the market is really only keeping it real. it's a mirror of our souls, not our smiles. and with that in mind, we're coming on pretty nice as we end the week. as we know, the most challenging part of every session has been that last hour of trading, and there's nobody better to hold your hand through that than liz claman. liz, over to you. liz: thank you very much, charles. and already the headlines are hitting. they seem to start to pile on at around 2:59. we are, however, looking at the s&p and the nasdaq now positive for the week. lots of green on the screen. stocks are rallying the dow is spike as well, up 728 points not even at the highs of the session now. we are watching stocks extraordinarily closely because we're getting reports that ukraine's land forces say after heavy losses, russian troops have been stopped near the northeast city. but we do have explosions heard in parts of kyiv as an increasingly isolated vladimir

putin forges ahead to take this sovereign nation. air sirens have been screaming throughout the day as russian rockets streak across the sky. watch this. [background sounds] [speaking in native tongue] [background sounds] >> that's a missile! [bleep] that's a missile! liz: this is video from earlier today and, obviously, it is a very upsetting situation. you're looking at damage from an apartment complex that was hit right outside from the missiles that russia has been launching. but to the markets as we look at them, they are holding on to these gains. a couple of issues that we need to talk about here as we see the dow up 691, the s&p up about 74, there is a question as to

whether there will be talks between vladimir putin of russia and president zelenskyy of ukraine. and russia's president has said, sure, we'll talk, but we'll do it in belarus. belarus is not a neutral state. that is a very russia-friendly government there. so ukraine has said no at the moment. as we look at yesterday's stunning turn-around, look at the nasdaq intraday. yesterday right during this hour the nasdaq swung from a 3.5% loss to finish with a 3.3% gain. the dow also had a really meaningful turn around there. now, investors appeared to welcome both yesterday's coordinated sanctions from the west and also additional news out today that the european union is freezing the offshore assets of vladimir putin and foreign minister the sergey lavrov. president biden earlier in the situation room participated in an emergency virtual meeting

with all 30 members of nato. the alliance is now kicking into high gear, moving troops to the eastern part of the alliance. as a defense mechanism. they are not ready to start fighting. they have to wait until one of their countries in the alliance is attacked. there are now 4,700 u.s. troops from the 82nd airborne in poland to assist with mass number manies of refugees flooding across the border. there are reports fighting has come within just miles of poland, and lithuania has institutedded a state of emergency. stand by, because in just a few moments we're going to be joined by nay's deputy secretary general. we're going ask him a whole bunch of questions, particularly if there is a cyber attack on the u.s., will that constitute an equivalent to a military attack? as u.s. is a member of nato, would that then kick in article v which means an attack on one of us is an attack on all of us?

we will ask. the fear index showing no fear as investors pile into stockings. the vix down 6.6%, well below the 30 level that we saw yesterday. financials, consumer staples, health care names, money is flowing into those if we look at some of the etf ifs, all green on the screen. but the banks jumping about 3.7. with the situation overseas still extremely tense, we want to stress that, let's get to our floor show. joined by steve ox along with former national security to vice president pence, general keith kellogg. >> largely, the markets were deeply oversold, liz, number one. and, number two, president biden yesterday said he's not going to war over the ukraine. and, you know, you and i might feel very upset about that in terms of what's going on in the ukraine, but the markets like it

because the markets are, you know, obviously be concerned about a shooting war between nato and russia which seems to be off the table at least for the moment. so i think, you know, the news on that a front against a very oversold condition. we're being very cautious here, liz. we still have, you know, up markets by the end of the year, but we think it'll be very much a back half of it. and in the near term, we're trying to digest higher interest rates, hiking cycle. they're behind the curve on inflation, and everything that we see going on in ukraine is only going to make that worse. so the markets really have to grapple with that. the growth stocks are too high in terms of valuation in a higher rate environment, and that's just going to keep pressure on stocks. we're not buyers in this, you know, this little bounce we're having here. liz: general, bombs are being dropped near power stations in kyiv. what does that tell you, and do

