good morning 11:00 eastern. 8:00 a.m. pacific. i'm jose diaz-balart this hour we are keeping our eye on wall street the dow dropping hundreds of points at the open look at where the dow is now down 535 points. we will be explaining why investors are so rattled today

on capitol hill, democrats unveil a new bill they say will prevent another bank collapse. we will speaker with senator bob menendez who helped introduce the legislation. battle over abortion rights in texas how one jeryl judge to block a medication used in abortions nationwide. the latest fallout after a russian fighter jet and u.s. drone collide in mid air now russia says it's intenting to recover the fragments of that drone. we begin this very busy hour with the latest on wall street where the dow jones continues to drop after shares of another major bank tumbled more than 20%. dow jones is down 552 points and 1.7% dropping this morning a swiss bank with large operations in the u.s. and

around the globe is the center of the latest crisis in the banking sector that is affecting wall street. joining us now with more is cnbc sema mody. what is going on with the markets this morning and why can you hear me? let's try to reestablish communication with her on this we will keep you posted on this story. as we speak, the dow is about 547 points down. the s&p 500, about 61 points the nasdaq about 137 points. we are going to talk about that in a little bit. i want to thank her for being with us. we turn to a critical hearing happening right now in texas, where a federal judge holds the fate of access nationwide to a widely used abortion pill in his hands in a

case that could dramatically shape access for millions of women. the lawsuit brought by an antiabortion group targets the fda approval of mifepristone they say the process used to evaluate the drug two decades ago was unlawful and its approval should be revoked the fda defends its approval of the drug which they say came after an extensive review. the judge overseeing this case only notified the public of its hearing on monday night after being media outlets including nbc universal the judge's attempt to delay the motion was unconstitutional joining us is lawyer jarrett and barbara mcquay, a former policy

director and a doctor. >> it's not an overstatement to say this is the most significant legal fight over abortion rights since the supreme court struck down roe versus wade last year the reason for that is because of the potential impact that you laid out if the plaintiffs get what they want from the judge in this case, it would restrict access to this drug which is the first step in the way that you induce an abortion through medication abo abortion through pills fountain judge takes it off the market he would be taking it off the market nationwide and not just in texas. means it would not be available, as the argument goes, in states in which abortion is actually legal. since we know that more than half of women actually get abortions through the use of these pills, that is why the impact would be so massive here. >> dr. patell, how does this drug work? it's been in the market for

decade. >> not only is an incredibly safe drug which is why this entire court decision i fully expect will reverse the approval and i expect the biden administration will appeal this and it could end up in supreme court. but this drug is not only commonly used but incredibly safe two decades i had to prescribe it we have to register. we have an incredibly detailed process the last several decades we have had to undergo to the fda to monitor the safety not only of prescribing it or but anybody we gave the medication to and follow long-term safety only the last several months has the biden administration relaxed some of that why? because we have had decades of safety that i did not have for many of the other drugs, the multiplity of drugs that have more serious side effects which is so ridiculous this drug just prepares the uterus to help make it more -- to ease the burden of expelling any of the contents of the

ut uterus that is medical speak for saying it's safe and humane to give this to probably 64 million women who will not have access to it and the millions more trans and nonbinary persons as well. >> barbara, what is the issue that this is such a legal challenge? >> i think in ordinary times, jose, we would be stunned to find any kind of challenge against a drug approved more than 20 years. i think the only thing unique about this drug is that it can end a pregnancy and is where we find ourselves where we are. i would say in ordinary times there would be zero chance a judge would substitute his own judge for scientists and professionals at fda that they allow the patch of more than 20 years to consider such a claim when you think about the research and development that pharmaceutical companies put into drugs after they get that fda approval a ruling here that building drug

is no longer approved would really throw the entire industry into chaos because of the reliance they take on the law and on fda approval. but we are not living in ordinary times the parties clearly selected this judge he is the only judge who sits in this particular division, a clear case of form shopping filing here what they think they can get the best audience. a judge who is a well-known opponent of reproductive rights and, as for that reason, i think ordinary rules are out the window. >> barbara, what are their claims to legal standings on this >> well, that is the key argument for the justice department that they lack legal standings. you know, they say that they are interested parties, that they are activists and they are doctors who are in the state of texas and who are subject to this rule, and that their patients are facing grave danger because of risks associated with the drug

