the nasdaq off by 1.42%.s ugly yesterday, and we take off some more weight for the nasdaq 100. let's get to the bond market. i want to look at the 10 year breakeven. this is the real rate, the nominal rate minus the real rate. . this is what you get. this cap lower in breakevens among the prices of the shutdown, and then a pretty clear move higher. a lot of people use this to gauge inflation expectations. i think this is an ok way of doing that come about we want to talk about the distortions we get from a clean read in xbase and -- in expectations. i don't think you can do it that precisely in the bond market. it is a market that is being shaped in many ways by fed policy. what is interesting for me, inflation expectations are climbing, real yields are lower. numb also pretty steady. what does that mean for the fx market? euro-dollar, $1.2171. one dollar 20 three cents was the high of the year in early january. we struggled to get back there. right now, $1.2171. when does the ecb start to make a little more

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and the nasdaq down just 0.1%. so a remarkable intraday recovery for the nasdaq materials is the only sector positive on the s&p 500 followed by tech and communication services which were only slightly negative by the close but energy, utilities, financials all down more than 1.5%. >>> coming up, dan niles on whether he's seeing any buying opportunities amid the recent tech sector volatility plus we're awaiting results from ea, fubotv, lemonade and quantumscape we'll have analysis of all of those numbers once they are released steve weiss is still with us mike santoli, i'll come to you first. clearly we had a big bounce intraday but we're still looking at the vix closing above 21. we're still in quite a negative week so far for stocks. >> right the market is still a little bit unsettled and it's gotten into this mode over the last four weeks. even though the overall at the index level, the s&p level it really was no great drama, there has been a lot of back and forth and churn underneath the surface. you do have st

nasdaq down 2.5% that selling may continue. nasdaq futures are down 30 points or more than dow. take a sip of coffee. my voice is kicking off. i'm a human being. there we go. long day yesterday all right. let's start over nasdaq futures down 161. dow futures down 130 there we go. we are seeing tech stocks look like they may continue to sell off today. we got a look at the crypto. we are seeing selling there as well this morning, it is not just technology look at that bitcoin is down. not as much as it was. ethereum is down over 1% $3 $3984. dogecoin is up 12.5% trying to rebound from "saturday night live" saturday night hit to dogecoin. let's save the show and get to the morning top stories. frank holland is back with those. frank, take your time. i'll chug a glass of water >>> i'll throw it back tesla news the ntsb released the report on the fatal crash of the tesla crash in texas it has not concluded what caused the crash or what the driver misused the features on the 2019 tesla model s. the report adds in testing that test of road where the crash happened, the ntsb found it w

the nasdaq was already down solidly before that.tter of a messy phase but the overall market has stalled out or broken stride a little bit we're in this period of just chop in the last couple of weeks. >> greg, do you think these little pullbacks will be just that, just little given all of the data and the earnings has been so positive >> yeah. look, i disagree with mike a little bit this is something that we've been waiting for and watching, for the fed to change its posture. it warned us that it would signal that and i think today constitutes that i think treasury secretary yellen was very intentional in what she said. i think the market did exactly what we would expect it to do when inflation worries come to the fore we saw sectors that benefit from rising yields, such as the financials and improved net interest margin environment. we saw commodities that can pass on the pricing and we saw tech suffer increasing interest rates are more deleterious for growth and tech as we look out to the earnings streams that we're valuing, thos

nasdaq down 1 1/2%.ing some of the largest population gains in the country. jacksonville, 19% up. miami, up 13 1/2. tampa bay up 9 1/2%. who better to talk about all of this than senator rick scott, republican from florida. good morning to you, senator. are we seeing these big gains in your state because florida is open for business? >> i think it is part of it. our state is open for business. our schools have been open. that is what people want. people want to get back to a normal life. i finished being governor two years ago. in those eight years i was governor we cut taxes 100 times. we reduced permitting time. we streamlined the regulatory environment. all this is paying off. people are flocking to florida. they do like our weather but a like a state that is open, schools that are open. we do have good weather. ashley: and are you, you know, the weather beautiful but what about the tax situation? are those people moving, senator, are you hearing many are from my-taxed states, new yorks, connecticuts,