you believe this ukrainian forces report that says they have stopped at least some russian troops who were trying to advance? >> you know, liz, listen, i think putin's got some problems right now, and they're going to grow. you know, there's an old saying it's not the size of the dog in the fight, it's the size of the fight in the dog, and -- liz: amen. >> ukraine is fighting very well, and zelenskyy is showing enormous personal leadership in the fight. and that is significant to ukrainian forces that are fighting hard. and the longer this fight goes on, the worse it is for putin. because he wanted something to happen past. he underestimated ukrainian forces. and now that he's talking about talks with zelenskyy in belarus -- and you're right, he shouldn't go to belarus -- this shows weakness on his part. if i was putin right now, i'd think about doubling up my body guards, because they may want to take him out eventually instead

of zelenskyy. this is doing enormous damage to him politically and militarily are. he made a mistake. his biggest mistake early on was he didn't throw the full weight of his military against ukraine at the very start. he tried to do it piece meet. example. he didn't hit 'em with cyber. so that will left all of the nets open for certificate eleven can sky to talk to his people, the radio and lights stayed on. he's got a fight on his hands, and the longer it goes, the worse it is for him. liz: steve, i think the general's right except that he does still have that huge flow of money coming in for all of the output that russia has when it comes to energy, distillates. you name it, the world is still buying it. crude oil actually today had fallen. remember yesterday it touched a significant high of about $100 per barrel. i'm looking at crude right now do -- right now, we do have it just about $91.93 in the after

market. and natural gas is also falling. so you still look at some of these stock names that have gone significantly higher when it comps to energy, are you still in? do you still like those areas? >> absolutely, liz. first of all, we have oil going to 120. we're really undersupplied here, and we think longer term heir going to put more pressure on russia. they're going to start cutting back the imports from russia. they have to do that, it seems obvious to me anyway. with or without that, we have got oil going higher, and we would stay with these names. and what we like about them, take a stock like exxon, it's still got a very attractive dave dividend yield which is a theme we like in general right now in stocks. big defensive businesses producing 4 or 5% dividend yields, you get paid to wait. i think the market right now is either going to correct through time or correct through direction. but either way it seems to us that there's a little near term

upside. longer term we still like this market, but i think in the meantime we're in a condition where we want to stay with some of the energy players and other big stable companies that are producing really nice dividend payments right now. liz: general, if the russians or some of their hacker cronies attack via cyber warfare, is that consider considered an equivalent to a military attack and, hence, does that not mean p that the united nations and nato have to start to do something? >> yeah, that's a great question. and it's been asked a lot, liz, lately. frankly, i don't think it rises to an article v provision. i've seen in the last four years when i was inside the trump administration our capacity to respond with cyber, it is overwhelming. and if they do come in, and it'll come from his intelligence unit, his gru, it won't be hackers like dark side with

ransomware. it'll be a significant effort by his intelligence organizations to attack the west. we will respond in full, and we can do more damage than he can do to us, i guarantee you that. and our systems are veriesings -- very, very good. i think if he does that, he's making a tremendously foolish error. but do i think it rises to the attack level, attack on one is an attack on all is and starts up article v? i don't think so. i think it's more key metic than it is cyber. liz: general, good perspective and, steve, thank you very much for joining us. an important moment here. dow is still holding on to 712 points of gains. the battle for kyiv is underway with russian forces closing in on the capital city. gunfire and explosions have been reported in the city as russian bombs rain down throughout the country. ukraine's defense minister has urged citizens to report russian movement and attack with molotov

cocktails when possible. and with the u.n. reporting more than 50,000 ukrainians fleeing in the past 48 hours, let us take you live to lviv where air raid warning sirens have been sounding off. fox news' mike tobin is on the ground. >> reporter: and it's interesting that you talk so much about nato because there's a significant development. in 2003 the nato response force was formed, and according to secretary general it essentially a coordination with all of their land-sea-air and cyber forces. that has now been activated and include as many as aircraft in 30 locations and 100 more on ships throughout the sea, all of them protecting nato's eastern flank. here is the secretary general. >> this is a prudent and offensive step to protect and shield other nations during this crisis. in response to russia's massive military buildup, we have all of the strength in our collective

defense on land, at sea and in the air. >> reporter: now, here in the west of ukraine martial law is now in effect. that is manifesting in the form of a curfew that goes from 10 in the evening, it just went into effect, it lasts until 6 in the morning. soldiers can be seen patrolling the streets with kalashnikov weapons loaded and at the ready. old men, young men, retired military volunteering to take up a weapon and join the fight as many people move past this area from kyiv toward the polish border. young men are being refused, suggesting that they stay in ukraine and pick up the fight as we see so many people are eager to do. four times today the air raid sirens sounded in the skies above lviv. this is what it sounded like, shades of world war ii. [background sounds] zirin zirin.

