not from the top down. when we do it that way, everybody does well. everybody wins even though we created a record number of jobs, we know, i know that this job is not finished. we need to do more to get prices under control. putin's invasion of ukraine has driven up gas prices and food prices all over the world. to help deal with that, yesterday, i authorized the release of 1 million barrels per day for the next six months from our strategic petroleum reserve. acknowledged this by far is the largest release of the reserve in history it is a wartime bridge is the way i look at it to increase our oil supply as we work with our oil u.s. oil producers to ramp up their production to get us through this period. i've coordinated this release with partners and allies around the world. this morning, over 30 countries from across the world convened in an extraordinary meeting and

agreed to the release of tens of millions of additional barrels of oil onto the market hundreds are meeting with key allies keeping them together is paying off nations are coming together to deny putin the ability to weapon news energy resources against american families, not only american families but families in europe and around the world i've also made it a priority to get america's fiscal house in order. under my predecessor, a federal budget deficit went up every single year every year as i comitted when i was running this as i got here, we'll turn that around. last year in 2021, we cut the federal deficit by more than $350 billion and this year,in 2022, we're o track to cut the deficit by more than $1.3 trillion $1.3 trillion. that would be the largest one-year reduction in a deficit in u.s. history.

that's particularly important now as we work to reduce pressures on inflation that's what happens when you reduce the deficit here are the facts it was the previous administration whose reckless policies and mismanagement led to the record budget deficit in my administration, us getting the deficit under control. in fact, i just released my budget this week and shows going forward, we can cut the deficit by another $1 trillion over the next decade while still making investments in economic growth and climate and other equatable economic decisions but to do that, we have to be willing to do something previous administrations and republicans today refuse to do we need to make sure corporations and the super wealthy begin to pay their fair share. here is one example. right now, billionaires, not a lot of them in the country, maybe -- i won't give a number because i don't know for sure. they average less than 1% but my point is billionaires pay an

average rate of only 8% on their total income a family led by a firefighter and a teacher can pay double that income tax rate, double what a billionaire pays, double the 8% so my budget has a billionaire minimum tax, 20% minimum tax that applies to the top 1 .1 of american households. billionaire tax is fair. it raises $360 billion that can be used to lower costs for families and cut the deficit it would add -- and i would add, nobody making less than -- you're tired of hearing me say it but nobody making less than $400,000 a year will pay a single penny more in federal taxes. i've said in the past, i'm a capitalists. i have no problem with people making as much money as they're

capable of making but i'm asking you one simple thing, pay your fair share pay your fair share. that's all that's it. just your fair share nobody can argue that 20% for billionaire is unfair. here is what this adds up to we're going to continue to create jobs, bring down the cost for families and reign in deficits left by my predecessor. important stand steps to continue our historic progress to build a better america. i said from the outset, we're the only country in the world that comes out of crisis stronger than we went into them. that's what we're doing here i want to thank you-all for showing up today and we'll have plenty of time to answer questions about other items other than the jobs report next week thank you, appreciate it. >> that is the president

no reqq and a today. talking releasing oil from the spr and minimum tax for theultra wealthy in the country asking them to pay their fair share we'll watch that with the market on this jobs friday. first day of the month of april, dow is down a couple points and the s&p hanging on to 45, 35. we'll start with the markets and put some q 1 perspective in play mike is with us to break down some of the key drivers and where that leaves us, mike, for the historically seasonally strong month of april. >> yeah, carl, i mean, obviously, point to point, first quarter was modestly negative but really dramatic turn and march really lived up to the historical reputation of being a month of inflection points 10% gain off the lows from early march. 17% run from that same day in the nasdaq 100 so it shows you we had a spring loaded kind of recovery, which i think we're digesting.

that's the lesson to me in the first day of this month. there is a cushion underneath the market we can pull back a few more percent and have it look like a bottom the interesting debate around the big growth stock, the nasdaq 100 type stocks because as strong as that comeback was, they're still under performing and very selective the overall market and growth sector, mega cap growth is very selective. half of the gains in march for the nasdaq 100 came from apple, tesla and nvidia the retail sponsorship is an excitement of long term story as opposed to evaluation sensitivity and that's what is going on in the broader market, too. i do think it makes sense to expect a little more chop. you have this defensive leadership in the overall s&p 500, people are scratching their heads about that the weakness in banks and to have yields doing what they're doing. it's a compressed economic cycle where somewhere in the ladder stages of it and you have a lot

