it is an appropriate time to speak to the global head of strategy at rbc.of raising rates into a slowing he connie whether it's goldman sachs well under 2%, what does the dollar tell you? there is the basic idea that we are raising rights -- rates into a slowing economy. >> despite the volatility in other asset classes whether it's rates are equities, prices have been relatively well behaved. investors are very mindful but not massively worried. the indices are trading well within the range. tom: is there a debt within the max of flows of big money and the relative story, is there a bet where the street is overplaying foreign-exchange? >> part of the problem for fx volatility is currencies are not massively misaligned relative to longer-term measures. this is an where you had incredibly cheap currencies. currency markets are telling us that you don't have that same level of concern. lisa: how much is this driven by the commodities boom, the dia that many of these nations will do very well in the face of that? >> that's a big part of it. the other is pure va

equity strategy at rbc capital markets joins us now. you say five good things we are seeing in the data right now and we start with the good stuff. let's start there. >> one of those we are right snack -- smack dab in the middle of, we've put out something over the weekend where we talk about how we have seen earning investments move up for this year and next year. i would say another thing that is really good right now, i think we have largely priced in a more aggressive fed. we haven't priced the economic damage and aggressive fed might incur but it has been about 17% of the january lows, right in line with the average of the last five or six fed tightening cycles, going back to the 1990's. i think the fed is in the market right now. lastly i would give you that debt bullishness. a couple weeks ago we got down to levels below 2020 lows. what we have seen historically is that we get below -10% on a four week average, the bears outnumber the bulls by 10% or more, you see a 15% in markets over the next 12 months. that is something else t

rbc capital markets have the list of the companies most exposed to swings and energy prices here youis the sensitivity of cffo. cash flow from operations for many of the big oil and gas companies. you are seeing the dark line is a changing cash flow for every move in oil. the yellow line. the blue line is every $5 move in natural gas yellow is oil and blue is nat gas. chevron, exxon, shell. they all have exposure it is not a huge amount on the gas side this is mostly natural gas rbc notes the exposure is with bp and total energy of france. bp owns a 20% stake and total owns a 19% stake in russia's nova tech. the thesis is this will lead to higher oil and gas prices which is good for oil and gas companies, but not that simple there are also risks of sanctions or lower natural gas flows to impact the companies. bottom line, a lot going on with that chart if we see the situation get more risky or volatile, watch shares of all the big oil and gas companies like bp and total. tte is the ticker. they are more exposed. we begin a new week and wall street is watching everything that is going

victoria, i think this will work with you, from rbc.he current pricing is close enough to the hawkish extremes. if i'm to say that things are going to turn out ok, we will get that soft landing, the window is small but the fed can nail it. if i can guarantee that scenario, what you do you do in the market? victoria: i love a good guarantee. if you are going to guarantee that, i think you have to turn around and put all of eggs in the market and say, we have our balance between growth and cyclical and value stocks. let me get some exposure to some lower investment-grade quality corporate's, bbb names where i don't have to worry about spreads widening out and causing me pain there. i would go ahead and go all in. right now, you have to look at the support we are seeing. understandably with the fed not buying as much going forward, we have to have some other parties come in. you had the 10 year option this year with indirect bidders at extreme levels. it actually traded through the win issue deal. there is demand out there. i think the mar

let's get to peter shaffer, goebel macro strategist -- global macro strategist at rbc. we have been asking everybody, what changed for you this morning as you look across your forecast and research you have put out over the last few months? peter: first of all, the risks we have been talking about for weeks have crystallized, so it is not a problem ability event anymore. it has happened, and is happening right in front of our eyes. secondly, at the beginning, we know the extent of some of the increases in particularly the energy prices. i think the next big question is, as you have been talking about, what is the response particularly in europe of the ecb, potentially the bank of england. the risk spectrum has narrowed quite significantly, and one of the key risk events has actually happened. lisa: there has been a big shift towards europe over the past couple of weeks, with a lot of fund managers saying they see greater potential rewards from european equities. does this change that based on the higher vulnerabilities to gas prices, we'll prices, and the more limited r