>> reporter: and the fighting was most intense in the eastern part of the country and, of course, around kyiv. this evening as night has fallen, the fighting has picked up in kyiv as the russian armor has surrounded the capital city, has been spotted inside of the capital city, and now you hear with explosion, with small arms fire the russians are attempting to tighten the noose. but one thing is very clear and what we're getting through pentagon officials is that the russians are encountering a great deal more resistance than anticipated, they have not maintained air superiority, and they have not disabled the command and control of ukrainian forces. it seems that the desire to fight for their home is much more passionate than anyone, particularly vladimir putin, had anticipated. liz? liz: yep. and this, general kellogg just said it's not the size of the dog in the fight, it's the size

of the fight in the dog, and the you ukrainians have some fight. markets are holding on to significant gains here. we do have the rally. we need to see for the dow a gain of 855 points for the dow to turn positive for the week, but as far as the s&p and the nasdaq are concerned, they are now positive for the week. the russell is gaining about 1.6%, it's the transports that are seeing the biggest gain, up more than 2%. ukraine's president pleading for help as the battle is underway for control of his capital city of 3 million people. at this hour the nato response forces being activated for the first time ever as a defensive measure to russia's invasion. nato has activated the multi-national force consisting of land, air, sea and special operations forces from allies that can deploy quickly and bolster nato allies. but the activation does not mean that u.s. or nato troops will go into ukraine. ukraine, as you know, the is not a member of gnaw -- nato. but joining me now live is the

deputy secretary general. secretary, thank you for joining us. things are looking extremely tense at the moment that's deteriorating. nato now serving troops that are in the eastern alliance. i would imagine that is poland, romania. can you give us an idea of where those troops are right now? >> liz, thank you for having me. we've done two things, and we had a summit of nato, of our leaders just ended a few moments ago. we also had sweden and finland joining us as non-nato countries but very close to us and the european union attending our summit. what we have done in the last few weeks, we've strengthened nato's presence on the whole of the eastern flank. from the baltic countries to poland r, to central europe, romania, bulgaria, all the way to turkey. and our leaders, as you reported

already, for the first time in the history of nato, activated the nato response force. but also for the first time in the history of nato, we have activated the defense plans for this part of the alliance. so now we have additional american troops, additional british troops, additional navy. we have now more than 100 fighter jets in high alert are on all geographies of nato the, more than 120 ships at sea from the black sea to the mediterranean all the way to the northern sea and baltic sea. so what mr. putin has managed to do by this totally illogical war against an independent country and also close culturally is to, number one, to really create, to forge a national consciousness in the ukrainians that are fighting so, so courageously.

for their land. you've seen the exchange the other day on the island between the russian occupiers and the local ukrainian troops. they died up to the last one defending their land. liz: that's right. but can i jump in? >> please. liz: let me jump in because i do want to ask, you've just arctic lated how many troops are surrounding and hitting key areas. as we know, we've got nearly 5,000 u.s. troops boots on the ground in to poland waiting to help in a humanitarian way. but what would trigger article v? what kind of attack where finally nato looks at this and says an attack on one of us is an attack on all of us, and would that include -- because for 15 years nato has said a cyber attack does represent the equivalent of a military attack. would that be included? >> article v activation is if

you want the supreme clause of mutual defense, collective defense in nato. and of course we have definitions of what military attack on us represents. on two new e domains for nato, cyber and space, because these are the two new additions to the original ones of land, of air and of sea, we have rules in nato that a severe cyber attack or a severe attack from space could trigger article v. there's not a clear -- the gentleman before on the show was right, cyber is a blur, is not as blatant as seeing russian tanks and helicopters and fighter jets invading ukraine. but if there is a severe attack that could be considered by our leaders, by nato as consequential enough to trigger article v, there is an option in

