lots to talk about with our bloomberg kriti gupta. kriti: a bit of a choppy session. didn't see tech lead the index higher, though this was the first positive session for the s&p 500 in six down days. chinese stocks as well. once again not getting in on that. i want to show you what drawdowns look like. one of the big concerns is that we are in the month of september. september is known for seasonality, for its pullbacks, and yet we have not seen one for some time, no more than 3%. even after last week's selloff, you saw a less than 2% decline. question is, can you start to maintain that momentum. we did see that risk-of sentiment showing up in cryptocurrencies. the crypto index down on the day, the exception with all cryptocurrencies being lower was litecoin, and that was just a touch higher, emily. emily: thank you so much for that roundup. i want to get more on that hoax that sent a shudder through crypto markets. it started early monday when a press statement was released, saying walmart was about to start letting its customers use the cryptocurrency litecoin as a

we see how it played out with our kriti gupta. risk off session following the disappointing report, 200 30,000 jobs report. the estimate was 730,000 jobs. you saw immediately a haven bid into big tech, some money going into treasuries initially but coming back out. i want to focus on china. you can see where big tech and chinese tack really diverts, the u.s. and china. they were trading together and now, outflows from china to the u.s. showed up in into drake -- intraday trading for security stocks. the shanghai government and shanghai exchanges are actually coming into tightened restrictions on offshore listings. this dark difference was didi rising above other chinese adrs, really having to do with the potential state-run investment. emily. emily: thanks. another big twist in the chinese crackdown on tech companies. the beijing city government proposed an investment in didi that would gives state-run companies control of the world's largest ride-hailer. it is unclear how large the stake would be and whether it would be approved

first, let's get a look at the markets with kriti gupta. iti: a down day in the markets and an even worse day for technology stocks. you can see behind me, the sea of red. a really important part of this is the big tech selloffs. the nasdaq, it really dropped, and you saw big tech stocks come back up, apple, amazon, microsoft paring some losses. what did do well, of course, a lot of the cyclical trades. this is pretty interesting because it came in tandem to those yields. i want to connect the dots because you have to talk about tech and yields together. at one point, going back to february, you had an inverse correlation. tech really sold off and hit the broader index. today, a much more positive correlation. so, why are you seeing yields higher, tech lower? it has everything to do with month end rebalancing, reallocating to what really did not do so well, of course pulling some money out of treasuries as well. which brings me to some of the subsectors we have to look at. i mentioned tech broadly is underperforming today, so you did see sem

let's get a look at the markets with kriti gupta. the september swoon resumes. >> what is interesting here is we actually ended much higher than we were for a majority of the session. we were down 0% on the is and be 500. -- s&p 500. look at what they buy. they bought tech and not just any tech, they bought biotech and semiconductors. this is pre-much flat but higher than the s&p 500. a lot of that has to do with semiconductors. i really want to highlight electric vehicles. leisure vehicles are doing really well. there outperforming. they are paring some of those gains. this is a really big story. looking at this terminal sales, we did have an august sale coming in compared to an estimate decline. that idea that retail sales are down, not so true today. you can see there will they relate -- that technically place. we will show you the other piece of tech in particular. this is all big tech in the eyes versus big tech in china. that dip continues. something to watch in the days ahead. >> making of -- making another big bet on bitcoin.

let's get a look at the market with kriti gupta. what are you looking at today? kriti: a choppy session in the market. we did see a bounce, at least at the market open. the s&p, just shy of 0.2%. what was behind it on a sector basis? the yielding sectors did pretty well. utilities, consumer staples, especially when you have yields lower. they changed given the aftermarket action. yields were down quite a bit. tech down with it. they ended up becoming the make or break case. intraday went negative. it was due to apple. when it ended a positive, it was due to apple. i want to show you what this looked like and a different way when it comes to etf's. this shows you the pain you see in those etf's. it really focuses on the tech trade. it has been a couple of days of intense selling, if you look at the ark and novation etf, or the nasdaq etf that tracked the index. crucial to talk about the selling pressure, especially as we are at the end of the month. let's go back to apple. supply chains are crucial. we are talking about that -- actually, we have a different chart.

