into. >> guy? >> when you let somebody behind, the fifth wall -- >> the fourth. >> fourth. just so we understand each other, it was 1994-95, at foxwoods. i'd do a whole show on that. >> is that a casino? that. mcd. >> thank you for watching "fast money." see you back here tomorrow at 5:00. meantime a cnbc special "taking stock" with mike santoli starting now.e1i]w3e1 welcome to this cnbc special. i'm mike santoli. jim cramer is off tonight. another volatile session for the markets as investors are left to hang on for the ride. the dow swinging nearly 650 points from high to low today. before closing up about a quarter percent. well off its highs of the day. the s&p also eking out a gain but still closing below the 4,000 ym■oklevel.ñi the nasdaq leading the gains

closing up 1%. as investors try to make sense of the roller coaster action, tonight we'll help youxd find opportunities in it all. coming up social media he showdown. tiktok's ceo testifying on capitol hill as5a■ multiple sta take action against it. others meanwhile calling the heariniy■ the next red scare. we have the latest and the implications for the rest of social plus chopping block. a short seller takes aim at the company formerlye1 known as square. what it means for fintech going forward. and making açó move in movies. apple announcing a $1 billion push into the silverlp screene1 the entertainment rate heats up. we'll find out who stands to benefit. but weñi start with today's maj market reversal. let's bring in our market panel. news street adviser ceo and cnbc contributor delano saporu. anastasia amaraoso and e.y.

parthenon's chief economist gregory daco. it has been choppy anastasia. i wonder how you try to pull a message out of what the market has been doing qhere. just a few weeks ago we were worried about runaway bond yields to the up side the fed was going to have to get more hawkish the economy might be overheating. it's completely turned qaround.i and we're worried about the economy suffering from a credit crunch as we price in some fed rate cuts. where does it leave you as an investor at this point? >> sure, mike. well, there has been so many reversals in the last few ñie1w. and just really in the lasti] 2 hours. it's interesting because first the market reaction to ]hq■ i call a de facto fed pause if not the end of the hikingxd cycle i was a positive one but then it got derailed by a statement from janet yellen around deposits. but when ite1 came in again and the markets once again -- this morning --e1 the markets once again focused on the fact that the fed is nearing its terminal rate of 5.1%.

so i think that's the most important message. and this outperformance that we'veó[■ seen in the nasdaq ande ?.phtually continue because we'rei] in fa hikes that's a positive for valuations and if we do see a slowdownñi further in the econo due to the creditçó tighteningq banks that means it's back to the growth trade, back to where you can findxd reliable growth d it'se1okñi tech. i think the moves of the market so far in march have actually beenok tht3 correct ones given what's going on. >> maybe there's a bit of logic greg, i'd lovee1 yourxd thought whether in fact we can kind of his economic landscape right here without really tipping over into something a le bit scarier. in fact, on?nm that score we do have some comments today from gary cohn, former n.e.c. director, about the prospects for a soft landing. >> now that the fed has lost

control it is more difficult. when ther slowing down the economy by ex could maneuver a soft landing. now that we're just taking money out of the system and we're really taking loan availability away it's not loan availability it's just loan availability is gone. i think the ability to softr getsfá more difficult.■% >> greg, do you buy that? do you thinkxdxd that the econo has more resilience to it than that? undeniably slowing. we are in an environment where we had already seen some slowdown in terms of economicñi momentum whether it's business investment, employment growth or even consumer spending. they're all slowing. there's no massive retrenchment. but the current conditions where we're seeing tighter credit conditions and tighter financial conditions are undeniably going to weigh on economic activity. the one thing i am concerned

about is this distekt, massive r distekt rightjf nowñi between markets pricing as many as four rate cuts before the end of this year and the fed saying it does not anticipate any rate cuts. it'sr either to the up side or to the down side and i think to some extentñi that points to the lac of a firm anchoring of fed policy in the current excessive data dependence is a% very risky position in this type of extremely volatile macro environment. >> well, to thatok point, greg, mean, we have the two-year note yield around 3.84. it's a full percentage point below where the fed funds rate is. historically when you've had that kind of upside downó[■ set itu■ usually has meantñi tough things for the economy, usually has meant that the fed was likely headed foró[■ easing no matter what they've said aboutñ it because i don't suppose they're ever goingxd to preview their intention to do a 180 and switch from hiking to easing. are they? >> no, they're not going to preview any form of easing right now because they are still very