nato to activate article v for a massive, dangerous cyber attack or from a massive attack from space. liz: wow. >> so these are new domains -- liz: okay. >> and i think as we speak, we are seeing russia use cyber against ukraine. they're using it against us. they're using this information, they're using hybrid. they are meddling with our elections. so you see russia developing an arsenal of instruments, military and nonmilitary. but nato is basically embracing this broader definition of our security including cyber and including space. liz: well, let me jump in and ask about the swift financial system is. there's quite a bit of discussion that that's the way to really neutralize and neuter vladimir putin, if you were to kick russia off that system. the european union has mixed opinions on this. germany doesn't want to do it, but this would be definitely a

painful blow to putin. is that something that you feel is the best possible way to hit him hard right away? because when you hear president biden say, wait, we've got to give it time for these sanctions to work, the ukrainians don't have time. their power plants are getting bomb as we speak. bombed as we speak. is there a better way around in that nato's looking at? >> i talk to our european union friends and colleagues, and as i mentioned, we had the leadership in our nato summit today. and i have to say that i'm, i'm coming also from a country that is both a nato member, e.u. member and yesterday evening european council, the your european union leaders adopted this severe package of sanctions in five minutes. it's unprecedented. european union is moan for sometimes taking -- known for sometimes taking lengthy decisions and lots of negotiations. they tack this very -- took this very massive package, for the

first time putin himself is on the list of sanctions. that's massive and symbolically important. of course, there are more options on the table, and they've been discussed yesterday in the e.u. we had a constitution in nato even as nato is not in the business of imopposing sanctions, we are -- inposing -- imposing sanctions. i would say that all these additional measures are not off the table including things on energy. but you want it adopted by the u.s., by canada, by the u.k., by norway, by japan, be by australia and by european union the most comprehensive and massive sanctions we've ever seen until now. is there room to do more? it depends on mr. putin. and this is something that i believe we have to keep as options. of course, making sure that we take into account all the consequences because there will be consequences, economic and

financial. we are not operating in a vacuum. liz: well, we know that the austrian chancellor has said he would like to see putin get a swift kick off swift, but the rest of the european union has to agree. so we shall see. the collective defense when it comes to nato, i would be very interested to know as you start to look at what's going on, the kremlin has said we would have discussions with kyiv, but we want to do it on belarus territory. belarus is not a neutral country, would you agree with that, secretary? >> no. the initial, what they call the minsting accord which are basically a kip lomatic format after the occupation of crimea and donbas in 2014 was at that time a relatively acceptable place to do diplomacy. that's why the name of this accord is the minsk, because the capital of belarus was where it took place initially.

but many of us belief with the involvement of germany, france, russia and ukraine are basically in coma, in a coma if not dead. so what is now going on, and i know that there are attempts even now to find some form of diplomat ific solution for this tragedy in ukraine, is not clear to us if the russians would accept anything short as a total surrender of ukraine, a total surrender surrender of the ukrainian army and basically the total demise of a democratically-elected regime in kyiv. it's a a term of surrender. and we'll see what the situation on the ground is leading to. but for the time being, it seems that the so-called author from russia is -- offer from russia is basically an invitation for capitulation. and these are proud ukrainians.

liz: yes. >> all sorts of support from nato countries, not from nato as an organization, and if you see the russian tanks destroyed, these are anti-tank missiles. if you see the missile air system still functioning in parts of ukraine, it's because this was sent by. liz: yeah. >> financial assistance, we continue to provide -- not nato, but individual allies like canada, like u.s., like u.k., like ballot withic -- liz: we have to, we have to go. okay. we have to go -- >> brave people defend tear land. liz: they are brave people, and we are watching very closely as the markets are continuing to fight forward with here. nato's deputy secretary general live from brussels. dow is up 829 points. we're talking cybersecurity and the stocks that are on the move in advance of what could be an attack from russia. we'll be right back.

