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welcome to "squawk alley." i'm jon fortt with carl quintanilla and deirdre bosa this hour twitter shares are flying higher. the art world embraces crypto. and the gamestop trade gets sweet again, but we're going to begin with a news alert on the munger games as robinhood responds to the berkshire legend's criticism kate rooney explains kate hey, jon robinhood responding to charlie munger's criticism about the startup, luring in rookie investors into the market. we have a statement here from robinhood. the company saying that in one fell swoop an entire generation of new investors has been criticized and this commentary overlooks the cultural shift that is taking place in our nation to suggest that new investors have a, quote, mind-set of racetrack bettors is disappointing and elitest. they go on to say it should be celebrated they're seeing new market investors, and that's beginning to diversify this is also a previously untapped generation of new

investors. charlie munger the 97-year-old investor, warren buffett's right-hand man he essentially said retail traders are being enticed by brokerage firms like robinhood he said it's the most egregious and some of the momentum trading by novice traders here he essentially said that robinhood is the main culprit and the trading activity is regrettable, as he calls it. so robinhood hitting back at munger this morning. back to you guys >> yeah, munger wasn't making many friends in that crowd yesterday, kate. thanks for that. let's keep this conversation going. joining us now the verge editor and chief and cnbc contributor what do you make of robinhood's response munger is basically saying retail investors are getting lured in they didn't know what payment for order flow was it's been all in the headlines there's even michael bolton singing about it for a new trading platform should they be allowed to make their own decisions? does munger sound like a

dinosaur here? >> for the past however many years in america we've pushed people to the stock market as a vehicle for retirement, for their investments. a smart guy, a podcaster named john said, well, yeah, but most people shouldn't day trade you have to walk a fine line between letting people more freely invest, back the companies they care about, which was very hard to do before, and play the stock market like a casino where we know they're probably just going to lose. >> right nilay, some might argue this is a start. the average person shouldn't be day trading, but it's that experience of learning, learning from their mistakes that leads to more education, more participation in the stock market, more long-term holding, right? >> yeah, and i think gamestop itself right now as you watch is a really good example. it's rallying because of an emoji of ice cream posted by one of the board members and maybe the first gamestop

rally was triggered by a technical argument about the amount of short position that was held, and you could probably play against that position and make a lot of money. and that made sense. now we're back to fundamentals, right? ryan cohen has to make gamestop a real company that can compete. there isn't the technical trading argument about the short position anymore there is are we going to re-invent this company for the next generation of digital entertainment. that is a fundamentals argument. either you believe it or you don't. i don't think it's bad for retail investors to make a play against those kind of arguments. >> i'm not sure we are back to fundamentals yet, nilay. i'm not sure who is moving the stock, right is this ryan cohen actually moving the stock -- is this professionals who see anything that ryan cohen does as an excuse to get this thing moving so they can make money i don't know that there's any way for us to know but i also

wonder why is there, do you think, this setup, this argument robinhood versus it wasn't hard for individuals to buy stocks before it's easy. can you go lots of places and do it the commission on buying a whole bunch of anything isn't significant. it's maybe a little attractive if you want to trade often and rapidly, but i stand by most people shouldn't do that >> yeah. you know, i come back to something very simple and very basic which is every app on your phone kind of looks the same and kind of feels like it has the same stakes even though they have radically different stakes. so if you log into you brokerage website on your laptop computer, it's usually pretty ugly it's usually pretty hard to use. you're full of disclaimers you understand the stakes of it inside of that interface robinhood has an interface that looks more like a video game and you feel the stakes of it more like a video game

i think a generation of consumers is going to have to learn to parse the differences in the apps on their phone in a way that the companies who are building those apps want to democratize all those experiences and make it easier if something is easy, that doesn't mean you should do it. but phone apps in particular, and i know this sounds crazy, but i fully believe this, when you make things a phone app, when you make it easy, when you make it look like a game, when you put it in the context of other low stakes phone interactions, you do confuse people and an entire generation of consumers has to learn to distinguish the experiences they have on their phones from the effects they will have on their lives. >> yeah. that's well said, nilay. it's one thing to be allowed to do something another to be encouraged actively fidelity does not rain confetti on your screen when you make a trade the way some other apps obviously do my broader question to you is how long are regulators going to

