tv Worldwide Exchange CNBC June 14, 2022 5:00am-6:00am EDT
it is 5:00 a.m. at cnbc global headquarters. here is the top five at 5:00 bring on the bear. stocks fall more than 20% from the record highs hit back on january 3rd for the s&p. a stock market selloff and inflation yet to peak. possibly forcing the fed's hand. new calls for a 75-point basis hike as stocks fall, so does
crypto details ahead. and oracle out performing with that stock sharply higher we are telling you what that is. and elon musk getting ready to address his soon to be staffers at twitter. it's tuesday, june 14th, 2022. you are watching "worldwide exchange" here on cnbc good morning welcome to the show. i'm dominic chu in for brian sullivan on this tuesday morning. let's kick off the morning with the stocks set to rebound after a rough start to the week. you can se implying 180 point gain at opening bell 27 point gain for s&p and nasdaq
up 113 points. that's modest. the bulls might take it as a victory with the sharp selling we have seen all of this after the losses yesterday with the dow falling nearly 900 points or 2.8%. the lowest close since february of 2021. the s&p falling nearly 3.9%. it is now more than 20% from the record highs what some traders call bear market territory that pull back of 20%. closing at its lowest level since january of 2021. we're still for the nasdaq digging deeper in bear market territory with a 6% decline. the lowest close since september of 2020. in an effort to bring the good and the bad news for balance, there was green on the screen at the closing bell
five s&p 500 stocks were able to find gains cme group. truist financial and mcdonald's and domino's and duke realty group. some positive. fill in a few stocks for the month of june. truis. it is truist is one of the best. we have big news in the bond market with interest rates and banks. you see the 10-year treasury has backed off slightly from the highs we have seen the highest since 2011 now 3.31%. the inversion not quite there for the 2-year treasury and 10-year treasury it has been hovering with the 2-year treasury could be yielding more than the 10-year treasury oil prices are in focus here they have been the momentum trade to the upside for sure over the course of the year.
a breakdown yesterday. u.s. benchmark crude back up to $121.75. world benchmark ice brent is up to $123.15 natural gas prices up .76% at $8.67. and now tracking cryptocurrency the former tests the $20,000 mark and some asking if it is a new trading range for bitcoin. we are down to 22$22,570. ethereum is down at $1,218 is the last trade around the world, we have more red arrows in asia overnight. a possible, possible rebound under way in europe. let's get a check of the action with jp ong in singapore and
julianna tatelbaum in the london newsroom jp, we will start with you >> thanks, dom asian markets extending the selloff. we see some life in chinese markets. we start with the losers hopes or talk about the upside hikes with the fed has rattled sentiment here it kept the nikkei lower the japanese benchmark falling in tokyo at 1.3% bank of japan ramped up bond buying program to try to fend the yield curve. we have the asx 200 with the plunge after the weekend the kospi has a few other things to worry about
down .46%. the trade war in exports with the semiconductors will be impeded by the trucker strikes and the overseas activities like samsung. we go to chinese stocks. you are seeing an impressive rebound from early morning losses shanghai closing 1% higher he and limping up after the pull back up 0.2% hang seng closing flat to the upside with the hang seng pairing about a being from early losses and making things respectable at the tuesday close. dom. >> thank you, jp now to the trading in europe julianna tatelbaum in london >> dom, good morning markets have been open for two hours and a lot has happened in the window we started trading higher. stoxx 600 at one point up 1%
things have turned south w we have red on the board for the french market. the german market down 0.1%. we were up a .50%. ftse mib down. the swiss market has been under performing it is down 0.81% ftse 100 is holding on to gains. we are up five basis points. from the sectors, this will give us insight banks are the out performer. investors looking for higher interest rates from the federal reserve and the ecb and bank of england. bank of england meeting thursday insurance also performing well up 0.6%. oil and gas as telecoms. outside of that sector, it is red. retail down 1.2% media and industrials down more than 1% this morning
dom, a good start to the trading session. that positive momentum faded quickly. >> thank you, julianna tatelbaum. investors are preparing for the big fed decision wall street anticipating a greater interest rate hike than before a growing list of banks predicting a .75% or 75-basis point increase jpmorgan chase and jefferies and barclays and goldman sachs all with the call. and joining me now is malcolm ethridge and ben emons gentlemen, thank you very much for being here with us malcolm, maybe we will start with you is 75 basis points your base expectation or do you think the fed sticks with the plan of 50 going forward? >> dom, i actually think the fed