i'm 60, he's $46.00, but he is a kid. act i get a lot of them, piri ali, off him sort of a g ivana rbc vibe. very street, very have you saw him and sons of anarchy. he had a great part there. luke cage, i now he's got something on netflix. it's the biggest streaming show they have right now. kevin hart. wesley snipes. it's called true story. he plays well. let's leave it. he plays a super fan. he'll explain more if he wants to feel rossi right after this on dennis miller plus one thing. a folks welcome to dennis miller plus one. happy to welcome feel ra seated the shell . and theo's an actor best known groceries, roles on sons of anarchy, which is here show luke cage. i'm not as hip to that one. he also appeared in the hit, zach snyder, netflix film army of the dead. and he's now appearing on the limited series. and boy, everybody's talking via nice to see k hard come out with some serious jobs and wesley snipes and true stories currently streaming on netflix and it is the post downloaded show. i think this is theoretically oh, how are you brother? i'm super. well, i know what a wonder

but he is a kid that i get a lot of them periodically off, him sort of a giovanni rbc vibe. very street very. have you, simon. sons of anarchy. he had a great part there. luc, age. and now he's got something on netflix. it's the biggest streaming show they have right now. kevin hart. wesley snipes. it's called true story. he plays well. let's leave it. he plays a super bad. he'll.

let's bring in the rbc capital markets management, thanks for joining us.et me ask what you make of the action we are seeing in equities today. we had an up week last week, up over 2% friday and today we swung for gains, why? >> thanks for having me. it's a great question. this market acts like it is in wait and see mode in this market acts like it wants to find the floor but hasn't been able to get there yet. one of the reasons why is that sentiment has been awful. if you look at the aaii survey, we are below what we saw in the pandemic and that was the reading we got last week. it's typically what you see is that markets rally strongly on a 12 month forward basis after you get to where the bears outnumber the bulls by 10% or more. we are in excess of that now. it's hard to say that this whole crisis is priced in. there is still a lot we don't know about this crisis but we know that something pretty bad is of foot in that general angst is in the market already. matt: i saw a note this morning that was put out yesterday that said we are going to see more vo

neutral from underweight, calling it well positioned to buy for the cloud security opportunity >> and rbc'srad erickson joins us to break down the future of advertising amid apple's crackdown and brian schwartz tells us what he heard from elon musk about being ignored by president biden. we are just getting started. [sfx: street ambience] ♪ ["fly me to the moon"] ♪ ♪ ♪ imagine a community where millions share ideas and trade stocks, crypto and beyond. to the moon? in other words... etoro.the power of social investing. >>> let's get a gut check on rackspace, with record bookings in q4, but the guide photocurrent quarter comes up way short, both revenue and eps below consensus, shares tanking, down by 25%, julia. >> meantime, jon, washington's big -- keeping on apple and the app store practices. the senate is working on legislation. tim cook claims the bill will hurt user privacy, but they're using privacy as a cloak to protect the app store economics. brad erickson, thanks for joining us why don't you lay out your thesis of the likelihood of regulation, or the threat of regulation forcing ap

but he is a kid. act i get a lot of imperial layoff him sort of a g ivana rbc vibe. very street, very have you saw him and sons of anarchy. he had a great part there. luc cage. and now he's got something on netflix. it's the biggest streaming show they have right now. kevin hart. wesley snipes. it's called true story. he plays well. let's leave it, he plays a super fan. he'll explain more if he wants to feel rossi right after this on dennis miller plus one thing. hey folks. welcome to dennis miller plus one. happy to welcome feel raw, see to the shell, and theos and actor vest non groceries, roles on sons of anarchy, which is here show luke cage. i'm not as hip to that one. he also appeared in the hit, zach snyder, netflix film army of the dead. and he's now appearing on the limited series and boy, everybody's talking about a nice to see k hard come out with some serious jobs and wesley snipes and true stories currently streaming on netflix. and that is the post downloaded show. i think this is the arossi p. o. how are you, brother? i'm super well and what a wonderfu

