i'm jon fortt. where things standing in the market right now you can see there the dow is down about 1.33%, a little more. the s&p down close to 2% the nasdaq faring worse of a

jon fortt has the ceo of higher coders we'll dig into that next. >>> plus fight or flight airlines arecelling a ton of flights again this weekend we have the action next. look at the dow as we head out it's at new session highs of 645 points we're back in a moment what if you were a global energy company? with operations in scotland, technologists in india, and customers all on different systems. you need to pull it together. so you call in ibm and red hat to create an open hybrid cloud platform. now data is available anywhere, securely. and your digital transformation is helping find new ways to unlock energy around the world. (mom allen) verizon just gave us all a brand new iphone 13. (dad allen) we've been customers for years. (dad brown) we got iphone 13s, too. switched two minutes ago, literally right before this. (vo) now everyone can get a new iphone 13 on us on america's most reliable 5g network. for every customer. current, new, everyone. to show the love. minions it's go time! on america's most reliable 5g network. ♪ ♪ knock knock! delivery! look who's back! >>> welcome back,

i'm jon fortt with deirdre bozza. carl has the morning off strong dollar, weak guidance, how macro headwinds are affecting tech ahead of chair powell's testimony tomorrow. >> plus, what's oversold and what's a falling knife we'll consider where investors look for opportunity as the nasdaq bounces 3.3% at this hour, and speaking of stocks that have come way off their highs, the ceo of snap, evan spiegel, joins us in just a few minutes live from cannes what that company is doing to power through the slowdown, and then bitcoin higher this morning, but in the greater fall, one firm looking to create a way to capitalize on crypto winter proshares launching a short bitcoin etf. it's important to figure out what to pay attention to here. we have been warned by many, the likes of dan niles, about bear market rallies, as mike santoli was just saying to close that last hour, it's going to be hard to distinguish what's what, but we're going to try >> absolutely. something that a lot of folks are look at is valuations, of course

all right, coming up, today's working lunch featuring a special speaker, jon fortt brings us his interview but first throughout the month of june, we celebrate pride month. here is cnbc associate producer joey caruso. >>> for pride this yeerkar, i'm celebrating a long fought history understanding love and equality i consider myself a late bloomer. it wasn't until five years ago i finally accepted who i am, and since then my life has accelerated. breaking generational habits that say it's not okay to be gay, it is okay. you are okay, and you always were put yourselfir fst, and everything else will fall into everything else will fall into place. thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? soi'm an investor...ined finvesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. do you have a life insurance policy you no longer need? now yo

john, i want to play a little bit of the jon fortt, there's always these untapped opportunities that meta has to explore right now. that's why analysts are so bullish. it has to do with the near term of these different products that meta isn't making money on yet there's reels. they are working to make more money from that. then there's this whole what's a charging businesses to message with consumers and totally transforming the way consumer products and services interact with their customer. there's that opportunity don't forget about workplace i want to point out that just today mcdonald's announced it will be working with the meta workplace and mobile app in order to engage with that you are employees. you're seeing all of these different ways the company is starting to make money >> they've tried that before though and dating thing it hasn't worked for them. overall i agree with you there's all these other reasons to like meta's potential they are changing their name and spending all this money on meta verse. it's tempting for investors to think it's the future. i don't think at

i'm carl quintanilla with deirdre bosa and jon fortt today, is netflix finally cheap? we'll break it down and discuss whether the stock is a buy at these levels is roku a real acquisition target more on why that may or may not make sense for the streamer. remember when china was called uninvest i believe you might be surprised the look at the performance versus u.s. we'll start with a look at valuations and where to find opportunity in a down market dom chu has that for us. >> this is a time when a lot of traders and investors are seeing if there are value metrics becoming more attractive, at least on a relative basis, given the fact that the s&p 500 has pulled back the way it has but showed the modest bounce we're seeing right here at these levels can't really see that here but with the s&p 500 it is a place where you can find some value. take a look at one of the screens that the team over at cnbc pro put together with regard to trying to fight those types of stocks. if you look at the s&p 500, they look for forward p lshe ratios less than 17.5 also, how many of thos

