what they save on goods and services grew three times faster than non-latinos. and the population is booming. we just saw headlines that hispanics in texas might be the largest demographics in that state. they are younger, there is seeing significant roads and participation, and i want to see if your nbc news group is an official sponsor of latitude business conference. >> thank you. that is going to do it for us right now. text chat starts right now. >> good thing tuesday morning. welcome to tech chat. talking to christiana mann about the impact. growth inspectors phase more tightening. one investor argues that tech is facing a critical juncture. finally, a bailout or a golden

opportunity? crypto exchange hoping to raise another billion dollars after a bill spending spree. >> we have to start off with the impact on stocks. raising points 65 points. that soft landing promise earlier this year is to hearing fast. tech investors already facing a bear market. the nasdaq within points of its june low. stocks like amazon close to down 3% yesterday. off about another percent today. the 10 year is that 37. the two-year at 4.14. the nasdaq is falling another percent and a half today. one stock i was looking at, microsoft. we know the headwinds that meta- is facing, microsoft is facing a different story. they are more resilient. the stock is down 17% last month. we have seen estimates get trimmed over the last week or so. the bear market eventually comes for everyone.

what do you think, could this perhaps be a signal that the next drop, we talked about so much enterprise tech spending, could be getting closer? just a few weeks to start the new learning season. >> just a few weeks away from the start of q4, as well. i know we are supposed to think about, talk about stocks all the time. continue to do that, but i'm thinking more more about businesses. to what extent are these companies able to grow their total adjustable market, which is part of what paul might be talking about here today, with automotive, which is been a fast growing area for them. to what extent are they going to be able to charge more for the innovation they deliver? stocks are going to be able to do it they're going to do. you have to question where the stocks with individual companies fairly valued to begin with? beginning to worry about whether it's going well, is that a buying opportunity?

it depends on how well the business is doing and what kind of competitive advantage various companies, in this case, sitting right here, semiconductor companies have in trying to determine the future of stocks. they will do it they will, but if you can win with your business, that will matter eventually. >> and minerals. >> that's what we talk so much about the multiples. we talked some would on multiple. the question is going to be about the actual earnings, the forward operating margin. that is a story that will be revealed in time. our next guest warns that the fed moves could be putting some jeopardy here. noting that only 12% of names are still trading above the 50 day. joining us this morning, spend. you are paying a lot of attention to the ndx, right? >> we will get to him in a moment. johnny is going to bring some charts. a sickly looking components

above the day. basically back down to where it was in june, which is sort of went source a lot of pain. you remember the june lows. i think we do have you now, right? >> i hope so. >> you been paying attention to the nasdaq 100? >> absolutely. it is most sensitive to rising yields. what is happening on the yield front is absolutely critical here as we have seen the two year going to the levels we have not seen since 2007. and the tenure, the course, massively extended as well. that was the setup we had in june. 10 year, 3.5%, and markets carpet bombing, basically. actually, goes to seven today. that was the same rate we had in june, as well. the nasdaq is indeed in a critical spot. like in june, when i talked about the week 200 being a risk factor, that is a risk factor of 3 to 5% lower.

now the entire market is pivoting off yields. you saw the doj mentioned that tonight. there's a critical point approaching. if you see any of these charts reverse on the yield in dollar front, the market paradigm could shift dramatically. but as long as they don't, you have risk blowup. that is the challenge for everyone right now. >> yeah. you are focusing on the nasdaq in particular, but even within their, software. right? >> absolutely. if you look at that comment is actually close to the june low. they also have to pull support. i have the silver lining for everyone. any of these flows, if they come, and we cannot be sure of this yet. ironically, markets are still holding above the june lows despite dollars rising to new highs. if we get new lows, a set off technically for positive divergence. market is still setting up for a by, contingent upon yields in dollar rivers.

