because it's blocked off with glass, there's no wind, no noise, it is incredibly peaceful up here, but it is very high the views are amazing. >> they do seem to be amazing as we look over your shoulder robert, thank you. robert frank, high above central park as you see it there of course back to the markets. well, that's where we're going right now. have a graeat weekend, everybody "tech check" starts now. good friday morning, welcome to "tech check," i'm carl quintanilla with deirdre bosa. we've got the volatility playbook this hour big tech cutting back while robinhood expands wh, what that means for stocks the party is over. and an inside look at celsius as the company tries a new hail mary approach to paying back its lenders. >> we've got to start with tech investors, let's call it deja

vu, the nasdaq composite down yet again within inches of those june lows. key number to watch here is 10,565 that's just about 300 points away it's been a similar story for all the big tech darlings. take a look at amazon down 7% this week. google is down 4% with meta and microsoft not far behind even the broader markets have felt the impact. the s&p this morning, to 3,600 and forecasting, eventual more pain ahead senior markets commentator, michael santoli. >> the market acts as a proxy for the broader market, only more amplified what we're seeing is higher bond yields globally, and a racing dollar being filtered through to all the valuations of the biggest stocks in the market to me, it's about as simple as that we can talk about earnings risk. it's not today's business.

it's people pulling back from risk, feeling like there is too much risk in the upper part of the nasdaq specifically with names, look at apple continues to act as a totally different species. apple relative to microsoft, alphabet microsoft and alphabet have breached their june lows as have semiconductors apple has air under it, it's about $20 in apple shares, at 150 now, 130 or so is the low from june. if it were to get back to the lows, if apple were, the s&p then breaks through its low because it's about a 1% drop in the s&p just by a $20 decline in apple from here, and of course the nasdaq would also be there there's two ways to read this. one is stocks that exhibit relative strength, that hold up better in a pressured tape, tend to earn the benefit of the doubt. there's clearly a reason why they're operating better the other is can we have a true give up trade, a capitulation

when you have people able to hide to some degree on a relative basis we'll see how that shakes out. i mentioned semis. on a two-year basis, it's kind of interesting because you're giving back a huge percentage of that move that kind of started post election, and obviously it started earlier in 2020 as well. this is where we sit right now it's hard to say if it's make or break levels it seems to be caught up in the global tide of what's going on in a macro sense, guys. >> it's interesting, mike, you mentioned apple and how it's outperformed amazon not at june lows. it has been relatively performing poorly earlier in the year, along with ecommerce stocks in general, shopify is underperforming. i think it's near the june lows. any particular patterns you're seeing there perhaps the cloud and enterprise exposure, you know, in amazon's business that's bolstering it there or no? >> it's interesting, john. i think for one thing, amazon

really didn't participate in the last leg of the up side in 2021. the fact that it wasn't coming from such a high perch is probably helping there's also been this dynamic that it appears is going on right now, which is we've seen all of these potential challengers to a lot of the first mover type platform companies, and they had their fun, and we thought they were going to have a shot we thought it was going to be more interesting kn netflix is basing, other competitors struggle amazon probably something similar here you might as well go with the incumbent at a time like this, it seems as if investors are jealous. it has been holding up somewhat better than some of the other what you would consider upstarted ev makers, even if they're legacy car makers. there's probably some of that in that dynamic. >> interesting as always, mike santoli, thank you. now our next guest is taking a closer look at how rising interest rates are causing big

tech to tighten the belt we have recently seen pullbacks at meta, google, snap, others, with one recently departed meta employee telling our guest that the quote party is over, according to sun dar pichai. cnbc reporting that the alphabet ceo told employees that you can't always equate fun with money. joining us now big technology news letter author and cnbc contributor, alex, i love your thesis i disagree with parts, which is going to be fun. big tech, you argue that they're vulnerable to outside challenges refocusing on the core, and while they are doing that, they also seem to be investing still in key strategic initiatives it's not like they're taking their eye off the ball entirely, at the same time, capital

