way, playing a very sad tune for those. the numbers themselves are extraordinary. we are out of time it shows you losses like that, how incredibly wealthy, the accretion of wealth that's happened these last few years. >> 100%. that's why the wealth effect is going to take longer to kick in. because there is so much wealth and that big cushion at the top. that's going to do it for us on "squawk on the street." that's robert frank. see you next week. tecumseh starts now. good friday morning, welcome to tecumseh. i'm deirdre bosa, coming to you from the home the winning warriors we have got an argued for a near term rally, perhaps some opportunity, then adobe shares cloud surge. more on what a report means for

the rest of technology speaking of storm clouds, specific warnings for the ad market we will look at media entertainment internet stocks. first, it is the broader market and tech's underperformance. mike santoli is looking at all of it. mike >> yeah, this is pretty dramatic and really pretty protracted at this point payback phase for the multiyear strength you had concentrated in growth stocks coming up to the peak in january, actually, november for the nasdaq. look at the forward valuation, the price earnings multiple for the nasdaq 100 stocks. of course this is heavily, heavily skewed to the top five biggest most profitable firms. you see just complete kind of unwind of that huge surge of excitement embedded in the valuations we got above 30. now just for 20 at the last reading. 19.9 or something like that. it does take you essentially back to this range that prevailed or capped valuations

in 2017 into 2019. it is worth remembering even before we got into covid pandemic style trading people were saying the market was too aet concentrated in faang like stocks that's the level valuations got up to. they are beating stilts for this period and earnings were growing fast clearly this is as reliable as the underlying earnings it shows you we are back in the range of something like normal. this is a ten-year chart it was a lot cheaper back here apple was a lot of it. this is the share price not the valuation but it goes back to three years to capture where it was right here, right before the pandemic you don't want to be too cute and say somehow we have to have penance and say all of these stocks need to go back to before the crash and then boost during the pandemic but there is a lot of room ear for stocks like apple. v their earnings are going great, not to say they have to hand back all of it. but you are talking about $80 a

share is where we were before this so a lot of room still look at microsoft. somewhat similar story it is really apple and microsoft that have retained a lot of that premium because of the steadiness, because of the great balance sheets and because of the markets that they serve in their franchises right here, you are about 180 if you wanted to get back there nothing says it has to go round trip, but that's where it would land if in fact that's what we were doing. >> i know it's a little bit of a second derivative. we are a tech show it is hard to ignore oil at 110 this morning worst week for wholesale gasoline since march of 2020 down 1% for the week. >> absolutely. >> what what degree whether it get absorbed in farther afield names like tech? >> i actually feel that's almost a net positive not just for tech but for stocks in general if we continue that way. we have gotten to a place where one there is nowhere to hide in market and it is across the

board loss asks nobody feels like never got it figured out. that's good thing for the psychology of it also, if commodity based inflation shows signs of backing off on its own, sure fed is going to do what the fed is going to do, maybe there is flexibility there. i would be watching that it used to be the thing that tech used to trade inverse to energy and value and real asset type things. we will see if that holds up. >> right mike santoli, thank you. from apple and microsoft, let's turn to adobe. that stock falling a little bit more than 2.5% this morning so far after q2 earnings modestly beat but the guide fell short on dollar head winds and expectations of an unusually slow summer. management said they are confident on demand through the end of the year. the opposite reaction we saw from oracle's post earning pop on tuesday there are little cracks in the software story

oracle's results were strong, adobe's also strong, might not be a big deal but we will continue to watch the guidance from software high flyers this earnings season. companies might say they are confident things will pick up in q4 but there are a lot of people unsure whether inventories and consumer spending are going to be there when we get there, to q4. >> right, like you, john, i was loc also interested in that demand side of the story. demand remains strong, but there does seem to be, carl, perhaps a little bit of skepticism on the street morgan stanley writing this morning there is emerging competitive concerns which we have talked about this the past. that would be more of a fundamental problem. i don't know if that's good for bad for the markets, carl, because that would be adobe specific when we are going into earnings season, and this is an early reporter we are going to look for some of those trends with the macro and

