>> and to you. >> chevron, even though all the energy names are being indexed by sovereign and pension fans, they love the cash flow. great place to hide in the weeds while there's volatility >> good to see everybody i hope you'll join me in a few hours. "the exchange" is now. thank you very much. hi, everybody. welcome to "the exchange." i'm kelly evans and we've been down more than 500 and down 75 is anybody else exhausted? it's been a jarring week for these markets. and the nasdaq is actually still higher on the week we'll get you all the stats you need know. and we have a bunch of stock picks from every corner of this market and a debate of where things go from here. and another look at the chartsz. is it clear or is another leg lower likely we'll look at where the bottom

could be plus the employment picture. wages softer but still up huge on the year. but first, let's get the latest on these markets with dom chew >> let's try to breathe a sight of relief because the weekend is here finally kelly mentioned the lows of the day right now being down more than 500 points. i want to say it's 523 points was the low of the session the dow industrials currently down 28 points that's a market comeback we'll see if it lasts. the s&p 500 down on the session and 12,00298 is the composite. down 19 points or two tenths of 1% if you look behind me, the sikter heat map shows you more what's going on overall. energy is the clear out performer.

and on a week-to-date basis, it doesn't look like much is happened at all. so, if you fell asleep and didn't wake up until today, nothing would have happened. but for all the volatility you're seeing here, especially in the last couple of days, wednesday to thursday, to keep that in perspective there. if you look at one part of the market key for a lot of folks out there. we finished up a nice move higher in the mark aets only to be followed by a move lower. the nasdaq trade, monster beverage up 5% data dog, e bay, wal green's up anywhere from 1 to 5% the big winner, if you take a lock at the trade we've been paying attention to, it's got to bow the big banks. we just finished up a cnbc protalks with kevin simpson at capital wealth partners. what's interesting about the trade there is he likes j.p.

morgan as one of the value plays he would be adding to positions right now. i know the gang at overtime are going to talk to him later today. citi group and wells fargo all down marginally with the exception of citi, which was up 1% and hopefully we can enjoy a more relaxing weekend. >> hopefully going to rain let's dive deeper into rates right now. where we've seen some of the most striking moves this week. the yield on the 10 year above 3.1% which is still where we sit this afternoon. rick >> yes i guess the recap has to start with the fact that 428,000 was the jobs this morning for april. which exactly actually matches last month how weird is that? after the revision that means a dozen, 12 months of 400 k or higher. that's pretty good on the jobs, jobs, jobs side.

they're down on the day and down on the session what a difference. that was the short maturities leading the market in terms of the fed and moving interest rate ares higher. the job shifted to the long end but not in europe. let's look at the two-year in germany. it's closed at the highest yield since september of 2013. let's call it 8.5 years as their central bank is later than ours. you're seeing this and leading because they were dragging their feet on raising rates. our 10 year is up five on the day, 15 on the week, it pays for the highest yield close. the european 10-year boom also soaring at about 1.14% it closed at an 8-year high, the highest since august 2014. and finally, there is the resistance of the yield curves and what the means but the true yield curve that supposedly gives the discretionary indication, it's not flattening

it's steepening. it's the steepest in 7 and a half years kelly, back to you >> thank you very much and that may be the key data point to hone in on today how do you make sense of a market with rising rates and a potentially slowing economy with the potentially steepest yield curve in seven 1/2 years and cnbc contributor, gina sanchez at leto advisors welcome to both of you kim, your thoughts, please >> wow, if i had to sum it up, i would say it's complicated the big question earlier this week is are we in a recession. and the jobs number answered as no, we're not in a recession and that's what's making investors super nervous. >> where are you, kim, in the market i know in the past we've talked

5g or long-term and secular, it feels like all investors want is show me a strong, durable business model >> i think that's seiasonless question for me. i want a country with real balance sheets, real profits and cash flow. my style of investing hasn't changed a bit. i still look for growth. i don't care i need growth. wall street rewards growth but i need real companies. i'm not really sweating right now. a long term, three to five years out and i'm still playing really long term technology changes and that would still be 5g and even though it's been rough for the short term, my long term optimism has not changed one way. >> you're sticking with the semis, a and, d, for instance.

