today. >> that's all right. look forward to continuing that conversation. in the meantime, david, major averages all under pressure today. looks like the nasdaq is down 1.6% the laggard in this market the s&p is down 1.5% and the dow is at session lows, 503. that will do it for us here on "squawk on the street" "techcheck" starts now >> bonds are what holds the physical world together or hold us together. >> yeah. yeah, i know i got it bonds. ♪ happy thursday welcome to "techcheck" coming up on the show today stocks sell off. tech just leading the major

indices to the down side plus google faces anti-trust, dozens of state ags including the a tech giant we start with stocks tech and the broader market selling off this morning, back near loss of the day nasdaq on pace to snap a four day win streak down 1.5%. less than stocks are green but to keep things in perspective here stocks are still trading at higher levels than two weeks ago s&p the biggest winner since june 24th. hostile chinese government worrying investors u.s. listed chinese stocks they don't selloff this morning take a look at didi, falling $14 ipo price, 20% below its debut let's bring in mike santoli.

help put us in this context where we were roughly two weeks ago. the market has really become accustomed to only going up. >> right because we've had such a long period of calm and lock step increases in the indexes we do seem to take a percent and a half, skimming off the top more dramatic than it otherwise would be the southeast concerns that have been simmering below the surface of the market are percolating more at a low boil which is to say just exactly how fast can the world grow right now? how far beyond pandemic economies are we in parts of the world where we thought things would look better at this point. all that stuff has been in overlay. the nasdaq 100 has really come back against something like the small cap russell 2000 to parody on a year to day basis we had this huge lead built up by the cyclical areas. now it's like come back to the

pack question is, can that choreography continue where we have this friendly type rotation that keeps the indexes high center on a day like today where bond yields are getting too low for comfort, people worry what that means it seems we have to step back a little bit as you say we finished june around these levels of the s&p 500. we're only one week into july. >> so, mike, as we head further into summer are things during the summer events that are going to be particularly watching to see how the market reacts or do we have to wait for the fall for that >> i don't think we have to wait for the fall, but without a doubt have to be cognizant of a little bit of the data flow through the summer of what it's going to mean for things like liquidity and earnings outlook i think the issue is will we have another one of those situations where we sell the

news, everyone already expected, every company to be and that doesn't present the upside catalyst show me where we trade into earnings season and it gives us a better idea whether we sell the the news or not or built in discount we had this jackson hole meeting. it seems what the market are doing and what fed officials have said about wanting to be patient to some degree has really taken this idea out of the market that they are going to do something dramatic or at least try to get their sights on tightening policy for a while. the way the bone market has acted you wonder if, in fact, the fed will push off whatever it thought it would do in term of getting on a timetable to raise rates down the road. >> mike, i want to ask you about t the medigap tech names what happens to them

i know we'll talk antitrust later but that has moved them. >> they have been benefiting from this stability premium. markets gone for what they consider quality, high margins, good balance sheets. we know what the businesses will likely look like what's been fascinating is the way apple and amazon have trade. both stocks quite well-known peaked last september 1st. before finally breaking higher recently they've been the story about how the market has actually been able to get to this last little reason they traded very much in lock step since that september 1st move now they are looking a little bit stretched. this type of environment on a net basis benefits those types of companies, it's unclear that we'll go back to last summer where it was basically those five stocks to the general exclusion of everything else back then we took the recovery and the real economy on faith more or less and said there's a

lot of policy stimulus now we're seeing evidence of it. we're seeing how consumers are in businesses are flushed with cash not quite a binary market as we were ending last summer. >> yes binary or no we don't want to go back to last summer. mike, thank you. as we mentioned antitrust battle against google heating up a new lawsuit filed by 36 state attorneys general and district columbia alleges they used tactics to push consumers towards the google play story and attempted to pay off developers to dissuade from developing apps on their own platforms. this is the fourth antitrust lawsuit alphabet has faced other suits wields monopoly power and blocks other search providers from appearing in google searches.

