events >> we have full coverage of this developing story for you kayla tausche here in washington mike santoli at the stock exchange, and jan is standing by kayla, let's start with you and what we have learned >> the white house says russia may invade ukraine in a matter of days, underscoring the use has not reached a definitive conclusion that vladimir putin has decided to go forward with an invasion, but putting a finer point on what one would look like and when. here's the national security adviser. >> now, we can't pinpoint the day at this point. and we can't pinpoint the hour, but what we can say is that there is a credible prospect that a russian military action would take place even before the end of the olympics. >> sullivan warning if one were to happen, it could begin with an air campaign, followed by a ground invasion, which sullivan says could see a rapid assault on the city of kyiv. that could cut communication lines, close roads, and shut down commercial transportation leading him to issue this warning to american civilians to get out. >> we encourage all american citizens who re

let's focus on the big stories we're watching mike santoli tracking the market action, and alex from big technology mike, though, start us off in the 6.4% drop in communications services, the sector meta is in. >> that's the downside leadership but overall, a little bit of a steftest for the dip buyers for this bounce we have gotten over the last several days. mentioned two days ago, that was the easy part. that was taking back that vertical piece of the decline into last week's lows when the market was super oversold and can vd this relief rally now it has to chop around. we're about 1%, 2% above those areas where you would start to say maybe the overall bounce is in jeopardy. i'm not saying the market knew something like the facebook loss and miss was going to come along, but it was primed to actually have this type of a reaction, a little bit of a gut check. take a look over two years at this convergence of tech and energy in many different respects the equal weighted technology, amazon, and equal waited energy and the 500. amazon, the big leader to the upside it's faltered recentl

retsler about the moves in techthe last week or so >> let's focus on the big stories we're watching mike santoli is tracking the action deirdre bosa has more on amazon's earnings pop. >> let's start with you, mike. what's the big picture look like >> yeah, a lot of push and pull within this market today it's netting out to the positive side for the s&p 500, though it's an odd mix. amazon's huge move to the upside is kicking in about half a persnlt of upside to the s&p 500. you see that's basically half of its gains so far today even as energy and bank stocks thrive because yields are flying after the strong jobs number one thing i'll say, we haven't necessary defined anything in terms of the next major move directionally. we have not been able to break above just yet the downtrend we had right there, so nothing that's gone on this week undermines the idea that a week ago monday we saw a pretty good trading low in the s&p so we have 300 points of cushion there. but also hasn't really been able to get out of its own way this week with a lot of back and forth. still trading below yesterday's high a

let's get back to mike santoli for more on the market reaction. also interesting to see the split in oil prices and energy stocks, mike >> yes, absolutely oil prices getting up to that level where it is maybe driven by a little more geopolitical issues as opposed to pure supply and demand also, energy stocks have had such a decent run to this point, you have to wonder if the market is saying energy at this level starts to threaten growth, at least a little bit the overall equity market, very wobbly, kind of uneasy shuttled down to some levels we haven't been at since about january 28 just a few days after the low was set for this construction. and really in no man's land. that initial bounce didn't really kind of prove anything. it's been pretty solid ceiling at that level. it's also near the 50-day average. and hard to see daylight in any direction. you have oil doing what it's doing, the joe opolitical noise, not really helping, and yields are still near their highs, and no real letup to the hawkish fed rhetoric with the vix at 30. it keeps inve