4x for the names that are going to come. >> we talked yesterday going into the print about the importance of the guidance and investments and margins and keeping the guidance intact n. morgan stanley's view, john, keeps q4 a hockey stick. but everything is company specific until they all add up this is now the seventh quarter out of eight where adobe has traded don't on earnings. >> yeah. we had snowflake saying we have just a few customers that are affected don't see it as a broader issue. smart things saying we are strong but being cautious in our guide. adobe, excellent in the cher but q4 is going to be -- i don't know we will see how the other software reports come out. but like you said, carl. meantime, our next guest is a longtime bear but sees some reasons for near term bullishness noting the nasdaq 100 is trading 25% below the 50

week moving average. sven, great to have you back are you characterizing this as a bear market bounce that sounds pretty sizable for one. >> it is hi, carl it is not inconsistent with what we saw in 2000 and 2008. as pervasive as this sell-off has been since january with these various smaller counter-rallies in between we are still lacking this kind of classic bear market rally that's actually a lot more severe part of what is driving is here is is basically the technical indicators that have shown us to be extremely on the low end and extreme side, bpmdx is below the 200 day at 7 these are not the lows but it is speaking to an imbalance in the market and the week e50 ma shows we are

slowing in the market as we are approaching the 200 ma that's one of those key classic moving averages on the s&p if you drop sustained below that, all bets are off and things can get really ugly like they did in 2008 we haven't crossed that threshold yet. we maytag it if we do, it suggests we are setting up for a larger bear market rally, if yields cooperate. >> that is a big if. how nimble would you have to be, sven, to and a half gate path? is that something that you think individual investors would be wise to pursue fit happens >> you know, as active traders, we are obviously very disciplined with stop management and so you have got to be aware where the risk levels are and be able to then make an adjustment if you need to from our perspective, you know, within the next two, three percent or from here, we are setting up for a such a rally.

again, i have to tighten -- link this to the ten-year yield for example. in may we had a big rally off of the ten-year hitting 3.2%, then dropping right? and now that the ten-year has made new highs we see obviously new lows in markets. so they are very much intertwined. interesting enough, yesterday as we made these new lows, the ten-year dropped off of its highs, and it's also now in a new pattern that has me suggesting that eventually the ten-year is going to drop. and it has to drop because let's be absolutely clear, yields this high is not consistent with a soft landing at all the market needs relief on that, otherwise it's going a lot lower. >> right so, sven, you have been pretty critical of the fed and chair jerome powell. what did you make of that 75 basis point? was it enough? what do you expect going forward to get those yields down >> first of all, it's welcome. but it's been fairly laid here,

from my perspective. they should have started last year, basically. and they are dragging their feet and now they are projecting a 3.8% fed funds rate for next year while at the same time insisting on positive gdp growth i think that's a bit disingenuous because the market is already at levels where the ten-year is at now, 3.4%, clearly signaling recession risk is strong second, while chair powell keeps insisting on a strong consumer and a strong economy, we -- we seeing significantly rollovers everywhere, retail sales, philly fed, you name it, housing, obviously. each the atlanta fed's only gdp model has dropped down to zeroess percent. my concern is that the fed is misjudging or sweet talking the economy visa vees what is actually happening on the ground to me that remains a risk factor

that maybe now they are overdoing it on the other side. >> about the bear market rally possibility help me out here on technicals does the unprecedented fed-fuelled march higher that we have seen in equities for the past decade, does it screw with some of that and with the historical comps because even when i look at charts, and you know, people -- mutual funds and indices and what they have done over the last ten years i am like you have got to show me 20 or 30 or -- something, right, because the past ten years have been kind of like sugar rush. >> total loochlt i think it is important fo for everyone to understand, we all have been trained that recessions or rather, bear markets are very short because on every step of the way, the central banks have intervened frankly, the setup we have right now with the major bear market, economy slowing down, this is typically where they would intervene, but now they can't. so that's absolutely a risk and

