fed. just for context, s&p trade friday 4100 to 3700 since last thursday so wide swings bonds are calming down a little bit. the softness in the retail sales number has brought yields in a little bit maybe they won't go into the fed meeting, we're looking for clarity on fedex peckations and how it will react through the summer. >> that will do it for us on squa"squawk on the street." "techcheck" starts right now welcome to "techcheck. i'm carl quintanilla with jon fortt and deirdre bosa hours ahead of the big fed decision, avoiding of more interest rate pressure ahead the crypto crash continues as bitcoin falls nearly 30% in a month. we'll discuss. finally more target cuts for apple ahead of a big union effort in maryland a look at why morgan stanley is getting more bearish this hour. >> the nasdaq seeing a pretty

good bounce as the investors eye the potential hike from the fed this afternoon where should you put your money to work? dom chew u joins us with defens names. >> defensive is the relative term when it comes to stocks and especially with the technology communications services and consumer discretionary sectors of the market, three of the worst performers over the course of this year-to-date period. interest rates play a huge part of that discussion which is why we're talking about those technology-related stocks with regard to what's happening with interest rates if you look at the ten-year treasury note yield versus invest co-qqq trust, one of the things to focus on is the inverse relationship we've seen. as they've gone higher, we've seen the value of the nasdaq, particularly the qqq go lower.

interest rates hitting growth stocks that's a huge part of the story. with regard to the last year's worth of market action, in that nasdaq 100 trade, the stocks that have taken the biggest hits, the growth concerns, the valuation concerns, maybe no surprise are the ones that had massive runs during the pandemic to the upside on great ex expectations and low interest rates. zoom video down 70% and 65% from net netflix. by the way, it's not just them many of the semiconductor stocks have seen bigger declines in that same time span as well. if you take a look at stocks like skyworks or intel or applied materials, many of those names, if you look at those, are also ones that have taken it on the chin as investors are taking that growth picture with interest rates into the part of the investment thesis. those are some of the ones that have been hit the hardest. the ones that have held up

relatively well, albeit with some volatility, have been some of the more cybersecurity and more technology services oriented names, consulting-type names. talking about names like palo alto networks, fort net, cognizant solutions and technologies those stocks over the past year have exhibited at least some positivity or relative flatness during that span it gives you an idea of where maybe some investors are looking if interest rates continue to be part of the story. we'd be remiss, guys, if we didn't look at the meg ka cap trades some are taking it worse than others with regard to the last year the real standout is tesla as volatile as it is, up 13% on the year so far. yes, the green line represents a lot of a roller coaster ride still, alphabet and amazon have taken it the most on the chin with regard to the big mega cap trade. the discussion that needs to be

happen is whether the market declines we've seen have taken valuations to a certain point where there es ooh limited downside by the way, some of the semiconductors john are some with the lowest valuations on a relative basis >> speaking of, you were just talking about amazon and how it has underperformed among the mega caps there, not everybody feels bad. morgan stanley warning high inflation, market volatility and more can hit consumer spending and soon the firm highlighting amazon and match group chew which, uber, while peloton and rent the runway, two names down 65% or more this year could see even more pain ahead they say dee, i hear that particularly on amazon, but i also wonder if this advice takes into account the shifting narrative around amazon it's got to deal with, like azure, its chief competitor

in the cloud space is doing great and microsoft has held up better than amazon because its core business is better positioned, enterprise software versus e-commerce right now. also, if we have a protracted downturn, if, you have to stort of believe that they'll be affected, even though revenues and profits might be insulated, i wonder if their valuations will be. things can get volatile when investors have to kick rocks. >> i'm smiling, jon, because we're simipatico today it's very popular to hear on the program talk about amazon saying in treating aws, the cloud business, as the foundation of amazon value as it's come down so much. is there another shoe to drop here exactly, jon, what you're talking about. will we see perhaps a lowtion, carl yes, the e-commerce core stuff is out of the way now priced

