techcheck" starts now ♪ >>> good thursday morning, welcome to "techcheck" i'm carl quintanilla with jon forttnd julia boorstin today major averages will try to make it three in a row on this holiday-shortened trading week s&p is less than half a percent from a record high but the nasdaq still trailing the broader markets since peaking on november 22nd >>> plus, ten cent giving away stake in jd.com. and then you can smell what the rock is cooking. how about what he's brewing. dwyane johnson will join us to talk about the streaming land skam, tequila and red notice. >>> let's start with tech stock. the s&p back within 1% of all-time highs in a volatile month. within sectors, what's driving the snapback take a look at this chart. s&p 500 the middle the white line you can see the wide dispersion with fintech sectors. cloud, software and fintech still struggling those blue and green lines at the bottom of the chart off their lows but still underperforming by 15, 20, 30% over the last three months, carl you know, quite a lot of action there to set up '22. >> yep and again, it's been -- what a week

welcome to "techcheck" i'm carl quintanilla with jon fortt and deirdre bosa today the selloff in techthe nasdaq shows some signs of a rebound is now the time to buy at a discount? we'll talk about it. >>> then the buzzfeed spac losing some of its buzz. look inside the latest deal that's raising eyebrows today. >>> don't miss reddit founder alexis ohanian talking the metaverse and crypto later this hour, dee. >> we'll start with tech stocks lagging once again the dow is up 300 points, wow, 060 points now the nasdaq is only marginally higher as growth stocks in particular have been hit hard. larger names like tesla, adobe and nvidia ending lower by 10% or more. the tech software etf has fallen into correction territory. 64% of 119 components now trading below their 200-day moving averages. cloud names also seeing some selling. the cloud computing etf now on pace for fourth negative day in five led to the downside by z scaler, sprout social, all down almost 8% or greater. it is continue to be a rough environment for these stocks guys, i do want to point out softbank a company that i cove

join us at the table to talk freelancing with jon fortt he's got the upwork ceo, next. >>> and now theour sponsor. with directv stream i can get live tv and on demand anywhere. look, serena williams... matrix... serena... matrix... serena... matrix... ♪ ♪ ♪ get your tv together with the best of live and on demand. introducing directv stream. >>> these are good times to be in the freelancing business. that's what upwork does. they connect companies with workers who help them fill unfilled roles today, jon fortt brings up close with the company's ceo >> hayden brown took over in january 2020, right before the pandemic hit since then, the world has rediscovered remote work and employees have demanded which are exactly what up work's model is about hayden grew up with flexibility as a core value. they moved from connecticut to kathmandu and seemed natural to her. >> the summer vacations were always like camping in people's backyards through germany or something. we never had money to do expensive vacations and we would go to far off places and make it work because we would camp or do somet

we appreciate it we'll let you go, jon fortt. steve sticks around.names, amazon, apple, alphabet, meta, microsoft, all rallying today. apple is seeing the biggest gain up 3.5%, adding 70 points to the nasdaq 100 mike santoli has more. i'm scratching my head trying to figure out if it's a knee-jerk reaction to rates but there seems to be not as clear of a connection as normal. >> no. the rates thing, that's loose tether at this point it's always been a little over played as a direct causal aspect of why tech goes up or down, especially when yields are in the zone they're low, come in, been here before n a range, they're not telling us a whole lot incrementally new. today is a fomo day, fear of missing out and staying in harm's way i think some of the big nasdaq names are familiar ways to grab on i think very importantly similar to what jon was saying, only apple among the biggest drivers of this nasdaq 100 rally are at a new high if you look at nvidia, it's 7% off its high even microsoft still 4% off a high amazon, even more than that. essentially it

i am jon fortt in for kelly evans.e". >>> stocks are ending the wild week with losses, with the nasdaq tumbling 2.5% the jobs report not helping the markets. 210,000 jobs added in november, not nearly as many as expected why are jobs taking so long to come back? we will look at what jobs could look like in the future in the metaverse. plus, we will get the latest on the omicron variant and the stocks getting hit by it, travel, leisure, especially the casinos among the worst performers for more on th