much concerned about the inflation environment being too hot and the labor market being too tight. received from powell yesterday. in noting that there may be some $tening, very dovish words thatfá were çóusede fed chair powell also insisted efá did not foresee4y'y rate 55is.lp but i think that dissociation between the current state of fed policy and its intent with regards to inflation, with regards to the labor markets and what markets are pricing is a massive ñidisconnect that will d up in some significant repricing either to the r essentially believe that the fed will maintain rates at a higher level or to the downe1 side if e fed eventually ends up cutting rates.t( but i think to some extent we'll find room in the middle and there will be some repricing that's necessary in thee1 curre environment. >> delano, this is -- if we're basically destined to tip into

recession in the coming months, it will have been anticipated for well over a year, right? the markets have been kind of living with this prospectqj=i■ while right now,q and arguably did a lot of workçó to price in some measure of it, right? the s&p went down 27%. the s&p's gone nowhere in two years. you've actually seen some of the economically sensitive groups start to fall away in recent months. so where does that leave you as an investor in trying to figure out whether thet( market is sti vulnerable here to a worse economy or if we can power through? >> yeah, mike, it's tough for investors right ñinow. you really have two sides of things, right? you have absolutely the risk-free rates that have risen. and thenok you have investors tt are looking at equities and looking at where yield is right now. if you have yield roughly atq 5.85% you're looking at yield that's not so much more attractive than the risk-free rate. now, if you're looking at earnings which have come down, earning estimation wiz have come

down, you can look at that and in your investorst( saki there' two reasons why to be investing in equities and stocks ri#q■ now, one, if i believe the revisions of earnings that have come down are a little bit too bearish and earningsxd might en up being betterxh!ased on what companies have been doing to right-sizp their costok structuring. right? that would mean yields would be a little higher and you'd get more for your dollar investing in the market right now. the other reasoñ■ç would be■ó iu do believe there will be some sort of pivot coming sooner rather than later based on the most recent fed statement they've take taken out some of the language this he may not pause or pivot. so that mightok be a reason for investor. those are twoq reasons that hine rage on if investors would find equities marketsi] attractive right now because it is roughly two paths right now. inflation and weaker demand and pullback of equities. or we do have some repivot and ther lot of other things look allot

better. >> anastasia, you said this kind of uneven market where you have the big growth stocks winning or being able to retain their value and then you have the rest of the market, the banks look pretty sick at this point at stock pric right? banks down 30% year to date 40% off their highs. on the other hand microsoft is up 11% this month ñialone. )wr"ia up 17% this month. i wonder how much longer you can expect that relationship to get stretched between winners and losers. >> yeah, mike. it's a great point because this degree of outperformance that we're seeing in tech versus some of the cyclicals is now i think out of march of 2020. you can say that's really a stretch. but if you think back to that time, that outperformance has actually continued for some tum. time around as well. the fact of the matter, banks a what's going on in the macroe1 economy. and the reason i say that it's not just an idiosyncratic issue

one two three but the broader issue that the funding costs for b looking to park their cash elsewhere and as a result banks are having to risk manageçó theá portfolios and they're going to take lessçî■risk"co cf1 o they're going to try to get steeper margins on loans. the bottom line is the net interest income, the peak of that for banks have passed and backdrop for the banking sector. but then on the flip side if this tightening in credit conditions is interpáe5■ by the fed to say that's actually tightening in lieu of interest rates and we'rexd going took pa hiking rates, that's great news for technology. and once again, if you look atn global i.t. spending, for year's projected to grow 5%, which is a step up from last year. and within that if you look at the software spending it's projected to be doublee1 that overall number. 10% or 11%. all of a sudden if you can't

