now. and so, clearly, already we are, gary, starting to see some erosion in any kind of support. i want to also mention to our viewers in case they missed it that president biden said that they will limit russia's ability to do business in dollars, euros, pounds, yen. as we look at everything that's going on in the landscape, did

investors miss this opportunity to buy at bottom if they thought, well, i'll go til the final hour because with surely that'll be the worst part -- what is in the psychology here with the sentiment? >> well, as far as the market, i don't think you miss anything by one day. and if the market's going to go off to the races, there'll be plenty of opportunity out there. look, corporate america's not gone by the wayside. there's still some great companies with great earnings and great revenue growth. and, by the way, you're speaking oil, i think one of the most important things we saw today and it's quite amazing, is oil prices which spiked dropped all day in the face of what we're seeing in russia beats the heck out of me what that means. but to me, there's power many numbers. and and the more countries that get behind against what russia's doing, the better as we move forward. and if you can put them in a box, maybe we can get over this a lot quicker than anybody ever thought. but for me, again, as you asked from the outset, i'm a big believer in just following the

price action, the market, and it is definitely compelling today on what is supposed to be ad bad day on the worst news possible. i was up all night watching the news, worried about it, and and then all of a sudden early in the morning i'm watching the nasdaq do being bid up, and i'm saying, okay, something's going on here after 12% down. so again, fingers crossed. we'll keep watching every day, we'll stay focused and hopefully the worst is over for thousand. -- for now. liz: well, chris, as we look at the possibilities of what the u.s. government can do, there was that chatter yesterday throughout the market and phil flynn, our energy reporter, was talking about it that maybe the united states starts to tap the strategic petroleum reserve again. we already did it in november because of inflation, and the president did mention that today. he did say they're working with a bun of of -- bunch of nations that do consume a lot of oil to tap their spros. do you think that will be an answer at least in the short

term? >> in the short term, yes. every week there's been oil coming out of the spr pre this invasion. so if there's any escalation of the conflict, the short-term answer will be the spr. but that's only a very, very short-term answer. you know, it's got seven or eight days of global demand in it. that's it. so the spr is a short-term buffer in days or weeks time period. the long-term answer is just to continue to grow america's energy production and america's energy infrastructure as we've been doing. liz: chris wright, gary kaltbaum, thank you both very much for joining us. we're going to split the screen here for a moment. take a look, we're looking at live shots of ukraine where it is 10 p.m. and moscow where it's 31 p.m. along -- 11 p.m. press secretary jen psaki is set to give a briefing.

now, the global markets, as you know, started going haywire as russian forces started lobbing ballistic missiles into ukraine. they have now gone to an air base that is a crucial, crucial take for russia. they can now use it to land planes and refill and bring in all kinds of military equipment. russia's unprovoked war against ukraine now just over 24 hours old. there are casualties on both sides. massive columns of russian military have breached multiple cities in ukraine where fierce fire fights are underway. ukrainian citizens, some now refugees, earlier fleeing the capital of kyiv, stuck in miles-long traffic jams and as you see, a kind of horrifying replay of world war ii, terrified ukrainians are now taking refuge in train tunnels. as the world waits and watches, let's get right to trey yingst who is on the ground in kyiv, ukraine. trey, what is going on? i'm almost afraid to ask.

>> reporter: liz, as we speak, the russian air force is targeting ukraine. off in the distance we just heard at least two explosions take place. a big indication that that tonight could look very much like last night with an air campaign that targets major cities across ukraine. kharkiv, the second largest city in ukraine, also reportedly right now taking missile fire. this has really been what ukraine has been dealing with the past several hours as there is no indication that the ground and air offensive launched by russian president putin last night is going to stop. actually, everything that we are seeing on ground right now indicates that it's only going to get worse with until he is able to take the capital of kyiv where we are at right now. earlier today russian troops crossed the border from belarus into northern ukraine in the chernobyl area. they had a fierce fire fight, we understand, with ukrainian forces and ultimately defeated those forces. they now have a pretty clear path to make it down to the