of rapidly moving policy expectations changing at once. to me, that leads us not in a poor place for the second quarter but one that's not that comfortable that you have a smooth glide path ahead. >> mike, morning, it's john. you could be deceived if you just look at price of the s&p at the beginning of january and yesterday. right? because you could have made or lost a lot of money if you brought at the lows, right, or sold at the wrong point. how typical or unusual was this as a q 1 and start to the year with the volumes, with the big moves? >> i mean, going straight down in the s&p 500 almost 15% in january into late february is relatively unique. you tend not to get that what did really conform to the historical pattern, though, was that you didn't get a third down month. that part of it is not that

unusual. in terms of the magnitude of decline, really nothing out of the ordinary there you do typically, even within a bull market get the 10 to 15% drops. a lot of it does feel as if the way the market typically guerds itself for a profit deceleration cycle. all of that stuff is agaigenera adhering to what you expect. it been accelerated and exacerbated by the fact the stock market doubled in less than two years off the march 2020 low so we're still in digest mode from a lot of those moves and that's why it's perhaps feels a little more jars because last you you never got more than a 5% pull back. >> mike, when you look at the shakiest or volatile parts of the market i'm looking at chinese tech for the quarter. down more than 6%. on a day like today, you're seeing these names surge what kind of indications does that give us not just chinese

tech but other more volatile spaces >> yeah, i mean, obviously, they were so depressed, i mean, depending on what met tric you want to look at, cloud stocks or chinese down 70% from the highs. you're talking about a completely different equation with the starting point to where they could double in a down trend. that's the thing to keep in mind not that the overall market but those segments are operating by bear market rules. rallies are violent. you'll have hot money that will find an opportunity there and it doesn't necessarily mean the overall trend is changing. now, that could be, you know, open for question as we move along. i do know some people looking at some of the hardest hit first in kind of first out into the bear market software stock that have been basing recently and looks like they can recover the massive valuation adjustment i think it's too early to declare just because they were the first to get hit, they will come out of this first

usually, that's not the way it works. usually the next leg hire isn't in the thinnest air before it fell the farthest? >> mike, good perspective, obviously. again, expectations getting up ended to a large degree as we start a new quarter. thanks good to see you. let's turn to specific names like disney. the street liking what they see on the heels of this week's investor day but the next guest, mic michael nathanson does remain bearish and jim cramer noticed. >> it's time for nathanson to get bullish. he's been holding back he should get on the bus he should get on the disney bus now. >> is it time to get on the bus? joining us this morning, senior managing director michael nathanson has been right on the disney call so far this year down 10% so far this year, michael, as the opening trade gets overlooked. what did you think of jim's comments >> yeah, carl, i was laughing to

get on the bus [ laughter ] >> so to me, the bus is not on the park story the park story we know the park story is really, really strong we went down there this week and saw it my question with disney and more broadly in media is just streaming, right carl, that's my question that i've been asking for the past couple years is streaming a good business disney really needs to get a lot accomplished the next few years to hit the targets they put out so, you know, i'm not going to dispute the reopening trade. the park story is great. i'm having a hard time thinking about is this a good business to be in and will they get to their goals that they laid out a year and a half ago >> yeah, i think it was one of the actually raging debate now about disney is about content management strategy, whether they should go broad, which i guess in someways they appear to be doing or get hyper focused, higher margin centered more

around what is going to be offered on disney plus do you think that's the debate and if so, where do you side >> carl, that's the debate our view is when they started disney plus, it was a more narrow targeted service for super fans and they had an adjustable market and a second investor day during the pandemic they raised margins, raised targets and i think that second day has changed their focus to make the product broader and i think making the product broader is definitely lower margin, probably going to cost them more on discounting any more sports like, to me, that's the challenge. i agree with that narrative and i kind of think the further they go away from their initial super fan focus, the more challenging a business that it gets. right? so we won't have any evidence whether or not this was a good decision to go so broad for a couple years from now but, you know, they have a cricket

rights, you know, resigning in india, which is expensive. they've got soccer rights. they will end more content to disney plus. maybe off brand. that's just further from what they started with and to me the jury is out, the market is not sold on that right now. >> so, michael, i think it's a fair question is streaming a good business? you asked it on the program before unlike netflix, streaming is a part of disney's business that feeds other ones is this part of a fly wheel that drives business and parks and merchandise like a netflix would you put them on the same level then >> no, that's a great comment point. i think if i was disney, i would go to tell that story and i would really like stop and change the narrative, which is we're not -- we don't want to be netflix. we don't want to be with every home sal selling non-disney con.