anymore you're going to try to find growth elsewhere. and again, tech is where the growth is. i can see this continue for some time. for investors it's kind of interesting right now because you can hide out in cash. you can hide out in cash equivalents. you can try to get yields defensive. but you can also try to buy these dips in tech along the way as well. >> right. so the yield can provide a cushion to other stuff you might own i suppose. greg, obviously we have oil that'se1xd been struggling. you have this credit scarcity we're expecting out there. ]z3 comfort that inflation has some down side qmomentum, has a bit of a silver lining? i know the fed's not going to say we've done the war againste inflation. i wonder right now if it seemsq like we can get inflation back toward target sooner than we might have expected. >> i think that's very much a possibility. we are in an environment where we're starting to see some increased evidence of ok

disinflation. if you look ate1 wholesale pric inflation it's slowing materially. if you look at import prices if you look at if%ey're actuall. if you look at home prices they're declining. if you look at inflation expectations they're also on th1 decline. allme of these factors in my opinion point to an environment where disinflation will gather momentum over the course of this year.q i'ver room to pause and into next year some recalibration of policy. but that's not likely what the fed will do. and inw3 adopting a dual track approach where it uses monetary policy toi] address the high inflation environment that it perceives and its macro prudential tools to address the financial stability concerns i think we're likely to be in an environment where the fed maintains a tight stance and perhaps goes one more rate hike elevated level. that's not what markets are pricing in but i think that's likely to be the environment. that increases the odds of the

recession as we navigate through the rest of the year. >> would be fairly classic overshoot in that respect if it does happen that way. greg, anastasia, delano, thanks so much. appreciate the time this >> thank you. >> all right. we're just getting started one1 this cnbc special, "taking stock."xde1xd >> announcer: tonight, ticked offs r(t&háhp &hc% is the red scare of a new generation already here? plus,e1 chopping block? plus,e1 chopping block? why the next big short ma the cloud makes it possible to expand your infrastructure. but to make it powerful enough to connect your data wherever it is, you need cdw and netapp. cdw experts will work with you to understand your needs, then customize a netapp cloud services solution to integrate data management for all your clouds, helping you reduce spend, improve security, control data 24/7 and automatically detect anomalies. in the cloud, at least.

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those smiles. that's why i do what i do. that and the paycheck. welcome back. a contentious hearing today on capitol hill. members of congress grilling the ceo of tiktok as the app faces

the possibility of a ban by lawmakers. according toe1 reporting from t "washington post," senior biden administration officials do not believe they have the legal authority to ban tiktok without an act of congress. our julia boorstin has been following the story. so julia, how does this fit into the e1mix? >> it's interesting because even without a full-on ban if the u.s. governmente1 forces a salef tiktok to u.s.setsi] by its chinese parent company then that ban because it could effectively force the chinese company to say we don't want a u.s. company to own our algorithm. so that becomes complicated happens it could be held up in the courts for quite some time.k but one thing is for sure, mike. tiktok's ceo was under attack in two very key areas when he was testifying today. first was the app's negative impact on teens, in particular a number of members of congress

raised concerns that the app could encourage suicide,o$qpáin disorders and the like. the second issue was risks around its chinese ownership. when it comes to the security of u.s. user information and alsox potential manipulation of users on the platform by the chinese government. take añ1 listen to how ceo shou chew addressed those concerns. >> prior to today'sn&o■ hearing anyone affiliated with the chinese communist party discuss this hearing with you or awhs'e else on tiktok's senior managemens @r(t&háhp &hc% >> congressman, since i've been ceofáe1 of this company i've nod any discussions with chinese government officials. >> tiktokñi issuing a statement this afternoon saying, "shou questions from congress butt( unfortunately the day was dominated by political grandstanding that failed to acknowledge the real solutions already under way through project texas or productively address industrywide issues of youth safety." tiktok and its ceo today

million americans use tiktok but also there are 5 million businesses who connect with consumers on the platform. guys? >> youe1 know, julia, it's fascinating. is it your sense that the competitor social networks, ther platforms based in the u.s., welcome this kind of very aggressive scrutiny of tiktok and the threat to its existence here, or is it just look, a lot congress%3 were talking about today maybe also apply to them? >> if tiktok were to be shut down, if its ability to operate were to be dramatically limited or impacted that would be aq wi for these other platforms. we have seen youtube, meta, its platform with reels. we've seen it with snap. these platforms have all embraced the short form video platform that tiktok really pioneered. if tiktok were to be shut down or become less appealing or operate more slowly then you would see more both consumers and also bus)