allow executives, ceos, investors to basically speak in code on twitter with these images, with these memes we just have to sort of read this ridiculous tea leaf and try to decipher whether they're winking and nodding to an investor base. >> yeah. obviously the first example was elon musk with his going public tweet and that led to a round of litigation, to a minder for his twitter presence weep don't know, just had some ice cream. it's entirely possible i think there will be some additional regulation or scrutiny certainly we just saw a hearing in congress about the stuff. there will be some additional scrutiny about when, importantly, they have to disclaim whether they're talking about the ice cream they're eating in their personal life or code about what the future of their board seats might lead to. >> yeah, nilay, i know it's a

point jim cramer has made a few times this morning it's pretty remarkable we haven't heard anything from gamestop, even something to say there's nothing going on within the company to lead to this surge in price over the last 12 hours or so. but this is so far from over you had a short seller tweeting that they think gamestop should now buy esports entertainment, sort of embrace this betting or gambling attitude. where do we go from here i think a lot of folks thought retail behavior would change after the last huge rise and fall for gamestop but clearly retail investors, the reddit threat is still very, very into this trade >> yeah. i don't know why anybody thought this would be over we all went on a ride. we all felt the sugar high >> because people got burned >> yeah, but when has that stopped anyone from gambling las vegas exists it is a city that is built on

people getting burned. i don't think this is over it will get priced into a lot of larger institutional investors' portfolios they'll know there's momentum stocks and they either want to be a part of it and will hedge against it and retail investors individually as they take the ride and crash decide to make smarter bets will there always be a smarter community online looking for arguments to beat the market there has always been that community. right now what they have is a tool that may or may not be underregulated that is allowing other people to not really perceive the stakes of what they're doing. >> right and, nilay, before you go, i wanted to ask you your thoughts on the coin base as one that dropped this morning when we talk about this retail crowd and the new normal, what happens if it goes public in a direct listing at $100 billion does that lead potentially retail investors holding the bag again because this has been bid up in the private markets

quickly. how do you think this shakes out or perhaps fits into this new normal that we're seeing >> yeah, my big question with crypto is will it turn into a currency is it just an asset that appreciates and people will hold it forever, in which case what is the point of it or is it going to be used to make payments? if you look at coin base, they're effectively a bank there are reasons they are not they are building a second layer of infrastructure that is dependent on people actually using their bit coins and other crypto currencies to do things and if there's no incentive i wonder what the future of the company holds, what the future of cryptocurrency in general holds. i'm curious about it i don't have more of a position than to say right now the best thing can you do with any crypto you hold is to hold it is to not spend it and something has to change for

that part of the market to go somewhere else >> a lot of unanswered questions. nilay, thank you for being with us nilay patel of verge keep your eyes on square today. gets an update over guggenheim they go to buy price target 288 talk about price opportunities, strong earnings behind the call. by the way, if you missed our exclusive with the ceo yesterday go to cnbc.com we talk about a lot including tcn gi tire mananghe bioiinvestment we're back in a minute we're back in a minute dow is down 100. it's only human to care for those we love. and also help light their way. ♪♪ it's why last year chevron invested billions of dollars to bring affordable, reliable, ever cleaner energy to america. ♪♪

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many americans are struggling with finances but a new cnbc survey shows the hardships are not being felt equally across race and gender lines. our sharon epperson has the details. hi, sharon >> reporter: jon, looking at saving and investing one year after the covid-19 crisis began the latest cnbc/acorn conducted by survey monkey found stark disparities among some groups. saving for the unexpected 52% said they would tap their savings account if they needed $2,000 for an emergency. 10% said they would borrow from family or a friend another 10% said they did not know where they would get the money. blacks were more likely than has p hispanics. the sharon of hispanic and black