into the stock, but is there a potential slowdown in aws that's being priced in? >> a lot of these names are being sandwiched between a potential slowdown in the consumer, one is the downgrade of sonos today and a down graed or slow down in enterprise people will be looking for names that will navigate between that rock and a hard place. >> the sonos one is interesting because they're already supply constrained, managed to maintain margins in this environment, relatively small market share. we'll see how that plays out apart from amazon, our next guest sees the entire tech sector pay off in the long-term, pointing out companies in the sector generate twice as much free cash flow as the rest of the s&p and as prices have fallen, the space no longer looks so over valued >> joining us credit suisse's jonathan galand. i guess if you've made good

decisions and you've got cash to invest now, the question isn't so much should you put it to work it's what to prioritize, how much to buy and how soon start with what to prioritize. >> well, you know, first of all, i'm dying to upgrade technology. i've been overweight technology for the last decade. at the beginning of the year we downgraded the tech sector for a variety of reasons the first thing, it was extremely overvalued along with other growth stocks. right now it is no longer overly expensive. it's more expensive than the markets, but remember, these are much better long-term franchises they should trade at some -- they're not trading at tes at all unreasonable right now the second issue is that in a high inflationary environment, they just don't do as well as certain other areas like energy

or materials and things of that nature that's proven to be true, and that probably will continue to be true. but the third is that for some reason the mega cap tech companies for the last decade have just done incredibly well relative to the rest of the market on earnings, and that story has really broken down this year. the first quarter the earnings were weaker by a lot compared to the rest of the market and forecast from wall street analysts, whether it be credit suisse or elsewhere in the industry are that the second quarter is going to see weaker tech earnings again, especially in those big tech companies that make up so much of the benchmark. we're keeping that neutral weight and choosing to be in some of those other areas. now, defensive shares, utilities and staples and things like that, by and large they are extremely expensive for really weak growth.

unless you think we're going over the recessionary cliff, i don't think you want to be there either >> okay. so when do you get back in to tech and do you prioritize the big stalwarts that have had their valuations pulled in, or do you prioritize the smaller upstart names that are still going to have enough capital to weather the storm? amazon is one of the big names -- sorry apple is one of the big names still above $2 trillion in market cap amazon is barely holding on to 1 trillion. >> they're not all exactly the same such different markets obviously you have retail exposure in amazon and actually nvidia and microsoft are holding up better, and then on the social media names, advertising has been under a fair bit of pressure given some of the things going on in the economy right now small cap stocks broadly across the market look

much more attractive than these bigger names so when is the time? the more concerned you are about a recession, the more that you should be in these big cap tech names. i think it may be a little bit early, but as the economy moves in that direction, i think these guys are going to get their win. as far as, again, the valuation story, the beginning of the year, the most expensive stocks across the market were trading at nose bleed 1999 level that story is over the extension of these darling stocks, they've gotten beaten up the valuations are fair. the downside risk if you want to get back into tech, the downside is much, much more limited than it was only a couple months ago which does make your risk of making a mistake much lower. >> jonathan, what about the

upside is the upside limited as well? you said unless we think we're going over the recessionary cliff, this isn't a bad place to be many people think we are going over that cliff. we always look at amazon, but there are companies still around but has never ap chooefd or come close to the peaks we saw then >> let's take a look at the earnings of the tech sector broadly. you can see that across virtually every subgroup, whether it's hardware, whether it's software, semis, the 2022 earnings are expected to be weak so it's not only a weak first quarter, second quarter as well. if you look at the expectations for next year, they're expected to rebound and the rest of the market is expected to deter

deteriorate. if you look at the earnings story, not only is it a question are these better names in a recession. the answer is clearly yes. if you think we're moving that way, i would much rather buy a tech stock than a consumer staple name that doesn't have the potential upside by and large, while it may not be the time in the cycle to be buying tech in a period of higher inflation, these are superior companies the cash flow generation of these names are truly superior the franchises do have moats around them. there are winners, the question is a timing issue more than anything else. >> so given that, jonathan, at this point, if you had to choose directionally, would you be leaning toward consumer tech or enterprise tech? >> oh, gosh. that's a really -- by and large what we're seeing is the consumer stocks are having a harder time, whether they're in technology space or elsewhere.