those other platforms. so that would certainly be a win. but it is notable that todaye1 there was a lot of conversation about the importance of maybe revising section 230. now, section 230 protects platforms, these tech platforms from being liable for content shared on their platforms. if there was revision of thate1t could be challenging for the likes of meta or twitter.e1 i think it's a mixed bag here but the fact it is a chinese company, bytedance, that owns tiktok i think was really driving a lot of the conversation. and thatñr kind of focus is something iñi!%9-■ is actually win for the u.s.-based companies. >> yeah. and certainly investors acting as if that's the case pushing up those stockst( as we just saw. julia, thank you very much. our next guest wrote a piece for the "new york times" this week titled "how to fixq the tiktok problem," calling today's hearing, quote, part of a larger julia anñi lynn is an investigative journalist and she's also the author of

"dragnet nation: a quest for privacy, security and freedom in a world ofñi relentless surveillanc.vb■ julia, thanks so much forxd joining us tonight.fá why are you not comfortable with this particular approach or level ofe1 scrutiny tiktok is receiving in part? >> it's great to be here. thanks for having me. i think the thing we have to remember is nearly everything tiktok is being accused of is something u.s. tech platforms have already don%/p it doesn't make it okay but it singled out. and it's a reminderxd that congress has failed to pass data protection laws to prkt our information from being exploited, which most other nations have done. congress has notxd passed laws requiring tech companies to mitigate the harms enabled by q8 rqr) algorithms, which the e has done. so to complain about tiktok's data usage and algorithms when we haven't regulated our own is a bit hypocritical, and that's what the tiktok ceo was pointing out. >> i assume the red scareñi analogy that you bring up is

because ç anti-china policy disguised as looking at the practices of one social platform? >> i think you can't really look at this tiktok frenzy, which really ist( what it is right no without putting it÷ñ in the larr context. right?5a■ we are blowing up chinese balloons. we're putting 2%de restrictions on china. we're not going to ship them advanced chips because we don't want them to get ahead of us in1 aip there's definitely tension between the u.s. and china.xdb.■ and i feel like there's to way to avoidu■ the fact that that i part of the discussion at tiktok. because ov6erwise why would you single out tiktok for something every one of these other >> ow)e. i mean, i suppose that the answer on their part would be not offering access to whatever daté datae1 potentially to chinese pcountry.

>> right. and what ti%mok has put in place, a program that it says will wall offlp u.s. data from access by china. but i will sayñr that today actually the tiktok ceo, there were some holes poked in that program that i think raised some significant questions. right? he admitted t(■ they were only talking about data going forward, so new data collected about u.s. citizens, not about what they've already collected. and he also didn't have great answers for the oneor @r(t&háhp% prea tech engineer who saidfá it doesn't sound like you actually data migration as seamless as you're making it sound. so i think we still have some questions about how well tiktok could wall off its data from china andñ1ñi that's the promis they're making, to try to avoid being banned or forced into a sale. and they haven't fullyt( made tt case yet. >> when it comes to the other social networks, i mean, there'1 always been this concern about data utilization, the collection

of it, how it's treated, how it's sold and all the rest of ok it. and yet it doesn't seem as if swing factor in whethepp people choose to use it or offer up their data. we do have theok apple privacy settings. a lot of people have taken advantage of those. i just wonder if this would be expected to become an issue for representatives in congress whe to necessarily have a lot of energy behind that position. >> well, i think it's actually really hard tovw■ not use these technologies. right? the companies say look, people are choosing to give us their data and it's their choice, so they don't care about lpu■priva. but the reality is if you try to live your life without using modern technology, you are not going to be able toe1 get a job communicate with your child's school, you know, get any sort of -- order any groceries or food during a pandemic. these technologies is actually m

so theht■ argument that we've a chosen to give up our data i think doesn't holde1 water. we have no lpoption. we have to participate in this economy that is really a wild west. there are no rules saying a ou use can't just sellfá off your location data. so the fact we have this unregulated data broker industry out there thate1 we have juste1 rip means that we all operate in a world where our data isn't xd safe. >> yeah. julia, appreciate youçó articulating it for us. interesting. >> thank you. >> all right. coming up, fintech in focus.