jonathan: and nasdaq futures off by 1.95%.that driven by inflationary concerns, or some thing else? is it just a correction? tom: first of all, we are nowhere near a correction on a standard deviation basis, sort of like. but there's worries out there, and the set of worries is what you got to glean. jonathan: jan hatzius joining us next. what a couple of hours we had on "bloomberg surveillance." tom: our team is just killing it. jonathan: this is bloomberg. ♪ ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise breakthrough that cradles your body so you can stretch and strengthen your core, relieve back pain, and tone your entire body. since i've been using the aerotrainer, my back pain is gone. when you're stretching your lower back on there, there is no better feeling. (announcer) do pelvic tilts for perfect abs and to strengthen your back. do planks for maximum co

the nasdaq briefly turning positive cathie wood is selling 30% of her apple stock.re ev stocks running out of juice?

this is all about the gains in the nasdaq 100.f this tech selling continues with the nasdaq 100 below its 100 day moving average, maybe that sector goes red. but we may have to come up with a different narrative. if we take a look at the rates here and the nasdaq 100, the correlation is really interesting. the correlation is declining. could also have something to do with taxes, the prospect of higher taxes rising too far, too fast, but this may suggest it is more than just inflation. alix: great stuff. another top story we are watching, speaking of inflation, is what is happening with gasoline prices, topping three dollars per gallon because of the cyberattack on the colonial pipeline. going us now is bloomberg energy editor joe carol. lay out what kind of outages we are seeing and any refiner cuts we are also looking at. joe: on the retail side, we are seeing gas stations in places like florida and south carolina are completely out of gas. the outages are definitely worsening, spreading north. on the other end of the pipeline ,

and the nasdaq 100 withstanding?yeah. i mean, look, you know, there's things to look at besides the price action on the index level. and if you look at internals and breadth, you know, percent of stocks above the 50 day on the s&p. in mid-april we were around 90%, we are now down around 60% the nasdaq is closer to 30% or 35%. so, yeah, i think the thing that will get us the change-up view would obviously be, one, some closes above resistance, which on the s&p has kind of run at the 4,200 level, and improvement in breadth overall look, we also think there's this underlying rotation that's been happening and been pretty prevalent this year, is the growth-to-value rotation, and we think that's a theme that you want to continue to express throughout the year. it is just the fact of gross weighting in the s&p is so large that, you know, if growth continues to churn or struggle, it is going to make it difficult for the overall market to move up but, you know -- >> you know, jon, we had a -- >> yeah? >> we had a 90% down da

nasdaq, though, falling sharply yet again.

a desccent jump for nasdaq microsoft with a move higher helping the nasdaq and dow let's take a look at crypto and this insanely wild week. like stock futures, crypto is calm we are down on bitcoin one of the calmest days we have seen all week in what has been a wild move. consider this. in the last ten days, bitcoin has gone from $59,500 on may 9th to as low as $30,000 on may 19th collapse ethereum had a 57% range in just seven days if you can't handle volvolatili, crypto is not for you. hodl hold on for dear life. >>> let's see how things in europe look with their top stories and market moves and a wild week. as london and the rest of the uk reopen, let's get to the tatelbaum index with the london newsroom with the early trade. julianna, good morning how are you? >> good morning, brian i'll doing well. the reopening story you talked about is coming through in the data european investors focussing on the flash phi. business activity has picked up across the region in may very strong numbers in services and manufacturing. as you see here, we have gains for the italian and french and

that's what i tense is going on and the highly weighted areas of the nasdaq 100 or nasdaq in general are the big cap tech names. having said that, they're also an opportunity set right now for long-term investors that want to own the high free cash flow areas that are actually going under a consolidation and profit taking that's an opportunity. >> susan, let me get your response to transitory inflation. we have heard a lot of it. about that. >> that is the big question. >> so what would you - >> that is going to roil the market for the next several quarters that's going to be the back and forth. is it temporary or longer term >> my question for you is what would tell you it isn't transitory and is something that is longer than transitory and then what would you do with money in response to that signal if you saw it? >> i think what we ire looking for from my team is really listening to managements and watching what they're saying about their cost pressures going forward. we're just started to hear about it in this quarter if you start to hear about it and still there in the third qua