ukrainian capital. looking a little bit west, there is a military air base just outside of the city, and again, as we speak, this is unfolding. there is a battle as ukrainian forces are looking to take back the airfield from the russian ares who earlier in the day took at least 20 attack helicopters and targeted this airfield. the major concern with this particular piece of infrastructure is that if the russians are able to control it, they could land planes there and actually restock their equipment, bring in new vehicles and personnel and then be able to launch an attack on the ukrainian capital from multiple angles. so a lot of developments tonight. this story is changing each other, but already at least 57 casualties on the ukrainian side, that includes civilians and soldiers, and that number may be low, still trickling in at in this hour. liz. liz: trey, please stay safe. thank you very much. trey yingst live from ukraine. russia is going after ukraine via land, air and sea as well as now cyberspace.

what kind of firepower will the u.s. use -- not would the u.s. use, but will the u.s. use -- when russia launches cyber attacks against america? we will get the latest on the crisis from former national security a visor john hannah an. closing bell 45 minutes away. the dow has pared its losses even more, we're down just 136 points. ♪ ♪ you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates

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the u.s. approach these threats to national security? joining me now the russian-born cofounder of crowdstrike who now serves as chair of silverado policy accelerator and also forbear national security adviser to vice president dick cheney, john hannah. president biden now sending troops in poland, spreading them out to romania and the baltic states. how do you expect putin will react? >> hi, liz. it's absolutely the right move.. i'm hoping we're going to see the nato response force that's 40,000 troops, seamen, airmen and massively deploy particularly into the wantic states. the baltic states. that speech that putin made earlier week made clear that his ambitions to reassemble the russian imperial empire and be the new peter the great does not

stop at ukraine's borders. i think that there is a real threat now to the baltic states in particular, and nato's got to respond to that. liz: we're talking about latvia with, estonia, lithuania. they are right there. and then row mania's not that far -- romania's not that far. you know russia has troops in bell belarus -- belarus. john, do you get the sense that there has to be a way the stop putin now and that, short of military, would be to cut them out of that swift banking system which end ables some 11,000 banks, global banks to do business? if you cut the head off, isn't that the best way? >> when it comes to this invasion, liz, i think that train has left the station. i'm not sure anything can stop a committed army of 200,000 men that is now rule rolling into -- now rolling into ukraine. ukraine has entered, i'm afraid

if, a long, dark night. this is now going to be something if we're going to reverse it, it's not going to be tomorrow, it's not going to be next week. this is going to be a months and years struggle. i think sanctions will play a critical role in that, but i think we're now going to see the need for the west and the united states to pivot to something back to the future of reagan's afghanistan policy in the 1980s where we're operating from countries around ukraine to make sure that this is really going to be for putin like swallowing a por chew pine, that there's going to be -- porcupine. that they're going to be sending a lot of young russian boys home, tragically, in body bags. liz: yeah. i'm not sure, dmitri, if the russian people are as excited this time as they were in 2014 during the sochi olympics when

putin snapped off that piece of crimea and, clearly, this time around it doesn't feel the same. but you knowing the russian people and you knowing putin's mind, when do you expect that american businesses and things like the colonial pipeline will start getting hit? biden has all but threatened to do it right now. >> given that president biden has just instituted very severe sanctions, targeting the top two banks, targeting their industries from being able to import semiconductors which, of course, they'll need for a variety of purposes, consumer electronics, industrial uses and their military, these are going to be very severe sanctions that i don't see the russians not responding to. and, of course, president putin has used cyber attacks in the past as leverage, and one of the first things that i expect him to do is unleash his criminal gangs in russia, ransomware gangs against u.s. businesses, basically sending a message to

people that it's a free-for-all when it comes to western countries. and they may be joined by actual russian intelligence services that may be doing strategic disruption against our financial system as well. liz: do we have the firepower to fight them? yes or no. >> we do have, the question is will we use it. because, the reality is the russians fight dirty. we're not going to target their civilian infrastructure and impact innocent people, they will. they have no reservations about doing that, and as a result, they can inflict quite a bit of pain on us. liz: dmitri, john, thank you very much for joining us. we are watching the markets very closely. we're still in the red for the dow, but the russell, the s&p and the nasdaq have punched into the green. we are coming right back with much more straight ahead. ♪ ♪ re crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq,