despite the scrutiny, alphabet stock is up more than 60% since the first suit was filed in october. joining us now joanna stern there are these other suits. this focus on the consumer and the consumer impact, for me misses the point what google has done used android, gave it away for free but if you get the updates bundle our stuff in. can you have your own store on there but you have to have our store on there that has led not to a lack of choice bath dominant presence of google, right? >> definitely. i think you're hitting the nail on the head. that's really been my biggest question with this antitrust stuff. how is this bad for the use sners in two places and the actual complaint talks about

some of those things one is pricing right? these other apps are priced out. having to charge more because of the store rules around the take that google takes. the other one which isn't so much in the report but a bigger question is this leading to a lack of innovation for consumers. are they not getting other great things because google and apple are dominating with their default stores or apps >> who is the consumer becomes the question or at least which customer provides the best argument antitrust argument for the government my sense is it's not the consumer, it's often the partner or the developer and to me it seems that very seldom do these antitrust cases emphasize the partner, the developer, the advertiser, usually it's coming down to the end consumer who tends to be pretty happy with things as they are. >> totally

you saw a lot of attorneys general bringing this suit yesterday tweeting and sharing they are here to protect the courtroom. that's the bigger question how are consumers being harmed one way which we've seen in the apple app store and that's in this complaint the is the fact you can't -- these app developers cannot promote better deals or prices in these app stores consumers are paying more but don't know it. there's a lot of prove in the apple store like tinder. but pricing is definitely a potential consumer harm. >> joanna, put pricing aside and you take a look at the most popular apps on the app store and google play store, many of them are -- the ones

pre-installed or bundle with the phones, but there's a few that are not at the top i'm looking at a comcast scoring. apple maps, apple music not at the top. does that provide evidence that they are good at making some apps and not others and this is a competitive marketplace >> i was heartened by that the fact that those top apple apps, calculator, calendar, maps, mail, things that are sort of utilities and those should be on the phone those are things that you expect you would have own the computer when you started it up it's when it gets into the services services these big tech companies started to compete against the others most are controlled by big tech companies too, amazons, et cetera, google but those are the ones where i think there are potential harm or potential questions and i always tell people really think about those defaults the devil is in the defaults the defaults on the system will benefit the apps

the maker of those devices because they are there they want you to use it. they have that control >> right very often there are store brands and, you know, it's a question of how much they charge for the end caps i guess thank you. great to see you guys. we'll be continuing this conversation still to come on "techcheck" more on this morning's selloff and a visit with the ceo of take-two "techcheck" is just getting started. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network

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dipping into a new name buying 432,000 shares or $21 mil million of luxury ecommerce. it represents a small holding 47 out of 49. the stock is up around 150% this past year but down 20% year-to-date we've been talking about it all week chinese tech continues to be under pressure amid crackdowns from beijing.

linkdoc the first chinese company to put its u.s. ipo plans on hold and that's having an impact on the film's willingness to bet on chinese start ups or at least it could indicate rooe -- kate rooney, i wonder if the latest is making them to think twice and reconsider their strategy? >> hard to do it historically. venture capitalist investors whether invested in china or not are paying attention all of it that's been going on with didi it's a reminder of the risk for foreign investors and another reason to avoid backing chinese start ups. there's not many firms investing in both china and the u.s. for those who do like sequoia, lightspeed, nea they have

separate offices and teams there. one described it to me as parallel universes still some -- investors are increasingly worried about their current portfolio companies and potential ipo prospect lately. you mentioned linkdoc. beijing yesterday stepping up oversight on listings saying the rules of overseas listings for domestic enterprises are going to be updated and those growth prospects we talked about, beijing reminding investors it could essentially shut that down and shut down the trajectory, for example barring didi from adding new users this won't have an immediate effect on those putting money to work in china. they probably weighed the risk going in investors said they knew this was the situation in china but over the past few years we've seen a slow down in dollars going there especially as

geopolitical tensions ratcheted up if you take a look there are more than 10 multi-billion dollar private companies ripe for an ipo bytedance is the biggest you have bitmain also on that list back to you. we talked about bytedance earlier this week and investors are watching what's happening with didi very, very closely and fearing this could take hair cut. thank you. we'll stick with the theme of china's tech crackdown let's bring in keith keith big investors are china are not silicon valley firms but tech giants like alibaba poured tens of billions of $into start

