>> in other words they could have their hotel but it would be retail and entertainment, not gaming. >> even then, the concessions are -- land is conceded by the people of macau, people of macau own that land, not wynn. >> interesting jeopardy there. >> but the company said they don't do anything second rate. >> good. thanks for watching "power lunch," everybody. >> "closing bell" starts right now. another up and down session here on wall street as investors look for direction we're back in the down swing with the nasdaq feeling the most pressure welcome to closing bell i'm sara eisen. look where we stand in the market down almost a percent on the s&p 500. we have two sectors hanging in positive territory, health care and financials, everybody is lower. utilities, energy and technology are the bottom performers that's why the nasdaq is down 1. % right now. remember, we've been struggling for bounce and direction, post

that huge selloff that we saw two days ago, the worst day of the year for stock the worst day in more than two years. check out the chart of the day today, adobe falling hard, dragging down tech stocks, announcing a $20 billion software deal, more on that in a moment also ahead, we'll talk to luke ellis, ceo of asset manager man group, more than $140 billion in funds. he'll tell us where he's looking for upside in this uncertain market. plus kanye scraps gap. the details on the rapper's move to scrap the retailer. first, the adobe deal, the tech giant falling hard after a $20 billion agreement to buy figma. frank holland covers the company, joins us with more. yes, it was a guide down, frank but this is a big move lower for

adobe shares. >> really big, having their worst day since march of 2020, so since the start of the pandemic as investors examine the mixed guidance and the deal to buy figma, saying it's a deal focused on long-term growth. >> we believe the combination of adobe and figma is going to be a unique combination that completely ushers in a new era of collaborative creativity. >> today investors and analysts calling the deal pricy, this $20 million price tag, a 50 times spend, assuming it doubles this year, but not guaranteed. it creates new growth, a new growth driver for adobe. think photo shop and premier, the largest revenue generating segment seeing growth slow and companies spending to get into the metaverse analysts say the deal is

defensive, keeping salesforce and microsoft from acquiring the -- figma from acquiring the company and increasing competition. back to you. >> for more on this deal and the broader tech m&a landscape let's bring in phil drury. it's good to have a banker in tech on today, phil on this deal you're not involved you can talk about it why do you think the market hates it so much >> i think it's early. it tells you two things. focus on figma first which is say it shows you that good private companies have alternatives the i.p.o. market for the most part is closed, obviously this is another alternative that figma chose to sell. from adobe's standpoint it shows large cap companies with significant cap positions motioned to move when it comes to strategic decision making it as it relates to the stock

price, it's early. there's a lot of focus on public markets obviously to market every day. private companies are not. it's early analysts need to digest the news i think it's a strategic move by adobe and it will take time for the market to digest. >> adobe is paying up here because they're buying a private company and those valuations haven't caught up with public valuations >> less transparency in the private markets. we've seen some examples of private companies that recut employee share options or we've seen institutional investors who decided to reprice companies they own in the private domain but less transparency and less to market you see obviously in public valuations. >> it's been quieter, very quiet this year, which is right for deal making, the salesforce slack deal last year do you think more is on the way? >> we do when you look at m&a activity,

it's been the bright spot so universe wallet is flat year over year, 2021 was peak m&a activity i think enterprise software in particular will continue to see pretty strong activity the companies are durable, cut through the cycle, good levels of growth. and let's face it, companies are always going to have to focus on how do we get more efficient, more productive. we think we'll see more activity in the software sector. >> do you think public companies will be skcooped up, smaller ones >> we do that level of transparency makes it easier terms judging for boards in terms of whether that premium is appropriate or not. as i said, you have large public companies sitting in cash positions, you have private equity with record fund levels, a lot of cash, they can put the

cash to work right now with stock prices lower than six, 12 months ago. >> you also have a potential recession on the horizon here and globally. >> which is probably impacting the internet sector, some stocks six to 12 months ago were getting high multiples for growth, i think we're in an environment today where investors are focused on reasonable growth and path to profitability. companies that are profitable, going to be profitable if the next 12 months and are very durable, we think are particularly attractive to private equity in today's market. >> what about i.p.o.s, is that shutdown for the moment? >> we priced one today. >> the aig. >> yes i think we'll start to see corporate repackaging open up the i.p.o. market. obviously volkswagen and porsche have announced their intention to float i think we'll see large companies with seasoned subs potentially look to illuminate value through the i.p.o. market