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liz: we need to take a look at tesla shares. they are actually holding pretty steady, $804 a share. up half a percent as the securities and exchange commission has launched a probe into whether recent stock sales by tesla ceo elon musk's brother kimle musk violated insider trading laws. here is the story. wall street journal reports after kimle musk sold shares worth $108 million the day before elon polled twitter users asking whether he should sell 10% of his stake in the company. the poll sent shares of tesla down 30% because polls -- certain people that were

surveyed said yes and elon said i will do it. elon musk said his brother had no idea that elon was going to do the poll and it happened to be timing. we do mention that kimle musk does sit on the board of tesla. shares right now as you see trading down half percent higher after upgraded the stock to outperform. breaking news. we are getting reports that american semiconductor giant nvidia has been hit by a cyber-attack. the telegraph is a british paper reporting that the attack may have parts of nvidia's business offline for more than 48 hours as vladimir putin throws down the digital gauntlet threatening cyber-attacks against the u.s. take a look at cybersecurity stocks, the threats are not just military, norton lifelock, leader in consumer security has been popping. getting crushed, it is down

significantly. cloud security beat estimates but disappointed on guidance. department of homeland security prepares for russia cyber wrath. let's welcome kareem, what are the odds at this hour that putin or his hackers will launch a cyber strike against the u.s. for supporting ukraine and sanctioning russia and when do you expect it to hit if not already hayed with nvidia, we don't know yet? >> yes, thanks for having me, liz. absolutely. i think the potential is extremely high right now as it has been for a few weeks now. in terms of the actual direct implications of russia attacking the u.s. and the allies, i think up to this point the concern has been among the community that there was a warmable attack and by i mean by that a fear that they would deploy something into ukraine, similar with what we saw a few years ago something was intended to attack ukraine specifically continue -- it wasn't recognizing political or

geopolitical borders and spread out to the rest of the world and that's what we have been worried about ever since this all started. now with the sanctions i think what that's going to do. i'm not suggesting it's a bad thing, it's made us a direct adversary in the situation and may be coming from russia state actors and loyalists, packer pa- hacker groups that loyal to russia, underground community trying to attack russia on behalf of ukraine. it's an absolute mess quite frankly. liz: what can the united states do? we keep hearing that the cyber team here in the u.s. is topnotch but how far can they go? can they stop russian trains, can they turn off the lights in russia? >> so the answer to that is yes. the challenge, of course, is at what point do we take that next step and that action because then by definition we've now engaged in a full-scale tit

fortat war on a cyber front inches away from the kinetic follow-up or follow of on. we are not quite sure what's going to happen. the unfortunate part, liz, we have been talking about this for a long time. i don't know that we are ahead of the curve on this problem and i'm not trying to sound disparaging is that this is not a vulnerability issue with the u.s. this idea that we can go patch all of our servers and be fine is unfortunately a fallacy. the issue is there's embedded malware within the organizations that are actually waiting to be activated by the actors and so my fear and much of the community's fear now is at what point are they going to turn on what is already established in this country within critical infrastructure within the private sector that have conduits and vectors into these places that we must worry about. it's less about guarding the fortress at the gate, it's now about what trojan horse is on

the inside that we need to get rid of. liz: business parameters have expanded and we do have vulnerability to digital invasions, kareem, thank you very much. >> my pleasure. liz: look at the dow, up 820 points. we do have a strong rally on hand here with developments breaking out of ukraine just about every moment. there is huge demand from viewers eager for news from the war front. streamer growing list of news and sports networks are in focus next. fubu tv ceo david joins us on that and we will ask what will push fubu to probability and gambling effort. stay tune with the closing bell ringing in 26 minutes. the s&p gaining 87 points. positive on the week. nasdaq up 183, we have good economic data today. we have the durable goods number, doubling, more than expected, so the economy looks solid at least for the moment

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liz: nike's move to ramp up selling directly to consumers is stepping on foot locker and breaking its toes. look at shares of foot locker dropping 29% at this hour after reporting it actually lost a substantial amount of business from nike in its fourth quarter earnings report foot locker said no single vender is expected to represent more than 60% of its business this year. that's down from 70% in 2020 and company projected revenue dropping and sales falling between 4 and 6%. meanwhile shares of nike just up under 1% at the lath etic maker is shifting strategy direct to consumer business and you know, they don't want to have their stuff on other people's website anymore.

they don't want them in other people's stores. names like foot locker are getting hammered on the news. as you know the world is patching the developments out of ukraine and the way they watch them on their tv's, phones and other devices getting up to the minute video like what you see on the screen. fubu tv shares are actually dropping after fourth quarter revenue more than doubled but first quarter guidance came in light. fubu carries a number of news channel, abc, cbs, fox news, fox business and bloomberg. how is the streamer which is best known for its sports coverage handling the influx of new subscribers. let's bring in fubu director and ceo david gandler. david, good to have you back. you guys promote fubu for all rights sports viewing. have you seen uptick for live breaking news because of the ukraine story? >> absolutely.

