alongside contessa brewer. welcome back. stocks bouncing back after yesterday's post-powell sell-off. we'll get to the bottom of what's moving the markets and look at where stocks and rates could be headed next. >>> plus the debate over tiktok. congress calls the ceo on the carpet. will the calls for a ban grow louder? what about all of those entrepreneur who say use tiktok to reach customers? we'll talk to a creator about the impact of a potential ban. >>> first let's check in on the markets. stocks are higher with a strong performance for tech. there you're seeing it, the dow up half a percent, s&p up three-quarters of a percent and the nasdaq up 1.33%. >> let's bring in dominic chu and kristina partsinevelos. >> we've seen the momentum get zapped the last two or three hours. to give you some context, remember we lost 66 points on the s&p 500 yesterday at the close. if you look today, shortly after 11:00 a.m. eastern time, we were up 70 points in the s&p 500. we had gotten back everything we lost and more yesterday. and no

if the one team i really like to root for is not in it. >> contessa brewer, great stuff.ody who likes to gamble is listening. >> how do i make money on gambling and not actually gamble >> brucontessa brewer, thank you >>> still ahead, banks look to shake off the week as we gear up for the big fed meeting next week >>> throughout the month of march, we share stories of women leaders and business and those of the cnbc teammates. as we head to break, here is julia boorstin >> i've interviewed thousands of ceos and leaders in the past two decades. the number of women has increased, but still rare. i was so struck by the way women were innovating and tackling different problems and it inspired me to interview over 100 women and write a best selling book called "when women lead." we should be inspired by women who defied the odds by leading in ways that are authentic to them we can all benefit from the underestimated advantages of female leadership. ♪♪ hey dad, i'm almost out. i got you. any questions, chris? all good, thanks maura! there you go, one new inhaler! nice did you g

contessa, where do things stand with first republic right now? >> well, right now, you mentioned how much the shares are tdown today we're seeing shares of first republic down 75% for the month of march really over these issues about whether there was a mismatch in assets and liabilities first republic got a credit downgrade yesterday and then the collapse of course of the silicon valley bank and signature bank over the weekend went in seized by regulators has caused a big question about not only first republic, but other mid sized regional banks where there might be an asset mismatch here here i'm getting into the weeds a bit, but it's really a problem of a high rate of uninsured deposits and loans or bonds that have a long time to maturity and first republic bank had the third highest rate of uninsured deposits people who have their money in here, more than $250,000, covered generally by the fdic. first republic was third after svb and signature bank on top of that, we saw this crisis yesterday with credit suisse when the saudi bank said it wou

alongside contessa brewer, i'm tyler mathisen >>> market turmoil plus bond yields have some people sitting on the sidelines and taking steady returns on treasuries we have a bull fight coming up, stocks versus bonds. we'll hear bulls on both sides. >> plus richard branson ceasing operation for the near future. we'll get to all of that. >>> first let's check on the markets. finishing up the week with gains. there you're seeing green aus kra the board. the dow industrials up three-quarters of a percent. the nasdaq 1.2% higher on the day and the russell 2000 up 1.33%. let's get right to kristina partsinevelos for a look at the biggest movers. >> that's why i'm wearing a green today. the first quarter is coming to a close. nasdaq is the clear winner, over 15% higher, snapping its longest losing streak since 2001 the s&p up 6% heading for a second straight positive quarter. only the dow is expected to end flat for this quarter. semiconductors, though, making some news with chinese regulators announcing they will review micron chips for security risks. micron shares are still up 22% this quarter

contessa brewer.ank you. >>> ahead on "power lunch," more on today's market reversal with the fed decision in focus next week i can't imagine a bigger fed meeting. could the markets be at the rsk of another sell-off? we talabk out that next. down 68 on the dow right now. i think it's very important that you spend your time wisely. and what better way of spending time than traveling, continuing to educate ourselves and broaden our minds? (woman vo) viking. exploring the world in comfort. somewhere out there is that one-in-a-million. someone who thinks with their hands. who can shape raw materials into something meaningful. and who wants to serve in their own way. if you're out there. if you're looking for more. we're looking too. we're calling on a new generation of builders for navy's next-gen submarines. all across the country, people are working hard to build a better future. so we're hard at work helping them achieve financial freedom. we're proud to serve people everywhere, in investing for the re