they haven't really started on qt so the market is clearly still very highly valued vis-a-vis history. so that presents downside risk i totally acknowledge that i am not blind to downside risk. i am saying from a technical perspective, this could be setting up, especially with quarter end, with rebalancing and so if rgt. >> yeah, we definitely, definitely pay attention to quarter ends and month ends. sven, great to see you, until next time. >> thanks, carl, take care. we will turn now to twitter. that all hands meeting between elon musk and the platform's staff reportedly covering a lot of ground including but not limited to free speech, employee layoffs. steve joins us to breaket down everything that comes out of there sounds like elon musk being very elon musky. a lot of top of the head ambitions and promises but that's how he operates,

right? >> yes that's right and my biggest takeaway is he did very little to alleviate employees worries coming into the meeting. remote work, lives on the life front he kind of said, look, if you are valuable to the company, you can stay that's really subjective we learned this morning he fired a bunch of spacex employees for writing an open little letter critical of his public behavior, and that kind of plays into the free speech thing, too it kind of calls into question, you know, how truthful is he being when he says he is a free speech absolutist and in his own companies he is firing employ yes, sir for speaking out. that's another element probably worrying twitter employees when they look at this. also a lot of slack messages from employees leaked out last night and he responded of the quote, interesting the slack messages were critical of the things he was saying can the lack of clarity he was

giving to employees of this company he was about to take over they are rightfully concerned. the thing i noticed was he kind of has a list of employees inside of twitter who disagree with him it is going to be interesting how it shakes out if he ends up buying the company. >> i guess we have hints on how it might shake out base on what spacex is doing this week. also, i noticed something about remote work and lives. exceptional employees, he seemed to imply can continue to remotely also, exceptional employees don't have to worry about being laid off basically, if you are asked to come into the office you should look for another job but he was absolute at his other companies. 40 hours week or quit and get out bus we want new the office 40 hours a week. the previous ceos of twitter, jack dorsey, two years ago said hey, you guys can work from home forever. well, new that's kinds in question now, if elon ends up taking over the company. it is clear what his thinking is you have to be a good employee, you have to dedicate yourself to

the company you are working for. you have to be just as driven as he is. and he just takes that into account for everything we have heard all of these stories about how he thinks employees should be working and thinking and then, again, on the free speech issue, it seems to only apply externally but if the criticism lands on him, there could be some punishment there >> steve, there is a lot of criticism of that meeting. there is a lot that he didn't address. and some confusing parts as well let me take the other side of this i mean, it seems that he spoke with confidence and with enthusiasm when i said earlier this is kinds of how musk operates this is how he operated as tesla as well. he has these big ambitions, sometimes on a whim and, he has a to carry them out in terms of tesla they have been quaerd out well. >> the most definitive and clear thing he said yesterday was he is going to be involved in product. maybe he won't be ceo or will be

ceo temporarily of twitter but, look, he's very much involved or thinking about being involved in the product side he wants to get to a billion users. he wants to mimic the sense of we khat and tiktok in china, make twitter a super app where you live in there and do everything from socializing to game asking so forth then there is a crypto/fintech angle to ate all, too. the only clarity i saw and believe, frankly, was that he wants to be heavily, heavily involved in the product development at twitter >> yeah. and that's an important point. we will see how he does it if he does it, even. steve, thank you so much. >> thanks, guys. still to come this hour, are storm clouds developing over the advertising space? plus, what's next for crypto and this downgrade of roblox meantime, the nasdaq almost up a full percent there energy is pulling the back, and yields as well tecumseh just getting started.