and start to see more activity in the fourth quarter. >> what would you tell a tech company looking to go public in this environment >> a lot of tech companies that are private today are starting to adjust their models, maybe slow down some of that growth. maybe approach profitability earlier stage and i think make sure you're out speaking to institutional investors, a lot of means to do that through testing the water and don't actually launch until your advisers, such as citi, are giving a level of execution. >> of course shameless plug my final question is the job market and what the competition market is like for you, it's very competitive in tech, and that's why part of the costs are going up in the big firms. >> we think we have a great value proposition, as jane said we'll continue to invest in those areas we see growth as the head of tech comes banking in citi, we continue to make

strategic highres and in this environment we think they're a very attractive home for great talent to come to. >> how competitive is it how tough is it? >> it's competitive absolutely in the growth area. >> great to see you, especially on a day like today, phil drury, citi group. up next, warnings about results this week and there could be pain ahead. we'll hear from a top strategist about why earnings could be the next shoe to drop right after the break. you're watching "closing bell" on cnbc, low of the day was down 190, got as high as 142. we'll be right back.

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check out today's stealth mover it is allstate and investors are in good hands with the stock today, up 4% the insurance giant announcing in a regulatory filing it is planning significant autoinsurance rate increases in the second half of the year because of why else inflationary pressures. allstate the fourth largest auto insurer in the u.s., share h holders like it, not good for consumers reinforces the inflationary environment raytheon, nucor and arconic are all lower. joining us is seema shaw

seema, a lot of folks especially bearish investors have been waiting to cuts for guidance and expectations to earning, they haven't come yet are you saying that's going to change >> that's what it is i think the results that we've had today have been quite impressive, showed steady growth companies. i think we've held up by very, very strong balance sheets but you can see there is caution creeping in. you think about economy, the drop in consumer sentiment, the facts that consumers are being more deliberate with the purchases. and rising wage costs. those are going to get compressed so we are expecting a bit of a slow down in earnings but not as quick as we would have expected earlier this year. >> one reason the optimists say that we haven't seen the cuts in earnings yet is because inflation has been good for corporate america, they've been able to raise prices we talked about allstate, able to increase and preserve their

margins because that kind of power in this healthy environment where everything is going up. >> i think that will certainly be an argument for a number of companies and those are the ones that you want to seek out, the ones who have the pricing power that can thrive in this kind of environment. that isn't going to be the case for the majority of companies. this is really where stock selection starts to become very, very important if you're looking at the overall picture, high inflation can only take companies so far, once it starts to hit the top line and actually the bottom line as consumers have told customers, start to struggle with the higher costs, that's when things start to turn. i think this is a bit of a -- you know, this is the kind of happy stage but that will very, very quickly turn into quite an uglier picture. >> the other problem of course is the strong dollar and it's

strengthening again today against a number of other currencies and big ones that we do business with, like europe and japan. do you think that's factored into the stock market at this point? >> it is to some extent. looking at large versus mid and small cap you see the large caps do have the biggest balance sheets the problem is they have significant exposure to companies outside of the u.s these are the companies that are being really severely hit by the strong dollar. from our perspective, large cap is not a place you want to be in you want to be hiding out in the mid cap space, the area that has the fund if you look at, for example, in the united kingdom, which are the companies you want to be exposed to, companies that have exposure to the u.s. we would expect if the dollar continues to strengthen then you are going to see some more challenging problems in the emerging markets but i don't think we're there yet. >> overall in the u.s. stock

market within the bearish view you have on earnings, where are the bright spots, where do you want to be who has pricing power, who's less exposed. >> mid cap is, at least from a global perspective, a little bit more less vulnerable to the various challenges going on globally if you think about -- it gets a little bit more difficult. we think you should be more defensive position in this kind of environment so stuff like insurance, utilities, and then the other part of the market which has to fund really well and which is holding up your high levels earnings growth estimates is energy. and energy is continuing to outperform, it's still undervalued as well. so energy is still one area we want to continue to have exposure too. >> she ma shaw, thank you. we have 43 minutes left of

trading, the dow down 200 now, the s&p 500 losing 1.3%. health care and financials hanh hanging in there everybody else is down the nasdaq down 1.7% adobe's 17% slide is hurting but seeing broad weakness, apple, microsoft, amazon all lower. after the break, anticipating a modest recession next year and one crucial segment of the workforce could be hit particularly hard. up to speed on the picture next. and later our interview with the ceo of man group he'll tell us his latest thinking on the market and how he'sosioni pitng after this week's inflation shock we'll be right back. et specific. strengthening client confidence in you. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

