caesars, big story on sports betting, and tesla leading the way. it seems as if it is a slow growth feel in the internals of the market to start things off this week. >> industrials, the worst performing sector in the s&p we're going to see each other later today on closing bell as well we'll book end it. that's going to do it for "squawk on the street. "techcheck" starts now good tuesday morning welcome to "techcheck. coming up on the show today, nasdaq gets another new intraday high we're going to break down the divergence between caution and crazy. a software stepback, why the sector has become a tale of microsoft and everyone else. later, netflix gets a boost as two different firms raise their

price target including a new street high. we'll tell you what's behind the recent bullishness >> we will start the hour with a look at software on friday, we brought you exclusive earnings interviews with the ceos of enterprise software upstarts pager d r dutd am mongo db dom chu looking at what names might be able to catch up. >> first of all, those three tickers, microsoft, pager duty and mongo db among the most searched tickers on cnbc.com and for good reason. big news along with pager duty and along with some other software stocks. software has been to a certain extent an underperformer so far this year, from an industry wide perspective. we'll leave microsoft for a second here, but look at this. the etf which houses a lot of names likemicrosoft, adobe,

salesforce and others with communication services names, have now underperformed the xlk, the technology sector spider by just about 3 percentage points there. if you look, they tracked relatively closely earlier this year on or about may, april, you saw the divergence happen here and it closed a little bit of late technology outperforming the overall tech sector at least from one perspective with this etf. the story that we see developing here, guys, is one of a divergence in certain parts of that software market we'll start off with one of the hottest parts of that entire trade so far this year, especially when it comes to software and services. and that is cybersecurity. with all of these hacks going on, with colonial pipeline, everything else that is happening, you would suspect that all cybersecurity stocks are surging, well, not the case here fort net one of the bet if not the best performing stock in the s&p 500 over the course of the year to date period.

meanwhile, a competitor, much smaller, in fire eye, is down 21% compared to that nearly or more than doubling in fort net shares that divergence is one thing to develop. it is a stock picker's market. then if you look at one other part of the market we're seeing a divergence in as as well, it comes to companies that do workplace optimization, workday, 15% upside there, cooper software down 23% in the same time span here that divergence you can see developing on or about that may/april period as well i bring it up because coupa has earnings out after the closing bell today you mentioned microsoft. it is far and away the most important part of the software market overall and it has been an outperformer. microsoft shares up 35% year to date adobe up 33% and oracle up 37%. i put these three stocks up here because they're three of the most important companies in the entire tech space, certainly software and, carl, by the way if you look at microsoft, versus

adobe, the top two software companies by market cap, microsoft is roughly 7 times larger than adobe, just to put things in perspective in terms of market cap. carl, back over to you. >> dom, it is massive. it is interesting you mentioned that coupa, workday divergence coupa had a run over the last several years, one of those companies with a very specific solution around spend management, kind of a next generation beyond workday and a lot of those companies peaked in february, and then fell off after that, some of them have been coming back pager duty i think a good example at the end of last week. is that part of the software story overall too, just the different sizes and the different runs that these companies have been on >> and not to mention covid, right, and how it impacted a certain kind of business and enterprise spending or outlooks for some of the products you mentioned that business spend management bsm, that has been a big trend for many parts of that particular kind of

workplace optimization trade over the last few years here but what it comes down to is whether or not there is going to be any kind of a fundamental strengthening among certain of these companies versus others, we do know that certain names have brand name appeal, you do see those commercials for workday all over popular television whether or not some investors start to look at some of these business spend management companies versus other ones. remember, we talk about business spend management, workday is as close of an example from a pure play perspective as i can find the other ones we talk about are concur, other platforms within oracle they're part of much bigger c congl conglomerates. it is hard to look at them and say there is a pure play competitor certainly, jon, if you look at the way these are playing out, business spend management has been an underperformer in certain parts of the market. it may become a top searched ticker on this particular website for us if we do see any kind of volatility with that trade.

