tv Maria Bartiromos Wall Street FOX Business March 6, 2022 10:30am-11:00am EST
and the omicron wave, with medical devices. a spinoff of diabetes care, could be another catalyst. jack: thanks for insights. check out this week's addition at barrons.com featuring a list of the most influential women in finis. weekend. >> from the fox studios in new york city wall street. the eight happy weekends all welcome to the program analyzes the week it was an ops position you for the week ahead. another wild week on wall street j pal's warning russia's invasion of ukraine will likely fuel even higher inflation here at home. merrill lynch wealth management president on where things go from here. then pugin's forces take control
of more territory in ukraine including europe's largest nuclear plant. the white house facing bipartisan pressure to stop buying russian oil. what will the administration turned to iran to try to fill the gap? i will speak with house foreign affairs member decorated army veteran for gasoline prices are already at record highs gas buddy is hot on the paint at the pump you will feel headed into the spring and summer time. but first must take a look back us on the top newsmakers on mornings with maria in this edition of this week's talkers, watch. ♪ >> a top levite executive resigns from her role after she says she was pushed out for criticizing pandemic school restrictions. >> it seems egregious to me. kids were clearly not at any significant risk. and i just could not stay quiet part i am a mom of four pre- >> no mention on china i've been outrage over the last couple of weeks after learning the
department of justice has canceled the china initiative. >> they develop the research here at our university and then they go over too china and collect hundreds of thousands of dollars to go teach over there. >> what about the inflation story, will janet yellen get pushed out because of that the secretary treasurer position when you hearing? >> will buy to make a change, i do not know. my guess is probably not because again the left likes all these crazy policies. we ate let's take a look at how markets edit another volatile week is been much better than expected beverage jobs report. 678,000 jobs were added to the economy. the unemployment rate now at 3.8% a two-year low in the month of february. but there is concern wages are not keeping up with the rate of inflation for joining me is merrill lynch wealth management president andy. it is great to have it this weekend, thank you so much for being here.
how does this jobs number we saw today jive with what you are saying in terms of the macro story? >> maria, it's a very strong number today. underscores the strength in the u.s. economy. i think if we take a step back, we are all watching a tragedy unfold in ukraine. our thoughts are with the people of ukraine. emotions are very high-end markets. this is a time when we asked her 18000 advisors across our firm to counsel clients home and recent needs to prevail in this environment. stay focus on the fundamentals and as you just said the jobs number highlights the fundamentals are very strong for the u.s. economy. maria: you've got a numerous amount of money under management got a great vantage point to see what investors are doing in the face of all of this. year-to-date the markets are down, nasdaq down what 13% or so? but you've got four and a quarter trillion dollars in asset fund management clinic merrill lynch, the private bank, business edge, the wealth
management bank of america has been doing so well. what can you tell us about that population and whether or not they are sellers in this market? >> well, our clients have taken a very balanced approach. i think will prove to be the correct approach over the medium and long-term. clients have not been bailing out of equities. they have been strategic. and so, as markets have moved many clients who spent time with their advisors revisiting financial plans. making short medium and long-term asset allocations makes sense. that's opportunistic they have seen areas of the marketplace for prices have come down and up there chance to put capitol to work. overall we think risk assets here have been repriced. and so from here forward the continued growth the profits in the market is what is going to drive valuations and drive portfolios. we continue to think prophet picture is strong. we are like s&p earnings forecast for the year of 10%
year-over-year. given the repricing i mentioned earlier, this is a time clients we think are selectively going to putting money to work in the market. it how does oil play into this it hit whether 16 this past week before pulling back from that number that was a 14 year high. >> es. one thing we need to remember, maria, we have not yet seen what economists would call a shock in terms of oil prices paid for go back ten years, we have seen oil at these levels producing the economy and the markets perform well. if we want to put it in context, if we saw a troop shock if we saw a doubling of oil prices from in the range of $100 a barrel to $200 a barrel, the economists think that would be a drag of somewhere between one and a half and 2% on the u.s. economy. as we said earlier there is tremendous momentum in the u.s. economy. even that level of oil shock will likely not be enough to push the u.s. economy into
recession. or not the post pandemic expansion off track. the u.s. is quite energy independent relative to the rest of the world. and when you are looking at the impact of topics like potential for oil sanctions. it is obviously going to hit russia hardest proved europe a bit more exposed we expect moderate impact. the u.s. likely a quite limited impact over the near and medium term. >> fort at senator marco rubio is pushing for a band of u.s. investments and russian companies along with the same push against china. he says americans have money tied up in the russian market often without their knowledge hears what he told me late in the week, watch. >> russia is also a threat especially with their economy and the lack of transparency and the like. you've got a lot of americans who every month or every paycheck put a little bit aside some retirement fund that they do not control.
