i will say it's important that yet again on a week over week basis, apple underperformed. while it was up 1.2, 1.3 prgs on ton on the week. my hunch is to just leave apple alone. it's not at a juncture where making a big bet makes a lot of sense. >> mike, what do you think >> the trade we were looking at for apple was a put spread, and it actually has run down to a level where it's fine to take money off the table with that put spread you know, i would say that the stock's performance this week, given the announcement they made is pretty poor you would think something like that would propel it to outperformance, it didn't. so i wouldn't be a buyer here, despite the fact that it's been tough to bet against this company for a number of years. >> i mean, a lot of investors think apple is the end all be all when it comes to defensive stocks it's got a lot of cash on the balance sheet, an executer in terms of delivering, bonawyn, and here we are. it's like it's an apple-specific problem relative to big tech this week. >> sure, no arguing against any of those points that you've m

it is important, yet again, on a week over week basis, apple underperformed. s up 1.2% of the week. that is pretty poor, compared to the s&p up 3.3%. my hunch is to leave apple alone. it is not at a juncture where making a big make a lot of sense. >> mike, what do you think? >> the trade we were taking a look at for apple was a put spread. it has run down to a level where it is trying to take money off the table with that put spread. i would say that the stock's performance this week, given the announcement they made, is pretty poor. you would hope that something like that would propel it to outperformance. it didn't. i wouldn't be a buyer here. despite the fact that it has been tough to bet against this company for a number of years. >> i mean, a lot of investors think that apple is the end all be all when it comes to defensive stocks. it has a lot of cash on the balance sheet. it has dividends. it is an executor, in terms of delivering. yet, here we are. it does seem like it is more of an apple specific problem, because of the relevance to big cap tech this w

i will say it's important yet again on a week over week basis apple underperformed while it was up what on the week that's pretty poor compared to the s&p up 3.6 and compared to the tech sector up 3.3. it's not a juncture with making a big bet makes a lot of sense >> mike, what do you think >> the trade we were looking at for apple is a put spread and it's run-down to a level it's trying to take money off the table with that put spread i would say the stock performance this week given the announcement they made is pretty poor you would hope something like that would propel it to out-performance, it didn't so i wouldn't be a buyer here despite the fact it's been tough to bet against this company for a number of years. >> a lot of investors think apple is the end-all be all when it comes to defensive stocks it's got a stack in the balance sheet, an executer in terms of delivering and yet here we are. it does seem it's more of an apple specific problem because of the under-performance relative to big cap tech this week >> sure, no argument to any of those points you made. i will say i'm pr

my largest personal holding over the last ten years on the day of a new product launch, apple has underperformed seven out of those ten years. i think the catalyst comes in october earnings when we hear from tim cook in his guidance that demand for the pro product is strong. hopefully on that pro product you're going to see a price increase because that's where you're getting at the eps growth and that's going to be important for this company but it really is about the pro product. if he's able to communicate in october in that guidance that demand for the product is strong, there's your catalyst. >> typically, though, you know, apple six months after they announce an iphone has performed an s&p, it's a single digit beat, but nonetheless it's a beat by 6% on average. you may not get the one day pop, but you get the longer term bounce as evidenced by this chart here that bernstein put together liz young, i'll send it to you on the simple question of the -- are we overstating the importance of apple right now to this market or not >> from a waiting perspective, we're never overstating the importan

the body language from some big ceos is not that bad, right now. >> apples performance, relative to the market, has really underperformed in the last 15 days. when markets peaked in mid april, excuse me, mid-august, apple sold off 6% more than the s&p during that time. when we were talking about the market from deck one, 2021 is the triple cues for the as nasdaq and s&p started to fill the big tech stocks, apple totally outperformed. and we talked about it, and we talked about the dynamics behind why it would be outperforming. interesting here, even though everything in the release two days ago was as expected. there are different expectations about keeping asp's flat in the u.s., maybe there was a sense that you can kill demand and that is something, but again, the performance of apple relative to the market, watch that. >> hey, dan, karen, big fan. let me ask you about the sentiment, there. a lot of ceos like amazon -- i'm sorry, alphabet, snap, talking about spending money more wisely, right? they are talking about -- it was not the era anymore of growth, growth, growth. bringing in the budget. that seems to have cha

a big decline continuing its decline lately $82 a barrel that's why energy stocks are underperforming. tesla, apple all strong today. what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions against thousands of compliance controls with the help of ai. now you're making smarter decisions faster. operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create >>> time now for today's market dashboard. senior markets commentator mike santoli with a health check from the global financial system. so glad you're doing this, mike. >> sara, a lot of attention on a blood pressure level of the market coming into this week especially with the dollar racing higher, bond yield as well dislocations in european power markets, oil having an accelerated decline. here is a measure of overall financial stress this is the office of financial research, going back to the year 2000 it has become a bit el