funding is drying up for some upstarts doesn't that give them an advantage? >> it does and i think in the short-term, you might see advantages that can be a mirage. it's going to look good for big tech they're going to cut down on costs and be more profitable the companies series c and d start ups, they're going to be drying out of funding and not going to be able to compete as well it's going to look really good i do think, you can't deny the fact that companies are pulling back they're funding strategic initiatives but those experimental projects that used to come up and would get the money because why not, they're not going to be funded anymore i think that exposes companies to long-term vulnerability no matter how much they're funding their strategic initiatives down the line, there's going to be short-term vulnerabilities no doubt about it. >> i hear that i hear from ceos and high level managers a sense of silver lining relief, the laws of physics, not just in the stock

market, but in the labor market are returning. right, management is reasserting itself saying, no, we can't do everything as a matter of fact, you can't hire that extra person wrrks you know -- where, you know, a year or so ago they found it difficult to make that argument. >> this is where i disagree with you. you can cut employees, the question is are you cutting the right employees. it's much easier to say we're going to do a labor reduction, and end up losing the people who were responsible for the most innovative initiatives inside the company. they'll have a place to go the people who don't see a future, they're going to do whatever they can to hold on to their jobs, you can cut the people who are driving the initiatives in the company, making a difference, and holding on to loafers. i think that's the problem with meta, you see a real issue here, where they're taking people and projects that were not panning out and saying you have 30 days to find a new job or you're gone they were the people who have the chance to build the next big thing or people in the safer

projects, that's not going to move the needle in the long run. with google, i like what they're doing. if you don't like perks, that's your problem, maybe getting out. it's a matter of who you end up losing, and i think this is a thing that can get lost when you don't read between the lines here. >> to that point, this was part of the discussion at the google all hands that our cnbc reporter jennifer alias got a hold of the management was asked about raises, equity and bonuses, would that remain on track, and i thought that was interesting, the response was they won't deviate from paying workers at the top end of the market. who do they consider the top end of the market, most crucial to their competitive advantage. i also like a debate, what about one word here, the bundle. when it comes to microsoft, are they not in a stronger position by focusing on packaging their stuff together, putting some o. in incumbents out of business

because they can do so they've got access to the biggest enterprise players and they can say hey, look, these teams for your video, for your messaging, collaboration, and a whole loehost of others are goig into cyber security. >> microsoft is no stranger to doubling down on strengths we know they did that with windows. you're going to see good things. my worry about is the long-term. think about what just happened to adobe. >> but that is long-term they're getting market share from doing that. >> i agree, and it can look that way in the near term but the long-term, you can end up having issues the adobe example. they were the only one in the game, and then out of nowhere, how quickly did figma come up. they weren't reinventing quick enough, and they end up with the deal that's hurting the stock. it was defensive and they had to do it. with the companies it can look good in the near term. i understand they can take market share

there's a way to capitalize on these moments. >> but an adobe could be seen differently as a microsoft you look at what microsoft is doing in gaming. this is pretty offensive, right. who knows if this deal will go through, the activision blizzard but that's operating from a place of strength, and trying to get ahead. >> the key strategy here is in a recession, you invest, and it's a question of what you're going to end up investing in i think you're right i'll agree on this point if these companies make the right investments right now, it's going to put them in much better position in the long-term. the question is what do you invest in, and when you cut, are you cutting the things that are going to end up hurting you in the future i don't see a large scale end of the game for big tech. i think they're more vulnerable to outside challenges than they were before and there's no way around that. >> great look at the challenges, alex, thank you. one company not cutting costs this morning is robinhood