women who couldn't come up with $2,000 nearly doubled at 19% for each group now though the numbers are bleak, so were findings before the pandemic in 2019 the federal reserve found that 12% of adults were unable to pay even a $400 emergency expense. now when it comes to investing there were some encouraging findings for new investors 10% of respondents said they bought stock for the first time in the past 12 months and 7% started contributing to a retirement account during the pandemic a greater percentage of new investors were people of color while 8% of whites bought stock for the first time in the past year, 13% of hispanics, 13% of blacks, and 14% of asians were first-time buyers. and, jon, these survey results came from a diverse national sample of more than 6,000 adults with family incomes ranging from $15,000 to over $150,000 last year >> it's great data and inside,

sharon thanks now let's continue the conversation bringing in northern trust asset management president. great to have you back i want to cast this conversation in the context of what we're seeing happening with retail investors in the markets overall, this idea that more people are trading than have been before, sharing ideas, sharing information. what's the upside of that and do you see any down side? >> well, when you think about the dissemination of information that's important the dissemination of good advice you referred to that in some of the prior segments while i think there is an upshot to people being more aware of their avenues for investment, we have to realize when we look across racial lines that there's still vast disparities for instance if you look at whites versus blacks, much of the wealth over the last two

decades for whites has been gained if you have first-time investors, looking at broader federal reserve data, vast majorities of blacks and hispanics still don't invest in financial aspects. they're not having the benefit when we see financial assets rising >> that's the big question mark for me it's encourage to go see people get into the market, if they're in to stay, if they're in with a game plan, if they're in with discipline we've seen cycles where the market is hot. people jump in because it's trendy and then they get out when really they should be buying more are you concerned that could be what we're seeing here and what do investors need to know or keep in mind during a time like this >> it's easy to focus on what's in front of us in terms of ability, the concerns of people

getting in and out over the long term it's secular trends what you are seeing among minority investors they on average over time have less equity exposure and so there is a bias, for example, to have, quote/unquote, more safer assets like money market funds, savings bonds and the like versus, say, public equities or even private equities interesting enough what you find over time is they not only get less of an absolute return on their investments but they actually get a worse risk adjusted return. and this is a very important point this is actually true when we look at wealthy blacks and hispanics when they invest and so it follows you up the wealth spectrum. >> shundrawn, i wonder what you made of charlie munger's comments yesterday saying basically newer retail investors need to be protected or they're being taken advantage of by apps

like robinhood robinhood responded saying they should be celebrated because we're seeing investors begin to diversify. so is this sort of part of the process of having new investors come in, experiment, make mistakes and eventually get to that more educated or long-term investment pattern >> i think that i would come at it from a slightly different way. i think we should be concerned with some of the speculation we see in the market but there are two things i would focus on. first of all, we have to think about market structure and the governance over that and so while we're concerned certainly about retall investors we should look at investors across the spectrum, what we allow whether it be through the access of information with exchanges, whether it's institutional investors all the way through retail investors so thinking about it in a comprehensive way is the best way to help all investors. and the second part of what i think about is, again, we're talking a lot of times about access to investment

opportunities and we're talking very little about advice and so what we need to do is really focus on how do we provide investors that have the discretionary income to allocate financial assets the advice that they need to actually do that well and to be disciplined, as jon referred to in his earlier question, to stay in the markets over time >> yeah, that's a difficult thing to build although post war or even during war government bonds were marketed as not just a way to help yourself but to help the country at-large. i wonder what role you think the federal government will have to try to indoctrinate that sense of long-term investing over time >> i think there are a number of things the government can do we're in a period those who have lost confidence in government, but government does certain things well in terms of public policy so, first of all, we think about not only that educational piece

but think about ways to provide more tax advantage ways for people to invest in retirement accounts the other thing i think government can do there needs to be more diversity in the investment advice industry and so the government has a significant pocketbook, so to speak. so making sure that people of diverse backgrounds, women, ethnic minorities, blacks and hispanics, are participating not only in the investment, but this is very important, that they're actually part of the cycle of giving advice, that that advice is permeating those communities. the government has, if it chooses, a significant positive role to play in that regard. >> yeah, interesting because when someone understands your background, perhaps, you're more likely to have their advice land for you. shundrawn thomas, thank you. >> thank you, jon. coming up on the show one of the first fully 3d printed homes is now for sale.

