pi pippa, thank you. >>> on deck, the manufacturing plant at the center of the baby formula shortage closing again weeks after restarting what it means for the race for the critical baby food back on store shelves. coming up. what's on the horizon? the answers lie beyond the roads we know. we recognize that energy demand is growing, and the world needs lower carbon solutions to keep up. at chevron, we're working to find new ways forward, through investments and partnerships in innovative solutions. like renewable natural gas from cow waste, hydrogen-fueled transportation, and carbon capture. we may not know just what lies ahead, but it's only human... to search for it. space. the boundary of human achievement. the new frontier. ♪♪ eh. ♪♪ it's not time to escape. it's time to engage. it's time to plant more trees. hoo! ♪♪ time to build more trust. time to make more space for all of us. so while the others look to the metaverse and mars, let's stay here and restore ours. yeah, it's time to blaze our trail. 'cause the new frontier? it ain't rocket science. ♪♪ it's right here. ♪♪ >>> wel

and these energy companies could still be raking in a lot of money. >> pippa, thanks pippa stevens.r the week on track for the worst weekly performance since march of 2020. this comes amid another credit crunch crypto hedge fund three arrows capital is considering asset sales or a bailout after failing to meet margin calls it is the latest to fall victim to the crash in crypto kate rooney joins us this is a huge ripple effect for a lot of the assets that that they're looking for a major asset sail and under duress. >> we're seeing collateral damage and it highlights the risk for counter parties in this in the high yield products that have almost no transparency in where they're getting 18% or 0% yield in some cases. so not a lot of disclosures on the back end it also goes back to the collapse of luna that stable coin that was supposed to be back by other cryptocurrencies it is just a reminder that there is just not a lot of transparency on the back end and r we're seeing some of the severe ripple effects i'm told some of the lockup periods, i talked about the 18% yield, a lot of the

what's happening out there pippa stevens is here with those.d morning >> reporter: good morning, brian. first up apple store employees will begin voting to unionize today coming after a store in atlanta canceled plans to vote alleging without many specifics apple medaled in the process before that happened they announced it was raising pay for retail workers around the world and adjusting the scheduling policy they now start at $22 an hour. among the highest in retail. mortgage rates are on fire 30 year jumping to 6.2%. the rising rates, mortgage demand continues to plummet and home sales are down six months running, according to the national association of realtors and advisers to the fda unanimously recommending that the agency authorize moderna's covid-19 vaccine for children and teens age 6 to 17. the committee of outside experts is scheduled today to consider the moderna shot for children under 6 and the pfizer biontech vaccine for children under 5 in both cases as young as 6 months welcome news there for parents, brian. back to you. >> ye

thank you, pippa >>> coming up, more on the continued selling in crypto as we mentioned as bitcoin ishe $23,000 mark $30,000 is in the rear-view mirror a look at the names caught in the crossfire of the assets continued collapse "worldwide exchange" is back after this black wall street. it was a sight to be seen. until one day, it was all burned to the ground. but fire is no match for the fire within black dreamers everywhere. and so, new black wall streets rise. ♪ ♪ citi is committed to helping build black businesses through banking. (♪ ♪) how do we demonstrate our unmovable strength? (eagle call) nope. how do we show that we'll stand tall through the storms? nah. (thunder) how do we make our clients feel secure and- ugh... not lions. (lion rumbles) we do it with our people. people who've been looking after people for over 170 years. >>> welcome back to "worldwide exchange." a check of cryptocurrency. prices down 3.5% $22 $22,370. we were talking about bitcoin prices moving above and below the $30,000 mark now questions if there is a new trading range set for cryptocurrency lower tha

. >>> let's get to the top stories with pippa stevens >> good morning. >>> we have comments from the president. a recession is not inevitable. the aid package is to blame for inflation hitting 40-career highs. the 3.6 unemployment rate. >>> snap is working on a new paid subscription service called snapchat plus. the company is currently carrying out early internal testing of the service which would allow users to access features with other perks. shares of snap are up 2% this morning. still down sharply for the year. >>> and investors pulling cash from corporate bond funds leading to the latest rate decision according to data providing epfr, for the week, investors withdrew 6.6% of funds that's the pig evident week since march 2020 u.s. investment grade debt hit the largest one-week total since april of 2021. >> those are big stats that week or month scares me thank you very much, pippa >>> when we come back, no thaw in sight with the crypto winter. what the downturn could mean for the markets and your money. >>> a 30% selloff in tech? not stopping mark mahaney from laying out his pi