announcing a new program called robinhood gold that would allow users to earn 3% on their uninvested brokerage cash. a big premium to offer, growth strokes struggling talking about the move and why he sees it as an opportunity, was vlad tenev. >> we see an opportunity, as you mentioned, it's a very high rate it's one that i don't know if i've seen anyone offering that at this point, and i think it's economically rational for them to put their money in robinhood, their cash in robinhood, even if, you know, even while they're not investing. >> robinhood clearly hoping it might attract some new users who don't even trade stocks and given shares down 80% over the

last year are going to be a while to recovery. interesting to hear him talk not so much about being in and out of names, trading and being active as a trader, but more about parking money and waiting and collecting interest in the meantime. >> a 3% yield is higher than anywhere i have seen, even some of the challenger banks. the point is, robinhood is in the market share game, still trying to collect the number of users on the platform, so this is likely a product that's going to lose money. however, you put it next to the traditional banks, john, it's quite amazing, 3% versus a 0.01% apy on your chase savings account. that's the point here, right, they're trying to show consumers that there's a better way, and it's still safe because this is all fdic insured, in this case this time or robinhood, and that difference is stark. >> it might be safe for consumers.

the question for investors, is it safe for robinhood. wealth front is paying 2% api. i happen to know that. on the one hand with robinhood, you've got payment for order flow, they're getting paid, and then you've got them paying customers for not ordering there could be a pinch there, right, carl, if the market slows down and retail investors take a step back, and park their money there. robinhood not getting paid on the one side and having to pay out on the other. >> that's a good point, and makes you wonder whether or not if you're looking for recovery at some of their metrics, maybe it's not going to be, you know, volumes on equities or crypto or options that recover first but maus that would be interesting. >> if you're an investor and a product comes out, you're not thinking the company is focusing on profitability you're investing because you think it's going to be a growth

company sometime in the future it's not a one, two year gamble. you're looking five, ten years out, and that's an argument in a product that's losing money. they're going to collect those users and eventually monetize them that is a difficult game to play we have seen other larger more established fin techs have trouble doing that. >> 3%, the user is monetizing robinhood. we'll see how that works ouchlt nasdaq -- works out. nasdaq, meanwhile, more on what you need to know to handle the volatility after the break "tech check" is just getting started ♪♪

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, and transforming digital marketing. where offline and online measurement is the new way forward. so you can see the full impact of your media spend. where respect for consumer privacy drives connections. and emerging channels open doors to new customers. viant is pioneering a new approach to media. combining ai and human insight to create a world where the future is wide open and the possibilities, endless. viant. built for the new open web. built for now.

a gut check on qualcomm. shares down, let's see, about 2 1/2% today, a little more than that despite announcements from the company's automotive investor day where we brought you

previews yesterday where the company announced an expansion in the total addressable market by $10 billion of some of those auto moves $30 billion in the auto business pipeline, and announcing a new partnership to power mercedes vehicles starting next year. remember, mercedes was working with nvidia. that's an interesting win. qualcomm sees the auto sector becoming a $100 billion market for the company by 2030. but along with the rest of the semiconductor stocks, qualcomm continuing to get punished a bit. down 34% so far this year, carl. >> yeah, definitely made some news yesterday with you, john. meantime, turning back to treasury volatility, the next guest, a two-pronged challenge for technology we're grateful to have you great to see you. >> thanks, carl. the fever on the dollar, and the fever on rates you're waiting for one of them to give.

>> it's just this momentum trade. you just cannot get in the way right now. i suspect that the yield is going to break first because everyone's worried about recession and growth slow down, you know, 377 or some much higher than i would have expected we have a model that looks at where the ten -year treasury yield should be. it's a copper growth relationship it led rates on the way up, and now it's suggesting the ten-year treasury should be 2.2 i don't know if it's going to get there anytime soon. >> so what's being masked? >> sure. so what's going on is copper is actually, you know, and gold's not doing that great, but copper is getting absolutely tattooed if you look at a global pro cyclical barometer, it's copper,