is probably going to go 75 here. wherever the story came from monday afternoon, i have to imagine it is probably based on insider information. that's probably the fed doing what it can to not come out and surprise everybody on wednesday and give a little bit ahead of the announcement i have to imagine 75 is it i have been one of the folks on the network the last few months saying 100 sis the number. we need to go hard and signal to the markets how serious we are i'll take 75 75 is putting your kid in time-out and we are getting ice cream after. it is a good start >> time-out and ice cream? that doesn't sound forceful at
all, abouben. we know this is a real problem for everybody in america right now. if they go 75 or 100, hypothetically, as malcolm points out, ben, doesn't that seem like a panicky move >> dom, yeah, it is a game of expectation. on friday, we had the worst combination of inflation cpi was worse and the expectations with the michigan survey were worse. that triggered a lot of the calls for 75 basis points. the fed expectations changes an the story is alluding to the fed is concerned and they have to get ahead of that. that is the reason why the large rate hike is trying to manage expectations from here especially the way people feel about inflation going forward. the base sign is we go into the
meeting with 75. after that, you can reassess if inflation starts to moderate that is still actually you have to get ahead of the data >> ben, can i follow-up on that? in this chair, i get the chance to talk to a lot of smart people like you anid malcmalcolm. ben, i had conversations with smart folks in the financial and real estate industry who talk about the idea that you can get things going with the economy and not send it into recession at this point, more and more folks are saying it would take a recession to calm down fl inflation. do you feel, ben, we need to send the economy into recession to cure inflation? >> the recession is never a good solution because as we he know at at least unemployment leads to more recession and worse
economy. we want to be careful talking ourselves in the recession and if this is the right solution for getting inflation down it comes down to, dom, if you manage interest rates, you are getting the financial conditions with the stock market down and bond yields up to the point where inflation starts the bonds rate you have to earn your job. i don't want to make it a goal that the economy goes in recession and for inflation problem. it will take time with the series of rate hikes into next year to get the inflation under control. that is what the fed is after instead of the hard landing recession scenario >> what we have been showing you is charts for you listening on sirius xm. we are showing you a tick higher in last few moments. not just the s&p, but nasdaq
futures as well. it is nothing to write home about, but on the day after the largest losses in recent memory, maybe the bulls will take it malcolm, if you look at the market action, a lot of the conversation has been about whether there is a bottoming process you can dip your toes in is this the time you can put money to work? >> i don't i would not put money to work here especially until we get wednesday's meeting notes and we know for sure which direction the fed willgo i say that because i am of the opinion we are in the midst of the recession and we haven't admitted it yet. we are at the place where the market could fall 10% to 15% the s&p specifically it is important for the nfolks o deploy more money. if more bad news is coming out and we will get more negative
news after q2 and how light profits were for companies, we will have another leg down here. if you didn't use last week and the week before to pull money out of the market for the short-term needs, youare at risk of falling 10% to 15% in the short term as we adjust to 75 basis points. maybe i'm right and it is 100 and the fed prsurprises us i don't think now is the time to buy this dip a little more than a dip >> apparently more to come, malcolm. gentlemen, thank you malcolm ethridge and ben emons, thank you. let's get to the corporate stories with pippa stevens >> good morning, dom in an attempt to further
counter, the lawmakers agreed on the proposal to give the u.s. government sweeping powers to block billions in u.s. investment in china. the measure has support within the biden administration shares of oracle are higher after the company topped estimates. revenue increased 5% compared to last year. results were driven by the cloud infrastructure business which competes directly with amazon and microsoft. spacex clearing a hurdle for the plan to launch its giant star ship rocket into space from the texas launch pad the faa sees no concerns stemming from the starship base. the regulators are requiring more than 75 actions to reduce impact to the region headwinds must remain as they must meet requirements
dom. >> pippa stevens, thank you very much. when we come back on the show, a closer look at the crypto crash and stocks counting on rebound and mark mobius is here with his take on china and the dollar and the fed decision for markets around the world a very busy hour on "worldwide exchange" when we return after this what if you were a global energy company? with operations in scotland, technologists in india, and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and your digital transformation is helping find new ways to unlock energy around the world.
