you can see it in semiconductor stocks like xilinx and micron. tesla has a monster comparative. they tend to pull down the overall indexes. again these are among the biggest momentum names out there. this is not a one-day phenomenon we have been dealing with this for several weeks. for example, the ipo etf, which was a monster earlier in this year, it's down 20% right now. biotech, another big monster down as well china was leading the world up to about two weeks ago, but now it's down 13%. elsewhere, if you look at some of the megacap stocks, the correction is even more noticeable i'm looking at stuff that tends to be appearing in the nasdaq 100 near, xilinx, some of the semiconductors down, apple down 18%. facebook hit a high quite some time ago, many months ago. amazon has been sideways for a while. where are we are we at some kind of inflection point the good news is the reopening narrative is intact. the vaccine roll-out is doing well, the reflation story is doing well that's the good news bad news is rising bond yields have essentially stopped the tech rally these are the

mobil is at a new high look at tech, as you heard frank say, lagging the party there big-cap tech and xilinx, and advanced micro same thing it was less than a month ago when we were hitting new highs we have lots of new highs, darden, exxon as i mention ed ad you can -- you want it simply, how you about disney versus apple? did i any jumped in early november, on the announcement the first successful vaccine test, disney jumped finally, california, of course, saying disneyland can reopen. that's a big help today, but this has been going on for a while. look at apple, straight down since the middle of february that's when interest rates started moving on. it's disney up 10% this year, apple down 10% guys, back to you. >> robert, thank you very much technology seems to be -- can they rally without the tech lerl joining us, ubs managing directorialie mccartney, and ceo karen finerman who joins us on the phone. good to have both of you with ali, am i better off riding this rally, some of the consumers or am i better off putting it in today's last loved into -- >> one of our themes where technolog

that's whynvidia is buying arm and why amd is buying xilinx >> i think one of the question is, wouldt be here in the u.s. or overseas? they would have as to outsource that to a manufacturer that is a big discussion going on right now we know where the chip manufacturing goes on in the world, and it is overseas, it is in taiwan with tsmc, it is in korea with samsung, though we know that intel has new ambitious plans. recently he announced $20 billion to build the two new chip plants in arizona, guys. >> thank you, josh it's down about half a percent to find out why bank of america could be initial beneficiaries, that story you can find it on cnbc.com/pro >>> also up next, lululemon is becoming a battleground stock. will it suffer after it's no longer acceptable to wear yoga pants every day? stay with us these days, we want sophisticated but simple. cutting edge made user friendly. in other words, we want a hybrid. and so do retailers. which is why they're going hybrid, with ibm. a hybrid cloud approach with watson ai helps manage supply chains while predicting demands with ease. from

xilinx, a lot of -- there's apple, 17%, as for kathy wood ark's tough. tesla, square, roku, teledoc, all continue to say drop you live by that sword, you'll die by that swore. obviously big growth here. it's not the overall market. we're only 3% off the historic highs. it feels like we're in a massive correction, but we're not. it's the high-growth tech names. s&p is only 3%, the dow is only 2%, transports 1% off their historic highs just bear in mind, keep a perspective on what's going on meantime, the new usual wants market, it's sensitive to interest rates the spac markets 20% off its recent highs, the ipo etf almost 20%. biotech although business high beta mover, and china now down 13%, as you can see. it's all about those interest rates, guys. back to you. >>> sure is. robert thanks very much today's big jobs report initially sent those rates soaring, as we get more positive economic data in the coming months, is the market due for a while ride let's bring in ron insana, as -- and jamie cobbles, managing partner -- >> less than 30 days away. >> that

as for mega cap tech stocks this we are, yes the sem conductors were hit we saw xilinx was hit earlierds the end of the week. up 5%. amd up 3%. amazon apple was flat, 16 on monday, 120 today. again, white an achieve men for the everyall mega cap sector one thing that's starting to show up, the reflation trade is looking tired in the energy group. oil is having trouble at 6a going any higher this week after huge run-ups in the last few months most of these high beta energy stocks, marathon, devin, hess, and occidental all down a little bit. over overall folks, s&p 500 up 2.6% this week closing at an historic high in a week where ten-year yields hit their highest levels in 13 months maybe the market is getting comfortable with the idea that higher yields are a reflection of a stronger normalized economy rather than inflation. i think this is an important close today with the yields above 1.6% have a good weekend. >> thank you bob pisani. alley, do you agree that it is not going to spook the broader equity markets >> yeah. i think -- i think you have to remember that right now we have $1.

mega caps, some of them, the clip sector is basically hit their highs in the middle of january, so d xilinxir high, 28%. and facebook, apple, amazon, they all hit their highs, amazon a while ago, and apple again in the middle of january, the good news is the multiples on these are coming down, and that's very good news for the markets, so if you look at the end of january, apple was trading at 34 times 2021 earnings numbers, and that's a very high multiple for them, and now it's come down to 27 that's a lot more reasonable so the correction is good for the market bringing the multiples down. this all corresponded to the move up in interest rates. cathie wood's ark fund for example, hi was february 16th. that's not a coincidence that's when the interest rates started moving up, the 10-year from 1.1 to 1.2 and that very day, within a day or two of that and that was the cap for a lot of the mega cap tech holdings and down 22% since then. not a big rout not a lot of people moving money out of the fund yet but she's off 22% from the highs on february 16th. where are we right now the key story is

stream those companies are throwing off, so the hit to big tech names, we noted all last week, we saw xilinxy pal, amd, all more than 20% off of the recent highs and the highs were for the most part, back in february, so in six weeks, we've had quite a correction in the tech space, even apple the big tech leader, 17% off the highs the debate now is what happens if we go to 2% on the 10-year? some feel we could get another 15% to 10%, leg down, it's debatable, but it certainly would be be good the good news for the owners of the beaten down asset, we've had the cheap stuff, it has become the real comeback winners of the year the losers of last year, are this year's winners and what were the losers last year, energy stocks and bank stock, and the winners this year, energy stocks and bank stocks and what were the big winners last year, the nasdaq 100, consumer staples, consumer discretionary. what are the big losers this year nasdaq 100, consumer staples, and consumer discretionary so this is the classic kind of mean reversion and if you're a jack bogle disciple, the founder of vanguard, he wou

rates moved up and the mega cap tech name, not nearly as much damage but pretty noticeable and amz, xilinxnames more than 20% off of the highs very strange moment in the market here. not quite rotation, not quite moving down, there's the struggle, to get a coherent theme going. david, back to you. >> yes, thanks, bob. it seems certainly to be the case and again, those big cap tech names are a bit higher this morning. >>> let's get a check in on the bond market with rick santelli good morning, rick. >> good morning, david you know, this morning, we brought out some important data, even 684,000 on initial claims is too high and 3,870,000 on continuing is too high, it is humongous progress let's take a look at the chart the all time high ever in initial claims prior to covid was 695,000, you see it there on the chart, and 1982, but what's fascinating is when you go to the present, all of that turns into a flat line because obviously, that high water mark, from march of 2020, it was just under 7 million, so you can see what happens with automatic scaling. the point of this is, is that not only