what do we know, contessa? >> shares of european bank credit suisse, its biggest one-day sell-off because its biggest investor, saudi national bank, turned off the spigot so to speak it said it would give no more financial assistance to credit suisse the bank had reported weakness in the way it reports its financials although the bank's ceo said today its liquidity is very, very strong. still, the concern spread to other european banks and shares fell for ubs, deutschebank, barclays and others, dragging down the european stock exchanges. now, here in the u.s. the fallout from the collapse of silicon valley bank and signature bank have spooked investors. today first republic's shares have plummeted more than 20% is got a credit downgrade. pac west bank corp. down about the same and even the biggest banks, jpmorganchase, goldman sachs, citigroup, wells fargo, morgan stanley are all down between 4% and 6% today i asked the ceo of the mortgage bankers association for his perspective on the threats that his member b

our contessa brewer covers the sector, joins us here on set and we were talking earlier, we really haven'tsed enough on this, given the magnitude of the declines >> it is also rare to see insurance companies moving this dramatically it's been very volatile. spun off from aig, although it still owns most of the company metlife and prudential, down about the same, brighthouse down 25%, the worst-hit, lincoln national down 30%. now, lincoln national specifically held $89 million of silicon valley bank's unsecured debt at the end of last year according to s&p global, insurers total investment in the banks that moody's downgraded is less than $5 billion, when the industry holds, just putting this into context, trillions in assets in cash insurers could also take a hit from these banks by paying out on d and o policies. shareholders have already filed a lawsuit against svb claiming mismanagement by its directors and officers if there were a jury award or settlement, insurance would pay. among the biggest providers of this kind of insurance, chaig, travelers, svb has, we're told, $180 million in

contes contessa, thank you. >>> we're back on "wex" after this causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. at stores everywhere without a prescription. what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create ♪ old school wisdom, with a passion for what's possible. that's what you get from the morgan stanley client experience. you get listening more than talking, and a personalized

. >>> let's get to a news update with contessa brewer. >> here's your cnbc news update.thousands of travelers stranded at israel's airport after the country's largest trade union went on strike today in response to prime minister benjamin netanyahu overhauling the judiciary system, which he agreed to delay until the next parliament session. they represent 800,000 government workers across health, banking and transit industries. >>> protests are under way in france where leuve workers have blocked the entrance to the most visited museum in response to emmanuel macron raising the retirement age. >>> the boston marathon has a new sponsor starting in 2024. bank of america will replace john hancock as the race's new principal sponsor after 38 years. morgan? >> wow. contessa brewer, thank you. >>> up next, the ceo of carnival in his first broadcast interview since taking the top job at the cruise line operator. it's been a volatile session after guidance came in soft but bookings hit a record level. that interview is coming up on the other side of this break. we are back in tw

. >>> let's get a news update with contessa brewer. >> good morning, carl. new york police department says it's seen no credible threats to the city after the indictment of former president donald trump the nypd has had mobilization plans prepared since last week in anticipation of potential criminal charges being filed against the former president trump is due to appear in court in lower manhattan tuesday for arraignment in this case. >>> the justice department has filed a lawsuit against norfolk southern over the railway company's train derailment in ohio that lawsuit alleges clean water act violations that allegedly occurred due to the derailment, which caused a fire and local evacuation. >>> the vatican says pope frances is expected to released from the rome hospital where he's being treated for bronchitis they say the pope will be in st. peter's square for palm sunday mass this weekend. wishing him the best recovery. sara >> contessa, thank you. >>> after the break, some warning, reits and commercial real estate, some are warning they will be the next s

. >>> we're going to slip in a quick break -- let's get the headlines first with contessa brewer >>>bc news update. no evidence here that the havana syndrome, which has been blamed for sickening u.s. personnel at the u.s. embassy this cuba and other places around the world is the result of a foreign adversary's action nbc news reports that is the conclusion of a year's long effort to explain what caused the strange and painful acoustic sensations for hundreds of americans serving abroad many victims have suspected cuba, china or russia of using some kind of energy wave against them >>> the cdc is warning of a serious public health threat from a rise in drug resistant cases of the bacterial infection of shigella. and the northern lights are burning bright, tied to solar activity as charged particles and solar wind collide with molecules in the earth's upper atmosphere and because that activity is rising now as part of an 11-year cycle, scientists say there's more to come i feel like i've branched over and i could now do a children's show on science, scott >> contessa, thank you >>> we

