silly. it's time to fight for the american middle class. that would bring calm to the inflation pressures, it would calm the market, it'd even maybe salvage the midterm elections. i still, by the way, love the rein this stock market even though there's a a lot of red on the screen, it acts like it wants to do a whole lot better. so watch it because this last hour of trading, as we know, has been a wild ride every day. luckily, you've got liz claman -- liz: and luckily, you're handing it to me after a very solid hour of news. charles, i don't know if you saw this, the associated press now reporting russia's northern fleet saying in a statement its nuclear subs have just conducted russian nuclear submarine exercises in the bering sea. and as you look at the stock market, march markets are coming in like a lion or maybe you could call it a russian bear. the dow briefly slipping into correction territory, the lows of the session down as much as 784 points as crude oil earlier topped $106 per barrel on this first trading session of the

month. dow is down 631, the s&p down 68, nasdaq down 210 points. but crude oil, as you see, in the after market still up 8.5%. the u.s. and 29 other nations releasing an ocean of oil from their strategic petroleum reserves, but that's clearly not yet blunting the rise in prices of oil as russian forces inch closer to kyiv. the four-star general who served as nato supreme commander or is here live. should ukraine be granted immediately nato membership? how close is putin to pushing that nuclear button, and why this general says it's time to impose a no-fly zone over ukraine which many say eventually an act of war against russia. market legend bob doll is here on how to navigate the volatile market moves, plus member of the senate arms services mike braun in front of our capitol hill cameras. he was in the briefing on ukraine last night. we will ask, does ukraine stand

a chance? we begin with a fox market alert. stocks are awash in a crimsonson tide, bloomberg now reporting the european union is seeking to block seven russian banks from swift. that that, of course, the international payment system including vtb, that is russia's second largest bank run by oligarch andre cross tin. vladimir putin ordering a ban of transfers by residents trying to move it outside of the country up to $10,000. all of this news kicking off march madness. the dow is on the brink of correction. now, here's the number to watch. we're down 600 right now. if it falls more than 771 points, that would mark a 10% drop from recent highs which, of course, is the definition of a correction. the dow could join the s&p 500 which, as you know, fell into correction territory a week ago. we have it down about 1.5% for the s&p or a loss of 63. a lot of banks and their etfs

are plummeting at the moment. the nasdaq right now the least lower by a percentage rate, down about 1.5% if, but you can blame much of this on crude oil which touched $so 6 -- 106 a barrel earlier today, the highest since 20 the 14. right now we're at 104.09 for oil, but this as a release of stockpiles appears to be failing to assuage nervousness. 60 million barrels of oil, half of which come from the if united states. energy stocks, let's take a look at them, they are gaining on the crude prices. you can see ox city, apache can, chevron, conocophillips all spiking with, as you see, occidental up 7.75%. and where are investors fleeing as well? if to the safety of u.s. government debt. the yield on the 10-year which right mow is at 1.71 dropped as low as 1.682% earlier today. but you can see that it is

nowhere near where it started the session. u.s. banks getting smacked at this hour as western sanctions threaten to hurt investment banking business in russia. so we do have the biggies, citi, goldman sachs, bank of america, jpmorgan chase all in the red. and, of course, speaking of wall street, the fear gauge that tends to really get the -- sets the temperature of fear on wall street is spiking at the moment, up 7.8%. you can sees the actually off the highs of the session which were at about 35. we are right now at, what do we see here? that's not the vix level. [laughter] trust me. okay. but anyway, we're slightly off the high of 35. now, the palladium-focused exchange-traded fund pal is jumping as the metals price rises to its highest level since july of 2021. that, of course, is in reaction to russia being a very big! er -- supplier of palladium. so we see that up about 2%.