>> you tweeted a few hours ago the currency wars have began. that was after japan intervened in their own currency market. how does that change the charts for you? >> the strong dollar is causing absolute havoc in the economy. the u.s. pound at -- excuse me, the uk pound at the tenure low. they have a vested interest for that trend not to continue as they are all heading into recession. i think the doj kind of put out a line in the sand today indicating no more. whether they will be successful on that is unclear at this point. i think what really needs to happen now that the fed has become so aggressive is that the ecp really step up on their race hiking gang. the ecb gets more aggressive, and that maybe actually slowing

down. to put pressure on the dollar, as well. absolutely key to watch. >> in terms of company earnings, we have certainly seen the effect of the strong dollar on companies like microsoft and l4. they're thinking among the investment community. maybe this is only temporary or looking beyond the strong dollar on those earnings. is that properly priced into the market for some of these large-cap companies? >> well, if you look at the economy going into recession, which i think it will if the fed continues on this extreme tightening path. they are still completely behind on the growth curve. estimated the slowdown in gdp, and yesterday's rate hike at 75 basis points is overtly risking a larger recession. especially if you go to the terminal rate of 1.5% or above. as long as the fed remains on that path, i think all the going to be question will. i will offer a silver lining on

this entire move here, with yields and dollar rising and the expectations being so tight. that is that there may be a subtle expectation on the market, with expectations this high, if you get any positive news on inflation rolling over, the expectations will come down as well. before you know it, everybody is concerned and may have already been priced in. we will already know after the fact that october is going to be key in terms of data. >> that's interesting. i'm wondering how the charts are different. to what extent are they different this time versus where we were in june. i'm looking at individual names like coin base, you know, that might be seen as a little bit riskier. they are still signet the above where they were at those lows for the year. overall, on the nasdaq, particularly today it is

performing worse than the other embassies. we appear to be heading back perhaps closer to the low level. is the character different of what is suffering more? >> yeah, you look at the stock like apple, for example, still going tremendously well. you can make the case that that is actually a bit deceiving. if apple was down 25, 30% like some of the other tech stocks, and nasdaq itself might already be back at the june low. this is a relativity game going on, as well. i obviously looked at the divergences, i look at the underlying signals, and they are all very oversold here. remember, nasdaq is down 16% from the bear hi we had in july. there is also a season, the midterms, i don't want it discount that. everything we are saying in this context is actually fairly consistent. the real test of this will be end of september, early october. we will see if arcus can actually follow that script, as

well. remember, nasdaq is down almost 30% on the year. we are seeing signet and discounting in the evaluations. the problem with all this is still, and they go back to yields, if they stay on this velocity and direction, it's going to get very ugly in general, and hence the reversal is absolutely key. if you want to think about it. >> that's why it's going to be so interesting to see how much they jawbone the bond market, which is not quite keeping pace with some of what we heard from yesterday. it's going to get really interesting, beyond seasonality. good to see you, thanks. >> thanks, take care. >> meanwhile, we talked about this, the software sector is down 40% since its peak. it has been hit hard recently. longtime analyst initiating coverage today on 25 of the stocks, focusing on names that he believes will come out ahead on the other side of the down market.

outperformed on crowded strike, intuit, and snowflake. let's bring it in. the top-rated software analyst in 2021 by institutional investors. sterling, good morning to you. it is great to have you. there's the question. what will come out on the other side? when are we going to see the other side? where are you on tech valuations at the moment with the nasdaq 100 earning multiple below its 10 year average? >> yes, it is looking cheaper. is it cheap? >> relative to the fundamentals, it is. we look evaluation across the past two years, we start january 1st and 2000 all the way through to today. really were software sticks is just above that to your average. the fundamentals and software are a lot better than they were in 2005, to seven. i mean, you have free margins that are 700 basis points higher than what they were. his models have a lot more of his nullity. a lot more stability than what we have seen in the past. and you are talking about an industry that over the last 10 years has shown the best growth across the economy four times.

