treasury >> thank you so much. let's get a check before we go to tech check on the markets. you can see all three major indexes in the green, catching a nice bid compared to earlier today. that will do it for ""squawk on the street" tech check starts now. good morning, i'm carl quintanilla with deirdre bosa and john ford. today, the worst day since june of 2020, how should investors be repo repositioning? we'll breakdown opportunities in cloud, chips, and fin tech to help weather the volatile pip what's the consumer telling us about the state of the economy we'll talk to brian chesky in a few moments on inflation and how that's impacting spending. and the iphone reviews are out, more on what demand is signaling to investors about where apple might head from here

jon, interesting day setting up. >> it is we'll start with the market. nasdaq coming off the worst day since june 11th, 2020. this morning a couple interesting calls in fin tech. ray jay thinks paypal can surge 30% from here, writing quote we have increased confidence, they go from market perform to out perform. b of a said sofi the is the name to buy also about april levels but the street not showing the same love for block. ever core hits with credit, macro trends, reporting to weakness in seller and buy now pay later. we have talked to a lot of the executives at goldman this week in san francisco where i just was a few hours ago. and it's hard to find direction in this market

>> it is and when it comes to the fin tech names, these are some of the most beaten down what was interesting about this call they like square cash but the buy now, pay later, crypto, the hottest areas of fin tech that square now block got into at the peaks. the note called out pfizer too, which is maybe a little bit more boring name but interesting to look at the different performances, it's held up in the current environment up more than 2.5%, year to date, carl. that speaks to the value tech names doing better this year yesterday we saw the huge, the ones that got hit the hardest, it was profitable tech it was a blood bath. >> the ever core note, a lot of it fed by concerns about balance sheets and potential for dl

delinquencies. i would add with the twitter whistle-blower testimony yesterday there was some discussion about ventures of jack dorsey's, twitter and square block are going to be under scrutiny regarding safety practices. >> they will there's the safety practice thing on the one side and you mentioned fiserve, it's what gets you excited what's interesting to me about them, they get paid off top line transaction size so inflation for them actually kind of good so if people have to spend more per transaction than they were fiserve is getting more even without people necessarily doing more transactions. interesting for investors to look more closely at the models to see who benefits, under what circumstances. >> yeah. we should mention that fiserv has the clover terminals that

you see everyone, especially here in san francisco. yesterday, it was the megacaps and chip names they're fairing better let's bring in mike santoli. >> real consistent message here all year, which is that the winners of the 2020 to 2021 bull market, the leadership has been the leaders to the down side this year. look at the way that semiconductors and megacap growth have fared, year to date relative to the equal weight of the s&p 500, that's the 500 stocks weighted equally, you see persistent down side weakness and rallies not consistently a leader, sometimes you get the snap backs, apple an exception to the rule, but there's a general principle out there that the leadership of one boom rarely ends up being the leaders of the next one whenever that might come around, that's true if you look at where the valuation excesses and premiums

are. they are in generally the top five, ten megacap names of the nasdaq it's tough to see exactly what changes this pattern, especially when semiconds have a noisy fundamental story as well. even when stocks are looking less expensive right now and one that doesn't fit in that mode is meta look at a two year of meta, yesterday in the selloff, sort of threatened to break the lower end of this mini sideways range. in fact, it did break below what had previously been low. this is a picture of a stock migrating from growth investors to value investors sometimes that means it's a value trap but not a lot of strong sponsorship of the stock given all the reinvestment they're having to do in the new venture. an interesting one to watch and one that doesn't fit the pattern of the other faang names, guys.

>> below 150 is something to watch on meta. lows for the year. stick with us mike we'll join in on the conversation, cnbc contributor gunja banner who joins us on set. great to have you. >> great to be here. >> they say to be clear, the flows are far from bullish but a lot of it is driven by positioning, performance, the same ctas buying above the 50 and 100 day are selling it back below now. do you agree with that >> funds brought around $31 billion worth of stocks last week but zooming out a little bit, people are super bearish out there. institutional investors are shorting futures at the fastest pace of the past decade. mutual funds increasing cash positions, hedge funds delevering so i'm hearing that light positioning means the market can

be more se susceptible to the ups and downs we're seeing. >> mike is that what b of a means when they say the flow action is abysmal? >> yes fundamental flows real directional, long only, stickier money does not have a strong belief one way or the other within this range. so in the absence of that i think you have the hyper tactical systematically traders are the one setting the price. when it comes to, i guess, the honeymoon is over phase for tech, it's been the story for much of this year where people were very crowded in that part of the market. it was considered to be an all-weather area and you're seeing it bleed lower. i don't know if that means you can point to a moment it says