we have gotten ahead of it somewhat. we launched a news package with an additional 5 news networks. some of which are coming from abroad to give people a better perspective on what is happening, you know, in russia and in the ukraine. so we are -- we are attempting to really provide our users a full package that they could spend the majority of their tv viewing time on and we are actually seeing strong growth in january north of 130 hours. so well above what we published for the fourth quarter. liz: well, i know you had 404 million hours of viewing during the fourth quarter. can you break it down on what sports, what's news and obviously this situation has started in the first quarter, so you're getting realtime numbers and data i'm sure. >> yeah, the numbers are very strong. typically we see 50% of total viewership for entertainment about 25 to 30% in sports and

the remainder in news. however, when you have a strong news cycle we see weak acceleration of news viewing on the platform. liz: the idea of putting together a new package, what is the cost of the package? your basic package is around $64 or something like that -- >> yeah. 64.99. liz: yeah, 64.99. >> there certainly are tiers. i was going to say the news -- correct. the news package is 4.99 given the situation in ukraine, i think the package is available for free to current subscribers just to get them a sense of how much news they can get on the platform, but, you know, that promotion will probably end next week. liz: i want to talk about how you're integrating your sports book into the whole business. talk about what you've seen. i know that you launched in ohio

and you're dealing with the cleveland cavaliers, you have that deal. do you expect to see more of these deals and what can of revenue could that bring for your bottom line? >> excellent question. i think we are going to play a very different game. i want to be clear here. our goal -- our intention is not to compete with director books. we have video product with 91% of subscribers are watching sports and the goal is to continue to acquire more market access licenses such as the one you just mentioned with respect to the cleveland cavs and would that allow us creating fly wheel and create cost of entry and create very about thattive user economics that will really provide the level of profitability the street will be looking for. so we are really excited about it. we are trying to unlock casual gaming as you probably know.

nobody has been able to unlock casual consumers and their desire to wager. we think we are very well positioned to do that. it's going the take a little bit of time. we don't expect any meaningful revenue in 2022. focus on 2023 so we don't have to market externally to users rather leverage that continuously growing subscriber base. liz: is the sports book business critical for shareholder value in your opinion then? >> it's not critical. it's yet another engineer and apple sells apple plus. 130 hours a month, this is what every major technology company would love to have. and so if we are able to garner this timeshare it makes complete sense to offer more and more products and as we have

announced we sold 2.8 million attachments in the fourth quarter. so we feel very comfortable that as we integrate into this product, we will be able to offer people more of a lean-forward sports entertainment experience. liz: well, our friends over at light shed as you know, rich greenfield. he's not a fan. he did put you in neutral because the stock has been very disappointing, david. for who got in much higher than it stands now, what do you say to them? >> look, obviously i can't comment on the performance of the stock but, you know, the reality is there's been a rerating of all growth stocks. it's not a fubo thing. you know, we continue to grow. we are going to achieve probably north of a billion dollars in 2022 and consumers are speaking with their wallets. 1 million people vote for fubo. again, i'm very bullish on the future of this company. it's a young company and 7

year's old and we are continuing to take share in the market and many of the comments that, you know, you said your friend has mentioned in the past have been wrong, right? subscribers are down. it's always the end of the world. we are very focused and we have a great team and my sense is we will continue to deliver. results beating and raising every quarter. liz: well, i respect anybody who is trying to build a business and our viewership know subscribers jumped 140% in the fourth quarter for you guys. i looked at that and said, okay, he's doing stuff, he's making it happen. david, come back again, thank you. >> absolutely, thank you so much for having me. liz: where he need to show you this. live picture of the white house press briefing. just now jen psaki is saying that the u.s. will sanction russian president vladimir putin, of course, the european union had said that they were personally and directly sanctioning vladimir putin, that was earlier today and they will