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image company maxar that new images on your screen now show damage to fuel storage areas and other airport infrastructure in the ukrainian city, but it is clear that biden is trying to fight back against this, but putin is going for energy stores. and now we have confirmation, 100%, that russia has surrounded and taken chernobyl. of course, chernobyl was the site of the worst nuclear meltdown in history. multiple, multiple casualties back then and, clearly, we have a very difficult situation here. now, as russian troops continue to flow in to ukraine, we have to look at what's going on with the buildup of the crisis that has really just happened in the last 36 hours. u.s. firm generac is saying that sales of its home standby generators in both russia and ukraine, those sales have dramatically increased. generator uses natural gas to

power up homes and businesses, so clearly this is a major issue. right now we have the chairman and ceo. first, aaron, thank you for joining us. you've got teams on the ground. number one, how are they doing? are they safe? is and, number two, what are your sales looking hike at this point in ukraine? many. >> yeah. thanks, liz, for having us on. obviously, it's a fluid situation there, and we're watching for information to come through, we're talking to our teams actively, want to make sure that, obviously, they're safe. a lot of concern, grave concern, about the current situation. as far as the impact on the business there, or you know, we have in europe a business that's about 10% of our overall company, and so it's a nice piece of business for us. we have seen interest in generators in general for that region of the world, russia and ukraine. you know, it's just -- it tends to go with the territory, i guess, you know, when you have this type of conflict or power security issues, people get very

concerned about power quality. it actually is spilling over here into the u.s. with the concern about potential cyber attacks on the grid. liz: okay. that i'm really interested in discussing at the moment. the grid is vulnerable, is it not? >> it is. i mean, the grid is a patchwork of, a network of power, and it's, you know, there are a lot of different protocols and software systems and players that are involved in operating the grid. and so because of the decentralized nature of it, you know, the vulnerabilities and the gaps from one system to the next can vary wildly, and that does create a situation where, you know, a mal factor could take something to take at least a part of the grid down, if not larger regions. liz: you are in an awkward position because you also have an office outside of moscow. are you concerned that sanctions may, you know, hamper your

ability to do business there, or are you ready to just pull out? >> yeah, our russian business has always been, you know, it's an interesting business. the russians do buy generators, of course, and we do sell them to them, and sanctions could harm that. we're not exactly sure at this stage. everything's so new, we're just processing all the information we can get our hands on. it would probably likely be a situation where we'd be unable to continue business there. but, you know, it's a small market for us in total, but it, you know, it's still one that a we probably would struggle to continue with. liz: well, we're looking at price hikes, obviously, of natural gas although they have moderated just a bit over the past couple of hours. what about your price hikes? have you had to implement higher prices due to the supply chain issues for materials, and do you see what's happening now affecting the pricing of your generators in the near future? >> well, obviously, the supply chain challenges are well

documented, right? and the commodity costs have increased dramatically. we're seeing energy costs continue to rise and, obviously, energy has a major are input into some of the materials we use, particularly aluminum, copper refining, teal productio. we've instituted price increases over the last 12 months on average between 10-12 across almost all of our products, and costs continue to rise. logistics costs as well have been, you know, again, well documented. but continuing to rise. so we're going to keep an eye on it and if we have to put another round of pricing into the market, we'll react accordingly are. liz: i know you have some generators that run on diesel and other kinds of fuels. where do you see those prices going as we watch brent crude going up above $104 barrel -- a barrel today, that's an 8-year high. >> yeah, it was shocking to say that, it's been 2014 since we saw any kind of numbers like