we're done, we finally dried up, in terms of the selling or under performance. i don't think among all the problems this market has, people being overcommitted to stocks and being too optimistic, those are not among them. >> at the same time, it seems like end of spring, early summer we were hearing a lot of people say be aware the bear market rally, here's what it might look like at the time stocks were low, people thought who's going to believe in a bear market rally then it seems like some people did. is this the classic scenario that we heard warnings about a few months ago but we still end up somewhat surprised? >> it's funny, when i kept talking to institutional investors they kept saying i'm scratching my head at this rally right now, this does not make sense to me but it did seem like inflation was coming down, seemed like the soft landing scenario might actually happen

so i think yesterday was a real wakeup call for that and the tech trade in particular but i think a lot of investors are still kind of holding out hopes that we might return to the environment that we saw during the pandemic even before the pandemic when what worked, it was being long treasuries, growth, tech they're saying eventually i think economic growth is going to fall. i may still be betting on the fed pivot and maybe we'll have a return to that environment that we saw in 2019 when the fed did start, you know, cutting rates after increasing them for quite some time. and the tech trade surged. of course yesterday showed us that that trade carries significant risks. >> meanwhile, nasdaq is at sessions highs mike, despite the huge selloff we saw yesterday in tech, there was some pockets of optimism here at the palace hotel in san francisco where a lot of ceos are speaking

we heard from snow flake's, who said our world is looking good pretty solid also from salesforce, some thought he left the door open for more m&a, where are we with enterprise tech, it's come down a lot, some to prepandemic levels but where are we to valuation historically >> a lot of valuation has been rationalized to a large degree when it comes to exception to the rule, snowflake was a stock people were pointing at yesterday, acting better, you had the overexcitement moment and then a reckoning and rebuilding since then. these are the environments where the better mouse traps start to find customers, starts to work it's not about next quarter's earnings momentum it's finding durable advantage. i think m&a is part of that, it doesn't work automatically in

terms of share price i think we're in the mop up phase and winners getting separated from losers. i don't think it's because in aggregate software stocks got cheap. it's because you're seeing chaos in two way action near the lows you're trying to find people who -- people are trying to find the ones that make sense still. >> mike mentions earning, do you think the debate going into year end is multiples and how they're impacted by rates or will earnings be part of that story >> it's both what struck me when i was reporting for a recent story is how gloomy people are about tech from a positioning and earnings standpoint where we are seeing analysts cut the earnings for the communication services sector more aggressively than any other sector within the s&p 500. so it seems like people are positioning for the huge moves we saw post earnings for megacap tech to play out the rest of the

year and we've had some really, really ugly surprises. those ahave shaved hundreds of millions of dollars off those stocks so i think people are saying could that happen again? >> that's a good reminder of the land mines we had on earnings calls this summer. great to have you in. >> thank you vfor having me. >> and of course mike santoli. the goldman conference here in san francisco continues for a third day. we'll hear from others later on. yesterday i sat down with airbnb's ceo after his session i started by asking him what he's seeing post summer in terms of travel demand >> we said that we were expecting -- despite the volatility -- a stable q3 we feel good about what's happening. we continue to have record

bookings every single quarter, quarter after quarter. i think there's a lesson here. the lesson is people love to travel travel is a way for people to get out of the house, away from screens. so even with people going back to school they're still going to be traveling. >> i'm going to talk about inflation and average daily rate, it's a big topic for us. we have those inflation numbers this morning airbnbs, adrs have moved up over the years. do you expect that to go in the direction? >> there's two reasons it's gone up the first is the business mix shift. before the pandemic a large percent of our business were people traveling to cities, staying in one or two bedroom apartments, studios. during the pandemic and since the pandemic, there's been a huge mix shift away from asia, latin america, europe, towards north america. north america has been a strong

hold people spend more money in north ame america, that's one reason but also a shift towards larger homes and vacation rentals and families getting three, four, five bedroom homes so the anesthetist to large homes in north america is the primary reason for the adr increase. the other is price appreciation. we are expecting the business mix shift to start to come back a little bit as urban travel recovers and asia recovers, which brings nightly rates down. but it has surprised us how consistent the price is. we do expect it to modulate some but i think it's going to be consistent. >> as the backdrop softens i know you did cost cutting at the start of the pandemic, are you thinking about more cost cutting as fed chair powell talks about things like households and businesses feeling more pain, how do you feel about that >> we're not stepping on the brakes we're stepping on the