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(. let's get a gut check on roku shares up alittle less than 1% off the highs of the session after announcing a new partnership with walmart, where roku users can purchase walmart products with their remotes while streaming. roku down more than 60% year to date. our next guest sees choppy waters ahead especially when it comes to advertising saying in addition to the macro head winds, amazon's ad business is increasingly becoming a threat to traditional players joining us, jess de wave good morning. >> thank you for having me hi. >> are we talking about real problems or just coming off the boil and is this about macro or competition, or both >> i think it is both. obviously, there are macro head winds, issues with inflation,

supply chain, labor shortages. and now add on to that amazon walmart -- you just mentioned walmart. i mean they are taking chunks of advertising dollars out of the market from traditional media companies. >> where does this lead us in the way of stock selection i mean, does disney fit better because, i don't know, it is more leveraged to travel and leisure? walk us through some your playbooks. >> not to be total -- the market is tepid right now ask the timing is poor because the traditional media companies are in the middle of the up front advertising markets where they typically sell 70 to 80% of their inventory, maybe this year, 60 to 70 percent but the sill letter lining is they all have streaming platforms and the money will be going there. that's where the viewers are going. you see movies coming back in a big way. the box office for the summer looks strong cars we will get some supply,

and that will be positive. obviously, political as well in terms of companies, i think the companies with kind of the strongest outlook over the next, say, 12 to 18 months, would be disney and warner bros./discovery and probably fox as well. they have very strong -- in the case of disney and warper brothers discovery they have very strong streaming platforms. >> disney is under 100, which is remarkable media stocks have been getting clobbered, including comcast, the parent this network. what do you expect to happen in a slow economy to media this time brand advertising versus performance advertising especially good afternoon thousand that you have got these streaming networks that can perform a little bit more like digital advertising and, you know, this move from roku and walmart is interesting, which is, you know, turning the

streaming experience into click and buy. >> right so, companies that spend into a recession typically emerge much stronger so we will see but the things that drive -- that drive subscribers for direct to consumer platforms are sports and movies. that's subscriber acquisition. you ned to have deep libraries which many of the companies have but their advertising is targeted -- service will be strong. they will have advantages against companies like netflix where they are moving into advertising but they may not have the roits to put advertising inn all of their content. they are pricing at a higher level than these other services. so that may be an issue as they introduce a new service. and, you know, so -- well, there are just issues, but i think for the traditional media companies,

they generally have good experience with advertising and should be in a fairly strong position to really drive direct to consumer targeted advertising. >> jessica, i would love to get your take on kind of a new group that's looking to advertise. that is the gig economy. if we get into cars s 1, ad should feature heavily from everything i am told their public companies like door dash and uber looking to advertising. can they successfully do so? are they too late. >> you want reach. this is -- this is a big issue in sports as new contracts come up having reach to create brands will be really important. >> for smaller entities targeting is great but in terms of the traditional media companies, they have the experience, they have the platforms and they have

successfully gone into very targeted addressable advertising, which have helped drive growth not to say that other companies won't nip around the edges. they will, of course >> jessica, i look forward to chatting a little bit more maybe as we move further into the summer movie season which is getting more exciting as well. great to see you >> thank you we also want to look at a few names in chinese tech. jd.com is up looking to expand into food delivery and alibaba is up after the government approved a financial holding company. more "techcheck" on the other side of this break (vo) some bonds last a lifetime.

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welcome back to "techcheck." i'm carl quintanilla with jon fortt and deirdre bosa the nasdaq is up, trying to close out the week on a high note meantime, one of the only bright spots in the market, energy, is weighing on the s&p today. we will look at the names that might be considered oversold and we will discuss buying opportunities. first a news update with tyler mathisen. >> good morning, everyone. the federal reserve is promising congress it has what it calls an unconditional commitment to restoring price stability in its annual report on monetary policy released about 45 minutes ago, the fed says inflation has to be tamed to sustain a strong labor market the report is a preview of fed chair jerome powell's testimony to lawmakers next week. also within the last hour, we learned that uk prime minister boris johnson is now in ukraine for an unannounced

visit. it's his second trip there since the war began. johnson tweeted a photo of himself with president zell did saying it is good to be in kyiv again. and he's offering what's being called a major training program for ukrainian troops. in what the kremlin is calling an extremely important address to a russian economic forum, vladimir putin said the era of america's global dominance is over and that its blitzkrieg of sanctions have failed he sees russia at forefront of, quote, a new global order. jon, back to you. >> thank you meanwhile, the market treasury bounds after a sharp sell-off where do you look, if anywhere joining us now, sue mat landoff. why get in now, and what kinds of stocks do you look at, especially given i mean we just had earnings from adobe, which