and it is investing very risky things in russia. they're going to feel themselves deeply impacted by it. my bill and make the apartment at this point. i haven't good economic days are ahead for russia anytime soon. there's just just a lot of volatility over there right now. >> we have not seen the u.s. use the capitol markets level, and he producing changes in terms of investors wanting out of russian securities or chinese companies? >> of the standpoint of our client base there is a de minimis exposure to russian security pizza coming into this, our exposure is extremely limited print regime around the world with the delisting of russian securities were missing russian securities removed from msci global index and from other index providers. i think you've got a combination here. very, very, very limited exposure we are also kind of following the rest of the
markets here as increasingly the russian market, russian companies are enclosed out of western markets. maria: yes he is a pariah around the world right now, vladimir putin's. anti- great to see you thanks much for being here. >> hey great to be here, thank you. maria: or it will see you soon thank you. russian moving further into ukraine after capturing europe's largest nuclear plant. there are massive civilian casualties to report this weekend for a staggering number of refugees fleeing the country. putin is facing accusations of war crimes. war crimes. now congressman army veteran and ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care,
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at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. maria: welcome back russia moving further into ukraine hammering key cities, taking control of acute nuclear power
plant. the president of ukraine zelensky speaking candidly to the press as a civilian death toll climbs. >> i went to thank the countries that are helping us we are thankful pretty but it is too late. now i hope the sky will be shut down. if you don't have the courage to do that, then give me the plaintiff. >> of president biden yes or day before yesterday i don't remember. we had good. it began after the beginning of this war. >> a bipartisan pressure growing not within the united states the administration to stop funding putin by buying russian oil imports for the white house moves closer to a nuclear deal with iran there are concerns now that we could look to iran to fill the oil cap per here to
discuss sales for the congressman member of the house foreign affairs committee and eight decorated army veteran auditor with the bronze star and purple heart medal, we think you right away, right off the bat for your service to this great country produce appreciate your time this morning as well. >> think you maria. maria: congressman assess the situation for spread what needs to be done now to stop putin? he is actually taunting the world by attacking that nuclear site in ukraine. europe's largest. >> for a believe we start by reverse engineering this telling putin and russia that no matter what, this is how this conflicts ends. putin is out of power, russia, because of their nuclear saber rattling as we would call it, will conduct nuclear demilitarization because they have invaded the crane if another cult peacekeeping originally because they invaded the ukraine, there will be deep militarized zones along all
russian boarders for they will return crimea and ukraine to matter how this ends waiting to tell russia, the world needs to tell russia that there be zero russian energy used on the global stage until those conditions are met. reverse engineer. the eight i think this is very straightforward. this is basically hitting them where it hurts the money but that is not what this administration is doing. can you give us a sense of what your assessment is of a ground game. i am told there is a crucial need for air defense, jets, support for president zelensky. i know we have rule in place for it nato countries but this guy is threatening a nuclear war. isn't it time the u.s. and its allies stepped up even more? >> it is one 100% time the united states, nato, the west, eu step up and help zelensky. the west is operating under this
assumption that putin is a rational actor. that if we don't do something, he won't do something he is somewhat proportional by the simple enough the truth about him. remember he went into ukraine on a peacekeeping mission. and now he is leveling the country. so even if we don't do something, he still might attack you. let's not forget we are conducting economic warfare. he has said that's an act of war. what you need to stem a kinetic side of it question wishes to turkish objects, french jackson may be american f35 enforcing a no-fly zone over the ukraine prior to that is something that is we should do on top of the antiarmor weapons that we are providing to the ground. and when we look at that let's realize putin is on the verge of conducting major cyber warfare against the united states of america and other countries. that is a form of warfare just like economic warfare. we are conducting the economic warfare with one hand tied behind our back from not
sanctioning his energy, still using his energy. it will be like sanctioning a farmer without sanctioning their crops. maria: your tours in afghanistan i know that many people say the fact they withdrawal out of afghanistan was so botched and no plan go again there was part of the reason you are seeing these dictators think they have room to do whatever they want. we are watching china. china is watching what takes place because people are expecting china to try to do the same thing in taiwan. what are your expectations of where this leads on a broader idea? >> well, these are bided dominoes from inauguration day and canceling american energy, to afghanistan, at the withdrawal and the list goes on these are all bided dominoes that have led to this point.