and gold, you'd argue, is safe and sort of a safe haven commodity. when you look at the relationship, what happened is going into this year, we had the copper gold mold telling us we should be at around 3 1/4. it's since turned, and this is now the first time that copper gold is below the ten-year treasury yield in probably two years. >> good morning. what do you recommend for the average investor who obviously isn't a professional we've had other managers say they recommend cash, even though with the rate of inflation, what do you think, what is your position in cash >> i didn't hear, i'm sorry. >> i think she was asking about your cash position what's responsible now >> sure. right now we have 20% of our growth portfolio on the sidelines, half in what we call

noncorrelated. the other half in gold, and the gold trade, i was disappointed with it last year, inflation up and interest rates nowhere, i would have expected gold to rally 30%. it was down 34% once the dollar cracks, i expect we'll start to redeploy some of the gold back into foreign markets. we're starting to watch japan in particular for cheap market and a remarkably cheap currency. >> it's john ford, good to see you, great to have you on "tech check. >> sound like he's not hearing. >> i'll pick it up at the desk. >> if you're going to get in line for yields to give, where do you go, and how long should you be expected to wait in technology >> sure, so in tech, like i said, this is a one-two punch on

tech strong dollar doesn't help tech. high ten-year treasury yields don't help tech. where i'm looking at is the lo lowest duration tech at the moment and that's semis and biotech perhaps there's less down soid in -- side in those sectors. >> simple chatter was about russia and taiwan and reshoring. is there going to be geopolitical risk? >> obviously everyone's trying to reshore right now, national security and all that. that does tend to be inflationary

not only are we putting together a plan for the next ten month, but reconfiguring our portfolio for the next ten years we have wrung out everything we're going to do in globalization. a lot of manufacturing and sourcing is going to come back on shore that is going to be inflationary, and of course we've got demographics that tend to keep prices low where's that balance. >> it's going to be crazy, next five to ten years. >> bottom line is the next five to ten years is not going to look at all like the last five to ten years pretty warm front with that. >> some good ideas there i apologize to the audience. >> i do >> john. >> i wanted to put this out there, something i have been thinking about it. when it comes to u.s. tech, it's unique in that when it comes to big data, ai, cloud, you have

technology companies in the lead you don't have this challenge from china, particularly when it comes to security. in a wi, i don't know whether to call it nationalism, this unwinding of globalization to some stlooking to partner with countries, it's not as if this environment there's a question whether data is important, artificial intelligence is important and the cloud trends are going to continue. they will and arguably u.s. companies are nan unusually strong position when it tyke l -- this cycle is over to benefit. >> might have said differently a year or two ago. the thesis was the huge amount of consumers the field was open to at one point china was thought to be contending with the u.s. on some tech like ai

not really the case anymore. especially under the regulatory scrutiny take a look at open door shares, down 80% this year, but there are still some bull ps on the street we'll talk to one about why he still likes the business that's next. tech check is back in a moment this is redefining storytelling, at the speed of now. this is tracking and publishing your content in real time. this is the system you built, captivating a global audience. this is how. airtable. go. go green. go wind turbines. go gorgeous reliable grid. go emerson software. go science people. go breakthrough meds and safe science. go space age welds for super silent cars. go big. or go home. from software that delivers new cures at warp speed,

to technology that makes clean energy reliable, emerson innovation helps make the world healthier, safer, smarter and more sustainable. go boldly. emerson. this is not just laundry. this is laundry that's smarter than the dial. this is ge profile smarter wash technology. fully optimized cleaning, no more guessing. this is smarter cleaning. this is ge profile.