we still think it is going to be a top-five grower moving forward. coming out the other side, yeah, we think the valuations are cheap. you don't have to buy everything today. we think it is start the averaging back in the software. >> i want to get to some of the names you initiated. when we talk about at the beginning of the show, 17% in the last month. are the cracks in the story? you rented at market perform, it taking into account the pc market, where are you on this name? what does that tell us about the broader market? >> there is a lot of moving parts when it comes to microsoft. and there is a lot of good. you pointed to a couple of them, but what they have done with azure, underrepresented in a lot of people's views. also the moves they are making on the gaming front. we think they are very well positioned to continue to drive for them at this scale to track the growth and really good margins.

the stock that ends up becoming a core part of the portfolio. a study compound growing well over the long-term. but we think there are others that can generate better performance and better output over the next 12 months. >> sterling, i want to ask you about adobe. not one of your favorites here, but one that i know you have covered for a long time. this move to buy sigma. we will see if that goes through. but a lot of people hate the stock right now because of that move. strategic rationale has questions about whether regulators end up allowing this to go through. what is your thought on whether if it does go through and based on the track record at adobe, this is actually a smart purchase? >> strategically, i think it is a very good move. terry tough for the stock. people really did not understand and appreciate the acquisition when it happened a few years ago, and even further back, when they acquired macromedia.

but this is the defining moment in time for adobe. when you look at what they actually bring to the table in terms of collaboration, user interface design, bringing designers and developers together, and offering opportunity for adobe to actually bring creative quality truly into the cloud. a lot of what happens with photoshop is still done on device. i think this is a very positiv , strategic acquisition for the long-term. but yeah, it is given the multiple. they're going to have to digest it. we know that they know how to execute from an operational standpoint. so i do think when we look back five, six, seven years from now we are going to say that it is a smart acquisition. but at the time, very difficult. >> okay, so conceptually, what does the signal about what software companies need to do during what looks like a difficult period that we are heading into? what do they need to invest in, what can they afford to pull back on? even if it looks painful for investors in the near-term. >> yeah, this is where you were

going to see the separation across the competition. the companies that are profitable, well-funded, they're going to be able to continue to invest both in the donor market sales force, but also developers. we also have a pause in the ipo market, which means that the attractiveness of developers and salespeople leading to go to the next startup has waned. that is very beneficial for these companies. we want to see the investment in the organic side. acquisitions to make sense, with the financial reasons, maybe a little bit tougher. >> finally, i'm wondering how you are processing. the sector has and beat up so badly. but this week we got some pretty decent long-range targets out of salesforce. and even accenture, last night,

booking is up 31. fx is obviously a problem for everybody. but there was a sense that maybe the gloom is being leavened a little bit. >> especially for the sector, take a step back and remember, how do you automate more parts of your business? we still have tight labor markets. one of the things that we still hear from many companies is the difficulty in finding the right people to fill the slots that they do have. automation actually bridges that gap. it allows company to become more efficient, more productive, so we still think they are going to get a portion of investment moving forward. that is why we do that. we think software is going to be one of the top growing industries through this macro headwind that we have currently. it is not easy. we know that. that's why again we need to be ahead of that curve. >> we appreciate your insight, inc.'s for being with us.

john. cost-cutting continues, at least when it comes to tech. bringing on more measures on meta-and i'll bet after the break. we are just getting started. ♪♪ you know real chili never has beans. you know which pizza is eaten with a fork and a knife... and which one is definitely not. you know a cappuccino is for the morning and an espresso is for the afternoon. you know how to answer "sparking or still" in over 12 different languages. you'll try anything that's not currently alive... unless of course it's highly recommended. the delta skymiles® american express card. if you travel, you know. ♪♪ welcome to life in the new open web.