yesterday you had the nasdaq down sharply, growth in technology stocks sold off and the nasdaq was downellen said she expects interest rates to move higher in order to keep the economy from overheating and of course we know that as markets are still near record highs, we could see a dampening of that as taxes come on board and become more of the conversation with the administration planning to raise capital gains taxes all the way up to 43.4%, mitch. >> i'm glad you said taxes, maria, because you know i love to talk about it. besides that, the fact of the matter is the tax on the economy right now is inflation. the run-away spending of the government, $6 trillion if we did all of this stuff, is driving consumer prices through the roof. and when consumer prices go up the middle class pays more at the pump, pay more for diapers, more for lumber which is a tax on the economy and i think every time you hear news of inflation, the market's going to react this way. it's inevitable. it's part of our lives. it's inevitable it will disrupt markets throughout the year. maria: are you expecting a

composite and the nasdaq 200 and some of the stocks that track there. over the last 12 months, even with the pullback, which tracks the nasdaq 100, up a respectable 52% during that same time span let's focus on the year to date period over here where the chart looks different. the white line is the arc innovation etf and you can see it's been outperforming for the better part of the first part of the year and now that white line has drifted below the orange line, the ark innovation etf versus the qqq trust which tracks the nasdaq 100. that under performance is capturing a lot of attention and we're in a battle ground because that archik technology is sitti around the 200 day price take a look at some of the stocks that are kind of in focus when we talk about these two particular benchmarks or etfs. apple, amazon and microsoft, you know them because they're the three biggest in the s&p 500 and the nasdaq as well, so the nasdaq 100 being driven in part by that in large part by that, over the last year you can see there's big out performance. however, it's

futures point to the downside, particularly nasdaq futures.ggests we have a little further to fall. the european open under 20 minutes away. this is bloomberg. ♪ anna: welcome back to the european market open here read 16 minutes from the european trading session. futures point to the downside. u.s. futures point lower. it is worth noting something you mentioned to me earlier today about relative to the chaos in the selloff we saw in the nasdaq yesterday, bond yields fairly unmoved. when i came in, we were under 1.6. given the concern around inflation, is that what was driving the tech selloff? that seems odd. mark: absolutely. this morning 10 year yields drifted lower, and have only picked up in the last little while. bond markets have been stable. it has spread across most equity markets, and we are seeing counterintuitive action. chinese markets are doing ok. bond markets and fx markets are stable. keep an eye on if the dollar is weaker today. anna: we will keep an eye on that. talking about the tech selloff, it looks as if continuing with

, futures indicating a decline with the nasdaq the worse performer, the nasdaq down 170, s&p 5 a hundredled markets lower yesterday, geopolitical tensions, inflation fears led the nasdaq down 350 points, down 2 and-a-half percent as the he rotation out of growth deepens, dow industrials down 35 yesterday. s&p 500 lower by 44. global markets this morning following the u.s. lower, european stocks in the red pretty much across the board, ft 100 down 155, cac down 132, dax index lower by 353 right now. in asia overnight, markets finished mostly lower, as you'll see. worst performer overnight in asia was japan, nikkei average down better than 3%. "mornings with maria" is live right now. some of the top stories we are following this morning, a story that i've been reporting on extensively, the growing border crisis deepens, take a look at this exclusive new video showing a group of 50 people struggling through rushing waters of the rio grande, carrying bags and children, getting across the river onto the shore of texas. they claim to be from venezuela. but of course mexico leads you right to t

so we had this breakdown in the nasdaq recently.end line from the november lows and the market is responding i'm watching for nasdaq futures to close back above 13,350 today. as for microsoft ahead of earnings they had a tremendous run. we trimmed our positions in half in microsoft ahead of earnings i'm simply putting that back on here today it's a very technical stock. it hit a trend line from the march lows here today at about 240 so i think that's going to be a big support and we'll see a rise from there. i like microsoft and i think that's going to be a leader. >> some consensus on the panel bill and nancy, thanks we also discussed the airline sell-off on tradingnation.cnbc.com check that out online. melissa and courtney, back to you. >>> after the break, the battle over apple cathie wood selling shares warren buffett says selling is a mistake. who is right about the future of apple? we'll debate that. >>> and now the latest from tradingnation.cnbc.com and a word from our sponsor. >>> generally speaking, a strong dollar is good