i'm jon fortt. sara eisen will join us later in the show here is where things stand in the market right now well, you know, bumpy, like i said the dow up fractionally. the s&p down just a little bit the nasdaq also down just a little bit the russell, though, having the worst day of the four, down almost 1.5%. and check out the action in energy that is the worst performing sector today with significant drops for names like devin energy, occidental, valero and marathon oil coming up we'll hear highlights from sara's panel with wells fargo ceo charles scharf including whether the u.s. is heading to a recession and his latest read on the housing ma market jerome powell vowing to fight inflation speaking at the european central bank forum earlier today saying the biggest risk to the economy would be to fail to restore price stability but a soft landing still possible >> we think there are pathways for us to achieve that, to achieve the path back to 2% inflation while still retaining and sustaining a stro

first half of the year the most important hour of trading starts now welcome to "closing bell, " i'm jon forttn clawing out of a hole but now the major indices are heading back down. we'll see how far in this final hour the dow is off about 284 points. the s&p down a little shy of 1%. the nasdaq faring worst of all, down 1 sp.2%. let's take a look at the top performing dow stocks in the first half chevron and merck way ou

i'm jon fortt.n the show here is where things stand in the market right now well, you know, bumpy, like i said the dow up fractionally. the s&p down just a little bit the nasdaq also down just a little bit the russell, though, having the worst day of the four, down almost 1.5%. and check out the action

i'm carl quintanilla with jon fortt and deirdre bosa hours ahead of the big fed decision, avoiding of more interest rate pressure ahead the crypto crash continues as bitcoin falls nearly 30% in a month. we'll discuss. finally more target cuts for apple ahead of a big union effort in maryland a look at why morgan stanley is getting more bearish this hour. >> the nasdaq seeing a pretty good bounce as the investors eye the potential hike from the fed this afternoon where should you put your money to work? dom chew u joins us with defens names. >> defensive is the relative term when it comes to stocks and especially with the technology communications services and consumer discretionary sectors of the market, three of the worst performers over the course of this year-to-date period. interest rates play a huge part of that discussion which is why we're talking about those technology-related stocks with regard to what's happening with interest rates if you look at the ten-year treasury note yield versus invest co-qqq trust, one of the things to focus on is the inverse relationship we've seen

first half of the year the most important hour of trading starts now welcome to "closing bell, " i'm jon fortt. well, we've been clawing out of a hole but now the major indices are heading back down. we'll see how far in this final hour the dow is off about 284 points. the s&p down a little shy of 1%. the nasdaq faring worst of all, down 1 sp.2%. let's take a look at the top performing dow stocks in the first half chevron and merck way out ahead. the biggest decliner in 2022, disney down 40%. nike, salesforce, home depot and boeing all down sharply as well. we've gaot a great lineup of experts to explain what they're watching as we head into the second half of the year, including mohammed el-erian, bob doll, katie stockton and barbara doran. let's get straight to the market as we wrap up this first half, 58 minutes and change left over. mike santoli is here to put this rough start to the year in context. >> the first half is dying the way it lived caught between these twin concerns of stubborn inflation that will keep the fed in a hostile mode towards financial assets and concerns about a stal

i'm here with jon fortt, take a look at stocks right now, building on gains for the week gains of more00, the nasdaq surging 2.2%, every sector is green in the s&p. meta up 5%, really helping disney also economic data crossing the tape as we speak rick santelli has that for you. >> once again, university of michigan sentiment may give you the early clue how investors feels. 50.0 is the june final read. mid month read was 50.2, the lowest since recordkeeping, so obviously the final number is a bit lower, a new all-time low. same conditions, low mid month read, that is the all-time low for recordkeeping, back to 78 as well the only one that isn't at an all-time record is expectations. it went from 46.8 to 47.5. it is just a bit above the all-time low, which is 44.2, like the one of the first month reads in 1979. now for the inflation news, on the one-year inflation, 5.4 mid month to 5.4, we moderated just a bit to 5.3 the 5 to 10-year inflation originally mid month 3.3 moderated to 3.1 a higher one you had to go back 14 years seasonally adjusted annual iced rate for houses, much better t

