eamon javers is standing by with the latest and what's next in the key moment in american history. >>> it is friday, march 31st you are watching "worldwide exchange" here on cnbc >>> good morning welcome back to "worldwide exchange." happy friday as well let's check on u.s. stock futures. we have seen the dow jones industrial average rise in last few minutes. it would open up 50 points higher flat across the board. this following the positive session on thursday. a different story to close out the first quarter. the dow is the only index looking at a loss for the period s&p up 5.5%. nasdaq with the 14% gain and strongest three-month performance since the fourth quarter of 2020. we dive into tech in a moment. >>> a check on the bond market bond yields with the benchmark 10-year treasury at 3.55 we are seeing the 2-year treasury, yield rise above 4%. we continue to watch the spread with the 2/10 year >>> let's check oil. wti above $70 a barrel now $74.50 up this morning. brent crude at $79 a barrel. >>> one key point is february pce. the preferred read on inflation which is out at 8:30

i'm eamon javers jim is off tonight mortgage rates topping 7% today.r fed official said he's firmly in favor of sticking with quarter-point rate hikes stocks started the day slowly but took off following those comments the dow climbing more than 330 points, on pace to break a four-week losing streak. the s&p and nasdaq snapping two-da

eamon javers has more. >> you're right, the senators and leaders of the intelligence community seem toerned about the degree to which american investors have been investing in the rise of the chinese economy. senator marco rubio also wanted to talk to the fbi director chris wray about the chinese massive propaganda potential take a look. >> could they use it to drive narratives, to divide americans against each other, for example? let's say it wants to invade taiwan, to make sure americans are seeing videos arguing why taiwan belongs to china and why the u.s. should not intervene? >> yes, and a point on that last one in particular, we're not sure we wooze many of the outward signs of it happening if it was happening. >> the chairman of the committee senator warner accused american companies of turning a blind lid to the theft of selectual property, because american companies are simply making too much money off this. senator cornyn had this to say. >> for year many american companies have been investing in china. we had a witness that testified last may, i think it was, that the curren

funds taking center stage in washington, the senate just passing a so-called anti-esg rule our eamon javersack the story in washington. eamon, what's the latest. >> reporter: hey there, melissa, the democrats lost two votes this afternoon, and that's tall took to lose the battle today. democrats were hoping to preserve a department of labor rule that allows investment managers of retirement plans to consider so-called esg factors when making investment decisions, that is environmental, social and governance issues. now this bill would strike down that rule, but the democrats still have an ace in the hole here in president biden. the white house has signaled that he'll veto bill when it hits his desk which means the esg rule likely stays in place, so why is this important then? because the republican fight against esg investing as so-called woke investing doesn't end here, and this vote gives us a sense of just how much momentum they have so watch this space, eamon. >> just to be clear on this department of labor rule this. allowed managers to do what exactly? they are still have a fiduciary

. >>> we're back eamon javers has a news alert on jpmorgan what are we learning here, morgan >> reporterted a motion to compel jpmorgan and jamie dimon to turn over documents in this ongoing lawsuit involving the u.s. virgin islands and allegations of misconduct surrounding jeffrey he epstein. they are accusing jamie dimon was being in collusion with epstein by remaining him to be a client of the bank until 2013. that ongoing litigation battle has been going on for some time. there's a battle as part of that about discovery, which jpmorgan documents can the u.s. virgin islands get access to during the course of this lawsuit one of the things that the u.s. virgin islands wanted was documents related to jamie dimon himself. they submitted a request to the judge to force jpmorgan to provide those documents all the way up through 2019. the judge now has agreed with that here is the wording of the exact motion that's been granted by the federal judge. this would be an order compelling defendant jpmorgan chase to provide discovery responses covering the full temporal scope claims through 2019

don't go anywhere, taking stock with eamon javers starts right now.y young and i'm the founder of ty j. young wealth management, and our firm has thousands of clients in all 50 states, and we manage over $1,000,000,000 in assets. and i say that to say this. we have been working with people just like you