>> certainly, yeah with all the inflation, companies too want to pinch those pennies and since we're talking about software, should mention again, satya nadella, the ceo of microsoft and ryan roslansky of linkedin with us on "techcheck" on thursday. >> look forward to that. let's get over to mike santoli looking at another divergence, this one between caution and the so-called crazy. >> crazy is subjective, but i think it is fair to say that the market has been running on parallel tracks. on the one hand, you have a relatively methodical, orderly rotation in the market, pricing in, a bit of a downscaling of near term economic recovery strength and going back growth direction. this is six months banks versus technology. very reflective of the kinds of relatively harmonic types of rotations we have seen all year. makes all kinds of sense the s&p remained in the smooth up trend strategists for their part,

relatively kind of restrained in their projected upside for the s&p 500 right now. they're saying expect some volatility in the short-term they're saying we have some kind of a reset of expectations to me, that's the cautious piece that is surrounding the core of the market what might be considered crazy, you have a kind of meme short squeeze of the day, it seems still have massive increases every day in stock options or upside speculative call options buying this is the one month of a couple of those names that got caught up in the tailwinds this kind of breeze that hits these stocks comes and it goes, you can also point to people stretching for yield in the riskiest parts of the junk bond market or nfts been the talk for a month. people spending six and seven figures for digital images we know about how much activity and how much mind share this is all taking up. the way i think you can square these things is to say it is probably okay to believe that there are these sort of fringe

areas of the market that have become hyperactive from time to time and the rest of the market remains relatively insulated from those forces. you saw the ipo, the arc, the solar stock, the cannabis stocks, all these massive peaks in the early part of the year. they have underperformed and the overall market is managed to kind of absorb that. and move on and move higher. >> one might say it is a function of liquidity. i love that first chart, it reminds me of the discussion we had last hour with the head of oak mark select, in that a trade that involves both megacap tech and financials need not be exclusive. >> both moving higher over the last six months. just they had switched off in terms of outperformance and underperformance i would say the thing if i'm watching for something that would suggest a more bruising breakdown in the overall indexes, it would be a failure of that kind of rotation, one of those days where the big nasdaq

stocks are down, that happens for multiple days in a row so far that baton has been passed relatively seamlessly >> thanks, mike. very good. mike santoli, back at post nine. netflix hits an all time high today as the streamer sees new upgrades from the street both atlantic equities and evercore isi raising their price targets for netflix. atlantic boosting their 2024 subscriptions estimate they say japan could be the largest incremental contributor and evercore designates the stock as outperform. they see further upside and a 30 times ebitda of $10.8 billion by 2023 the box office is showing some signs of coming back to life disney, shang-chi, and the legend of the ten rings estimated to have brought in $90 million over the four-day weekend. total 10% higher than 2019, even as six of the top ten box office winners are also available via streaming services and video on demand we had a couple of discussions this morning about whether we

need to reconsider the theatrical window. disney has proven its ability to be rather nimble with some of the different titles >> this is one that probably would have done a lot -- this is just me subjectively, a lot better than 90 million under normal circumstances i did my part, we went and saw it at a drive-in, your in between scenario given the times that we're in. i wonder if there is a recalibration happening between the value of, say, a disney plus, over the top, putting a movie out there, yes, you gain subscribers and loyalty, but you anger the creative talent that netflix, for example, has done so well at nurturing because it doesn't have to do the balancing act or when the theaters are open up enough, you can make the money there that is so valuable, of course. it is the endgame. a little marvel pun, for these companies. i don't know maybe they got to recalculate that based on the spread of these variants and what the

economy is and people's habits are doing. >> a delicate balance and your point about talent and the exhibitors, they have to make them happy, but also satisfy the mouths to feed on the streaming side and that's why this piece in the journal this morning about chapek and his ongoing ability, questioning it in some ways to manage talent, work with talent, negotiate with talent is going to be a wire -- high wire act for all the media companies. >> yeah, for sure. he's got that theme park experience so he certainly knows how to manage complicated situations and another theme in the news over the weekend, privacy in messaging, a big propublica investigation into whatsapp found facebook has more than a thousand contractors moderating whatsapp, including private messages and media, despite facebook's overall narrative that whatsapp is private. they also reported whatsapp regularly shares personal information with government prosecutors in the form of metadata facebook maintained the platform is so secure that not even the