. >> good wednesday morning, i'm carl quintanilla with jon fortt and deirdre bosa today breaking down the salesforce surge why some are calling it the best barometer of cloud spend right now. even hardware feeling love, the latest on how hp beat estimates. inflation in focus for tech investors worldwide. don't miss a check on the economy with fed president mary daily in just a few moments, jon. >> got to start with salesforce. the top and bottom lines boosting the stock today, up 12.5%. salesforce upping its profit forecast with lowering full-year revenue guidance here is co-ceo marc benioff on why they're making the adjustment. >> guidance is impacted by foreign exchange we've had to consume about $600 million of foreign exchange exchanges since we first gave guidance last november if you look at that deacceleration of, for example, the yen since march, i've never seen anything like it. >> index ventures partner, welcome. nina, what does this mean for the overall software as a service space? what kind of demand insights did we get in in a way it seemed reminiscent of what frank salut

i'm carl quintanilla with jon fortt and deirdre bosa the nasdaq is up, trying to close out the week onte meantime, one of the only bright spots in the market, energy, is weighing on the s&p today. we will look at the names that might be considered oversold and we will discuss buying opportunities. first a news update with tyler mathisen. >> good morning, everyone. the federal reserve is promising congress it has what it calls an unconditional commitment to restoring price stability in its annual report on monetary policy released about 45 minutes ago, the fed says inflation has to be tamed to sustain a strong labor market the report is a preview of fed chair jerome powell's testimony to lawmakers next week. >>> also within the last hour, we learned that uk prime minister boris johnson is now in ukraine for an unannounced visit. it's his second trip there since the war began. johnson tweeted a photo of himself with president zell did saying it is good to be in kyiv again. and he's offering what's being called a major training program for ukrainian troops. >>> in what the kremlin is call

. >>> to the headlines with jon fortt. >> hey, scott, good afternoon. here's the cnbc news update. the fbi warning fraudsters linked into cryptocurrency, they created fake profiles, initiating on linked in to help the victim make money through a crypto investment. >>> the food and drug administration announcing approval for pfizer, biontech and moderna vaccines for young children centers for disease control still need to sign off before shots can be administered. the vaccines would be given to children six months to 5 years old. >>> and michigan supreme court today rejected final appeal from sports dr. larry nassar, sentenced to decades in prison for sexual assaulting gymnasts, including olympic medallists attorneys argue he was treated unfairly in 2018 and new hearing was deserved back to you. >> thanks. >>> the investment committee is making moves, we hit those trades next in two minutes on the halftime report. ♪ ♪ women have to overcome more obstacles to reach the top. it's made them fiercely determined and more innovative. just because they can navigate the obstacles doesn't me

i'm jon fortt. here is where things standing in the market right now you can see there the dow is down about 1.33%, a little more. the s&p down close to 2% the nasdaq faring worse of all, about 2.66% down the russell a little more than 1.5. check out the biggest decliners right now on the nasdaq 100. datadog, mercadolibre, docusign, amd match group, all down. coming up on today's show, chip stocks getting hit hard today. we'll talk exclusively with the ceo of intel as the discussion over congressional funding of the c.h.i.p.s. act heats up. sara eisen will join us with pat gelsinger from aspen right now let's get straight to this sell-off. mike santoli joins us looking at today's consumer confidence report that sent stocks lower. mike. >> yeah, early rally attempts ran right into some pretty rough 10:00 a.m. data releases the richmond fed was weak. that inflamed the raw nerve about a manufacturing slowdown within the consumer confidence survey, which itself was disappointing, consumers still in a di

. >> it's jon fortt, great to have you back atlas grew 82% year over year, which significant. in the latest quarter you reported, but at the same time, you're talkinguct these second-order effects from customers. what are you doing on cost do you lean into the business that is still working and growing at that rate are you hiring to continue to fuel that, or are you being more cautious as you see these second-order effects start to play out and perhaps not certain how they're going to continue for the rest of the year >> thanks, jon what i would say is that we're really focused on the fundamentals of our business and the fundamentals are strong. we think the secular tailwinds from the business in terms of how software is transforming every business, how people are viewing mongodb as the fastest way to innovate, how more and more developers are gravitating to our platform is really strong so we're continuing to invest in the business we'll look at those investments and make sure we're getting high rates of return and we're pleased with our results so much so in q1, we delivered

jon fortt is here to way in.future for you >> always, hey, suggestion box is always open joe. >> way nup in the tree >> 75 basis points was the right move bit fed and chair powell's tone was just right on future hikes which j treasury and futures stocks responded the way they did it's like disciplining an unruly teenager you've got to apply consequences that make their risky behavior more costly and lay down the law. but you can't go so over the top that you crush interest confidence and send them into a depression or steep recession. of half a percentage point seemed normal >> the important part, beyond the hike itself is the message is getting across. mortgage rates shot up to 6.28% on the 30-year fixed in anticipation of this homebuilder sentiment fell to the lowest level in two years. crypto's cooling headlines suggest the labor market might be loosening. overall, this economy seems to be getting the message that any more of this foolishness and you are grounded for a long time, joe. >> couldn't you do the bu