welcome back to tech check, i'm carl quintanilla with deirdre bosa, the market has reset with the wake of selling in europe, downgrading from goldman sachs on their s&p target s&p south at 3,700 and the dow of course has retaken its june lows we're approaching the close in europe which was where a lot of

weakness accelerated today we saw a flurry of news overnight. >> we see an ugly session overseas, at the lows of the day across europe. the pmi data falling to 48.2 a reading below 50 indicates contraction. the stock 600 lowest level in two years: for perspective, down about 20% from its all time high this as investors reevaluate the impact of higher rates, persistently high inflation across europe. european assets are likely to remain volatile and under pressure until we see cease fire talks or signs that europe has secured such energy supplies to prevent rationing. the this as a country braces for a recession. the finance minister says higher taxes, reduce incentives to work and deter investments and hinder

enterprise that's putting pressure on bonds. take a look at the uk ten-year yield jumping above 3.7%, 3.8. the german tender above 2%, all while currencies are trading like third world currencies. the euro at a fresh 20-year low, pretty extreme moves there back to you. >> seema, we used to do the european close on cnbc every day. a sign of the times that that's back. news from amazon today, smaller but interesting. amazon is partnering with a accompanied called vivrelle does luxury fashion for bags and jewelry, allowing customers to buy and rent and shop off sites. interestingly publicly traded competitors have not fared well. take a look at rent the runway, real real, they do clothing rental and both down 70, 80%

year to date this is more on the luxury side. not a major investment from amazon always interesting, guys, to watch where they are experimenting in ecommerce sometimes it gets shut down quietly, fairly quickly. at this moment, we talked at the start of the show, was an opportunity for big tech to be on the offensive when some of the incumbents like real real and rent the runway are struggling in this environment. >> and vivrelle is more focused on accessories versus apparel. you're not so much worried about sizing to the same degree, talking about bags, jewelry, probably that's easier to box and ship, carl, versus a dress though i don't tend to wear dresses. when my wife gets a dress it's in a bigger box. >> they're very in for men right now, i'll tell you. >> they are. >> those metrics out of stitch

fix, revenue down 167. active clients down 9. t things co things opening up, was not enough to offset the decline in ecommerce, at least with apparel. >> for sure. meanwhile, are you searching for value with all the volatile it, how about merger, more on the big ch mte and a, don't go away we're back in two meet jessica moore. jessica was born to care. she always had your back... like the time she spotted the neighbor kid, an approaching car, a puddle, and knew there was going to be a situation. ♪ ♪

ms. hogan's class? yeah, it's atlantis. nice. i don't think they had camels in atlantis. really? today she's a teammate at truist, the bank that starts with care when you start with care, you get a different kind of bank. this is not just laundry. this is laundry that's smarter than the dial. this is ge profile smarter wash technology. fully optimized cleaning, no more guessing. this is smarter cleaning. this is ge profile.

a pair of stories out of venture capital. which boys shopify businesses from entrepreneurs, reaching a $870 million valuation, and open door is reportedly suffering increased losses in its home flipping business, reminiscent of zillow's problems last year keith, thank you so much for being with us today. i know there are major differences until the business models and cap ital structures f the two companies. you attribute open doors recent pain to quote quick dislocation of prices, which is obviously temporary. what data are you looking at

that tells you the weakness in housing obviously temporary? >> the federal reserve has been playing around with interest rates, raising them dramatically and that has dramatic effects on the pricing of real estate, residential real estate, mortgages, refinancing, home shopping 2018, it went from 5.5 million transactions a year to four. as you have with the quarter, within six months, rapid changes in interest rates, you're going to see rapid changes in residential real estate pricing. open door is going to handle this perfectly there will be a blip for a quarter or so. open door has been making money successfully for five years in a row on a housing purchase basis. we do not flip homes we charge a fee. some of the criticism in public markets, a defamatory story, they didn't account for fees open door charges. >> keith >> apple loses money because

they don't charge fees it's stupid and insane. >> open door does lose money it hasn't been profitable on a gaap base for the last few years. >> open door is profitable on a gaap basis. >> what are you looking at. >> for the year we're going to be gaap profitable. >> it's not profitable, keith, we'll show you the numbers right on the screen, right now, lost money on a net loss basis in 2021, 2020, also the first few quarters of this year. what are you looking at. >> show me quarter two, and gaap includes noncash expenses as you know. >> but gaap is net losses. >> it includes stock-based offenses which are based five years in a row, on a per home basis we have made money. obviously there's operating expense and there's scale in th business we hire a lot of engineers any