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it is the first day of hispanic heritage month and in today's big picture we're lool looking at a dire new warning about hispanic workers

wells fargo predicting a recession for 2023 the firm saying during downturns like this the hispanic unemployment rate rises disproportionately to the national average because they're dealing with cyclicals like construction, today mortgage rates climbing to above 6% hispanic make one third of construction workers they also represent a disproportionate share of the workforce in goods related industries like goods and transportation, warehousing, manufacturing, wells fargo expecting a sharp cut in terms of jobs in these sectors as household shift to services. who else typically gets laid off at a higher rate during recessions, junior workers with fewer years of experience making it harder to find new employment in a weak job market the median age of hispanic workers in 2021, around 30 years, ten years younger than

non-hispanic companies and executives should take note, the census showed the overall population grew 7.4% between 2010 and 2020. in that same period those who identify as latino rose 23%, they accounted for two thirds of growth in the workforce in the last decade. they'll be a critical source of labor in the coming years. when we come back, the ceo of man group where he's finding opportunities. making lows here for the day down about 210 on the dow. we'll be right back.

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check out shares of gap today. we've been watching them all day, under pressure down more than 4% after kanye west said he is terminating his deal with the retailer for failing to meet obligations in the agreement, including product distribution and opening easy gap stores. joining us to discuss we have a surprise guest for you is ye himself. good to see you. thank you for joining us >> absolutely. thank you for having me. >> so talk to us about what happened here, why are you terminating this deal with gap >> well, it was always a dream of mine to be at the gap and to

bring the best product possible to the masses. and i always talked to them about doing products for $20, like the best product in the world. designed at the same level of the top fashion houses in the world at $20 for the people. and so we went through three years and, you know, honestly there's always like struggles and back and forth when you're trying to build something new and integrate teams. so we designed -- we designed an entire collection, and actually, i wasn't able to set the actual price that i wanted for this collection and then they actually took one of the shirts and sold it for $19. didn't price my stuff -- priced my stuff at like 200 and above their whole price point normally and then did the exact shirt for

$20. also they did pop ups. and i signed on with them because they had -- in the contract they said they were going to do stores and they just ignored us about building stores. it was very frustrating. it was very disheartening because i just put everything i had. i put, you know, all of my top relationships. i went and got denma one of the top designers to come, he does couture and he ended up working on a gap collection with me. there were a lot of things color ways that i didn't approve a lot of places that the product went to certain sites. it was like they were just dog and ponying the ideas around town sometimes i would talk to the leaders and it was like i was on mute or something.

the agenda, it wasn't aligned. and i know, my family, we're gar me -- garmentos we made the first louie vaton jogging suits. we would make cross colors. >> did not know that. >> yeah. people see things like celebrity. i wouldn't have been so influential in clothing language, i like that -- i like the word language better than aesthetic because a language is a base, aesthetic is a style it's a language that we brought in street wear in this like mark eccles complex idea of what it is today what high schools look like today. everyone knows i'm the leader, i'm the king, right.

so a king can't live in someone else's castle. a king has to make his own castle. >> you say that, and it makes me wonder what's the status of your adidas relationship. i followed that for many years i saw how you came in when the company was struggling in the u.s. and there was a big turn around, by all accounts it seems like ye and adidas have been a good partnership but you vohave' sounded happy about it lately. they haven't responded to me where are you with how that stands >> being that casper was let go, they can take all the stuff he was involved in and blame it on him, if that's what they want to do but any of these relationships that i'm in, i have to have a say-so on the color ways they were doing color ways, they were naming things they were sending guys in

telling me don't tell your audience you didn't name that. they were slowing down my allotments and then copying the ideas that -- some things took us two years it's not just the things you would see, they would take people from the team that did production, that was quality control. we did the shoe, and i told them this needed to be a marathon shoe and it ended up being the most uncomfortable ever. anyone who wore a yeze said it's the most comfortable i ever wore and this company grew by 85% last year. and basically became -- you know, people could compare it to jordan i 100% respect what jordan did but, you know, phil knight's worth $50 billion or something like that and michael jordan is