kelly. >> yeah, just incredible information there, pippa, thank you very much, our pippa s stevs oned by rate hikes tomorrow for instance, are financials in past the group has traded in tandem with yields not happening this year, especially if rates are rising and a potential recession looms, the narrative for banks could be changing joining us is a portfolio manager at angel oak capital advisers cheryl, we have some picks here that you're saying for the financials people can look to ahead of the fed meeting, but i'm not sure many people really want to get in front of this thing. why should they? >> i think the way that we're really positioning it and where we see the best relative value in banks is really in the regional and community bank space, and the rationale there is these are really your pure play spread-based lenders, so they're making their money off the difference between loans and deposit costs and with rates moving up, that's the purest play way to play that relative to some of the big banks that have more diversified models, have exposure to capital markets, which have

plus we've got steve kovach, pippa stevens. we'll start off with the broader market stocks are plunging but we're off the worst levels the dow was down 928 points at the session low. got that in the final hour of trade. we recovered a little bit but boy, is it still painful there's the dow. s&p down 3.5%. nasdaq down more than 4% just one quote that also sticks with me today. peter sheer, who is really smart on credit from academy securities writing the market got what it wished for, but maybe, just maybe, hiking 75 basis points into a rapidly weakening economy isn't the best idea whether it was the right idea or not, we're certainly feeling the fallout today. >> yeah. obviously it wasn't the optimal decision nobody wanted to have to make that call most likely. but given the circumstances, that's where we are. i think that does shadow the credit market right now. even if you're only talking about it's only 75 basis points, credit doesn't look quite as stressed as it has a couple of times in the recent past, it does mean you're

stephens at the cnbc commodity desk pippa?ting on oil to snap a three-day winning streak ahead of tomorrow's meeting between opec and its allies. that comes amid growing calls that more supply needs to come online but the group is expected to stick to their plan of increasing output of 650,000 barrels per day next month wti is down 1.6% right around the 110 per barrel level and brent crude down 116 after touching 120 did i want to point out the underperformance in metals and all down and giving back q1's gains as recession fears grow which would lead to weaker demand and the metals markets have also been better supplied recently and remember, it was the supply shortage fears that were a major factor driving q1's gains. copper on track for the worst quarter in more than a decade with aluminum, kelly, tracking for its worst quarter. >> pippa, thank you very much. >> turning back to the market, there are members that are down 50% or more this year and that's where the next guest is finding opportunity. let let's bring in peter wi

there's so much to unpack here, and it kind of goes to what pippa was talking about. administration currently desperate to find either someone to blame or some way to fix higher gas prices, likely not going to happen. so the exxon mobil ceo is sitting down with "the financial times", and he said this, you need a fairly robust set of alternative solutions if you are going to reliably and affordably meet the needs of people you can factor that in for gasoline you can talk that into home electricity needs if you want. now, this morning we talked to jared bernstein who works, of course, under the national economics council under president biden, jared a long-time known to our viewers here on cnbc and i think a pretty rational actor. i was hosting "squawk box" this morning and i challenged jared a little bit, respectfully of course, about this energy transition and the speed of it, and i noted that throughout history, kelly, transitions have taken a lot longer than anybody thought they would and jared ag agreed. >> these transitions take time and look as someone who's work

, thank you for bringing that us to, pippa stephens what about nat gas prices? the lowest level since mid-april. they're having the worst month since december 2018 and world leaders in europe are also currently grappling withenergy security at the g7 summit and let's bring in toby rice and the ceo of eqt which is the largest producer of natural gas and it's good to see you again and we're benefiting from some lng ports shutdowns and other factors here and what do you expect will happen with nat gas prices as we move into the fall >> i think you cited the drop recently and a few months before that, we're talking about the extreme rise in natural gas prices, all of this shows the incredible volatility that exists in the natural gas market today? why does that volatility exist because it is supply/demand fundamentals are so tight right now and they'll have short catalysts that will have a big impact on price movements and it's a sign to put more supply into this world because of volatility natural gas prices will continue to be strong and will continue to be strong

russia defaulting on the foreign currency debt for the first time since 1918 pippa stevens is here with that. >> good morning, brian this is big. russia defaulting on the foreign sovereign debt for the first time in a century. this is seen as western sanctions that halted the moscow ability to pay overseas creditors. the country has been able to skirt some sanctions, but yesterday marked the end of the 30-day grace period on $100 million of interest payments that were originally due may 27th a formal declaration would come from ratings agency. they dropped all russian assets and debt they are seeing this as a symbolic event for the russian economy which is dealing with double digit inflation and worst contraction in years russia is pushing back against the default status saying it has the funds to cover payments, but western nations forced the nonpayment russia has been attempting to service the $40 billion of out standing sovereign debt in rubles brian, broad em r implications. >> we have talked about the credit swaps rising. if you can't pay the bills -- first time in 100 years big de