company that has similar characteristics, you have to look at an operating basis open door has been profitable for 20 quarters in a row. >> that's a non-gaap basis under generally accepted accounting principles, kooeith. >> absolutely not that's stupid. >> we'll leave that for another time maybe an accountant can talk to us. >> do you not know what margin, those are gaap accepted terms. open door has been profitable on a gaap basis on a contribution margin for 20 quarters in a row. >> maybe we'll get an accountant to weigh in here i want to move on. part of the open door model is stress testing for different scenarios and downturns, this is what you were alluding to, how much of a downturn in home prices does the model take into account. what did you stress test did you stress test a 6 1/2% mortgage rate given the

forecasts were mid-5% this year. >> we stress test against the worst housing crisis in american history, the global financial crisis of 2008 it's hard to go back too far beyond 1950, the data sets are mixed. we basically stress tested against anything that's ever been experienced in american history. so interest rates are complicated. there's several things that had an impact. i think you could get a certain amount for free, it does affect consumer behavior, and after that it obviously does without talking about the specificity of the model, the fortunate situation is i think we're going to see a more stable interest rate environment going forward. it's hard to predict because i think we still have persistent inflation. as you know, i'm the only person in the world who publicly precisely called the top of the market, and that is still likely to be true that we have more inflation and interest rates may have to go up, but they're starting to stabilize and be

more predictable, which will allow americans to buy homes, sell homes in open door and be profitable. >> keith, good to have you, here's my big concern and question when it comes to open door, maybe you can address it what happens when you've got rising rates that are making the cost of paying a mortgage so much higher for prospective buyers, and you've got an aggregator in open door that's purchasing a lot of homes and risks holding a lot of homes in inventory that then aren't moving as quickly. how in the model do you adjust for that. >> as you know, the goal of open door is to hold the homes in a short period of time as possible days in holding is a critical variable so the issue is if within that hold period you have a massive change in pricing, for the homes we're buying now, i would expect we would be very accurate on it's only within the window, if you have a massive interest rate change and it changes pricing that you have exposure

going forward, i'm pretty confident in what open door is doing, and the pricing we're doing, if you have a fast change, the goal for the company is to reduce inventory over time constantly there's even transactions we engage in as a pilot, where we don't hold inventory for more than an hours. over time, if you keep compressing your inventory holds, it gets better and better every day. >> i wonder about that i continue to watch, for exaexampl homes for sale in silicon valley, they used to go in two weeks, more and more sitting on the market for a couple of months as prices are coming down i want to ask you about open store, also a play on expertise and holding a lot of properties in a portfolio as we head into a challenging q4, i've got a lot of questions about inventory, again, a different kind of inventory. retailers holding inventory where consumer demand is slowing

down do you have any particular insight you're able to share with those retailers to help them navigate that >> so what open store does is we have tried instant liquidity, sho shopify merchants who start their business and don't want to run forever. we buy them out, run the businesses into one global horizontal ecommerce store obviously we have to do demand forecasting, we have inventory we need to predict in fourth quarter, what are people going to buy, what are consumers going to buy it's no different than any other ecommerce challenge, we have more brands, more products, it gets more complicated. but they are the fundamentals of retail we know what we're going to spend in marketing and we do take signals into account in the macro world. we are basically like a global retailer. >> keith, one more question on open door, you presented the opportunity that you believe there is are you confident enough to be buying shares at this beaten down level >> i would love to buy shares.