i think that as labor becomes so tight, there's incentive from an enterprise perspective to do everything you can to substitute labor for technology if you force me to make a decision, it would definitely be enterprise. >> all right love that specific answer, jonathan thank you. switching gears to netflix callan is out signaling a less costly add-supported option could lead to significant multiyear revenue opportunity. john, always great to have you back good morning >> good morning. thanks for having me >> analysts have had years to model this out now that we know it's actually going to happen after them being stubborn for so long, how do they monetize it how does it move the needle? >> we spent a lot of time on it. let's start with the new member opportunity. our may 2022 survey data

suggests if netflix launches a lower price ad tier in the fourth quarter, they could add 4 million new members in the u.s. and canada in 2023, and that's based on 18% of non-members suggested they were either extremely likely or somewhat likely to sign up for a new ad tier what does that mean? they add 4 million new members, we sized it at about $900 million, that's about 6% upside to our 2023 revenue forecast if we unpack it a little bit, we get to about $17 of revenue per member per month, and that's broken out two ways. one is the sub fee we're estimating they'll charge $6.99 for a monthly sub fee. that's around some of the other services and about 30% below the basic tier at netflix. and the other part of it is the ad revenue, estimating $10 per

month in ad revenue. so net-net $17 is a good outcome. whether that's for new members or switchers, which i want to get to net-net we think it's a good rult year revenue opportunity for the company. >> two questions, john one is, if it's going to work so well, why didn't they do it earlier? and two, does it allow them to keep their petal to the metal on production cost? >> yes after the work we've published today, they probably should have done it years ago. the company needs some cad lifts given where it's fallen to this year this is a definitive catalyst along with cracking down on password sharing but as relates to the work we did just going back to it, the other part that the market should understand in our view is the potential switchers. we asked existing members, would

you switch to an ad tier 41% said they should switch to an ad-tooefrmt they have three different tiers. when we broke it down, half of the basic tier members said they would switch to an ad tier 40% of the standard and premium would switch to an ad tier it gets to about $16 a month which is 8% higher than what netflix reported for canada in the first quarter. that's clearly positive. the other thing i would call it that was interesting, if you have half of your basic tier members that are going to switch to an ad tier and paying less, they'll feel good about that they'll be generating $17 a month for the company versus paying $9.99 they should have done it earlier, but i think taking the

potential opportunity for new members plus the switchers, again, it's a big opportunity for them >> john, i can't help but think that maybe we're looking at the wrong problem here yes, it's great they could add new members and crack down on password sharing isn't there a bigger existential problem and that is in their content in losing out to the likes of hbo max, apple tv plus. $18 billion on content this year and not that many hits to show for it >> yeah. i hear you, and that's been much discussed in the investment community. one thing that we did include in the report, and we asked this -- have been asking this every month, who has the best content? netflix is number one. so i understand that they need to develop great franchises like other firms, but from our cowen

survey, consumers are fickle we'd like to see more and better content. they're working on it. you're right it's gotten more competitive in recent years but they're doing what they can, and again just falling back on our survey data which is that folks are saying netflix still has the best content. >> john, i'm not really a basketball guy, but it's the nba finals, so i try to be timely. they've got the best content, but do they also just sort of have the most content that nobody cares about they throw up a lot of shots it seems like long term you want the highest shot percentage, so spend the least on the best content you can. that's what franchises get you, and keep pogs possession the longest, lower churn and then you tend to win how do they get more efficient sure they've got a lot of great content, but probably have a lot of stuff they're spending a lot of money on that really isn't

doing for them what it should. how do they close that gap >> they probably have choices to make i know they've been working on animation and we haven't really seen anything there. i would say, jon, internationally i think they have a pretty wide bead relative to hbo max, disney plus because they're developing content in about 50 countries a lot of the competitors, their content that they produce is already been syndicated to other platforms. i would say this is a global play yes, they need more franchises, but also on the global basis, they have a pretty wide lead in terms of content, but i hear you. we hope it gets better but at the same time, again, going back to our survey, people -- they feel like they have the best content and i think they're working on it.