. >> mike santoli tracking the market action and kayla tausche in washington. let's start with mike and the sell-off we have seen accelerate this afternoon >> definitely a heavy market today. a low intensity sell-off, i would say, slouches in this direction. and we basically have given up two days worth of upside, so right now, we're slightly below monday's closing level, just about 4400 on the s&p 500. intraday low on monday, less than 1% below that so it's still a little bit of a fragile situation. not yet getting back to those intraday lows for the s&p back in january 24th. it's 4220 and change is that a net positive that we actually managed to stay above it when you had that much more fed hikes priced in and oil up $10? hard to say, but at this point, even if we get back to that, it could be one of those retest situations you have to look at the indicators take a look at this catch-up move by energy since the lows in march of 2020 against semi-conductors. you basically had full convergence here semi-conductors, massive beneficiaries of digital trends in the

i'm sara eisen along with melissa lee, in today for wilfred frost, and mike santoli as always. are now awaiting earnings from a pair of big companies. we'll have instant analysis, to results from chipotle and lyft as soon as they're released. >> plus, brian niccol, ceo of chipotle, breaking down his company's results in an exclusive interview before he joins the analysts on his company's conference call. >> first up, joe terranova still with us. courtney garcia from payne capital management joins the conversation and courtney, are you feeling better about higher rates? that was the message in the markets today. we saw the ten-year run up almost to 2%, highest level since 2019, which sometimes lately would cause a sort of panic or selling, at least intic knowledge, but you saw tech rally, a lot of cyclicals, reopening plays all do well today. what does that tell you? >> it's really positive to see how well the markets are recovering so quickly here i think realistically, it's showing all of the volatility over the last month is nothing more than a run of the mill correction that

mike santoli is tracking all the market action. mike, what are you focusing on >> melissa, a little bit of a rally over the course of the day, really not much to speak of at the index level s&p 500, modest gains so far very much in the middle of its range since the beginning of the year but you know, more stocks up than down. kind of a never short of dull market type of day you have weakness in things like meta and alphabet suppressing the s&p 500 whereas underneath it, things have gotten traction. in fact, some of the cyclical groups reopening type trades are working well talk about right in the middle right here, about 4510 or so, we're about 300 s&p 500 points from the high, 48 and change, and about 300 up from the low, which is 4220. so obviously, we're in the middle right here. looking for a little bit more direction. i think we're still kind of burning up some of that really profound negative sentiment that we got near the lows a lot of caution this might be one reason for investor sentiment being a little restrained right now

here to break it down is mike santoli. the week, overall, is the best so far >> not up that much point to point, but a lot of swings and tilt to the upside you does have some relief that carried some of the big cap stocks amazon's reaction, relief is the right one, in the short-term people piled on for a deeply negative outcome solid results. pushes back on the idea of amazon exceptionalism. amazon relative to the broad components s&p retail sector and cloud computing. neck and neck from this timeframe. f five-year period, amazon is up 400% i would point out net sales growth at amazon is 9% usgdp in that quarter was 10%. it shows there has been a coming back to the pack because of all of the out performance that amazon ahad through the pandemic >> mike, the push and pull of the inflation aary forces you have oil up $93 today. how important is that for cpi next week? >> i think we're almost setting aside the possibility that the cpi number is going to be the key motivator for the fed's first move in terms of trying to get a

with the cfo of match ahead of his call with analysts >> let's get to the stories we're watching mike santoli tracking the market action on this first trading day, and joining us with her take on where to invest is rebecca patterson from bridgewater. mike, start us off mini rally into the close. what are you watching? >> i would say a digestion day after taking a big bite of upside from the low last monday and especially the last two days probably not too unwelcome to have a bit of a quiet consolidation day. the market does rush up to its next test point, weigh station we closed yesterday within two points of the lowest close in december, which is from december 1st. two points higher yesterday at the close. you kind of waffled around there. there are more stocks up and down the equal weighted s&p is outperforming the other one. you have apple, microsoft, tesla weighing on a generally more firm tone under the service. you have u.p.s. that's goosing the transports today the dow transports it's worth a look at the transports as well as the broker dealer index they're kind of cyclical bellwethers

