for more we're joined by dave mcclure as well as dan morgan. od morning to you both dan, i'll start with you kind of odd this morning seeing the tech's take such a beating compared to the broader s&p and dow and now they are rebounding. what do you make of it >> we swruft had a little bit of profit taking off sell off on friday kind of related to everything going on politically it wasn't related to fundamentals if you look at the technology sector as a whole, trades at about 24 times earnings and we're expecting growth at around 27%. we had a big alibaba came out last week and said they expect 40% to 45% growth in revenues. there's been no change in the fundamentals more of a jittery profit taking session than any change in the core so to speak >> dave, rare investor who will say valuations look really rough. i'm completely staying away. what's your view on this market and effect on the broader innovation eco system. looking to be netflix and apple. >> well, when we're investing we invest into series a and b valuations aren't as crazy then. but

senior port fofolio dan morgan well as portfolio manager walter price for elian. that fang could soar 40% in the second half of the year because it's so rarely, it says, retraces its first-half gains. are you anywhere near that neighborhood? >> look at top stocks. they're in the fang. you look at google, amazon we're talking about today. you know, those are the big names. those are the stocks getting ready to hit $1,000 a share. i wouldn't be surprised if you continue to see momentum in that group going forward. i mean, there's really not much to stop them at this point that i can see. i wouldn't be surprised if they did continue to do very well. >> what about valuation? might that stop them? >> i think valuation is high for a lot of these companies. those are priding an underlying force to the market. >> there was some discussion yesterday, walter, that all 11 s&p sectors were up but tech was the laggard. if that were to continue, other areas of the market lye like industrials, utilities or whatever caught some leadership tailwinds what that would mean for the ov

for more, we're joined now by senior portfolio manager dan morgan and brian white brian, start with you morning to both of you, first off. >> good morning. >> hi, john. >> what is your take on this market in technology, brian? we got a summer ahead and then the fall where we've got apple's iphone coming out and a bunch after announcements. what is driving tech right now >> i think tech is where the earnings growth is i think it's where the future is there's a lot of disrupting going on in traditional industries and a lot of the companies we cover are benefiting from this we put out a note today to focus on the second half of the year which is the strongest part of the year for the tech sector >> and, dan, a lot of interesting m & a happening. we were talking amazon-whole foods. we can't think about qualcomm and xp and others, seem to be a lot of other tech companies trying to move into adjacent areas, blending the real world with digital how much do you expect that to have an influence over stocks over the next few months >> you're right, john. we're getting now extra catalyst on top of

among our guests this hour, alan dershowitz, mike baker, morgan wright, dan henninger. david: with those guys you know it all. the dow surging into the close. ending up 142 points. this is record high. go straight to nicole petallides on floor of new york stock exchange. this never ends, does it, nicole? >> david and melissa, some traders are saying make dow 22,000 hats? one has a dow 30,000 hat ready to go. there is certainly a lot of optimism. this is the first time we cross 21,500. new high for the dow and s&p 500 and tech stocks bounce back. break it down. driving stocks to all-time high. apple, tech stocks, despite cautionary notes from analysts next couple weeks the tone is still the iphone in the fall is going to be a win. you see apple closing 146.34. that is up over 2%. nike a winner and kept a close eye on the done deal of amazon and whole foods even though they surged on friday. new highs for amazon and whole foods. surged 30% almost on friday for whole foods on that deal that amazon was buying whole foods. 27% premium. gaining, giving it back today. that is

morgan and citigroup are up 2% or more. coming on the heels of a dodd-frank roll back. is a pank trade on tractor should you save this mover? dan>> well, i think fade it. listen, you mentioned the two events. they're well known. we know that the fed is going to raise 25 basis points next week. what happened to the 210 spread? it didn't move this week. okay. also, last week what did we get from a lot of these banks? management, q2 is not shaping up particularly great. yeah, they need a little volatility. they don't need the volatility that we saw in today's action in the nasdaq personally. i don't think they do. so when i look out to the 3.5% move, the xlf the track the bank stocks here, i think it sets up as a really good opportunity to once again take profits or short and shoot against that $23 porte level. that's been in place since december. >> i think what was very interesting today is, we were talking about this before we came on is the fact that of course the market has not been very volatile. i think it is very fragile here. evidence of that emerged. we obviously saw that in amazon and the tech sector generally. that's s

jonthan: dan morris will be sticking with us. alix: even morgan forward at stanley was go along sterling and he is backing off that a little bit. there is a shift in the market for that. jonthan: it wasn't easier call to make at 125 or 126 up toward 130. the base case for most of the people i have been speaking to, it's still a conservative majority. it is just that the tail risk is less of a tail risk. we are watching it. 48 hours to go. coming up, and interview you will only see here, a one-on-one with apple ceo tim cook talking politics, the paris accord, and the latest on the new home pod. this is bloomberg. ♪ ♪ a good afternoon from london, a good morning to new york. alongside alix steel and david westin. emily chang caught up with tim cook yesterday and what i need from him is a phone that has two sim cards so i don't need a u.k. one and a u.s. one to call different people. when we going to get that from apple? david: that's a great idea. i am not sure emily got to that in her interview. jonthan: i imagine she did not. david: apple ceo tim

morgan hill. so it will start to become a lot warmer in some spots. antioch 91 degrees. dan ville 88 and fremont today expect a high of 78. san mateo low 70s there. we'll see the clouds slowly clearing but you won't get smuch clearing in parts of sfrabs, the mission district up to 68 degrees. 89 degrees with much more sunshine in santa rosa. lookingty forecast today for assistant an cruz if you're planning to head to some of the beaches enjoy your summer and temperatures will be cool to start. still quite cool at noontime but then at 4:00 we're at 71 degrees and the breeze kicking up there too. and head toog some of the hiking trails in the peninsula maybe some place like russian peak as we will see those temperatures in the upper 50s to start. and cool also at teb:00. we'll also see mostly cloudy skies with highs in the upper 60s. as we look ahead to the holiday weekend looks like for the valleys it will be in the low 90s. monday the coastal fog moves back in and for the 4th of july it will be clear in the valleys but san francisco may have some coastal clouds and that's wh

jonathan: dan hansen of bloomberg intelligence, great to see you. isning us now from london j.p. morganarket strategist. and others. stephanie, let's start with you. a political story is emerging. a series of former prime ministers are encouraging theresa may to reconsider her approach to brexit, to maybe collaborate more with other mp's and other parties. what does this mean for the brexit negotiations coming up quite soon? >> acting there are two messages coming out of the last few days. -- i think there are two messages coming out over the last few days. with the conservative party, there is no appetite for another election anytime soon. i think we can expect this government to last for a reasonably long time. you are absolutely right. we do have clarity on the government for a while, but no clarity on the position of brexit. theresa may has said that she is still on plan with what she said in her speech in january. what we would consider a hard form of brexit sketched out there. there are a lot of voices calling out for a more measured position. i think we are going to discover that