gas. we've generated around $3 billion in free cash flow in the last 12 months we have $10 billion in cash in the bank we are prepared tostep on the gas. we are only going to increase head count around 7% this was before the economic challenges the way to think about it is we have a huge wakeup call in 2020, we got really lean we suddenly had this incredibly efficient business i made the decision at that point that we were going to run the kind of business we could weather any storm. and that's what's happening. this is a storm and we're more than able to weather it. we're stepping on the gas. >> i like the analogy you used you went from the navy to the navy seals. >> that's what it feels like, fewer people, much more focused, fewer initiatives and they make a bigger impact. >> you didn't go on a hiring spree, you cut at the beginning of the pandemic -- >> what's interesting, we cut at the beginning of the pandemic and something remarkable happened the first thing we saved money,

everyone expects that. but then we started growing faster we took the very best people, put them in the same room, fewer meetings, tradeoff, less bureau bureaucracy, politics and everyone could focus on the problems so being smaller, leaner makes you move faster, grow faster. >> not only did you grow, you became profitable. >> exactly. >> which is a milestone. >> i was telling this to alfred lynn, he reminded me years ago i went to an lp conference and said there's a lot of unicorns by market cap we were a unicorn by revenue now i think we're unicorn by cash flow >> and true cash flow because you guys are doing buybacks. announced $2 billion buyback last quarter. >> yes we're net income positive. in the stock buyback, the reason we did it, the most important

thing we can do is invest in organic growth and then invest in organic growth and then do stock buybacks we have a plethora of cash that we're doing all three of the above. so stock buybacks made sense in the context of the environment. >> what about option for dividend >> no. we're focused on buybacks and growing as quickly as possible. >> you don't see a dividend in the future for airbnb. >> certainly not in the near term future. >> you were asked how hotels fit in you said they filled a network gap. >> yes. >> why not lean further in if i was a boutique hotel operator, why go on airbnb's platform if i'm filling a gap? >> i think that hotels are incredible for certain use cases, great if you have to get into a place at 10:00 p.m., leave in the morning but also great for what we're doing right now, at a conference

if you have a gathering. this is an incred use case for conferences. the point i'm making is hotels are not our core business. one of the things i learned in the pandemic is it's important to know what your core business is and focus i had a teacher tell me you can do everything you want in life but not at the same time that's a lesson, focussed on what you're great at at the same time people who stay in airbnb's also stay in hotels. it's an acknowledgement we know what our business is, what our strengths are. but the boutique hotels to airbnb because we have as much traffic as nearly any travel platform in the world. we see a lot of retention, when people book on airbnb, they come back. >> adam newman scooped up thousands of apartment properties >> yeah. >> what do you make of what he's doing? do you see a world in which

airbnb would partner with him or someone like him >> i don't totally know what he's doing i read the announcement and it's cryptic. we're not looking right now at operating buildings we were looking at it before the pandemic what we had is we're in the business of community and bringing people together i'm really excited about community living ideas that allow connection between people. i think that's a huge connection to airbnb but we're not looking to operate communities like that. >> the focus. >> yeah, it's all the focus. >> carl and john my takeaway from that interview is this is a ceo on the offense, not defense. we speak to a few of them who focused on generating cash, becoming appreciable the last few years. airbnb had the reckoning at the beginning of the pandemic. he used that to become more efficient and sounds like that has lasted

carl, it reminded me of last week at code when we heard from alphabet's ceo talking about how his company needs to be 20% more efficient and that makes them better that tone ran true with brian chesky as well. >> their approach to remote work is exactly the opposite of a lot of legacy financial's thinking they say productive comes from working apart, others say productivity comes from working together >> that's true my biggest macro takeaway from that great conversation, dee, was when he talked about -- brian talked about the shift towards north america and houses and i think it raises questions about how much of that is the secular shift away from products and towards services, kind of pent up demand for experiences and how much of that is a read on the health of the middle and upper middle class consumer?

maybe it'll take a couple more quarters to see but maybe that secular shift is noise and being able to figure out is the upper middle class consumer still spending at the same rate. maybe just shifted the spending over to experiences. but in the winter, you know, maybe we'll start to tell the difference >> there's a spending piece of it but also the earnings piece of it. and i think chesky would argue there's an opportunity for them on the supply side for more people to rent out their houses. it was a good conversation and we'll see how airbnb fares going into the fourth quarter. after the break, one trader breaks down his top picks in tech we're just getting started don't go away.

