towards the flat line. going down fractionally. turning positive again on the week the nasdaq 100 flitting between gains and losses that's going to do it for us on "squawk on the street. have a very happy mother's day to all the mothers out there "techcheck" starts now good friday morning, welcome to "techcheck," i'm carl quintanilla, with deirdre bosa and jon fortt. the nasdaq is trying to recover losses this morning after falling more than 5% on thursday as you know, now down about quarter of a percent the ndx wrestling with going green. tech stocks and valuations have had lots of volatility, mike santoli will start us off with perspective as we try to hold gains for the week on the s&p. >> yeah, carl, a little bit of pressure being taken off yields coming in a little bit but there's sort of a dip.

going down in price, go back in time, the nasdaq composite over two years, how far we're going back, i noted that september 1st or 2nd of 2020 number, here you see below 12,000 on the nasdaq composite. you're within the rounding error of that. maybe we'll see if that turns out to be something. a lot of folks also pointing out how many stocks have retraced all the way back to pre-pandemic levels of course, it's the core covid beneficiary stocks, they did it. but even some of the larger names have also done so take a look at a breakdown of for the big nasdaq heavy weights, of course also huge in the s&p 500. those that have and haven't held up so this goes back to february 19th of 2020, which is essentially right before the stock market really started to price in covid and what you see is a huge divergence apple still a double just about from that point. microsoft, up almost 50%, holding onto it. those two stocks, apple, microsoft, roughly 13% of the

s&p 500. so call it almost one seventh, one eighth of the s&p, they're really doing a lot of work to keep the rest of the market up here amazon, 9% up from that point, you see, though, it's really kind of had a rough go lately, and maybe has to retrace and here you have obviously meta, which has its own issues, but still worth noting now, ditching back into the envelope, if apple and microsoft were to unwind all of their pandemic gains, that alone would probably mean 5% more down on the s&p, nobody says that can happen anytime quickly, but it's just for some perspective of where we are relative to back then, and carl, you know, some of those -- some of the talk is always that nobody's left unscathed if you have a real bear move. >> mike, thanks. >> yeah, for sure. if those two came down 5%, you can bet they wouldn't be alone it wouldn't happen in isolation, mike, our next guest, meanwhile, is a major early stage tech investor, former paypal mafia, early into names like twitter, facebook, uber, slack, lyft,

airbnb, affirm the list goes on let's bring in kraft ventures co-founder david sacks good to have you back, good morning. my feeling is this market certainly isn't good but it's not that bad yet it could get a lot worse in part, because it hasn't been so bad for long. those of us who remember really bad markets. it kind of stinks for a long time. >> well, it depends where you're sitting, you know, i think if you're just looking at the indices, which are so weighted to the large caps, you don't really realize how much carnage there's been from where i'm sitting in silicon valley this is the worst environment i've seen since the great recession of 2008 and 2009 the reason is because, again, below those large caps, all the sort of recent ipos, the gross stocks, the newer listings, the fintech companies, they've all been hammered by what's happened

over the last six months we're talking about 70, 80% plus corrections, and that has caused an enormous reset in silicon valley, it started in the public companies. now it's trickled down to growth companies, and it's basically caused a chilling effect on the whole ecosystem. this is the worst environment i've seen since, you know, again since something like 2001, 2002. >> yeah, but aren't we still -- i shouldn't say we so many entrepreneurs in silicon valley still kind of in the denial stage of this, we're just talking to bill gurley about this earlier in the week it's hard for people to accept the valuation they thought hay had is not dhes necessarily the real valuation rating now and it's going to take real indicators for that to happen. the public market matters for the private market in that sense. i wonder what you think is going to happen with the ipo market going forward for the rest of '22 and into '23 and how significant that's going to be for showing us where we are. >> i think it's going to be significantly chilled.