freeze his offshore assets along with that of foreign minister sergey lavrov and regarding the ukraine-russia crisis. let's get to ashley webster who is standing by with more breaking news, ashley. ashley: we do have more statements from the president. president biden saying he has ordered the deployment of more forces to bolster what he says is u.s. capabilities in europe to support nato allies. he also makes this very bold statement. he says the u.s. will defend every inch of nato territory. we know that nato has beefed up forces on the eastern flank that you talked about earlier, liz. he conveyed to president zelensky to ukraine in a call of the u.s. ongoing economic humanitarian and security support, maybe not enough at this point for zelensky but he went ahead and reaffirmed that support from the united states. he also says that vladimir putin

has failed in his goal of trying to divide the west and he also says interestingly nato will maintain open door to european states who share our values and who one day may seek to join our alliance. so he says, look, nato is open to other potential members. but very quickly just a recap of what going on in kyiv, liz, from all sides, the north, the east, the south, the grip is starting to come in on kyiv although there was a report an hour ago that the core of russian troops was 30 miles to the north but now we are hearing reports of gunfire and artillery fire in the western part of the city and in the eastern part of the city as you mentioned explosives around a power station. so certainly time is ticking away and, you know, the people of kyiv and certainly the men who were given the machine guns earlier today are doing everything they can to slow the

advance and to that points the widely believed that vladimir putin is surprised by the resistance being given by ukraine and his plans have slowed down significantly and we will follow every breaking line back to you. liz: this is the former president of ukraine. he appeared live via a cell phone, i think, he showed rifle that he is holding. keep in mind this is a former president who has been on our show from davos and united nations general assemblies. he was standing in kyiv surrounded by soldiers, ukrainian soldiers, he said the russians when they come in, yes, they will see our faces and not our backs, he's with zelensky, the current president, when you see them standing there with guns, he's not a military guy.

i believe he was a businessman. he ran a candy or something, billionaire, but you should give me the gun, i'm standing right here in the middle of kyiv. ashley: what's interesting, liz, the russian spread of force rumor that zelensky had fleed capital of kyvi which would be problem for the troops. went down to the streets and took video of himself and said we are not going anywhere and we are not going anywhere. it's an interesting situation but they are very brave people, indeed. liz: indeed, indeed. ashley, thank you, all of this leads to questions about partial reason for the rally that you're seeing on your screen with the dow up 783, the s&p and the nasdaq, the russell, all moving higher because there's this question that what's going on in eastern europe could pull the shed back from that gate, from

that opening gate where it was expected to take off and cut rates maybe even by half a percentage point next month. well, a number of fed officials have been signaling that a march rate hike is still on despite the situation in ukraine. the question now is does the central bank hold off on being too aggressive because of the situation in ukraine. let's head to charlie gasparino who has been doing reporting on this. charlie: let's unpack after the market being down 800 points to being up about 100. i can't remember the exact timing, noonish, midday, but it was a pretty stark turnaround and the major reason why, the same reason why the markets are up 800 points today, the notion is now spreading amongst sophisticated investors that the fed will back off an aggressive rate hike. not because of what you're seeing on the screen in terms of the fighting and the global instability. the reason is simply this, the

biden sanctions no matter how much he pushes them is very tough, are not that tough, russia has not -- russia and its oligarchs have not been thrown out of the swift international system of interbank trading and clearing. meaning vladimir putin no matter how many sanctions you put on personally, his $200 billion of net worth can fly in and out of his bank account whenever he wants because of that. we are not putting much pressure on them in terms of not selling oil with swift open and they could still sell oil, this is where it gets interesting. people are saying that during march when the fed meets again when the cpi will come out, major inflation gate, consumer price index, because energy prices will not be spiking above oil $100 a barrel could come down little from there because of russia is still doing the oil pumping, well, guess what, the fed doesn't have to.

we will show a better cpi print than previously believed and the fed could back off a significant rate increase of 50 basis points and who knows what else. i'm not saying i subscribed to the theory, liz, but that's definitely what was out there yesterday. i could tell you i spoke with 3 money managers that manage a lot of money that were on calls with various people, that's what they are doing. they are trying to game the fed and trying to game the cpi number. again, you know, the fed has been horrible at predicting inflation. none of the official estimates of inflation have been right especially calling for the worst case scenario, those were people like larry summers, liberal academics but people outside of the biden administration we are saying this is worst than supply chain, worst than transitory. the fed has got it wrong. so maybe wall street has it wrong. but that's the short-term bet today, liz. again, i don't say i would

