recent weeks abramovich also has large holdings of u.s. stocks. unclear what vehicles or brokerages he used concord did not respond to request for comment. these guys are putin's atm, so you're cutting off their money and their assets and you're cutting off putin. >> yeah, that's the hope at least. robert, thank you. that's going to do it for us right here on "squawk on the street." "tech check" starts right now. ♪ happy monday, welcome to "tech check" i'm jon fortt with us cnbc contributor guest hosting this hour and today nasdaq trying for a bounce this

morning from faang to defensive names. we're going to break down some of the top picks across the sector, and then the china check tumble key behind the downgrade as lockdowns get the manufacturing fun of shenzhen. and how the conflict could mean a new internet later this hour >> we're going to check in as the nasdaq continues to be the laggard this morning it's up one third of 1%. >> it is still underperforming there's a rotational feel as some people get away from other parts of the market that have been very growth-oriented over the last several years in some of the most value-oriented trade. but to give you the context of the types of movement that we're seeing if you look within the nasdaq 100 specifically, that pullback has seen just about a 20% move from the recent highs that we've seen for the nasdaq overall. if you take a look at one of the

big e tfs that tracks the nasdaq, the qqq, that move by 20% or so from those highs, now puts it at a level where maybe it becomes a little bit more attractive for some folks out there. again, we're watching that value trade in growth in you want to call it that one other place to keep a close eye on is valuations within the close sectors, specifically within technology and communication services those two sectors encompass much of the big tech, mega tech, and communication services media-type trade if you look at the valuations on a forward basis, the price you pay today for next year's anticipated earnings, we're talking about the lowest levels for tech and communication services going back toward april/may of the pandemic area so that's how the valuations have gotten. for now the communication services is trading at roughly 22 times forward earnings for that technology sector within that faang overall trade, the one they watch as an

indicator, a sentiment around the entire tech trade, if you look at met a platforms, each of those two stocks have lost over 50% of their values since the recent highs we've seen. amazon has lost roughly 23%. three components of the so-called faang index. if you take a look at apple and alphabet parent company google, they're actually outperforming they're only down roughly 15% to 16% from their recent highs and apple and alpha over the last year have done pretty well, still positive if you take a look at the valuation argument, deirdre, john, low, whether or not you believe on a forward earnings basis the multipleables are attractive enough if you go back toward the emergence of the pandemic back in 2020, april, may, that's when it become as big question for a lot of traders out there, guys. >> yeah, dom that's a great check of all these different pockets. lowell, it's great to have you with us for the entire hour. when we think about this tech

leadership, it's kind of amazing what we've seen in the last few months especially when you take a look at the top ten companies by market cap. you see that meta's actually in danger of falling out of that. you see the company ramp up in terms of its micro cap are we seeing microsoft losing its leadership, and what are the implications of that >> i liked dom showing that we have the faang as an index i think it's time to do something that jim clark's -- i'm going to go back in time a little bit he said there's two ways to make money, bundle and unbundle i think it's time to unbundle faang. we need to start focusing on the fundamentals of each of the businesses that comprise that index. and, you know, personally, i like apple a lot i think apple is extremely well positioned to return back to the $3 trillion market cap and achieve over potentially $200 a share.

i think the fact that there's a massive product upgrade cycle and the path is the worst of the supply chain, i think app sl looking really good. and then i'd like to add in microsoft because i think microsoft is a stock that should be indicative of the general sentiment of what's happening in tech but, yeah, i mean, you know, you start to look at meta and starting to look at netflix, you know those stocks just continue to be punished >> lowell, i can't help but look at certain stocks, for example, roku, right? it's 79% off of its 52-week high, trading just above 100 bucks a share. shopify, about 70%, 69% offer its 52-week high trading at 554 bucks a share. the thesis behind those names, even prepandemic, it doesn't seem to have entirely changed, but we do have the fed doing what it's doing and we do have

sort of the fad coming out of maybe giving valuation to these names, but doesn't that indicate that if you believe fundamentally that the technology transformation with names like that represent continues, that there might be value? >> i believe that is the case, john, and i think what ends up happening is we have to differentiate between -- are we talking about people that are looking at the near term, very short term, almost the traders versus the folks taking a medium and longer term look yes, when we look at the fundamentals in general on the consumer signed enterprise side, not a lot has changed. a lot of the fundamentals are there, especially when we think how the pandemic accelerated a lot the behaviors on the consumer side and some of the needs on the enterprise side, so at some point i think the people