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alphabet, that stock closing down nearly 6% after yesterday's selloff and now google is losing appeal over an eu's antitrust hearing. saying android uses this operating system to limit competition, they cut the fine to just over $4 billion. google saying they're disappointed that the court didn't throw out the decision. google has a chance to appeal the ruling in the eu's highest court. >> it's pretty interesting, a record fine. they did reduce some of the fine on a technical basis we talked to eu regulators a lot about competition. interesting too, you look in north america, android has been losing share to other operating systems. >> it has. i'm just going to say it when's the last fine of a really

sizable tech company that really mattered we talk about regulatory headwinds and the idea at some point it's going to matter, and yet the overall macro conditions and the changes that these individual operating system players make, the competition on the ground is what seems to affect the stock price the most. so it's puszzling right because the regulatory action is to keep things competitive but it's is it competition affecting the company, maybe it is competitive. >> the fines are speeding tickets without the demerit points they don't do much. 4 billion not a lot for alphabet. the next guest says the cpi number was bad news for multiples but he sees the street's pes scsimism as an

opportunity. jack, it's great to have you back you do write, you say, look, the number was bad news all around, no sugar coating it. the question is do higher rates put earnings estimates in peril. what do you think? >> no. the market is anticipating the fed to get to 4.3% by april. that seems to be a pretty good number notwithstanding what we're seeing last month in inflation, i do see a number of indicators to suggest that the trend is lower. and we're not in a 1973, 1974 environment. so i think, you know -- i believe that inflation is really headed lower yeah, last month was a disappointment and it's tough waiting month to month in markets that want minute to minute answers >> right so how does the fed frame that and not let some of the -- they would argue -- good work and

tightening conditions get unwound? >> yeah, i think that they have to, you know, continue to monitor their rhetoric, right. it's really the federal open mouth policy we heard it at jackson hole that got our attention, certainly i think this inflation reading fell certainly into that narrative. we heard fed speakers last week, obviously with them meeting next week we're not going to hear from them. my sense is we will -- this really hasn't changed the fed's strategy the fact is, we got plus point one instead of minus point one and i think the other thing is, you know, the rent component they understand the rent component is, one is it's an oversized influence on cpi, you know, keep in mind, while rent and shelter account for nearly a third of cpi, it only accounts for about 15% of the pce deflator of an inflation indicator that the fed is paying more attention

to. >> jack, you say that there's some quality on sale and one of the quality names you point to is ibm. raises a question for me how are you judging quality and how is an investor to know that quality isn't going to be on sale for a long time so they have to hold onto it for quite a while to get a high level of value? >> yeah. so, you know, here's the -- ibm certainly i wouldn't call them, you know, an industry leader in disruption the fact is, ibm is a high quality company from a balance sheet and debt perspective they're paying currently a 5.2% dividend yield and here is -- the key here is, they've been growing their dividend income by about 2.5% per year so what i would argue is, you don't necessarily need home runs from ibm, and i'm not expecting home runs from ibm, but i do like the pretty safe and

consistent dividend payments that they're making. >> that's pretty interesting, jack we did get some more hikes out today out of dr. pepper, for example. we'll check in with you soon, appreciate it very much. >> thanks, carl. a news update. bertha coombs has it for us. >> here's what's happening at this hour, wholesale prices fell for a second month in a row, that helped lower inflation to 8.7%, the lowest reading in a year gas prices fell 12% in august while food prices are unchanged. the cpi, which excludes food, energy and trade, rose .2% railroads are among the biggest losers today union pacific has been down as much as 5%, csx and norfolk southern have fallen 4% apiece they've begun curtailing some freight service in preparation for a possible railway strike

this week. in washington more meetings to resolve that mail dispute. any negotiations this morning to hopefully stop the strike on friday, which would be disruptive. >> bertha, thank you so much. check out shares of twilio, the latest company to announce job cuts, preparing to cut by 11%. we'll have more on the weakness in cloud stocks. twilio up nearly 7% on that news we'll be right back.