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>> stock in the red after taken down or neutral. flashing the pie stop into 57 bucks a share. while it has potential, they say, they say it is not being realized. user fatigue, mist execution, just some of the factors blocking growth. also saying projects like bitcoin are preoccupying management's attention. stock down nearly 80% off the top. >> mehta is back in the headlines oday amid news of layoffs, cost cuts, now a senior executive speaking out against apple. juliet has the latest on that. >> better share is falling today

the company reports plans to cut costs by at least 10%. wall street journal reporting that meta has been pushing out staffers by reorganizing departments, and that deeper cuts are coming. bernstein writing this morning, quote, the reality is that the company has a lot of room to preserve running power via accessible operating expense cuts. this after mark zuckerberg said in meta's last earnings call, quote, our plan is to steadily reduce headcount growth over the next two years. many teams will shrink so that we can shift energy to other areas. he goes on to say i expect us to get more done with fewer resources. meanwhile, meta's president of global affairs has been speaking out in defense of meta, and also attacking apple for its limits to the ability to target ads and impact. he said at an event for semaphore this morning, apple,

over the survey of privacy, is trying to kneecap its competitors. apples responding quote, we are giving the users a choice of whether they want apps to track them across apps and websites owned by other countries. rules apply to all developers including apple, and we have received strong support from regulators and privacy advocates for the new feature. another big headline this morning, former president trump could be allowed back on facebook once the suspension of his account expires in january. guys? >> a little bit more on that last point, julie. obviously got a lot of attention on social today. is that a decision the management will work through? or will this be handed to some third-party board? >> i think something that mark zuckerberg is going to be focused on. especially looking at the comments today, this is something that he is going to want to take ownership of in a lot of ways. obviously, they will work with the facebook oversight board, but the board recommended, and implemented the suspension for certain period of time, so want

the suspension is up, the question is whether a former president present on the platform could incite violence. that is what they are focused on. will his comments of a real- world impact that could be dangerous or negative? >> good question. julia, thanks so much for that. don't go away, we are back in just a moment. what? amazon has daily deals, so every day is a chance to meet the deal that catches your eye, that shakes your soul, that changes your destiny. i'm gonna go check on those tater tots. learn all the ways to save with amazon. this is evolving from gym to global media company. this is connecting your people and content in one place. this is the system you built to transform your business.

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>> welcome back, here's what happening at this hour. walmart and cvs pharmacy are reaching an opiate sediment with west virginia with the combined total of $147 million. the lawsuit is centered on the company's roles in contributing to the oversupply of prescription drugs in the country most impacted states. royal caribbean is the latest cruise operator to signal

strong demand for trips after using covid acclamation protocols. the company says that bookings are significantly above pre- pandemic levels. shares of royal caribbean of about 14% in the last month. the average cost of gas in the u.s., inching up any higher on wednesday. this indian 99 can i could've day streak of declining prices that, according to aaa, the average for a gallon of gas right now is at 3.68. tiktok will requires the accounts of politicians to be verified ahead of midterm elections. the midterm video hosting says it is aimed at keeping harmful information on the platforms. also makes it more difficult to use it for advertising and fundraising system. >> thank you. turning now to christiano,

thank you for having me. >> very happy you are here with us. >> i wanted talk about automotive. i want to start abroad, because the markets are reacting this morning to the interest rate hikes yesterday. concerned about what that does to growth. today, you will be talking about growth. what is the impact, even in the automotive market, interest rates going higher and perhaps global growth slowing down? >> let's kind of break that down. we are seeing a lot of uncertainty out there. i think we mentioned that during the last call. we are tracking the data, all the same data you are tracking. and we will see what happens within the short term. now, the important thing about the qualcomm story, it is really a long story. automotive is a great example of that. the fundamentals of transportation are in place,

and i cannot think of something better than automotive to talk about the different specifications of the company. specifically on the short-term on auto, we have seen that they are still some demands for automotive because of the recovering from the supply chain constraints. but the story is really about the future semiconductor business in the automotive industry. >> i think it was something like 38% growth in automotive that you reported last quarter. it has been part of the overall growth story. a newer category that is growing. traditionally at these investor days, you get updated total adjustable market, maybe what's happening in the platform, is this a significant event that you are having here today? we are expecting news later on today? >> yes, it is a significant event. i want to think about this event, it is probably why qualcomm graduation in the automotive space is becoming one of the largest suppliers of technology for the automotive industry. a dedicated event for auto.