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3d printing is now making its way to building houses with the first models now hitting the open market. >> reporter: it may look like toothpaste but this 3d printing technology is spitting out a 1,900-square-foot house. the concrete foundation, interior and exterior walls and utility conduits this is the final product. >> we're trying to build houses in half the time for half the price. >> reporter: new york-based sq4d printed the home in about two days with barely three workers, and it's cheap >> our profits will be higher and we will be able to show that with more projects that we do. >> reporter: how do you sell a 3d printed house >> i would like to think it sells itself >> reporter: what is the weirdest thing anybody has said to you >> oh, man, is it plastic?

>> reporter: the company has the permits to build on this site down the road, the first 3d printed home for sale to the public 1,500 square feet, three bedrooms, two baths listed at just under $300,000. that's about half the price of a comparable new home in the area. >> the offers are in the thousands. people see the price across the nation and are loving that >> layer by layer of layer two inches thick >> reporter: potential buyers like the johnsons from kansas city are already lining up >> we've been looking since september of last year a lot of the homes in the two-counties it's just impossible to find anything at this price >> and this quality. >> reporter: so this is the result the raw result of 3d printing. it's like concrete corduroy. if you don't like the look they can smooth it out and make it look like a regular wall for the home builders this is a real game changer.

right now they're up against a severe labor shortage as well as skyrocketing prices for lumber, and both of those are combining to just make their costs really, really difficult right now so this could address both of those. back to you. >> diana, that's amazing the argument now largely seems to be price for 3d printing and what it can do in real estate. 3d printing technology should allow companies to create shapes, perhaps do things with engineering that are impossible under traditional methods. do you think there's a premium end of this 3d printing and construction market? >> reporter: absolutely. in fact, we were talking to the builder about what the outside of the house could look like and he was saying you could put literally any image into the 3d printer and customize the outside of the home so it would look like shingles or a different type of wood you could even put your face on the front of the home if you wanted to. the possibilities are really

endless with the technology. just a question of what the buyers want and if the builders really, really buy into it >> not my face no no, thank you. but point taken. diana olick, thank you time for a news update rahel solomon has that for us. hi, jon. here is what's happening this hour former president trump's tax records are now in the possession of manhattan's district attorney. the documents were turned over shortly after the supreme court refused to block a subpoena for the records. lawmakers making very public displays of their differences on rights for the lgbtq community representative newman hanging a transgender pride flag in part to honor her daughter who is transgender but across the hall representative marjorie taylor green posting a sign that says, quote, there are two genders, male and female. trust the science. end quote. and if you've never seen this van gogh before, well, you're not alone. it's been in a private collection for over a century, but it will go on exhibit next

week ahead of its auction by sotheby's at the end of march. and lady gaga now offering half a million dollars for the return of two of her dogs, no questions asked. a gunman reportedly shot her dog walker last night and then stole the two french bulldogs. apparently the walker is in stable condition unclear, though, if the suspects targeted those dogs. they have really high resale value. a wild story >> wow i hope she gets them back and the dog walker is okay rahl, thank you very much for that take a look at shares of overstock, bullish on the company moving from buy to neutral this morning price target up to $91 currently trading at just under $76 a share. read more on that call on cnbc.com more "squa aeyupexwkll" nt. we needed to make sure that, if