who have done their research, done their analysis and looked at the names have been absolutely punished based on what's been happening with fears of inflation and the fed's response with interest rates, then one should begin to take a look at these because i would like to think we have to be getting close to the point where these valuations are beginning to look extremely attractive >> huh. >> in some cases, lowell, it's been more than a round trip, right? you see them declining past the point they were even at when they began the pandemic. i guess there's this question -- sorry, jon, go ahead i think you had the next one. >> no. run with it, dee. >> well, you know, there was this piece in this journal this morning that was basically looking at a number of tech companies saying if they couldn't transition amid the pandemic, what gives you hope they're going to be able to do this now if they weren't profitable then. if they weren't able to do so, how are they going to amid a rising inflation environment

>> no doubt it remains one of the driving influences you know, we have cybersecurity, there's more workers and vendors that have access to data, an increase in cyber attacks, much more stress on the enterprise requiring more holistic decision-making process. there are some stocks that didn't show the ability to be able to get profitable, but, again, i think to jon's point, if we apply that same lens to the enterprise stocks, then we have to believe looking forward these stocks are going to continue to innovate and outmaneuver some of the main players. i like to think of a stock like snowflake which is 50% from its high, trading at about a 33 at a 21 x forward multiple. but you look at the growth it has 102% revenue growth similar is about a 32 rev,

multiple forward with a 171 multiple percent growth. these are companies leading the innovation and addressing some of these new trends that were highlighted by the pandemic. so, again, i think we have to take a look. we have to differentiate between the trader perspective and the more whole buyer perspective that's looking more medium and long-term. >> yeah, and, guys, we haven't even talked about china yet. jpmorgan out with just a brutal takedown of the sector this morning saying chinese internet names are, quote, uninvestable for the near term, for at least the next 6 to 12 months. that is down 6%, now down more than 40% since the start of the year let's start with baba downgrading the stock, cautious on the outlook thanks to inflation and weakening consumer confidence price there down to 65 bucks, currently trading at 81 and change, down nearly 7% just this

morning. similar story for jd.com they will continue without valuations, impacting one of its most widely held shares. down 5.5%. and now finally a price antarctica for pinduoduo it lacks the visibility in the sector those shares down more than 7.5%, jon. it's just brutal. >> yeah. i thought that call on them being uninvestable was months ago, but apparently not everybody got out of the pool. meanwhile those downgrades come as a wave of omicron infections cause lockdowns across china let's get a check from eunice yoon with the latest eunice >> reporter: thanks a lot, jon 51 chinese are in lockdown

the entire population of the city is being tested for a third time in make shift testing centers like the one behind men. shenzhen has ordered all nonessential businesses to suspend operations for a week. public transport and travel have been restricted. apple suppliers, foxconn and others have a backup plan. foxconn says we have adjusted the production line to minimize the potential impact unimicron also supplies for intel. now, other chinese cities are tightened curves as well with the covid outbreaks so terrible at this stage. shanghai has shut schools and is rumored to be diverting international flights to other cities this week beijing has also canceled several big events all of that adding up to a covid wave that's really sparking panic selling in hong kong,

especially among duo-listed tech shares, tencent and billy billy. they also got hit by new draft rules by a watchdog that's meant to protect minors for all sorts of online services such as gaming as well as video. investors of these shares continue to be nervous about the heightened tensions between u.s. and china, especially what this all means for u.s. listed chinese firms. the chinese foreign ministry today denied reports quoting u.s. officials as saying that chinese -- the chinese were asked by russia to assist with military gear. the foreign ministry said this is false information china's talks with the nsa's adviser jake sullivan in rome. guys >> important detail to add there, eunice. thank you.