we've got so much to discuss here. let's get to bob doll can, crossmark global investments and all-around market few rue. bob, what participant of the market reaction here is surprising you the most, and is there more pain to come? >> so the 10-year treasury yield dropped down to 1.70 is a surprise. we thought after the big rise up in yields that we'd have some pullback, but this is a bigger pullback than we expected, liz. it's pretty mind-boggling. but, you know, when you use oil over 100 and nuclear in the same sentence, no wonder it's a risk-off day. i think -- we're still 5% above where we were at the open last thursday morning when bullets started flying, if you recall. and so i think we're going see a lot of volatility in both directions. absent a much more significant con from a gracious i'm not sure the market is going to go much below that 4114 of last thursday morning. liz: looking at the european

markets which closed deeply down, germany's dax down about 4%, same with the cac this france. it is a very, very ugly picture. and there's the correct vix level, 33.20, off from the highs of the session at 35. back to the european markets, could we see my of these european names, you know, there's more exposure there when it comes to actually being close to anything as far as russian investments are concerned. talk to me about defense stocks. yesterday we saw them on the move, and the day, you know, friday they were already high, but they really started popping yesterday. do you get a sense that there's some areas here that would continue their march high higher? >> to the extent this noise, it's worse than noise, this war in russia-ukraine continues, liz, oil prices go higher, people get worried, governments have to spend more on defense. those defense stocks are probably not finished going

higher. hay weren't extended when this started, in some people's minds they're still fairly cheap. financials moving lore, energy sector higher. germany, as you undoubtedly know, gets about a third of its energy, oil and natural gas, from russia. and when that gets threatened, germany gets threatened. when germany gets threatened, europe's economy gets threatened, and it's dominoeses in the wrong direction, is what markets are worried about and why you're seeing all the red today. or crimson, as you put it. liz: i'm just seeing a headline i want to bring to you. we've just seen the dow which was down about 600 points now pare some of those losses. we're now down 488. the s&p down 48. what is going on? well, according to andy brenner, a big fixed income guy, you may know him, of course, it appears china is signaling willingness to mediate in ukraine. any kind of mediation or at least talks that bring these

sides together and stops the fighting certainly good for the markets here. is there an opportunity? >> absolutely. you know, our view coming into the year is fair value is 4500. i think we'll be a few hundred points either side of that during the course of the year. so when you drift down to 41, 42, 4300 on the s&p 500, we would be nibbling away. you can't call bottoms with these uncertainties. but when they get oversold and your stomach doesn't feel good, that's the time you buy a little, and when it looks safe to put your toe in the water and markets move higher, we've had five 3 plus percent rallies already this year, one as much as 7%. so you can make money off of some of these big moves with this high volatility, liz. liz: commodities, we started to seifertizeer -- see the pertizer makers -- fertilizer makers spike. wheat is jumping dramatically, up about 8%. and that triggered some trade limits up, some limits, because

it had spiked so dramatically. right now it's still up about 8%. corn up 6%. both ukraine and, of course, russia are huge exporters here. so when you look at some of the fertilizer names when it's monsanto which is owned by bayer or mosaic, you know, these are names that are looking very good. potash, opportunities there. >> you know, when you see these commodities moving like this, you obviously draw the conclusion, oh, my goodness, somebody's going to want some and can't get it because the supply's been cut off. that's when prices go up. so you do need commodities of different types in this environment. i would underscore that. liz: bob doll, thank you so much. the dow still down about 504 points. we need to get you to the latest satellite images of the 40-mile-long russian convoy you have heard so much about heading directly for the capital of kyiv now within 50 miles of its

target where ukrainian president zelenskyy is still standing firm along with the brave ukrainian citizens collectively trying to stop russia's unprovoked attacks. some 14,000 u.s. troops now in poland, romania, and today more arrived in germany. all three, of course, nato countries. president biden has made clear u.s. troops will not set foot in ukraine, but as russia's northern fleet just put out a statement that the nuclear submarines have sail off for drills in the bering sea, is that a promise no nato member can keep? joining me live, south dakota republican senator senator mike rounds who's a member of the foreign relations committee and the banking committee. senator, thank you for being here. you were in a classified intelligence update last night. not going to ask you to reveal what was said, but what can you tell us about the state of the conflict? >> all right. now the ukrainians are putting up one heck of a fight defriending -- fending -- defending their homeland, and it