mike santoli >> always here, like a rock. point in terms of v valuations being so out of whack. it has to do with the composition of the european markets. >> that's a big part of it, absolutely very much a value index. they don't have the kind of tech stocks that traded to such a premium in the u.s financials have been acting very well as yields have gone positive in europe and they do have a little more of a choommodity base. there is also a case to be made that europe's earlier in whatever recovery process opening tech dynamic than we have here. hopefully that per spsists. >> the other problem with the financials call, which worked, is we had this yield curve flattening at a time where everybody is getting worried about higher interest rates. and the potential to yield curve invasion what do you do with banks then >> we have to be very careful with the signal of the yield curve. in general, we don't think it is a crystal ball we have to be particularly careful there. there are two unanswered questions about central banks go

on the up side several times the last couple of years, melissa. >> certainly has thanks, mike mike santoli joe, what are your thoughts? >> exactly what i was saying at the top of the show. investors have become somewhat complacent with the nature of the v shaped recoveries. to mike's point, ultimately you get a u shaped recovery, the appearance is you are running on a treadmill, in the same spot, exerting tremendous amount of energy it is midterm election year. generally you go back to 1962, you're getting better performance from midterm election to june 30th of the following year than you get from january 1st of midterm election year to the occurrence of midterm election i think ultimately it might be about marking time and becoming more of a market of stocks than looking at overall stock market. >> jen , your thoughts going through this churning phase if it is. >> we need to be careful with broad brushes, you can say technology, growth, you need to be careful there's a huge difference right now between cisco and what's a good one, corvo, snowflake, or zoom there's all different technolog

. >> mike santoli is tracking the market action for us, and alex from the eurasia group here with the latest on the conflict between russia and ukraine mike, first to you and the markets. nice relief rally. >> i think relief is exactly what we've got here. kind of lifted the s&p 500 out of that zone of the late january lows it's allowed it to look like there's a little bit of a higher low for now, although the market has been trading very much right within friday's range. so friday is when you did see the bottom kind of drop out by 1% to 2% under the s&p 500 when we got a little bit of the ratcheting up on russia tensions it's not all the market has been dealing with, but that's the last little turn of the screw that got the market on its heels for friday and monday. so lifted, this still remains the important kind of area there, 4600, the 50-day average there. lot of challenges to getting over the hurdle and back in the zone of the highs. airbnb reporting after the close. here's how the stock has done since its ipo, the day after its ipo, actually, in late 2020. compared to what you

. >>> up next, mike santoli looking at whether or not small caps are looking ahead and later, "fast moneyer on meta's rebound. a sign the stock hit a bottom. heading to break, check on uber. posting a revenue beat talk to an analyst and what he wants to hear from the call up wants to hear from the call up almost 7% after hours. (doorbell ringing) (slow piano music) before discovering how it tastes. ♪ on time, lowest price, or we'll make it right. (chicka-chicka) grubhub. >>> busy hour of earnings. shares of mattel popping after hours beating on top and bottom line hosting 53 cents a share. big beat revenues 1.79 billion. estimate it's more like 1.66 stock popping 9% full year earnings and sales guidance above expectations barbie doing heavy lifting offsetting declines that mattel saw and other brands like hot wheels back to mike santoli taking a look at small caps, which have been hit harder in the market this year. >> much harder acted well charts don't look great. barely clawed back russell 2000 to lower ends of range in the last year. however, maybe things going far in the short term.

i'm melissa lee along with mike santoli. sara and wilfred have the day off. ents from jim bullard sending the market lower. we're sitting close to the lows of the session let's look at what's driving the action, mike >> yeah, as you mentioned there, st. louis fed president jim bullard said he now favors a full percentage point of rate increases by july 1st. the fastest pace of inflation since 1982 treasury yields spiked higher on that news with the ten-year yiel

mike santoli has more on the volatile week.ngloaded moves, morgan. it's hard to generalize what it's almost the point, that you've had winners, businesses as you will like apple gave you, like microsoft gave you, and then the big stunners, total change in business model outlook. they're all down about 2.5% relative to a flat s&p 500 so, in general, the answer to that question, can big tech earnings save the market the answer is no, but it's also been a divergence within the group. in terms of these moves today, you really just have to zoom out a bit and see where we're coming from it's really easy to have a huge move back to a proo is that a stock was at very recently that's the case with snap. we've been at $40 the last couple weeks, now broad numbers 35 that to me explains the big percentages moves. the final point, whether you're trading by gut feel or quantitative risk model, when a company like meta can go down 26% in the day, it has to make you widen out your assumptions of how much things can move, and that also feeds on