in this inflationary environment, is this another supply chain shock and labor shocking on the manufacturing side in the making that could complicate both the market and recovery >> yes it's really unfortunate what's happening. when we think about the way that china approaches these variants and just the covid in general, it's just to lock everything down one of the downsides of that is that it reduces the ability to have something of a herd immunity, and also we know that the vaccinations that are used are apparently research shows not as effective so that's a great point, jon, is

that could we be in for another shock? i hope that china and the manufacturers were able to use this period of time to put in some plans for backup, you know. we'll see what happens with foxconn. i'm hoping apple has the bulk of these supply chain issues behind it this is yet just another chapter in what could potentially be a shock. you know, i just hope that it actually does not play out that way. >> you know, lowell, to that point, bank of america almost seems outdated we heard eunice talking about lockdowns in other cities. other sites can pick up the shortfall, but china has a zero tolerance policy, and it seems so easy that that could spread to other parts of the country. what would give you the optimism that the supply chain problems in china would sort of be neutral? >> the oath thing like i said, you know, that the ability to be able to use the past few months

when things were a little more open there, to be able to make sure that things -- you know, processes and backups were put into place, and we'll see, you know i think this is going to be a true test because we don't want to go back to seeing those disruptions, especially since we have so many micro and macro issues happening at the same time. i continue to say the global economy has never seen so many moving pieces at the same time, and, therefore, we don't have any of the historical context to point back to to understand how things might play out. it's almost as if we're seeing how things play out in real time and then we can look and say, well, yeah, that's how we got here. >> locwell, you're going tsto ay with us until after the break.

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start of the year. it's held up better than some of its peers in software, currently trading under the $80 mark, call it $76 and change. jon, the others, cisco and ibm in positive territory today. >> hard to know where to put oracle is it legacy-checked it has held up better. it's no secret meta platforms and disney, both stocks down in the past 12 months while the s&p is up 7% since that time joining us now, natasha lam who's underweight both of these names. natasha we talked about this last time, but i'm wondering from your perspective here, given what's happened in the market since, why not take a flyer on meta. i mean i know it's out of favor. but there's still an important digital marketing business there

that's been so important for so much of the ecosystem. >> i think you're completely right. as i said before, we've been historically underweight, the benchmark on meta, given the risks we've been high lighting the last five years. have about a third of the exposure of the s&p 500, but we do think it's a really important valuable asset under the right stewardship and it plays an important role in our society. as activist investors, we're always looking to improve the environmental, social, and governance practices or esg practices of our portfolio companies. we're here pressing for meta to do better and do think it's a valuable asset we have a proposal going to a vote at this spring's annual meeting, asking about meta's play for the metaverse, which they see as the next logical

step in the company's evolution. but we really question them plowing $10 billion into it a year when they continue to struggle with hate speech, violence, disinformation on their core platforms so we want to see an independent study of those risks we want a shareholder vote on whether they should move forward, and we need to see governance improvements at meta. >> is it kind of like the labor of sis fcisa face. unless you can get mark zuckerberg to disagree with himself at some point, i mean, it doesn't matter how many other people you convince, or is it about raising enough ruckus around these issues that he feels obligated to do something? >> yeah. i mean i think -- i think you're right. it's very difficult. you know, the way we've always thought about meta is, you know, kind of like, you know, you're a

satellite around an asteroid coming to earth. it's going the wrong path and you're trying to knock it off course and it misses earth i think what we've seen of late in the regulatory sphere is that, you know, the other way to deal with an asteroid is to blow it up. we've seen a lot of anti-trust regulation, talk about regulation inquiries, litigation i think there's a chance actually that the company is facing more than just some criticism from activists, but some real anti-trust scrutiny. it could be that the company gets broken up, but as long-term shareholders, we want to be there to help guide the course and shine a light on what's happening because it is such an important asset. >> ngata sharks talk a little bit about your disney call you guys are still bearish on

the stock. you don't think the supportive models are coming out and are going to get charging and have that motto that they didn't think they could go to before be does that give you optimism that they can meet those subscriber numbers, that they can be an addition coming out of the pandemic >> i think disney does have a play coming out of the pandemic, there's no question about it we were bearish through 2021 on disney because of covid risks. it was the worst performing stock in the dow that was to our benefit last year i mean we're still looking for a point to step our clients more fully back in to disney. that said, you know, if you're looking for a place to hang your hat over the next year when market risks are increasing, i don't think either disney or meta offer the safety and instability that we're necessarily looking for because of the earnings growth, struggle with profitth, and where we are