i just think that there's going to be a lot fewer companies going public than there were over the last couple of years, you know, there's going to be more scrutiny towards those companies. growth valuations in general are going to be lower. there's going to be a lot more down rounds. a lot more structure in deals where founders are seeking to preserve a valuation that would be hard to get today. so yeah, i mean it's a very negative environment to your point about, you know, what bill said about sort of founders adapting, you know the reality is that venture prices are more sticky in the public markets. getting marketed continuously every day. in venture markets you only get a mark when you raise a funding round. a lot of founders maid hay while the sun shs shined and raised a lot of money last year and they're going to have discretion when they're going to go raise a lot of founders don't want to raise right now for the valid reason that the venture market is terrible. but eventually, at the end of the year, going into next year, founders will be forced to raise, and we're going to get a lot of new marks, and we're going to basically see that the

price levels today are very different than they were last year and i think founders are already getting the memo i think there was some denial of this, maybe in q1, but the founders i've talked to now are pretty aware of what's going on, and i think the mood has shifted very quickly, even among founders in silicon valley. >> david, over the last month or so i've also been asking unicorn ceos, as private companies with valuations over a billion dollars. i've been asking the ceoed of these companies if they're looking at lower valuations, either internally, or externally, as they raise new rounds so a few like go puff and bolt, about a month ago, have told me that they're not seeing their valuation lower. they're different for some reason, or another is it possible that there are some start-ups that are able to escape this kind of haircut? also, i would point to yesterday, shopify announcing it acquired deliver for $2.1 billion above where they raised a few months ago. >> well, nobody's going to

escape this valuation reset burkes there are startups, or companies that can grow fast enough to grow into their valuation because, again, they don't get marked unless they raise a new round. so let me give you an example. last year the rule of thumb for valuations on sass companies was around 100 times arr that's wheredeals are getting priced somewhere below, somewhere above, that was the rule of thumb. i would say now the new rule of thumb is still landing we're still trying to figure out what that level is but a reasonable guess is 20 times arr, you know maybe if you're a believer in the company, you would give them credit for, say, end of year arr, but it's something more like 20 to 30 times. you know, that's basically an 80% decrease in valuation levels however, if the company has grown 5x or 6x since their last round, they're able to basically get a flatter up round a company can always fight the lower valuation multiple by growing into, and exceed their

old valuation. and so, you know, we're investing in companies that are tripling year over year. if you triple year over year for two years, that's a 9x increase, even if valuation levels have dropped by 80% you're getting an up round that's basically the only way out of this, i think, is for companies to grow into it. they want to lengthen their runway so they don't need to raise around before they have kbroun into and exceeded their old valuation. >> david, as you look in the public markets and if investors are looking for opportunity, obviously there's parallels. in terms of what kind of companies, how do you discern what kind of quality is going to get some of these companies to above pre-pandemic, or at pre-pandemic levels, like amazon during that time, and what's going to be a cisco company that could still be important but will never actually reach that valuation that it saw at its peak, and therefore may not be good investments. >> well, i think what happens is that when you're in a bull market in a boom the only three

things that matter are growth, growth and growth, and what happens in a downmarket is all the sudden people realize that burn and margins are important as well. and so what matters in a downmarket is growth, margins, basically your cash flow, and, again, how much money you're burning. and right now it is absolutely fatal to be a start-up that has negative gross margins, or an excessive burn rate. startups really need to fix -- >> amazon wasn't profitable back then. >> i'm talking about gross profit, right, so, you know, it's okay, i think, for i think companies that are still growing fast can justify not being cash flow positive. certainly it's better if you are. but the key is gross margins do you have healthy gross margins? and companies with negative, or low gross margins are just not fundable in the current environment. >> david, finally, something that you said that i want to go back to. there's something in it. you're talking about your start-up portfolio i think there's something in it

for public market investors as well do you even believe growth projections at this point that ceos come to you with or do you assume that the fed is going to effectively slow down just about everything so even if their growth has been strong at this point, if they have been tripling, they'll continue to grow but maybe not at that rate. >> yeah, i think -- so here's the wild card right now. it feels to me like we're going into a recession negative 1.4%. we don't know what q2 is yet i heard powell the other day brush off concerns about recession saying it one foreseeable in the next year what i'm seeing from where i sit, in the boards that i'm on, every single company is now worried, and is pulling back on their spending in order to lengthen their runway, and preserve capital because they know that capital is less available in the next round and it's going to be more expensive if they can raise it at all. from nay microperspective, a massive pullback, and slowdown,