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i'm jon fortt in for kelly evans.ere is what is ahead on "the exchange". >>> stocks, boy, session highs, going for the last two-and-a-half hours, bouncing back after a few straight ugly days does that mean santa has the all clear to bring his rally to wall street >>> we are digging deeper into key sectors to see where they might be headed in 2022. semiconductors, airlines and luxury goods, we have them covered. a unique way to offset food prices, ugly food. we will talk to the company that specializes in saving unloved vegetables we begin with the markets with kristina partsinevelos >>> that's right we had a three-day drop since september. markets are higher with value beating out growth right now let's talk about the s&p 500 you are seeing it up 68 points dow up over 500 points there's some hope that maybe the build back better bill may not be dead just yet, and that bodes well for clean energy technology think some infrastructure cash >>> so solar stocks are climbing higher as well as the invesco solar etf ten. you

welcome to "techcheck" i'm carl quintanilla with jon fortt and julia boorstin today it has been a volatile4 hours. the nasdaq rallies more than 2% yesterday, down again this morning. we got two members of the paypal mafia to talk about why it's been such a two months for tech even as broader indexes remain near record hies >>> adobe falling shortly. what cloud and software stocks if any are safe to own right now. >>> plus, one ipo to come in 2022, reddit, confidentially filing to go public. we'll talk with early investors in the company this hour, jon. >> yeah. and we'll start with adobe and falling cloud-related stocks cloud and software names have been at the center of the selloff in tech. those etfs down double digits in the last month hit hardest have been companies that don't yet have profits or where the multiples are highest. as for adobe, earnings in line, revenue beats q1 guide coming in below estimates. shares are fai ing sharply this morning. the ceo we spoke to on monday is on the call which is starting as we speak he'll be on "mad money" tonight at 6:00 p.m. >>> lastly, we'll

techcheck" starts now ♪ ♪ >>> good thursday morning welcome to "techcheck" i'm carl quintanilla with jon fortt deirdre bosa today the dow and the s&p bounce back the nasdaq not quite joining the rally. vix is still above 29. s&p tech the only positive sector over the last month slow down in iphone demand apple joins the rest of tech in this week's selloff. we have an analyst who is still bullish. >>> plus a trio of earnings interviews ceos of snowflake and okta this hour dee? >> roller coasters have taken this past week, vix down massive end of trading yesterday but still almost 30 and the dow and s&p rise for the first time in three sessions the nasdaq is trailing though it flipped into the positive, flat for now. software names have really fallen behind. just the past month, growth names like zoom, crowd strike and spulnk falling more than 20%. mike santoli joins us now. mike, nasdaq sort of on the flatline, now turning slightly into negative i should say but what's been happening the last few days is interesting if you want to blame omicron, you might want to see the state home names catch

i am jon fortt in for kelly evans.ere is what is ahead on "the exchange". >>> stocks are ending the wild week with losses, with the nasdaq tumbling 2.5% the jobs report not helping the markets. 210,000 jobs added in november, not nearly as many as expected why are jobs taking so long to come back? we will look at what jobs could look like in the future in the metaverse. plus, we will get the latest on the omicron variant and the stocks getting hit by it, travel, leisure, especially the casinos among the worst performers for more on the day's big movers, to dom chu >> this will feel different than it did, jon, a week ago on black friday during the big sell-off on a half day of trading that day we were talking about the dow down 800, 900 points different story today. we are focused extremely on technology and media stocks and the biggest ones out there within the nasdaq 100. it is the reason the nasdaq composite is trying to hold the 15,000 level right now, down 370 points that's nearly 2.5% declines. meanwhile, it is ab

