and, you know, bill mcdermott talked about jim about macro impacts on the business, something that i've been wondering about. we've been talking about here ever since mongo d.b.'s earnings where they said, yeah, with he see stuff happening in europe. we don't think it's going to really affect our business itself at that much. but it's a real macroimpact coming here's an echo of that service now down 113.5% this morning. mongo did d.b. down 6% go on down the line. lots of enterprise software names including salesforce down 4.5% being affected, carl. >> you're right, jon in software, a lot of discussion about macro mcdermott was all over that last night also "the journal" talking about p.c. shipments down 12 in q-2. that will be the worst in many years. jeffries with a big notes about gluts in semis, jon. very hard to get that second derivative at least in terms of some of the research today >> yeah. and this is important because enterprise software had been one of those areas in part because of, you know, subscription business models out of cloud that seemed to be more insulated. some pe

he didn't guide down that much, kind of like bill mcdermott. as good as bill with servicenow, but when he was asked about how apple is doing, it was strictly no comment they don't ever mention that some of your other customers besides samsung, with an extension, and he could have said business is great he didn't say that but he said business is good for high-end phones. apple doesn't sell low-end phones finri, this is not mana from heaven and you're better owning aerospace than you are owning software space >> they do definitely trim is guide on 5g deliveries for the year >> it was not great. qualcomm, if you listened to the call, it's down yesterday, the call was about how we're big in auto, big in ai, we're very big at the edge computing, but the really big one is cell phones and cristiano did not talk about cell phones. he went back for others, which then tells you something 25 ot 25% of their business is good. they have an analyst meeting in september and they're closely linked with gm do you sell it here? no it sells at 11 times earnings th

. >> that was service now ceo bill mcdermott issuing a stark warning last night on mad money.he enterprise software company down more than 12% today, it's because loss since january of 2016. so it's something investors across tech need to pay attention to right now. certainly seems that way, according to the market action that we saw today, karen. you're still short on gb? >> i'm short on tv, this is a component of idv, i think it's down 4% today. i think service now is a fantastic company. he's a great leader. it's expensive. it still expensive, despite the move down, despite the big move down in today's move down, it still expensive. so you know, multiples of the market multiple, i understand it's a big growth company but still too expensive for me. >> still trades close to nine times revenue, i think, and the stock is gone from $700 down to $428 or so. to karen's point, it's still expensive. great company, still expensive. why was microsoft down as much as it was today? i'm convinced obviously on the back of those comments, microsoft warned on currency a month or so ago. if

together all the memos, the ones from meta, from uber, from sequoia, now the ones from alphabet even bill mcdermottrvice now, they say we're in the confronting reality phases that kind of makes sense when you think about everything that's come together to work against companies on a macro level. >> i still think we're just shaking hands with reality at the beginning of a cocktail party, because we had gotten so disconnected from it, especially when it comes to labor if you think to what extent it's been a seller's market in labor recently, where people can decide whether they're coming in to work or not, some people were working a shadow job while at home i'm not saying that's the norm or anything. but for some of these high demand professions, that has certainly been a reality, dee. yes, we might be starting to confront reality, but i think it might be a long and store read confrontation from here. >> we're going to get big indications in the weeks ahead, carl we've got to get through the big banks and then weave got tech. it could be a rude awakening for some investors and some employees to your

the other cautionary words from bill mcdermott. >> to me, in terms of evaluation, when you can get drunk friend is google. on evaluation alone, it is a compelling story. the problem is, add spending. the key to this whole thing, does microsoft have a demand problem going forward? did one on currency a month ago, are they warning on demand? i can be very problematic. >>> what you think about add spending? >> it will be lower. willoughby lower based on anticipation? >> microsoft, on cloud, if what we just heard is the case, they have every reason to believe it is, microsoft has more leverage to the cloud and google. i must control with google and meta. >> steve? >> i am not comfortable with meta at all. i don't think they know where they are going. it is hard for investors to follow. there is still an earnings machine. people are looking through that, because they are not sure what the strategy is. it has not been translated from management, so that it is in a coherent and understandable fashion that we can invest around. google, i would be a purchaser there. i still own apple. i would be

it can play havoc with technology service companies as bill mcdermott mentioned earlier this week on 1029. will the euro stay down here? i don't like betting on currencies. however, with the dollar front and center, as a reason to buy or sell stocks, add the depressed euro hurting company earnings, you can bet, i went in the direction of the european unit. we are looking at the euro, with an outside expert. we are going off the charts with the help of carly garner, brilliant technician, the author of high commodity trading. she emailed me this week, that she thinks it can recover. i said, oh, come on, really? show me. let's put this moment into historical perspective. look at the monthly charge of the euro to dollar exchange rate over the last two decades. in the early 2008, when i went to europe, foolishly, the euro was trading at a dollar 50. that was because the greenback was in the gutter. nobody thought the dollar had a chance to recover against the euro. we saw athletes and other celebrities demanding to be paid in euros, rather than dollars. it was similar to last year when pe