gina, what about you >> i completely agree with kim i think this is a market for quality right now. and if anything, what at the data is telling us is demand is hanging in there if demand were cratering, we would have seen a weaker jobs market and oil tropping. and oil is still hovering. the good news is it's no longer got the momentum and that is great news for the conscerns around stag flagsz the numbers came in just mixed enough that it was good for the economy but possibly could set up an opportunity for the fed to take a step back later in the year if inflation starts to subside. and i agree that you're playing for quality, for a balance sheet, for revenue, for profitability, for cash flow >> are you in any of the semiconductor names or are you in other parts of the market

more >> we are, actually. the cloud is a big thing for leto advisors right now. we're playing from the semispace. the cloud from the direct space, like microsoft and amazon. there's a lot of ways toplay that and we think that's a durable theme that's not going to go away because we happen to have some economic volatility >> kim, let me ask you i was struck when stephanie said she was selling her broad kom. she sited to the trading behavior after a very good earnings report and the stock was really muted in response there are growing concerns about the double and triple ordering that got semis to where they were and that coming home to roost. what would you say in response to that? >> i think that the overall driver -- cloud is a big one

internet of things and just more and more smart whatever. your car is an unbelievably smart. i think that probably at the beginning of covid, we with were all caught about how unprepared we were for any kind of downturn and i think companies are going to have is a higher -- you know, depend less on just in time ordering i'm not particularly worried about double and triple ordering i think inventory is going to be higher and that takes care of that. plus the demand. i just see the demand for semiconductors exploding for the next three to five years because of the longer term trends. i'm not worried we somehow over ordered and it's going to completely compress like it did in 2006. >> let me give you the final word where else are you most excited right now? and i mean, what would with your

advice be for investors into this weekend when they have a lot to digest? >> if you look at the top performers in the market, most focus on value and a great performer is garth growth at a reasonable price as a broad index play is one that has been performing because it has the elements of looking. >> things that have growth and i think you play that theme broadly. i think right now stock picking is difficult because babies are getting thrown out with the bath water and you can try to stock pick that trade and there are opportunities being thrown out but we think you play the s&p garp play. >> growth at a reasonable prize. we really appreciate it. gina sanchez and kim forest. the major question for the markets and the economy is whether the inflation rate is likely, or not to fall sharply

in the coming months and unfortunately, the data point to a lot of persistent price and wage precarers the labor market is are where where we see the over heating. they hit a record 11.5 million and the quips hit a record that's two openings, almost, for every unemployed person in america. then we got the first quarter report on labor costs and p productivity so, that's compensation benefits and all of that. but it's still trailing inflation. in real terms, it dropped for the second quarter in a row. it was down 1.4% year on year. you're right if you feel like you're not keeping up. this morning got the big jobs report, the wages number they were soft but still up 5.5% from a year ago. and for nonsupervisory workers, they were up more than 6%.

not only a huge increase, it's not enough to come out ahead in real terms all of this is why the market seems more focussed on inflation than slowing economic momentum, which we did see with the manufacturing survey the only reason i sort of put that in the good category is we don't want the economy to over heat more than it already is and by july, inflation will drop sharply and the fed will revert back to quarter point rate hikes. and joining me is panthian macro economics chief economist. are you still feel like the inflation fresh pressure s are going to fall sharply? >> i'm not saying it's going to go away but we're going to hit the anniversary of really huge increases last year. mathematically, on a year-over-year basis, inflation is going to drop by half a point

for the next few months. still pretty high but headlines are no longer going to be every month a new inflation high oh, look, it's fallen for the last few months. the picture is still over extended compared to the last couple of cycles but at least no longer heading in the wrong direction. i think there's a decent chance that down shift continues. you were right to point out the labor cost numbers that came out earlier this week and other data that don't lookbate for. er the fact is the numbers this morning, thavley've real ary got attention. they've slowed on a monthly basis. and if that continues, the fed is going to feel a lot more cheerful, even though the near term prints are if wing to look pretty high. >> is it fair to say as long as they don't stay above 4%, the fed isn't going to meet its

goals? >> if wage inflation is running at four and productivity is like it was in the last cycle, 1%, then that is not consistent. you're going to over shoot if productivity can get back to where where it was when it got up to 2%, then that would bow sustainable. these are are very fine margins. the problem is i can't tell you what's happening to growth right now because they've been so shredded by covid that nobody really knows what i can say is businesses aretleing us in all the surveys that they intend to keep spending on capital equivant they intend to keep spending on software and upgrading old capital equipment and if they do that, then growth will be better than it was in the last dreadful cycle. we aren't there yet. and still uncertain. i think it's reasonable to think that we're going to get there at some point over the next six to