ups. money into american companies as well with the crackdown we're seeing from beijing, what do you think could be the effect on the start up >> well, the u.s. companies were depended on alibaba's party. so it's been like option for entrepreneurs. >> what about the tiny eco system one of the only country tech giants rival ours in some cases in terms of technology could argue, some do argue ahead of ours in terms of that super app. >> for those investors investing in china are in for a rude awakening. the landscape of investing in china is morally problematic, legally problematic and now financially problematic.

>> keith, government control it's not a china thing u.s. as well when it comes to this latest case against google, the sense that, at least some feel that these companies have gone too far with their dominance with technology and need to be reined in. what puzzles me about some of the cases against google, the thesis, the narrative seems to be focused on individual consumers versus advertisers, or developers, or partners where it seems, to me, like the case would be stronger. what's your take on the approach here that the states and in some cases the feds are taking? >> well we've seen two things. in 2017 every business in china are armored with ccp lie law

when the u.s. try to prosecute it's a different world so i wouldn't allow anybody to try. you want to talk about google's use of power and antitrust violations we can discuss that but any connection to china's manipulation, china's genocide and being a tool of the government has absolutely nothing to do with google or amazon or anybody practicing business in the united states. >> i'm not saying they are equivalent like on a moral or ethical basis. but based on what they believe is right for them, these tech companies have gotten too powerful >> sure. so in china, absolutely. the state doesn't want any powers that are alternative to the ccp and they realized that wealth creates power this is why the policy has been a complete

failure for the last 30 years is economic success, independent companies quote, in quotes have not led to greater freedoms for the chinese and that failure and that policy needs to be reassessed and rebuilt in the u.s. there's people that believe tech companies are powerful the truth is american consumer doesn't believe this all the evidence suggests the most powerful are military and amazon it's driven by people who are journalists. journalists can't crow the data. so they created this tech backlash story which is fabricated out of thin air no substance the tech is as popular as it's ever been. >> keith, i'm sorry, did you say journalists are fabricating this story that there's antitrust

pressure or problems with the big tech companies >> journalists are creating a story that there are people that don't like tech companies. that's false the most popular are the top tech companies >> who are you referring to, keith? all media, all journalists you have to be nuanced >> anybody who writes a story that there's a black against tech is making that up >> there is factual evidence >> where >> over the last year against google the >> right that's reaction to people writing stories. authors not -- regulators are following elite the opinion. there's no factual evidence that americans are worried about google or amazon they are more popular than ever. >> keith, i'm not sure that's true given -- let's take facebook as an example

lots of privacy issues that users are concerned with i don't think that's something that the media can fabricate >> where is this concern facebook usage is at an all time high facebook's market cap is at an all time high. the first review against facebook slammed as the most ridiculous antitrust lawsuit in history. which it is. >> keith, i agree with certainly what you're saying about the popularity of tech companies among the masses but i think you would agree democrats and republicans are both raising money right now off the idea of reining in big tech. so there are interests that are aligned against big tech and in some cases their own stated philosophies because they see an opportunity, regardless of who is right and who is wrong in that my question for you based on all of that is, what is tech's path beyond this period ballgames there are real legal risks that

they face from, in some cases antitrust case but also laws potentially that are bubbling up in congress. it is fact that consumers love them and super serve those consumers, do we not >> ultimately politicians react. at the end of the day movers are movers and do drive and should drive politics that's the way it works. the opinion is facebook, am, google, et cetera are good for society. that will definitely have a fracture there could be a lag time. i agree with you that special interests are raising money for different reasons, actually, not just concern of influence of big entities and concern about censorship they have interesting arguments but different. they may reach an alliance which can be problematic for a large

tech company if extreme right or extreme left coordinate and there could be a coalition to change through but right now they don't agree on which laws to change. >> keith, it's a great discussion we'll continue to have it. certainly when it comes to investors which we focus a lot on, they've had sort of treated the antitrust headlines as noise. when it comes to consumers, lawmakers. but, keith thank you so much we'll talk to you soon >> great as we head to break keep your eye on uber and lyft on pace for their third straight negative session no surprise in today's market. that's over the past week. see them down there more than 5% plus take a look at the biggest laggards on the nasdaq 100 as markets overall move lower we'll be right back.