geo geoffrey, we know the dollars are en vogue and attractive if we see a big different with the u.s. and other parts of the world. this dollar story. is it going to help the fed in this situation tamp down inflation? is this something we should watch as a headwind for k companies in the u.s. especially those with multi-national exposure >> it could be a headwind compared to the rest of the world not as much. the u.s. economy is less sensitive to tightening and financial conditions from the exchange rate compared to trade heavy economies like switzerland and japan and eurozone and emerging markets global commodities are priced in dollars. stronger dollar is not good for them at all. >> if that is the case, that is one of the things we were talking about over the last several weeks with regard to the value of the dollar. the idea you price so many
commodities, gold, crude oil, nat gas, you name it in u.s. dollars. in the past, a rising u.s. dollar is acting as a headwind, especially with regard to crude. why has the u.s. dollar not put the brakes on the markets? >> it is supply issue. markets are trading and the issues will not go away any time in the near future we have production and opec plus the intrinsic problems with the supply and demand imbalances will not go away soon. people talked about china reopening. i'm not so sure. you get china reopening which is good for people who export to china. that that leads to a rise in oil. that will exacerbate the supply
issues we are in a tough spot central bankers can raise rates, but not print oil. >> there is a lot more talktalk specifically in the last 12 to 24 hours that the federal reserve in america has to raise rates more aggressively. specifically by 75 basis points tomorrow what does that do to the u.s. dollar against the currencies i reeled off how does that exchange the exchange rate going forward? will it be a scenario where the suf u.s. dollar continues to be the safe haven trade and reserve currency going forward >> in the short-term, yes. people know that despite valuations and things look cheap elsewhere. as long as the fed is driving things and we are looking at 75. the market has to price in 4%
until we get there i think the dollar will city big. it opens up the scope of the ecb and the bank of england do more to support their currencies. when was the last time we talked about the swiss raising interest rates? all target rate in swiss franc that doesn't exist anymore the boe and 50 is possible it goes both ways. if the other central banks can be bolder and let their currency strengthen, that can help address the imbalance and cap the dollar for the time being, most investors want to stay overweight with the u.s. dollar. >> geoffrey yu at bny mellon, we appreciate it. still to come on the show, jon najarian and bullish bets on commodities and stocks not linked to oil.
and elon musk gets set to meet his future twitter staffers we have that story when "worldwide exchange" returns after this break >> announcer: today's big number $841 billion that was the total outstanding credit card in the u.s. during the first quarter of the year according to the federal reserve bank of new york the highest amount ever recorded
welcome back to "worldwide exchange." a quick market flash on general motors the stock is trading below the post-bankruptcy price of $35 a share for the first time since 2020 ford and stellantis at new lows. we are keeping a close eye on that level for gm specifically in a milestone number for those shares. let's get a check of the other headlines with phillip mena in new york >> dom, good morning starting to feel like summer 235 million americans are set to feel 90 degrees days this week minneapolis to raleigh were under excessive heat warnings and watches on monday. in the wave of dangerous storms across the u.s. from the great lakes to national parks, all
five entrances in yellowstone are closed tomorrow after rock slides and dangerous conditions are in the park. to the nba finals. 2-2. the series back in the bay for the crucial game five. celtics erased a 12-point halftime deficit jordan pool with the bank shot to put the warriors on top and wiggins came up big. the all-star delivered 26 points and 13 rebounds and steph curry did not make a single three-pointer. didn't matter. he was still pumped. the warriors take the game 105-104. now one game away from the championship dom, game six is back in boston. >> phillip remembers my northern california roots. coming up on the show, a staggering stat on the recent
selloff compared to the great recession of 2008. some perspective on deck coming up. if you haven't done so, follow our podcast if you miss "worldwide exchange" check us out on apple or s spotify. check out the latest winners and losers on the s&p so far some of the losers in the s&p. the top five biggest s&p gainers with no ocshk. oil and gas companies. we're right back after this. in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance.