with the stage of the market we want to emphasize profitability and growth we expect there's going to be earning slowdowns and provisions within the next 12 months with a slowdown in economic growth. what we've been doing is looking to names with a high return on equities, stable earnings growth those are going to be names like alphabet, apple, censs acen sur adobe, all the "a" names, and last but not least, microsoft. >> let's talk broadlyabout, i guess, policy and management you've got a race and gender pay score kord coming out ahead of payday, which i believe is tomorrow what did you find different in this year, and how well are these companies doing at matching up to their commitments? >> absolutely. so equal payday is tomorrow. we released our fifth annual

racial and gender scorecard. it marks how long into 2022 women have to work to catch up to what men earn in 2021 it's a really important day to recognize that that disparity is still there. we spearheaded an investor campaign on equal pay in 2015 and have been pressing portfolios to disclose pay gaps across race and gender this year we looked a how companies are stacking up on the issues beyond platitudes and solidarity which you hear a lot of these days. unfortunately the pandemic has been a real one-two punch for women and people of color. they suffered 80% of the job losses in 2020 actually it's ironic because pfizer tops the list this year and adobe, which i'll mention because this is "techcheck," was the only tech company to earn an "a" grade this year.

on the other end of the spectrum, we saw companies like google and meta fall one or two letter grades for failing to publish pay on their pay gaps. meta fell from a "c" to an "f. then there's disney who you were just talking about, which i think is a turnaround story in more ways than one they got an "f" on their scorecard this year, but just last week at their meeting, arjuna capital gave the highest vote that's the highest in a company's history. so the company's been struggling with allegations of pay and equity, and investors want them to address it head on, and that's the point of the scorecard. >> they've got quite a few social targets that folks would like them to meet. natasha, thank you. >> thank you and some news from the metaverse. a few major collections are joining collections.

they have purchased rights to two other nfsts combined for $2.6 million they're targeting more than million. some warning the nft market could see a slowdown nft's have been front and center with south by southwest in austin and our julia boorstin has been tracking it all. >> reporter: that's right. they're in the spotlight as a range of companies showcase how they can be used to build community and also to unlock value around musicians and other artists that are specifically here in austin this week a range of activations show casing ntts and the meta vors scanning codes to buy nfts or

download free ones doodles sold for between 350 and $30,000. it hasn't seen any price dip it says it's giving its owners to unlock special content at this event they're also selling physical merchandise such as t-shirts and sculptures to help reach community with their brand they're serving coffee from a brand by a doodles nft owner. >> i think nfts are additives to existing communities or when you're trying to start a community. it's just a great way to have accountability for your brands you know, we provide experiences for holders, and they -- in turn there's more demand for the product that we're selling. >> meanwhile fox's web3 is helping mufrgss build base o their content.

people can download the nfts to their phones i did a download of it they're giving texts that show proof of attendance. >> we thought this was the perfect place to try to mainstream the technology that to date it has been fairly niche and within a certain audience, and we're really trying to democratize that south by southwest was the perfect platform for both the fans and creators. >> reporter: it's not just virtual goods but building avatars to bring into virtual worlds as well 180 cameras scanned me to build this avatar, which i can then drop into virtual spaces and dress it with virtual shoes that i can buy. now, one big sign about enthese yachl around it, it was announced a former disney ceo bob iger has joined the board and invested in genies they make avatars for slebtss that can move across different

platforms. guys, back over to you. >> thanks. are you buying any bored apes or crypto funds >> not yet i think we're in a little bit of an nft bunnell, but i fundamentally like the lost artists to have access to revenue. i think it's there i think it's dominated by a lot of people. >> you know what i miss as proof of attendance at a concert is the actually paper ticket with a date printed on it that you can frame. that is priceless. >> you're so old-fashioned, jon. >> i'm an old man. turning to e.v.s, competition is spurring manufacturing competition across europe. i spoke with herbert diess he's telling me with elon musk moving into his backyard in germany, he's stepping up his

game. >> this would be also fierce competition. i just decided because our plan is very old. our plant is 70, 75 -- [ no audio ] >> deese also said volkswagen and tesla are very different. tesla, a pioneer, vw, a transformation. >> transforming this machine into this new world of e.v.-only. you have internet devices where we have to learn fast to become competitive. this makes our, let's say, the two cars totally different. >> volkswagen group includes

audi, bentley, ducati, lamborghini, and porsporsche. there's a lot of work to do to get there. >> a lot of ambitions, a lot of plans, we'll see if they can make it. our next guest will discuss. "techcheck" is back in three at vanguard, you're more than just an investor, you're an owner