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welcome back to "techcheck". heading into the bottom of the hour now, hi, jon fortt.

julia will take us back to sun valley to take a look what top executives are saying about the antitrust issue. hi here's what's happening at this hour decline in new jobless claims stalling out last week initial claims rose slightly to 373,000. however four week moving average and continuing claims both fell to pandemic lows financials among the biggest losers the loss is due to concerns about the economic recovery. "wall street journal report"ed that the biden administration is taking aim at anti-competitive pricing for rail and ocean freight with an executive order expected this week eu is fining german automakers $1 billion saying they colluded to limit the

development and roll out you're now up to date. i'll send it back to you thanks so much quick check on the markets we're seeing the dow recover now a little bit, down 312 points. nasdaq compromise down 166 points or one of one tenth of one percent. some breaking news grocery delivery app instacart has a new ceo which is valued $39 billion. the head of facebook will take on the ceo roll of instacart next month in an exclusive interview i spoke about their shared vision to build a platform into what they hope will be an incredible

consumer app have a listen. >> i won't pretend this was an easy decision. this was a very hard decision. and that's because instacart has been my life's work. i've worked on this for the last ten years, but at the same time what i care about is what's best for the long term interest for the company and it became clear that she will be a much better ceo in the upcoming years for instacart future so i had to make it happen so, with me as exec chair, i believe the world will have best of both worlds >> they are very different businesses someone a social media platform. the other is a grocery delivery app. how will you be approaching the ceo job? will you turn instacart into a

platform when you talk about this victories what will instacart look like five years from now under your leadership >> i think we need to build an incredible consumer app and an app that people want to open very many times a week to be inspired by food content and buy groceries online >> we made it easy for people to access the food they love grocee but that's just step one step one because, because on top of that there's a lot of new functionality that can be built. for example, women when they are ordering their groceries on a weekly basis, they are today building their lists on instacart. over time we can help them plan their meals, help them with

recipes and inexpiration and all these things can be much better when in it's collaboration with your family and friends and so, look, there's a lot there that we looked back on over the next few quarters and years >> i'm really excited about this notion of content and commerce coming together, and instacart is very well positioned to address that >> always this question of when to go public your company from one of the biggest public companies in the world, how will you know when is the right time to bring in the is a cart public >> well, we're not sharing anything about timing, but what i can tell you is we want to continue scaling we have massive opportunity ahead of us in this trillion there are market, massive global opportunity. so i'm really focused on building the company over the next decade, and we see an ipo as very much a moment in time, a

milestone but part of a match grander arc of continuing to scale a fantastic company. the same way with facebook we celeb celebrated what was critical for the company. bringing to market incredible products that people loved >> i imagine that leaving facebook was a difficult decision to make and you didn't necessarily leave for grocery retailer, how do you view instacart? is it a gig economy zmoe is it a software company is it an advertising company how do you view it >> i see so many parallels what i've done at facebook where we started, you know, we started with a very -- very early in scale and incredibly fast because of advertisers and as a result of it we saw the emergence of a lot of new companies built on top of facebook ads and i'm seeing the

same thing really happening with instacart business with not only existing food companies are reaching new customers but i see new food companies with the potential to recreate because we have now allowed them to reach customers right as they are building their cart which is kind of the holy grail in advertising. so incredibly bullish on this part of the business in particular and it will make all the other parts even better. >> as an incoming ceo can you make the same assurance to your grocery partners as well that you won't compete with them in the future >> absolutely because fundamentally what consumers want is wider selection. so we see ourselves fundamentally as a partner and an ally to grocers to help them compete. >> how did mark take it when you told him you were sflaefg >> as you can imagine, it wasn't