apple story. >> i guess it also speaks to the recent price action, krish the stock has underperformed in recent eks they also looked at the historical performance of apple on a launch day and found the stock has tended to have a negative reaction. so what's your trade on the stock right now? >> yeah. i think it's largely true. it's still a great story yeah, the risk is what happens to be completely honest, we model iphone units down actually [ indiscernible at least some kind of mo modern modernization. the bottom line is it's still a good stock, a good story, because they still have very good -- free cash flow generation i do think in a modest recession sce scenario, people gravitate toward higher quality names. apple is one of them there's a risk with profits, and it just has to do with design and consumer, which has been good so fafrmt let's see how it goes in calendar 2022. >> alex part of the story has been outside of the u.s., china struggling with slow ddowns. how do you think apple manages that risk? >> right now apple is doing a fine job managing the china risk that being said, i think

a half percent this is from the start on june 16th but software and semis have underperformed since that day. whereas, apple, we keep talking about how it is essentially apple against the world in how it's been holding up better, and that's given more support to the nasdaq 100 and to the over all tech sector indexes as well. under the surface, you have had an undercut low for the software and semis area, which in theory they should bounce a little bit more less discussed is biotech. it was an underperformer through much of this year. take a look at the year to date chart of the s&p biotech index here you have a may and june looks like a retested low there. you are well below that right now. biotech moves to its own dynamics not so much about the macro and what's going on in broader growth stock investing it is interesting that took its pain earlier and seems to be fairing just a little better. >> great temperature check thank you. >>> now a head wind that's important for tech recovery is the strong dollar. the dollar index now trading at its highest levels in 20 years, going back to 2002 steve joins us with

underperformed by eight percentage points. so it's getting less bad at some point, market will realize that and i actually think that there is kind of a product coming that applerelaunching that would allow meta to get back some of the lost signal, which would help them recapture lost ad dollars. >> let's talk about it i want to know what that product is and if our viewers are maybe a little confused about what you're talking about, if you download a new app on your phone, and you have that button which popped up about a year ago, ask app not to track. that's part of what you're talking about, right that small change turned into a conflagration for facebook >> so facebook has said, effectively, that change cost them about 10% of their revenue, right. if you throw a multiple on that and you're thinking about, well, the stock is underperformed its peers by like 30 points, you could kind of start to go. there are other factors, when we think about tiktok as well in a second the product that apple is effectively updating is called fkn network. it is code that publishers can use to understand how effective app ads are. so the new version is going to add back a lot

. >>> apple, down more than 5% after bank of america down graded the stock cut the price target there, shares are also underperforming market this week and that could make skittish retail investors even more so. let's get to kate rooney with more or course apple is a stock that lot of investors own and some own it but don't even know it because they have a lot of it in mutual funds or etfs >> and the average retail investor right now is heavily indexed to apple so anymore pain in that name could add to a tough year for most investors and increases the chance that they will throw in the towel all together and sell. according to evander research, the iphone maker accounts for 20% of the investor holdings, most widely held stock out there that and tesla, and call it a last bastion of hope for retail. this group has been relatively resilient buying the dip that is slowing down which they say is a sign of det tteriorating confidence a dropoff started on monday. this is a very important group to watch, some analysts say retail investors have been the one, quote, cushioning the market in recent weeks the chart here show as

apple. could really add to an already tough year for main street investors and underperformance in the i piphoet widely held stock and really one to watch here ahead of tesla. vanda calls it a last bastion of hope for retail. this group has been relatively resilient and buying the dips lately, that's slowing down this week, which vanda says is a sign of deteriorating to rebound. had been steady since june but a dropoff really started on monday here this is an important group to watch. some analysts say retail investors have been the ones, quote, cushioning the markets in recent weeks this chart from vanda here shows a spike in retail right alongside some of the recent recoveries in the s&p. if this group does decide to sit on the sidelines or sell, it could mean less support for the markets, but one potential silver lining, others point out that retail capitulation, as they call it, is often a sign of a bottom there's another signal, though, that mom and pop investors may be losing a bit of interest in the markets. if you look at that decline in google searches we've seen, data trek points this

underperformer was philadelphia semiconductor's, all 3.3%. all of us coming against a backdrop of higher treasury yields. applealling after one of the most senior executives at the company left after that crude tiktok. the bulk of those losses came after that. rare downgrade from bank of america. news from micron, earnings after the bell came in weaker than expected. we had a weak forecast. micron saying sales would be $4.25 billion, under expectations of $6 billion. shares dropped 4%. you can see a little bit of a push higher after hours. ed: i want to stick with that micron conversation and bring in joanne feeney, advisement capital management manager. micron seeing first quarter fiscal adjusted revenue, $4.5 billion. the estimate was $6 billion. some commentary around the slowdown of demand and supply catching up his astonishing. we are down more considerably compared to losses. what is your read on what we are seeing? >> it is clear investors were expecting a week guide from micron. they are reassured that micron is cutting by 30%. that's what investors are looking for. we have supplied from memory makers