is coming, we believe, as a surprise to the russians. what could have been in a best case scenario for russia mr. putin's forces may very well have been able to get to kyiv in the first 48 hours. but what we're finding right now it's day 6, and the ukrainian forces are defending it, fighting tooth and nail. and that's one thing that you can't count on when you start making the analysis of how quickly one army could overwhelm another army. liz: there -- >> right now the ukrainians are fighting, and they're getting some resupplies from our nato allies and so forth. that appears to be making quite a difference. liz: well, again, we do have these russian nuclear threats. putin has been very clear that he has mow put them on alert. -- now put them on alert. does that really mean, senator, that at some point no president and no chancellor and no leader can actually promise that their troops from nato countries will not enter the ukrainian battle? >> right now what he has done

is, what he's doing is he's talking about it. and what they're doing are exercises. but that doesn't mean that we're not watching them very, very carefully. but that means that if you're talking about the possibility of a nuclear activity, then that's an entirely different issue than having nato move into ukraine. and i think they -- while it doesn't sound like they're separate, they are identified and they're maintained separately. we look at any threat which is nuclear in nature as being very, very serious. but as the president indicated earlier, he said, you know, we're not anticipating a nuclear conflict, but right now we don't know exactly what mr. putin is going to be doing. he has been rather unusual lately in terms of what a he has actually been doing compared to what he has in the past. he made a very serious misjudgment in terms of what his capabilities were -- liz: sure did. >> -- with regard to ukraine. and i'm sure there's a number of people wondering whether or not there's something amiss. he is cold, he is calculating,

he is a murderer, he's a killer. we've known that. but we haven't seen him make these types of blubbedders in the past. so -- blunders. what happens when you have an individual like that when they're not successful in doing what they had planned on doing and when their attacks fall behind and what happens next. what do they do if they get to that point where they don't know what they should be doing next and when they start making threats in an area to either draw attention away from conventional war going on or perhaps looking to see whether or not -- liz: right, right. >> -- from what's going on this in ukraine. liz: to the sanctions because president biden, of course, gets his first state of the union address tonight of this year. and we know that the sanctions at least are causing some financial pain. russia's stock market for the second day straight unable to open, cannot function. and the ruble is absolutely tanking. it is showing extreme weakness here, the likes of what we've not seen in -- in many, many

years. mitch mcconnell is saying, of course, as a republican that he supports what president biden is doing as far as the sanctions are concerned. could this actually mean that we will, hopefully at least, not eliminate the difference between republicans and democrats, but narrow the aisle and bring everyone together? >> with regard to the sanctions that have been imposed right now, the impacts are going to be longer term, but they are working the same way that we had hoped that they would. but there's more that could be done and that should be done right now, and that -- why in the world are we still importing 4% of our petroleum products from russia? why haven't we shut that off? why isn't it -- why is it that we're not producing enough here to actually help our european neighbors to wean themselves from russia? number one, let's get the keystone pipeline again, let's open up the leases again on the federal lands. let's send a message terms of the future on oil prices that we're going to become the

largest producer and absolutely we're going to be able to overtake, and we'll make the price of oil and gas come down again which means mr. putin won't have the money to fund his war efforts. but it also means it will impact his economy directly, both of which should be done right now. and besides that, the silver lining is you actually start bringing inflation in this country under control. and right now the administration is indicating that they're still going to worship at the altar of climate change, and we think that's got to change. liz: yeah. and the federal reserve needs to jump in here and actually, even just a quarter of a point, at least start to tamp down inflation. senator rounds, thank you very much for joining us. >> thank you. liz: forget government incentives to go electric as both crude and arbob gasoline prices continue to soar, more of the free market making a hard turn away there from gas-powered vehicles to dodge the high prices. witness workhorse and start-up