a one time conversation. it was over the course of several weeks. obviously we couldn't find something that aligned at facebook, but also incredibly supportive of me taking on this role which i'm always grateful for. so, this is big news for instacart but also for facebook. it was telling what was said he at the end there they couldn't fine her something that aligned at facebook. she had many chats with mark zuckerberg she's one of the most senior female executives at the company and comes on the same day of this "new york times" article that there's cracks over the last year between mark zuckerberg and sheryl sandberg certainly seen as a win for instacart. very different companies even though she sees those parallels. >> first of all huge news in

ecommerce, in executive movement, and, you know, the nod towards a prospective moment of going public congratulations on that interview. yes. you put that aside, that mark zuckerberg conversation that she mentioned, and, you know, the piece in the "new york times," you know, that really emphasizes mark zuckerberg taking a more prompt role in the company over certain decisions as that antitrust pressure which we were just talking about earlier in the show mounts on that company as well. >> yep it will be fascinating to see it unfold meanwhile we're obviously keeping an eye on the broader markets which are still lower as well as tech and josh lipton has that action. >> that's right. nasdaq is retreating here. seeing some red. that's after a strong run just

yesterday the index actually closing at an all thyme. big names on the move by amazon slipping in today's trade. amazon closing at an all time high just yesterday. same with apple dropping this morning after what's been a strong month the iphone maker heading in to a new iphone launch alphabet as well group of states announce that antitrust case against the company focusing on the play store. the chips, smh under some pressure not a great week southeast worst performers today. smh did hit that all time high on june 30th back to you. josh lipton, thank you now still to come, exclusive with the ceo of take-two,

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welcome back last night new york attorney general led a bipartisan group of 37 attorneys general filing a

lawsuit against google for what they allege is illegal and anti-competitive conduct, this as congress reviews some antitrust related bills. julie boorstin is in sun valley for a conference where there are a range of media tech and investing moguls who will be impacted by this revelation if it goes through. what are they saying >> well, jon, the giants facing anti-trust scrutiny are here in sun valley we saw tim cook along with microsoft's ceo arrive we have not been able to catch jeff bezos or mark zuckerberg but we do hear that they are here in sun valley now it's not just the giants who are impacted by antitrust legislation. regulation could have a chilling effect on venture investment and on start ups as well

>> regulation generally speaking needs to be lightweight and careful so you can correct as opposed to try to pre-plan as much as you can. obviously there are certain things that after disaster for start ups regulation is generally bad. government is not the answer for creating more interesting diverse start ups. >> as i spoke to tim armstrong his company has benefitted from apple's new privacy restrictions that have limited facebook's ability to target ads. arm the strong telling me if apple or google are regular regulated too harshly it could have a negative impact on his business >> those two dominant players google and anal with 98%, 99% share. my concern always being in that market is if they get the sniffles do i catch a cold do they change something or they have a new policy and they are so powerful it affects our

business where we get locked out of businesses. >> that said armstrong noted that if the reach of the tech giants is limited that could open up opportunity for smaller players. we have a great lineup the rest of the day here in sun valley with live interviews with live nation ceo and blizzard and twitter ceo. >> a lot of different perspectives on antitrust regulation strauss zelnick on the other side of this break "techcheck" will be right back

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during the pandemic the video game industry saw a surge as more americans stayed home and logged long hours of game play take-two interactive among the

names, up 60% since mid-march 2020 ceo strauss zelnick joins us now on what's ahead for the industry as the economy re-opening. great to have you here on "techcheck". actually i want to start off with app stores given some of the antitrust activity happening there and some of the industry development. you saw microsoft in recent weeks with windows 11 announcement, announcing capability for a store wane store on windows which i imagine could be big for gaming companies. what's the healthiest outcome of this app store scrutiny that we're seeing here for the gaming industry, do you think >> well, i think the healthiest outcome is the most likely outcome which is the cost of distribution will decline because there's more competition. lawsuits pending regulatory increase pending. the costs to us will decline creating more margin