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welcome back. let's get to a special evening edition of tech check from our deirdre bosa. dee, good to see you. >> mike, so glad i could join you. two cathie woodok fintech stock taking it on the chin today. block and coinbase.v hindenberg research the short seller put5a■ out a big report today alleing it allows chart. block became a wall street darling largely due to the success of that cash app. paypal's venmo pioneered a simpler interface forzv■ñi peer peer payments but it was the cash app that climbed the app store charts, better profitability and this cool factor that became a kind of phenomenon in hip-hop fáculture. hindenberg says block won those advantages through flawed and murky fáqmeans. founder and ceo jack dorsey he often talks about his mission to serve the under and unbanked. behindenberg says that's true butqok they embraced a specific

eggment of the underbanked, that would be criminals. dorsey often points out how rap tists r( hindenberg points out they -- fueled by avoiding a key banking regulation meav(8 to protect merchants. also points to accelerated losses at after-pay post e1blocs $29 billion acquisition. so block responded pretty hard. "weqe$r'tend to work with the s.e.c. and explore legal action against hindenberg research for the factually inaccurate and misleading report they shared about our cash app business today. hindenburg is known for thesepr% tynes of attacks the statement says which are designed shortly to allow shosht sellers to profit from a declining stock price. as i mentioned, nikolai and my■ adani were other investigations from the firm that did result in share prices going lower. coinbase meanwhile was the other story in fintech today.

it was hit by the prospect of potentiale1 securities charges around an unspecified portion of its listed digital assets. take something out of both these stories, really it's that they speak to the disruption that fintech has promised for years that i've covered for years and how that may not ultimately work out in their favor and especially at this moment ite1ñ feels like people are questioning their valuations. of courq because oflp some of these so-called disruptions that haven't real'1■ shaped up. >> that's right. and as i mentioned before, in a downturn it steemz more fin than tech. they've tried to make something but nu about it. the other thing that strikes me that does seem to unify these companies from them both being big holdings of cathiee1 wood a ark is they sort of embody that kind of startup. let's grow, let's do what we can to grow, there might be some regulatory constraints around going to have to get big and worry abou

and in fact with coinbase we've heard some commentse1e1 by them saying look, the rules weren't clear from the s.e.c. so we just kind of allowed these things to list on our platform. >> mike, the age-old adage here in silicon valley,e1 move fast d break things, right? that's still very much part of the ethos here. and that's what sort ofçó brian armstrong which you're referring to, the ceo of coinbase, kind of striking back hard and saying we need to do these things and the regulators are getting in the way andfá that could set back a whole industry but that's a lot of what people are talking about now, that adage, movexl■1 fast break things, doesçó that work this kind of environment twh market investors are caring mor1 about profit thanç"they are tha top line disruptive growth. >> yeah. and we are about two years into that reckoning process i guess. i guess the othere1 saying is is better to seek forgiveness than ask permission. that's what these companies in some ways sought to do. dee, great to talk to you. thanks so much. >> thank you. >> let's talk more about block

qi closed down almost 15% today1 dan dole frn mizuho upgradede1 a buy last week. he joins us now. dan, just give me your evaluation of some of the claims in the hindenburg report. it's a mix of actual allegation1 about inflated user accounts and things like that as well as som1 anecdotal stuffxd about uses perhaps illicit uses of thee1 ch app. thanks for having me.e1 we upgraded last okweek. again, we didn't upgrade on the cash app. we upgraded on profitability. that still stands. our concerns about the cash app still stand too. let me talk a little about the allegations. the main thing or i guess the most important allegation is like how manyñi oñ@o!ñ million monthly average users are actually used for drugs, sex trafficking, et cetera, et cetera, et cetera? i think it's actually a very, very small portion. i can't imagine there are that many drug dealers in america. right? i actually think there's a lot of short report.