that on crude oil. that is, again, in term of diesel fuel itself -- and our products, because they're primarily used in an energy duty type of situation, the input costs around the fuel is maybe not as sensitive as perhaps the input costs like steel, copper and aluminum. nonetheless, it's something we have to account for and something that our customers, of course, it comes out of their pocketbook when they run these machines. liz: we know you mentioned aluminum. aluminum prices are spiking, not to mention palladium, gold, platinum. all of these prices have reached multiyear highs earlier today, and some of that is a flight to quality. as we know, palladium is used to make catalytic converters convert. what other met calls do -- metals do you see using that you're concerned about as the prices go higher? >> yeah. again, aluminum is definitely one that we watch very closely alongside steel, and then you go into our clean energy products, our battery storage, and you've got the battery ingredients

themselves, cobalt, lithium and some of the other chemistries that go there and, of course, all of those prices are up across the board. the broad spectrum of commodity prices in particular around metals, as you say, has gone up. we use a lot of catalytic converters, of course, also in our machines, and we're seeing those costs rise. the inflationary environment is, i think we can all cease the debate around whether it's transitory or more structural. i think a lot of the inflationary things we've seen around labor and materials costs certainly appear to be more structural in nature and longer term and i think are going to be with us for some time. liz: aaron, we appreciate you coming on, on a very busy day. i want our viewers to look at the dow jones industrials, now down just 21 points. this is a pretty phenomenal comeback that we're seeing at the moment for the markets. of course, much of this start just after president biden began speaking and announcing brand new sanctions, so you now have the s&p up 47, we've got the

nasdaq up 390, that is a new session high. yep. because earlier when we started the program, the session high was 264. we're now up, as you see, 394. russell is up 43. the transports up 249. if i keep talking, it's almost like the dow will turn positive. we're now down just 17 points. what we're going to do here is go commercial-free as we follow every inch of these markets, and right now as we see this turn around in stocks, we're looking at all kinds of defense. and the u.s. defense officials are just announcing that russian forces have advanced closer to the capital city of kyiv. this following news that russian troops have successfully captured chernobyl. remember, chernobyl was the site of the worst meltdown in nuclear energy history. however, two of the four nuclear power areas in chernobyl are still up and operating. the sanctions came when president biden announced the myriad of financial restrictions

against russia. israel has now condemned russia's invasion of ukraine as a, quote, violation of the world order. but did not condemn russia specifically. russia has,s in the recent past, 2015, been an ally of neighboring syria but allows us yell to -- israel to operate against iranian activity in the region. israeli officials say the next decision will be whether to join the sanctions specifically targeting russia. joining us now, former ambassador to israel, danny, it's wonderful to have you. we know israel's in a difficult position, however, when your neighbor's house is on fire like syria was and russia comes in, how do you just sit there and watch it and say, well, it's not going to come near us? >> thank you for having me, liz, today. israel made an unequivocal condemnation for the russian

invasion into the ukraine. they spoke very clearly about that, and is we are very worried to see after second world war invasion of a state to another state. it is unfortunate. we are worried about what's happening to the people of ukraine, to the jewish community in ukraine, we know that anti-semitism will be on the rise when you have chaos on the streets, and we are very worried about it. liz: yep. you know, a little personal insight here, my grandparents from what is now ukraine, o december odesa -- odesa, they were chased out by the russian cossacks. this is an issue not just for the jewish community but, obviously, the ukrainians are under fire, and the world is watching. and beyond sanctions, they're not doing much. israel has been in this position and over again. the six-day war, the yom kippur war where multiple countries attacked israel and nobody stepped in to help.