nine months and it does mean they don't need to panic and markets don't need to either >> i suppose there's a difference between the fed panicking and putting it back to neutral. even though we say neutral should be 2%, why wait and especially if it turns out to be something much higher than that >> yeah, so, canada got a bit too aggressive about the last two months but they're not thinking hard enough about what happens next year. hiking at a moderate , steady pace, going back to the way things used to be and not having to tell a story about we got inflation running hot, we got to dampen and stamp on it and that change is going to be very important for markets what they don't want to be thinking is that inflation is running amuck and they've got to really jump on the brakes hard to slow it down. that's a very different narrative to a fed saying hey,

inflation is heading back towards the target we're responding just by gradually normalizing rates. i don't think it's imminent and probably going it be the turn of the your between now and then i, i think maybe in september, at least step back in the 50s i hear the argument to get rates up quickly to get to a point are maybe they should have been sooner but if that's going to cause chaos and panic to markets with no real benefit to the economy, then why not slow it down? acknowledge the wage numbers are no longer going crazy. that's not such a big fear now and i hope they'llby able to moderate their tone, dial it back and allow markets to find a floor and proceed from there at a steadier pace. >> we'll leave it on that hopeful note ian, thank you for your time today. coming up. my next guest maintains a buy

rating on all these names down big from their highs wer with talking about names like peloton one transient bull and why the correlation between the nasdaq and bitcoin has some investors worried. and what's working in this market the energy etf up another 8 since monday "the exchange" is back in a couple minutes

welcome back to "the exchange." the nasdaq's seen wild swings just today we briefly turned positive and now down almost 1% again. that's adding to what's already been a roller coaster ride including the huge fed rally wednesday, followed by a massive 5% drawdown yesterday. the third largest point drop in the nasdaq history we're down less than a half of 1% on the week my next guest is still constructive on the sector and sees opportunity let's bring in senior internet analyst at oppenheimer i don't know if you caught our chat with him yesterday but he was saying people don't want to invest in technology anymore

are you getting the same vibe? >> the conversations with clients have been more social and stock-oriented lately. definitely been a tough time to be a tech investor >> more social than stock oriented i suppose the thing we're trying to figure out is whether this is just, quote/unquote, this pandemic era krekds or whether it could be the start of a much longer winter for tech stocks like what we saw post.com. >> i go back to the financial crisis if with ware are going to go into a true recession, consumer stock spending financial panic like you saw during the financial housing crisis, then you could say yes, they're still 50% lower than multiples in the big tech companies ironically, when facebook came public that they were going to

lose share to what was facebook now, meta. and i think the stock got down to -- it was 12 times earnings in the financial crisis and 15 times. when meta came public. look, there's definitely down side in a facebook and amazon. facebook or meta, we have not seen a sfok. this is new lows, as far as the multiple are so, look, i think you pick your spot. however generally being a value investor in tech is dangerous. typically more momentum. we can talk about themes around that that's the challenge to you want to be -- i heard one of your last guests talk about investing. typically in tech, you talk more about the trend than the valuation. >> and i mean, you have a very tough coverage space and as i understand it, you have a bi rating on all but two of the names. everything from angie to etsy, far fetch, 5er, lemonade, with

red fin, roku. this is a tough list at what point do you have to reassess the entire valuation framework? how many more months do they have to stay at current prices before we go they're not coming back >> so, look, we've done a few things historically as a group with multiple sales or growth profit with most of the companies now we've said if you can't put a multiple on this year, next year, cash flow or earnings, go out to let's say 2025 and discount it back for the companies you don't have visibility on 2025, they're not names top of modern investors. also themes. anything that's advertising or consumer is hard, unless riltsdser a facebook or alphabet so, perhaps investors should look at something like online dating

should have kind of recovery tail winds for example, etsy, very good company. but off line retailers are still giving share back to -- online retailers are still giving share back to off line and then the question is once that share correction goes back to kind of a normal level, do we have a recession? so, it's super hard. again, i think you've got some of the big names you can get more comp evaluation 24 that's why alphabet hasn't moved too much investors have tried to look at uber super frustrating because it should be a reopening stock. investors are trying to figure out what's working outside of the largest mega caps. none of it is really urking. >> uber's a broken business model. people are tired of waiting.