we want a fly wheel using in home connectivity and one to one connections and sell more m merch merchandise, more park tickets that's a different narrative they've not gone there yet i think if i'm them, i take a time out, a pause. their investor day is in the middle of the pandemic the data points they provided were probably pandemic assisted and i think if they move something the way you're talking about, which is this isn't a wholistic attempt to build, you know, asset strength across all our businesses, that's a different narrative. right? we've not heard them go down the path yet but to me that makes more sense in trying to be like netflix. >> michael, along the lines, i want to test out an idea on you. good morning it's john. so the period that we're in now is really we're getting back to bundles to slow churn and boost share but the question is, what do customers really want bundled? i mean, netflix seems to want to

bundle in causal games to slow churn and apple wants to bundle fitness and storage and apple is bundling in delivery with the music and video and roku streaming platforms. is that what we're trying to figure out whoever is big enough and has access to enough other services that maybe they even in a down economy manage to stay profitable and have the lowest churn? >> john, it pfunny. it an interesting question what we've seen in consulting work from everyone, which is consumers are dissatisfied with their streaming experience today. if you have done it, i'm sure you have, we have five different apps you forget what you're watching, where it is. you heard about a show and can't find it. to me, the real bundle should be an aggregation of streaming offers at the connected tv level. right?

all of a sudden, the bundles are interesting but as a consumer, i want it in one place with ease of use, content discovery. that bundle, which everyone hates and wants to cut the cord on provided people with pretty good user experiences in terms of discovery of content and just knowing where things were because it was all linear. so i would think thechallenge and opportunity is going to be is it youtube or google? apple? amazon roku would create a bundled streaming service with one user experience, one user interface with really good discovery of content. that to me solves a problem and maybe that bundle will be discounted when i think about your question all those other bundles are so far from working which they want to go to screen and have it all connected and be able to like track what they're watching and find other things across the offers that speak to them. we're way away from that at this time. >> michael, it seems like we

should mention the political turmoil disney brought on itself the way they approached florida legislation. tom cotton calling them a charter member of the china lobby. do you think that will be material to the business >> you know, carl, material to the business, we've had this before i don't think it's material to the business but i think what people worrying about is, you know, it's a missed step that maybe didn't need to happen that brings, you know, this type of scrutiny on themselves so having covered disney a long time, i'm not thinking this is a change in my forecast, change in park and regulatory. it's just kind of a self-wound like scarlett johansson was a year and a half ago and just something that i think the investors, just going to like to see, right i don't think it's an earnings impact but it could possibly

just like just leads to a little disappointment that the story has these kind of headlines to deal with at this point. >> right right. michael, we'll continue to watch it with your help. appreciate ya playing along with the cramer bite. good to see you. choppy market conditions leslie picker has a look and whether or not we'll see a rebound in q 2 less b -- leslie, they don't se to be in a rush but that could change based on market conditions. >> yeah, they're in no rush because there is nothing to rush to the market is abismal for them the market fell off a cliff. $2.4 billion worth of listings hit exchanges in 2022. 5% guys, just 5% of the volume that we saw last year over this same

period according to data in fact, this is the worst three month stretch for ipos in 24 quarters, since the beginning of 2016 when the prospect of rising interest rates in broader markets. sound familiar it's not too dissimilar from now. higher rates with the profitless growth companies that have come to epitomize the ipo market. it's more than 20% lower this year geopolitical and pan ddemic uncertainty are creeping into margins of some companies that would otherwise look to debut and all of that creates opacity. for example, set to make it debut earlier this year and has delayed is chobani and reddit was going to go public in march and it's not happened. crime to the second half of the

year and insta cart and stripe are considered ipo candidates but just had valuations slashed by fidelity. the market may remain practically at a standstill and unlikely the by side is that interested at this point. >> see when it gets moving again. still to come, dell downgraded a prime time to unionize and the china bulls return tech check is just getting started. meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪

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it can power hundreds of devices with three times the bandwidth. so your growing wifi needs will be met. supersonic wifi only from us... xfinity. welcome back, we have a check on dell. price target goes to $61 a share, concerned about moderating p.c. demand and more important macro risk in the market similar story more morgan stanley looking at macro factors including inflation and russia's invasion of ukraine. their target falls to 60 interesting, it's not that they have a problem with the stocks themselves goldman sachs for a rise

things could get chilly out there. haven't seen that call in awhile. >> happening now, john, a second day of vote counting at amazon staten island. the union has the lead, i should say a strong lead to the moment and this is a somewhat ex ever u -- unexpected development with the 2-1 ratio in alabama they just opened the last box of ballots. we could get the results any minute we'll watch that closely in addition to staten island, we have a redo of last year's rejected union vote at the alabama facility the results were too close to call and that itself is a big improvement for the union. organizers will get finer results on the coming weeks. what started as a small movement at one warehouse is gainin traction across two states and may be time for investors to start paying attention the drives are more about wages and, working conditions at stake here amazon's efficiency ceo's ability to pivot the vast operations, his legacy

amazon has under performed the big tech over the last year and guys, investors haven't been too worried about these union votes, especially because as i mentioned, last year they didn't go anywhere but this is real progress for organized labor even if they don't come out on top. >> yeah, you know, i was saying yesterday we got to wait and see how the votes turn out and yes this is a big deal i'm not sure whether it's a bigger deal for amazon itself o for the industry concerned with the delivery call. it was mentioned yesterday go puff is doing layoffs. everyone who wants to do logistics and last mile delivery this is a signal costs are going up and labor has some demands. amazon is paying toward the top end in that arena and a lot of workers apparently feel like they can get a better deal we'll see if they can and if they can, that might slow down the expansion of investment in

delivery itself because of these costs. >> funny we're watching, john, the internal labor mechanics at various companies and also from a stock standpoint, the effect of a potential split as we got word today tesla and alphabet, b of a did work on basically splits went away but creeping back, are they in fact a legitimate or not influence on the share price recent history would suggest maybe so. >> yeah, lots of things coming back unions, splits [ laughter ] >> unions not the only issue amazon has to worry about. the e.u. moving ahead with the digital markets and digital services acts, which aimed to curb mega cap tech firms and anti competitive and consumer practices. our next guest says these regulators might not be the critics and laws could end up having unintended consequences like banning encrypted

messaging. joining us now benedict evans. welcome. so yeah, how do you make these messaging services, force them to operate and protect their security features, which are not supposed to inner operate by nature >> well, there is a specific question and broad question here a lot of kind of if you look at a messaging app kind of like email but got a different logo and goes instantly so you should be able to plug them together and ask questions like well, if you send a snapchat story to i message, that won't work because i message doesn't have stories so who gets fined? there is a 10% of global revenue fined here if you're sitting in mountain view or seattle, you're looking at this and thinking okay, you want us to plug these together but what exactly does that mean really i think it's kind of a general point here, which is that all regulation in fact kind of all policy tends to come with

tradeoffs. you can have more employment protection or have more jobs, higher wages, there are always tradeoffs how you build laws and technology is different from that i think the challenge in tech policy is it became very big, very quickly, we didn't grow up with it. we don't have an understanding of the tradeoffs and sometimes you get laws that say, well, you have to give unrestricted access to data but protect privacy and that doesn't really work like that. >> benedict, here is my problem with it as a consumer. i don't want these things inner operating. i don't want my linkedin messaging connecting to i message connected to facebook messaging. i have these different people in my different buckets for a reason it's ticking me off as a consumer this is a solution i didn't ask for. >> there are always these questions around like well, eu would look at this and say you're on verizon and he's on

at&t it's just a phone call it just sms. it's just email. there is tension between should it be on drop, that's good for consumers and should each of these messaging apps be able to add new features and innovate and change how it works. that's good for consumers and there is tradeoff and attention in there what is happening is the e.u. wrote this very, very broad rule that says these are all markets and so they have written a law that covers how airbnb handles hosts and uber handles drivers and apple handles the app store and react with smaller messaging apps saying it's all markets it's a really, really broad brush to draw across the different companies and products the way generally i talk about tech regulation is it's like being in 1970 and saying we need to regulate cars, there are all these problems yeah, you're absolutely right but teenagers getting drunk and driving too fast shouldn't be in the same law as car companies