green power. green power's ceo next. with the closing bell ringing in 45 minutes and the dow still down about 534 points, we are also getting the former nato supreme allied commander in the chair as well. "claman countdown "back after a quick break, don't go away. ♪ ♪ as a professional bull-rider i'm used to taking chances. but when it comes to my insurance i don't. i use liberty mutual, they customize your car insurance, so you only pay for what you need. wooo, yeaa, woooooo and, by switching you could even save 665 dollars. hey tex, can someone else get a turn? yeah, hang on, i'm about to break my own record. yeah. only pay for what you need. ♪ liberty, liberty, liberty, liberty. ♪

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♪ ♪ liz: as russia's assault on ukraine sets a huge fire urn oil prices which crude right now in the aftermarket up nearly are 9% because the the supply is threatened globally, jeep parent stellantis revealing todayst all-electric jeep, there it is on your screen. okay, you see feel land disstock dropping, part of that is because they have a plant in russia. but in the meantime, this is the first electric vehicle of the jeep brand. it will launch in early 2023. another big announcement today from green power motor company who has inked a deal with workhorse to supply 1500 commercial delivery vehicles for 21 months starting july of this year. green power and workhorse stocks both moving higher, but work

workhorse up 17.25%, they had earnings out -- well, at least quarterly report. i don't know, you know, you look at green power up 4.6%. joining me now in a fox business exclusive, green power ceo frazier atkinson. tell me about this deal and what workhorse gets. >> well, we're supplying the ev chassis which is a platform that we use for both the cargo delivery as well as the passenger side. we have a number of models in each category. and workhorse will be utilizing that platform for their delivery step van which is a market that we weren't even considering entering into in the next year or two. so it really is a great partnership. liz: is an exclusive deal at least for the 21 months? >> it's a -- only exclusive to the step van. so we will not sell our ev star cab and chassis to another company or manufacturer that produces a step van.

so that arrangement is exclusive within the workhorse product which they're bringing to market and branding as a w-750. liz: fraser, we can't ignore what's going on in the world, and much of that as a business network we do point out happens to be hitting the energy market hard. prices have been skyrocketing. russia, of course, is a huge exporter to at least supply for europe. do you get a sense though that this may be a real turning point when it comes to adoption of evs? i hear a lot of people, and some of them are very conservative, saying i can't deal with these high prices, it's costing me a fortune, i'm going electric p. >> yes, we do hear that, and i think as an industry as well as our own company, you know, the one thing that, one thing is that the energy complex isn't going to change overnight. it's -- there are too many

variables, there's too many inputs. so what we can do is, you know, build a product that is not just compelling, but ultimately makes financial sense. so the kind of deal that we inked today and the relationship that we've developedded with workhorse will get a product into market that we believe in a number of years will be price comparative to an internal combustion engine product. liz: there sure is a lot of competition. you've got ford, general motors, e elon musk is promising a cyber truck. not that that's an apples to ap apples comparison with your vehicle, but how do you make sure that you stand out in this kind of very, very active atmosphere where we're starting to see massive growth in the electric vehicle space? >> well, all the products you've described are, pretty much all of them are what we would characterize as light duty. and all of our products are

either medium duty or heavy duty, and they're built and designed to go 14, 16, 18 hours in a day and have substantial, you know, multi-metric ton payload. so the combination of those two is very different from, you know, the products you were just citing. but it is very competitive in the medium yum and heavy duty -- medium and heavy duty space. but the space that we, class four, we believe we're a clear leader many both the delivery of cargo as well as the attention side for class 4 vehicles. liz: fraser, congratulations on the deal, and we will be following everything involved here, and we do have both workhorse and green power moving higher. we've got some breaking news on google. it is confirming that it's removing russian state immediate. >> -- media from google news. and the batman will not be going to russia as warner brothers and

other major media companies tap russia disease -- as is global villain. we're going to tell you what netflix and diss are doing next. closing bell, 36 minutes away. we're coming right back. ♪ ♪