>> well, now we have the real life squid game to go on we'll see how that develops, john we'll talk to you soon john blackledge. >> the squid streaming games. apple faces a key unionization vote today. "techcheck" is just getting started.

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it's unbeatable internet for a more unbeatable gru. i mean, you. time for gut check on hardware morgan stanley is becoming increasingly cautious, writing today in a new survey more than 50% of respondents expect to spend less in the next six months regardless of income demographics analysts coming up across i.t. hardware apple the only overweight, predicting tim cook can better guard against supply chain pressure the report says we believe consensus estimates still need to come down to reflect consumer spe spending apple is down 9% over the last week. >> when you say apple three times, steve kovach appears. retail workers at a store in maryland kicking off their union

election in a high-stakes labor battle for the tech giant that could see the company's first union in the u.s steve kovach joins us with the latest. >> like beetlejuice, right apple retail employees in maryland are beginning the first historic unionization vote about 100 employees eligible to vote the voting starts now and goes through saturday they need a simple majority to win. we're expecting these results to come in late saturday night. this will be the first apple retail location unionized if it's successful. this comes aztec companies face unprecedented labor movements. efforts at amazon, activision and even google in the last couple years apple got ahead of the votes now. raised pay last month to $22 an hour at the starting level and offering more flexible hours to retail workers, especially in the evening shift. there's another store trying to uni unionize, the grand central terminal store is gathering signatures right now in fact, tim cook visited

employees at this store just last week. he was there touring a bunch of stores in new york city and stopped by these employees apple has said it offers a lot to employees among -- they pay among the highest in retail plus offer apple stock, parental leave and other benefits they see as a way to engage with their employees and combat the unionization efforts. here is what i'm really watching if apple appeals the vote, if this union wins, that will signal a big and different attitude than what we've seen from amazon which is appealing the decision in the staten island warehouse, and starbucks as well, guys. >> it's kind of a difficult calculation for workers, right by apple showing up, tim cook kind of isn't, they're saying, hey, we're listening to you. do you want to give a percentage of your paycheck to the union to get them to do the listening for you when tim cook is right here?

is there the sense that apple's approach -- >> i will say i spoke to one of the union organizers last week at the towson store. they're like, we know we're a small store, not a big flagship. the fact that deirdre o'brien, the head of retail showed up the workers can see through it the fact that the big boss is coming by says that they're on to something. >> good stuff, steve steve kovach talking apple today. bitcoin down 30% in a week our next guest calling the crash the worst part of the banking crisis was with ne onof its consumer protections we're talk about it. back in three.

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retail sales fell .3% last month surprising economists who expected a small increase. a shortage of motor vehicles scaled back car sales. gas prices pulled spending from other items. rising mortgage rates are putting a damper on loan demand. mortgage applications rose this past week, but less than half of what they were a year ago. the average 30-year mortgage rate jumped above the 6% mark. builder sentiment fell to a two-year low in the latest reading from the national association of home builders rilders are concerned about the rapidly rising cost of construction materials netflix is planning a reality competition. you're never going to believe this, based on the popular "squid game" series. participants will play a series of games inspired by the show. i know what you're thinking. you're like, wait a minute, they mostly ended in death. in this case apparently that won't happen they will battle, though, for

more than 4.5 million prize. netflix says it's the largest lump sum prize in reality tv show history what a concept deirdre. >> this is still disturbing to me, contessa, because it means we're getting closer to the life-or-death scenario. >> next up lions and gladiators in the coliseum. bitcoin down today, losses to over 25% in the last week crypto-related strikes are taking a hit all well off the high for the year micro strategy michael saylor who waged the strategy on his balance sheet, he's still bullish. take a listen. >> bitcoin is backed by the most powerful secure computer network in the world if gave you $100 billion, you can'treproduce it. it's beyond a nation attack, a