market went higher so we know just fact kually that it can underperform appeand the market do well this is a very plausible scenario in which apple does just fine. but other portions of the market do better just based on better earnings projections that's a plausible scenario. i'll leave it at that. >> josh brown, you have been making the argument most recently that apple's importance is more important just given where the market is right now. >> yeah. i actually -- i agree with jim just because this is an important stock doesn't mean it has to lead the market in terms of returns we've seen several environments where we've been poking apple with a stick come on, do something, what's wrong with you, while there's been money to be made elsewhere. that's the salient point however, a little bit of a twist. apple can't crash. it's a $2.5 trillion market cap. it's in every etf and every index. while it doesn't have to be a leader, it has to hold up. it can lag, be flat or drop a little bit but it doesn't drop a bombshell about orders in china or this iphone model being slow. it is a $1,400 iphone after all. but the stock is up 675% ove

would worry about that for sure because you saw off that august peak some underperformance from the mega cap complex, including applehe whole equity market, and i think we should reasonably be focused on it, if it were to break down, i think that's going to create a bit of a waterfall effect in that we'll see underperformance then, also transfer to the higher growth names that have actually done relatively well if you look at the sort of small to midcap software names, they look so beaten up and they have actually held up relatively well, but i think that's where you're going to start to see them reach new lows as well. it's all eyes on apple, reasonably so, and the support we're watching there is around 150. we feel like that's psychologically a significant level. it's a support level based on the metrics we follow. if that potentially breaking, we could see that as a negative indication for of course the major indices. >> katie, if we do fall below the june closing low for the s&p 500, if we fall below that, what are the next levels, the next floors >> the support i have been watching for the s&p 500 is already be

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

underperforming the rest of the market. so, yes, they need somebody to help turn the company and the stock around. ashley: very good. all right, let's take a look at apple50% market share, overtaking android. you have to remember that android is used in samsungs and pretty much if every other smartphone on the planet that apple doesn't make. so the fact that apple has surpassed android is a big deal and shows the dominance of the biggest company in the world, biggest company in america has. the highest market share we've seen since 2007, and it's just in time, of course, for that iphone 14 launch event next week, few iphones expected. you'll get an upgraded camera, maybe an elongated pill that shows you your microphone status, etc., for privacy settings. i also want to particularly highlight services and that nfl sunday ticket is a wildcard that everybody's trying to guess. as i mentioned before, i'll be at the apple event. it usually takes place a week later, but this takes place just before the nfl season starts on september 8th. so that has wall street buzzing that apple will likely win that ticket, and we just saw fox sports ringing the nasdaq bell

underperformance >> this is meta? facebook >> i'm sorry, for google >> i think google has a little bit of a tougher angle two things you want to think about, they were a major beneficiary of the appleted online advertising, ad tracking tools that really helped google. google has benefited from the travel we went through the summer of travel love and google was a great derivative off that. now you will have tough comps going into the beginning of next year i'm not -- i don't like google the trade. i like google the investment meta is more interesting as the trade, not as much of an investment near term you will have an acceleration in revenue growth they will move beyond some of these really tough come ms just like we saw with snapchat recently talking about an acceleration in revenue growth you put an acceleration behind facebook or meta and you show margin expansion and both meta and google are talking about cutting costs. the market responds very well to cost cutting at this stage and it should. >> nancy, have any of these moved into your target zone? >> yes, and i agree with mark. the large cap names we've been focused on and have added to over the summer and in the second quart

apple shares buckling after a rare downgrade while medic cutting hit counts. that headcounts. shery: better news on the eco-front coming from a bellwether. we are getting industrial projections for the month of august. steeply underperformingalready bad expectations. seasonally adjusted month on month coming in at a contraction of 1.8%. analysts had expected 0.8%. it is worsening the dip we saw in the previous month of july of 1.3% contraction. the -- number coming in at 1%, on par with expectations. slowing from the 1.5% in the previous month. cyclical reading index changing as well with the contraction of .2%. signs of stress. we saw inventories in manufacturing giants seeing a big buildup. the fastest since 2008, showing the impact of the global slowdown. the markets are expecting another jump from the bank of korea. assets are some of the biggest losers in asia. -- recession and volatility in global markets. shery: those numbers do not bode well for the global economy given that south korea is a real glover expert -- global slowdowns at a time when the fed is doubling down on its hock inspection. jim moran saying the markets have finally understood there will be additional rate hikes in the coming months. we have the -