don't go anywhere because tyler and contessa are getting ready for "power bunch."ing to me keep it right here we'll see you on monday. kelly is back. have a nice weekend. ♪♪ choosing miracle-ear was a great decision. like when i decided to host family movie nights. miracle-ear made it easy. i just booked an appointment and a certified hearing care professional evaluated my hearing loss and helped me find the right device calibrated to my unique hearing needs. now i enjoy every moment. the quiet ones and the loud ones. make a sound decision. call 1-800 miracle now, and book your free hearing evaluation. if you have this... and you get this... you could end up with this... unexpected out-of-pocket costs. so if you're on medicare, or soon to be, consider this. an aarp medicare supplement insurance plan from unitedhealthcare. medicare alone doesn't pay for everything. and what it doesn't pay for, like deductibles and copays, could add up to thousands of dollars. medicare supplement plans help by paying some of what medicare doesn't... and making your out-of-pocket cost

i'm contessa brewer.mer president donald trump is publicly criticizing the impartiality of the judge who is expected to preside over the former president's arraignment tuesday. in a truth social post trump accused new york county supreme court justice merchan of hating hip. he oversaw the tax fraud cases against the trump organization and its former chief financial officer allen weisselberg. president biden and the first lady are in mississippi getting a firsthand look at the devastation left behind by a powerful tornado in the state. the storm swept through the state last week killing 25 people and a coroner in mississippi said at least 13 people died in the small town where the bidens will visit. >>> and the white house has proposed a new rule to allow the interior department to release public lands for conservation. the interior says doing so would help states and companies offset the environmental impact of their development plans. scott? >> all right, contessa, thank you. >>> now to our "chart of the

. >>> let's get to a news update contessa brewer has that for us. >> good morning, david we have someernational news for you here ahead of next monday's meeting in moscow between xi jinping and vladimir putin, the white house says it has real concerns that the chinese leader will try to broker peace in ukraine by promoting a cease-fire that would amount to a ratification of russia's conquest national security council spokesman john kirby says xi should contact ukrainian president volodymyr zelenskyy and, i don't know, get his perspective. that's what he says, to avoid any one-sided proposals. >>> with finland's leader standing by his side, turkish president erdogan announced today his government will start the approval process for finland's admission to nato. it'd clear the way for it to join the military alliance erdogan says sweden, the other country that's asked to join nato after russia invaded ukraine, is still being too soft on groups that turkey considers terrorists. >>> and in a show of unity, nato secretary general stoltenberg and ursula vander line took a helicopter trip tog

contessa brewer has got that for us >> hi, carl.dent biden is calling eli lilly's move to cut insulin prices huge moves. the company is cutting its retail prices and limiting out-of-pocket costs for people with private insurance to $35 a month. that's the same cap imposed by congress last year for medicare beneficiaries. in a tweet this morning, biden is urging other drug companies to follow lily's lead. >>> bernie sanders says the senate panel that he chairs will vote next week to require ceo howard schultz to testify about what sanders calls the company's lack of compliance with federal labor law. schultz has opposed efforts by workers to unionize at several hundred of the coffee chain's $9,300 u.s. stores and delta pilots have ratified a new contract with more than $7 billion in cumulative wage and benefit increases over four years. melissa, i'll send it back to you. >> contessa, thank you >>> up next, the casual dining segment looks to win back customers with deep discounts and big advertising dollars. the ceo of dine brands whi

carter worth with stocks way off the lots as i mentioned let's get to contessa brewer for the cnbc newsate. >> good afternoon to you russia's foreign minister says the u.s. significant nothing airspace restrictions near its black seacoast that russia established when it invaded ukraine. washington contends its air force reaper drone was flying through international airspace when russian fighter jets collided with it now a few minutes ago, defense secretary austin said he spoke with his russian counterpart and insisted the u.s. is going to fly wherever international law allows t >>> in the uk where the ceremonial delivery of the government's budget to parliament actually merits aerial television coverage treasury chief jeremy hunt is predicting the country will got in into a technical recession this career and promising the government will take whatever steps are necessary for economic stability. >>> and in paris, the garbage is piling up on the city sidewalks. trash collectors are in the ninth day of a strike protesting the government's plans to raise the country's retirement age to 64