unfortunately, in this particular case, we're not a regi registered adviser, and that indicates crypto, and secondary offerings. we're extremely restricted on buying public equities, so we buy and concentrate on private equities so fund menamentally, we almost never do actually. >> okay. thanks for the clarification, keith rabois thank you so much for being with us today. >> pleasure. data dog is one of the them, credit suisse initiates and out performs with a 145 target, lugging what they see from their hyper scale and business and push into cyber. similar story for an under the radar name relic, a product led growth model, despite seeing a quote, large innovation gap

joult perf out performing target of 78. dow is now down 520, the s&p below 3690 (swords clashing) -had enough? -no... arthritis. here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme.

the only thing that keeps us successful is the ability to differentiate and innovative your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire (vo) with their verizon private 5g network, associated british ports can now precisely orchestrate nearly matching your job description. 600,000 vehicles passing through their uk port every year.

don't just connect your business. (dock worker) right on time. (vo) make it even smarter. we call this enterprise intelligence. this is not just laundry. this is laundry that's smarter than the dial. this is ge profile smarter wash technology. fully optimized cleaning, no more guessing. this is smarter cleaning. this is ge profile. the dow is down by more than 550 points if you're looking for opportunities in this market, how about arbitrage yield. that is the simple spread between the announced deal price and where the stock is currently

trading. for example, broad come, $61 billion vm ware takeover, intel's $500 billion deal for tower. the biggest deal of the year, microsoft's $69 billion bid for act vision offering a 26.6% yield. microsoft has proposed buying a act, an easy 20 bucks, if you want to take the risk that the deal will close. you've got to be confident that the deal will close. the ceo said the company is cold front that it will we should point out that every day the stocks drop, these opportunities get riskier. if this deal blows up, it would drop than it would if stocks were doing well. how about the private equity buyouts waiting in the wings bankers have to off load $50 billion in risky financing commitments for tech deals,

including elon musk's twitter deal for that, arbitrage yield opportunity says a lot probably about the regulatory environment, right, it's a risky trade, if you think they're not going to go through. we talk about this all the time. what is the appetite how many deals are not being done, for example, because of lena khan and jonathan cantor at the regulatory bodies. >> you're right and speaking of a regulatory risk, it's been a tough week for crypto as bitcoin looks to close out down about 5% one bankrupt firm got a new way to escape the pain, though that's an iou. l th story in just a moment don't go away. ♪♪ welcome to life in the new open web.

where innovation keeps pace with imagination and the future arrives daily. viant is pioneering a new approach to media combining ai with human insight. creating new ways to reach customers and new standards of measurement, both on and offline. viant. built for the new open web. built for now. (vo) with their verizon private 5g network, associated british ports can now precisely orchestrate nearly 600,000 vehicles passing through their uk port every year. don't just connect your business. (dock worker) right on time. (vo) make it even smarter. we call this enterprise intelligence.

segsz lows on the major indices including the nasdaq now down a bit more than 2%. the s&p unusually down slightly more than the nasdaq the dow off not quite 2%, but that's down more than 560 points at the moment. >> and bitcoin still below 19k since the bank crypto lenlder froze in june now revealed a preliminary plan to compensate them and that further reporting highlights a risk of internal risk management. >> according to a leaked audio the now bankrupt company wants to issue an iou for crypto

currency to customers who signed up for some of its accounts. we spoke to some former employees that verified the recording was legitimate the plans may have changed in the weeks since and we were not able to verify this was in the entire exchange. >> the plan right now in early stages, basically high level i would say it's at the concept stage. >> later in that reporting with celsius' new co-founder it deposited funds into its earnings accounts, those that deposited yields it also says customers will benefit if they want to -- excuse me, if they wait to redeem those tokens. >> so the more you wait, there's

a better chance that the gap will be closed however you can always. >> and he argues celsius has other revenues he goes onto say the tokens can be redeemed from celsius for, from haircut, or other crypto platforms. the chief technology officer says the company is building a transaction management system to keep track of the company's assets sources familiar with the company's operation say this data had been tracking billions of dollars manually. they were leaving a simple excel spreadsheet, of course leaving a lot of room for error there. we reached out to celsius for comment but haven't heard back yet. a quick programming note as we head to break