a tuesday turn around trying to take shape. futures are pointing now to a rebound after the s&p enters bear market territory. hitting a milestone not seen since the financial crisis. a more aggressive fed on deck the central bank eyeing a higher rate hike as the policy meeting kicks off today. jon najarian and mark mobius layout the strategy shift will mean for your money and investments. and elon musk set to come face-to-face with twitter employees for the first time as his $44 billion bid to take the company private hangs in limbo it's tuesday, june 14th, 2022 you are watching "worldwide exchange" here on cnbc
welcome back to "worldwide exchange." i'm dominic chu in for brian sullivan it's 5:33 a.m. eastern time. let's kickoff this hour. u.s. stock futures are positive despite markets in turmoil the dow implied higher by 155 points s&p higher by 24 points. the nasdaq implied higher by 106 points it may not seem like a lot, but still we are coming off and trying to rebound after the s&p dipped into bear market territory in yesterday's session. ahead of the opening bell, the dow is off more than 17% from the recent all-time high the s&p 500 is down more than 22% from the levels. the nasdaq composite has shed one-third of the value since hitting the recordhigh check out this stat.
from its peak on january 3rd, the sa&p 500 has seen the market cap fall $9.3 trillion that's with a "t." that's $1.2 trillion more than the $8.1 trillion drop in market cap the index saw during the entirety of the great financial crisis from late 2007 to early 2009 not exactly the stat you want to hear with value destruction in the stock market the early trade in europe is positive it has been losing momentum. we swung to loses with regard to key markets. you see the dak is off .50 the cac in france is down .30% .20% decline for the ftse mib.
outside the equities markets, the 2-year treasury is higher to 3.3% the 10-year treasury is below 3.32%. just two basis points separate the 2-year treasury and 10-year treasury let's stick with the markets and expectations the fed is entertaining the idea of the 75 basis point hike at the meeting today. our own steve liesman reporting the fed may take the aggressive approach following earlier reports and similar calls for investment banks including barclays and goldman sachs and jefferies and jpmorgan chase. this coming after steve liesman
pressed jay powell on the idea of an interest rate hike at 75 basis points just in last month's particular meeting >> you talked about using 50 basis point rate hikes or possibility in the coming meetings might there be something larger? 75 possible? >> 75 basis point increase is not something the committee is actively considering >> how times have changed. let's bring in jon najarian. market rebellion co-founder and cnbc contributor jon, you like to watch the derivative markets we went from having no real shot at a 75-basis point hike to now certain tools and estimates and odds and probabilities saying we have a 90% plus chance by tomorrow's meeting conclusion.