>> cruella a fun surprise of a movie and rbc the costumes are such a focus.ashion movie. >> you see the oscar nominations for the oscars it will be live in hollywood right here on abc 7. it will be on march 27 and they >> welcome back. right now it is part two of the 2022 oscar nominations. reggie: we just saw around one. they will continue the announcements including colby nominated for best picture. morning is a moment each nominee will never forget. not that i would know, but a boy can dream. morning. >> for those of and watching welcome back. now it is time for the rest of the oscar nomination number two announcements including the one for big picture. here the nominees for achievement in film editing. don't look up. dune. king richard. . the power of the dog. and tick tick boom. tracee: beautiful. leslie: i'm here to announceeeee achievements for makeup and style. i did this all myself. here are the nominees. me to america. cruella. dune. the eyes of tammy faye. house of gucci. tracee: and now it is time to meet a movie fan from tampa. leslie: a huge mov

on top of that, rbc enough of a unified investment including nato to deter vladimir putin?think it's only part of it. americans focus on sanctions, sanctions. there's a lot more going on. why does vladimir putin say that about ukraine? he says i don't want to have a land border nuclear armed enemy nato. what happens if he takes ukraine and gets on the border with his nuclear armed adversary, nato? meanwhile with the previous inpatient, he takes the russian part and where does that leave? that takes the russians community out of ukraine leaving a lot more people in ukraine right there and now they are ticked off because putin makes another slide. what they need to do is not that so much ukraine, it is nato. does he really want to face a situation where nato deals friend and palms weapons and money on the border? feel like they have to punch back to show its relevant and standing up? that's not a recipe for a win and frankly, what when did he get in donbass and georgia? i think it's more tactic than strategy. rich: when you look at the u.s. planning now and sending a military

also considering an additional release according to rbc. oil comes of having shot up by 2% to down. there is a concern about the weaponization of energy exports from russia into europe. we will hear from the ceo later. there is a risk of $100 oil for a prolonged period of time. oil dipped this morning. president biden and president putin have agreed in principle to a summit, on the condition russia doesn't invade ukraine. the timing and format of the meeting is yet to be set. moscow hasn't officially confirmed its stance. the talks were proposed by the president and manwell micron. let's get to -- emmanuel macron. let's get to our guest. the white house has shown their desire to participate. good morning, gregory. give me your take. gregory: good morning. i think you are right, they announced agreement in principle but there are a lot of hurdles. we don't know what deal they will agree. we haven't heard from the kremlin about any details. so far, the french have said there will be more talks on setting up a potential meeting this week between the foreign ministers of russia and the

weighing in on that, tom porcelli of rbc. mckee leading the coverage at 8:30 eastern time. your data just around the corner. this is bloomberg. ritika: with the first word news, i'm ritika gupta. russia and belarus are beginning their largest military drills in years today, being watched by the u.s. and others over increasing tensions in ukraine. the protests branching -- the protests blocking freight traffic from the u.s. to canada forced ford to temporarily shut a canadian factory and will reduce another plant to low capacity. new york city is starting to get back to normal. restaurant reservations are getting harder to come by, and today, new york state is dropping its mask mandate for those in businesses. the number of covid cases statewide has plunged 93% from its peak during the omicron stage. twitter sales rose 22% in the fourth quarter. the social network's add business held up despite changes to apple's rules. first quarter revenue may fall short of expectations. coca-cola is benefiting from the return to normalcy as well. the beverage giant posted fourth-quarter s