gross profit or revenue is kosher, and it's5a■ very strong. so i think there's a lot of allegations there about the songs deirdre was mentioning which i thinke1 are completely, you know, false. >> there was some commentary, and you sort of get to this as well, that a lot of the issues are perhaps not particularly new to investors who have followed the company and been investing in the company and maybefáu■ it sort of practices that are common in the industry to some degree. in terms of peer to peer networks you're going to attract all types. on the other hand the stock was down 15% on 140 million shares. that's like 12 times normal volume. it strikes me that something in here struck people as new or at least worth acting on. could just invite regulatory scrutiny that mighte1 not otherwise have been there. >> i think you're right. i think it's two things here.fá first, it's the fear offá

regulatory scrutiny regarding interchange rules. remember they have to keep under the staye1 under 10 billion to under the -- to receive unregulated interchange, which is like you know, 30%, 40% of gross profit of the cash app.ñ1 the stock was down today is not because of what tt in the report but what wasn't in the report. which is there weren't that many numbers. some of the numbers were fáe1 inaccurate. worried bsh again, if theye1 ha actually put real numbers in the report, if you understand my logic, i don't think the stock would have been down thatólwmuc. there was a lot of hearsay. there was a lot of huffing and puffing about songs. to me it was xdsomewhat sensational. i have to be honest. >> yeah, there's no doubt it was written to be provocative and to get attention obviously, and that's the way that hindenburg has tended to do things. they have a pretty good hit rate, or track record in the handful of situations we know about.

however, theree1çó was some stu that some of the kind of fraud losses might be hidden in sales and marketing. in other words, there was allegations about accounting practices in addition. >> right. and you want to hear actually the funniest things people didn't pay attention to. i think if i remember correctly they said a high percentage like 40%, 50% of accounts that were reviewed fori] fraud were actuay fraud. shouldn't it be 100%? aren't these accounts the -- so what they're basically telling you ise1 the compliance departmt of block or squó2# -- i keep calling it square -- is actually doing a good job. there are a lot of things -- i think the reason for the 15% is the good reputation thatnb■ hindenburg had with differñ calls that they made, and i think that scared a lot of e1 people. >> right. faire1 enough, presumably that wasn't just a random sampling of accounts investigated for fraud. i want to get a quick word from you if i could on coinbase.

obviously different situati"6í■ but had a bit of a regulatory cloud hanging overñr it at this but also i guess a lot of concern about justt( volumes on the platform and the fees and it doesn't seem to have ae1 way ou of essentially burning cash for a little while. >> yeah. i thinklpok very different from square. coin is in real trouble, right? if what we think is going to materialize, he we published on it today, almost a third of revenue, 30%, 35% of revenue could get wiped out. if alt coins arelp banned, if - and i'm not even talkingñr ethereum. that wipes out revenue. they're going to burn so much cash. quarters they could stay alive if thise1e1 actually were to ha. no one on the retail side ise1 actually tradingnpcrypto. it's allok institutional that a trading at a very low take rate. and çóusdc is falling apart.

vomds in usdce1 are down. market cap is down 10%, 15% from where it was like a week and a half ago which means the net interest income they're earning is going away. so i think it's the perfect storm. >> fascinating. it's very interesting. and it's kind of diverged from the bitcoin price which has picked up recently. it's just not going to the ìáhp% benefit of coinbase at this point. dan, thanks so much. appreciate you coming on today.1 >> thank you. >> all right. don't go anywhere. there's much more ahead on this cnbc special, "taking stock." qlé a breath. what the charts areñmq1%9 about this wild market. plus, a golden not sonb■ oldie? eyeing a 24 karat flight to