the main lead argument by the justice department is that they lack standings ordinarily, we require parties to have an actual skin in the game to be the parties who have suffered actual injury from this drug so i think there could be some procedural grounds that could be the strongest arguments here but at the end of the day, it would be useful to get a ruling in a case like this and perhaps we will see that at the higher level at the fifth circuit court of appeals or even the supreme court that after the passage of 20 years there has hob some new fact before we unauthorize a drug approved by the fda. >> the biden administration is so worried about this case because we have never seen a federal judge actually order the fda to revoke approval of a drug that it has decided is safe against the fda's will over the fda's objection, we have never seen that before.

if, in fact, the judge does that in this case -- to be clear we haven't got a ruling and don't know what is happening in the court right now but if that is the pact he takes i think it's truly unprecedented and i think you'll see the biden administration appeal so quickly because it throws into question fda approval at large for any drug that it has approved, asid from just abortion. >> what conversations are you do, doctor, having with colleagues in texas >> it's not just ruling. as you know, it's gag orders and so many of the state rulings that have gone into effect where doctors are now being pushed into a corner scared to even have conversations, not just with their patients, but with each other what is happening right now is texas doctors are trying to teach doctors such as myself where i practice in the states of maryland and the district of columbia where it is incredibly safe and legal to do this today and i hope will continue to do so they are teaching us what they have had to do to have

conversations. we are lucky because we still have one part of the medication abortion that is safe to use so we can still have medication abortions in texas in texas, they are facing the elimination of being able to do any medication abortions, which are the majority of abortions in the united states. and, at the same time, not being able to direct women who need life saving procedures because they are not able to seek those out and doctors are not able to counsel them so doctors in texas are warning us that this could happen in your state, don't take it for granted, and make sure that you're incredibly active in understanding what is safe to do for medication abortions again, i have the ability to do that even if mifepristone is no longer authorized but what else do we need to prepare patients and that involves teaching them vocabulary about a miscarriage and no word that includes abortion these are things they never taught us in medical school. >> thank you all so much i want to go back to other

breaking news. dow jones is down over 500 points i want to bring back with us cnbc sema. what is going on with the market morning? why? >> the sell-off started in europe with the sell-off of a credit suisse bank the bank is down 16% today and across the entire injuryian manninging sector and adding concerns to the health of global banks in general following the class of two major u.s. banks over the weekend and comes ahead of the european central bang policy meeting tomorrow where the president there will be in the hot seat and xexpectations for another interest rate hike

but the question is how does credit suisse and this news factored into the equation that is the question ahead of the fed meeting next week where expectations are falling for another interest rate hike. >> while the head of black rock larry fake said more bank seizures could come in our country, what are you watching for? >> well, i think those comments, as you just pointed out, jose, will definitely be something investors are watching when he speaks, the market listens. it's the world's largest asset manager. he said the silicon valley bank collapse is the beginning and more casualties in the regional banking sector and laid out the faster than expected rate increases we have seen over the last six months and how that is putting more pressure on banks and their bond portfolios. we have heard this before but

when he speaks, the market does listen it's putting pressure on the broader regional sector but names like first republican were on pressure on monday once about double digits. clearly a lot of concern what is happening in the financial system and whether more regulation is in the cards that certainly seems to be the case as senator elizabeth warren shared with us in the last hour. >> seema mody, thank you. the first physical contact between u.s. and russia since the war in ukraine began what russia is saying it intends to do with that downed u.s. drone. plus, we will ask senator bob menendez, chairman of the foreign relations committee about that and what it means with our relationship with russia and a whole lot more. you're watching sjose diaz-balat reports on msnbc heir parents,