in addition, rbc put out a note basically saying that the international reserves of russia are at theer as a result of the higher oil prices. they have been preparing for this, so it really raises questions for what kind of shock and awe could bring them to the table anymore material way. jonathan: that was javier's point, that they have been running a bunch of surplus, raising cash. they have been making sure they are ready for this over the last 12 months. tom: the heart of the domestic structure for mr. putin, and i looked at this the other day, is per capita gdp has flatlined in a broad sense over the last 10 years, even moved down. the heart of the matter is this may be as all of this is occurring because he has the gift of -- is this may be occurring because he has the gift of $70, $80 a barrel oil. jonathan: with futures down 2.5% on the s&p, crude higher by 8%, this is bloomberg. ♪ ♪ >> early this morning, russian troops invaded ukraine, a free and sovereign country. >> this is a deliberate, cold-blooded, and long planned invasion. pres. biden: the united states, together with

tom porcelli of rbc joins us at 8:30. mike mckee breaks down the data.ring you the price action. futures essentially unchanged. from new york, this is bloomberg. ♪. ritika: with the first word news, i'm ritika gupta. jared kushner held talks with saudi arabia's de facto ruler in recent weeks. he also met with top officials from saudi aramco. he formed a close relationship with mom and bring some on -- with crown prince mama been solemn on during the administration -- prince mohammad bin salman during the administration. russian billionaires have been buying up property and assets in the u.k. since the 1990's. russia has repeatedly denied it plans to invade ukraine. credit suisse cut after posting net loss, but found the bank has found a way to avoid its best performers. >> the fact is in 22 anyone, we also included compensation and terms of our -- for each third delivery plan, and it is well seen by our employees. credit suisse is more positioned to pay in terms of compensation. ritika: global news 24 hours a day, on air and on bloomberg quicktake, power

dani: i really love what rbc wrote in a recent note.hat current pricing is close enough to hawkish extremes of likely outcomes that the risk reward of fading it is too attractive to pass up. would you also fade the move? antoine: i don't want to second guess. i feel where they are coming from. dani: diplomatic. antoine: it is very extreme pricing, i don't disagree with that. but like i said, it's a runaway train. we need to think of what code break front rates down. in the near term, i don't see what could do that. it is really not politically acceptable for fed members to downplay this inflation risk, given how political it's been. there for, there's very little standing in front of more hikes being priced in. manus: i've got to say, there is a whiff of panic in these markets. when you see the biggest one-day move since 2009. a guest said it is 1994, where you go to bed and don't know what's going to happen. if we look at the explosion in rates in 1994, how much of a sense of panic do you think happened yesterday? antoine: i did check

the brilliant amy wu silverman of rbc. that relationship between credit and equities. lisa: fascinating what she was saying, you're not seeing the same kind of complacency in the credit space as you are the equity space. a lot of people look at credit spreads remain contained, but how much has this been a massive distortion? people are saying bonds have been a less safe place to be than stocks. it is a very confusing moment. jonathan: are we talking about sovereign debt, the risk-free asset, or are we talking about corporate credit? lisa: has the fed muddied the two? have they muddied the signals? i? think that perhaps is the question underlying that diffidence -- i think that perhaps is the question underlying the dissidents. -- the dissonance. it is hard to say, given the fact that a lot of companies have fortress balance sheets, they don't have near-term maturities, and you don't have huge credit risk even as you have the fed pulling back. it just creates a very complicated scenario. tom: speaking of balance sheets, the balance sheet at the fed is going to be reduce

let's bring in helima croft at rbc capital.nference with the iea and opec helima, you are a busy woman these days i want your take on the news we got a couple of hours ago about what is going on at the border of russia and ukraine and movement off the deployment bases. do you believe this is deescalation the energy market is reading it as such. >> they are continuing to do military exercises in belarus and the black sea. we don't know if this is a true deescalation the foreign minister lavrov indicated the russians are willing to continue negotiations it does not look like they are demand about ukraine never in nato is there. we don't know if this is a true deescalation. >> of course, a lot of discussion about what the united states could do if russia does invade ukraine however, oil or energy could be exempt from the sanctions. what are we looking at as a potential disruption to the energy market when it comes to the united states and the sanctions against the country? >> you are right u.s. officials indicated they are looking