this is changing within the mobile communications company to connect the computer company for the edge. automotive company is just of the center of that. yes, you should expect that we are going to make an update into our design pipeline. last earnings call we updated it to about $19 billion. we will provide further updates today, and if anything, it is probably a reflection. what are you going to see in the event today, a reflection of the automotive industry really embracing qualcomm solutions. >> i think that is an important contrast. what's happening in the stock market, we talked about what is happening with businesses and what is happening with stocks. sometimes there is that disconnect in the short-term, but in the long-term, it is important. to what degree are you saying car companies eager to invest in future platforms even during this time. is there a hold back on deals closing things like that, risen

far enough out there saying we have to do this? >> absolute all systems go. it is not related to what we have seen in the short-term. yes, during the short-term. but like qualcomm, which is really a long-term story, the automotive stories know that they need to become a technology company. the car is going to be connected to a computer on wheels. companies know that the digital choices, which has actually been made at ceo level, is so important for the future. they need to move fast for this new automotive industry. that is why partnerships with companies like qualcomm become very important. >> let's get off of auto for just a moment, talk about industrial. the way you guys look at the segments you reported kind of adjacent , i would be concerned looking at industrial technology. the capital outlay that is necessary for that in the trailer over the next two quarters, does that slow down? as companies that might've been looking to transform the way

they do manufacturing or even the way they communicate on a factory floor, they have to reconsider whether they can afford to do that, or no? >> you know, this is a great topic of conversation, especially now with the economic uncertainty. some of the things we are doing in the industrial iop, and we have and talking about how our business has been growing, and really, the transformation at the edge. all of this, the companies first connected all the people. now they want to connect their assets. digital transformation of enterprises, they do it for growth, they do it for cost and efficiency. somewhat insulated of what you see, the fluctuation of the short-term, and it is really a future story of digital transformation of enterprise. >> i want to talk about smart phones for a moment. you guys are still the major player there. we will get back to cars. but we have seen in the early data coming out of apple, it looks like the high-end demand for the 14 pro and promax is going particularly strong.

if that is a signal of what's happening in the industry overall, that is good for qualcomm. snapdragon plays at the high end. is that your sense of what is happening here , that the high end consumer is still eager for the sorts of features you are able to deliver? >> is a great observation. it is very consistent to what we have been saying. we have seen over the past number of years that the mix of phones are improving. you know, when you bought your very first smart phone, that was incredible value proposition for future phone. but now, as a mature smart phone user, you know what you want. a better camera, gaming, computing, and i think that is driving a much richer mix. we have seen, even in the time of uncertain right now, we have seen the premium tier and high tier have been more resilient than what you seen from for example the mast here. i think that is consistent with the trend that technology matters in the smartphone business. i point our announcement of

long-term partnership with samsung to power all their galaxies globally, the qualcomm strategy is working. >> back to cars. premium and high tier, is that where we are going to see the transformation driven by snapdragon platforms really come through? or are you saying commitment for mainstream cars to make that transition soon, as well? >> fantastic question. one of the products, we also announced a new product today. but one of the products we announce today is going to speak to that. one thing about the digital chassis solution, the snapdragon digital chassis for the automotive industry, is that it is truly a platform. we take our dna from what we have done in the mobile industry and can scale that up and down. for example, when you look at the announcement that we made in the past, they set across

all brands, across all tears. we believe that we can bring assisted driving even the entry- level cars. i think that is the transformation that we can do multitier, multi-generation with our platform and the product announcement. they are really going to show on a scale technology to every car. >> are the automakers talking about software upgradable strategy where customers can turn things on and cars over time? you see that certainly with phones. new capabilities, and new app comes out, you are able to download that. it seems like with cars, you tend to change them over less often than phones. but if you get the option to turn something on as a service over time, that could be good for the revenue stream, good for affordability. >> it is that and much more. one thing that is happening, and we are going to talk about