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welcome back to "techcheck." i'm deirdre bosa along with jon fortt. the dow is up by 340, the nasdaq down by 350. china related names are the worst performers in tech, plus morgan stanley initiating peloton saying there's reasons to be bullish. first a news update with rahel

solomon. >> good morning. texas intermediary dropped to $100 a barrel. this is amid peace talks with russia and ukraine and lockdowns in china unsurprisingly energy stocks are among the biggest losers the s&p sector is the only one that significantly declined today. co- coterra is up. the fed is expected to raise interest rates for the first time in three years on wednesday. the ten-year going above 2 president 1% and a group of house democrats has asked a federal watchdog to review the postal service's contract for the next generation of delivery vehicles they want to make sure the

multi-billion-dollar deal complies with regulations. you're up to date. deirdre, i'll send it back to you. >> separately, uber said on friday it's adding a new full fee to help raising gas prices we'll see if lyft does the same. the founder spoke last week and says he sees a wave of layoffs and company failures coming. take a listen. >> i've been calling it fully flag nated dot-com craze for 2021 we were going to have a correction and it was equal or equivalent the 2000. i don't know if it's at 2000 yet. >> our next guest sees opportunity in the current market joining me, david freedberg of

metromile. good to have you i want you to address with keith fehr boy told us last week do you think we could be another fully flesched flash dot-com as they call it >> i think there's a definite correction in the last couple of years. we've seen a lot of changes. the market activity is creating these businesses like trading cards. you come in, pay a price, hope someone else will pay a higher price versus achieving fundamental growth and profitability before you're realizing a return now we're returning to normal where you have to show economics and growth that can go hand in hand for the business to be val valuable in the long run as a result we're going to see other businesses fall to the wayside. funds are going to dry up and folks are being very slelktive

in supporting businesses this their private portfolio. >> so, david, who's showing that when you talk about unit economics. are you talking about pure profitability or adjusted ebitda is there a work where they work in the current environment doesn't feel like it. >> yeah. look, i mean, how do you kind of define profitability from an adjusted ebitda or operating cash flow. i think it's business market dependent. at the end of the day, it's important to show that you can kind of, you know, make money and grow in order to kind of get a significant multiple on your business and so, you know, that's the job of the investor is to figure out, you know, are you actually making money or are you creating kind of the art fast of making money or the artifice of money by spending money. so that is kind of where all this stuff is going to be with the wheat and the chaff over the next couple of months here there's a lot of stuff that

looks like it's growing or will never make money or looks like it's making money but won't grow so we're going to see that be one end of the bifurcation and the other end or really significant businesses with pricing power and great economics that improve as they scale. and those sorts of businesses will really benefit, you know, over the coming months this is all going to be worked out over the next couple of months >> david, this is lowell i wanted to ask about your work in particular and how that's seen as a drive fehrer companies that will benefit. can you speak to what kinds of companies are poised to benefit medium term to long term in terms of media trends? >> it's pretty evident that a lot of companies that have been dependent on offshoring and supply chains that aren't

sourced in the u.s., at least u.s. companies, are trying to rethink, how do we onshore and how do we build here i definitely think there's going to be redundancy built into global supply chains over the next several years as a result of both covid and the russia/ukraine crisis, and as we've seen global trade shut out, we've significantly rethought how we're building our supply chains for manufacturing, for food, for energy, and there are a number of centeindustriesd businesses that can stand out involved in infrastructure, folks that do well as we build new things semi-cap equipment, applied materials, lam, kla, i think that whole industry is going to benefit as we build redundancy in semi-conduct tore manufacturing. biotech equipment, thermofish

eric alumina, and then, you know, the folks like caterpillar and gear, there's a lot of mining and a lot of agriculture sfr infrastructure that's going to be underdeveloped in markets today and we need to market more aggressively in order to keep up and handle the shocks to the system we went through over the past two years >> david, what does your cryptocurrency mean for the dollars? does bitcoin win >> i've been a crypto skeptic from the beginning in the sense that the only activity i really saw and the only kind of utility i saw with the stored value notion where bitcoin is a place to put money and hope that the value goes up and you sell it later and make money

particularly as you see these actions and taking banking systems off s.w.i.f.t. and canceling the global economy and global trade and bitcoin itself becomes a bit of a safe hechen this is something many folks screened would happen one day. bitcoin has largely been this theory rhett cake in that construct. but now i think we can see the futility playing out meanwhile there's so much money that's gone into bitcoin that's been built around the speculative bet and so we're seeing that money come out as people are derisking portfolios. the price to me is feeling depressed. i don't know what the price is, but i see the futility playing out in this context of deglobalization. i think deglobalization is the big bet of the next five to ten years.