let's get all the crypto market moves with our kriti gupta. take it away. k above $50,000. on a day that other currencies were not doing well. gold and the dollar, assets bitcoin is thought of as a substitution for, down on the day. i want to compare bitcoin to ethereum. it wasn't so long ago that ethereum was leading bitcoin. now you see a divergence. people choosing bitcoin over it. something to watch. another thing to watch here is the spillover into stocks in particular. cryptocurrencies bradley were higher, whether it was bitcoin, ethereum, or dogecoin. all looking the alternative payment methods. that did not spillover into other stocks. you can see it in the bitcoin specific companies. dealing with a lot of the exchanges and companies like paypal and tesla. or start to accept bitcoin in particular. watch the divergence between stock and asset class coming together, emily. emily: thank you so much for that roundup. part of what could be driving the bitcoin rally is the official launch of cryptocurrency as legal tender in el salvador next week. el salva

let's get all the details with kriti gupta. kriti: you have had it record after record with on the handful of names pushing the broader index to those records. it creates a coiled spring kind of effect. then you get a day like today where you see broad selling across the board. at one point the s&p 500 was down almost 3%. what led the charge? big tech. the money went right into treasuries. you see yield going down as much as five basis points. a lot of this has to do with simply the risks piling on. a lot of this also had to do with technicals. it is a shallower and shallower pullback so we were not getting the reset we needed. this is a chart i like to look at when we arched -- when we are talking about drawdowns. all the way since november we have not really gotten that. no more than 3% today. almost 4% as a drawdown from the september. what was behind at? -- it? a lot of it has to do with macro risk out of china. the evergrande story was the straw that broke the camels back. this is the chart i think tells story. you have see

taking a look at the markets with kriti gupta. some questions about tech continuing to go up, are we seeing the rally start to falter? kriti: big tech leading the gains, the s&p 500 notching another record by only two points. i want to show you a terminal chart of how much momentum is going back into the markets, the new york index relative to the s&p. you can see the left showing the defense of trade is back in vogue. let's take a look at the other tech sectors, semiconductors usually outperform, lacking today. something to watch as we see the tech trade potentially continued to grow, that is the macro. let's get to the micro. ed: a web app developer down 1.6%, have been down more significantly, earnings in line, decent forecast. topline growth, 185,000 charge points. speaking of evs, steep drop. we saw a lockup on shares expire, these are investors that bought in in the original spac deal. interesting tech moves. seinfeld is coming. netflix up two and a quarter percent. the strength of another index, chinese adrs doing well, baid

kriti gupta back with us for an update on the markets. ou're about to do a segment on the future of investing so i thought why not start this off with the latest trend in investing, retail traders making their presence known in the stock market. i want to revisit the meme stock mania in february. you can see amc surpassing some of this gamestop in february but it is not the only one. you have new meme stocks and retail trader bids emerging. the latest retail bids. you can see the gains are 60% in one date but iron in particular exceeded apples trading volume in the premarket. three of the four largest in terms of volume. telling you those influencers and retail sweaters are making their presence known even before the stock market opens. pushing it forward to tomorrow, looking into a terminal chart because tomorrow is quadruple day. futures contracts, options expiring at once giving institutional traders the options to get in and out of positions easily while the volatility has more liquidity. that is where you see a little bit of -- someth

kriti gupta with all of the details. kriti: tech leads to the upside and also to the downside. it was an indiscriminate day of selling. important to note that you did have the s&p 500 index, a second down day, down 2%. here is the kicker. chinese tech did poorly, too. this is different than what we saw yesterday. chinese tech was actually bouncing back yesterday. today, once again, indiscriminate selling. quite a lot of red. treasuries also selling off. people hopping out of the bond market in a really aggressive way. not really significant compared to the 12 basis jump but still quite civic and. let's talk about an intraday story. a lot of the concerns showed up in micron on the individual level. analysts really putting a lot of emphasis on their forecast, on the demand growth. not just broadly but for their chips in particular. the estimate was $8.6 billion. they came out with $7.6 billion. let's zoom out and talk about what this sector has been doing. semiconductors also sold off today. if you look at this, tech has been doing pretty well year to date. what has not been doin