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welcome back. let's takelp another look at ho the markets ended the day. the major averages all ending positive. only after some choppiness in the late afternoon. o cf1 o a pesh-cent now on pace to snap a two-week losing streak while the s&p and nasdaq on pace for % row. it has been exactly three years since the covid bottom and while the s&p is 18% off ofok its ear 2022 highs the index still up about 76% since the low of march 2020. and take a look at bitcoin, soaring over $1,000 today e1 despite the steepe1 drops in crypto-related stocks, ç■(ájjt( andñi block. (v

diverging through the upside for those stocks. for more on where the markets arwk] headed we're taking a loo let's dig5a■u■ deeper with jess inskeep, director of product and education at options play. givene1u■ the news flow recentld for the past couple months i think a lot of folks might be surprised the s&p is up year to date. we're almost a quarter of the way through theñr year. it's got almostçó a 3% return. it's taken a lot of energy it seems to do that. because it's a handful of stocks recently doing the work. how do theu■ charts appear to y in terms of whether we are in an up trend from octoberw3 or if ts bear market's going to resume. >> yeah, i think it's certainly really interesting. so if we take a look at the s&p 500 on a weekly level, so the current support area is actually around 3700,çó which represents the 200xd weeklye1 moving avera 1zmark those octobe was around now, we need to see an upward

trend in the moving averages looking at the 26-weeklp and th 40-week moving averages as that's reversing from a downward trend to an upwards trend. that needs confirmation with consistent closes above those levels, which the 40-week is 3940. so the s&p 500 is barely doing that, having a he very hard time. now, i think it's reallyçó interesting, mark pointing outo technology in the nasdaq 100 ani looking at that same type of chart because that's certainly what's been fueling the e1rally. like you said, a handful of stockslp absolutely helping pus that upward momentum. the nasdaq 100 has already consistently closed aboveq its 20 -- excuse me, 26-week and 40-week moving averages. but it has its next resistance point lpñraround that it's -- i having a hard time overcoming and actually closed right below that today. so what that tells me ise1 sinc the nasdaq -- or the nasdaq 100 ip át larger technology

actually fueled the rally it's the only thing that's helping the s&p 500 comexdçó above that really important support level to havee1 that base case that a technology looks like it's about to retract in which case we risk going over which of course will translate over, some economic data or even earnings season coming up there's so much going on that will push that momentum one1 either level. >> it's quite a switch obviously from the characteré last year, when it was theok do side leadership was for the most part the really large nasdaq stocksp,■ mostly in tech. so are we seeing the signs that there's actually a reversal in ap>!q■ dynamic at this point or can we5a■ even say if it's treng in that direction? because it seems as if in both cases, nasdaq 100, s&p were kind of stuck in this testing zone to sort of sort out exactly who has more influence here, the buyers or the bears. >> yeah, absolutely. and if you look at the

comparison of the s&p 500 vs. the nasdaq 100, the5a■ nasdaq 1 actually pearq first in november theq previous year and then the s&p 500 peaked about 30 days t(later. and then if you go to that really key support level which is the 200ñie1 weekly moving çó average, the nasdaq 100 breached that prior to the s&p 500 and they both hit those lows really together collectively close to the same time. now, what i think is interesting about that and i think we've been talking aboutçójf consiste is its technology if you think of a restrictive fed policy, all of the layering and domino effect and how it hits teche1 first because of the lack of ipus■ that started on thefá nas, profit margin e..in pressures, that we sawlp layoffsfá within tech sector. áh#rom a fundamental perspective translated overpf=5■ that restrictive fed policy first causing a lead in the decline and now a subsequent lead in the rally but i think it's going to be interesting tu1 see how it plays out now with a credit

crunch. >> yes, exactly and whether that sort of scrambles the equation a bit one wt or the other. jessica, appreciate it. thanks for running through those with us. >> thank you. >> all right. coming up, check out this chart. up almost 9% (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when our clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different.

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you love closing a deal. but hate managing your business from afar. 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 welcome back. that mystery char4ñá we showed u before the break, it is gold. gold prices breaking back above $2,000 an ounce today before

ultimately settling at 1995. that's the highest settle since march of last yeare] the commodity's now upe1 more tn 9% year to date. our seema mody joins us now with a look at where thefá commodity could go from here and what the market. seema, it's very rarely in thousands of years of history been a higher price than it is right now. >> that's a great point. as investors size up the riskñin the banking sector and russell with the uncertainty around the direction of this economyçó gol continues to shine closing just be for its fourth positive week in a row and outperforming u.s. equitiese1 so far this year. goldman sachs joining other wall street firms in raisinge1 its 12-month price target to 2050 an ounce from 1950. writing that etf inflows and the wealth effect from the east, specifically china, will continue to providew3 support f the yellow metal. keep in mind the all-time high for gold was 2,075 hit back in