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kremlin says it is looking to retrieve the wreckage of the downed american drone that crashed after a russian fighter jet collided with it on tuesday. the u.s. says two russian jets tracked the drone that was flying in international air space over the black sea the russian jets dumped fuel and fluid in front of the drones when one of the jets collided with it and senting ingsending o

crash into the sea it is the first physical contact with u.s. and russia since moscow launched a full-scale invasion of ukraine. a few hours ago, a creme len spokesperson said the relation between the u.s. and russia is at its lowest state and a deplorable state erin, what is the reaction in kyiv there to this incident? >> reporter: kyiv sees this as president putin trying to send a message to the western world in a tweet that has been translated from ukraine's national security secretary. he says the incident with the american mq9 reaper revoked in the black sea is putin's readiness to expand the conflict

zone with the world of other parties. the all-intactic is the constant raising of rates in conditions of a strategic loss with the hope of a change in circumstances. the fact of the matter is the kremlin is facing very dire circumstances here in ukraine. having lost, according to nato estimate, 200,000 soldiers to either injury or killed in action on the battle fields currently bogged down in five directions with ukraine doubling down last night, president zelenskyy reiterating that ukraine will not let that city fall and they will defend that city of 70 thousand for you for the time being really, at this point, according to ukrainian commander, it's a defense that has been made possible with u.s. support one ukrainian commander telling me that without the weapons and support from the united states, the defense of ukrainian

territories would be, quote, impossible jose >> general, what is your reaction to this, russia downing this drone this is the first contact since the invasion of ukraine occurred what is your reading of it >> putin is trying to portray this conflict as russia fighting against powerful nato, instead of having it be a flagrant inflation of a sovereign state, criminal violation of international law by the russian armed forces it also strikes me as another indication the lack of professionalism of the russian armed forces i mean not just torture and mayhem of the russian army on the ground in ukraine, but this was a clear goofy thing for two fighter pilots to do one of them darned near crashed, apparently, but was able to put his su 27 fighter on the ground

and probably in crimea this is out in international air space. there are six literal nations around the black sea this is not a russian lake it's just impossible for imagine that we would see to russia the control of international air space. so it's a dilemma for the biden administration and secretary austin, what do we do about if we cannot tolerate direct attacks on our reconnaissance capability. >> when i first read about knocking down a drone, you know, what comes to mind is certainly, in my case, not what it is this is a 36-foot long, 66 feet wing span. it's kind of like a small airplane general, the russians are saying now they plan to go and capture the remnants of this reaper drone. what do you think of that?

>> well, there is no u.s. navy in the black sea essentially, turkey closed the passage of war schaaps to it seems to me we don't have any capability to get it ourselves the black seas are over 7,000 feet deep and a lot of toxic sledge at the bottom depending on where it came down, i would be somewhat surprised that the russians would be able -- their submarine force -- we will have to see. but there shouldn't be any great intelligence value of the russians getting their hands on it the technology is out in public realm. the u.s. air force wiped the aircraft clean before -- so the russians can have at it. i don't think this is a great deal for us. what is great deal is the fighting in the ukraine is intensified.

this is a crucial moment the springtime is coming both of these combat forces will have at each other can we get advanced military technology to ukrainians in time yes or no? they probably neat deep strike artillery and missiles and this is where this will get decided and we will have to step up promptly. >> erin, you traveled to eastern ukraine. what did you see there >> reporter: yeah. we went to a cemetery, jose, in the city of denipro in the center of ukraine and it was there that we saw first-hand the toll that this war has taken on ukrainian fighters take a listen. outside the city of nepro, anger, grief, a growing sea of sacrifice. row after row of ukraine's

fallen warriors. on this rainy afternoon, alena is here to support her sister who was too grief stricken to talk and notified of the death of her exhs hundred two weeks ago and he died fighting in bakhmut. he knew how to love, she says, facing ruslan's grave. does his death have meaning? he died for our children, for our country, so that we would be free, she says i want to say to the americans, live your life like hurry to live because it may be too late. next, ruslan's finally resting place a freshly dug graves ukrainian leadership insist that sacrifice is necessary to their

overall strategy there in bakhmut and they want to russian forces to deplete the military forces of their elite units prior to that spring offensive jose >> erin and general, thank you both so very much. i want to bring in new jersey senator bob that nen dez chair of the foreign relations committee. a pleasure to see you, senator i want to start with the downing of the u.s. drone by russia and what questions do you have about it and the response of the united states? >> well, obviously, it was a reckless of the russian aircraft, possibly intentional they are dumping oil on it, as i understand one of the reports said it was intentional the question then what exactly do we do beyond lodging a protest? obviously, we are not seeking conflict with russia directly, but we cannot, at the same time, allow them to interfere with our