has been a strong fundamental performer, but based on, perhaps strong summer seasonality, fx, head winds, down today. >> first, thank you for having me it is a real pleasure to be here i am happy to share some thoughts and views on this interesting market that we are living through you know, there is a -- there is a reset in pricing, in equity pricing going on around us i don't think it is completely done yet but if you look at the long trend here, if you look at the thematic adoption of new technologies, i still think there is a long way to go before we see anything like a mature market, especially in areas like cybersecurity, in areas like fintech, enterprise automation using automation intelligence type of technologies so we remain bullish at the same time i think we still are looking for a new normal when it comes the pricing. >> i should mention adobe down

1.25%. it was down more than that after-hours. perhaps investors digesting that what are the most important filters to use to decide which fundamentals are worth buying right now? >> it remains again back to the fundamentals of investing. you look at the company performance. we look at companies are in the sass offer universe, how they are performing, how they are keeping customers happy, their nps scores, renewable rates their ability to continue the sell the existing customers as well as new names. in this world today i think it is important as well the look at the quality of manage. nothing substitutes for leadership that's even more important in today's environment, in many ways >> sue mat, as you look across the landscape you mentioned that valuations have certainly compressed, may not be done. someone else was on our air this week who thought maybe that compression may not be done, that was orlando brava he was more cautious than he has been about the markets and

valuations i wonder what you think that means for the p/e space which is sitting on a lot of cash and is meant to be a deal maker in this environment. >> large strategic i would say corporations have been priced out of the market. m&a has been very difficult for them to justify, the reason is the public was giving companies a better valuations than could could be justified the large fintech companies like visas and master cards are sitting on tons of cash. they have expanded their business beyond the card business, they are trying to be service providers and provide services to merchants and consumers. i think they are going to start looking at acquisitions and broader product portfolios i think you will see more and more of this starting to happen towards the end of this year maybe early next year. as prices stabilize, people

realize what valuations in private markets look like. because it takes six months to a year companies raised a lot of money in the past three years, and they don't need to go out and test the waters. it will happen it has always happened. >> who do you think they would be looking at, small players in the private markets, which are coming down as well. or bigger names like affirm? >> i think to move the needle it has to be bigger names people buy smaller companies for properties to put into their channel. but to be exactful to their business it has to be bigger names. look at apple and the pay later business i think companies leak affirm, even private companies in that business will look at m&a as a potential exhibit. >> i and understand you saying they will look at m&a as a exit

because times are tough. but again their valuations are so slow as opposed to what they think they can do. you were sort of addressing this how bad does it have to get but you bet those kinds of buyouts. >> you know -- i think the valuation today may have been an overreaction on the broad market and in the next quarter or two as companies announce their results and you see whic companies are outperforming expectations you will see a cy diversion in valuations. that's applicable in every market i think in today's market everyone will get depressed and good companies are going to be rewarded for their performance in the next six, nine, 12 months people will wait for that, reset in valuations. i don't think we have a real understanding of whether value igss are too high, too low, where they are going to settle companies are not in any mood to go out and test it until they have to.

>> that narrative continues to shift quickly. thank you. >> thank you after the break, snowbirds, they are still feeling the cold. we will hear from the mayor of miami following crypto's plunge. bitcoin losing half of its value this year. below the 21 handle this morning. don't go away. we'll be right back.