what would israel do in this situation if it were ukraine? >> so first, i completely agree with you. every state has to think what will happen if someone will attack its sovereignty. we see what's happening at the u.n., that they are not capable of doing much. you know, today russia and china will be to any resolution in the security council. we understand that we have to defend ourselves. we cannot ask anyone, not the u.s., not the e.u., even not the u.s. because when you see taking action today in the war, you can imagine what would happen if iran would decide to attack israel. that's why we invest a lot of our budget into defense, technology and, yes, we are getting ready for a scenario that we will have to defend ourselves by ourselves. liz: i just want to let our viewers know the dow briefly turned positive just for a moment there. we're down just 6 points.

obviously, we're a business network, danny, we are looking at the business implications. russia's stock market plummeted. there's the rts and the moscow exchange. rts, i believe, is the one denominated in u.s. dollars. but the ruble, their currency dropped the most that it has ever dropped. at what point do you think citizens start to react negatively in russia to what vladimir putin is doing? >> well, after a hearing president biden deck lalation about the -- declaration about the sanctions, i'm sure they will start feeling it in their pockets, in their bank accounts. it will affect the will of the russian people. moreover, i don't think they really understand what is the reason for this war, what's actually the source of the war. no one knows. no one in the u.n., no one in israel and i think the russian people deserve answers why we are seeing those -- in the ukraine. liz: cybersecurity, we just

spoke to dmitri about this, and he absolutely believes that the attacks are going to begin now. is president biden, from where you sit, doing the right thing in continuing and forging ahead with these sanctions, and should we be going further when it comes to the so-called swift financial institution and that network where if you ban russia from being able to transact in any way, shape or form beyond just slapping sanctions on russian banks, would that really be the thing that destroys russia's ability to fund its military and to continue forging ahead into ukraine? >> i think too early to give a grade to president biden, but i would say that it will be the first and probably most important little footsteps. whether it's declarations or actions, i think we heard the concern about the energy market, liz, and the implication on the european economy.

so i think we herald that -- heard that people are saying, yes, we should put sanctions, but at the same time we have to make sure that we are fueling over the winter. it's a cold winter, and there are implications about what will happen to the cycle of energy, most of the energy is still coming from russia. liz: danny, thank you very much. we appreciate it. former ambassador to the united nations for the country of israel. we've got this fox business alert, the markets are certainly fighting back here. shares of electric carmaker nikola are revving up after the company announced it's on track to post its first ever revenue this year. already. okay, nikola has been embattled, right? but it reported a smaller than expected fourth quarter loss and confirmed it will deliver up to 500 electric trucks to customers by the end of the year. shares are popping 17% right now to $8. we should look at live nation. that's another stock that's actually been in the green all day, but you can't say that for

many of these. this after reporting better than expected earnings. the entertainment company said the omicron variant did little to hamper results, and it expects to see record financial performance in the coming years. as the stock moves higher by 9.66%, jpmorgan raising its price target from 117 to 130. we're at 124 and change right now. as you see, we're looking at a gain of about $10.81 for hive nation. strong earnings also have shares of i max bucking the market trend that was in place, so now we've got markets higher except for the dow, but imax is up after the company blew away analyst expectations. 31 cents a share for earnings compared with the9 12-cent estimate. revenue also beat forecasts. you can see amex finally above $20 a share at 21.10, a gain of about $1.62.

movie theater stocks, or we'll check on them as well. amc and cinemark, as we quickly look at those, they are moving higher by a significant amount. amc up nearly 12%, cinemark by 6.25%. shares of discovery are dropping at the -- after the media company posted earnings that missed the street's estimates. the number of new streaming subscribers slightly missed estimates. we've got discovery down 1 is.75%. discovery said it expects low to mid single-digit growth in the second quarter. big media companies, quick check on that, and we can see all of them are kind of in a different place here. they are charging higher. comcast up by 1.5%, disney up nearly 2%, paramount up 1.8%. dow jones industrials down 44 points at the moment. the s&p up 46. we are, actually, going to take a quick commercial break here as

we see the markets fighting back. what is going to happen next? charlie gasparino going to join us in just a moment, stay tuned. ♪ ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.