aircraft in international air space, so i look forward to the administration taking a more direct stance with the russians and having some consequences that are meaningful so they get the message you can't continue to do this. >> senator, i want to move to the collapse of those two major banks and this morning, everybody has their eyes on credit suisse as well. you introduced a bill that repel a 2018 rollback of dodd/ franks. >> they are not quite the same, for sure i voted against the repel in 2018 that gave the regulators greater oversight over banks like these two that failed i thought it was taking away, you know, critical elements 6 prudential standards and risks

that should have been reviewed by the regulators. and i think that that vote opposing the repeal of that oversight, ultimately, is, you know, justify today as we see and why i've joined senator warren and others in reinstating the obligations of those banks to be subject to our regulators at a more, you know, significant oversight. but i also have to question the regulators you know, they still had, you know, a responsibility of oversight over these banks at the federal reserve. was the federal reserve not looking at their balance sheets? it seems to me that upon looking at them, there were warning signs. and what was the federal reserve, who is raising interest rates, thinking about as it relates to banks like these and maybe others that may be affected by their rate hikes and what that means to their

depositors there is a lot of questions to be raised here, but i think the regulators didn't get it right and certainly, you know, those who repealed the oversight of these banks, i think, in hindsight, they are probably saying, i shouldn't have done that. >> senator, meanwhile, in mexico after four americans were kidnapped there, only two survived, the mexican president said mexico is safer than the united states. "the washington post" says more than 500 americans are still missing in mexico. is mexico a good partner to the united states? senator? >> well, look. i think we have a real challenge with mexico. i've been outspoken about where mexico is being taken under president biden lopez obrador. he recently said there is no fint fentanyl manufacturing in mexico' that is false. he is deceiving himself or trying to deceive the mexican

people certainly, we are not deceived and that is a huge consequence for the united states. you know, along the border communities, it is the car tels the border communities not mexico so mexico has a responsibility for the safety and security, not only the citizens, but of those citizens from across the world, including the united states who travel to mexico i was asked yesterday by a dear friend, should i let my friend go for spring break? honestly, i said no. i think the president lopez obr, dor said we would send them kisse kisses and that hasn't turned out too well. >> what is your message to the

ceo of starbucks. >> follow the law. obey the law the workers voted to organize and to have a union and, under the law, once they did that and it was affirmed that their election was legitimate and they chose to unionize, starbucks has a responsibility to negotiate with them in good faith. and starbucks clearly has not done that, hasn't even attempted to negotiate with them follow the law if not, face the consequences. >> senator bob menendez, it's always a pleasure to see you and i thank you very much for your time this morning. >> great to be with you. >> up next an nbc news exclusive. who is filing an ethics complaint against governor ron desantis and why you're watching "jose diaz-balart reports. kes trading. with its customizable options chain, easy-to-use tools, and paper trading to help sharpen your skills,

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to stormy daniels in the midst of his presidential campaign >> it seems that you're saying, well, yeah, you know >> no, i'm not. >> he lied it wasn't really legal services. tropical storm has got a lawyer. what did you say >> i said his lawyer advise him to apay him for legal services that is the evidence in this case so he didn't lie >> joins us is von hilliard. what is the latest from the trump camp today >> reporter: right the dispute that you just watched play out here and trump's defense in this before what could lead to a possible indictment from the manhattan district attorney is the extent to which donald trump was aware of the actions of michael cohen ahead of the 2016 election when

that $130,000 was transferred to stormy daniels what you hear his legal counsel saying is that donald trump had an arrangement with michael cohen in which michael cohen took care of things like this, like paying off stormy daniels in what donald trump said was a false defamatory story, but that is where what you're going to be seeing this afternoon at about 1:30 eastern is when michael cohen is going before this grand jury in manhattan for the second time now the district attorney essentially paneled this to the grand jury who will vote whether to bring charges and indictment against the likes of potentially donald trump that is where it is open-ended could that come today? could that come tomorrow would the grand jury choose not to go forward with charges at all? that is the question mark we are looking at here over the hours ahead.