. >>> last week, oil back in rally mode today, and pippa stevens has the numbers. pippa. >> that's right, oil is in the green today, though not nearly enough to maic a dent in last week's losses. fuel demand is remaining strong, at least not time being, which is putting the floor on oil decline. for a gain of 100, brandy crude up 0.5 of 1% nat gas down 2%. now, energy stocks are also bouncing back today, the sector of about 5%. the top performing s&p group goldman sachs said they have questions about whether the energy rally is over they don't think it is they noted with each of the prior three dips in the sector used the strong returns, tyler, back to you. >>> kellogg shares are trading higher after the company second it will spring into three companies. so will other consumer conglomerates consider a similar move michael, welcome, it is great to have you with us let me ask, if you this i it's a smart move you have a sell rating on this stock. could this change that would you look at the company differently. >> it certainly is interesting thanks for having me on.

cnbc.com's pippa stevens explains why these names are hot today. >> that is right, jon. solar stocks are getting some love with the invesco solar fund up 2.6% and holding on to a slight gain for the month in what's been a bleak time for the broader market looking at today's winners, those through shoals technologies, maxeon solar and jinko up sunrun is on the move. bank of america reiterated its buy rating on the storm warning saying the street is underappreciating the company's pricing power. b of a did take its target from $45 to $40 but that's still about 70% above where the stock is trading right now but despite this recent strength, many of these names are still sharply below prior highs. the group has been hit by numerous headwinds, including rising rates, policy uncertainty and supply chain issues that have forced companies to hike prices for consumers jon, some sunshine today but a cloudy outlook here over the past few months and year to date >> and of course we're all watching the forecast for the second half, pippa, thanks. >>> up next, highlights from sara eis

pippa stephens has just arrived at the commodity desk with more. pippa?ing its lockdowns is a major boon for the demand side of the equation and the market is still digesting the eu's agreement to ban the majority of russian oil imports by the end of the year now while this is certainly important, an even bigger blow would be a ban on insurance and re-insurance of russian ships which is being considered as this chart from kepler shows russian oil is till finding a buyer with a whole lot more going to ind ia and china targeting insurance would change that 90% goes through london-based insurance providers. so basically banning imports to the eu is region-specific while the insurance measures would disrupt global trade wti up half of 1% and brent crude around 116.38 and nat gas, tyler up almost 7% at 8 bucs and morgan stanley said today it could hit ten bucks and certainly not welcome news and utility bills already spiking. >> it is just one facet of the natural gas story. natural gas is a constituent of so many things to plastic and so many things we buy, i

pippa stevens is here with a closer look at what's behind the change. >> flows and performance are down notable given how much money had been chasing the space. investors yanked money from esg and sustainability focused funds in may for the first time in years. this follows a period of what rbc calls weak relative returns. the firm found 18% of global large cap sustainable funds are beating their benchmark this year compared to the 44% of traditional funds that are outperforming their benchmark. in the u.s. about one-quarter of large cap sustainable funds are beating their bench cap while half are beating theirs. esg funds have outperformed but rbc says the gap has narrowed meaningfully much of this is because of minimal exposure to areas of the market that have surged, moat notably oil and gas companies as well as overweight to underperformers, including clean energy stocks. regulators are also pushing for more scrutiny of these funds, which is no doubt playing a role here as well sara, back to you. >> pippa, thank you. a lot to discuss there joining me is michaela edwards, a partner w

average of $4.48 after it was suspended california, tyler has the highest at $6.43 back to you. >> pippary much. for more on oil prices let's bring in devon guarna. good to have you with us >> thank you can you take us through some of the fundamentals of the oil and gazzola lean markets that you're watching that add up to the prices we are seeing >> sure. well, right now refineries are in the united states are operating at a very high rate and inventories are still very low. so right now we have the supply and demand in balance which has gotten us to the levels of 5.01 right now with the district of columbia averaging over $5, and it's been pretty ugly from the consumer standpoint. >> it's not as if another refinery is going to come online here in the next few weeks to bail us out. you've got russian oil leaving the international markets or at least partly so. as i understand it, you've also got a situation where refiners are incentivized by higher prices to concentrate on making other distillates besides gasoline in other words, diesel and jet fuel, right? because they have higher margi