the russian new hampshire rbc sports, they say one of the six skaters on that team in december testeditive for a banned substance called trimedizine. it's a banned metabolic modulator. the spokesperson for the russian foreign ministry has issued a statement calling valiyeva a miracle and also kind of saying that there's some evil forces at work trying to cause harm and saying that the russian government is going to stand by any athlete who is targeted by these evil forces. so we're trying to fill in the gaps here. we don't know when this sample could have been taken. we don't have exact confirmation of who this might have involved, however, the russian olympic committee is -- a team from russia that isn't operating under the russian flag with the russian national anthem, that is because of past doping problems that has been meated out from the russian team. a spokesman has issued this statement, we don't have all the details but in situations like this, it's about more than gold, it's about the integrity of fair sports and accountability. worth noting that the u.s. team got silver in

all of a sudden, i got no banking on my rbc account. >> another explosive day here on parliament hillng justin trudeau defending the use of the emergencies act saying it was necessary to protect canadians. some conservatives say they're opposed to the emergencies act because it's dividing the country. you can see there's crowds here. man, does it pick up on the weekend. the government calls it a siege. these people are calling it a party. they say it's canada day every day and a lot of people that are expected to move in. there's also check points that will stop those people from joining the convoy according to police. the story we'll continue to follow here on the ground. back to you. >> charles: thanks. let's get to it with former deputy assistant attorney general, tom dupree. major steps to break the protesters. when you hear they're going to i don't know tactics that the canadians are not used to seeing, that shouldn't scary. >> i agree. it's honest. this is the first time that a canadian prime minister has invoked the emergencies act. it gives them power to make arrests and cance

biden was trying to appease him in some ways giving him that pipeline and hoping he would back off at rbc. >> sure. we always knew the nord stream two but -- and we need to pay attention to germany and this. the policies are not on bed for national secure the also bad for the climate. germany is canceling other nuclear power plants and spent a lot of money on renewable energy. but not in the climate both even through that lens i don't think we can look at that as a success. we need to understand what they implemented was green new deal we should not do that in the united states for. >> it's really interesting to me. when it comes to art nato partners have been talking so much about standing up for them and being properly aligned with them, that's essentially what are the issues that president trump had within nato. the countries were not on the same page. we needed to be if are going to be able to align and work together to solve problems and solve crises. he also wanted every country to pull its weight not just have these eyed sites bear the brunt of everything you're looking at what you

should have minimal impact and they don't believe spotify subscribers will defect to other services rbcbroadly concerned about the threat to spotify's ad revenues but how material the risk is depends on how the situation plays out. he says if spotify rogan continue to respond quickly and responsibly he does not think it will become a material issue. >> julia, at core, i don't think in issue is new. this about joe rogan saying the n word multiple times. it seems like he's arguing that most of it was in the context of explaining what other people had said but in the era of shock jock radio, audio was ephemeral oh, can you believe he said that but then it was gone even if you recorded it on your tape recorder, you had to hand it out to your friends, it wasn't going to go viral this era is very different so in the legacy of this moment, how much of it has to do with audio perhaps adjusting to the digital era and thin big brands trying to figure out what their policies need to be because of that >> reporter: well, i think you're absolutely right. if you think about the fact that you go back

rbc downgrading today.ack confidence in snap's content strategy amid rising competition that competition feels like it's been there since they went public five years ago and beyond, but keith, i'm curious, what do you think this says about the market's appreciation for profit in this current environment? because this company has been public for five years. it's now trading just 60% above its ipo price, which is where they were yesterday at the close, magically, but do you think the market is getting this renewed appreciation for earnings and having a substantial bottom line for these previously high flying tech companies >> certainly, companies like snap, we take a look at their business model, the time is right for the market to be expecting that they're going to start turning a profit of some sort, which they have suc successfully done. now it's a go for the look forward type of mentality on this, with any of these companies, it's about advertising revenue and how many eye balls are on their app during th