and i don't really -- at some point this all becomes self-fulfilling. if everyone believes we're headed into a recession, they pull back on their spending and the recession becomes inevitable that's where it feels to me like we're at, and so when i hear powell sort of brushing off these recession fears, it sounds like a year ago when he brushed off the inflation fears, saying they were transitory i think that we're headed here potentially for a very severe recession, that's what it already feels like in silicon valley and really the only question is whether silicon valley is the canary in the coal mine or not. >> he is the pilot and to stretch the metaphor, and when you're hoping for a soft landing you certainly don't want to hear the pilot say might not be able to land this plane david sacks, thank you. >> feels bumpy from here thank you. >> thank you. >> we have certainly felt that this week. and this earnings mover has felt that too that would be doordash it has been volatile this morning, 35% revenue growth in q1 was boosting that stock earlier this morning, however it was down huge, and now we're

nearly flat. the nasdaq meanwhile posting losses for a second straight day. with me now is doosh dash ceo tony shu you're our first guest in the studio for over two years. welcome to you. >> thanks for the honor. >> right into it, doordash is in investment mode, you're expanding your international footprint, your own warehouse network, you said on the call last night that you are still hiring at aggressive rates does that get pulled back in the economy softens this year given the macroeconomic backdrop >> yeah, well i appreciate the question we're trying to build the largest local -- company in the world, there's a lot to do there, we're trying to bring everything inside the neighborhood to you and bring incremental demand to all these physical businesses. on the other hand we're trying to convert these physical businesses and give them the tools to become digital power houses what we've seen so far is we've been very resilient and fortunate as a business to have a very profitable core u.s. restaurants business that has given us the fuel, and positive cash flows to be able to reinvest, to go beyond

restaurants, beyond the united states, and with beyond just our marketplace, but also build the platform for local congress global. >> i know you're free cash flow being positive is a key point here, but it feels like what investors are saying right now, amid this macro economic backdrop, is they don't want company ceos to build. they want them almost to preserve cash, preserve profits, get closer to it, on annette income level, not just adjusted ebidta so does that make you reconsider your plans at all if we're heading into a year where that sort of desire from investors could be even more pronounced? >> well, the goal for doordash is to maximize total profit dollars over the long run, we think that's not only great for the interest of all of our audiences but also the best for shareholders while that may take resilience and patience through this period of volatility, a lot of external factors, what we see internally, and in the fundamentals is all-time highs in our user base, all-time highs in your dash pass

subscriber -- as well as increasing profitability in an already profitable business, which is our u.s. restaurants business so when i combine these factors, right now is the time to invest for the future at doordash. >> so what i'm hearing is that your strategy will not change given the macroeconomic back drop, but in the long term you're looking for that to pay off. in terms of your driver supply it's curious to me why you guys have not had the same issues as uber and lyft. but post-pandemic last year when the ridesharing companies were spending so much money to get drivers onto their platform. cross selling on its platform between eats and rides has been a big boost in terms of that metric, active drivers, is that true, do you guys need a ridesharing business >> well, we actually don't see any connection between delivering goods and delivering people, and structurally we actually have seen that we have a much larger pool of workers who are interested in delivering goods. and, in fact, we have more

dashers, you know these folks who are doing the deliveries, than even folks in ridesharing with drivers and as a result of that, that's really because of just structural differences people who don't want to have people inside the same vehicle, people who really care about their safety, people who don't see it as a full-time opportunity. again, 90% of the dashers on doordash do fewer than ten hours of work. the average dasher -- >> a week. >> a week. the average dasher does four hours a week when you think about it interest that perspective u we represent hundreds of industries, people who, you know, can be everything from u.s. olympians to retail workers to students, they're all dashing as a result. we have a structurally fundamental advantage over any other form of part-time work. >> jon's got a question for you. >> hey, tony, good morning. >> hey, jon. >> as we're talking, doordash stock kind of tipping into the green a bit. i want to ask you about inflation through the lens of doordash, but on a couple of

areas in particular. one is dash pass because you've got some subscription providers, like netflix and others, leaning more into advertising because they believe that consumers might be subscription sensitive i wonder how that plays out with dash pass. and then your retooled pricing for restaurants, which you did during the pandemic, where, you know, now it's a little bit more ala carte, restaurants can choose how much they want for markets and delivery how is that playing out? are you finding more doordash customers are using you to order from restaurants and go pick it up themselves, and how does that affect your growth, your margins, your profitability? >> inflation is certainly a very real issue that we take very seriously. we've been looking at it, you know, actually many, many years ago, you know, kind of seeing the uptick in consumer prices rising and, you know, for us it's always been about making sure all of our audiences are taken care of. that really starts, in this

