let's get to mike santolli with more that's not what's happening today?> exactly look, i think that has been the general macro overlay that caused a rethink of valuations yields have been part of the story for gross stock underperformance this year but if you look back at prior cycles, it is not the full driver to me the absolute level of valuations at a time when the big growth stocks are not showing growth is the story. this is the forward price earnings multiple of the nasdaq 100 relative to the equal weight so basically the typical stock blended in for the s&p 500 this was the premium in late 2020, into 2021. that's because we thought these big platforms were pep pet rpeta earnings rates but that's, to me, a secondary piece of it. i don't think you have to go that far to figure out why you had the underperformance this valuation gap is part of it apple and microsoft, we're talking 1% to 3% earnings growth it might be wrong or right now analysts are seeing five and a half percent earnings growth the likes of meta and amazon down 40% to 50% from where t

interesting inflationary contessa brewer, thank you happy new year and happy new year to you, mike santolli happy new year to our viewers. i'll see you next year and it's been a pleasure to be with you that will do it for "squawk on the street." "tech check" starts now. ♪ >>> happy new year's indeed. good friday morning and welcome to "tech check." today the nasdaq is in the red, about to close out its worst year since 2008. but there is a comeback ahead. we'll discuss the dip heading into the new year. plus the meta verse and the ai are on the rise. and later, it has certainly been a rough year for crypto, so is 2022 its finale or could there be opportunity ahead but we will start with the markets. historically the year following a down year. the worst performing sectors none worse than tech in 2022 is a strong '23 ahead? let's bring in bob pisani. this all has to do with extraordinary events and whether we think interest rate hikes will be something extraordinary. >> yeah. higher for longer. the russia invasion, the lingering effects of covid these are three extraordinary events that may

interesting inflationary contessa brewer, thank you happy new year and happy new year to you, mike santolliear to our viewers. i'll see you next year and it's been a pleasure to be with you that will do it for "squawk on the street." "tech check" starts now. ♪ >>> happy new year's indeed. good friday morning and welcome to "tech check." today the nasdaq is in the red, about to close out its worst year since 2008. but there is a comeback ahead. we'll discuss the dip heading into the new year. plus the meta verse and the ai are on the rise. and later, it has certainly been a rough year for crypto, so is 2022 its finale or could there be opportunity ahead