. $107 sounds like a relief, but not much, pippa stephens. >> let's start here with oil falling aboutearly 10% on the week, snapping a seven-week winning streak the macro concerns really hitting oil today as the market reevaluates what a slowdown means for demand and the stronger dollar definitely not helping things wti is down 7% at 109.44 brent down 5.7% just under 113 turning to nat gas that's down more than 6%, right around 7 bucks yesterday it was above $8 and for the week it's now down more than 20%, and we can compare that to european natural gas which is up nearly 50% for the week moving over to gasoline futures, that is falling more than 5% and down about 9% on the week. a lot of moving parts here, but that could point to some relief at the pump with the national average right around five bucks according to aaa that is down slightly from tuesday's record high. looking at energy stocks which just briefly dropped into a bear market just now before recovering slightly down here about 20% from the recent high on june 8th, but one bright spot, though, in energy tyler, today is sol

i'm pippa stevens from cnbc. wall street is set to open higher as the markets look to bounce back from yesterday sell- off the s&p 500 is in bear market territory slipping nearly from a high in january. the dow tumbling 876 points. it's now 17% below its record high and the nasdaq dropping more than 4.5%. the tech heavy index is more than 30% below its record. investors are bracing for the possibility the federal reserve will be more aggressive in hiking interest rates to combat inflation following friday's hot read on consumer prices. the fed wraps up a two day meeting tomorrow. traders are pricing and a hike of three quarters of a percent which hasn't happened since 1994. elon musk will speak to twitter employees for the first time since launching his $44 billion takeover bid in april. he will attend a town hall meeting on thursday and take questions. earlier this month of musk said he mate walk away from the deal if twitter did not provide him with data on spam and bank accounts. he said he would make city beg

. >> oil is bouncing back after getting as low as $113 a barrel in early trading today pippa stevenshe details. what is going on in oil. >> green on the screen for oil which is hard to find these days in the market. we did actually get as low as 112 on wti, before prices reversed course. that reversal came after new comments from u.s. officials around iranian sanctions as well as russia's deputy prime minister alexander novak saying that he is not ruling out $150 oil, a weaker dollar is helping out. let's check on prices. wti around $118 and brent around $120 and both up around 2% turning to natural gas, on the move in u.s. and spiking in europe off the highs of the day but still up more than 40% this week russia has further reduced the amount of gas flowing there the nord stream pipeline and they say it is from equipment germany said the move is political saying the situation is serious and that companies and citizens should save energy tyler, a lot to watch. >> thank you very much. >>> as technology basically tanks. our next guest said she's finding opportunity. buying a couple of

meanwhile let's check in with pippa. >>> good morning. i'm pippa stevens from cnbc. wall street is set to open lower, potentially giving up all of yesterday's bed-fueled gains pick up every reserve hiking interest rates by three quarters of a percent picked a big smooch since 1994. fed chairman jerome powell said another increase of a similar size is on the table at the next meeting in july. that signals the central bank commitment to fighting inflation. the dow and s&p snapping a five- day losing streak with the dow up more than 300 points. the s&p up 1.5% and the nasdaq rising 2.5%. other global central banks also taking action today. excellent hiking rates for the first time in 15 years. focus back here for investors. reports on unemployment, housing and manufacturing. and samsung is bringing back its wallet after combining several services into one big a wallet will take the place of a samsung pay and pass apps which handle payment, cards, and passwords and integrates with smart things to source certain digital home and car keys and samsung's blockchain wallet af

i'm pippa stevens from cnbc. wall street is set to open work about potentially giving up all of yesterday's bed-fueled games. the federal reserve hiking interest rates by three quarters of a percent, the biggest move since 1994. the fed chairman powell said another increase of a similar size is on the table at the next meeting in july but signals the central bank commitment to writing inflation . the dow and s&p snapping a five-day losing streak with the dow up 300 points. the s&p up 1.5% and the nasdaq rising 2.5%. other global central banks taking action today. hiking rakes for the first time in 15 years. the focus of back here for investing reports on unemployment, housing, and manufacturing. the fed rate hike mean the cost to carry a credit card balance are secure a car loan or mortgage is about to get more expensive. the interest rates for those are tied directly to the bed benchmark rake or the yield on the 10 year u.s. treasury bond. here are moves experts say you should make it now. if you have credit car