case, with our -- with the dashers. you know, making sure that they get 10% cash back on fuel expenses, that, you know, dashers who are driving longer distances actually get bonuses for that work. for merchants, to your point, giving them a suite of tools to pick and choose. is this now a time to invest, to offset the rising costs and some of the challenges, or, you know, for others who maybe are seeing some labor pressures, and other forms of, you know, struggle on the supply front, you know, is it an opportunity to do things like pick up or other forms of business, and just giving them the tools to choose between the spectrum of growth, and profitability, and all of this is on the backdrop of the fact that we've seen very strong resilience from consumer demand, even in the face of some of this inflationary pressure, and i think that's because we have the greatest privilege of serching a business, where people eat three times a day. that's 90 times a month. when you have that many shots on goal and when you think about where consumers are going to spend, even in spite of

inflationary pressures, food consumption is top of the list. >> tony, can you give me data on the degree to which doordash is enabling transformation in restaurant models. restaurants are trialing different concepts out of the same kitchen, and thus able to grow that way. you guys have started doing more distance delivery. of letting people say order from a great barbecue place in memphis and have the frozen food shipped to them. to what degree is that working, to what degree is that profitable for the businesses involved, and do you view that as a driver going forward? >> we want to be the first place where a restaurant or any physical business, we want to be the first phone call as their business partner, and that's why we're minting so many products to allow them to find ways to grow, and reach new customers, and new ordering occasions you highlighted a couple of them you know, during the pandemic we saw restaurants get very inventive and creative, selling

different types of food, from the same kitchen, you know, a chinese restaurant selling now mexican food and many versions of this. in fact, we've seen, you know, tens of thousands of these types of opportunities, these virtual brands and stores rise on the platform, literally from zero just a couple years ago. we also saw new innovation where restaurants are now shipping some oftheir foods whether it' fr frozen foods from places like -- great delicious deep dish pizza in chicago to carlos bakery, and their amazingly delicious cookies to other restaurants now recognizing they're not just a place that sells food, be awe place that sells merchandise and so, you know, they're selling their cook books, they're selling their stories, selling cooking classes, all of these things that really are part of the new suite in building a digital business. >> hey, tony, retail gasoline up 22 cents in three weeks, diesel,

all-time high, 550 i wonder how you think about fuel surcharges, and how broadly you're deploying them, if at all, and what the line is to pull them back if we, in fact, do get some relief down the road. >> yeah, it's a great question i mean, looking at the rising costs of fuel is something that, you know, we've been studying literally for the past four to six quarters now, that's why we introduced the gas rewards program to dashers to make sure their earnings wouldn't be impacted by this rising cost in fuel and we've extended that program through the end of august now we weren't seeing -- actually, we didn't even -- prior to the increases in fuel cost you've been describing we didn't see any challenges in getting dashers on the road. we had record highs in terms of dashers on the platform. but it's the right thing to do we wanted to make sure earnings weren't impacted and we're fortunate as a business to have those profits to be able to reinvest back into the drivers without passing on the cost to

consumers. >> tony, i wish we had more time that's all we got. i didn't get to ask you about dash mart. we'll do that next time. thank you so much for being with us. >> thanks so much, deirdre. >> jon. back to this volatile tech trade. check on the markets overall as we were speaking the major indices climed back closer to break even the dow now down about 44, 45 points, the s&p off just a fraction of a percent, .07%, the nasdaq off just, you know, just about flat, actually let's bring invesco global head of ets and index strategies, anna paglia. good morning this has been a week with major i indices all over the place we're not that far from where we started. it feels like we've learned something. what have you learned? >> the first thing i've learned, which is the hardest lesson, is