company itself can read or listen in to the messages themselves and separately the private email service proton mail which markets itself as a communications platform also finds itself under the microscope for complying with a law enforcement request from swiss authorities. police were able to obtain the ip address of a french activist which led to the activist's arrest they have stated that it doesn't log ip addresses by default and only complies with local regulation in this case, swiss law. this all follows apple's decision to delay its plans to use a system to check u.s. customers icloud photo libraries on their phones against a database for child sex abuse material clearly how private encrypted and secure these messaging platforms are varies and it seems to change based on the circumstances. i think part of this is probably people being unsure exactly what they can believe about security these days

>> yeah, that's for sure especially given some of the back and forth, just on apple alone, the past couple of weeks. the new ceo of robinhood is on the other side of the break as "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 and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day.

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let's get a gut check on spotify. key bank upgrading stock overweight price target $340 a share, says the music streaming app is extending its lead over competitors, appears to be growing faster than youtube premium. shares popping this morning up around 3%. but this is a stock that had a tough year, down more than 18% since january. key bank trying to call the bottom here, carl. >> we'll keep our eye on that. etoro is a trading plat foreign minister and platform and the company just announced it is naming former alli invest press lulu dennise as the ceo

thank you for being here i'm wondering if you can talk to us about what you see as your mission at the company now, the way in which commissions are headed to zero all around the world and i guess trading volumes too and new products for later in the year. >> yes, so i think one of the things really excited about etoro is it long believes the intersection of social media and the activation of the self-directed invest or the individual investor in trading is going to continue to -- what is so exciting about the etoro platform is that it essentially is converging that and trying to power the -- and it also has some really exciting technology like copy trading which -- to track. so i think, you know, at the end of the day, what the pandemic uncapped is the prowess of the retail investor and i think that is going to keep riding out whether it is volumes or the breadth of the kind of products and services that -- so we think

we're really bullish about the future and the finance through things like cryptocurrency and the individual investor further par taking in that pace. >> are we in an environment, do you think, where it is truly a market share grab where one platform's gain is another's loss or is the renewed interest in the strength of household balance sheets so strong that everybody is going to win, at least in some early days >> i think we're the latter for the mostpart in the early days partly because it is interesting when the merger happened, i think the story was, oh, god, it is now the giant is going to own the whole space. and what happened when larger corporations start gobbling up each other is innovation becomes a different flavor with the environment, this pandemic environment, it accelerated that innovation. if you are high tech, fintech player, the disruption is still

behind you for a certain time to come. >> i wonder, this is jon, by the way, good morning. >> good morning. >> is the strategic ground really going to end up being employers, corporations? because if i'm having a good experience with my 401(k) plaid form, which i got to use, why wouldn't i also have stocks or etfs there and those folks who might have stable amounts of retirement income and regular income to boot, aren't they the sorts of customers you want to expand into, even if they're older than the retail trader base new to the platforms over the last couple of years >> absolutely. i actually think this is an and story and not an either/or i think the 401(k) providers will get much better at providing different kinds of things remember, they're also limited by some of the regulatory sort of hemming that happens within the 401(k) business, right

because it is, of course, subject to erisa versus when i want to as an individual have the kind of capability of a direct retail shop to offer. i think it is an and story one because of the regulatory environment, but, two, the mental accounting people doing i can think of my 401(k) and decide i try to sort of do with long-term investing and some speculation for that matter as a compliment to that 401(k). i feel like it is an and story, not an or. >> a huge story for our audience and we hope you'll come back frequently, talk about some of the trends you're seeing and congrats on the gig. >> thank you first day on the job >> jon >> after the break, the apple engineer alleging pay description at the company she filed an mlrb complaint. joins us live on the other side of the break. check out shares of match group surging on the knew the ny