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along with rates over the past few weeks but that trend reversed yesterday frank holland has more. >> cloud stocks falling on concerns of a hawkish fled after the hotter than expected inflation. a sauna could be a poster child for what we're seeing up with strong earnings and even after falling more than 10% yesterday but 80% off the highs and analysts say the gains are investors buying the dips. twilio is higher this week the thoughts we found the bottom and this was the time to get back in the cloud stocks started a trend moving higher this month at 3.25. you can see the positive correlation coming to an end again on concerns of a more hawkish fed. the spike in the dollar adding

to the headwind pressure but cloud spending is up 30% so far this year. goldman sachs putting out a note saying outlook is still solid. still some tailwinds for cloud even with the falls we saw yesterday and a lot of the stocks up today. >> a lot of subgroups within there for investors to watch thank thanks, frank. i spoke to ceos about how consumer spending, good or bad, is going to impact tech growth here are insights on that and inflation. >> you know, i'm enterprise so i look at inenterprise but we also track consumer it's surprising me the american consumer is held strong, surprisingly with the inflation going up we haven't seen let up in air travel, vacation travel. i feel like it'll be relatively

okay there's definitely caution, but i don't see panic. >> what we said on our guidance was that we started to see the growth rate and the spend on the larger customers slowing down. it was still growing still year to year growth and it was great. but we included that in the guidance we have so we're seeing larger customers are probably thinking about this more than smaller businesses as a reminder, the vast majority of our customers are small businesses the way we think about it, if you're a large business, it takes a long time to get ready for whatever storm is coming, but s&bs they're jet skis they can turn on a dime >> it's interesting, you know, informatica echoing what you heard from brian chesky as the travel trends as one of the indicators of the health of the

consumer but also interesting that larger companies their spend is slowing down. seems like they're worried about taking on cost commitments they're not going to be able to monetize whether that's inventories, contracts we talked about a move to consumption based pricing and also labor >> amid more scrutiny right that's what nearly every enterprise tech company is dealing with, in terms of the shift from services to goods, it'll be interesting this holiday season, forecasts, ecommerce forecast to grow 14.5%, a bigger increase than last year around 8%, we'll see how that shapes up, still early for these predictions. >> master card had the spending pulse earlier in the week. as we said, jon, a couple of times just because sales slow down doesn't mean that the customer is financially stressed in some cases they feel they had

enough of one thing and shifting to another. >> we'll get more insight tomorrow to ceos interestingly, they told me different things about how they're seeing growth and demand for growth from enterprise customers ship. >> that's great color, jon, interesting. as we go to break, look at the names growing lower following yesterday's selloff. there's rails at the top, obviously, as we have some downgrades and continued worries about a rail strike. we're back in a few. ♪ ♪ ♪ ♪ ♪ ♪

social media stocks have been hit hard as ad spend falls but meta underperforming as of late losing 10% in yesterday's selloff, how is the street looking at the name as it bounces off a 149 today? >> meta has been trading at lows it hasn't hit since march of 2020 down about 55% year to date and the latest drop seems to be a growing concern from competition from tiktok. yesterday morgan stanley issuing a report saying data shows time spent on meta declined 3% last month. time spent on instagram declined 8%, which they call particularly

troubling. instagram had been the faster growing part of the business in the note they wrote, quote, these time spent trends as total time falls and time shifts towards loer monetizing reels create more tactical risk uncertainty near term estimates and meta's long-term engagement moats. this comes on monday "the wall street journal" reported that instagram users are spending hours per day watching reels, less than one-tenth of the hours spent on tiktok. reel's engagement declined 16.4% in the prior four weeks. all of that is against the backdrop of concerns of ad market and the ongoing challenge of adapting to apple's operating system changes

they're still bullish on the stock. only one analyst that rates the company underweight. but even today the regulatory scrutiny of meta continues the senate is hosting a hear today on social media's impact on homeland security and the chief product officer chris cox will be testifying this afternoon. guys >> i'm thinking about meta relative to what say evan spiegel told us at code about the mow macro and mark zuckerberg said it's going to be tough sledding from here but they have different views on what the metaverse is going to mean and what it's going to be. >> yeah. evan was clear he doesn't want to be part of the future virtual world. he wants to create augmented reality tools that are useful for the real world where mark zuckerberg is betting on the eight to ten year vision where people want to live part of their lives in the virtual world, investing in virtual

goods, entertainment, et cetera. different visions. >> thanks for that breakdown, julia. up next, masa son may have a new vision, this time he could be narrowing on opportunity here in the u.s that story after qckre aui bak

- yieldstreet presents: alternative investing with kal penn and older kal penn. - oh, the stock market is doing that fun thing again. - hey news from the future, you're going to live through that about 10 more times. (laughs) - oh, it's no stress. i just discovered yieldstreet. they vet investments that don't ride the stock market rollercoaster. - ooh. i think some of my gray hairs just reversed. - yeah. you're welcome. - [narrator] become an investor today. yieldstreet: private market investing.