everybody needs to separate substance from -- what do i mean separate the fundamentals from headlines. what we have seen in the last few weeks, and this week has been just incredible, is markets are being driven by head looibs. look at what happened on wednesday, when share power said that we're taking off the 75 basis points from the table and markets exploded, the headlines turned necktive yesterday and markets dropped. so there is a lot of noise coming from headlines. investors are worried. markets are reacting to that why wouldn't they be worried everybody's thinking about inflation. can the fed reengineer a soft landing? having lockdowns in china. additional pressure on the supply chain this is all making up for a perfect storm and volatility guess what

volatility's going to persist. fasten your seat belts because it's going to be a bumpy ride. let me tell you one thing, there is one thing that doesn't lie, and that's flows money rarely lies. in the last week we have seen flows coming faster and furious into the qqq and qqqm, we registered something like $1.5 billion of new money coming into tech this week alone. >> yeah, but what does that tell you when -- here's what puzzles me about this week and the past couple of weeks. this is a lot of data we were waiting for. we were waiting for earnings and guidance to the degree we would get it we were waiting to hear what the fed was going to do with rates but what the messaging was going to be around that. and my thought was maybe we'll get clarity around that and volatility, at least for a short period of time would die down. but that didn't happen post-earnings, even though a lot

of it was positive, markets jerking around quite a bit, powell, perfect example, shoots up, then shoots down, and now we're back to break even again if we've got volatility with information, my goodness, what are we going to do without information? >> i totally, totally agree with you, jon it puzzles me as well, because information is there, and information is not all that bad. and if you look at tech companies, and what they registered this quarter, it's actually pretty good information. so i'm looking at the amazon web services, for example, which is the cloud of amazon, that arm, the $80 billion in revenues, and that's 36.5% year over year growth look at the microsoft cloud as well, which is, you know, revenues grow by 32% in the most recent quarter, it's now over $23 billion.

so numbers are good, it's just everything that is around the numbers. it is all the uncertainty about the other factors that companies and investors cannot control this is what really contributes to what we are witnessing today, which is a period of heightened volatility however, volatility does not equal bear markets and people forget that. >> anna, if etf flows are good proxy of where investors think the money is, i wonder what you make of cathie wood's ark etf receiving its biggest inflow in a year earlier this week, her fans are buying the dip, despite the performance. what do you make of that >> well, investors are buying on high conviction. so it's a proxy for concentrated strategies, and taking risks with a manager, a really high conviction this is not dissimilar from what we see in our flows, even if our

strategies are different i mean, as i said, we are registered $1.2 billion of flow yesterday alone and yesterday the fund was down 5% to me, that really indicates the fact that there is a little bit of fear of missing out on an investor so they don't believe that the technology sector is under pressure, and those companies are set to fail. so investors are really trying to jump into the sector again when they believe that information is going to become available, something is going to change in the macro level. and, you know, numbers are going to turn, and are going to turn around we have a high conviction that this is going to happen in the cues we have a high conviction in the tech sector. i'm really not surprised to see that. >> all right we'll just about call it a week, as we continue to wait to see how this day plays out

anna paglia, invesco global head of etx, and index strategies, thank you. >> thank you. our next guest has an aum of over $320 billion, runs the 11th largest public pension fund in the world. chris ailman is up next, the nasdaq hangs onto gains just barely tech "techcheck's" back in a moment to adapt in a fast changing world, you could hire a professional pit crew. go, go, go. sorry. nope. okay. fresh donuts - hot coffee! they deliver real time data and business forecasts when you need it. i think it was fine how it was. (air tool sound) to help you stay ahead of the curve... or you could use workday. the finance, hr and planning system that helps cfos make better decisions faster. on the other hand, we had a great fourth quarter. for a accelerate your decision-making world. workday. for a changing world.

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welcome back, here's what's happening at this hour, president biden is celebrating, and taking credit for what he is calling, quote, the strongest job creation economy in modern times more than economists had predicted. the unemployment rate held steady at 3.6%, just above its lowest level in 50 years shares of underarmor are down more than 24%. the sports ware company's outlook for up -- weak sales through the most recent quarter, blaming supply chain problems and weaker demand due to covid lockdowns in china