>> yeah. david, thank you so much we'll talk to you again soon. >> they're facing big pressure in russia. a look behind the ur can tan with new details and threats and coercion against apple and google that's later this hour don't go away i. it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪ as a main street bank, pnc has helped over 7 million kids develop their passion for learning. and now we're providing 88 billion dollars to support underserved communities...

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as we mentioned, bitcoin is

starting off this week below 40 k. despite the selloff this month, elon musk said he won't tell his bitcoin ethereum or doge for what it's worth. 'rba iju aomt.wee ckn st men

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it's something sara eisen talked with the most prominent tech regulator. sara joins us with that. sara >> good morning, jon it's beena critical news souer of the square in front of the

city hall where you would have the demonstration where people would say things that you would find offensive but when you have a situation like this, an aggressor going to war against someone completely innocent, i think you need to figure out how to balance this how to enable people to say what they want to say >> she seemed pretty supportive there. even though hate speech is banned in europe, there's a report that facebook has since clarified that it will still not allow posts call for the death of a head of state meantime, the act, new rules to limit tech companies around competition and enforced content moderation one that's been criticized for discrimination a charge she's heard before. she noted she's far along with her apple cases. one where she charged apple with anti-competitive behavior around streaming music. you can hear from on "closing

bell." new excited for a new show and with europe's top tech cop on the beat >> so important to listen to what she says because what they do is followed by d.c. can't wait for more of that interview later this afternoon and the new and improved "closing bell" launching today alongside with an interview from scott minerd just ahead, closing bell overtime at 4:00 p.m. every day. tech check is back in just a moment a financial advisor who gives me personalized advice that helps build my portfolio and my confidence? now you're talking. no wonder ameriprise financial has been named the #1 most trusted wealth manager. ameriprise financial. advice worth talking about. i didn't know my genetic report could tell me i was prone to harmful blood clots. i travel a ton, so this info was kind of life changing.

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ms initiated this stock at equal weight bullish up to 32 with a bull case of 69 bucks that optimism contingent on a price cut for the bike and greater success in their line. there's a bear case of $11 a share based on churn and customer cost.

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pressure on tech giants is growing in russia. "the washington post" out with a new report detailing threats to google and apple and more by russian agents a top exec in moscow being told by agents to take down an app or risk going to prison steve, it plays into a topic we've talked a lot about

we're seeing this happening in russia right now, the splintering of the internet. >> this is the splinternet where there's a version of the internet in russia, in china, then the rest of the western world. everyone kind of agrees that's going to be a bad thing and the point we have with these tech companies and their app stores is kind of towing the line when do they obey the laws and push back against the governments. this is particularly a scary case with direct intimidation from the government in russia, but we've seen apple deal with this before, for example, in china with those vpn apps like you were just mentioning tim cook's stance here is hey, look, it's a net positive if we keep the app store active and cut away from certain of these apps that the governments want us to. so it's not a terrific answer, but basically, these companies see it as a larger positive to keep the app stores positive >> how much is the calculus

changing quickly for the platform makers in russia? >> it has to be. those are scary comments and you know, boy, that's tough. really tough >> it is, indeed don't miss the interview with the ceo of adobe here on tech check tomorrow let's get to the half right now. >> thanks so much. welcome to the halftime report this hour, teetering tech. why one name in particular might be the key to the entire market. we'll discuss and debate that with the investment committee. joining me today, shannon, mr. wonderful, kevin o'leary's back. jim here along with joe terranova. let's check the markets. 12:00 noon in east what jumps out, not on the left. dow up 229 nasdaq's down 1% down 128 we'll get to what is the biggest week of the year fed meeting starts tomorrow. we know what's going to