carl quintanilla with jon fortt and julia abnboorstin >> general mills, one of the biggest laggers inenues topped estimates, profits were light on rising costs. despite price increases on many products the company expects more hikes in the next six months >>> workers at kellogg approved a new contract to end a two and a half month strike. members can meet back at work next monday. >>> and boeing shares jump after ups orders freight planes. they remain down 7% on the year. >>> big consumer electronics show in vegas will go on organizers confirm ces opens two weeks from tomorrow. participants must show proof of vaccination, wear face coverings indoors, and encouraged to test for covid before heading to vegas. carl, back to you. >> thanks very much. >>> we mentioned movers in action today, especially surrounding semis. josh lipton has more >> carl, get to the movers start with micron. ripping higher on a strong earnings report. coming off a strong november as well when it surged 20%. more broadly, step back, look at the tracks that chips. the etf still in the red for the month, first neg

i'm julia boorstin with jon fortt. stocks moving lower now.n 300 points the nasdaq lower by more than 1% faang leer, the arc funds leer, tesla, chinese tech stocks nvidia hit particularly hard and even apple is lower. we are continuing to watch those shares as it near as $3 trillion market cap now it is down here nearly 1%. let's get a news update from rahel solomon. >> here's what's happening at this hour. pfizer is putting some of its covid vaccine profits into an acquisition buying arena farm executecals for more than double its market cap arena is developing a number of drugs including one to treat colight and kroens disease. >>> a lawsuit allowing a suit to kin against johnson & johnson for its talc products for failing to warn consumers its talc products increased the risk of developing ovarian cancer >>> harley is combining -- and stocks are up. >>> stock buybacks are at an all-time high in the third quarter. it is expected to be another record this quarter. this morning, bristol-myers announced a $15 billion stock buyback plan and a di

today, jon fortt brings up close with a leader trying to provide stable leadership in volatile times's rival. >> she's been ceo at nasdaq for almost five years now and in so many ways, her career prepared her for the challenges at the moment she was leading the efforts in data products 20 years ago and working remotely in a way before that became a strategic imperative she didn't also know she wanted to crime the corporate ladder though >> when i was a kid, i wanted to be an astronaut and so i thought that was just my destiny and i always looked up into space and enjoyed science. up until i kind of went into the more advanced physics and chemistry then i thought, hmm, maybe i'm destined to do something else >> just because it wasn't fun or you know >> i just think that i realized that the, that what my skills were more geared towards was i'm a very practical person and i decided that i could get a lot of the benefits of feeling like i'm in space i learned how to fly when i was in college >> what were you flying in college? >> just the cessnas. single engine planes, but i did enjoy th

i'm jon fortt. futures off.oday intel surges as it announces plans to spin out its mobile iunit, and the continuing turnaround attempt, the beleaguered american giant and then sharp moves within the software sector as high growth names struggle overall stocks continuing to bounce back from last week's selloff. nasdaq now up almost 3%. yeah, still up almost 3% recouping just about all of its losses so far, taking us back to last monday levels >> you're right, jon stocks broadly are surging both the dow and s&p now having its best two days of the year. at the top of the dow, tech, salesforce, microsoft and intel, those shares popping after the company says that it will take its self-driving car unit mobile i public by mid 2022, reportedly valued at $50 billion. and their chief joined us this morning on cnbc, compared the company to tesla take a listen. >> this is a real company that is leading in a powerful technology category. when you look at the products, they built a full stack of silicon systems, software, th

. >> i'm jon fortt wilfred frost will join us in a moment let's look at what's driving the action uk

jon fortt joins me now with more on that. >> they switch around sometimes, kelly. and it's one of those days snowflake and ibm both have market caps around $100 billion at the moment. both are trying to sell stories grounded in enterprise software and the cloud but investors are looking at them differently. snowflake is a growth name it's negative for the month, still well below where it traded in september octa and then you have ibm struggling with top-line growth for a long time as smaller units thrive but other legacy units have been declining. it's turnaround story isn't quite baked yet. and you can put intel in a similar category all of that, i think, is an interesting set up for a couple of enterprise software names reporting tonight. coopa has lost all of its gains. >> and there's both high pe stocks as well. >> coopa, cost management, which is interesting, you think people need that. i'm going to be eager to see how they're growth is doing. >> snowflake up 110% in revenue is just something else >> yeah. wow. jon, thank you so much let's dig deeper into tech