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and you choose fiber solutions with speeds up to 10 gigs to the most small businesses. that's virtually everywhere we serve. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. liz: we got within spitting distance of positivity, in fact, the tow just punched in there for one moment. still down just about 6 points, but look at all this green on the screen. federal reserve chair jerome powell, yes, him, now juggling two major issues. the united states' worsening inflation problem and now the possible economic fallout from russia's war with ukraine can. fed watchers say the invasion of ukraine really complicates the fed's plans for tightening. charlie gasparino is joining us. you were looking at the fed fund futures which are now no longer

looking like any kind of 50 basis point hike. now it's just 10%, 90% chance of just a quarter percent hike. what are you hearing? >> yeah. the consensus is, and i'm talking with former fed officials who used to work at the fed, bank executives, is that the 50 basis point raise is out, but there will be a 25 basis point raise in march, and there'll be successive rates. i think the number's seven from what i hear. here's the problem, liz, that i think the market has here, and i'm being cautious here in terms of really predicting this stuff. yes, the invasion complicates matters, but inflation is really embedded in this economy. and jerome powell at some point may have no choice but to do 50 basis points and even in the face of, you know, an invasion of ukraine, higher gas prices which, obviously, adds to inflation as it is, in this may

not be an issue that's, that he can take lightly. so i think what the market is saying is 25 basis points, but really cautious here. i think you have to look at the various inflation prints going forward. and, by the way, 25 basis point rate hikes plus the end of qe, plus tightening, you know, as this thing goes on, that could be problematic for the markets. so i would just be careful. the market bet today is that, you know, he may do nothing or he may do something mild like that 25 basis points, but that's the bet today. and, you know, it shows you that the markets really think that jerome powell is a wimp, that he doesn't have the backbone to stand up to political pressure even in the face of significant inflation. so they're basically signaling that, and they're signaling that he's either walking away from everything or just doing stuff that's minor in the face of this invasion. but, again, liz, look at the inflation prints. they're out of control. i mean, there are new asset

classes being created in the last two years every day. we have meme stocks are up today. [laughter] ark mc is up today. i think -- look at gme. i'd like to see what happened with bitcoin. it was off earlier, it's probably up now. look at that. i'm telling you, this is, this is -- these, by the way, what's good about following amc, i'm not recommending buying it, obviously, i'm just telling you that it's a good indicator of betting. and, you know, if you think the froth lasts longer, you buy meme stocks, you know? if you think that. there's some -- and there are people betting that now going forward, that powell's going to back up and that's good for all these. look at gamestop. they're up today. liz: i'd actually like to, charlie, stand by. i'd like to look at the dow. the dow is at session highs right now. >> yep. liz: we have now turned around from an earlier loss for the dow of 859 points to a gain of 130 points.

so what is really going on, and should you now be taking some chances and dipping your toe into picking up some stocks that may be on a discount? joining me now with $200 billion in assets under management, peter maluk, cfra chief investment agent sam stoval. the therapy around is rather surprising, is it not? and what does it say about what investors should be doing? did they miss this opportunity, or if we start to see kyiv taken, god forbid, in full force, do markets plummet once again? >> hey, liz. well, i think that possibly what it's telling us is that the market is oversold and is ready for at least some sort of a relief rally. but, yes, it's also tiptoeing out onto the ice, if you will, because if we do see that the conditions in ukraine worsen or that we see some sort of cyber attack here in the u.s., then we

could see the markets reverse once again. but charlie is certainly right. i think a 50 basis point hike is off the table and that our belief is we see five the entire year. liz: peter, we were looking at the financials. they were just getting hammered earlier. they may still be. i've been checking every moment. european banks, for example. this is, of course, the overhang of the possibility, that sword of damocles that perhaps the russians may get kicked off the swift banking system. yep, they're off their lows, or big financials in the u.s. and european banks are seeing degradationation here. -- degradation. are these buys? >> i really don't think much has changed here. we have a big, sweeping narrative. there's too much money sloshing around the system, inflation is too high, the fed is going to have to raise rates. that narrative has not changed.