. >> i'm mike santoli. let's look at what's driving the action fresh sanctions on russia.bank doubled a key interest rate at home, treasury yields are falling hard as investors move to safety and bonds. gold is higher as well while crypto gets a ma

. >> let's get to the federal pant of experts tiffany wilding and greg demarso, mike santoli with us and rick santelli to bring us the headlines asia they cross. steve liesman will join us in a few minutes. rick, what are you looking for out of the minutes >> it gets tough because in a way the january meeting and the minutes thereon might be considered a bit old because we have had a big jobs report and updates on inflation numbers, both hot every release had any pricing component is rather on the hot side and especially february 4th on the get them greg, there's been a tremendous amount of heavy breathing when and how much interest rates will rise has it been overdone in the media? >> i think possibly. >> balance sheet cuts are -- the first basic headlines and the wire services have to do with the balance sheet and completely core lates with everybody's question marks, $9 trillion and the quantitative tightening is something that could really start to bite and those minutes did discuss that i don't know that you're going to see many discussions with the half-point hike. i'll let you

are the worst were formers we have all of the angles covered with kayla tausche in washington, mike santolie market action kayla, first to you on what we know this hour >> well, sara, we just learned defense secretary-general lloyd austin is traveling to

. >> mike santoli tracking the market action an

. >>> good morning welcome to "squawk box" here on cnbc i'm rebecca quick along with with mike santoliw from outside sofi stadium. we will get to the game in a few minutes. andrew, good morning tell us what guests you have coming

just peloton we want to discuss with you investors are discussing very large and very fast swings mike santolim thinking of two universes the netflix, peloton, paypal metta element and snappins last week. >> right i think the bigger separation, carl, those companies that manage to retain the benefit of the doubt that they built up over the past couple of years and those that suddenly lost it. now, when you talk about snap and pins in particular, i think we're talking about these reflex bounces from super depressed positions that there was a pile-on effect after metta and reversed some of that. amazon to some degree there, too. look at the big ones, apple, alphabet, netflix, metta and amazon they were all pretty much clusters well together into late summer of last year, let's say and now you had the big separation now, alphabet have been steady as she goes, good quarters but not surprisingly so. the others lost a little bit of that valuation premium that we keep talking about unclear if this is going to be the die verging paths that are going to continue for a while, but i do think this is kind

i'm sara eisen here with mike santoli.we discuss how sanctions against russia could impact the market and the economy when we're joined by former s.e.c. chair jay clayton and former imf chief economist ken rogoff first up, barbara duran is still with us, and liz young joining the conversation liz, what do you make of this action that we just got into the close, the buying, the nasdaq really took off, the s&p only closed down .25% the dow rallied back from a more than 500 point decline given some of the intense sanctions that we saw -- we're seeing in russia and its economy? >> well, it's encouraging to see some resilience in the market, especially after a day like today. but this, i think, is just a further indicator that the market doesn't know when direction to move on this. i would say this with certainty, i wouldn't be selling at a time when the vix is at 30. i think i want to see some of this dust settle i want to see the market try to figure out a direction to go, and when you have something like the nasdaq turning p

mike santoli >>> where do we find opportunity in the market?ur next guest is bullish on growth names like 5-9 and door dash, repositioning his portfolio within software. global investors founder, eduardo costa. great to see you before we get to individual names, it sounds like you think the trend could be higher from here, absent all these other concerns about the fed and inflation. >> thanks, carl. thanks for having me on. look, i would -- one of my teachers always said going to the bottom is a fool eegs's gam i won't attempt it the skew is upward, but having lived through the dot com bubble, i do have to say, the environment we're exiting very much has some characteristics that resemble that, in terms of these vast swaths of capital really elevating multiples the way that we've played this is trying to be discerning between the names that we think are going to continue to grow and/or accelerate in this environment, and now have sold off and are trading at very compelling multiples, and the names that still might be decelerating or disappointi