worth 4 billion or 6 billion, something like that. and this is the day of liberation right here. this is the day to not be just valued on my cash flow to be valued on the equity that we bring. i'm -- you know, we've seen the influence that we've had on two fortune 500 companies. also a lot of stuff they have commitments to china and when we wanted to do localized manufacturing, which is completely possible with some of the factories that i'm buying here in california, we can actually bring industry back to america. i feel that in a lot of ways europe has been the head of prestige and -- with the luxury brands and luxury vehicles and china has been the head of manufacturing. but america, we invented rock and roll, we are the most inventives we are the youngest start up

ever america itself so, you know, we invented apple, we invented ford and now we have yeze here. and it's not going to be any board members that won't even pick up the phone that their kids are wearing my shoes that get the opportunity to just dismiss me this way. for instance, i'm moving my money from j.p. morgan over to, you know, bank of america possibly because i go and move $140 million over to j.p. morgan, jamie diamond never calls me and gene alridge is the head, so if you move money they're going to treat you like they meet you. >> she's the head of asia division to be fair at j.p. morgan, and yes a board member of adidas, go ahead. >> that's about the amount of information i have, i can only

find out about the board from what i can google online, i never got to meet them even though i'm 68% of their online sales and they've even gone and specifically hired people from my team to do collaborations with -- to attempt to make fake versions or to try to dilute my message and to colonize, you know, my audience as opposed to empowerment. for instance, it's like a friend of mine just bought reebok reebok is worth less than yeze but due to the positioning i was in in the contract instead of us takingthe reebok for infrastructure, jamie is able to take that and i'm sitting supposed to be this, you know, little plant in the front of the little shop of horrors, you know

>> we know jamie he comes on the show as well, authentic brands he's done a bunch of deals so it sounds like you're trying to break up with adidas too and trying to forge your own path here -- >> i don't like the word -- my mom said trying is failing we not gonna fail. we will success. >> i'm trying to figure out what it is. you're starting your own company independent of other big corporations, is that the plan >> absolutely. i got to -- you know, i only have the resources i know. like i can sit with people, i can go and sleep at david simon's house. i can go to jamie salter's ranch i can go to -- even though elon don't have a house anymore, i can go to elon's, you know, but are people really handing over the information? so sometimes it's harder to find

the information, especially you got to understand, i'm operating like a five x version of bo jackson or something i'm operating at the top in music, top in influence, top in clothing, the top in shoes, and now we're going to go and become the top in real estate and the top in education where, you know, my school, we're on our third year of school, it was started at easy christian academy that we opened during the scam-demic -- pandemic now we're on our third year and this school is going to focus on bringing the american economy back starting with our children. they try to just stay on your phones do this we're not making practical they took all of our practical engineering skills away from us focussing on engineering for our

species. what's the thing you need the most, food i'm telling you this the answer being, our focus is the school my mom is an albright scholar. our new chairman was appointed head of the albright scholars. so let me tell you what this curriculum is, it's engineering food, engineering -- automotive engineering, engineering shelter, computer, hardware and software, financial literacy and financial engineering and shout out to elon rocket science so we can say our kids understand. but that's the basis you know, the normal reading and writing and all the stuff that the old guards, 100 years ago but up what our curriculum is. another thing, if you look atticing to be, it -- if you look at tiktok it has all kinds

of things. it's not just sexualizing children it's actually educational. so we're into the idea of embracing tiktok as an educational tool because you're not going to touch -- you're not going to be able to commute unless you use the way the kids communicate so a lot of schools are, hey, don't use technology in this way. and just only do that after school america, we are the thought leaders and there's a lot of strong americas. you know, i'm a conservative also, i'm a christian. there's a lot of strong people who believe in family and believe in monitoring the type of content that our children receive and also monitoring the type of food that we -- that we receive. you know, we -- go ahead what were you saying >> i'm sorry to interrupt. while we have you, we're showing the stock right now of gap and

ad adidas gap got hurt today on the news and in general it's been a struggling retailer, they lost the ceo, the one who you i believe made the deal with to begin with and they're trying to stabilize the business you liked the company and talked about high hopes for the partnership. do you think gap can regain its cool again and remain a player >> they only have one opportunity to be able to be a big player what do you think it is? >> i feel like you're not happy with them today. so you're not going to be too optimistic >> no, i'm saying they have one individual on the planet that could save the gap >> who is it >> that individual -- i'm asking you who do you think it is sometimes the answer is sitting right in front of you. >> there was a lot of potential in this deal but it sounds like you're terminating >> well, the -- don't bring a leader in and have him not lead.