and all of a sudden, i got absolutely no banking on my rbc account. >> tonight there are blockades andcapital city past 24 hours. police are telling us they are not allowing any protesters. parliament. dozens walk by with gas cans on their way to refill their trucks. brand new in the past half hour we have confirmed that at least one member of the convoy has been arrested. we will have to see what happens through the rest of the night. bret? >> bret: alexis mcadams live in a snowy ottawa. alexis, thanks. stocks plunged today. the dow dropped 622. the nasdaq slumped 407. up next, a stern warning that the u.s. is losing when it comes to cybersecurity. plus congress is at a loss as lawmakers struggle to address a slew of issues. we will bring to you capitol hill. first, beyond our borders tonight. iran's supreme leader says his country will increase its nuclear energy production. ayatollah who he khamenei direct his remarks. he calls iran's nuclear production peaceful and says enemies want to prevent great progress. and this is a live look at japan, the shore, the beach there, beach from

rbc's helima croft who just got back from the middle east is here to weigh in on how the political tensions are impacting the energy sector. >>> mike santoli is tracking the market action and monitoring developments between russia and ukraine. mike, we start with you. >> we obviously have this apprehensive market that hasn't changed today. the russia/ukraine standoff is just another excuse for buyers to stay a little hesitant. but it really has not been a hurried rush for the exit. this is two days in a row where there's weakness but within a range. actually even midday today, at the lows, we almost got back to the penny in the s&p 500 to the closing low for january. not the intraday low who knows if that's going to qualify as some kind of a soft retest here. you do see it's kind of slouched lower in that direction. probably as a range that needs to be rebuilt even if you get firmness here. expiration today tuesday will probably givea better indication of two-way supply and demand. a lot of localized pain is in the high growth sectors. the areas of the greatest excitement and highest valuat

we appreciate it hope to check back in soon >> thanks, kelly >> tom with rbc capital market >>> up nexttrong earnings and a guidance hike, this stock could use improvement. it's down nearly 16 %. we'll hear from the ceo next you can catch our show any time anywhere by listening to and following the exchange podcast while you're there, check out conversations with kelly i record my newsletters. search cnbc, the exchange, on any podcast platform we're back in a moment thankfully, voya provides comprehensive solutions and shows me how to get the most out of my workplace benefits. voya helps me feel like i've got it all under control. voya. well planned. well invested. well protected. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retire

all of a sudden, i get absolutely no banking on my rbc account. >> that's a situation, martha, for severalut here. also another explosive day on parliament hill. this afternoon justin trudeau defending the use of the emergencies act saying it was necessary to protect canadians while some conservative members are opposed to the act because they say it is dividing the country. back out here in ottawa, i can tell you things are more calm than usual. it does pick up on the weekend. even when i tried to extent my stay, they say people are still coming even though police can't say it anymore. go home. >> martha: even though today is this deadline and we'll see if we see confrontation or not at this point. alexis mcadams. let's bring in dan henninger, a fox news contributor. great to see you. >> good to with with you. >> martha: this is quite a story. one of the things that we learned about today that alexis was reporting, a very large increase of police presence on the street now. justin trudeau has said it's time to go home. you wonder where this is heading next. >> sandra: yeah. watching these