unilever, the company that makes ben & jerry's thinks it can warm up kries cream freezers to save energy in two international pilots it will experiment with going from the industry standard of just under 0 degrees fahrenheit to a bit more than ten degrees. it calls the product performance of its ice cream doesn't suffer it plans to phase in the higher temperature freezers worldwide back to you, carl. >> interesting, i don't know, melty ice cream, not always a good thing, morgan, thank you. >> doesn't always refreeze right. >> that's right. let's take a deeper dive into volatility educators pension pund, around $310 billion in assets under management he is worried about the current environment staying relatively neutral. joining us, chris ailman happy friday. >> happy friday. good to see you, carl. >> sounds like you're more into rotation now than outright selling, getting into areas that

allow you to protect against inflation. >> exactly we are actually under weight equity and global equity and we're going longer in inflation sensitive assets it's tough to hedge against inflation. like warren buffett said he didn't name a specific stock it's a basket of things to protect against inflation. but that's absolutely the biggest risk right now. >> so does that mean more runway ahead for i guess not just obvious high yielders but things that are commodity based >> i think so. i don't know that inflation will stay all the way up at 8 we'll cool off but inflation is going to stay well love the fed's target of 2% and stay probably in the 5 or higher range through the year. the job market is baffling to me, i think that's going to push wages, we'll see but supply chain, the fed can't fix that but they are going to raise rates, raise rates, raise rates. and people need to pay attention to that. >> chris, as you shift your

location, what are you doing with cash currently? 2% target, i know you're above that at 2.5. will that go up further in this environment? >> deirdre, we have a lot of money that is due out in private equity, real estate opportunities, even some infrastructure so we keep that high just because of those kinds of payouts. i don't think we're going to go much higher because cash is still trash. that's an old adage, but it's still true, unfortunately, because it's not even beating inflation right now. so it's for our liquidity for those longer term investments that we've committed to. >> chris, how closely are you looking at big employers, some of which are in tech, but not all, that have these workforces, that are increasingly moving towards unionizing, how does that affect costs, what does that say, not only about the overall economy, but the risks in certain stocks that perhaps performed well up to this point? >> you know, jon, it's an interesting question it sure is a very interesting

move unionization had been declining for so many decades. to suddenly see it on the upside it's in these entry level jobs you see all the help wanted signs everywhere so there's no question the employee has the power, and when they do, they're going to unionize i think it's just a long term trend, something we'll have to monitor and i don't know that we'll necessarily automatically hurt companies i think they need to pay attention to workers this entry level, and you just talked to doordash, and the gig economy worker i was amazed when you said that people only drove ten hours a week i don't know how you make a living at ten hours a week but it's the fact that employees have options and they're going to move around like crazy. >> chris, i want to get your take on sentiment and positioning. obviously we're getting big swings this week we were talking about the inflows to funds like cathie wood's ark, which a lot of the

street args is not giving you the washout that you would be looking for if you were looking to buy tech down the road. do you agree with that >> you know, carl, i'm very concerned about this market. there are two powerful indicators we look at that signal that we're if nor some very extreme volatility. doesn't always mean it's going to happen, but the initial indicators that always preclude mol volatility, and we've already talked about it, that's the inverted yield curve, which we've had a couple of times so far this year, and then we watch the number of days of 2% moves, that extreme volatility, and over a third, over a third of the days this year so far have been over 2% moves sometimes that's a false signal, but inevitably it always occurs before we have a huge volatility period so i think people need to be actually very cautious in here, and i've said before i wouldn't be chasing the dieps at this point. >> okay, chris, when it comes to the mega caps, how are you

thinking about them? i mean, they've -- the falloff has really been remarkable, as well as, you know, giving up some of that market leadership has something structurally changed for some of them, or are you looking at this as an opportunity? >> i'm not looking at it as an opportunity, deirdre i think the only thing that structurally changed is all those day traders had to go back to the office and go back to work it's taken the steam away from them they got overheated, overextended, and, you know, earnings matter, it's not just future forecasts, but actual present day. the stocks are strong but they didn't need to be at loftily levels the rotation in the mega caps is long overdue so i'm not surprised. >> chris, i'm fascinated, finally, by walmart in particular because it's one of those companies, you're talking about inflation starting off r it's one of those companies that in a tough economy, they often get an influx of people looking