. >>> mike santoli is back putting today's market response in context.ppy again. >> it sure has been. absolutely the ukraine situation since the invasion has been the main focal point and the reason for 2 to 3% swings back and forth. it was so wide last week overnight and intraday action down to 4,100, closing in the high 4,300s. that's a wide span any action between there is really a little noise including all of the action today. what's interesting is the russian/ukraine situation really did create an excuse or plausible reason for a retest of the january 24th low the intraday low january 24th was more like there. what you look at for some kind of retest or the defining of a bottom of a trading range is a lower price or near the same price in the index but less downside momentum, fewer stocks making new lows all those things pretty much lined up so at least a low in place if not ultimately the low. take a look, though, at what's been going on in the nasdaq 100 relative to the s&p the last year this argues against the idea that ukraine is main thing goi

i'm melissa lee along with mike santoli. sara and wilfred have the day off. hawkish comments from jim bullard sending the market lower. we're sitting close to the lows of the session let's look at what's driving the action, mike >> yeah, as you mentioned there, st. louis fed president jim bullard said he now favors a full percentage point of rate increases by july 1st. the fastest pace of inflation since 1982 treasury yields spiked higher on that news with the ten-year yield moving above 2% for the first time since 2019 and we're seeing more big single stock moves. disney, data dog, and twilio are popping, while pepsi and affirm pull back. 59 minutes to go in the session. the s&p 500 at the lows for the day just about >> coming up in today's show, we'll get the white house response to the inflation print when we're joined by brian deese. plus, uber reverses the stock giving up itspost earnings pop during today's investor day presentation we'll hear from the ceo and meantime, let's focus on the big stories we're watching steve liesman has more on the bullard co

when a couple of gig economies report later this week let's get to the new york stock exchange mike santoliooking at the factors shaking up the markets >> seems like a lot of the same pressure points being applied to the overall stock market hitting tech tech in a more vulnerable position because it's further off the highs. looking at the field position of the nasdaq 100 etf here, about 15% off the record high. i like to point out how far back in time we're going. pretty much to early july, late june even. basically almost eight months. so we've skimmed a lot off the top in terms of valuations right here yields are up today, which is kind of interesting, even though they're not at new highs yet you have a slight nasdaq outperformance those rules are not necessarily day-to-day bell weather of what's going to happen with the markets. i think the story with tech has been slightly overplayed look within technology on a year-to-date basis, the last seven weeks or whatever it is, not a lot of differentiate software has struggled much more you see them all pulling into the same zone. i think this

pete, i did want to end this first big segment we do by talking about the growth trade i thought mike santoli made an interesting point on one of the earlier programs about the idea, if you look at the charts of the nasdaq, that it certainly looks like it might be close to, in his words, sold out. that most of the stocks that had to come down a lot have in fact come down by the quote unquote necessary amount i want to focus on ark for a second because we so often say, pete, well, look how much x, y, z, stock is off of its 52-week high i wonder if now is the time to turn the table and say look how much xyz stock is off it bottom from february 24th if you look at tesla, which is 24% higher than it was on february 24, or block, which is 58% above or coinbase, which is 23% above, or draftkings, 28 or teledoc, i wonder if that's the story that even those stocks have bottomed, pete? >> yeah, i don't know necessarily and none of us do, if they've necessarily bottomed yet, scott, or not they were absolutely pressed to the downside at an enormous rate, right? they were really just dropping in chunks o