according to rbc, $630 billion seems somewhat preparing for this moment. how might that financial cushion change the response here >> there's no question that they've been preparing and not just the big reserves that you mentioned, kelly it's also the repatriation of supply chains. deepening commercial linkages to china, which happened after 2014 when we first hit them with sanctions. but i do think that what putin is doing here is miscalculating about the strength of the west he looked at political polarization in the u.s. britain has left the european union. chancellor schulz is new he's untested in germany i think he thought he could crack the west divide u.s. and europe divide countries within the european union so far he's wrong. we've seen incredible solidarity sanctions applied in unison, shoulder to shoulder with european allies. i think that putin really has overreached here he's taken a big bite rather than a small bite. over the long run, i think it's going to come back to haunt him, but as dan was saying, we all better fasten our seat belts the

there is that expectation i have already seen one note come out from rbc saying you should fade the aggressive fed pricing. that this looks like the markets have gone too far too fast. whereas up until recently, the sense was that markets were right and the fed needed to catch up to markets. shery: our chief rates correspondent there with the latest. coming up next, men are twice as likely to be well paid than women in australia. we discuss why the push for parity is making little headwind. plus, how a supersized fed hike will impact investment strategies. this is bloomberg. ♪ vonnie: china wants its biggest bad debt managers to help rein in financial risk. regulators studied numbers earlier this week. they are asking them to -- measures including buying sold products and loans. researchers in hong kong say covid deaths in the city could reach 1000 june. the study found that mitigation measures are needed to cut transmissions by 85%. university of hong kong professionals are urging officials to study the feasibility of a full lock down. novavax says it will ask global regulators to clear the f

talk to you soon >>> for more on the market reaction to the invasion today joined by rbc capital marketsan and urian timmer we have been talking about the vix. we talked about the inversion. so much for another 15 print what is the future for the vix, do you think >> it's been pretty orderly in terms of what investors are doing and what they are doing this morning is actually unwinding vix positions. so essentially they have made money on this vix move higher, but they are saying we probably think we hit a local peak for now. inve this was also true yesterday we had historically high hedging demand that has been coming off yesterday was a little preemptive given what is happening today. overall, investors have come into the year very well hedged mainly for the fed, but they got in geopolitical risk covered as a result as well. >> it does lead us to some discussion about the fed, some argue it's not a reasonable discussion to have given how much we don't know about what wwe will be facing come march. what do you think the near-term playbook is looking like now >> if we look at the rates m

guest is sticking with her year end s&p 500 price target of $5,050 laurie is head of equity strategy at rbc. this rally is somewhat hard to believe. we saw this stark turnaround that began yesterday and has just continued to march higher throughout today's session is this rally to be believed have we put a bottom in the market and the geopolitical concerns are they largely behind us from an investment perspective? >> so look, i tell you, i think we are going to be higher in the market at the end of the year. i think that it's very tough to say whether we have seen that absolute bottom in the short term one of the things we have done is compare the current crisis to what we call the post financial crisis growth scare. so things like 2010, 2011, the 2018 china trade war and you know, those were big sort of scary things that happened to markets that investors didn't fully understand but knew they were bad. they just didn't know how bad and it took time to figure out i would put that in this category that saw drawdowns of 14% to 20%. on our worst day here, we have seen 12% it wouldn't shock me

only surpassed by microsoft, alphabet, and amazon, according to the most recent filings for q32021 rbcmutual funds finding meta is the fourth most frequently owned stock in all large cap funds. steph, want to get your take on meta because i know you own it, unfortunately, today but mike, first on this retail data and how that's playing in, i also saw a stat from fidelity that retail investors are buying the dip in a big way today on facebook it's not like any stock being down 26% it's one of the biggest stocks in the market and one of the most widely held >> yeah, look, a 2% position in the s&p 500. it's always going to be a core position for a lot of portfolios i think it also had a little bit of crossover appeal between growth and value investors so it made its way into more funds than maybe it otherwise would have to me, the big takeaway is all of the mega caps are pretty concentrated in terms of active managers except for apple. apple is chronically underowned because almost no active manager is going to say put 7% of my portfolio is one stock because that's what it would take to o