my expectation of the eye expect this administration is they will show a level of strength but we should take this from her and realize the last entities we went energy from our russia who we are still getting it from, then a soil who they tried to make a deal from is just as bad an actor as putin and russia. and certainly not iran who is of the most radical ideologies on the precipice of becoming a nuclear power which means they're going to start saber rattling the same way that putin is doing these are not the entities that we want to receive energy from. i will give one other point about what this says we should be doing with china and taiwan which not many are thinking about in this moment. we see how difficult it is to arm ukrainians after the fact. we should be doing a show of force right now with taiwan making sure we say we're gonna make sure taiwan has the weapons now but to defend themselves before we get into any senate
situation with china drink nuclear saber raveling saying if you do this than that. eight mike pompeo said this week as well, make sure to tell the world that taiwan is an independent country, do it now is with the former secretary of state said. congressman is great to see this weekend thanks so much. >> all the best, maria. maria: skyhigh gasoline prices climbing even higher the days ahead. gasset buddies say get riders, the lone wolves of the great highway. all they need is a bike and a full tank of gas. their only friend? the open road. i have friends. [ chuckles ] well, he may have friends, but he rides alone. that's jeremy, right there! we're literally riding together. he gets touchy when you talk about his lack of friends. can you help me out here? no matter why you ride, progressive has you covered
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following suit by the national average for a regular, gasoline at the largest one-day spike in recent history this week. california the highest in the nation now just under $5 a gallon was san francisco hitting the 5-dollar mark this week. going to my next guess this is a first for any u.s. city and it will not be the last i made a right mouse gas buddy had a petroleum analysis of patrick to honda. great to see her, thanks very much britt you expect in gasoline prices to keep on rising? >> it is good to be with you, maria and absolutely. that's why the easiest : the history of easy calls is that with oil prices continue to go up, and gas prices are still catching up by the national averages going to continue rising and it is only a matter of time before we see the national average rate that for dollar mark and then maria on top and i think that for dollar 10-cent average we saw as a record 2008 signed quickly follows well. the eight what is the state of
supplies right now, patrick? i know in this war, russia's war on ukraine, there are many close to the administration to stop buying oil from russia. the u.s. actually imports oil from russia and many say that is in fact finding putin's war on ukraine. so if we were to hit them where it hurts and stop buying that oil, does that impact supply and a significant way? >> absolutely that is why were already seeing oil prices reacting the way they are. in fact the de facto sanctions are already on russia's energy. not necessarily directly yet, but with banking sanctions and shipping sanctions it's really hard anyway to pull product out of russia that's called russia's oil output to fall by two thirds already with a massive discount happening as russia gets desperate to sell crude oil. those sanctions already crippling russia. that's part of the reason why oil prices here at home continue
to skyrocket catching $114 at one point. that is why gas prices continue to surge. we are already expecting to lives all of russia's oil especially if we solidify sanctions directly on their energy sector. yet we'll see if that actually takes place. no prices search all the way up to $1.16 if you look at this past week. but let me get your take on the other factor out there and that is iran. we are told there's going to be and iran deal within the next 48 hours potentially. and that president biden is open to buying oil from my run. calculate that into the overall supply story. >> boy, imagine the switch there for start buying oil from iran. anyway you look at iran's oil output has suffered greatly under the weight of the sanctions that have been in place for now four years. but even iran cannot come close
to offsetting russia's oil output. the market has been reacting on the possibility. it is not a done deal yet. iran looks to be pushing for more and more, will president biden bowed to the pressure just to get oil prices to drop slightly? that is up in the air. >> was the move from the strategic reserve significant in your view? >> and maria that was even more disappointing than what we did last fall. last fall remember the u.s. release 50 million barrels or announced the release of 50 million barrels last fall that was using the strategic reserve is price reduction for a 50 million barrels then the backless fault now 30 million barrels as a part of a global seat million barrel release. now are facing potentially defective sentence on russia and actually supply disruption this opens up a smaller door than what we did last fall? it does not make much sense for think we'd open the door much
wider now that we are facing the disruption of oil from russia. maria: patrick have a great analysis as always great to have this we can, thank you sir. patrick. >> thanks maria progress all right don't go anywhere more wall street right after this. if you wake up thinking about the market and want to make the right moves fast... get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions,
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please call or go online now. maria: welcome ballot for the big program of the works for next weekend. make sure to tune into wall street every friday night at 7:00 p.m. eastern. i'll see over at fox news on sunday 10:00 a.m. easter sunday morning futures is live on the fox news channel. felt exclusive edge of his former u.s. ambassador to the
un, nikki haley senator rick scott informant senior advisor to president trump steven miller. it's all sunday at 10:00 a.m. live on fox news. plus right on foxbusiness, start smart every weekday from 6:00 a.m. until 9:00 a.m. eastern for mornings with marie hope you start a week with us every weekday on foxbusiness. that will do it for us today, thank you so much for joining me. i will see it next time have at. ♪ ♪ ♪ ♪ ♪. gerry: hello this week on the wall street journal at large war rages on with vladimir putin's assault on ukraine continues. is anything more we can do to stop the carnage? and in his first state of the union address, with oil prices surging and the economic uncertainty intensifying, joe biden assures us everything will be okay. does he even know what he is
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