corporate attack once you understand that and there's nothing like it in the world, this is an ideal entry point to get into this thing. >> joining us to discuss, crypto investor katherine wu, formally with coinbase ventures and an outspoken critic of crypto what saylor said is something we've heard for years. at a different moment with rising interest rates. this could be a different crypto winter than what we've seen. my question, perhaps for investors not in the space as well, does the sell-off, the high-profile blowoffs, will we see a risk to the greater economy or do you think this will be contained ultimately within the world of crypto >> this is the question with every crypto crash there's an argument that this is a tick cal thing that happens in the crypto world i would argue what we're seeing

now, almost a parity of the 2008 crisis where crypto was born as a reaction of the 2008 crisis and instead of creating the ultimate world they claim to have done, they made a 19th century, unregulated version of the same things that brought down the banking systems in that year whether it's this time or next time, all these thousands of cryptocurrencies unregulated that are run by god knows who, at some point this is going to be the big one it's a question of whether this time is it. >> katherine, my question, is there spill-over effect? anywhere in the crypto space whether that's a stable coin like tether, that could crash that would have spillover effects on the greater economy >> there's a couple things to consider first is deals are slow, prices are down, valuations -- total

crypto market cap has fallen there's certainly a lot of stress on companies. layoffs are happening so i don't want to sugarcoat what's happening. at the same time i don't think this marks the end of crypto there's a couple of considerations first, crypto has been around for over a decade. this is the third downturn in that period. so the downturn is nothing new we're coming off a bull market with a lot of talent inflows and infrastructure builds. this is probably one of the first correlated macro downturns. i think it's probably because the bull run was caused by macro factors, but i don't know that in my opinion this spells the end for crypto at this time. >> does it have to be all or nothing, katherine i'll take bitcoin specifically, has never really existed outside of a bull market i question how much it makes

sense to look at other crypto winters within a bull market can you give me a good reason why bitcoin won't go to 10,000 or even 5,000 over the next few months since it went from 60 to almost 0 >> i can't predict the prices. it can go up or down we know crypto assets is pretty volatile you have more sovereign nation interest bitcoin is legal tender in more than one country so i think there is probably enough interest to -- look, i can't predict prices, right? but i think the point -- >> but the price point is pretty important, particularly to retail investors, many of whom were sold on this idea that the technology is so great and it's so scarce. that's what saylor was saying this morning, it's a great computer network and, therefore, the prices will hold up.

i wonder why this is different from open source people said open source is going to rock the world of software and take out the microsofts of the world. open source did rock the world of software but it didn't take out microsoft. microsoft adopted it might we get to the point where the financial system adopts blockchain technology but the individual cryptocurrencies continue to go down in value and don't go back up >> there's a couple differences. bitcoin is one in the broader ecosystem. it's digital gold or alternative store value. bitcoin is one aspect but there's still so much happening in the crypto ecosystem. for example, ethereum i think is strong the ecosystem is healthy so many things within ethereum there's so many subcategories and i think a lot of the value and activity and usage and applications are built on other types of protocols or other types of ecosystems.

so there's bitcoin obviously a big part of the crypto ecosystem, but a lot of other things happening. >> i want to get back to my first question on spillover effects. i didn't hear you answer that. do you think there's any part of this market that could hurt the greater economy or the greater markets outside of crypto? >> i think we're finally at a stage where crypto is big enough where it can have spillover ef sfekts i think the thing to watch is stable coins if one of those collapses, particularly tether, which a lot of people including myself is built on a pyramid of fraud, then that's going to be a big enough crash to collapse certainly all of cryptocurrency and will have spillover effect outside of it. it was supposed to be completely decoupled from government policy, supposed to be the centralized entities and exchanges were supposed to have no impact at all on what was fundamentally a populist and