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liz: we are just seeing these headlines hit the tape. breaking news, american tech giants are getting in on the action to punish russia. google just now confirming it is removing russian state media from google news. facebook parent meta platforms globally demoting content from russia's state-controlled media outlets on both facebook and instagram, and we are just seeing this regarding apple. according to a cnn tweet, a reporter there is saying that apple has stopped selling all equipment on its official online store in russia. apple shares down about 1%. you've got meta down 3%, and

twitter is up two-thirds of a percent. yes, it's not just google and apple, companies worldwide punishing russia every minute including at&t-owned directv which is cutting ties with rt, russia today. it -- axios has stopped offering rt programming, at&t shares down just under 1%. at&t's warner brothers joining sony and disney's film studios halting theatrical releases in russia. disney popping the new film turning red, what an appropriate title, and sony postponing the upcoming morbeus. paramount, walt disney, sony and netflix down, quickly check paramount, para, that one is up about pa 5.6% even though it

will pause film distribution in russia over the ukraine war. we've got a poor connection at this hour with zoom investors, revenue below estimates. the stock is getting hurt here, down 6.25%. the pandemic darling facing tough competition and lower sign-ups for its platforms at school and workplaces -- as schools and workplaces really start to open up. they're not depending on zoom meetings so much anymore. target's earnings, the stock is moving higher by 10% right now after the retail ther posted record holiday results and forecast an upbeat 2032 where is supply chain issues to ease. low to mid single-digit revenue growth but also supply chains are still uncertain due to the russian invasion of ukraine. we should look at wal-mart and costco along with kohl's, the big box names all in the between

at the moment. kohl'ss also gave an update 2022 forecast. i'm just keeping my eye here on oil. crude is still up about 9 full percentage points, chatter heating up about declaring a no-fly zone over ukraine. many say the controversial move would be the equivalent of declaring war on russia. next, nato's former supreme allied commander thinks it's a good idea. with the closing bell ringing in 28 minutes and red on the screen here, the nasdaq down about 1.75% or 242 points, general phillip rebluff is here next on his rationale about declaring a no-fly zone over ukraine. ♪ ♪ i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this.

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immediate membership to the european union, getting a standing ovation from the delegates after telling them his nation is fighting for its life. white house officials say at this hour there are unconfirmed indications that that 40-mile convoy of russian tanks has stalled, at the same time russian airstrikes are intensifying. look at this. caught on camera, witness this stunning attack and total destruction of the main government building in the city of kharkiv. in what is described as the times square of the city just under 300 miles east of kyiv, a russian missile hit the local government's headquarters. the attack perhaps indicates vladimir putin now resorting to the more lethal airstrikes as his ground invasion suffers humiliating pushback from ukrainian citizens who have taken up arms. calls are growing louder for nato to declare a no-fly zone over ukraine, a dangerous gambit. we're joined live by one of those saying it's time to do that. former nato supreme allied

commander general philip breedlove. declaring a no-fly zone is, many say, tantamount to an act of war. why do you feel it should happened? >> first of all, i'm one of those that has explained that. if we declare a no-fly zone and then enforce that, it is essentially an act of war because it will cause us to take action against ground sites and aircraft that wander into that zone. so this is not to be taken lightly. but what i have said is that it should not be taken off the table. this is a tool that we could use as a next step short of introducing ground forces and if we -- things if we need that next step. liz: ukraine borders poland, hungary, romania, slovakia. this, obviously, if you dechair this no-fly zone, would put everybody on unbelievably high alert. what about the whole thought of

mutually, you know, assured destruction? we know putin has full-out said he's putting his nuclear weaponry on alert. >> and that shouldn't surprise us, should it, liz? because he writes about this all the time. if you look back at several of his speeches he did in the past two years and writings that both he and his general staff always talk to, they mention the concept that nuclear weapons are a logical extension of the conventional battlefield. we in the west completely divide the two, but russia does not. and so while this is something that we need to pay attention to, it is clearly not something out of the blue. it's a part of their philosophy. liz: well, some people believe it's just a threat and he's just bloviating, but we had two guests yesterday who understand and know putin.