. ♪ >>> i'm jon fortt in for kelly evans. here is what is ahead on "the exchange."ing after yesterday's brief tell pare tantrum but the turbo taper seems to be all systems go, so when do rate hikes begin >>> we will look at the bull and bear cases for stocks as the fed tightens when should you be buying, what should you buy >>> plus, travel restrictions could be tightening, so what does it mean for airlines and other travel stocks? are they worth the worry we will get to that and more, but we begin with dom chu with an update. >> john, i have to tell you the market right now is interesting. yes, it is green

i'm jon fortt in for kelly evans. here is what is ahead on "the exchange."arkets are higher once a again, but after a series of big moves today's action is kind of calm does that mean the dust has settled and it is safe to get back in? we will get some names that could be attractive following the big sell-off >>> citigroup getting more bullish on apple, but we'll hear from an apple watcher who says the supply chain could cost the company billions more than some thought. analysts getting busy before the holidays we are looking at the biggest calls of the day and asking our panel if these stocks are a buy. we begin with kristina partsinevelos. >> as you pointed out, markets are higher today and we have actually reversed the losses from monday's sell-off volatility is the name of the game usually december tends to be quieter because traders are on vacation, less big news, but december has been the most volatile stocks for 2021 starting with food, staples, biotech, media, semiconductors you can see it is trending lower, but i want to focus on semiconductors for

. ♪ >>> i'm jon fortt in for kelly evans.hat a difference a day makes, again, after yesterday's late-session selloff stocks are higher right now, and in all that volatility should you wait for the smoke to clear? >>> plus, the great re-evaluation. job applicants taking their time to figure out what they want in a new position we have a look at where they're applying, what jobs they're applying for, and what all that might tell us about tomorrow's big jobs report. >>> and the mortgage bailout is ending we're going to look at what that could mean for the winter housing market but we begin, of course, as always with today's markets with dom. >> mixed in the beginning, but now decidedly in the green that's what we got right now the reason why there's been some buying activity in these names is because from an index perspective the dow jones industrial average yesterday went below a technical level it's up about 600-some points today. the s&p 500 went below its 50-day average price just for reference there, that's 4543 that's the

i'm jon fortt in for kelly evans.e". >>> stocks, boy, session highs, going for the last two-and-a-half hours, bouncing back after a few straight ugly days does that mean santa has the all clear to bring his rally to wall street >>> we are digging deeper into key sectors to see where they might be headed in 2022. semiconductors, airlines and luxury goods, we have them covered. a unique way to offset food prices, ugly food. we will talk t

. ♪ >>> i'm jon fortt in for kelly evans. here is what is ahead on "the exchange."arkets rebounding after yesterday's brief tell pare tantrum but the turbo taper seems to be all systems go, so when do rate hikes begin >>> we will look at the bull and bear cases for stocks as the fed tightens when should you be buying, what should you buy >>> plus, travel restrictions could be tightening, so what does it mean for airlines and other travel stocks? are they worth the worry we will get to that and more, but we begin with dom chu with an update. >> john, i have to tell you the market right now is interesting. yes, it is green across the screen, 200 point gains for the dow. s&p is up 1% half a percent gains for the nasdaq composite, but we lost some momentum as we hit the midday zone of training. the best performing sector is utilities, so i'm not sure what it says about the strength of a major recovery right here. one of the reasons we are paying close attention is we have seen rates rebound a bit but come off the session highs. as you can see, just a hair below 1.45% fo

. ♪ >>> i'm jon fortt in for kelly evans.n, after yesterday's late-session selloff stocks are higher right now, and in all that volatility should you wait for the smoke to clear? >>> plus, the great re-evaluation. job applicants taking their time to figure out what they want in a new position we have a look at where they're applying, what jobs they're applying for, and what all that might tell us about tomorrow's big jobs report. >>> and the mortgage bailout is ending we're going to look at what that could mean for the winter housing market but we begin, of course, a

i'm jon fortt in for kelly evans. here is what is ahead on "the exchange."y's action is kind of calm does that mean the dust has settled and it is safe to get back in? we will get some names that could be attractive following the big sell-off >>> citigroup getting more bullish on apple, but we'll hear from an apple watcher who says the supply chain could cost the company billions more than some thought. analysts getting busy before the holidays we are looking at the biggest calls of the day and ask

techcheck" starts now ♪ ♪ >>> good thursday morning welcome to "techcheck" i'm carl quintanilla with jon forttsdaq not quite joining the rally. vix is still above 29.