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welcome back to "techcheck." resetting at the bottom of the hour in a moment, we'll talk to the employee behind the #apple too movement first an update with rahel solomon. >> here's what's happening at this hour. boeing is among the biggest losers in the dow 30 it ended talks to buy 737 max ten jets worth tens of billions of dollars the wall street journal reporting that deliveries of 787 dreamliners may be delayed until late october because of disputes with u.s. safety regulators. deutsche telekom and softbank announcing a $7 billion stock swop deutsche gets an increased stake in t-mobile. softbank international ceo sees many opportunities for the companies to work together

>> everything that is going to happen, mobility, autonomous vehicles and others and growth of finteches i think where these two companies converge, there is more we can do this is why we consider to be a very strategic investment. and aluminum prices are holding steady after hitting a ten year high. the metal jumped after guinea raised concerns about bauxite supplies now up to date back to you. >> >> rahel, thank you very much. dom chu has a tech on some trading. >> almost a straight line down over the course of the last 10, 15 minutes or so look at the charts, bitcoin prices, we're off roughly 10% on the trading so far today

about 46,000 and change, that's the level you're seeing now on bitcoin for coin metrics a lot of the price movement is happening in just about the last hour or so that in the broader context of what is happening with bitcoin so far year to date has seen at least a sharp move lower from the highs we saw earlier in the couple -- last couple of sessions at one point today, we breached over 52,000 for every particular coin we almost got to 53,000 at one point before pulling back and as you can see here, selling at 46,000 and change. now that's carrying through into other parts of the cryptocurrency sphere as well. ether prices down 11%, 12% now you can also see light coin, dogecoin, cardano and others facing pressure. dogecoin below 25 cents. and then the stocks that are impacted as well, jon, carl, we talk about the trading platforms, coin base down in trading as well, also robinhood

and by the way microstrategies, square, some others that have bitcoin as part of their ecosystem as part of their balance sheets, seeing some of that pressure. so, jon, certainly something to watch, we'll keep you abreast of what's going on. a big drop lower, especially now with ethereum prices down 13% to 14%. back over to you. >> another regular week in crypto, dom, thank you apple facing pressure from some of its own employees. the national labor relations board is reviewin ing two complaints filed by employees. the complaint alleges the company halted a voluntary survey which included at least 2400 employees as well as denied approval for an internal slack channel to discuss pay equity. in response, an apple spokesperson tells cnbc we are and have always been deeply committed to creating and main taping a positive and inclusive work place we take all concerns seriously and investigate whenever a concern is raised and out of respent for the privacy of any individuals involved, we do not

discuss specific employee matters. joining us, the apple employee who filed one of the complaints, cher scarlet, a principle software engineer at apple welcome. tell me, how long have you been at apple and why is now the time to gather this data and focus on it >> i've been at apple for almost a year and a half. i definitely was in a little bit of of a bubble that i didn't realize that there were, you know, these kinds of concerns within the company it is a very siloed company, so slack helped me into some of those other bubbles where people were talking about these issues. i think ultimately the reason i got involved is because i had -- i had heard about a wage survey and wanted to participate in it because i care deeply about pay equity and want to be part of that transparency. when i saw it was shut down, and then heard that another one had

been shut down in april, using the same unlawful application of rules, i started one and said i'm not going to take it down, it is our legal right to collect this data and started hearing reports a week later of people being told not to participate and some things even a little bit more nefarious than that and, you know, fast-forward a month later to asking for a pay equity channel within slack and having that be denied because it is not workplace related that was last straw for me >> it sounds like you joined around when the time the pandemic started and you're in seattle, not in cupertino? >> that is correct, yes. i work remotely in seattle >> so i wonder how much of this that you're looking for is a massive culture shift within apple because those of us who covered the company for a long

time or been associated with it know that this is a kind of regimented, even secretive company, that tends to be pretty prescriptive about the way that employees do what they do. i don't know about the legalities surrounding that. were you aware of that kind of cultural tendency within apple and is it your intention to change it? >> i mean, i definitely have heard that apple was very secretive, but in the terms that most people talk about that, at least in my -- mostly about the product. and i've worked in video games, i worked for usa today as a developer. these sorts of secret cultures were nothing that was surprising to me. for me it is like a part of the job, right i think i already had a very large platform online when i was hired and a lot of people talked about how that was strange so i think it is more that the