subscribe to this but that's why the market is up. it's essentially a bet on lower than expected cpi. i think it's bizarre because guess what, all the other numbers came in higher than expected but there you go. liz: yes. yeah. and i don't think we are going to get a lower than expected cpi. prices are very quick to jump, very slow to come back down. charlie: liz, if that's the case, can i make this point? if that's the case, be careful in the market because you will be surprised on the downside if that's the case. liz: there's not a lot of caution, charlie. we are close to session highs here. when we came at this hour, folks, i just want you to know, the high of the session was a gain of 871 points for the dow jones industrials were up about 834 at the moment. as you saw the ten-year yield is showing that there isn't a lot of fear here. the vics is falling and we are keeping an eye to every metric. we have 6 minutes to go before

the closing bell rings. we need to look at shares of jack dorsey shares company collectively called block known as share. jumping 26% after reporting robust fourth quarter revenue which the company attribute today buying and selling of crypto currencies. block said it posted are you ready, $2 billion worth of bitcoin transactions on its cash app service and added more monthly users. block also announced that payment volumes recently acquired after pay grew 30%. let's get a quick check of cryptos and cryptos have recovered today. we do see green on the screen. bitcoin is now above 39,000 at 39185. athirum, still gain of 3.6%. check the dow, russell 2000 having nice gain of two full

percentage points. s&p up 2 and a quarter and nasdaq up 1.6% as we do look at the markets at this point for the week because we now have 4 and a half minutes before the closing bell rings mix. the dow clinging by its fingernails could turn positive for the week. we are there already for the s&p and the nasdaq. joining me now with 461 in asset management chief macro strategy fred and ned davis, chief u.s. strategist ed, ed, give me your top line snapshot of what these markets do next week. >> well, i think that we have seen a huge reversal over the last two days partly because there's so much fear over what could happen in ukraine. so it's sell on the rumor and buy in the news and that can continue for a little while longer but more than just new trends, so much pessimism about what the fed was going to do, a lot of other strategists were calling for 7, 8 rate hikes in

the next year which is probably too aggressive anyway and so this allows people to walk that back. i do subscribe to the idea that maybe more doveish news or less aggressive action by the fed is probably likely to happen and maybe ukraine was more an excuse than reality. liz: frank, how do you advise your clients to invest right now because there is not a lot of transparency when you look out at the horizon you see smoke from what's going on in eastern europe, not to mention all of the questions and uncertainty about the fed? >> certainly, so first speaking of the ukraine situation, is this destroying capacity, how is this affecting input costs and what's the permanent, how permanent is the story going to be? other than ukraine it's not really affecting production. you are having higher costs with

hydrocarbons, we agree with what charlie was saying and ed that, you know, the narrative is going to shift back to the state of the economy, the fed cycle and, you know, you've already seen some hikes come out of the market versus what was priced in a couple of weeks ago. so, you know, we still see a positive backdrop. we are early in the normalization of rate drops. if you look at 2016, 10, 13% selloff in equities but then you had a nice rally for two years because policy is still accommodating but becoming less so. the labor market is still strong, aggregate are still growing. we are not worried until that gets down about fifth. that big backdrop and sentiment has become negative. we think there's a lot of

positive and would not be equities here because we think the circle is not over yet. we will obviously see what happens with the fed and the pace. do they become less hawkish and the market have been pricing in but overall we are still constructed. we are late cycle but still, still constructive here. liz: ed, if frank is right and it's the situation is more headline than bottomline and i might tend to agree with that, what sectors do you like? >> well, view on two types of sectors. one is for commodity-base sector, energy and materials because they are going to benefit from higher inflation. what we have also been doing is consumer staples as well. those defensive sectors have underperformed so much over the last almost two years. but as the cycle matures, you

get more corrections like we have seen and these defensive and they are oversold. liz: okay. ed, frank, please come back, thank you. on a day where we have seen some real power, the dow closes 841 points and nasdaq gain of 1.6%. big news overall. larry: hello, every one * welcome to "kudlow" i'm larry kudlow. russia tries to reset the world order. that's a brilliant piece in the wall treat journal. he writes in the piece, he putin aims to topple the u.s. from its global tradition. break the post cold war world order. cripple the