. >> good wednesday morning, i'm carl quintanilla with jon fortt and deirdre bosa today breaking down are calling it the best barometer of cloud spend right now. even hardware feeling love, the latest on how hp beat estimates. inflation in focus for tech investors worldwide. don't miss a check on the economy with fed president mary daily in just a few moments, jon. >> got to start with salesforce. the top and bottom lines boosting the stock today, up 12.5%.

i'm jon fortt with deirdre bozza.ff strong dollar, weak guidance, how macro headwinds are affecting tech ahead of chair powell's testimony tomorrow. >> plus, what's oversold and what's a falling knife we'll consider where investors look for opportunity as the nasdaq bounces 3.3% at this hour, and speaking of stocks that have come way off their highs, the ceo of snap, evan spiegel, joins us in just a few minutes live from cannes what

i'm carl quintanilla with jon fortt and deirdre bosa hours ahead of the big fed decision, avoiding ofcrypto crash continues as bitcoin falls nearly 30% in a month. we'll discuss. finally more target cuts for apple ahead of a big union effort in maryland a look at why morgan stanley is getting more bearish this hour.

i'm carl quintanilla with deirdre bosa and jon fortt today, is netflix finally cheap? is a buy at these levels is roku a real acquisition target more on why that may or may not make sense for the streamer. remember when china was called uninvest i believe you might be surprised the look at the performance versus u.s. we'll start with a look at valuations and where to find opportunity in a down market dom

stocks like meta, pinterest and snap have big founders is this too much control shopify's founder, jon fortty. >> yeah, no, it's not too much control for the founder. this is protecting what's important about shopify for the long term. shopify gives small businesses tools to build and run their own online stores. the company was started 16 years ago before the financial crisis when the conventional wisdom that he was wasting hess time. today shopify plays an important role, giving shoppers more control over their destiny here's why tobias lutke needs this shopify is spending billions of dollars to scale upp its fulfillment. in the short term, shopify's plans would make the company vulnerable to short sellers and takeover attempts. that's why shopify shareholders did the right thing and gave tobias breathing room. >> if you don't like the idea of being public, don't go public. >> that is true. on the other hand, this is not so much different from giving authoritarian power in a democracy. this is too much power for shopify's founder. we've got to get out of this mode where with innovative com

jon fortt is here. >> major change needed to happen at the top and zuckerberg's not going anywhere, and what it has become a place where facebook's mission of connecting the world left it open to scams. it's proven limiting at a time when governments are eyeing stricter privacy rules sheryl sandberg brought facebook and eventually mieta the discipline it needed now it noeeds leaders to take that model apart investors should be glad new leaders are stretching up, becky. >> sheryl sandberg's had some rocky moments. there there is a lot of institutional knowledge that is leaving with her. it's not easy to replace somebody like that >> on the other hand, sheryl sandberg stepping down isn't great for facebook at all. i'm sure the last few years have been tough, and sandberg's taken the brunt of that. sandberg would oftening be the facing criticism for policies. no one persevered in the bro culture longer sandberg pioneered things like parking for expectant mothers. which is not something a lot of the guys had thought about until she raised it. sheryl sandberg isn't in charge of the growth pr

so stick a fork in pinterest it's ton >> thank you, jon fortt. >> or on the hand. >> the worse segmentwas just called on the hand. >> someone wrote this for me see if i can sell it is it that hard to believe a social networking company could reinvent itself? >> well, joe, this is the ideal moment to rethink pinterest with new leadership the advantage pinterest has, less baggage, because pinterest didn't try to become overly social, it doesn't have the moderate challenges the others do it doesn't spy on users to get clues on what they might buy it helps people find things they might want to buy, refreshingly trait forward. as awkward as it feels, it's best to announce a leadership change and strategy when the tok is already down and retailers are slowing down and this person has just the right ingredients to get pinterest pointing in the right trex bill red atady can get them reay there's a good chance it will be worth 20 buck as share in a couple years >> your second one is what you always breechlt. >> it's not, though. >> do we ever really find out what you -- >> it's the second one d