all of that in a moment but let's get a look at the markets first with kriti gupta. >> a second day of green on the screen. what is interesting is the story of big tech again. there was leading the s&p 500 to the downside. today, they lead to the upside. the valid a whopping 1%. what isn't in on the rally? they are rebounding as they start to see the ever grand story contained to china. you can see the nasdaq golden dragon index. this was more in the bond market. you can see that show up in real yields spiking up here. this is the metric that they are looking for. it has a lot to do with that correlation. that yield spooked tech investors. i really want to bring the conversation to social media stocks. ordinarily, some of that business revenue exposure would show up in social media stocks but look at this. you are seeing a little bit of a diversions. if there is a place to watch in technology, social media stocks, that is where the action is going to be. emily: thanks. twitter will let users send and receive tips using bitcoin as part of a push to help users make money from the service

emily: let's look at how markets reacted with kriti gupta. >> on the surface, it seemed like a hawkish statement. it was not as hawkish as people were thinking. a lot of investors expecting the november start date. we see green on the screen after two negative days. in addition to the fed, there is technical elements. a bounce back coming to the forefront. we are dealing with september seasonality. october is traditionally a month a lot of superstitious investors really suspect their stock is dropping. i want to show you what sentiment is doing. taking a dive when we talk about the bulls and the bears. a lot of buying, pushing the s&p 500 to record after record. bear sentiment is coming to the forefront. the dip buyers might not be showing up this month. it could come as soon as november, ending mid 2022. something investors were really expecting, november being the start date. chairman powell talks about a six month timeframe, and a gradual tapering. that is half the time the last round of tapering took after the last crisis. whether it is a market positive or negative, in terms of re

let's get the crypto market moves with kriti gupta. >> back above $50,000.urrencies were not doing well. gold and the dollar, assets bitcoin thought as a substitution for, down. i want to zoom up at the chart and it wasn't so long ago ethereum was leading bitcoin. now you see a divergence. people choosing bitcoin over it. another thing to watch is the spill over in the stocks. cryptocurrencies were higher, whether bitcoin, ethereum, or dogecoin. all looking the alternative payment. you can see it in the bitcoin specific companies. once dealing with a lot of the exchanges and companies like paypal and tesla. or start to accept bitcoin in particular. watch the divergence between stock and asset class coming together. emily: thank you so much for that round up. part of what could be driving the bitcoin rally is the official launch of cryptocurrency as legal tender in el salvador. they will be the first in the world to use bitcoin as a medium of exchange. they will receive $30 of bitcoin automatically if they download the government's bitcoin wallet. looking bey

all that ahead but i want to take a look at the markets with kriti gupta in new york. we saw a lot of movement in the last few minutes of trade. what was happening? >> we came into today with a pretty strong bounce in futures. a lot of green on the screen. it kind of faded to a point where we ended flat on the day. a lot of people were saying go going to have the by the debt mentality show up in here is where you sell the tug-of-war between the bulls and the bears. the bulls wanting to buy the dip and continue the recovery trade. the bears sang the selling, the seasonality is still a factor and you have to go into the fomc tomorrow. a lot of that is positioning. what led to trade with the tech stocks. as you can see with the faang index ending. the bid lower with the yields up 1%. let's start with the tech trade as a whole. it was not just tech that rallied. you sought become the big tech bundle trade we have been talking about. whether it was chinese adrs, those in the green by over half a percent and semi conductors. even to the point where autonomous vehicles, elect

gupta. look at markets with kriti. kriti: it is a story of tech. mega cap stocks leading the upside. new york faang index which holds tech stocks rallying 1%. what isn't in the rally is chinese stocks. ever grande macro risks, they are rebounding as you see the evergrande story contained in china. the nasdaq golden dragon index not on the rally, ending up flat. all the action was in the stock market, but more in the bond market. yields, a 13 basis point move in 10-year treasury yields after the fomc meeting, giving investors confidence that what the fed says they're going to do, tapering by november, is what is going to happen. you can feel that in real yields spiking. this is the metric that a lot of people who invest in tech stocks are looking for. it has a lot to do with the correlation we saw in february, the yields spooked tech investors but today, yield and tack are up. i want to bring the conversations of social media stocks because when we think big tech we think facebook and twitter and ordinarily, the recovery trade would show up in social media stocks, but look at this, in