>> why is it, do you think that even though android is a bigger platform as far as smartphones, even though google play has more downloads than ios does, apple is so strong in gaming and what does that imply about where the gaming industry should go and what it should prioritize as it weighs in on what should happen. >> apple has done a great job executing across so many areas and this is just another example of the effect of that great execution. that said the desire for interactive entertainment continues to boom. fastest growing category in audio visual entertainment i don't expect to it change any time soon. we like the rest of the industry will want to be where the consumer is. that's how the industry will develop. it's not possible for any one company to aggregate or control the audience on an ongoing

basis. that increase in the breadth of distribution, as i said, will mean the competitive forces will for the distribution costs down. most importantly is availability to consumers i'm not sure if you heard an earlier interview on the show. he said the there's no he said . consumers are happy getting best deal as a ceo operating in the ecosystems, do you agree with the view. >> all you have to do is read twitter fees to know consumers have plenty of complaints. it's our job to serve consumers and deliver more value than we charge, as much as possible to make them happy. we listen to the feedback. we care about consumer feedback. our job is to make the highest quality entertainment and deliver it effectively wherever consumers are. that's what we try to do when we succeed it's because we did that and when we fall short we

haven't been able to do that. >> last question for you, you partner with ten cent in china, as we have been talking about facing pressure from china and the crackdown on tech giants does that make you hess fant to do to do other partners or get further involved with tense cent or other chinese gaming companies. >> not at all. we understand in china we have to comply with the regulations that exist ten cent is a highly compliant company. we have the number one pc sports title in china with 52 billion registered users for nba online. it's been a great result and we hope to do more business with ten cent and other businesses in china. >> strauss, take two and the gaming industry in general has a lot of data, a lot of accounts, and there have been a number of security breaches lately, including ransomware attacks, concerning for so many industries is the government doing enough is there enough coordination between private industry and

government on this what are the solutions >> i think the u.s. government is beginning to understand that, you know, private companies being held for ransom is becoming a public problem. when utilities can be attacked, when power grids can go down, this is no longer a small matter i think the u.s. government is trying to do more. it needs to do much more we all have to be very vigilant. we don't take our security for granted at all. >> yeah, serious problem indeed. strauss zelnick from take 2. thank you. keep an eye on the chips, nvidia and amd lower this morning. every constituent in the smhtep lower. despite the raise of a price trargto target to 925 from 700 this morning meanwhe e oailthbrd are nasdaq is down about 0.1% we'll be right back.

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you now hold in your hands? yeah (laugh) keep your downstairs dry with gold bond body powder. meme stocks down big this week amc losing almost a fifth of the market cap kristina has a look at that. >> kristina. >> who is playing the meme game, because the beloved reddit faves are falling from grace four weeks to the day. biggest losers, clover health, meta materials, amc all down

double digits. amc on track to hit a five-day losing streak. we haven't seen that drop since early may. a similar story with gamestop as well keep in mind, there is lower trading volume in recent sessions so swings are more likely. but big picture, these stocks are still winners. amc stock up more than 2,000% year to date gamestop up 900 -- over 900% year to date many don't plan to sell or the reddit trade esper say online, hashtag apes not leaving this would be could be part of the sell i don't have we are seeing often these track technical factors, short selling selling interest and media attention that's why many of the retail traders are still waiting for m.o.a.s.s., the mother of all squeezes deidre >> kristina, i'm not sure if

you're able to see the memes we sometimes display on the show. one of ours producers got clever and hughes add hockey meme he is not using the right teams. i'm not saying, kristina he should have used because it's painful -- so painful for us >> that's a meme in itself, the failure right there. >> let's get to "the half. all right guys thanks much welcome to the "halftime report." i'm scott wapner front and center be how to play the drop in rates, whether it means stocks are in trouble or setting up for the midsummer rally. we debate that blackrock rid reader excited to have him on. liz young, steve weiss, josh brown, let's check stocks first and foremost down sharply, cutting losses the 10-year touching a new near-term low. the 19.29. dow down about 250 right now liz young, the question is what's requesting on with rates?