>> we also have a brand-new nbc exclusive with a pro trump super pact filing an ethics complaint against governor ron desantis? >> right ron desantis is making his way around the country alabama, texas, california and iowa and not only touting his book but also effectively fund-raising not only in a state committee which has raised more than $10 million for his political endeavors, but also a new federal super pact has been formed to help boost the presidential candidacy you saw a trump aligned super pact putting in a formal complaint with the florida ethics commission against ron desantis suggesting that he is running a shadow presidential campaign here in florida, right now under state law, if you choose to run for a different office, you have to resign your current position. of course that would mean that ron desantis would have to resign as florida governor what the trump super pact is he

violating federal ethics laws by fund-raising and doing everything but announcing a presidential run and calling for than a investigation into what they say is a shadow campaign. jose >> von, in west palm beach, thank you very much. up next, what the biden administration is doing to ensure accountability for those responsibility for the collapse of sicilon valley bank you're watching "jose diaz-balart reports.

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let's take a look at the markets. new this morning administration officials say the white house is looking to assure accountability for the failure of the banks they are looking into bonuses some employees got last week and stock sales made by senior executives this after nbc news confirmed the justice department and the security and exchange commission are investigating the bank's failure. as peter baker of "the new york times" writes, quote let's bring in "the new york times" chief white house correspondent peter baker. you write that in the president's speech this week, he didn't once mention the word

bailout. are words like that so important right now? >> yeah. it's the seven-letter word, really four-letter word in washington to toxic after the 2008 crash that president biden and his team want to make clear to the public this is not anything like the bailouts that came back then when hundreds of billions of dollars of taxpayers money were used to prop up the failing bond and most of that money got returned to the federal government but it was so galvanizing so many americans that felt they werelosing thei jobs and homes and life saving and they didn't get a bailout so how come the rich people that transformed our politics and argue it gave birth to the tea party movement and the movement on the left that propel bernie sanders and donald trump win the presidency you can see why president biden doesn't want any powers in between what happened then and

now. >> politics so important you mentioned former trump white house stchief staff said, quote. what is the perspective of republicans in this moment >> well, look. you know, republicans were responsible in 2008 when george h.w. bush was in charge and house rebelled against bush's bailout at first before being forced into going along with it. here they have what they think is a clean shot against president biden because he is the one in the office right now. they are not making much of a thing about the 2018 law that president trump signed that loosened banking regulations over small and medium-sized banks like the ones that just failed the last few days you'll hear president biden talk about that although that did have democratic support at the time as well a lot of finger pointing in washington and republicans they

can get a little bit of traction on this. president biden, of course, wants to make clear he thinks the banks should pay a price for bad behavior, even as he ensuring depositors they won't lose their money and the distinction he is making between now and what happened 15 years ago. >> peter baker, great to see you and thank you for your time. up next, we are live on the border with canada in an area that has seen a 700% increase in illegal crossings. a crisis on the colorado refer after a 20-year drought and how people are resorting to extreme measures to save water they're banking, with bank of america. see cousin jimmy over there? his girlfriend just caught the bouquet so... he might need a little more help saving. for that engagement ring... the groom's parents. you think they're looking at photos of their handsome boy? they're not! she just saw how much

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this region has had atmospheric refer after atmospheric river and trillions of gallons of water across the west and feet of snow in the mountains it would stand to reason it would have some impact on the river. as i'm learning it's simply not enough check this out the. >> the colorado refer is 20% smaller than it was 20 years ago. >> reporter: the river is a 1400 mile life sustaining artery and pumping fresh water into the heart of the american west ecology. 40 million people in seven states rely on it and because of climate change, exploding populations and a decades long megadrought, it's failing. you can see it best at lake powell and lake mead, two of the nation's largest reservoirs where the river's the excess water gets banked both are three-fourths empty soon, you will feel it in the produce aisle. we traveled to california's imperial valley where two-thirds of the nation's vegetables

consumed during the winter are grown. how much cabbage is this >> a 100-acre field, approximately. let's just call it 100,000 cartons of of cabbage. >> reporter: for 100 years, the farm has produced vegetables for the country. the fourth generation owner says they are forced to make tough choices. have you had to do anything extreme? >> we've been doing extreme for the last ten years we have been conserving water. >> reporter: the u.s. department of interior is expected to announce a draft of its own plan with the hope of having a final version this summer. >> do i see a solution i don't. >> reporter: this man managed man water in arizona how dire is the situation? >> you know, it's pretty dire. everyone in the basin will feel it no one is going to escape.