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it's the end of february and gamestop threads are hot in the wall street bets forum as gamestop's sudden surge continues. joining us now the former s.e.c. enforcement attorney and now partner at guide house what are the questions that you have about both how this started and what continues to influence this trade it seems to me everybody who wants to make money off of momentum is probably in it hedge funds on both sides. it's not as if it's reddit's

doing every time this thing moves. >> it's a very good point. while reddit may have started the first surge, this surge actually seems to be related to some news. yesterday the cfo, the cfo of gamestop was pushed out to find an executive more if line with what the activist board member ryan cohen has as a vision for the company coming out of a brick and mortar area into a more online presence and so that seems to have gotten some people very excited about the future of gamestop >> what do you think it signifies we are where we are in the market having a mostly uninterrupted bull run for more than a decade, valuations are high by historical standards and

for a long time they didn't seem to want to do but it's always when the market is kind of toppy when this happens, right >> well, it does anytime the market is already hot it's usually not a good time to buy because things are already high that's when people get interested, certainly. the last time we saw this with all the day traders, there were some regulations put in place afterwards to limit the amount that day traders could buy on margin, the amount of stock they could buy on margin to strike that balance between letting investors invest and sometimes speculate and yet protecting them from something that might be really destructive not only to them personally but to the financial institutions they're trading with

>> hi, alma, as it deirdre good morning >> good morning, deirdre >> you think there may be some reason behind the recent action we've seen you point to the resignation of the cfo, but others would say that's not the reason, that perhaps it was ryan cohen's ice cream tweet with a frog emoji i just wonder, is it clear -- is it worrying that perhaps we don't know what's leading to the action does the s.e.c. need to say something, a statement saying they're watching this? are you surprised by the fact we haven't heard from them? >> so, again, it's important to remember that the securities regime is a disclosure regime and people can make speculative bets on stock and people can lose a lot of money. and maybe in the minds of certain people that ice cream tweet was related to the cfo resignation tweet, and they

think the company is going to be fixed and brought into the digital world quite successfully it's hard to say, but i think they'll be studying it i think both congress and the s.e.c. will be studying, again, that balance between orderly markets and letting people invest what they want to invest for whatever reasons they want to invest even if it doesn't make sense to us >> yeah, and that makes sense on the s.e.c. side which i think a lot of the reddit crowd would agree with, let retail traders do their thing on the game side -- gamestop side, are you surprise that had wehaven't heard anything from them even a simple statement saying they're watching the situation, there's nothing more going on besides the cfo resignation? >> so it's very difficult for a public company to comment

without further being misinterpreted and maybe being accused of false and misleading information or information that is not complete. it's very hard for them to say, look, people, there's no reason for our stock to be this high. that's a hard thing for a company to say if they don't have facts to disclose that then it's very difficult for them to say anything very difficult >> alma, wherever regulation ends up or whatever scrutiny comes about vis-a-vis these tweets and these memes that pop up, some of us are old enough to recommend when it was new. do you think in retrospect that feels like dinosaur technology this idea of reg rf given how much is seeping through it or

around it these days >> i think that's right and this is just another area where social media and the magnifying effect that one person can have on the right platform is affecting society. we saw it with elon musk and his tweets about tesla and the s.e.c. took action there because they felt they could prove those tweets were false and misleading so that really is the difference who is doing the speaking, and is it accurate and an investor, me getting on, you know, my twitter feed and saying i just love kentucky fried chicken. i think everyone should buy it i can do that. it may not necessarily be in the best interest to do so >> alma, i am skeptical of the narrative that calls what we're seeing a democratization of

investing. i wonder if it's really a gamification of trading which, to me, is very different how do you view it and what would a democratization of investing look like if, indeed, such a thing is necessary? i don't know if it's that hard for an individual to invest anymore. >> so i think that's a very good point, and i think that, you know, there are starting to be reports now there was serious i inst institutional money in that first run-up of gamestop it was not all retail investors on robinhood driving the price of the stock and one of the things that might help going back to days where there's a little bit of commission in your trading it doesn't seem so much like a

game because it's free but, again, there's a balance between democratizing trading and making the market available to everyone and making it so free and easy that people don't understand the risks they're taking with their money. >> yeah. echoing something that shundrawn thomas was saying, the importance of good information which we here at cnbc believe in very much. alma, thank you for being with us >> you're welcome. thank you for having me. >> what a week it's been for the chip sector. keep your eye out. citi goes to buy exposure to the auto sector in the face of huge demand. price target 225 more "ua aeycoinsqwkll" ntues on the other side of this break we kept going.