needs to have seat belts and air bags those are kind of different problems. >> benedict, here on tech check we like to call the main chief tech regulators europe and tim cook you gave us your take on europe. i wonder what about apple? what have the privacy changes been good for advertisers and data collection and the consumer >> well, consumers get a tradeoff here because their data isn't moving around advertising system but that also means that the ads you see are less relevant and harder for people to show you stuff you might be interested in. that is a tradeoff that consumers can choose the interesting thing with the way that apple has comeof this that, i was talking about this awhile ago and adam from instagram said i would be happy to use the data about my product that apple uses about apple's products so apple has this framing like in a regular verb, we personalize, you track your

users and they violate fundamental human rights and it's not necessarily clear that there is a different principle between what apple does and facebook and google. there is certainly a question of principle there i think they're protecting user privacy and security but they're also intervening in how other companies run their business and consumers are able to experience products and in a way that coincidentally happens to be good for apple. >> when you think about ec.u. regulation, we viewed it as a revenue driver and the way cities issue more parking tickets at month's end do you think that evolution is real >> definitely. i think, look, there are two parts to this. you find google every couple years and keep coming back for more so that doesn't seem like that's working in fact, there is a legitimate policy conclusion here that says well, finding a 2 trillion dollar company $1 billion isn't

a particularly ly effective rem and you want to change how it works. there is a much broader point here, the u.s. tends to approach regulation from litigation, did apple break the anti trust act yes or no whereas a lot of the rest of the world, including europe and the u.k. look at a market and say we don't think this is competitive. we'll change how it works and the market streakucture it not a punishment. we'll change the structure we'll tell apple no, you have to change how the app store works they didn't lose a court case. the e.u. writes new laws how that works the thing that sits behind that very deep cultural level is that a lot of people in the e.u. who look at the fact that tech giant important structural industry and doesn't have the same laws, fact or failure, and so it doesn't even really matter what the remedies are or what the specific failures are, it's of course it should be regulated because that's what we do. we regulate aircraft and cars

and food and banks why aren't we regulating tech? we scoot up. we need to carry on and write some laws. >> yeah, well, one of the few things worse than regulation, bad regulation so hopehopefully, we don't get . benedict, thank you. >> thank you. as we await the results of that, amazon union vote in stat staten island. let's get a news update. >> here is what is happening u.s. economy added 441,000 jobs in march, a bit less than expected a quarter of the new positions were in the hospitality and leisure. the unemployment rate fell to 3.6% the numbers are strong and show economic policies are working. >> when you hear these numbers, they're not statistics it's a statement of the type of economy we're fighting for an economy as i've been saying from the beginning built from the bottom up and the middle out, not from the top down when we do it that way,

everybody does well. everybody wins. >> auto numbers out. toyota sells better than thought. sells fell 15% but that's 2% better than estimates from edmonds.com. general motors down 20% but roughly inline with ed monos forecast. if you think inflation is bad here check out the eurozone inflation shot up 7.5% in march. a new record for the fifth month in a row that's the latest. carl, back over to you. >> that's numbers that would shock even us at this point. thanks so much frank holland. when we come back, a reason to stay bearish on tech. we'll explain that as the s&p and nasdaq still trying for a weekly gain. tech check is back in a moment (vo) verizon unlimited is going ultra! and now, you can too with the offer you just can't miss. for a limited time, get a 5g phone on us! (mom) delightful. (vo) with no trade-in required. plus, 1,000 dollars to help you switch! (dad) nice savings! (vo) yeah it is! verizon is going ultra, so you can get more.

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get a moarket check here tight range. unemployment down to 3.6 and the three-month average, 562 k, dow is down 14 julia has more on an impending ad slow down and how it could impact q 2. >> q 1 was tough for the major industries the worst performance in two years but we entered an upswing since mid march so how should investors think going into the second quarter joining us asset manager chris meredith great to have you with us today. so throughout the first quarter, you're approaching this from a quantity point of view and strategy is the most active. is that the case at the moment >> yes, we have a platform c custom platforming index the strategies doubled in assets over the first quarter and this is part of what we feel is a

positioning where aloe ka allocs is looking at return and looks at a combination of factors with valued momentum but most prominently a stability factor that looks at historical operating stability through sales in ebitda and looks at the market stability, as well. the strategies are designed to protect during downturns we've simulated 10% added value and bear out in the realtime with the market peak in december and where the strategy added value we think it's a valuable potential item to put in people's allocations as they think about the risk in the market. >> and in a strategy like this, tech overall is somewhat under waged but there is still a role, right? kind of tech would you be looking for in a defensive strategy >> obviously, technology companies come with potentially higher beta stocks and current fund mentals because of the growth aspect of it but there are a number of opportunities within the technology sector we think of it more as the

