SQUAWK BOX, WEDNESDAY 27TH APRIL, 2022

Tech stocks hit a 12-month low, compounding heavy losses for US markets in April and pulling the Nasdaq down to its worst day since September 2020. Meanwhile, Russia appears to come good on its threat to begin using its gas exports as a tool in its war with Ukraine, and standoff with Western allies. Moscow cut off gas supplies to Poland and Bulgaria, in what a top Ukrainian official calls 'the beginning of the gas blackmail of Europe'. And, we are in the thick of earnings season. Credit Suisse announced major changes at the top and reveals adjustments to its executive board, while confirming a first quarter loss and a tough time for client activity. In U.S. tech, a stronger than expected forecast sends shares of Microsoft higher in extended trade, but Alphabet disappoints on declining YouTube revenue. CFO Ruth Porat attributes part of the disappointing quarter to the tech giant's pull-back from Russia.