eamon javers on what we can expect eamon, i would love to come back to you on this larger issue we've fed, in terms of potentially implicit amount of deposits where do we stand on getting something that is explicit >> reporter: that's a real request of political will, david. chuck grassley in the hearing just now asked janet yellen about the fdic and raised the question whether the fdic slow walked a merger deal because the government didn't like the potential suitors. yellen ducked that question and said that's not a question for me how this process was played out whether we get an explicit guarantee would take more political will than i sense now. you have this situation where you're offering this implicit guarantee for depositors, but you're also you don't have the ability to offer it from those banks getting that implicit guarantee. what kind of a future does that por portend? we don't know whether the political will will materialize. >> of course, that's a great point. regulation has to go along with it if you're going to guarantee everybody's deposits you don't want the banks to

back to you. >> eamon javers following this breaking story for us this afternoon. let's go over now to dom chu for a deeper look at the market moves. dom, the market was really ebullient this morning and then when this news broke a little bit of the steam went off the boil >> it wasn't just, tyler, kelly, to your point off the broader market if you'll take a look at the standout sector it's got to be the banks, the financials overall. the best-performing sector in the s&p. but take a look at the kbe bank etf. the spider bank etf. it's up 3% still a very solid move higher but put in context with the fact that it opened up around 8% to 9% and you can see we've lost a tremendous amount of steam in this bank trade. remember, this is still down about 30-some percent from the highs that we saw over the past year now, if you drill down into some of the bigger moves in the banks also, the embattled regionals, especially on the west coast, feeling some of that pain and they're still up solidly but off session highs. though first republic is still up about 37% it was up abou

we have eamon javers with more >> reporter: good morning.organ chase facing lawsuits alleging the bank aided jeffery epstein by keeping him on as a client and sending money to victims. the filing argues staley who shows he had a close relationship with epstein and should be held libel if the bank loses the cases. jpmorgan chase not admitting wrongdoing, but found libel, staley should pay the bill jpmorgan chase is seeking to claw back all of staley's compensation from 2006 to 2013 he left the bank in 2013 he was friendly with epstein, but never knew about the crimes. one questions in the high profile legal battle is what knowledge jamie dimon knew of the epstein situation. two weeks ago, jpmorgan chase told us it could not found any indication that dimon personally reviewed epstein's accounts in 2008 that despite an email released suggesting there was a dimon are view of the accounts which was pending. we have not been able to talk to lawyers representing staley. we expect all of our employees at every level of the firm to act with honestly

eamon javers has that for us >> the white house is expressing support for fed chair jay powell kellypowell's views the stewardship of recent weeks as a risk to his position the white house saying no, they have confidence in jay powell but they're looking at this as the fed's decision to raise interest rates so an expression of support for jay powell >> eamon, thank you very much. >> you bet >>> all right. this year's worst performing sector so far, energy, could find a bottom in the next week and enjoy a sharp two-month rally according to mark newton from fundstrat good to see you. >> thanks, mike. >> energy, maybe people loved it a lot six months ago questioning it now, it had a rough go what do you see that suggests a cyclical low >> three different things. a cycle composite that i developed that looks at energy and wti crude, that is close to bottoming in the short run it looks like we'll get a decent lift during a seasonally bullish time for energy. second is a lot of these energy etfs and crude itself have gotten oversold in the short run. there's been a lot of pessimism in gene

by >> that's one thing about schmidt in particular is he's got a lot of investments, which our eamon javerseported on in the past, and it colors his commentary to some degree. >> we also don't want the poorest person in the senate making a judgment, okay, this is good a.i., this is bad a.i it's just -- keep it right now it's military versus nonmilitary. we don't want -- these things can make amazing weapons and that's what we have to worry about. all the other stuff, we can get worried about. let's just make sure that we found a way to keep, like asml, these chips out of the hands of the chinese. make sure that the chips go to where they said they were going to go and were not bought by the chinese in a third party way that's what we -- that's what we should worry about until we figure out what happens. >> it's amazing how, really, only in a few short weeks, maybe a couple of months, are we starting to frame it in such stark terms, don't you think >> 180 days ago, jensen was telling me it was going to be a problem. i said, will it be used by the good guys? he said, "i'm going to do my best.