joining us now with more, contessa brewer. what more did we learn from the fed chair? likely to see one more hike this year. that is a real change in tone from the last meeting when the fed's statement said ongoing increases in rates would be appropriate. now, powell suggested that rate cuts are not the base case for the rest of 2023. so, we likely won't see a rate cut until next year. meanwhile, as you mentioned, the markets are in the green, pricing in a rate cut by the end of this year. powell says it is too soon to assess what kind of impact the banking crisis will have on the economy. he did acknowledge that he thinks that there is a pathway to a soft landing, and he acknowledged we're likely to see tighter credit conditions ahead following the regional banking sector crisis. he says the fed is still strongly committed to turning inflation to its 2% target. as you can see, the market is reacting positively. you mentioned the dow, the nasdaq is up more than 2% on the day so far. >> and according to bank rate, the average credit card interest rate has reached 20.4%.

that is according to a new report from insider intelligence let's get more now with contessa brewer hie, tyler. americans will legally wager nearly $140 billion this year on sports bets as said, 45% growth from last year marking the first time we will have surpassed that $100 billion mark. the forecast comes from research provider insider intelligence. the report released today concludes double-digit growth will result in sports betting handle or the total amount wagered exceeding $200 billion in just two more years and sports betting revenue is climbing as well expected to surpass $10 billion for the first time in this year. and the research indicates players are betting more 94% of the time that betting is online massive growth in that arena all of it, though, comes with increasing scrutiny. the american gaming association just announced this week an updating code of ethics where marketing is concerned new prohibitions on marketing around colleges and name, image likeness deals with amateur and colonel athletes and banning any use of the term risk free advertising in -- risk free in

central point of americans lives prescription drug prices >> my administration is focused intensely contessa, getting more people affordable health care to do that. president joe biden said he's targeting prescription drug costs. it's about just just paying a fair share. the president touted a new law that caps the price of insulin at $35 for disabled and older americans who rely on medicare. >> drug companies have started to voluntarily lower the cost of the drug. and president biden said the changes could save patients hundreds of dollars every year. make a republican congress. >> don't think any of this is a good idea. i think big farmers should be able to make provinces expense the american people they've been making. the president wants to extend that cost cap to all americans, which some republicans, including missouri senator josh hawley have said they support. we ought to cap it right now for everybody. not just one insurance company, not just one pharma company, but for all of president biden is trying to cut health care costs further with his budget proposal. it would shore up medi

judging by the fact that there really hasn't been contessa consensus over the past few months when it comes to this issue. right now, it looks like there's a very low likelihood of there actually really being and sort of this is probably a delay tactic. use buttons and you know, the opposition and the protest movement have both said time and time again. to thing the need to serve as a foundation for negotiation. one is completely stopping lightly delaying the legislation process. and right now the station process isn't the point where to know if you want to do, can revive it, and within less than the day have is approved. so that is what some people have been saying. it's like a gun pointed to our temple and then saying to negotiate. the other thing is that president council had laid down a kind of a roadmap to what an agreement could look like. taking into consideration the needs of both sides. your position was very happy to accept that as a basis for negotiations with the coalition. danielle and his entire coachman basically rejected that outright. so with both that kind of gun poi

contessa brewer has the story. tates contessa, good morning >> the crisis falls into two bu buckets, becky first, portfolios. the stock price has plummeted. down 22% that is spinning off aig with 78% ownership. metlife is down. the worst hit of the group, lincoln national down 31%. lincoln national specifically held $89 million of the unsecured debt it was about 1% of the total surplus from of the end of the year insurers total investment in svb and other banks moody's downgraded is less than $5 billion. when the industry holds assets and cash they could get pinched in the shareholders which filed a lawsuit against svb claiming mismanagement. if there were to be a jury award or settlement in the case, insurance would pay. among the biggest providers is chubb and aig and travelers. svb bought $180 million policy through chubb. my sources tell me this is going to play out over years, not over weeks and months the risk to insurers would be manageable banks and other institutions will see premiums climbing higher becau