today about the car of the future. just step back and look, for example, all of those screens you have in the car right now. all the screens that have an incredible amount of processing power, and there connected to the cloud. first thing you will see change. the car company did not have a direct relationship with the car owner. most of the relationship was in the dealers. but now, you have the ability to interact with your customer. you can sell him features, you can sell them upgrades, you can personalize the experience. at the same time, the car becomes a hub for content distribution. any console is going to be in the car, especially because her streaming, gaming, 5g, delivery of content. then you can run an office from the car. if you look at what is happening, for, a lot of small businesses, now you will have all the tools for productivity. it is an incredible transformation. >> just tell them not to make seat warmers of service. that should be standard, at a certain level. >> i agree with that. >> thank you. >> thank you so much. ceo of qualcomm. going to get the news later today, back to you. >> meantime, closing in and

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>> let's turn back to the market, the dow down by more

than 100 points. nest egg down as much as 150 points, off of those lows now. given the feds talk forecast, many expecting more pain ahead for growth. joining is now, global advisers managing partner, cbc contributor, tom lee. markets are down today, we are more than 1000 points from your target, made back in august. that is 4800 on the s&p by year- end. have you turn more cautious? or skill that bakker pushed it out? >> well, it is certainly a lot further away than it was in august. you know, in the last couple weeks i think the market is trying to discount what is a much more hawkish and more forceful fed attack to try and contain inflation. one where they're losing a little bit of patient. but the reason why i think we still want to think about stocks on year-end is that it is ultimately going to be coming down to the path of inflation.

if inflation starts to improve sharply, which a lot of leading interior shows that, i think markets are going to start to look at the fed's current path as sufficient to actually contain inflation. i think that is going to allow a rally. i would say the bar is definitely higher. it is really a very tough weeks, especially post jackson hole. but i rule out the probability that stops rally pretty strongly. >> if they do rally, if the s&p gets back to 4200, even next year at some point, what is the valuation behind that call? pacifically for tax, how are you valuing that sector? does it ever come back to this 2021 peaks? >> yeah, it is interesting timing that you are asking the question. i just got off the phone with tech ceo, and one of the things that does, that investors need to keep in mind, is that tech

companies really got cautious earlier this year because there was a lot of signaling about monetary tightening and the risk of inflation. so companies are not necessarily tripping over there is right now. but more importantly, when tech companies are looking at their potential for a recession, recessionary business conditions, they have a lot of room to cut costs. i think we may be surprised by the profit margin expansion of tech companies, even in a tougher revenue environment. that means that there could be earning surprises on tech. i think there is a reason why earning revisions have not dropped as much as they should've done by the end of this quarter. we are in the confession period now for earnings. part of that is that companies were pretty good at managing cost because of the signaling of the weakening economy. >> such an important point, tom. as you were talking, i was reading this bernstein note on meta. they said the reality is that the company has a lot of room to preserve earnings power via

sizable cuts and protect the floors of the boulder counting on. would you argue that meta is indicative of broad and aggregate corporate america's power to cut cost? >> yes. especially when you think about the environment. over the last 10 years, companies had a decent topline environment and a week inflation environment. they had not a lot of our growth, they were focused on growth. now that we have better nominal growth, and companies focused away from topline, that is giving them ample opportunity to really tackle affects, as you're pointing out. ironically, or sort of maybe in favor of the fed, intact, a lot of it will be labor. i think you are going to see job cuts coming, and that will really help the earning power. but it actually works toward the fed's goal of trying to manage a very tight labor market. >> yeah, we certainly have already seen some of those cut. i just want to get your view on