. >> i'm jon fortt wilfred frost will join us in a moment let's look at what's driving the action ukonfirming a person infected with the omicron variant died. it's spreading at a phenomenal rate energy is among the worst performing some of the meme stocks are hit particularly hard. amc and gamestop down sharply. 59 minutes left to go in the session. court? >> it's going to be a big show, jon. in a moment an exclusive interview. wilfred will join us with ceo games gorman we don't hear from him that often. >> bob pisani is tracking the moves at the new york stock exchange josh lipton at the nasdaq. bob, what are you looking at >> jon, again we are dependent on omicron headlines and take a look at the dow decliners all cyclical stocks dependent on the economy. see weakness in financials like american express and goldman sachs and a spattering of consumer names disney affected by omicron headlines. energy is a proxy for global travel essentially and growth. oil down a bit today chevron and the dow down in terms of new highs, we have several new highs in the dow it's defensive names like

> let's focus on the big stories to watch today mike santoli with a closer look at the rally and jon fortt with the apple demand story why mike, the broader markets up. >> not give on the steady rebound rally i would call it. the market looking oversold. we talked about it yesterday maybe signs of short term capitulation things look so bad they look so bad they're good and expect mean reverse higher s&p 500 spent the day between yesterday's low and high so even though it is up a lot, up 1.6%, the range yesterday in the s&p was something like 150 points or so so essentially we are just carving out this area. testing both directions. nobody's sure if it will hold and probably a net positive to lift off the lows and not an end of day selling squall that i think is relating to adjustments. in particular, hardest hit is small cap growth area. basically flat for the year and a dramatic one-month sell-off here compared this is large cap growth small versus large cap growth. s&p 500. this here is the small cap value. so essentially it is still a good value growth spread value over the long term cy

welcome to "techcheck" i'm carl quintanilla with jon fortt and deirdre bosa today the selloff in tech talk about it. >>> then the buzzfeed spac losing some of its buzz. look inside the latest deal that's raising eyebrows today. >>> don't miss reddit founder alexis

i'm jon fortt. futures off.aguered american giant and then sharp moves within th

techcheck" starts now ♪ >>> good thursday morning, welcome to "techcheck" i'm carl quintanilla with jon fortthis holiday-shortened trading week s&p is less than half a percent from a record high but the nasdaq still

welcome to "techcheck" i'm carl quintanilla with jon fortt and julia boorstin today it has been a volatiledown again this morning. we got two members of the paypal mafia to talk about why it's been such a two months for tech even as broader indexes remain near record hies >>> adobe falling shortly. what cloud and

when i found out matt murphy was being interviewed by jon fortt, i thought it was great it didn't hurtfeelings at all. i was sanguine >> i'm happy to hear that. >> i pushed for the interview so badly. i blew it. >> you have 60 minutes you can't get everybody. >> he has an incredibly cruel jacket sartorially, he's the best ceo you know triathlons, i think he's doing quad-@alones. he's the toughest. he comes on, and he's total tnp he takes no prisoners. >> yes >> you were already looking to semis. >> this is one of the biggest positions for myocharitable trust, but we had been pushing, pushing, pushing for people to be in marvell. we were blindsided how great this was by the way, this ford deal magnificent. he gets some of those chips that people are having a hard time with >> yes >> yeah. ford this morning says they'll be the number two ev maker within two years annual production capacity at 600,000. do you buy it? >> yes, absolutely i buy it. absolutely that's far more than a lot more than people are looking for, including jonas, who put out something incredibly weird today, gm versus