to find bargains and get what they need. at the same time they've been doing this transformation toward e-commerce e-commerce has been suffering. can we look at walmart, you think, as a kind of a bell weather, how they handle spending, what they're seeing grow as some kind of a signal, both for the economy in general, and for investors in what we should do? >> i think that probably is a very valuable indicator. because the consumer is still 70% of the economy, and walmart is a huge part of consumer economy. so anything that's occurring at walmart is really what's telling you outside of new york, and off the island, when you look outo rest of the country, from your perspective, is small, but that rest of the country shops at walmart, and that gives you some indications, probably on one on the labor side, how hard it is for them to hire people and retain employees but also where the consumer is shopping for bargains, people -- the vast majority of our population has never seen

inflation like they're experiencing now and that's just sticker shock, and, going to hit them all through the summer. >> as powell said on wednesday, periods of inflation are not very familiar to some, and they are unpleasant as you put it chris, thanks for the take we'll look forward to talking again soon chris ailman as we've been talking, you can see from the interday charts, we did go green for just a moment, but some of these rallies are getting sold, at least in the very early going, watch the ten-year too, dee, 312 earlier today, settling now back below 309 but that's going to drive a lot of the action. >> in terms of individual names, check out cloud flair. the shares are slumping big after results lower than expected, operating cash flow, deceleration btig calling it, quote, a strong report in an unforgiving market for tech we'll talk about another name after results, that would be

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gut check on the fintech stock that's had heavy losses year to date, that's block the company formerly known as square posting in this q1, revenue and profits fine below consensus, but adjusted ebidta and gross income from cash app exceeded expectations. block saying on the call they hadn't seen any deterioration in consumer spending through april. shares are back to about even after picking up where they left off yesterday, that much of the morning, stock is trading about where it was wednesday and thursday, but down, carl, from where it started the week. >> yeah, we've been using this, jon, as an example of a name where you did have a beat on ebidta but gross payment volume was remiss, dee, revenue was amiss, and then managed to trade okay does that start a new part of the cycle?

>> it was really cash app that was a standout a lot of folks on wall street are pointing to that it's amazing what the team has been able to do with this when you consider that venmo over at paypal had a head start in this space, it was originally peer to peer payments. block figured out how to monetize earlier, cross sell its customers, gross profit for cash app grew 15% year over year. it's making use of that user base that a lot of finteches from robin hood to coin base to paypal are all trying to do. >> and inflation sensitive user base i wonder how long that will continue to work. >> good point. >> we'll see carl >> yup, we've talked about credit risk in fintech, for a long time. and a lot of those scenarios are now here one area to have tech towatch is face. and virgin gla lactic shares down today, the company as you know delaying the launch of its commercial space flight service to 2023 #. supply chain and labor

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social stocks just one of the many spots of tech that have seen big losses, your julia bo boorstin has a breakdown.

>> a lot of volatility, the social stocks continue to drop after therm slammed yesterday, continuing their declines this year, we see a lot of stocks and investors reacting to interest rate contractions and concerns about broad advertising head winds. now metas shares, down about 1% today after dropping 7 #% yesterday amid reports that meta is halting hiring snap shares are down nearly -- about 5% after dropping nearly 10% yesterday. pinterest is back into the green today after losing 7%. the stock is off more than 60% twitter shares reacting to news that elon musk plans to be twitter's ceo and then take the company public again, according to reports, that bucked the trend yesterday, and gained 3%, though it is down about another 1% today. now, media stocks are down, but the streamers are down far more

than the traditional media players, after some concerns sparked initially by netflix and its earnings about a saturated market and cash strapped consumers perhaps shifting more to ad-supported services netflix shares down about 3.5% today after falling 8% yesterday. and at one point netflix was down its lowest levels since september of 2017. we zero cue shares down nearly 4% after a decline of nearly 7% yesterday. fubo on a downgrade after its earnings yesterday afternoon that stock is down 18% today, vim owe was hit by a downgrade but it's pretty much flat right now. disney is down 2%. paramount and warner brothers discovery, down 6% and 6.5%. comcast faring better than that. down about 2%. the telco sector has been holding up better in trading