type of person i am, when i seeing some is wrong, i tend to talk about it and because i have a large audience, it goes very far. i don't think my intention was to change the culture. i think it is what is happening because i'm somebody who has insight into some of these things and i am going to talk about them publicly and there is nobody that can stop me from doing that. >> i'm curious if you can describe your experience with the labor relations board and maybe characterize how they viewed this bit of news and their willingness or interest in addressing or helping to address the issue. >> so i started talking with an information officer from nlrb a couple of weeks ago and they helped me document all of the things that were related specifically to the charge i was trying to bring versus things that were more personal to my own experiences. and they helped me put that

together and filed the actual charge and they were extremely helpful and, you know, obviously very interested in probing, you know what exactly is occurring, how deep it goes because i'm only one person, you know hundreds of people have come to me with their stories, but regarding these things specifically, i think people are more scared, but i have had 20 different people come to me about these things and i was able to put that in the report, which means there is likely a lot more than just these 20 people who have, you know, seen these things and reported them to me specifically >> right do you think there is a reasonable alternative to the slack channel itself >> i don't know, you know. the problem is that slack is the only place where a majority of the company can come together to talk about things. and because it is such a large company, and we don't really have any other tools, you know, we don't even have a way to escalate group concerns within

the company. they encourage you to go directly to your own manager or to your -- we have a people business partner, like our hr rep, about your own specific issues we don't have a way to escalate group concerns and the only way we sound to discuss them is within slack itself. >> so it strikes me that perhaps it is a strategic challenge to be using the company's own channels to discuss something that perhaps the company might not be thrilled about and might want to shut down. there are things like linkedin, glass door that are out there. is it important as you're tracking the sorts of issues across different companies if that becomes a focus of yours to not have it confined to an individual corporate system? >> i think so. i also think that -- i don't know if this is true of other companies, but in apple, people feel safest when they're talking

to other people that they know for sure work at the company and i don't know if that comes from apple's culture itself. but it is something that i've witnessed that it is different from other places where i worked before and being, you know, being on a piece of software that you have to be on apple connect to get to, it gets people a sense of safety that they know, like, okay, what i'm saying is to another apple employee and not perhaps somebody who is trying to use my information for their own purposes. >> yeah, certainly can see pluses and minuses either way. and this appears to be a sign of the times as employees focus more on these issues, remote work becomes more of a factor. cher, thank you for being with us. >> yeah, thanks for having me. coming up after the break, china continues to crack down on home grown tech. now another founder is stepping back plus, thursday as jon said early earle, don't miss the ceos of

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square, amazon, apple have all gotten deeper into the buy now, pay later space you know about affirm shares up 60% in the last three months our next guest is raising warning flags saying that defaults could be one of the main risks and cite house the

companies are not doing hard credit checks on customers in advance. with us this morning is argus researcher's steven bigger welcome back good to see you again. >> hi, carl. >> we tried to dress this with a lot of ceos in the space their response tends to be something, like, well, when there is nonperformance, we shut down the credit, but it is reactive, not proactive. can you talk about where you see the default risk lying right now? >> sure. i think, you know, the problem might be just in the rapid growth, number one so, you know, there is an element of in credit in particular about know your customer i think that's where some of the buy now/pay later platforms are a little lax, right? they do soft credit checks or hard credit checks, so what that doesn't give them a full picture of someone getting into distress and starts to take on more and more of a debt burden, you know, that will be problematic when

the music stops and the defaults start coming due so i think there is a complicated problem here too as well that the consumers, you know, across the landscape are not well educated on buy now/pay later on the pure number of different programs there are and there is no homogeneity between the programs some will charge interest, some will not there is different pay periods some are automatic withdraw and deductions, some will hurt your credit if you don't pay at the end of the cycle so there is a lot of nuances here >> have you been able to sort of distill the names in your universe down to a collection of companies where at least loss provision is a sort of safety in play right now >> well, not really. we don't get a good picture of that we get a picture of transaction losses, loan losses and those have been creeping up, not nearly to the extent that the rapid growth that we're seeing,