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vision to come soft bank is considering a third vision fund. it would likely use its own cash on its ambulanbalance sheet, a potential third fund would likely be focused on u.s. investments rather than china, india or latin america where it had investments before, so potentially turning its back on those regions, despite the legendary win with alibaba years ago. the paper value of vision fund too, that's worth 19% less than the $49 billion initial investment this is the playbook, masa son doubles down when things are looking attractive, famous the last few years for investing at the peak and running up those unicorn valuations in terms of the public markets, though, john you havekathy

woods doubling down on zoom and roku after yesterday's blood bath. >> eventually you'll be right doubling down like that or you'll run out of chips. >> it's going to lower her cost spaces some argued the fact that they're thinking about a third fund means that financial conditions, they're not tight enough yet >> yeah. and you know, they are such a huge player. that first vision fund was $100 billion, changed the landscape for start up investing for here in the valley and elsewhere, other countries as well, as mentioned but it could be another sign there's more to go because masa son still has a lo of cash on the balance sheet to invest. he needs another baba. >> in a way taking the other side of that, we'll see who's right. >> he was at soft bank years ago. >> that's right.

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could generate another $1.2 billion in revenue for the kip tow exchange with another top line substantial boost coming from customer fiat and the company's investment in the stable coin usdc take a look at stock, shares are higher by almost 4% on that call >> yeah, coinbase sitting on billions of dollars in cash. i had to do a double take, john. that stock is up more than 65% quarter to date. still 70% off its all-time highs and more than that maybe anyways, if you missed part of the show don't forget to subscribe to our podcast tech check back in just a moment welcome to life in the new digital landscape. where the future arrives daily, innovation keeps pace with imagination, and creativity and commerce thrive. this is the new open web. wide-open, cookieless,

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one more thing, as steve jobs, liked to say iphone 14 reviews are out this morning. what does it mean for apple investors joining us now is sophia pitt who's been testing the new models over the past several days i think the question is are

there enough really cool features on the high end phone that users should buy those, that this is going to be a good cycle particularly at the high end? >> john, my answer is, yes i would not buy a base model i would not buy a 14 or a 14 plus, but i would buy a pro or a proe mac >> sometimes your viewers are like if you got a phone last year you don't need to upgrade, but the change here is significant. >> yeah, the camera is amazing, the always on display is nice. it's not my favorite feature but the dynamic island is very cool. >> it doesn't get in the way >> it doesn't. >> there's a hole in the phone they have to have there and they turn it into a feature and i was very impressed by that >> yeah, at least it's doing something with that ugly notch everyone was complaining about for such a long time >> okay, so sophia, i've heard a lot about this dynamic island a

lot of people say is fun do you need the new iphone or can you get a software upgrade on your current phone? >> in order to have access to the dynamic island you need the pro or pro mac that's one of the reasons i'd say the pro and the pro macs are the way to go. >> the watch i assume they're trying to work their way into a more general audience. how much do reviews matter in that case. >> i would say the watch is supposed to be for ultra aspirational characters. i do have to say it definitely wasn't made for women. it looks huge on my wrist. i wish they thought of women when they made and made it

smaller. everyone said i looked like a spykid when i wear my apple watch. >> and no ferries to the dynamic island, you have to be born there. >> exactly >> sophia, thank you >> thank you >> let's get a market check here on the day dow is up 100. we've been red briefly but recovered, really holding 3950 on the s&p let's get to frank holland in a moment we'll talk more about that vix is a little bit different here "d" dollar action a bit on the negative side, and short-term yields we got to 3.83 earlier today and settled down a bit but obviously that's where the real source of the pain has been. >> nasdaq coming off session highs. you're seeing some of the names badly hit yesterday bounce back a little bit tesla up 4%, so those growth

names coming back, trying to rebound from yesterday >> hashi corp up 4.5 >> pretty remarkable memo written by the ceo over there saying the company just grew too fast let's get to frank holland as we said and the half. >> reporter: i'm frank holland in for scott wakner. plus tech getting wrecked, the number of mega-cap names hitting new lows where we are today with that highly expected inflation. but first let's get a check on the markets now. stocks posting modest gains but