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we are keeping an eye on shares of twitter this morning trading at all-time highs, nearly $80 a share the company announcing plans to double revenue and growth, monetizable daily active users to 315 million by the end of 2023 the company reported $192 million in its most recent earnings report coming ahead of the report kicking off at noon eastern. we will bring you any more news we will bring you any more news out of that.

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crypto is making its way into christie's in the art market hey, robert. >> reporter: good morning, carl. christie's is set to become the first major auction house to sell an nft. the work is a montage by the artist who has over 2 million instagram followers. unclear what this is going to sell for but nft sales

quadrupled to over $250 million. nft stands for for nonfungible token. it's a cryptocurrency token run on block chains used to represent an asset usually it's art but it could also be simply a meme or a video. a popular meme just sold for $580,000 crypto punks, a block chain for head shots had over $15 million in sales in a single day a digital nba top shots are among the most popular here. the league gets a cut of the trading, trading topping $200 million just over the past 30 days the video highlight of lebron james' dunk shot went for over $200,000 mark cuban's among the biggest proponents here. one of his twitter posts going for $950,000 and lindsay lohan sold an image of her face for $17,000.

that was immediately flipped by the buyer for $58,000. carl, a goldrush here even though it's hard to explain what the gold is. back to you. >> that's exactly right. robert, thank you for that joining us right now maybe can help is mike winkleman, aforementioned artist known as beeple thank you for being with us. >> thank you very much for having me. i noticed you guys don't have enough sound effect buttons like cramer so i brought my own sound effect button. let me know if you want me to press it at any point during the interview here >> all right a follow yum on what robert was just saying, how do you make this understandable to the lay person >> so i think there's a couple different ways and analogies i like to use. one of them is the mona lisa anybody can take a picture of the mona lisa, but that doesn't mean you own the mona lisa another is mp3

you can have a copy of michael jackson's "thriller" but that doesn't mean -- you're not going to be able to convince people you own the master recordings of "thriller. it's like that you can still have copies of digital art online and everybody can view them but the block chain, the nft proves this one person owns it and everybody else sort of agrees that person owns it >> right can you walk us back to the time when you first thought this was even possible, when you got the idea for this new chapter in digital art? >> i didn't invent this technology, obviously, and i only came to this space about four months ago. it's really rapidly, rapidly growing and expanding. so as soon as i saw this four months ago people kept telling me to come to this space and take a look at it. as soon as i saw it, i saw just this massive, massive potential for this as a platform for

digital ownership of a bunch of different things not just art concert tickets. anything that you want to really sort of prove ownership for. it can be massively, massively used i think moving forward it will be very much seen as an alternate forward it will be an alternate asset class that has a hume amount of possibilities. >> first, beeple, can you press the button again >> the man brings a button, you've got to press it. >> yeah! >> here's my question about this digital ownership thing. >> sure. >> what does ownership really mean, you think, in this digital economy? because pre-digital, when we were talking about physical things it meant proximity, it meant resolution it was obvious who owned it because, where is it where would a cat burglar have to go in order to get it this is different so when it comes to scarcity, is there real

scarcity when anything can be turned into a digital asset, even ownership of a tweet which everybody can see with equal resolution and proximity, and what about royalties and rights with a lot of things you're talking about music. if you really own rights to the catalog you get paid when that thing gets paid. under this regime, i don't see how that happens >> absolutely. the thing that gives it scarcity is the same thing that gives bitcoin scarcity it's on the bot chain and you can't copy it just like you can't say i have one bitcoin, copy, paste, and now i have two bitcoins and that's not how it works and it's the exact same thing with this. again, anyone can see the picture on the internet, but with that token, that's backed by the block chain you can prove that you are the person that actually owns that piece of digital art, and in terms of the rights, i think right now there's still work that needs to be done with that to be quite honest and i think it's