it was un$100 billion rpo and hr we are which of the franchises do you think is going to survive, come out of this entire period stronger and, in retro spect, making this a great entry point? >> you have the large caps amazon, alphabet, meta, snap all solid and should come out fine at the end of this. in ecommerce, etsy in dating, you have match. we think roku will still be the streaming leader for connected tvs. but again, hard name so, again, you did mention peloton. i think the company gets sold. right now, equity investors don't have the cash to move and take advantage of the present values the question is at what point does private equity come in? obviously twitter's union

situation. there will be additional capital coming to the sector and it may not be from public equity investors. >> that's a great point. we'll leave it there still ahead, netflix on pace for the second straight weekly loss disney is the worst dow stock and paramount has turned negative on the year what's the path forward for the streaming stocks plus adidas sinking to a new 52-week low after they expect the china lockdowns to affected sales for the rest of the year weal with hear from the ceo. and is as we head to break, here's a look at the dow heat map, with energy, apple and wal fwr green's doing pretty well but two out of three stocks are in the red, led to the down side by disney and nike. stay with us ♪ ["fly me to the moon"] ♪

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welcome back to "the exchange." picture changes every hour both s&p and tou down 7% let's check on the sectors for the week and get perspective real estate and consumer discretionary are the biggest laggards and energy is up 9% just since monday and up 46% year to date taking a closer look, wti crude oil hovering around $110 -- 109, i 14d say. you probably noticed this the last couple of days. we're pretty much back towards those highs. some relief there.

it's down almost 7%. mixed bag for the mega cap names. amazon is on pace for the six straight week of losses. apple up 1.2% to 158 let's get to tyler matheson for a cnbc news update in downtown havana, a strong explosion severely damaged a luxury hotel, killing at least four some may be trapped inside cuba's president says a preliminary investigation indicates there may have been a gas leak are unlikely americans were staying at the hotel because it's on the state department list of properties that are off limits for u.s. citizens before that 2020 designation, the hotel was popular with american celebrities like kim kardashian and beyonce an explosion at a four-story building in madrid sent four people to hospitals and less

seriously injured 13 more. the cause unknown but the building was being renovated at the time and joe boyden was dishing out food for u.s. troops in romania on sunday. she'll visit slovakia's border with ukraine and moments ago, reuters quoted u.s. officials as saying president biden will soon sign a new weapons package for ukraine worth at least another $100 million tonight on the news with shep smith, new mexico repairs for an influx of women seeking abortions, as neighboring states prepare to tighten their restrictions if roe verses wade is over turned >> see you then, tyler thank you. still ahead, my next guests said the markets haven't cupitch wlated next. invid you is one of them all 45%. tels luup 40% from its highs and apple off by only 13%. a lock at what makes them so

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the s&p and nasdaq remain on pace for a fifth straight week of losses. my next guest says there's a tell that could predict where markets go from here because of them being such a large part of the broader averages, as they go, so does the rest of the space. joining me is danielle sha, trekter of options at simpler trading. i guess no one would kwibl with their importance but if you could tell us where you think the stocks are are going >> when you're looking at current prices, they're all basically clinging to the lows of the year. they're clinging to support. and i have some key support zones that i think that's when we see cupitchilation. i'm looking at 150 and apple i think that's a key and pivotal level. apple is one of the best stocks in the nasdaq.

it's down the least on the nasdaq if we start to see a movement like that again in the near future, that's where we're going to see a big down side in the index overall. >> and what did you make of yesterday's price action >> yesterday's price action was early because when you look at the reaction after the fed, i was expecting a relief rally we got a pretty big relief rally, right but that was expected because of the high ratio you had a lot of traders short you get the news that wasn't great but wasn't awful and you get a relief rally well, yesterday, when that move was pretty much completely raced, that is very telling for what's to come in the future if you have a fed meeting and you only have one pause tsk day of price action, we're back to are where we started we really don't have a positive catalyst coming up oun the docked and the path of least

resistance and lower if these stocks break, the ones that have been doing the work to hold up these indexes, that's when we're going to go substantially lower. >> so, let's talk about tesla for a moment elawn has to sell because he's trying to buy twitter. and the news has trended better. and what do you make of the way tesla's trading? >> so, tesla is holding up on a technical basis pretty well 1 siddering the likes of roku and paypal and all the other scovid stocks that rally substantially. and so, when you look at tesla, tesla has got to hold up above the $800 price point because if it doesn't, it's going to break in the way that amazon and google have now broken are and so, as of right now, i feel like it's okay and it's holding up and of course we've had all of the elon news that

has impacted that. but if it does start to break down, i mean, just look at hot google and amazon are doing currently. >> and we don't like it. it's one thing when peloton and roku, when they correct from their highs, we say at some point, gravity when you saying amazon and google trading that way these are some of the biggest stocks in the market, biggest businesses in the world and biggest employ -- employer's in the country. >> i mean, that is where things can really get bad if you look back at the.com bust, it was the internet companies and people could have said oh, well that was obvious once it started hitting the manger tech companies, i mean, that's a point we're at right now. and so eem and wr sunerned what