bill browder, who ran hermitage capital in moscow, he is putin enemy number one, and also general peter s back who at one point was the highest ranking u.s. military man in moscow. here's what both of them said about putin's move to possibly press the button, and then i'll have you react. >> he has the capacity to do almost anything, and he really is the most dangerous man in the world. and that's why we have to do everything possible to stop him. we've got to raise the price of this in every way possible because this man truly could, could lead us to the end of the world. >> he's lost his moorings, in my mind. i think he's got a mentality -- we've seen the tremors, we've seen some of the oligarchs beginning to look at ways to jump ship. they're all opportunistic and patriotic, but they're all survivors. so they're in trouble. but in that,st extremely dangerous. because he still is the primary holder of the nuclear button.

liz: general, is putin's rhetoric real? >> well, i know both these gentlemen, and i respect their opinions. i may have just a tiny difference in opinion, but the fact of the matter or is mr. putin, again, writes all the time that this capability, this nuclear weapon is not to be distinguished from normal day-to-day war, that it is, again, a logical education e tension of the conventional battlefield. so i believe we have to take this seriously. i'm hoping and i expect that mre difference in that step. but his policies and his approach to warfare seems to indicate that he believes that it is a viable option. liz: i know that as a former nato supreme allied commander you still to this day never speak on behalf of the current nato members and leadership. but i would ask because i think

it's really important, do you eventually fore if see nato giving energy status to ukraine? and to that a end, do you believe finland is going to angle to become a member of nato? >> well, who knows what nato would to do, and you have it exactly right. the nac speaks for the alliance. we're starting to see things happening especially in kharkiv where we're getting very indiscriminate bombing. if we start beginning to look like chechnya or eastern syria, to who knows what europe, the e.u., nato will do if it gets that bad. so we immediate, we need to be -- we need to be focused on that, i think. liz: yes. and u.s. forces have arrived in germany. as we've already reported, a bunch are in poland at the moment, and we are watching it all. general philip breedlove, thank you so much. >> thank you, liz.

liz: russia strikes back with reports that wall street banks are seeing an increase in cyber attacks that may be originating from the kremlin. who is next on putin's list as he fights western sanctions? charlie's breaking that next. and a life-threatening injury led justin norris to develop what he termed the lit method, low impact training. listen to my conversation with him and his cofounder to find out how they developed a workout method and equipment company that is now backed by jay-z. it's this week's edition of everyone talks to liz podcast. apple, google, spotify, wherever you get your podcasts. dow jones industrials is falling precipitously, the s&p down 71, dow down 617, and oil is continuing to climb. and we are watching very closely, it's now at 104.40, a gain of 9% in the aftermarket. ♪ ♪

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liz: these headlines are coming fast and is furiously here. we've got this breaking news, ria news agency, that's a russian news agency, is reporting that russia's second largest bank, vtb, is saying its mobile app may have stopped functioning fully on apple's ios system. it is run by that man on your screen, andre kostin, of course, very close with vladimir putin. he's been a frequent guest on this show and had predicted as recently as, i believe, november if that there would be no invasion of ukraine. ask is i have tried to reach out to him. he has said he's not ready to comment right now, but this is, obviously, a very distressing time. i also see this about vtb bank, the united kingdom is introducing new sanctions against vtb bank. and if we can put up spare bank,

that stock had been up 2% earlier. 2% earlier. it has now completely turned around, and it is down 20. it trades on the london stock exchange. as you know, we have do have the moscow stock exchange frozen in its tracks for the second day straight, it cannot open due to the sanctions,st been unable to start trade. and bloomberg news reporting that the european union is seeking so block seven russian banks and that, of course, includes vtb from swift. already a few other russian banks have been blocked from the international messaging and banking system, but now vtb added to that. let's get a check of the big banks here, all lower with the broader market. this as major wall street banks have seen a significant uptick in cyber attacks which they believe are tied to russia. while there has been no significant breach, bank executives are telling our charlie gas freeway know they're