payment volume and loan growth it not a problem right now similar to what we have seen for banks, through this last downturn is that the credit quality never really dete deteriorated it actually improved and we think because a lot of the government programs, the unemployment, the special issuance checks and so forth so consumers really rode through this downturn with good repaying capabilities but, you know, the opportunity for buy now and don't pay later, i think, is -- we just haven't seen and probably won't see until next larger credit downturn. >> why is this any different from what happens with credit cards in financial cycles? is it that you think these buy now pay later companies aren't protected enough to the downside by charging more interest in late fees or is it that you think these buy now/pay later

companies aren't well capitalized enough >> i think they're capitalized enough the problem is they don't have the same set of science and don't operate like banks if they don't set aside enough to cover these loan losses there is always some percentage and that he's where when you do know your customer, you can kind of see those payment trends, see them coming generally in advance, particularly with hard credit checks, and that is what they're missing at this point. so i think, you know, they have to keep an eye on the rapid growth, got to be, you know, sort of do that in stages and not let it run too rampant right now square actually had a very good presentation with their after pay acquisition, they talked about the 10 trillion market for global spending and trying to get buy now pay later to 2% of that. so i think that's a good goal. you don't want to grow this area

too fast and faster than you can see those results rising i don't think it is a question of capitalization as much as what happens when the next shoe drops and if those losses do accelerate, it will -- these companies are very profitable, so it will cut into profits, unlikely to raise red flags in terms of capital. >> always another shoe >> fascinating, steven we'll keep this in mind as we watch the macro cycle move along. appreciate it. steven biggar. argus. bitcoin has become legal tender in el salvador. what that means for investors after the break. the price of bitcoin plunging, it was above 52k overnight, now below 48,000. still a lot higher than it was a couple of weeks ago. we'll be right back.

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as evs grow in popularity, the ev battery space is getting a lot of attention today, a company solid power is making a big investment to increase production capacity for more, let's get to phil lebeau >> let's bring in doug campbell, ceo of solid power, joining us from the company's facilities in louisville, colorado my old stomping grounds. doug, let's talk about this expansion. how important is this for solid power as you work towards development of solid state ev

batterys >> first of all, thanks for having me on your program. this development is quite simple it basically supports us executing on our road map to getting our batteries into commercial vehicles. >> you know and we have talked about it and everybody is well aware, solid state batteries hold great promise, but there are a lot of hurdles that need to be overcome, not just by you, but by others who are working on this how confident are you that we are going to see solid state batteries which allow -- have greater power, quicker charging and allows for quicker charging, how confident are you we'll see those in electric vehicles by 2020 or 2025 >> yeah, absolutely. so we're quite confident and the reason, the justification really for our confidence is that, yes, we're developing solid state batteries that have all the performance potential that you just mentioned, but what makes it so unique is that we're producing our batteries in a manner that is virtually identical to the production of

lithium ion batteries such that we can step right into existing or contemplating gig factories and switch them over from lithium eyenion to solid >> we crunch some numbers in terms of battery production and it's going to be a huge ramp up over the next couple of years. but i have to be honest with you, when i talk with people in the industry, they say the same thing. this is nice this is a great start. we're going to need a lot more how much more do you think is going to be needed >> in terms of battery production capacity? >> correct >> gosh. the answer to that is a bit above my pay grade that's really for the eom. the nice thing, nice position that i'm in is that i talk with, not all of the world's auto oems, but a pretty large collection of them and i get to see those roadmaps and they're