to eamon javers. >> prosecutors adding a superseding viement against sam bankman-fried. charging the found of conspiring the antiviral division of the foreign corruption act. they're saying in the new document that just dropped minutes ago that sam bankman-fried was involved in a plot in china. saying that he wanted to unfreeze certain accounts in china, was not able to get chinese government cooperation to do that. and decided bribery was allegedly the way to go here. they say after months of failed attempts to unfreeze the account, the defendant discussed with others and ultimately agreed to and directed a multimillion-dollar bribe. they say it was a $40 billion bribe that was transferred to one or more chinese officials to unfreeze the account. the bribe apparently worked, guys, in the superseding indictment. at or around the time of the bribe payment, the accounts were unfrozen. they say on confirmation, bankman-fried authorized the transfer of tens of millions of cryptocurrency to complete the bribe. so, we don't know exactly who was being bribed here. or it looks l

joining me now is cnbc's senior washington correspondent, eamon javers and "the new york times" chiefy and what sort of pushback yellen faced. >> the first thing janet yellen wanted to do on capitol hill was just reassure markets and the american people generally that the banking system is safe your deposits are safe we took the necessary action all is well here so that's message number one the second message is we did this in an appropriate way that's not going to cost taxpayers any money because they used this deposit fundwhich is filled by money paid by banks to do the bailout here, whether you call it a bailout or a government intervention or whatever you want to call it there was government action taken to make sure that this contagion didn't spread to other banks. that's the fear when you have a run on the banks scenario. that's what they stepped in to do now there's going to be a lot of political fighting about what you call that, who got hurt, how much the administration did or didn't do and whether they did enough or too much you're already seeing the europeans coming out and

eamon javers has that for us tonight. >> reporter: "the financial times" is reporting jamie dimon will testify under oath in the case involving the relationship between jpmorgan and disgraced financier jeffrey epstein and sex trafficking. what they're report something that testimony will take place sometime in may. it will be under oath. the bank had resisted for a long time in this case. dimon interviewed on this and resisted on turning over additional documents. both will happen. the big question, carl, what did jamie dimon know about all of this? some people believe he was going to review the jeffrey epstein accounts as early as 2008. epstein stayed inside the bank for years after that. jpmorgan has denied that dimon had any knowledge of reviewing those accounts back in 2008, so presumably he will be put to that question in this on the record testimony now of what did he know and when did he know it about the bank's relationship with jeffrey epstein. >> eamon, thanks. jpmorgan will be our first look on the 14th in terms of bank earnings. >> yes, one thing about that, i mean, jamie d

president on holding senior bank executives accountable following the collapse of silicon valley bank eamon javersat >> reporter: sara, president joe biden issuing a statement just this minute saying the administration took steps here to save the banking system this week, but what he's discovered in the course of that process is he doesn't have enough authority within the federal government to do all things he wants to do he's calling on congress to take new action to do three key things according to a fact sheet released he wants to expand the fdic's authority to claw back compensation including gains from stock sales from executives at failed banks like silicon valley and signature bank. he also wants to strengthen the fdic's authority to bar executives from holding jobs in the banking industry when their banks enter receivership and the last item he wants congress to take action on is expand the fdic's authority to bring fines against executives at failed banks aimed at putting pressure on executives to understand there will be significant consequences for them after the fact if their banks fai

>> eamon javers, thank you that will do it for me over to carl and sara who are on the floor. >>> and another busy morning good thursday morning again. i'm sara eisen with carl quintanilla live on the floor of the new york stock exchange. setting the agenda holly newman kroft at neuberger berman on financials and this market >> torsten shok pivoting to a hard one now why he thinks the fed is done raising rates. >>> and later former federal reserve governor and deputy treasury secretary sara bloom raskin on that decision from the fed next week and how the collapse of the regional banks factor into their thinking and potential government action. >>> these headlines the last couple minutes about jpmorgan and morgan stanley potentially looking into giving first republic a hand has turned the dow around the s&p up 25. the best week for faang since early february signs of deflation and import prices >> the lower yields directly impact the buying for tech it's why we're seeing things like cathie wood and ark it means there are still questions out there about whether the banking system is in