>> reporter: we have been looking at the snow pack in the rocky mountains. that's where most of the runoff goes into that river system. right now, it's really good. there's about 120 to 150% of what we would see. the question is, does that runoff actually make it into the river system right now, we don't know until it happens there's the possibility that because the soil there has been dry for so very long that it may not make it all into the river system, which would mean more has to be done we need just more seasons of this kind of snow for maybe the next five or six years to make a viable difference. it's a lot working with a little that system needs a lot more before it can make any viable progress >> you know, the effects of this are so widespread. i'm glad you showed us the imperial valley, the rich valley that depends on the hands of so many people to get those fruits

and vegetables to our tables this is going to affect those places intensely for years to come >> reporter: it will the bureau of reclamation, which has to make a decision about how to cut back enough water in order to restore that river system, it's going to have to come from places like agriculture, those cities i showed you, but especially the farms where people really depend on it for their livelihood they will ask the farms to start cutting back on water. maybe they will pay the farms for their time that's a huge hit to a very viable industry in this country. some place that feeds the entire country as it is now those are painful cutbacks right now, they are necessary. >> steve patterson in los angeles, thank you so much from california, let's go to the u.s. northern border with canada where u.s. officials report agrowing number of migrants crossing into the

country. one sector says there has been a 743% increase in illegal border crossings in the last year and a half julia ainsley is reporting live from the northern u.s. border. good morning what are you hearing there >> reporter: jose, you don't usually see me in a climate like this i'm usually talking to you from the southern border. i'm up here in new york where state police took us up to the northern border with canada, showed us around they say even though the numbers are nothing like what they see at the southern border, they have gone up from between october and january, from 150 migrants to over 1,500, just in this area alone. they say because of border patrol not having the presence that they do up here that they do in southern border, they are not prepared here is what they had to say yesterday. >> it's a pretty quiet town.

we are 3,600 individuals yes, we are a border town. you should expect certain things but not in the amount that it has exploded over the past several months it's gotten crazy. >> our local population is not set up to care for the influx. these people are doing more with less because nobody is coming to help >> reporter: that was a volunteer fire chief and then a state police agent showing us how the small towns aren't prepared for this influx most of the migrants are mexicans who we heard go into canada legally on a visa and cross illegally into this area of new york and in some parts of vermont and new hampshire. the governor of new hampshire wrote a letter to the homeland security secretary asking him for more help from border

patrol 25 more agents have come up to this sector alone. here they say it's simply not enough you can learn more about it tonight in our report on "nbc nightly news." >> we will be looking for that one. i want to ask you, mostly the group that has been coming into the united states are from mexico where else are they coming from? do we have any idea how many decide to stay in canada >> reporter: it's interesting. there is migration going both ways i'm right here at a bus stop outside of a gas station where we see migrants going in both directions some are coming up on the buss from new york city, sponsored by the mayor there. those people try to get into canada we spoke to some of those people they were from all over the world. from afghanistan, turkey, venezuela. they are into canada because they think they will have a better shot at getting asylum and being able to work in

canada then you see also a population coming into the u.s. a lot of those are mexicans. more than any other nationality. they are having the hardest time getting into the u.s. across the southern border. many want to reunite with family in the u.s >> the great julia ainsley, thank you very much. great seeing you we will watch for your report tonight on "nightly news." that wraps up the hour for me i'm jose diaz-balart thank you for the privilege of your time. andrea mitchell picks up with more news after a quick break. c. (seth) i got this incredible iphone 14 pro on them. (cecily) oh, love the camera. (seth) also an ipad. that's how i roll. (cecily) ok, wow. (seth) and this apple watch. all three on them. just for switching. (cecily) nice. (vo) switch now and get iphone 14 pro on us. there's more! you get apple watch se and ipad. all three on us. that's a value of up to $1700. (seth) and now that i'm rolling with verizon, i get why more people choose it. (vo) but hurry! this offer won't last long. verizon.

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