tortoise versus the heir but communications equipment and application software, semi conductors, payment processors a where there is a ton of of opportunities and a moment for tech. >> chris, what should i make of the fact you're seeing an increase in allocation to downside protection but a few days ago, we were having somebody tell us we're also seeing an increase in retail investors taking on riskier bets trying to capture the upside in the markets. is that some unusual diverging that we are seeing in investor behavior >> no, overall it heightens what is the uncertainty around the current market environment so we've got concerns about supply chains, geopolitical risk and heightened evaluations and inflation putting investors where there is huge diverging of opinion. some people think there is a

potentially huge upside in opportunity and others want to protect. >> are you a believer in some of the anecdotal argue ments about weakening demand and demand at the consumer level and especially say consumer electronics? >> yeah, so the part of our philosophy is quantitative managers is we set strategies and test them over 50, 60 year periods to avoid any short term, you know, call it in puts where you are worried about individual items. we robustly check over 60 years and get things in there like iraqi invasion of kuwait, the tech crisis. we try to bake these into strategies and have it where the portfolio is positioning for any one of those circumstances. >> chris, thanks so much for being with us. talk to you again soon. >> thank you for having me. >> as we head to break, check out shares of posh mark downgraded saying they see numerous growth

alcoh challenges due to apple's privacy changes, speaking of which, the challenges facing online advertisers is next

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we are still awaiting the final results from the amazon

unionization vote in staten island they just took a brief break they have resumed ounting. i'm told there is only about three mipiles of the ballots le. we'll bring you results as soon as we have them. the union continues to be in the lead with more than 50% of the votes and carl, amazon shares are up about .9 of 1%. certainly if this passes, it will be a landmark moment but not the end of it. we're likely to see amazon appeal and likely to see more steps before this becomes a reality. it could be a big moment. >> yeah, watching it closely in the meantime, new research showing that overall ad sales are flattening julia boorstin has more on the impact for companies like google and meta hi, julia. >> well, carl, ad spending is back at prepandemic levels but growth is flattening and data from the media index that gathers from the major u.s. ad companies show some platforms are better positioned. after the pandemic period, march

of 2020 through september 2021 raised 17 billion-dollar in ad spending and the market bounced back january and february of this year spending grew 15% and 20% respectively spending in march through may is projected to be flat as brands react to inflation and economic uncertainty. now, in this flat ad market traditional linear tv ad spending declined 21% in march and digital ad spending increased 18%. digital video is the fastest growing sector followed by digital audio, of course, that's driven by podcast. now, smi ranking at the top media providers by market share. google is in the number one spot with 16% growth. cnbc's parent company comcast is in the second spot with 21% growth and meanwhile, facebook and twitter both sought 39 growth now last year smi reporting that amazon snap

and roku along with facebook and twitter are growing faster than the overall digital ad market. snap shares are actually up nearly 5% today and met t meta after goldman sachs writing in a note these two stocks present a compelling opportunity also noting that google has continued strong backdrop for search advertising. goldman writing they see these companies benefitting from easier comparisons to the period they started to feel the impact of the apple privacy changes saying they are making progress when it comes to improving ad targeting, guys? >> does this mean meta is not as bad off as sole people feared? >> look, meta may be a better alternative than something like traditional tv advertising and that's the question. the other question that we're going to hear answered when meta reports first quarter earnings is how much progress have they made when it comes to navigating the apple operating system

changes? have they figured out good ways to get around it there are a lot of warnings coming from meta and concerns and analysts watching the stock but may have made more progress. when it comes to comparisons are you going to pull out your brand advertising for something harder to measure and go into something like meta where you reach a lot of people. maybe the targeting isn't as good as it used to be but maybe better than traditional tv advertising. >> good points, julia. thank you. after the break, why one wall street firm says it's time to get back into jd.com. having the best day since mid march after a pretty terrible quarter. stay with us we're back soon.