eamon javers joins us this morning with the latest. >> good morning, andrew.hat we're learning is the department of justice and the s.e.c. are both investigating the collapse of silicon valley bank nbc news reporting that information. but it's not yet clear how far along these investigations are and what if anything they're going to be focusing on. two sources tell cnbc, one part of the doj investigation will examine the sale of stock by bank executives before the collapse and a senior law enforcement official says the investigation is being led by a team of fbi agents out of the san francisco field office who specialize in white collar crime. one issue at hand will be did the executives sell based on non-public knowledge of the true condition of the bank and therefore reap any improper gains. that can also be difficult to prove, but there is a paper trail to start with here our own robert frank reported yesterday that silicon valley bank ceo greg becker sold $32 million in stock over the past six years including $6 million on february 27th, days before the ba

on cnbc, eamon javers, because i saw you on "last call."have details did you get any sleep? this involves credit suisse, or were you working on it all night? >> we've been working on it for a while. the senate finance committee is releasing at this hour a new report on allegations of credit swes, the centuries-old zurich-based bank that collapsed and was rescued earlier this month. the report alleges that credit swes has been helping americans hide hundreds of millions of dollars from the irs despite agreement to cooperate with u.s. tax authorities a decade ago investigators have found 25 families who have secreted away $775 million in recent years and that played at least a part in the bank's ultimate failure. i sat down with two former credit suisse bankers who served as key witnesses for the committee's investigation. cnbc has agreed to disguy the identities of the bankers in order to protect them because they fear retaliation from the bank our interview was conducted before the bank failed. >> what secrets did you turn over one specific

president will face criminal charges an arraignment is expected next week eamon javers is in washingtonh the latest. >> the latest guidance we're getting is that the indictment won't be unsealed today, so that means we won't know the charges or the evidence until later, maybe as late as the former president is expected to appear in court on tuesday. we might learn it then two sources tell nbc news that there are about 30 counts of document-related fraud charges in this indictment we'll wait to see what those are when it's unsealed the former president issued a blistering statement about all this last night saying, this is political persecution and election interference at the highest level in history now, we don't have, as i say, those specific charges in the indictment yet, but we do have word from trump's attorney confirming that he has been indicted we do know that the manhattan district attorney alvin bragg has been examining the circumstances surrounding a $130,000 hush-money payment to former porn star stormy daniels back during the 2016 presidential campaign. so, there could be c

president faces criminal charges arraignment is expected next week eamon javers is in washington with the latest. eamon. >> reporter: becky, it is historic first the former president of the united states under indictment and at the time he is campaigning to retake power in 2024 he issued a statement last night saying this is political persecution and election interference in the highest level of history the democrats have lied and cheated in trying to get trump now indicting a completely innocent person in an act of blatant interference trump called prosecutors thugs and radical left monsters. his campaign team denounced the indictment and asked for money with donations ranging from $24 to $250. we don't have the specific charges in the indictment. word from trump's attorney he has been indicted. we know manhattan district attorney alvin bragg has been reviewing the circumstances around the $130,000 hush money payment to stormy daniels during the 2016 campaign. there could be charges in the falsification of business records and campaign finance violations we will only find out when th

joining us right now with the highlights, eamon javers good morning, eamon. >> good morning, andrew.served as a turning point. coalescing around the idea that the elites have simply been wrong about china for nearly 30 years. the video opened with a montage of depression about china. now, members of both parties simply have concluded here that the decisions to grant most favored nation trading status to china were the starting points for a long downward spiral and the new chairman of the committee, republican mike gallagher says he knows who it was inside the united states who aided in all of that. >> the ccp has found friends on wall street, on k street, in fortune 500, c streets, and those are w.h.o. are ready to pose and pushback. this strategy has worked well in the past and the ccp is confidence it will work again. our committee is tasked to make sure it does not. >> now, the ranking democrat on the committee said both parties have simply been wrong over the years. >>over the last three decades democrats and republicans have underestimated the ccp and trading would lead to great