evolving, but i i.p.'d through this, and i think it's a super, super exciting new frontier that has massive potential to sort of take an artist and sort of have, you know, ownership of that through this technology. >> beeple, good morning. it's deidre. i know that you are accepting payment in cryptocurrency. so i wonder what you plan on doing with the proceeds? do you keep it all in cryptocurrency dollars? a mixture? >> to be honest, i am not someone -- again, i only came to this space four months ago and i'm not like this die-hard crypto bull. honestly, most of my portfolio are in stocks and regular equity as i've learned more about crypto i've become super, super excited about it especially ethereum i think has an amazing potential to just, like, change the world in terms of basically

taking the scarcity and the sort of liquidity of bitcoin and stuff, and building smart contracts on top of it that can do a massive, massive amount of things nfts and there's so much potential there. personally, with the money that, you know, i get from this i will definitely be putting a very significant portion of it into both nfts and, you know, crypto. >> which cryptos bitcoin? >> i'm going to put a mix, 50/50 of crypto and ethereum i really think ethereum has a lot of room to run looking at the market cap it's 200 billion right now. to me, looking at the amount of innovation in that space and just in the four months that i've been paying attention to it, i think that is massively, massively undervalued and i think you're going to see a huge pop in ethereum over the next three to six months as more and

more cases like these nfts get proven out and more and more people are looking for sort of alternate asset classes. i think that's where you're seeing this with like the gamestop thing i think you're seeing people -- and a new class of investor come in and they want something different than, you know, than what people have done in the past and this is an exciting new alternative that i think a lot of people are going to come to and see real value in. >> yeah. you clearly are a devoted watcher of cnbc. >> i am! i love cnbc! i thought i was going to be on with cramer and that's why i had to bring the button. no offense to "squawk alley. >> we appreciate that, beeple. there's lots to go around. thanks for coming on amazing chapter in the ongoing institutionalization of crypto take a look at the markets, though about a 2% decline now, john, on the nasdaq down 250 yields are still a story,

ten-year, 146, 30-year, 228 and saw weakness in housing again today and we saw a little bit of signs that the boom for some industries that was happening during the pandemic and namely retail and restaurants starting to come off in the form of comps. so it's definitely a bit of a transition here as we work our way into a new era >> yeah. and institutionalization at times like this, it can mean a couple of different things, i suppose, carl. i'm looking at what is moving in tech today, we mentioned twitter up 7 1/2 wayfair also interesting it's up 4% deidre, this market, in a way it's no surprise when you look at what the fed has been doing, you know, people have been encouraged to go into riskier and riskier assets anyway, tomorrow do not miss an exclusive with affirm ceo max levchin on the closing bell at 4:00 p.m. eastern.

we'll take a quick break stay with us

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broader markets come under some pressure today the nasdaq composite now down by more than 2% john and carl, we have a slew of earnings after the bell.

i want to point out air bnb which is down 8% we saw big gains yesterday in line with the rest of the travel sector, but, guys, really this is a theme we've seen over the last few weeks some of the risk coming out of the markets a little bit and airbnb, remember, that debut was just stellar so was doordash that's going to be reporting and this is their first quarter as public companies so they have big shoes to fill considering their performances since their debuts and there are some jitters among analysts about the lock-up expiration which comes after a particular for airbnb right after these quarterly results. we see the dow down more than 320 points at the moment. >> maybe a little selling the earnings news happening here, too, even before we get the earnings news. looking at nvidia and intuit both reporting recently. we had the intuit ceo on yesterday, both of those down 10% or more today despite the fact that they've had strong runs and continue to have good

prospects as far as many investors see it, carl >> yeah, john. it's a different kind of market sell-off where it's not based on economic weakness, but rather economic strength and the yield picture, and bullard's on the tape saying jobless rate by the end of the year in his view 4.5, we'll see if that happens. let's get to the judge we'll talk more about that, carl thanks so much welcome to "the halftime report." i'm scott wapner front and center the state of your money, the broader market remains volatile our investment committee debating all of it for you today. joining me for the hour, steve weiss, jon najarian, rob sechin is the founder of new edge capital group. i'll take you to the wall as we always do to start things off and see where we stand you heard the gang talking about it, the dow's down 320 nasdaq down by more than 2%.