over to deirdre bosa who has a look at the gig economy stocks >> pippa, thank you.g hit hard as well in today's session and took another leg lower. uber, lyft, airbnb, take a look there, all off between 10 and 12%. doordash off around 6% didi is starting its plans to delist it has been a very rough ride for the chinese ride hailing company. for years, gig names could focus on growing revenue while burning through billions and billions of dollars. now that has put them in a very tough spot investors, they want real profit, not adjusted ebitda. they're looking for free cash flow some are getting there quicker than others. airbnb had about a billion dollars. dash has been positive for the last two years uber just had its first free cash flow positive quarter but there is a lot of grounding to make up. lyft hit a new 52-week low and uber is just a few cents off, i believe. both those names are also well below their ipo prices from just a few years ago. lyft went public at $72 a share. it's now around $14. uber went public at $45. it's now around $21 and change back to y

i'm pippa stevens from cnbc. wall street is said to open higher as the markets attempt to steady themselves after a brutal few days of selling. investors are becoming increasingly worried about an economic slowdown and possible recession after the federal reserve hiked interest rates by the most since 1994 and reports on retail sales. the dow down 4.7% for the week. the s&p 500 is down 6% this week come on track for its worst performance since march 2020. the nasdaq is down 6.1% this week. meanwhile target is cutting in on amazon's action bringing back its annual deal days event july 11th through the 13th. it starts the day before amazon prime day. to will have discounts on electronics, toys, home and beauty products, and more. can access the deals on the target website or mobile app and pick up online orders at your local store. unlike prime day, no membership is required during target deal days. and snapchat is testing a subscription service called snapchat plus which would give users early access to exclusive

pippa, thank you that will do it for us on "squawk on the street.positive, "tech check" starts now. >> good monday morning today, can socks continue this bear market bounce all the major averages coming off their first positive week in the last four. we're going to talk about where to search for opportunity in tech plus, as crypto firms search for bailouts one company doubling its valuation. is this the time to get in at the bottom or another example of fraught in the market. >> frank slootman is with us, the company a prime example of a

pippa, thank you that will do it for us on "squawk on the street. with s&p 500 turning positive, "tech check" starts now. >> good monday morning today, can socks continue this bear market bounce all the major averages coming off their first positive week in the last four. we're going to talk about where to search for opportunity in tech plus, as crypto firms search for bailouts one company doubling its valuation. is this the time to get in at the bottom or another example of fraught in the market. >> frank slootman is with us, the company a prime example of a growth stock that has come way off the highs, and frank definitely, jon, tells it like it is regarding the business and the outlook. >> he does tend to we're just a couple days away from the end of the quarter, end of the half, and i'm feeling queasy we got our ankles broken, a lot of investors, at the end of the first quarter. you might remember stocks were rallying into april, and people were like, oh, maybe this isover now, the second quarter was absolute chaos, and really rough for a lot of

i'm pippa stevens. >>> we've all been there and had broken screens on our phones. it's not a cheap fix but new this morning for a limited time, samsung said it will prepare your screen on a galaxy smart phone for $50. it's an offer that run through june 27th but there's a lot of fine print ticket only includes repairs to the front screen, water damage a replacement of the motherboard is not covered, and the promotion only applies if you bail in your front repair directly through samsung. >>> if you have a birthday to celebrate or maybe you just want a special treat to finish dinner tonight, listen up. >> ranking the top bakeries in the u.s. and canada and two of those spots are here in the bay area cracking the top 10. sugar thought big shop took the second top spot. sounds good. sighting delicious and creative cakes meanwhile, hey, cookie in san francisco made the number six spot on the list of the top bakery. only a short plane right away down in san diego and who knew that california would represent in the sweet treats. we are so healthy here but then i guess we

tyler, back to you >> thank you very much pippa stephens reporting >>> a new report from mizuho shows buy now, pay later delinquencies are accelerating and june will be a critical month for affirm which has seen its stock drop 80% so far this year joining us is the analyst behind that report mizuho's dan dolen to me it reminds me of a horse that has won a triple crown and this is not a triple crown stock, forgive me for being sarcastic, but you could have seen it coming with the stumbling recession and higher prices and you could see that the delinquencies earn going to go up, right >> i forgive you for being sarcastic, as always i think we're talking about two separate things. we are talking about a cyclical trend and not really good trends that we're seeing with delinquencies and the 30-plus day delinquencies, and they're moving up and the 60 and 90 are stable and the other part which the call is predicated on, it's the secular long term disruption of credit by very sophisticated, buy now pay later firm so i want to separate the cyclical which we may or may not get into more trouble