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volatility continues for crypto this morning, yet another exchange, this time babble, suspending withdrawal citing unusual liquidity pressures. as crypto continues to fall, where does that leave cities that once promised to be the epicenter of that industry kate rooney is in miami and speaking with some of the leaders who promoted crypto all the way up. >> reporter: miami investors have been sobered by crypto going bust there are people who bet their careers on this industry, they do say they are in it for the long haul. they tell me younger investors have been caught off guard, on their heels and shocked at how quickly things unravel asked how hard it is now to make money i sat down with kris o'donnell of flamingo. he says the industry overall has been waiting for a pullback.

it is getting harder for founders, though they have been quote expecting the world from their backers a tougher case here in the bear market people worry about raising new rounds of money because people are going to tighten up. it was getting too high the last few months as far as valuations go but the builders who have been building are excited to build now in a market that is probably more that line with what they should have as expectations. >> carl, as you mentioned, miami has been a center of hype around this center. a lot of investors moved here during the pandemic and the city has built itself as the crypto capital. the bull outside miami-dade college is one indicator of that valuationless going down to be a good thing for vcs the downturn has flushed out leverage in the system, we saw that with luna and terra, celsius more recently, some of the interest bearing projects are falling apart. one thing that might surprise

people, i have been hearing the industry is really clamoring for regulation they say that's needed for investors to feel safe again holding their money in crypto. >> you are certainly seeing the companies that were more regulated seem to be doing better we talked about coinbase in the past that wasn't allowed to have that interest bearing project. you smoke with the mayor, was he humbled by this sell-off >> for one, he takes his salary in bitcoin he is saying that doesn't feel ga right now they also have this miami coin, the economic experiment. he talked about it six months or so ago about it being an anne alternative to taxes it is trading at a fraction of a cent now he is saying it is risky, you should know the risks going into it saying it is a new product, a new technology seeming less outwardly bullish although he has bet on the city

as being a boom for miami in terms of taxes people came here for lower taxes. real estate. the spending in generals that gone on here he's still seep as one of the bullish figure heads in the industry still trying to aboutance that line of saying people have lost money having the so bright that we are seeing down here in terms of levels and prices coming down as well as saying we are supportive, we still support the industry, come to miami and building it up as a tech hub. >> you hear that a lot from the bitcoin maxcys kate, thank you very much. our next guest is out with a new piece on the state of bitcoin in latin america saying this year's crash is crushing hopes in countries like el salvador where bitcoin is considered legal tender. joining us now alex kanter with. it is a great piece. the saving grace -- we talked about this before -- is that there has been a lot of noise on the adoption of bitcoin and

crypto but in reality on the ground it hasn't taken off in that big of a way. >> that's right. that's what i found. you know, you have the people, the d.r.e.a.m.ers, who are saying, bitcoin, cryptocurrency can be a way to free these countries of the problems they have had with currency before. you know, there is definitely a movement there, but it hasn't caught on in a way with the general population to mean right now the general populations in el salvador and ecuador and argentina are at large getting weepd out. however this, dream of having on alternate universe to what they have been living in is suffering a setback. we were talking about mayor suarez in miami, his comments given the meltdown what are we hearing from

business leaders and government officials that embraced bitcoin in latin america >> yeah, i think they understand there is a real challenge here you know, they understand that they were making -- they were having some momentum they are making moves up until this point and you did end up having populations that okay in el salvador for instance they put qr codes out in front of shops large and small sayingic pay with bitcoin here, and they were hoping this would catch up. everyone from business leaders to meet up leaders who are enthusiastic about bitcoin understand it is a larger hill to climb from now down bitcoin has its cycles it is goes up and down but there was hope there was going to be a moment of stability which would you a lou this to catch on clearly that's not what we are seeing bitcoin down 56% ethereum 70% on the year terrible conditions for those who wanted to make this catch on across latin america. >> alex, this was just so

incredibly risky for government leaders to embrace it seems to me there was no mainstream narrative for crypto that was moderate. it didn't exist. like oh, well this is being to be stable from here. you know, it could go down, it could go up, it's not going to go to the moon, but here's what it's good for. this was sort of an all-in religious belief where some mayors -- mostly mayors started chasing this as economic development. now it is unclear to me what the playbook is. i mean, is there a moderate crypto narrative >> right, i think the extreme narrative you are referencing is coming from el salvador which made bitcoin not only legal tender but an important investment strategy for the country. the president is putting millions of dollars -- says he is putting millions into bitcoin, buying the dip, and then the coin keeps going on it is not a great strategy for your country's treasury. but i think it is important the look at the context here we are going bananas over 8.5% inflation in the u.s