. >> never quite impressed, mike santoli.t about you the last four sessions have been strong they've been buffeted by earnings commune services working today and jumping 3.3% after alphabet's good report are you encouraged putting new money to work in the earnings winners >> no. i've been, i think i've been pretty clear on the show over the last couple of week. i don't think we've seen the end of the volatility. i still think we're in for another couple of weeks of inflation headlines that make everybody a little jittery i personally think that inflation peaked in january, but, fine. people are going to hear things like what starbuck's had to say and feel the worst is ahead of us not behind us inflation sticky with wages. we understand that people get a raise and lose that a week later it's rate of change that we're concerned with the rate of change will absolutely decelerate and second half of this year maybe even go into decline for a lot of areas, cpi, or pce concerning people. not everybody catches on at the same time. i

i'm carl quintanilla with morgan brennan and mike santoli david david has the morning off.e mentioned, market set up for a cooler than expected cpi didn't happen. the initial sell-off has reversed a bit, dow's down less than 100 points and the ten-year kissing off 2%, now 1.98. >> here are three movers we are watching uber beating the street. company's ride hailing business rebounding and seeing strong growth in the food delivery business as well shares up 5.5% twilio surging after reporting a lower than expected loss you can see shares up 13% right now. finally, another name in the green. that is disney a big earnings beat helped by growth in the disney plus subscriber base. shares up almost 6% right now, helping the dow. julia boresen caught up with the ceo. she joins us with those highlights hi, julia. >> well, morgan, disney beating expectations in the top and bottom line. also reporting better than expected streaming growth. the company adding nearly 12 million subscribers to disney plus that's about 4 million better than anticipated disney also reiterated its subscrib

squawk on the street," i'm carl quintanilla outside so-fi stadium in california, morgan brennan, mike santolivid faber has the morning off. markets have been thrown around a bit like a rag doll this week but for the moment, trying to put a little polish on the week. consumer sentiment comes out let's get to rick santelli >> we are looking for a february preliminary read on the university of michigan sentiment expecting the number around 72 not to happen. 68.5 and this obviously is a bit of a disappointment, and if we look at the expectations, well, expectations 57.4, also a big miss, following 64.1, and if we look at the, i'm sorry, i'm sorry, that was current conditions at 68.5, my apology and on the one-year inflation rate, this is where it really gets interesting, it's 5%. we had a couple of 4.9s, and the 4.9s were 14-year highs and the 5% level, well, we have to continue to comp 2008 and that comp is 5.1. 5 to 10-year inflation, carl, 3.1%, we've had several of those, 3.1 is a high going back to 2011, we'll call it 11 years. so as we look at university of michigan, of course, we want to c

let's get over to mike santoli mike, how should we feel about this on a friday after the losses we sawad of a three-day weekend. we do have an expiration today that is factor in yesterday's low volume decline this is where it leaves us, though, with the s&p 500 we did not revisit with the january 24th intraday low. this low right here so really not a lot of a cushion right here i will say it's a lower intensity sell-off here. whether that's good or bad, that's what's going on it does seem yesterday was a bit of a switch in the pattern where you did have crude oil prices lower, and maybe we'll get a clearer view take a look at small caps. they are struggling below a level sort of last year's range. all last year every pull back a lot of stocks around here, unprofitable they're not really the kinds of pricing names the market seems to want at the moment. home builders against semiconductors, now semis are now close to 15% below their highs. see how there's a lot of similarity here between the end point of these two charts, and obviously neither one is really broken down fully, but right

still, some individual stocks, huge bouts of volatility cbc senior markets commentator mike santoli joinsot too bad. a bumpy ride along the way take a bigger look at the picture of the s&p so far there's been nothing explicit that really says that that january 24th low in the s&p is not a decent, you know, low, bottom of the trading range, whatever you want to call it right there. we stay clear of that, but you see this mess above it everyone keeps pointing out these levels, just above 45, 4600 we've absorbed massive high yields crude oil, we talk about what it's doing over there. we're more than halfway through earning season, and, yes, the individual market moves a little bit jarring. here's a close-up of last week's -- the past five days' action in the s&p 500. the weighted version closed friday, opened monday. up 2%, down 3%, back up a little bit. along the way, facebook loses over $200 billion. amazon gains it in one day there's this unsettled nature of the tape, a little less liquidity and others joining with portfolio issues. take a look at what bonds have done and stock bond portf