happens if that's our larger cap tech names at the same time, based on what the other market leaders -- previous market leaders, netflix, are doing, it's not looking great. >> i can pick up in your voice what you're trying to say delicately with your words watch about the 150 level for apple. for 800 for tesla and for microsoft, what price level are you watching >> 270 >> that's a one-word answer. and we're at 276 right now so, for these three key stocks levels to watch into next week's activity danielle, it is great to have you here thank you so much. all right. still ahead within, adeedaus shares are under pressure -- under pressure she said. wore going to look at the impact of lockdowns on the quarter and guidance for the rest of the quarr.te

welcome back to "the exchange." tough day for the apparel space. underarm our is plunging after reporting an unexpected loss in its results. now down 55% over the past year. and lulu lemon is down 30% from its record high. adidas hanging in but sliding to a new 52-week low after reporting its results. sboek the ceo of adidas and joins us with? of the highlights weighing on everybody. >> this is a tough spot on the market today and adidas earnings aren't helping the overall mood and his report was a warning sign, he thought for every global market company right now

because china is essentially shutdown sales in china for adidas fell 35%. sales in north america up 9% i asked for more on how lockdowns were effecting production and consumer demand listen >> our supply chain is in tact and 100% so, no disruption at all but you have 45 cities in china either partial or total closed down shanghai has been in closed down since the 27th of march. and that means there's basically no trading so, it's consumer trading in the cities a that are locked down while also, i would say slowdown consumer spending in cities because people are concerned of being impacted by it that's what you're seeing on the chinese side at the same time, rest of asia opening up

wee expect to be back to pause tsk growth in the second quarter. and that means 80% of the business is going to go double digits a very healthy west and economy in china effected by the close down >> using the word decupeling to describe he told me 100% of the factories are operational for adidas, problems remain in shipping. shipping is so bad that, in the u.s., 25% of inventories are usually a in transit that's a normal time the rest are ready for sale. now that number is half of goods are in transit making it harder to fill shelves and get product out toconsumers. he says could last well into 2023 before they start to normalize. we'll hear more from the ceo at 3:00 p.m. on closing bell, including his read on the consumer in the u.s. with all the concerns around

recession and slowdown i asked whether he sees signs of that or in europe, which is much closer to ukraine and the war there. weal with talk, in the 3:00 p.m. hour to the ceo of under armour. >> under armour gross margins dropping it is ugly >> it's ugly and it's a profitability question, to your point. i did talk a bit to patrick, the ceo of under, armour, and gadance came up short on earnings but not on sales. he says we don't have a demand problem. what we have is a shutdown in china and higher supply chain costs. i think bigger surprise is it feels like a lot of their margin

pressure is hannppening around e next quarter a lot of the are retailers and other countries have been feeling it for a number of quarters theirs appears to be happening late so, coming at a particularly surprising and vulnerable time for the stock are you have an excuse like that and the shares get pummelled. it's the lowest since september 2020 >> elwe'll leave it there under armour, by the way, an $11 stock. our next guest says media and entertainment stocks are the place to be. but not all are created equal. this is one of their top picks the name and what makes him so bullish.

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it's been a surprisingly rough 2022 for the live entertainment and sports stocks, whether it's live nation, endeavor group, they're all down big since the start of the year. despite the drop off and huge volatility this week, my next guest maintains it's the roaring 20s for this sector. morgan stanley's managing trekter and head of u.s. research

certainly the companies are are telling us demand is strong. it's just that stocks aren't reward withi -- rewarding investors. >> there are pockets of media that are really strong i know you tell that from stock performance, but their return to live entertainment and particularly live sports is an area where the consumer is spending and attending aggressively and extensive leigh. so we expect to see good results out of some of the names you mentioned including endeavor and it owns the ufc as well as the william morris talent agency and walt disney next week will report earnings and we expect strong theme park results. there are pockets of softness and they continue to put in strong numbers >> does it matter if demand is strong if wage pressures are as bad as they are or pricing pressure -- i should say pricing

power isn't maintained >> yeah. certainly, we are seeing inflation hit the cost side of a lot of these businesses, but so far that's been able to be passed through to the consumer and then some. we saw that with movie ticket prices this morning. we're seeing that in live concerts, live sports and we expect to see really strong per capita spending from the theme park to disney next week so, yes, inflation is an issue, but when you compare it to other parts of the market, we're talking about margin pressure relative to top line and this is a good place to be within tnt. disney is a favorite of yours. a couple of things jump out, and spotify, they're trying to soothe investors and i would love to know why and "the new york times "qwest. >> yeah. so not all streaming or digital,es are competitively or from the growth point of view.