what does that tell you about how jittery the market and/or the fed is at this stage >> i think it tells you everything, dom. obviously the fed is jet itterig the number on friday was terrible they need to get their arms around inflation i don't think any of us would be surprised to see 75 basis points it's not that i'm rooting for it when you miss by so much, you know, with the consensus being 8.2% and come out at 8.6% and prices have gone up steadily since last friday. prices at the pump, food prices, et cetera. the fed is probably going to hit the market pretty hard with something. the market certainly has been reacting to that possibility, dom. >> has the market already reacted to that possibility,
jon? in other words, have we priced in the expectation of the more aggressive fed given the fact we are now in the nasdaq composite and that down 33% from record highs. 22% for the s&p 500 and nearly bear market territory for the dow jones industrial average >> yes, i do think friday's action, dom, and yesterday's action certainly tell you that people were getting to the sidelines and a lot of the biggest players were probably pricing in that possibility of a 75 basis point move. i think that we're likely to see three he50s in a row, june, jul september. the possibility of that 75 up front to corral inflation right now if we can. the damage is already done in the market that is one of the things the fed is discussing. we already damaged the market by the fact that we're so far
behind if we don't hit it now, maybe july and september have to be higher as well >> where exactly then have you seen traders taking a view in the marketplace? are their places specifically you are keeping a close eye on we turn to you for the options action what is it showing you where people are placing bets? >> well, last week, you and i talked about vix and that 50 cent player that bought upside calls. they have been buying a ton of s&p 500 of qqq and of iwm puts ofputs the market goes up and down, the volatility, dom. other than, that is there a spot in the market that people are somewhat optimistic about? yes. nickel that would be vale we have seen big trades in there right at the money the 16 strike. we have also seen the silver
trade for that silver etf trading very aggressively, dom buying upside calls in august at the 20 strike. that's silver just shy of 20 yesterday. >> commodities outside of gold and oil doing pretty well. jon najarian, thank you very much see you soon let's get a check of the top stories outside the fed. pippa stevens is here with those. >> elon musk is set to come face-to-face with twitter employees when he takes part in the all-hands meeting. that set to take place thursday. the twitter ceo announcing the event to staffers on monday saying they could submit questions for musk in advance. the meeting is the first time the tesla ceo will speak directly to twitter employees since he started the takeover bid in april and twitter along with
others are set to take on deep and fake accounts online and then including google and facebook in the crackdown. they are expected to update a practice on disinformation for the tech companies on thursday that will layout the risk for hefty fines if the issues are not addressed. and crypto lender blockfi is cutting 20% of staff the ceo tweeting yesterday that the company backed by a venture capitalist is impacted by the dramatic shift in the economic conditions before the cuts, blockfi grew from the end of 2020 to more than 850 employees crypto winter, dom >> crypto carnage. thank you, pippa coming up, more on the continued selling in crypto as
we mentioned as bitcoin is falling below the $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.
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 than the $30,000 we have seen for weeks now at this stage. ethereum prices down 1%. $1,211 per token many of these particular cryptocurrencies are taking huge hits on the back of what is happening with not just bitcoin, but the other companies with it. the recent selloff is hitting a number of etfs with exposure to
the bitcoin ecosystem. all down 50% or so from the year to date basis. keep an eye in bito and btf among the big bitcoin exposure. a similar story for companies with bitcoin exposure. micro strategy down 70%. coinbase down 80% on the year to date basis square and paypal, not necessarily pure play tied to crypto, but payments that use cryptocurrencies are down 60% as well it is fintech, not just ones with direct exposure to bitcoin, but ones that operate in the system. if you look at elsewhere in the market, we talked about the vix. volatility index with jon najarian the past five or ten minutes ago. to give you an idea, we are at 33 we have come down a little bit
we are hovering near the highest levels of the year on the closing basis. remember, to give you an idea how bad it got in the pandemic lows, we were up to 60% to 70% on the intraday basis. the vix is the volatility we have seen so far it might imply if this holds, there is more down side to the volatility in the coming weeks and check out what is happening with the stocks most hardest hit. consumer discretionary and technology the three sectors make up a large chunk of the s&p 500 those three are the worst performing sectors on a year to date basis the mega cap stocks that matter apple, microsoft and alphabet.
down 25%, 27% and 26%. a quarter of the value for the biggest stocks in the market shaved. coming up on the show, stocks looking to rebound after the selloff. mark mobius is telling us about the signals he sees of more pain ahead and why emerging markets may be starting to shine as we head to break, the look at the morning movers shares of oracle are higher. 13%. the company topped earnings for the fiscal quarter revenues increased 5% compared to last year driven by the cloud infrastructure business. oracle shares 13% higher in a down market. through the month of june, cnbc is celebrating pride month. here is cnbc digital video editor justin famolari >> i identify as a transgender
man, but live closeted it is a different world today. when i did this process that was not the case the goal was to transition and to just be part of society h gen glad that's changed itasiv me the freedom to be who i am. hybrid work is here. it's there. it's everywhere. but for someone to be able to work from here, there has to be someone here making sure everything is safe. secure. consistent. so log in from here. or here.