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test is it time to get back in the chinese internet names bernstein thinks so. expecting the stock to remain resilient, outgrow its peers bernstein also bullish on the omni channel business. the stock's jumping and still down 14% on the year that sector, of course, seeing a big rally today. chinese authorities giving u.s. regulators full access to audits of chinese-listed firm according to bloomberg the key to allowing chinese companies to keep the u.s. listings, dee, and we'll see how much is related to the damage that's been done maybe has something to do with china's

willingness to embrace the west at least when it comes to capital and trade given the tensions over ukraine. >> it's one of the rare moments on the chinese side or the u.s. side remember, there are two very different forces at work in these adrs and you never know which way they'll go and the headlines out of beijing recently have also been more positive that they'll wind down the crackdown on chinese tech companies. can you believe it we always come back to this question and we know what drives policymakers in beijing. that is something that investors have to consider and we see -- we continue to see big moves and lots of volatility and i don't know who can believe it. >> i'm worried that this is sort of like that ex who cheats on you and wants to get back together is the narrative ever quite the same >> not a lot of trust. >> i don't know. we'll see how investors feel about it meanwhile, we continue to watch

that amazon vote updates next plus don't forget to follow and subscribe to our podcast listen any time, anywhere wherever you download podcasts "tech check" is back in a mowith can get more.so you

many -- many wall street banks have been cautious of crypto over the years and as a result some employees leaving to start their own ventures kate rooney is outside the new york stock exchange and has a look at crypto firms' efforts to lure top talent. hi, kate >> hi, d, good to see you. some of the big, bold bracket names on wall street are building out their crypto teams and they argue they have more scale and more impact. people who i've talked to who left the banks to join start-ups say they're looking for a faster pace and they're looking for a little bit of a different culture and more upset j.p. morgan, morgan stanley and goldman sachs are some of the banks that have a dedicated crypto team. the pace of crypto hiring at financial firms quadrupled from 2015 and jumped 40% in the first half of 2021 i spoke to the ceo of onyx, as

well that's j.p. morgan's bloc chain group. omar farouk tell me they have to move slower and worry about j.p. morgan's brand and says the impact is something that a fintech. >> platform can go from literally nothing to moving and transacting a billion dollars of trade a day in a few months. so i think that sort of scale can only be possible when you operate at a company like j.p. morgan chase >> farouk, they have 2 hun people from start-ups and they hired thousands of j.p. morgan employees around the world it's not just first-year analyst guys he says it's managing directors and some of the more senior leadership applying to work at onyx other folks i talked to have found the pace of innovating from within a bank to be

frustrating. take mary katherine ladder she has an mba from harvard and worked at goldman and started working on crypto as a side project as an asset manager. she said she didn't want to miss out on a fast-paced industry she's now chief operating officer. she said it felt like a bigger risk to stay and lose this next risk of innovation now they're looking fora different kind of resume >> so many people who, frankly, had no interest in financial services, who would never really explore or consider working on wall street are excited to work at uniswap labs and companies like us so that's exciting because i am constantly meeting people who are 23 years old who are as smart about markets as people i worked with in the markets for years is a totally new interest for them. >> some of their best hires so far have been self-taught, computer scientists and crypto influencers that she met on twitter and it's not just wall

street versus the start-ups here they're also competing with big tech for some of the top talent. back to you. >> that doesn't come as a surprise kate, thank you so much and great overview there kyle, we continue to await the final vote count at that amazon staten island warehouse. it is almost done. the union still has the lead as they count those last votes. this, indeed, could be a big moment amazon shares are up half a percent, john, and investors have to digest what this means for the company going forward. they have spent billions and billions of building up their logistics presence and this could be a big inflexion point >> it definitely is, d this is a 5,000-worker warehouse. yes, there's worker churn and this isn't a big moving moving in to unionize it's grassroots you have to wonder what happened at walmart that have resisted others in this environment. >> thof course, right on cue.

new reports this morning from vice news leaked notes from an internal meeting they say of amazon leadership looking to target some of the union organizers that's been standard practice when it comes down to the wire it's an unfortunate part of the labor and negotiation process, i suppose. do have a good weekend the dow is down 245. let's get to the judge. carl, thanks welcome to "the halftime report." i'm scott wapner front and center, the fed now officially on the clock. what will it all of it mean for your snoen we debate that with the investment commit, shannon saccocia, steve weiss, jon najarian, co-founder of market rebellion.com. where we stand right now, new month, new quarter, same issues, fed, earnings, russia. who knows what else? we're negative now ugly close yesterday and a little bit of carry through today and we can't find direction, shannon tom lee going full