you know, why would i argue with people who are getting paid by the gap? i'm sorry, you know, i'm not going to argue with people that are broker than me about money >> understood. ye we thank you for the time today and for joining us on the show >> all right there we go. >> we'll continue to follow the story, no question about it. kanye west, or ye. thank you. take a look at where we stand right now in the market. down 1.3% in the s&p 500, nasdaq getting hit harder down 1.6% yes, you have adobe in there, $20 billion deal, investors not loving it today. the stock is down 17%. also a guide down on the fourth quarter but you have weakness in microsoft, salesforce, home depot, visa. up next, the head of a $140 billion asset management group man on this week's market

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after an indecisive day of trading we have gone lower and accelerated the losses this afternoon. a little bounce yesterday. we're on track for a sizable week loss after tuesday's big selloff. joining us is asset manager man group ceo luke ellis nice to see you. tough act to follow. >> good to see you i haven't got my sunglasses on but i'll try. >> you're here in person, that's good how are you navigating this volatility, how is man positioned >> i think the oldest market out

there is don't fight the fed and it's been pretty much true this year the fed is, you know, is trying to do something about inflation and while they stick to that course, they've got to make financial conditions worse and so, it's pretty sensible to be sure, bonds longer dollar, and some trading opportunities in equities, they're not going to go up until the fed takes their foot off the neck which may be some time. >> you're not of the view inflation has peaked and they're going to have to stop earlier than they think they are >> so we are somewhere at a local peak on inflation. whether it's this month, last month, next month. somewhere there and by next summer, inflation will be lower. but at the moment they haven't done enough to get inflation anywhere near their target so if they stop now we're going to end up getting to something like a 4% inflation number next summer and then it's going to start creeping up again.

so, you know, they've got more heavy lifting to do if they want to drive inflation out it's in wages. when it's in wages you have to do stuff to take it out of wages, otherwise it keeps going through the economy. >> you're not too hot on u.s. stocks what about europe? are there any -- for all the problematic scenario you laid out, it's worse in europe because of energy prices. >> the good news in u.s. stuff, is everything in the u.s. looks better than europe they have a real challenge, double digit inflation already and they really haven't got ammunition, rates are very low but they can't -- i mean, they need to push them up but, you know, the stresses within the european system are a challenge with that. so, you know, i certainly wouldn't favor europe over the u.s. at all at this point. sure the euro and yen have been the most profitable trades of the year this year.

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jessica on disney. let's start with the broad market we're down on s&p 500, it's been a deterioration throughout the day, which is like what we saw yesterday but the big takeaway is no bounce or real come buyers stepping in after tuesday's massive selloff. what does that tell you? >> it tells you there's a ton of uncertainty in the market. it's a whippy market as we've seen since before covid. there's tons of uncertainty. you can't read into much of the market when apple is moving 4% monday and down 5% the next day. not a lot of rhyme or reason to it we're in seasonably one of the worst half month periods of the whole year, the second half of september, and that cpi report really freaked people out and now we're in a fed blackout period until the meeting next week so there's nothing to propel the market or stabilize the market until we get to the meeting next

week. >> i think luke ellis summed it up well, ceo of man group, don't fight the fed. fed wants it lower, tighter conditions, that's what's happening. >> move over tesla because apple has taken the lead as the stock with the most short interest by dollar volume on wall street, surpassing $18 billion this week its shares hit hard in the selloff, down again today. falling 12% over the past month. let's bring in tony, he has a market perform rating on the stock. why the short interest piling up on apple because it's outperformed. >> good afternoon, sarah typically apple has a usual trading pattern where they announce new iphones in september and the market is usually anticipatory of the announcement and after it announces the market is

uncertain, trying to figure out is this going to be a good cycle or not a good cycle, typically the stock doesn't do well. i think you have people putting on short positions following that strong seasonal trade into the iphone announcement. >> do you think that's the right move how are you expecting this cycle to play out? >> yeah. that's obviously the huge question around apple stock i think for the next six months. the big question is, apple is the consumer company and it did really well during covid its operating profit went up about 60% during 2021 and 2022 relative to pre-covid levels and so we do think that apple was a covid beneficiary. to the degree that people bought forward on iphones and ipads and max. we think the next year could be lower growth for apple so we're more conservative than below consensus estimates for iphone and apple overall the