bitcoin. the link between bitcoin and equity, to particularly tech stocks, has been growing closer. once again, that comes amid a more in certain backdrop of inflation, and one of the most important events in crypto history. how do you find that? are you still as bullish on bitcoin as you have been? >> yeah, i think one way to really understand the link between bitcoin intact is that they are both really plays on the innovation around financial services and products. whether you call it qualcomm. as capital availability is down, that is crypto. i think it is going to take some time for the supply benefits to show up, but i would say, again, crypto is holding up pretty well. we are talking about markets typically expecting bitcoin to have fallen further because

nasdaq is a 27%. i think bitcoin is holding above its 2017 high, actually quite constructive. >> we are just looking at a chart, just below 19 k at the moment. thanks for being with us, talk to you again soon. >> still to come, looking to raise another billion dollars. is it a signal that there might be cracks in armor? we will discuss. to ready for one of the biggest investment events of the year. nbc is delivering out returning in person next week. features economic leaders, policymakers, the world investors. i will be hosting a panel in the afternoon onheex t nt big thing. you can go to cnbc events in more detail and to register now. more detail and to register now. tech check is back in a moment. if you travel, you know.

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new venture capital money. according to the sources the steel would keep the valuation at 32. as far as this deal being any sign of crypto weakness there's really two schools of thought on this some see flat rounds right now as a big win in this market. you've got private fin techs like clarna, and then bitcoin and crypto currencies losing more than half of their value. but flat rounds of course not the value step up companies are used to sources, though, tell me this ftx deal and the terms could change in the coming weeks or months. bottom line, though, anymore money they're using is going to be used for mma.

sources tell me they're looking a lot harder at those consumer apps one crypto company, though, voyager, this is one close one to watch -- >> i wonder with this sam bankman white night legend emerging there are these leaks about how he's managed to stay afloat, but these profit numbers from 2021 from him and ftx that's a long time ago for crypto how much do we know about how that company is doing, and how leveraged it is and how much money he's really got? >> that's a great point, john, about this being a private

company. a lot of people will really want to see that s1 if and when the company does go public we talked some of the numbers from audits last year in q1, but the world from crypto has completely changed we don't know if that profitability has stayed they're roughly on track to do roughly the same revenue but we don't know if the profits from the bottom line is going to look the same they're profitable but not to the point they could be spending this much money it be bailing out. yes, they might be profitable but not enough to take on these deals. >> old on a second he said he's looking at consumer finance apps, crypto consumer finance apps or something along the general? >> robinhood is a big one. both of those companies have denied that's happening but you can see them in smaller stock tratding apps.

taking on robin hood maybe as a competitor and looking to grow their user base. >> that's really key, right, because something different about spf he might not be the slith crypto fanatic as other people in the space. thank you so much for that break down rumors of a regulatory win wr robinhood this morning weill discuss. that's next so don't go away at fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. a plan with tax-smart investing strategies designed to help you keep more of what you earn. this is the planning effect.

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the delta skymiles® american express card. if you travel, you know. one more thing before we go, that's the major retail trading platforms. first the journal says coin base hired at least four wall street traders to attempt to use the company's own cash trootrade crypto they reportedly completed $1200 million transaction as a test and was referred to as a prop trading unit coin base has denied any wrongdoing on the other side robinhood reportedly getting its green light for payment of order flow.

>> key their main source of revenue. robinhood and canebase have been trying to diversify whether that be fin tech or nfts. that hasn't happened yet so the street remains bearish on both >> when we started off the show i was reflecting on the business of underlying companies and their stock which is driven by sentiment. to what extent some of these company's underlying business is sentiment, right how much are people willing to trade crypto and that becomes the business how long does that continue? part of the reason why he was bailing out these companies is that he doesn't want the whole crypto market to collapse.

well, this is going to be an interesting three months for sure >> indeed and have been a pretty tight range here the two-year almost to 413 today. let's get to the judge welcome everybody to the halftime report. your post-planning meeting with the investment committee and now expectations even more in the months ahead joining me for the hour today. let's check the markets. just past 12:00 noon in the east we're lower across the board dow is down a little more than 100, nasdaq down 3%. the two-year was at 412 earlier today, so we're watching stocks to s