all that has changed is the trajectory e of that narrative, that's it. so just like everyone else is talking about, rates are going to go up. they might not go up as fast in the short run, but there is nothing that's happened with russia and ukraine that has has changed the fundamentals of what's happening. we also have a lot of speculation whether it's cryptocurrencies, nfts, meme stocks or growth stocks without any earning, and we were starting to see a lot of weakness around that. all ukraine and russia, that short-term turmoil has exacerbated that, but that narrative is same too. and so i just see we're still going to -- the fed's going to have to come around. i don't see any special opportunities that come out of this short-term event other than possibly -- [inaudible] liz: john, i woke up this morning, i was looking at gold. it was sitting something like $1,99 73 a troy could bees -- 1973, up more than 3.5%.

look at it now, down two-thirds of a percent. how'd it go from absolute fear to, hey, you know, let me jump back into the risk-on trade whether it's bitcoin or something else? dow is up 1 111 points -- 111 points. bitcoin is up more than $1,000 at the moment. what do you avoid at this point? >> oh, great. definitely avoid chasing. i mean, this is the point in time where we have to separate the traders from investors, and the traders are focused on one thing, and it's clearly what the fed funds futures market is doing and where interest rates are being priced in. that's what's driving the daily volatile. but if you're an investor, there's a lot of value to be had out there because, listen, the average stock was off about 15 or 16% coming into today. so there's tremendous value, i think, in certain sectors of the economy. what i would not be doing, i wouldn't be chasing energy, i wouldn't be chasing gold. you know, those are plays in the portfolio that should have been had, you know, coming into this in a diversified portfolio.

you look at the last five or six years, the market has been so over its skis in technology because really you are not paid to be diversified. the only trade that really was working or the only investment really seemed to be tech, and now that day has come. so you really want to be diversified coming into a situation like this and not chasing things out of fear. liz: well, it's the old saying you don't buy insurance when the house is on fire -- >> that's right. liz: -- you buy it before the house catches fire. sam, i want our viewers to see some video because it is a touch and go situation. earlier fox news' steve harrigan was on the ground doing a live report, and he began speaking and then there was a big bang, and he clearly was very, very concerned. he was describing that behind him there was a big attack, and so this is not over. in fact, john hannah was saying this could go on longer, it could be protracted. what are the permutations that you see for the markets at this

point? >> well, i think certainly we could -- as i had mentioned before, possibly see the beginning of a relief rally, but i think there's an awful lot of damage that has been done in the market. we're looking at the charts and indicating that we are actually seeing an expansion of the number of new lows in the markets itself. so while the larger benchmarks might be showing improvement today, we still think that a lot of this damage needs to be repaired before we feel bullish enough to be making more aggressive buy recommendations. finish. liz: peter, as we finish up, 30 seconds here, people were expecting a pull blown washout today. we did not get it. is there more pain to be come, and are you waiting for that point? >> i think there's more pain to come just because so much of this is fueled by cheap money, and the cheap money is going away. it might be going away slower than expected, and i think that's what the market responded to today. i think there's clear lines drawn what's going to happen

between russia and the united states and nato, and i think the market has its mind around that. [audio difficulty] liz: okay. peter, sam, john, thank you very much. this is a stunning one, a pretty dramatic, epic -- let's call it end epic turn around. all green on the screen as the war with continues. russia hello, welcome to kudlow, i am very proud about. the war is on, russia's arcing through ukraine, mike tobin joining me from ukraine. what is going on out there? >> the most spooky development, the fact that ukrainian ground forces fighting to keep the russians out of the chernobyl exclusion zone lost the battle. the russians are in control of the area around cob