next year. >> you're still at 170 on the price target, right? how does that work valuations are already pretty high, aren't they? >> markets move around a lot sara, we've had a static price target, despite the fact that the market moves so much otherwise we try and anchor our price target to -- somehow to the market but when the market moves so quickly we can't change it every week. on balance we believe that risk/reward is neutral to apple at current levels. >> thank you for joining us, toni, with the take on apple disney shares are lower today, since the company announced a price hike for disney plus and the ceo said the value of the service is still under joining us is jessica erlick

what do you do with disney stocks and kchapec comes out talking about the value. >> we like the stock they did raise prices significantly, by 38% for the subscription service, and the a bought service, the ad service will be the -- will have a subscription price of $7.99. our view is the advertising, the revenue they generate from advertising will exceed the subscription service over time demand seems enormous. >> what about some of the other factors that kept disney under performing for a lot of the, i don't know, last year or so, macro issues, concerns around florida and how that situation was being handled, not necessarily that was so material for the stock but clearly

there's been a cloud over disney for a while now. >> absolutely. but a lot of these challenges are behind them. bob chapek has a three year contract and he's in control with his business team the parks are on fire, the international parks are all open they just launched a new cruise ship which is 100% occupied, two more ships coming. growth in the theme parks. and film people are coming back to theatres and the most talked about movie is "avatar ii" which comes out before christmas so they're getting their footing. they had a tough time during the pandemic most of what's going on in the current environment is extremely positive for disney. >> one of the other things i saw that came out of david's interview with chapek, he said he'd love to own all of hulu tomorrow but chances before the

deadline are slim. what are the chances here? >> we're all waiting for the put call in early '24. our expectation is that disney does buy in comcast interest when that happens it'll be significant because they'll be able to consolidate the ad tech platform, the marketing. so there should be good cost savings, marketing, and they'll be able to put it together a driver for them has been general entertainment. so they're expanding that offering as well and broadening the base ofubscribers. disney hits the cadence at the end of this calendar year, the first quarter. now the september quarter will be okay. but the first fiscal quarter or fourth calendar quarter should be a strong quarter for disney >> jessica, appreciate it. thank you for the hit on disney there. recommending the stock we have just over two minutes to

go in the trading day. paul wanted to point out amid the selloff today, concentrated in big cap tech, there are proctor & gambsome up one of those is the ark woods. some of the most beaten parts of the market down 60, 70% from the highs are in there i thought that was interesting given we're wondering where we are in the market. >> you look at the some of the most beaten down stocks, they're at levels they were at back in may. you know, they haven't kept declining. the ark stock peaked in mid 2021, so they've been in the bear market much longer than the broader market as you see those names they're starting to stabilize it looks like here so that's something to watch. square is at the same level it

was at in may, even on the negative buy now, pay later news when stocks stop going down on bad news, that's something to watch for. >> are you a buyer on weak days like today in any parts of the market >> yeah, on certain areas of the market we're buying certain individual names but you have to take it on an individual basis the whole market, buy the market, sell the market, you know, that's -- this whole all or nothing approach is, you know, i think you have to avoid that and focus on individual names. we're talking about apple before a stock like apple it deserves trading in the market but the premium now is the highest it's been in ten years. so understandably investors are starting to question that heading into an earnings report next month so they're taking more of a wait and see approach, understandably cautious >> thank you very much paul hickey as we go into the bells

it's microsoft, apple and adobe weighing on the nasdaq there's the dow, down 157. so we're off the lows of the day but well off the highs could not hold the morning gains we had for a little bit earlier. united, health and goldman are the contributors higher on the nasdaq that's it for me on "closing bell." see you tomorrow everyone. into overtime now with scott wapner sara, thank you. welcome to overtime i'm scott wapner, you just heard the bells we're just getting started i'll speak to mark newton whose new know is all about the state of the tech wreck and whether it is about to get worse. he will tell us what the charts are telling him. we'll start with whether the fed is about to send stocks into a tailwind raise rates too fast. that's the call of some investors bu