contessa brewer is live with more good morning, contessa. >> hi, scott it's great to see you today.th caesar's ceo tom reed, on the panel with fanduel's ceo amy howe and the president of the pays jonathan kraft, i was thrilled to be talking about the launch of massachusetts mobile gambling next week because all three of them are interested, they all have a stake in this game jonathan kraft, president of the patriots, said he is thrilled about the opportunities of increasing fan engagement. listen to this. >> we love it because now something that wasn't legal is legal, but it drives engagement in our business and from a data standpoint, it views properly and i think there's a lot of great information there to enhance our product. >> reporter: and a really interesting moment because kraft was an early investor in draftkings in 2012 yesterday fanduel announced it's now 50% market leader across the nation i asked kraft, did you bet the wrong horse? he started laughing and then here's what he said. >> i think for mobile it's a three-horse race in the u.s. it's fanduel, it's draftkings an

she did come in last place and another competition as well perhaps a late lifting contessa else of cookingd say. [applause] >> greg: as a season power lifter houses can impact the sport? speed to the one reason i could ever be successful power lifter. i like south park, i'm a really big fan, as i was watching it never occurred to me it was also a documentary. because this was the exact part of an episode from years ago which can if you've seen south park you notes was to be overblown satirical cartoon, but now it's not and i think using the word discrimination implies that there is no scientific or medical reason whatsoever to even consider that a person who is born a dude, might be stronger than someone who is born a woman. that is not true because there is road's termination out there obviously and there are some real think this. >> greg: is in a weird it subtly becomes a legal issue jamie we have to abide by their choices which ever date female power lifter? that way when you get thrown out of the house -- >> jamie: i don't know about power lifter. i feel like they should make a rule yo

in leagues partnering with gambling companies, contessa brewer joins us from the m.i.t.uest we used to try to keep them separated, but hey it's a fact of life, contessa. we might as well tax it and regulate it. >> reporter: that's right. you know what? they're getting hitched, joe they're probably never going to get divorced and if they do, it'll be ugly. with me, is caesars ceo tom reeg we've got all the revenue numbers for january. best january in nevada's history ever, and give me a sense of what's coming down the pike, and if you are sitting back, you've got vegas and all these regional properties are you just waiting for the shoe to drop on consumer spending >> thanks for having me back, con contessa it's good to be here vegas is exceedingly strong. so we obviously had a very strong fourth quarter, first quarter has started strong as well you noted the january numbers. as we head into march, we're looking at a march that could be the best month that we've ever had at caesars, and we've kind of been setting a string of records. >> is it just that room rates are highe

alongside contessa brewer. welcome back.

frank, back to you >> contessa brewer, thank you very much. >>> turning our attention back to the marketshe s&p 500. the annual reclassification of the index is taking place at the close. several stocks are moving to new sector categories and that could have a big impact on your portfolio. our bob pisani joins us with the details. great to have your insight on this i thought you were going to be here, bob. you left me standing -- or hanging. >> reporter: oh, well, we have a lot of different things we're doing in different parts of the world, frank this story is interesting. the index gurus are at it again. some of the most well-known stocks are getting reclassified today. in a display of common sense by s&p, target and dollar general and dollar tree will move out of consumer discretionary and join walmart as consumer staples at the close. visa, mastercard and paypal seem like financials, right they're listed as technology stocks that, too, is going to be changing at the close today. they will move into the financial sectors, arguably where they belong. for those that just own the s&p 500,

contessa brewer is here to break things down for us and discuss. his salary is -- his salary last year was one buck. >> okay. >> his stock-based compensation was more than $44 million. >> wow. >> and then he's got all of this other compensation. the rest of it gets made up in this other compensation that included more than $130,000 for travel and tickets and events for him and his family to go to the super bowl. and that has created all of this griping online. i mean, even for instance when you look at his compensation versus his median employee pay, $111,000. the ratio is 427 to 1. in the previous year that ratio was 137 to 1. so while the company still is losing money, the ratio is increasing. and what the investors are pointing out is that hey, number one, you guys haven't turned a profit yet. number two, look at the stock price here -- >> yeah, that's what i was saying. >> it's up 54% year to date. it's had a big rebound. but boy, was it under pressure since 2021. a high point of 74 was about its high that it hit. and it has just been under pre

. >>> to contessa for an update. >> here's what what we're looking at right now. a rough scene in nashville, new details about a school shooting that killed at least three students and now we know that at least three adults have been killed as pell by the shooter who is dead. the shooter identified as a 28-year-old woman. she was armed with at least two assault rifles we're told and a handgun. it marks the third school shooting this year according to nbc news. >>> president biden has been briefed on the shooting and in touch with the justice department according to comments from press secretary karine jean-pierre a short time ago in her regular briefing to reporters said the president wants congressional republicans to step up and support an assault weapons ban biden expected to address the shooting at a previously scheduled jooents lucid motors recalling about 600 air sedans over a defect that can result in the loss of power to the electric vehicle's motor. we'll follow that for you. >> thanks very much. >>> and ahead on "power lunch," the dow rising near the hig