this as we keep a close eye on féuhe dollar which really plays big role in gold outperformance. remember, it was in mid june 2022 when fed chair jerome powell admitted that tapering could happen. that sustained the dollar, which ra november 2nd of last year when powell raised interest rates for thee1 fourth time. at the dollar started to weaken and that's when we saw gold move higher. if the fed reverses course and keeps rates continuingi] to go higher that of course could re. >> for sure, seema. i've heardu■."■ it argued that y interest rates, inflation adjusted rates seem to have a lot to say about whether gold performs well or not. they've been coming down?+!r(t&% recently as well. and you mentioned the dollar index. i wonder if the news in favor of gold has been so lopsided right now we have to wonder what could take it higher meaning,q look, swiss bank needed to be that seems like the kind of thing that people might get -- but it is sort of fascinating how it acts as almost$x■q an any

gauge for wealthy investors. >> and maybe to your point it's the next cpi report on april 12th that wille1 give us more clarity as to whether the fed can in fact pause and not continue to raise rates higher. and that perhaps then bolsters the dollar, all further, which helps the gold trade. of course we'll have to see how that plays out over the coming weeks. >> for sure. you mentioned the flows potentially coming from other parts of the world into gold. it has been pointed out that if you were looking at gold in terms of other currencies it's alr(oqv been making all-time e1 highs. so i guess it depends how you decide to keep score, so to speak. >> and you wonder too if gold continues to move higher,e1e1q start to see more mergers and acquisitions. there was newmont which put in that $17 billion bid for newcrest which was ultimately rejected by the australian gold miner.çó but if that can perhaps spark more deals if, again, prices move higher. consolidation.

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welcome back. movie theater stocks spiking today with cinemark ending the

day up a whopping 5.8%. all on woshd apple's planning to spend a billion dollars a year on theatrical releases. our own sarah witten from cnbc.com has been followingu■ t story and joins us now. sarah, so obviously this is at least a small reversal in a big long-term trend away from5a■ theatrical releases. what's your read on what it means for apple strategically means fomqie■?e strategically >> absolutely. i mean, apple is doing this for a number of reasons. one is it'su■ financially viabl to go to theaters. movies make money in theaters. it also is asá signal to hollywd that, you know, they are here talent to put their work on the big screen. and it alsou■e1 showcases movie the public eye soe1 people will come to subscribe to apple tv plus later on. >> yes. so that all fits together. and of course i guess it's worth keeping in mind that a "r#srjz dollars to apple is just a little token amount that they

can spare on this effort with maybet( some long-term goals in mind. but that's a not insignificant number of releases relative to how many we've been getting in theaters çórecently, right?e1 >> right. commitment last year, in november. it also said it was going to put in about a billion dollars a year which it said would be 12e to 15 çómovies. which is a big deal right no especially because in 2023 we have eight fewer wideçó release than 2019. because we have fewer movies you're seeing a smaller box office. we're down about e1500 million from where we were in 2019 because we don't have those titles. >> now, i'll just do a little bit of math here. so a billion ñidollars. what are they talking about, 12 to 15 movies a year. that'st( well under $100 millio per nim terms of budget -- >> yeah, these would be smaller budget films. probably a few oscar bit films.

and we s9wb appleñi had that lit historic win last year with "coda." not only do they get the prestige with the academyi] nominations but also they can put out a number ofok different films, number of different genres and tap a lot of talent out there that's looking for a place to put their movies. >> that is true. but it would be a test of whether in fact smaller non-franchise movies are going to really work, right? pqhause that's been the big bonanza in theatrical releases. &háhp &hc% rally i wonder justlp exactlyu■ t to bevenueq there's oí driving down the road for these stocks. today citi i know came out with a new report on amc saying toñr sell the stock. >> if you look at it not all these>&%lms are going to make 500 million at the box office. but if you have four ofll you w

comes next. blood letting in the banks. investors still scared. d.c. city sending out all kinds of mixed messages. what's going on? >> call this a not so under cover boss. why the guy who serves you your next starbucks may actually be the c