. >>> good morning welcome to "squawk box" here on cnbc i'm rebecca quick along with with mike santoli and andrew from outside sofi stadium. we will get to the game in a few minutes. andrew, good morning tell us what guests you have coming up from los angeles >> good morning. we have a lot coming up for you this morning it has been one heck of a super bowl known as the crypto bowl we will get into that. we have the president from ftx coming on in just a little bit we have anthony noto from sofi stadium. is it the day after? it is eight hours after super bowl lvi we will be talking about that and so much more we will get into the details and all of the news madehere over the weekend. so many investors and ceos and others we will bring you some behind the scenes news in a moment. >>> we have one more big guest an exclusive interview with st. louis fed president jim bullard. he talked about how the fed might be raising rates more quickly. at least if they wering e doingt he would like to see done. it was his comments that had a bigger impact on the markets higher than expected cpi higher

we are live this morning on cnbc and i'm andrew along with melissa lee and mike santoli in for joe and in california tomorrow we're going to be having a live interview from the at&t pro-am at pebble beach. we've got john and david, and of course the big news josh zucker losing that job. and down 332 points over that facebook news. i want to get straight over to dom chu who's been looking at all of this morning's premarket movers >> we'll save the big impactful one for last year. earnings are still very much a part of the picture here let's start with industrial many people know honeywell. with mixed results with regard to its previous quarter, but it's some of the guidance we're getting for the full year in 2022, so again mixed results for the quarter. honeywell shares in focus up about 0.5% over the last year. it's been pretty range bound today on the heels of earnings next up we have qualcomm nonetheless the shares are down 3% as you can see here just in the last four or five days we've run up about 17% from the lows we've seen last week so a lot of anticipation going up there and we

. >> mike santoli, it has been fascinating to watch the whipsaw effect here.>> all right, let's continue to focus on alphabet. it's just the latest in its report that showed full year profit nearly doubled from 2020 to 2021. fourth quarter revenue grew 32% year over year, and in the fourth quarter youtube ad sales alone were higher than netflix's total fourth quarter revenue joining us now is the managing director and co-founder of kendrick ventures and we've got rich greenfield and, rich, let's start with you just talking about youtube because if you were looking at the ad revenue for the quarter outearning netflix overall. how big of a surprise is this? >> this is a business that's 17 years old. growing revenues at 25%. i mean, it is just stunning when you think about the power of youtube. but it really comes down to the fact this has become for an entire generation, this has become tv. you know, people think about -- you know we talk a lot about netflix versus disney plus versus hbo max and peacock and all of these things, but remember the number two most u

cnbc senior markets commentator mike santoli joins us now. >> we're holding yesterday's bounce and preopenve this sort of 4,600 area however, it's above 5% of that january 24th low in that time the market has priced in a quarter to a alf% more in fed rate hikes crude's up $10 we're looking at russia and ukraine thinking something might break, and we're still managing to get some traction i don't think you want to overlook the fact we are still managing to hold though lows good retail sales number for january this morning take a look how the different components of consumer spending have been behaving it has been a pivot of services towards goods and actually people should wish for that for inflationary reasons here you have the travel and entertainment etf so far year to date well outperforming the retail, which is of course mostly store amazon is 19% of that, but the rest of it is other big box stores and chain retailers rest of the world equity markets outperforming on a year on year basis. obviously this is cutting into the relative losses foreign stocks have had for a couple of years n