. >>> here's your news update this hour i'm contessa brewer.scow monday for a meeting with russian president vladimir putin. the two men are scheduled to hold a news conference china's foreign ministry says xhi will push for a political settlement between moscow and kyiv a spokesperson told reporters china is pushing peace and promoting talks. >>> in paris protesters set fires and fought with police well into the night after french president emmanuel macron used his constitutional power to bypass lawmakers and hike the requirement age from t62 to 64. >>> and the environmental protection agencies telling states they can't block shipments of hazard waste from last month's ohio train derailment if going to a licensed disposal site oklahoma's governor said he's not allowing any of the waste to enter his state. sara, it's a football in more ways than one. a political football, hot potato just something nobody wants to touch. >> yeah. thank you very much. contessa brewer. >>> a little off an hour into trading. the loss have picked up steam. down more

meantime let's get to contessa brewer for a news update. >> good afternoon.nch president emmanuel macron has survived a no confidence motion in the national assembly following a contentious detbate that included a walkout. the margin just 9 votes. another motion by a far right group expected to get less support that would allow macron to go ahead with his unilateral decision to raise the retirement age to 64. four members of the oath keepers, far right wing group have been convicted by a jury in washington of conspiracy in connection with the january 6th attack on the capital. >>> a legal adviser to michael cohen testifying considering an indictment of donald trump robert costello arrived in a government vehicle and a source familiar with the information tells nbc he will call cohen a liar who has been angry at trump for years. cohen in the probe of hush money paid to stormy daniels is at the courthouse as a rebuttal witness. we're keeping our eye on that situation as it unfolds. >> thank you. >> an apple a day keeps the layoffs away big tech continues to mak

thank you, contessa brewer. >>> we talked about what's happened over the weekend with credit suisse andwhat happens now and what are the implications for businesses moving forward one question with $17 billion additional tier 1 bonds wiped out and additional cost savings, these are big questions that ubs shareholders and management will have to weigh. david faber comes back in with his reporting on the subject what happens now >> the feeling is that even though ubs was reluctant to actually buy credit suisse and had been, that they got a pretty good deal. that is being reflected to a certain extent in the markets. stocks off the highs but it had been down in the early going but has rebounded. a lot of it does have to do with the fact they have the freedom to cut costs and cut costs in a significant way, both in switzerland and here they're going to be able to consolidate a great deal in those markets. and that is ultimately seen as a real positive. certainly there are going to be i integration issues equity holders did get something. they got one ubs share for every 2 22.5 they live on

. >> my administration is focused intensely contessa, getting more people affordable health care to do that. president joe biden said he's targeting prescription drug costs. this about just just paying a fair share. the president touted a new law that caps the price of insulin at $35 for disabled and older americans who rely on medicare. drug companies have started to voluntarily lower the cost of the drug. and president biden said the changes could save patients hundreds of dollars every year. make a republican congress. don't think any of this is a good idea. i think big farmers should be able to make provinces expense the american people they've been making. the president wants to extend that cost cap to all americans, which some republicans, including missouri senator josh hawley have said they support. we ought to cap it right now for everybody. not just one insurance company, not just one pharma company, but for all of president biden is trying to cut health care costs further with his budget proposal. it would shore up medicare funding for decades by raising taxes on those who e

>> contessa, thank you very much >>> another check on shares of first republic down about 40%.hey've been halted several times for volatility "the wall street journal" reporting jamie dimon is leading talks with other bank ceos over fresh efforts to stabilize the troubled bank. correct myself shares of first republic down about 35%. also watching the kre, up 1% well off its highs today first republic one of the holdings in that etf >>> the bank drama having an impact in the etf world. to bob pisani. >> hello the fallout from the silicon valley bank debacle continues. regional banks are bouncing back but most are down more than 30% in the last two weeks, not surprisingly, the etf industry is moving quickly with new products to address all this confusion. in response to the banking crisis, round hill will launch a new big bank etf dave matzoh the chief strategy officer and joins us with more dave, congratulations. your move with stunning speed. what is in the big bank etf you're launching tomorrow? >> bob, what's exciting about the etf is what you're not going to find, not going