i think that's kind of the sum of what microsoft said and what bill mcdermott said last night. >> let's talk about where microsoft is going making a big bet on gaming accounts for a small amount of its business, however, trying to close a nearly $70 billion deal for activision blizzard. overall revenue in the quarter declined some 7% year over year. >> in my mind there's a couple of factors with the downward tick you have covid and post covid, supply chain issues in china from the lockdowns, meaning they can't manufacture enough xboxs to meet demand you have the delay of aa game titles gaming longer term is a huge opportunity, especially with xbox game path f. you listen to the commentary on the call, that was one of the big bright spot out of gaming, game pass is marching down that vision towards becoming the, quote, netflix of gaming. i think once activision closes, and i do expect it to close, i don't expect too much anti-trust pushback, i think the value prop becomes only stronger. i think gaming will continue to be big. >> that long-term thesis is intact is it worth $70 billion for

outlook from unity software and the job cut announcements and having cautious comment or like bill mcdermottbc interview. add it all up one of the names with the cloud computer etf and the global x cloud etf all down 8% or more this week and the data comes from the partners at track insight. more information is available on the ft wilshire etf hub she said, john >> let's say more about that still ahead, more on the cloud and ftresowa stock slump underperforming the broader markets this week. we'll be right back. get decision tech from fidelity. [ cellphone vibrates ] you'll get proactive alerts for market events before they happen... and insights on every buy and sell decision. with zero-commission online u.s. stock and etf trades. for smarter trading decisions, get decision tech from fidelity. only at vanguard, you're more than just an investor you're an owner. that means that your goals are ours too. and vanguard retirement tools and advice can help you get there. that's the value of ownership. do you have a life insurance policy you no longer need? now you can sell your policy - even a te

left to look at the memos, the tweets from elon musk about super-bad feelings or the likes of bill mcdermott coming on cnbc >> we've got to be real careful with these hiring slowdowns. more than half of apple's employees are in retail. and there is no way they are pulling back on investment in innovation just because of currency, things like that i mean, back when apple was relatively poor, back when, you know, the iphone didn't exist, they invested in a downturn then to create the iphone, i-pad, et cetera, they're not pulling back now. they've got plenty of cash >> we'll see, we'll see. micron and others have pulled out. >> i promise you apple is not -- >> that hardcare r&d stays in tact >>> after the break, a cnbc investigation into now bankrupt crypto lender, celsius those details are coming up next welcome to your world. your why. what drives you? what do you want to leave behind? what do you want to give back? what do you want to be remembered for? that's your why. it's your purpose, and we will work with you every step of the way to achieve it. at pnc private bank, we'll help you take

>> sahak, we're going to get service now this week as well and there was quite a reaction to bill mcdermottmad money" saying some things about the macro environment and the impact even coming through for software names that have been growing quickly. how do you expect based on what the market has been doing over the past few days since then, how do you expect the reaction to be to the earnings, is it more of a bookings thing, is it more of a guidance thing >> that's a great question so i think it's all about guidance and i think it's about forward guidance and just the sector rotation that we've seen out of defensives and into the more risk on assets specifically tech and communication services, i think like that's the story here for q2 earnings and to come out of q2 earnings it's bifurcated within the tech complex. i think that we will see more rotation into tech as tech is actually one of the improving s&p sectors and i think this has legs and i think that the defensive sectors have been weakening. those namely pockets of health care, utilities, consumer staples which were the first half

we heard the ceo of service now bill mcdermott, one of the most reveried guys on the street. nasdaq came out of the gate like it was ready to do something big. he said, well a lot of things are happening he mentioned the strong dollar which goes to your point. all of sudden the strong dollar didn't matter at 9:30, at 9:40 it mentioned everything and nasdaq lost it all. talk about crude oil. it is absolutely exploding. i think i'm a junior technician. you laugh at my work sometimes? no. i love it. >> check that out, a perfect double top which is bearish. now we're down here at key support point i'm wondering what the heck. if crude oil doesn't hold between here and 95 where could it go? >> yeah. we talked about that 125 level on the show a month ago. never got through that, sitting back down to 95, 96. below 95 i think that takes you to 80, 85. i do find it kind of interesting that you know, we've had all this inflation talk for the last you know, three, four months and yet commodities really peaked before that. a lot of this has been blamed on ukraine. obviously by the curren

. >> your bill mcdermott interview. >> yeah, i don't know if you will walk it back. there are jobs wanted in the service industry, particularly the restaurant industry, but for the most part, i think he is winning. does he want to make it so the consumer doesn't travel? make it so rates are so high that you're worried about your credit card? the next thing to fall, a piece today says, financing for cars will be too expensive. and that is a. housing, cars, it is going his way. we don't have food down you. the more ask about food, the more i sense there is a little too much coziness among companies that produce food. the companies that consume food are not able to get any price breaks whatsoever. i think he has a unique chassis it, we're going three quarters, and then we're going to win. >> when you see the 10 year. >> he can dump bond and make the tenure go whatever way. i don't think there is a reason for him to say, you know what? we're going to do -- this is what scares people, were going to do three quarters, and what if we have to have an emergency meeting, we wi