in argentina this year, inflation is supposed to go 60, maybe 70%. already at 60% from last year. so when we see this is extreme you have to look at the moderate case right now to ease into this doesn't look appealing to people seeing this as a hedge to the issues going on out there. so it is really a difficult position and, again, it failed a lot of people's hopes. >> we should point out the imf sold el salvador earlier in the year you can't do this, you can make it legal tender, which i guess raises the question longer term if there -- when i guess there is a sovereign debt crisis of any sort or there are calls for rescue how much help there is going to be, given that the warn prosecution so stark. >> yeah, i think that's a really spot-on point. when conditions like el salvador are saying this is going to be a hedge to the imf and this is going to be their way to tell the imf, you know, we are not doing business if you anymore,

that works as longs your investments in bitcoin are going up arizona long as people are getting rich enough in cryptocurrency to invest in your bonds. when the band is playing the music as it is right now, it becomes a lot to come back with that it underscores the tragedy of this crash havors are getting hurt in the u.s. but in places like el salvador it is a much bigger issue. after the break, a downgrade for roblox but there might sill still be upside for the stock, even today. we will explain next there it is, up .3%.

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from the most innovative company. bring on today with comcast business. powering possibilities.™ >> row blocks price target from 36 to 29 which we should note is still above current levels of about 25.60. the high back in november, 138 quite a call, jon. the metrics, bookings were the problem earlier in the week. >> indeed. lot less chatter about the metaverse. facebook changed its name to

meta, that was supposed to be the future i still believe in a lot of the underlying technology, and the turn came quicker than i thought. phil levin told us people would be talking about the metaverse in a couple months, i was like it will take a couple years. i think phyllis trending correct. >> quicker than you thought, jon. that's saying something. the eternal metaverse skeptic. looking at valuation, roblox price to sales ratio is in the 30s. take two and ea in the single digits classic case of pandemic darling went public at the peak when there was so much enthusiasm leaves it in the position it is in now >> we did have the nasdaq bell ringer in the metaverse. see if that happens again. dow down 100 holding 3662

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. welcome back a summit between black university presidents and representatives from new york stock exchange listed companies looking to increase representation in tech frank holland has more on efforts taken to ensure to

protect the work force looks like the overall work force. >> hey there, jon, that summit is going on now, upstairs from where we are at the stock exchange black workers makeup 11% of the overall work force, continue to be underrepresented in stem and tech, including engineering and programming jobs today's meeting between historically black college administrators and presidents and companies listed hope to create a pipeline. meeting of the minds the first to create internships and job opportunities for students and creating better understanding for tech companies about leveling the playing field for hbcu students to succeed professionally. >> if you want to be a partner with us, start from the moment students enter many are first generation

college students and first generation corporate >> another goal, to create equity in compensation black female tech workers make 25% less jon, back to you >> thank you. it was a busy week in the markets. make sure you didn't miss a moment that's why we have a podcast you don't have to watch, you can listen anytime anywhere wherever you download podcasts. tech check is back in a moment

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i like your bag! when your digital solutions work, the world works. that's why the world works with servicenow. one more thing before we go. another hot startup slashing valuation. the journal reports buy now pay later klarna is considering a new deal last year, the company was europe's most valuable fintech start up with softbank 45.6 valuation try to do the math $31 billion wiped out, one of the biggest cuts as private markets feel the pain.

those are significant numbers. >> we probably haven't talked enough about softbank. led that round at that valuation, it is around the other hot startups likely to see those valuations rerated >> enjoy the long weekend, happy father's day to the gentlemen. let's get to the judge are we closer to the bottom? and when will you know it is okay to buy stocks again the investment committee on top of that. joining me, jason snipe, pete najarian, co-founder of market rebellion.com here on set, jenny deeg and we have been volatile this morning. not big up or down there'