worried other industries could become a target. >> fascinating story what's fascinating is nobody if at the big banks wanted to comment on this, and i think it's out of fear for giving these cyber attackers any sort of credence, tip thing off anything. -- tipping off anything. the banks are incredibly silent on this. you can't even get a no comment. they did refer us to an industry consortium that represents the banks in cybersecurity matters. can we get that full screen on there? if because this is interesting, and it kind of -- it'll give you a little more context than what i'm reporting. it's the financial services information sharing and analysis center. its members in the broader financial services industry remain vigilant to all cyber threats and anonymous activity. we are in close communication with relevant authorities around the world to monitor cyber activity. at this time the sector is not

seeing significant threats attributing to any geographic region, and they continue to monitor the situation. i will tell you this, significant, yes. when you parse those words, when you talk to the bankers on background, what they are seeing is what they believe is russian attempts to hack into the financial system of the u.s. and disrupt it. at least that's what they're telling me. hay haven't gotten through from what i understand. we should point out, liz, just so you know, they get hammered every day -- liz: every day. >> right? liz: bad actors tapping on the wall. >> it comes from iran, it comes from china -- liz: north korea. >> yes. but a lot of it comes from russia. so being attacked by russia isn't anything new, but what i'm hearing is that there is a subtle uptick since the sanctions went into effect. and, you know, they were warned by the biden administration early on expect this. they were expecting this, that's why they have their systems in order. what's fascinating about all

this, liz, is that the banks have spent something like $600 billion over the last ten years shoring up their cyber defenses. so -- and, by the way, more and more every year. brian moynihan was, i think, on cnbc about a year ago talking about how he spends at bank of america, the second large largest bank by assets a billion dollars a year up from $400 million when he first took over -- liz: that's why the stocks are jumping. >> so they're protected, they think, okay? you never know. we have spoken with various experts. we we spoke to a guy from stanford university who's a cybersecurity expert if, he said i would recommend people taking some money out of the bank right now. liz: charlie, look at the stock market. the dow briefly, once again, touched correction territory. needs to be down 771 points. we just a few minutes ago hit session lows, and that, of course, would mean it's down 10%

from recent highs. right now the nasdaq is down 17- >> well, i think what you're seeing now is this is such a complicated situation with what's going on in russia. by the way, other industries having, you know, as you know, the meat industry was brought almost to a stand standstill last year when they did the cyber attack on jbs. colonial pipeline was shut down, other issues haven't spent as much as the banks have. so they're vulnerable still. so be careful. and what i'm saying in a complicated situation, this is multifaceted. yes, there are cyber attacks here. think of it this way. you cut russia out of the banking system, right? you don't get oil. oil goes to $150 -- if you totally cut them out of swift. they're not totally cutting them out -- liz: yeah, gasprom bank -- >> the u.s. has, essentially, the shackles on the oil production industry.

if you don't do that, okay, if you don't let it go to $150 a barrel, it's still staying at over 100, you are essentially financing vladimir putin's war machine with $100 a barrel oil plus. i mean, it is, it is such a catch 22 that we're doing here. now, why won't they just allow us to drill and, you know, make up for that russian supply? you know, that's not my call, that's the biden administration's call. and it's obviously the environmental groups that are behind hind that. but this is a fascinating economic -- there are two wars. there's the economic war and there's the stuff you see in the streets of ukraine, and it's going to get more complicated as we go on. and one thing for you, the small investor, the fed is going to have to raise interest rates. liz: by a quarter of a percent. >> at least. liz: great timing. shar charlie gasparino. folks, the s&p 500 down nearly 2% right now. the dow is teetering on the verge of correction territory. and, of course, if it closes down more than 772 points, it