let's bring in helima croft from rbc capital markets.a look at the jump we saw in oil prices, whether it be brent or ti, is that a market that believes an invasion is going to happen? >> i think the market, this is to be expected given the fact russia is such a major energy producer but i think what the market really needs to take account of is, the u.s. president, national security adviser essentially warning americans should leave ukraine in 48 hours, i mean, that is a step change higher than what they had been warning before that indicates they believe commercial aircraft may not be available in 48 hours. so i think the market actually is taking this seriously, but again, things could really deteriorate. i think the risk is probably higher than the market is pricing in right now >> so just tease that out, helima explain why this kind of crisis would lead to higher oil prices. >> i mean, sara, we look at the fact that russia is one of the largest oil producers, oil exporters. they are a significant natural gas exporter they're the main

rbc says there. raise prices is limited. that is a head wind.osts, relentless. stuart: disney started out well and are still doing well. lauren: record margins. they are getting back to pre-covid levels without the international tourist, their per capita spending increasing 40%. the consumer is spending money to do stuff. stuart: expensive places to be. a different subject. joe rogan turned downs offer to leave spotify. rogan was censored. i used to think it was just social media that did the censoring. now the audio platforms getting into the act. >> it is our culture. sometimes it is social media, sometimes corporate america and podcasting. spotify made a mistake. they try to differentiate themselves. they paid to bring someone like joe rogan in an exclusive way. this is an opportunity to say we prize diversity of viewpoints. i say this is someone who disagrees with joe rogan on a lot of issues. i think he should still be able to say it. if you want the mainstream view on covid read the new york times, watch cable television but if you want an

i counted suggestion target price hikes, six cuts, one full down grade from rbc who's calling for $40 but it makes you wonder, stu, if snap and other social media companies can recover quickly from these apple privacy changes. what is meant that going through that others aren't? stuart: i can't answer your question. i'm just wondering if the $10 billion investment in the metaverse or whatever you call it will pay off somewhere down the road. it's not paying off now. that would be a plus, i would think, anyway -- susan: also $10 billion is the same hit that meta's going to take on their sales from those apple ios privacy changes, so it's interesting that those numbers correlate. some people on wall street are wondering about it. go ahead, sorry. stuart: i call pinterest the ideas board people, as you know. that's my rough idea of what they do. there must have been lots of good news out of their report. susan susan well, i guess it was not terrible, how about that? so they made more money last year. they're guiding for first quarter sales to grow at least in the high teens, which is gre

. >>> when we come back oil prices on the move this morning rbc's with us to break down that nordstreamlater the ceo of mayrriott i going to join us live. you're watching "squawk box" on cnbc cody! hi!! hi! how are you? i'm good! i'm crocheting. i see that. started off as a hobby. kind of snowballed from there. and alex, i don't want to stop. well, i don't see why you should have to. let's set you up with a side gig savings goal on the u.s. bank mobile app. this way, you can turn it into your main hustle before you know it. you're my hero, alex! what are you working on now? pool cover. that's fun. oh! i made my wife a bathing suit. oh, did linda like it? she did not. oh. you should see what i made for max. max! look at him. he loves it. the confidence to make your dream a reality. u.s. bank. we'll get there together. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >>> macy's fourth quarter results out just minute

it just got an upgrade from rbc capital to outperform.are considering closing their plants in ukraine if it becomes too dangerous. despite that, the stock is up 2.7%. >>> and now this, thousands of u.s. troops are on the ground in poland. they're helping to assist, they're assist ising the millions of refugees escaping ukraine. bombing intensifies in and around kyiv as russian forces close in on the city. they're on the outskirts of the city right now. the mayor of kyiv says they're now in a defensive phase. the battle for kyiv, we'll have a report on it next. ♪ ♪ ♪ ♪ ♪ ♪ ♪ you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire it■s hard eating healthy. unless you happen to be a dog. alright, so...cordless headphones, you can watch movies through your phone? and y'all got electric cars? yeah. the future is crunk! (laughs) anything else you wanna know? is