decentralized uncontrollable protocol a difference between what was promised and delivered is aa consistent theme in cryptocurrency failure. >> katherine, i can understand why you wantto get away from the price talk let's talk about the technology behind cryptocurrency. michael saylor said thing bitcoin is programmable. can you give us an example of an innovative company that is not an exchange or marketplace >> there are so many examples of companies that are built today that wasn't even possible three years ago. i want to hammer home the point that there's so much infrastructure being built and even in the short three years, so many companies are possible, business models that are possible that were not possible before anything nft related protocols can use zora to create smart contract instead of a new one. infrastructure is awesome now

and so one of the really big trends in the crypto space that i'm seeing is nfts and that's one of the rise of new nfts, bypassing the middle name, recording labels i think the economy which is a hot and thriving topic, i think that can be a game-changer there's so many use cases depending on who you are i can talk about this for hours. that's just something that's top of mind for me. >> thank you so much for being with us today. >> thank you one more name getting hit by the crypto selloff is robinhood. atlantic down grades the sale this morning and forecasts a bigger decline in usership ahead. shares down 60% since january. as you well know, $7.00 a share now. stay with us

elon musk saving no kind wards for his ev competition this week saying, quote, unless something changes significantly with rivian and lucid, they will both go bang result, adding if they don't automatically cut costs, they're in deep trouble they did take a hit alongside lordstown motors off 70% from the highs it leaves them with more than $5 billion of cash on hand at the end of q1 which they say will

fund operations well into next year >> i hear you. the path is not unsimilar to what we've seen from tesla, jon. it's that they're doing it in a very different market environment. they'll have to continue to raise money. that's going to be a difficult thing to do in the current equity markets these numbers are pretty astounding some is their timing. rivian raised a lot of money at just the right time, $15 billion. >> maybe this is a compliment saying you guys are just like tesla in 2018. remember production hell they had to -- they're saying good look guys. coming up, are hybrid work meetings broken with lay-offs and more across the industry, we're talking the future of work with the "wall street journal's" dot jonate n'go away. ♪ (sha bop sha bop) ♪ ♪ are the stars out tonight? (sha bop sha bop) ♪

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quick shoek on snowflake the price target remains unchanged at 185 with healthy demand, increased consumption, better monization. they say all driving up. quote, that gives us an opportunity to step up snow snowflake's shares are up by more than 5%

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we're also hiring people in boise who never went to an office in the bay area so our talent strategy includes providing the flexibility to go to an office if you live near an office and to work remotely if that's what you want to do or if you don't live next to an officer. that flexibility -- good pay with flexible sort of work practices i think is another big thing.

we are definitely seeing employees from companies who are saying you have to come back to the office, and especially data scientists and computer scientists they're like, i don't think so. >> that's core sera ceo on how the company is embracing remote work hiring in boise to fix them here to discuss, cnbc contributor "the wall street journal" tech columnist joanna stern. is tech going to fix meetings? >> i think it broke meetings so it has to now fix meetings, i think that's how tech works, breaks things, then fixes. i love what he said. workers are demanding the flexibility and that is the trend. now we have this issue, we have some people in the office sitting around a conference table, some people at home and meetings are a mess. you are looking at i described it as poly pocket situation. you're at home, top down view of the conference room, don't know

who to talk to, where to talk, ultimately nothing is getting done in meetings especially for people from home microsofts of the world, google, zoom, are stepping up with different tools. talk about two tools there's a software solution that's odd, you bring your laptop to meetings, google and microsoft are encouraging employees at their own campuses to start doing this. then the other solution is on the hardware side, upgrading to better av equipment, having cameras upgraded, they use ai to zoom in on people talking. lots of technology being invested into this space asking will we fix it, good chance it gets better. >> this is great except i am queasy about the approach making the meeting worse for everybody by having them on happelaptops, if physically present. seems like leaders are trying to