today. we see at&t down about 1%, verizon down less than half a percent, and t-mobile down 1.5%. those stocks are seeing more as utilities in this day and age. music streamers. spotify is flat, up 2% earlier today though it did fall 6% yesterday. guys, we want to keep our eye on disney that company's going to be reporting earnings next week we're going to have to see how disney's outlook, particularly when it comes to streaming, moves that media and streaming sector guys >> julia, meta facebook still the biggest social name out there. i just think it's interesting how that stock has fared since last quarter when they stunk up the place with earnings. it's actually off the very lowest levels. i wonder if there's a sense out there that at least for that one company a lot of the bad news is in the soup. >> yeah, i think that was a lot

of the perception coming out of meta's most recent earnings and this idea, jon, they're no longer losing those users, and even though they're still plenty of head winds ahead, they've gotten thatengagement issue more under control but it's been fascinating watching green earlier, now down 1% i think there's a question of issues that meta cannot control such as advertiser contraction, and ones that they're making progress on such as monetizing reels or making progress against better targeting in light of challenges from operating changes. some signs of optimism i think that investors like that meta is going to be more conservative about spending now. >> that's their signature move say we're going to spend all this money, come back, we're not going to spend all the money julia, thanks. how about a name doing well, all the major indexes in the read

check out chips. amd holding a gain more than 12% since monday up two and a third, tdespite volatility more on the market action after n'gowaeak. dot ay. zero-commission trades for online u.s. stocks and etfs.

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marketing, hardware, field techs. you can basically tell ziprecruiter who you need, when you need it, and they deliver. - [narrator] ziprecruiter. rated the number one hiring site. try it for free at ziprecruiter.com try it for free at ziprecruiter.com tech investors aren't the only ones watching it fall

amazon, uber, alphabet, shopify posting billion dollar plus losses on equity investments first quarter alone. total losses top $17 billion head to cnbc.com to read more. we're back in just a moment. to adapt in the changing world, you could hire a professor of theoretical mathematics. we all know this equation, right? he'd crunched numbers day and night. that's it. to maximize profitability. morning. i have quarterly numbers that are beautiful. and forecast revenue from every corner of your organization. is that important? or you could use workday. the finance hr and planning system that helps cfos make better decisions faster. for a solve problems like a genius world. workday. for a changing world.

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index falls furlt, about 1% after the worst day since 2020 we have some names on the move >> seeing quite the turnaround now. uncertainty remains extreme. volatility like this is inevitable consequence the reason the nasdaq is headed for the fifth straight weekly decline, even though it is down only 1%. that would be the longest weekly losing streak since 2012 we're staging a come back. a big question is history repeating itself tech stocks down since the peak in december, 2021. i heard this retreat now, it is being compared to first five months following the burst of the tech bubble in march, 2000 where we saw decline of 18%. i want to bring it back to today. nasdaq 100, sibling of the nasdaq that contains no financial stocks is dragged down by big tech, why, because of weight on the index.

amazon on pace for sixth weekly decline, longest since 2019. the others are doing better, apple, microsoft, tesla, alphabet up. apple showing a turnaround in the last few hours you can see on the strcreen. the loudest are crowdstrike, lululemon, moderna, and those poised for weekly gains. array technology, sun run, enphase above the 200 day average. some chips, super micro, western digital. bottom line is clearing up inflation and reaction to monetary policies are causing a steady increase. bond yields, steady fall in share prices, especially within tech as you can see at the nasdaq behind me >> thank you

before we go, checking in on ark innovation it has taken quite a tumble, falling 9% thursday. further losses this morning to the tune of 4% it erased all pandemic gains some compare this fund to a burst bubble two year rise and fall similar to the dot com bust 20 years ago. that said, some are holding on to hope. they saw the biggest influx, marking three straight weeks of the positive trend carl, i tweeted about this early this morning or last night she only needs one remember during the dot com bust, nearly all of the investments went bust, but had his alibaba, allowsed him to

later raise $100 billion do it all over again >> tape has an item all her components are down except for one money market. >> it is not a trade, it is kentucky basketball. texas football it is a belief system. >> next week, earnings fall off, we get cpi wednesday have a great weekend let's get to the half. carl, thanks so much welcome to the halftime report the selloff, when it might end, best way to protect your money we will discuss and debate that with the investment committee. tom lee joins us bottom of the hour and give us his take. joining us today, jenny harrington, steve wees wise, jon najarian show you the markets 12 noon in the east. went positive albeit slightly. dow is negative by more than 300