will join the s&p and, of course, the nasdaq in correction. and as you see, it's right there. just about a quarter of a percent away from that moment. i want to bring in, with $432 billion in asset management if, the director of research, matt per run and -- [inaudible] cio jim warden. one headline here, gentlemen,if you will indulge me, russia's backed rt channel which is kicked off of directv is going to be kicked off sky tv in the united kingdom within about 24 hours. that according to the guardian newspaper. the pile-on has continued, but it has not stopped the russian aggression. so we need to get from you your perspective of exactly how investors have the best chances of insulating themselves. matt, let me start with you. okay, matt couldn't hear. let me bring up to jim warden.

$2.7 billion in assets. can you answer that question? >> yeah. well, we've actually been preparing for the volatility with rates going up. we did not know that this would happen with russia. we've already been positioned to have overweight in energy and financials, and so that has actually helped our portfolios. we're meeting regularly as an investment committee to look at these dynamics with what's going on and how do we reposition the portfolio if we need toment -- to when it comes to fixed income, we are on the shorter end of the curve in terms of duration. and so that's how we're positioned right now, but we'll continue liz: matt, i believe we have you now. we're getting yet another headline. nike is as we understand it, going to close the online stores in russia. this on a report earlier that we gave that apple is cutting off

its ios apple store. they're not selling anymore of their hardware in russia at the moment. our stocks are continuing to plummet. we're at session lows. transports are getting crushed because of crude oil. are there areas now so much cheaper than they were just a couple months ago? sectors where you say it is really time to start nibbling or at least dipping in? >> yes, hi, liz, thanks for having me. i think there are pockets of the market that are interesting. i think you start with quality and start averaging into that with probably more bad news in front of us. by quality i mean high dividend payers, free cash flow, that can really with stand shocks that might come as this situation unravels. liz: its an unraveling situation. jim what stocks do you like? you picked nvidia, at one point you feel it's a strong chipmaker, still facing supply chain issues but as we see

nvidia is down 18% year-to-date. last year up 125%. it is on discount from last year, correct? >> correct. when we look peak to trough this is something down more than 30% and so we see there a long-term attractiveness to the stock. margins of close to 40%. its earnings growth recently where it was 60% and it's in autonomous vehicles, it's in gaming. you know there are a lot of areas where we see that there's potential for growth there. we also like a lot of value names as well. goldman sachs is trading now at, you know, less than six times the last 12 months earnings. so there is some value out there but as the other gentleman said we need to look at it carefully and we want quality. liz: yeah. gold, by the way, putting aside

goldman sachs, gold is surging pretty dramatically here. we see it up 2.25%. biggest gain in more than a year. matt, we do have so many headlines hitting the tape, does any of this, these losses on the screen right now stop the fed from cutting rates, from hiking rates, rather? >> it certainly is going to affect their calculus. i think they are going to probably proceed perhaps more cautiously and the market is pricing that in. i wouldn't get carried away with that just yet but certainly on the margin it will affect their thinking and probably slow things down. liz: all right. gentlemen, thank you for joining us, jim worden, matt, thank you on a very crazy day. the escalation on the ground, in the skies, air raids by russians rin creasing that of course has the aspect of markets in full mode here. we're down 600 points, believe

it or not off the lows of the session. s&p down 66. the nasdaq down 213. it is crude oil that is a big story. in the after-market it continues to climb, now up 9 1/3%. [closing bell rings] rbob gasoline climbing 6%. a special edition of "kudlow" is happening now on the first day of the month of march. the selloff continues. ♪. larry: hello, everyone, welcome to a special edition of "kudlow." we're covering joe biden's big government socialism, state of the union failure. i'm larry kudlow. so tonight mr. biden gives his first official state of the union speech. of course he is not going to agree but to my way of thinking his woke big government socialist agenda is on trial. he ran as a moderate but governed as a bernie sanders, aoc, radical leftist across the board whether it is the