figure out are laptop meetings the norm for meetings or a tool for extra stuff. let's be fair to people that are remote it doesn't feel sustainable to me >> no. the laptop meeting thing is sort of a mess. i talk about that in the column. google and microsoft have rolled out tools to make it better, right? they have tools where you open up the laptop, turn on the web cam so people can see you in the conference room on your laptop, have the more personalized view or turn it off and participate with chats and that kind of thing. this is not new, before pandemic we were all in meetings, on laptops, distracted, not focused on meetings. that's my biggest concern about laptops, to be honest. >> joanna, it feels like workers want hybrid work but a lot of executives and ceos don't want it to work you hear from some publicly or privately say they lost the war, their employees aren't coming in, despite their wishes

do you think if they're not on board to get this technology in place, maybe they would be happier to let the hell of the hybrid meeting exist because maybe it will force workers to come in. is it going to work? >> well, i think it remains to be seen. if you have workers that are just in meetings and nothing productive is happening, you'll have frustrated people, they're not going to enjoy their jobs and be productive. on the other side, investment has to be made talked to the ceo for this piece, and he is saying we are seeing lots of companies, biggest growth area for them in conference room equipment, upgrading cameras and audio. $2 billion business for them top brass has to think about what to invest in to make meetings more productive or just don't have meetings. >> different things are at work. one is they wrote he home

fatigue is setting in, there's more people interested in coming into the office. i think new york city had 40% office occupancy, first time since the pandemic then a growing narrative that it will become work from home or hybrid work will be the newest form of nine cash compensation, meaning it is what hr offices lure you rather than pay you in stock or cash. i wonder if you think it makes sense. >> i hear on all those, heard a lot of that reporting of the story. the big question becomes on perks, how far a company is willing to go, how far a manager is willing to go to bring it back to tech, will they have the tools to enable that better situation and ultimately managersare responsible for productivity of the team if they don't have tech tools to do that and are not able to do that, and if the tech companies are not providing some of that, yeah, we may end up all back in the office but we heard from the ceo at the beginning of this segment that this is the future for the

company for getting in the top talent it comes down to that. i will plug that i don't think the metaverse is the answer. i would rather hit the train and community than put on the headset and deal with flaky software >> thank you for joining us for this video meeting >> i will join you i will join in person or metaverse. >> we are right here see you later. nasdaq up almost 2%. back in a moment new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. this is evolving from gym to global media company. this is connecting your people and content in one place.

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kevin, kevin, kevin. one more thing tiktok taking on youtube for those of you that haven't watched a short, the product launched globally less than a year ago you can post videos under 60 seconds. google said they would begin shorts and youtubes in advertising plans and needs that boost after ad revenue fell short of expectations last

quarter. not really apples to apples comparisons. it does speak to alphabet and the proposition as we go into another fed meeting what some guests say, diversification that can better protect against recession and rising interest rates. >> dee, i have been thinking about this since your interview with sundar pichai when he said we started with shorts, we have gotten bigger than that. youtube is in a class of its own for engagement on lengthy content. i don't think we've seen whether tiktok can match that. >> that would be interesting, the way in which auto play helps you move to the next video we'll see how it plays on longer form work. >> absolutely. meanwhile, carl, the nasdaq continues outperform, up 1.75% heading into an important afternoon. >> yep surprise build in oil

inventories, that means oil, west texas is back to 117 or so. we'll watch that overall, fairly steady story all day. the vix around 30. ten year has been steady around 3, 4, and the thinking is 75 basis points this afternoon, there are 3% odds of a 100 basis point move later today let's get to the judge and the half. carl, thanks very much welcome to the halftime report scott wapner front and center, decision day for the fed, fallout for your money. we discuss and debate today with the investment committee less than two hours from the big fed decision carrie firestone, kevin oh lear oh, jon najarian, and joe ter november a and jim lebenthal we are trying to hang onto positive territory we are 30,543. that means 177 to the up