. >> my administration is focused intensely contessa, getting more people affordable health care to do that. president joe biden said he's targeting prescription drug costs. it's about just just paying a fair share. the president touted a new law that caps the price of insulin at $35 for disabled and older americans who rely on medicare. drug companies have started to voluntarily lower the cost of the drug. and president biden said the changes could save patients hundreds of dollars every year. make a republican congress. i don't think any of this is a good idea. i think big farmers should be able to make provinces expense the american people they've been making. the president wants to extend that cost cap to all americans, which some republicans, including missouri senator josh hawley have said they support. we ought to cap it right now for everybody. not just one insurance company, not just one pharma company, but for all of president biden is trying to cut health care costs further with his budget proposal. it would shore up medicare funding for decades by raising taxes on those who

this is contessa brewer from cnbc we just talked a minute ago. number you gave me to call to talk to antonio i leave a message for the owner. we reach him weeks later he said all of the equipment is ordered through another company after the patient sees a doctor. he refuses to give more information. government records show the company has billed more than $2 million to medicare, mostly for wound care >> how big is this problem >> south florida, without question, is the ground zero of healthcare fraud it is only one state there are 49 others and territories where these types of scream schemes are occurring. >> reporter: the business we visited has been cut off after the visit by the office of the inspector general. dozens of schemes totaling more than $61 million which is called abuse of the healthcare system next month, a south florida man will be sentenced for billing medicare numbers that is what facilitates the fraud. his maximum sentence five years >> that's unbelievable why can't we shut this down more quickly? why can't we raise the penalti

contessa brewer joins us with more we haven't talked about this one. >> yeah, well, you know, becauseto talk about insurance. people tend to think, oh -- i do love to talk about insurance here's what we're seeing, the exposure falls into two buckets. the portfolio, especially those of life insurers and they have seen their stock price plummet this month coal bridge financial down 22% it spun off from aig but aig is still the majority owner, aig down 20%, metlife and prudential down about the same, brighthouse down 25% and the worst hit lincoln national down 31%. lincoln national held $89 million worth of silicon valley bank's unsecured debt and really only totaled about a percent of lincoln's total surplus at the end of last year, according to s&p global, insurers' total investment in svb, signature and the other banks moody's downgraded is less than $5 billion so let's put that in perspective. the industry holes trillions in assets and cash. the other bucket, the other way insurers could get pinched is through directors and officers insurance or d and o what it's called shareholders

i'm contessa brewer. here's your cnbc news update.s erupting overnight in israel in response to the firing of the country's defense minister. the official was the first of prime minister benjamin netanyahu's political party to criticize his plan to overhaul the government's judicial the government's judicial good night! hey corporate types. would you stop calling each other rock stars? you're a rock star. you are a rock star. no more calling co-workers rock stars. look, it's great that you use workday to transform your business. but it still doesn't make you a rock star. so unless you work with an actual rock star. hi, i'm ozwald. hello ozwald. pam, you are a rock- i wasn't going to say it. ♪♪ mom: hey! cheap flight alert! daughter: hawaii! can we go? dad: maybe. i'll put a request in monday. sfx: shattering glass. theme song: unnecessary action hero! dad: was that necessary? unnecessary action hero: no. neither is missing this deal. with paycom, vacation is yours to manage. unnecessary action hero: not to mention benefits, scheduling

i'm contessa brewer here's your news update this hour.igned saying it's his duty to step down as a basic indication of respect for the victims of a head-on train collision overnight. at least 36 people were killed when a freight train hit a passenger train. both were reportedly traveling at nearly 90 miles per hour. >>> a bipartisan group of senators is introducing a train safety bill in response to the detrailment in east palestine, ohio sher rod brown said it shouldn't take a disaster for congress to p partisanship aside and work for the people >>> and chicago will get a new mayor. lori lightfoot conceded after failing to get enough votes for a runoff she's the first mayor to lose a re-election in 40 years. >> thank you >>> an hour into the trading for the month of march so far it's not going that well. at least if you're long stocks let's get to bob to break things down. >> this is not good news weaker economy and higher prices, that's going in the wrong direction. look at sectors, holding up pretty well about even on the advanced decl