only one more weekend between you and cnbc's delivering alpha. returns in person on wednesday and you don't want to miss it. you can hear from the world's top investors about how they're handling this volatility and speaking of volatility pretty much 2% lossed across as s y relief from europe's close hanot happened yet tech check is back in a moment i used to believe in the one. and then i realized, there's plenty of savings in the sea. 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 not just laundry. this is laundry that's smarter than the dial. this is ge profile smarter wash technology. fully optimized cleaning,

no more guessing. this is smarter cleaning. this is ge profile. you know real chili never has beans. you know a cappuccino is for the morning and an espresso is for the afternoon. you know which pizza is eaten with a fork and a knife... and which one is definitely not. the delta skymiles® american express card. if you travel, you know. how will your business adapt to change? you could hire an office full of peyton mannings. what's up, peyton? good morning, peyton. hold for peyton. they'd huddle.... welcome to the peytonverse. such a visionary. game plan... you go. no, you go! and call audibles... double our investment in omaha! omaha! omaha! omaha! or you could use workday. omaha. the finance, hr and planning system used by over half of the fortune 500. for a be-agile-like-an-mvp world. workday. for a changing world.

go. go smaller carbon footprint. go these footprints. go saving energy. emerson technology can help heat pumps replace fossil fuel heating for a cleaner, low carbon future. go blue skies go. go boldly. emerson.

on our latest installment of binge we talked about bringing the marvel coppic to life and how disney is moving away from the binge model. you're on a talk show essentially called binge, and we named it binge a few years ago because at the time it was the advent of streaming and original content and you would binge a bunch of shows but lately it seems that streamers have figured out weekly episodic drops makes more sense. >> when binging was in its heyday i loved it because i don't have any self-control when it comes to tv i'll stay up and watch 18 hours of tv. but i do love going week to week

because it's so nice to have the feeling of a water cooler conversation happening again people have time to digest the episode, talk about their theories it just becomes part of the fabric of your social life with something like marvel where every little detail is scrutinized and so much speculation. and also for me the most rewarding thing is seeing what memes come out of each episode >> that is the ultmal reward seeing which gif is going to go universal. you can watch the full clip on cnbc.com back slash binge, and tune in for a special live stream of the full interview today at 1:00 p.m. eastern time. she was a marvel fan girl who had pitched them several projects and got denied, finally got her dream working for the company. takes you back to what disney is doing in streaming although

below 100 today for the first time in july is going to tell you a lot about the take >> in my house we are watching it's a lot of fun and the talking to the camera, such an interesting time as you mention in streaming as the model is shifting away from what it was initially, but netflix is defining it. the nasdaq now down more than 2%, and as we're looking at the week i'm seeing airbnb down 15 wers, coinbase, build.com. it's been a rough week for a lot of the growers >> it's interesting because the conversations, guys, we've been having over the last week with some of the consumer names like the door dash ceo, the uber ceo is that the consumer remains very revil ybt for now, so how does that all factor into the

pain that, you know, the fed maybe wants to see from the economy? when does that shoe drop if it does carl, it'll be an interesting week ahead, but we are within striking distance, still, getting closer and closer to that june low on the nasdaq. >> yeah, pretty fascinating on the s&p. that's interesting and of course currencies have been such a big part of the story today. pound dollar 109 now enjoy the weekend. let's get to the judge who's in the house. carl, thanks very much welcome, everybody, to the half time report. i'm scott wapner front and center this hour how low do we go rates around the world continuing to surge. we'll discuss all the ramifications for your money with the investment committee. joining me for the hour today. let's get right to it check the markets this hour, 12:00, noon, we're just past that the dow did fall its intraday low. it's currently sitting there still 2%