in music, we're streaming music and we're over 50% penetrated in north america and just about 10% globally and prices for streaming music have really not gone up at all in the last 15 years which if you compare that to streaming video, a much different story. so we see a very long runway there and that's part of why we love spotify stocks with one-time sales here and a real catalyst so we feel good about that one in particular we continue to see on the news front, "the new york times" is in its own category and among all streaming services, this is the one that we can accelerate net ad relative to last year which is very different what we are seeing in streaming vid why with the slowing. >> the final word here is do you think the market will come around and eventually reward investors or i'm feeling skeptical today or is it that the business models need to be

inflation for the realities we didn't anticipate we'd be facing >> no. i think the real near-term challenge as you sort of highlight is the good news is not getting rewarded because the market is not sustainable so we'll have to see a number of quarters where it continues to be strong across live entertainment and at the same time, there's a lot of bad news priced into the stocks and we've seen massive multiple compressions so strong fundamentals, we think stocks are cheaper than they were we think it's a good time to buy a burn of these names now. >> quick final word on streaming. does the whole space need to compress and consolidate we just saw warner media, discovery, clothes and that's not going to be the last deal in this space so there will certainly be consolidation of companies and services in order to rationalize the market i actually think in the long term it's going to be a very good business and we're in a business where capital intensity

is very high as is competition growth is slowing and rates are moving up and consolidation will be here for the next couple of years for sure. >> ben, i appreciate you joining us this weekend. i couldn't do serven hours in te car with a toddler my hat's off to you. >> if this market is giving you whiplash, don't look to bitcoin. bitcoin dropping to 36,000 earlier today and it's basically been tracking the moves in the nasdaq we'll take a closer look at the correlation between crypto and tech next. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq

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>> before we go, everybody, one last thing crypto having its own meltdown and there's something about this sell-off that has investors worried. the nasdaq correlation, kate roony is here with more.

kate >> digital currencies are very much at the whim of what's going on in broader markets. bitcoin in particular has been trading like an exaggerated version of the nasdaq. its correlation with tech stocks has gotten tighter in the past few weeks not showing up quite yet as an inflation hedge or safe haven in the short term and it's becoming more mainstream and more adopted by institutional investors. crypto's often the first place people go to sell when they want to take a little bit of risk off the table. the world's largest cryptocurrency fell back under $35,000 this week. that came a couple of days after the fomc meeting when bitcoin flirted with the $40,000 level key level to watch on the down side is now $30,000. there's also been a lot of action in the futures markets with investors betting on the direction of bitcoin versus wanting to get exposure to the cryptocurrency there was a boom with almost a billion there ares worth of open contracts added and that was almost completely wiped away a

day later as traders closed out some of those positions. traders were looking for down side protection and shorting crypto markets and analysts pointed the strong correlation with nasdaq and tech they called some of the bearishness in crypto futures, a quote, ominous sign for broader risk assets. >> it certainly has settled the question of how will it trade and it's more like the nasdaq than gold. kate, a lot of people are hanging on to the institutional participation as kind of a long-term reason or structural reason to stay bullish has there been any shift there in terms of people putting money into the asset >> it's interesting. on squawk box, that's one reason why people see a bottom in crypto, because there's this institutional interest people will come in at a certain price to buy more. so we have seen examples of that and it comes in times of weakness and how much lower will it go and at what price are

people comfortable that's why you see bitcoin outperforming some of the smaller cryptocurrencies and they're not seen as having the same bottom as bitcoin, at least. not getting sure participation thank you very much. kate rooney. economist dave rosenberg says there was a key piece in today's jobs number headed in the wrong direction and it has him worried and he joins us next on "power lunch" which begins right now. ♪ ♪ kelly, thank you very much welcome, everybody, to "power lunch. i'm tyler matheson massive swings, this hour we'll talk about how to navigate the ups and downs and protect your investments to the extent you can. we'll ask our guest for sectors and stocks that can ride out the volatility and a longtime investor is finding opportunity in tech. we'll tell you which stocks she's buying, but first, kelly here to get us caught up on the markets. let's do it. it