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welcome back to "worldwide exchange." futures indicating a slight bounce compared to what happened yesterday at the closing bell. steep losses dow implied higher bry 82 despite the modest gains indicated at the open, it would be a drop in the bucket compared to what wall street has been through the last two days. markets around the world seeing volatility ahead of the fed rate decision tomorrow. let'e perspective from the bigger picture joining me now is mark mobius.
good morning, mark i wonder in the years that you have been following markets and seeing cycles not just in the u.s., but around the world and emerging markets and developed ones, do you field a sense of the boughttom is building or co things get worse >> the main problem is the cryptocurrencies this is a unique situation where billions and billions of dollars have been put into cryptocurrencies now it is a tail wagging the dog. you see bitcoin goes down and the s&p 500 goes down. it is a very unusual situation you've got millions of billions of people following these cryptocurrencies it has a big psychological impact >> that's psychological impact which is interesting that you bring up we talked about the notion over the past three to four years
where cryptocurrencies specifically bitcoin prices and markets have been at times fairly tightly correlated or very loosely correlated to the markets overall. as of late before the recent selloff in the last couple weeks, they were starting to lose a little bit of the correlation, but coming back do you feel cryptocurrencies is driving the action it doesn't seem we can reconcile with the fundamentals in the market >> i do. it is interesting when you see the bitcoin going down the s&p going down is an unusual behavior it did not go down gradually it was a steep decline that is a panic in the market. it is a high correlation >> if there are gaps like you say or dislocations developing, it doesn't have to be the
cryptocurrencies versus the market there are gaps all over the place. what do you feel is the most compelling opportunities these dislocations that are being created right now? are their places where investors and traders should be looking for opportunities more so than others >> i think it is time to stop looking at china i know china has performed very badly recently chinese government is lowering interest rates not raising in the u.s they are trying to pump up the economy so it performs better. we reached a real bottom in the chinese market that is one place to look. in addition, the indian market they are rapidly going through a transformation as we start the technology very interesting things happening there. >> does it bother you at all or give you pause, mark, that the chinese government can be so heavy handed one way or the other in propping things up?
they have shown both sides of the particular coin over the last three or four years a lot of bulls in china got crushed because of the regulatory concerns there. do you think they've learned their lesson the chinese communist party? >> i don't think they learned their lesson they will still try to control the economy. the bottom line is they reversed course they realized it has gone too far. they have to lighten up on the regulation if you look at the number of new regulations coming out, the number had has declined in the last 12 months dramatically. i think they got the message that they have to change back. in china, you look at what the government is doing. they are the ones that will control eventually in the market and we have to be concerned what moves they will make >> now the dollar is also a huge topic for discussion multi-decade highs in comparison to other countries
emerging markets don't do well when the dollar is this strong do you see that dollar strength going away any time soon especially with the interest rate hike path that the fed is looking to make? >> i don't think the dollar strength is going away as you rightly pointed out, emerging markets get hit their currencies, without exception, the currencies get hit. the chinese has been steady. it is weak against the dollar. they are in control of that. a few other currencies with emerging markets doing well. generally speaking, the dollar will get stronger and that will not be good for a lot of emerging markets >> mark, before we let you go, the federalreserve and fed chair jay powell have a formidable task in front of them do you have confidence that they
will navigate the soft landing in. >> i have confidence they will follow the rule back interest rates will go up to 8%. the rule book says they have to make interest rates higher than inflation. they made this mess with printing of money the way they did. now it is difficult for them to get out of it. we're going to be going through a lot of crises in the following months. >> all right not very optimistic. mark mobius, thank you very much to join us we appreciate it >> thank you that does it for us here on "worldwide exchange. markets are showing some stability. at least for now be sure to tune in tomorrow for the conversation with ceo michael arougheti. that is here on "worldwide exchange." for now, "squawk box" continues our coverage
good morning stocks pointing to a slight rebound the day after the s&p dipped below to bear market territory. the fed begins policy meeting today. markets are expecting a rate hike of 75 basis points. that's a little more than a month after fed chair jay powell said that wasn't being considered it's tuesday, june 14th, 2022. "squawk box" begins right now.
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