real every one of them has a hockey stick as it pertains to the adoption of electric vehicles, when they're going to switch to electric certainly it varies as to the inflection point of the hockey curve, but it's real and it's there and they're all doing it >> the biden administration wants to invest heavily in ev charging stations, but everybody says that's nice, but we need fast charging. when you look at fast charging out there, are you worried that we don't have enough of it coming quick enough? >> i'm not i'm not. and honestly, i think fast charging is a little bit of a red herring because frankly speaking, i think we place an overreliance on the need for fast charging. not to say that you don't want it, but it's not something that i think arverage consumers are going to be. i think the emphasis needs to be on increasing vehicle range so

it becomes a non-issue unless you're doing long road trips >> still on schedule for the spac ipo this year >> we are, indeed. at this point, the ball is in the sec's court so we're operating to their timeline. but based on what we're seeing, we anticipate sometime before the end of the year. >> doug campbell, ceo of solid power from louisville, colorado, on a day, john, when they announced they are going to be quadrupling their footprint with a second facility they're going to be opening up and it's going to be producing material for solid state batteries by next year back to you. >> thanks to doug and you, phil. action packed space for sure if you missed part of the show, it's okay. you can follow and subscribe to chhepoas te cck back in a moment.

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would you like some coffee? workday. the finance, hr, and planning system for a changing world. ♪ el salvador becoming the first country to make bitcoin a legal currency they bought $21 million of the currency in june meantime, the price of bitcoin

is plunging this morning after weeks of gains joining us now is mckenzie, who's been closely following the story. since this was announced, this has seemed more and more controversial. this bitcoin thing apparently, it's expensive, around 10%, to convert from bitcoin if you're say a cab driver in el salvador, to something more stable like u.s. dollars and there's a question on whether people might lose money during volatility. what do you think the legacy of this is going to be? >> i mean, that's the question that everybody has in eterms of transaction fees, the government has gone out of its way to say they won't play a role in this if the participant is using the official government of, the official wallet of the national government, something called el chivo, slang for cool, it cuts out all of the transaction fees.

they're trying to make the barrier to entry into participating in the bitcoin economy has easy as possible to the point of what does this mean to nationwide adoption? what will the legacy of this program be people are unsure. bitcoin enthusiasts thinks this can change the landscape one person use it to pay for brea breakfast at mcdonald's this morning. others think it will help a largely unbanked population join the global economy >> it is remarkable. today is a remarkable day when you have the president not just the purchase itself, but these tweets talking about the discount is ending thanks for the dip imf news that's a new chapter in at least the participation of this particular asset >> yeah. absolutely you see bitcoin at one point

down 16% in the last 24 hours and the president is tweeting out he's buying the dip. bringing the total up to 550 bitcoin. you're seeing a level of involvement from the president that is unprecedented and part of that is because he's completely tied his political fate to bitcoin. being a supporter of his is like being a supporter of bitcoin >> yeah. can't help wonder about the systemic implications when you've got a population, a lot of whom can't afford to lose any money, who are now, whether they like it or not, a stake in a volatile crypto, right >> absolutely. and that's why the imf and the world bank are both, they're not backers of this plan at all. and one of the reasons they cite is the high level of volatility. yes, the government has set up a

fund in order to, you know, handle the transactions between bitcoin, but what if that runs out? what if they can't make good on all these transactions and that's the big fear here, that this could leelad to a gre deal of volatility >> appreciate it very much and all your reporting today finally this morning, we have some fantastic news to share before we go a new addition to the tech check family diedra's third born last week. coming in at eight pounds and 12 ounces our congratulations to d and darrell as well as hero and ophelia. we cannot wait to meet him we've already had viewers say, where's d? when is she coming back? we want to let her have a chance to enjoy this incredible piece

of news. >> she's got a good excuse and we can't wait for her to train up those new nintendo switch playing partners we know she's looking for people to destroy >> destroy on the game congratulations, d we miss you. halftime starts now. let's get to frank holland >> welcome to the halftime report, i'm frank holland. a downgrade for stocks is it time for a possible pullback how to navigate this market from here and the best place for your money for the fall and the final months of 2021 our committee today -- first, let's get a check on the markets now. the dow's on track for its worst day since mid august the nasdaq had a new high before pulling back a bit so investment committee, that's the set-up markets down a bit s&p down a third of