using the dow hit new highs in the nasdaq often fell, even on friday the nasdaq finished up higher andhigher earlier in the day and still came in while they're down which was negative early rally to close near high speed when we should explain the phenomenon, where there is not much growth, people pay really high prices for growth stock because they're sober, when there is more growth because whatever is expected in the coming quarters they don't pay so much for the growth stocks, value stocks look better and get bit up, what you looking for next week. >> next week jobless claims critically important given the payroll number this week and also looking to earnings from marriott and disney to see how the reopening is going. jack: one thing that conferences idea that were looking at decent economic growth in the future is copper sometimes read for two as doctor copper has been going up in price and from andrew barry's story, i learned something interesting, 150 pounds of copper and every electric car. >> that is a copper fund fact and if you're gonna give me one give you one that is only

dee just told you about the nasdaq turning negative. growth is looking for its first positive week in five. the dow is positive better than 200. s&p is positive. ten-year note yield at 162 it has been a turbulent week, and it ends, brynn, with what i'm calling pisani's great debate because i thought bob laid it out so perfectly earlier. i want you guys to weigh in on this key question. the bear case, this is as good as it gets the bull case, fed is going to get it right, why are you so worried about it they've got it under control earnings are going to be great the economy is going to boom and everything will be okay. which is it, brynn, bull case, bear case? >> well, maybe it is somewhere in the middle, but i will say this how can it not be as good as it gets when from february of 2020 to april of 2021, last month, we've had 54% of gdp in fiscal monetary stimulus. we have a great consumer, fantastic earnings, and so you have this mosaic of so much overstimulus, also healthy balance sheets so i think this year could easily be as good as

the nasdaq is down 2%. that is a big selloff. 276 points down. nasdaq down.4 of 1%. stocks down pretty much across the board. 10-year treasury yield is down. interesting, yields go down when prices go up. that means money is going into treasury bonds, maybe out of stocks, into treasury bonds, pushing the price up, the yield down. 156 on the 10-year right now. the cryptos, you got to take a look at them, ethereum, hit a new high this morning. bitcoin edged back a little bit to about $55,000 a coin. ethereum, we had it on the show. 3400, that is ethereum. i got a quote on doge, for heavens sake, 57 cents per coin. that is the joke coin, doge, moving up. that is 35% gain overnight because budweiser put dogecoin on a beer can. the thing goes up 57 cents a share. up 35 cents. enough of that. now this. >>> it was ronald reagan said the closest thing to eternal life on earth was a government program. he was right when he said it 50 years ago, he is right now. we're about to embark on a massive expansion of government programs, if we take that road there is no turnin

the nasdaq down pretty hard today.. ♪ ♪ ritika: it is time for the bloomberg business. i'm ritika gupta. ginkgo bio works has agreed to go public in a $17.5 billion reverse merger. the company will merge with a blank check firm backed by investor harry sloan. the transaction involves the $775 million private placement that includes bill gates' casca de investments. helen tier technologies posted a bigger than expected loss in the first quarter -- palantir technologies posted a bigger than expect it loss in the first quarter. palantir was created to provide consulting to the u.s. and allied governments. it is overhauled its software in recent years to attract more businesses and lower prices. professionals working the bankruptcy of purdue pharma racked up fees and expenses that amount to more than half of all individuals harmed would share under personal injury claims. produce as it is paying market produce has it is paying market rates -- purdue says it is paying market rates. guy: coming up, the european close. europe

the nasdaq is down after posting its third straight weekly loss this week, mike.be asking is how much farther does this rotation have to go? how much more pain for the nasdaq and the tech sector and gains for the dow and the value in cyclical stocks >> yeah, and by the way, can it also continue going that way can you actually have some much pressure on the huge growth stocks which still have an enormous influence on the indexes and not necessarily cause a little bit more of a ripple effect on the older economy stocks it's somewhat during the day today seemed like it was getting a little wider than just tech and everything is off the high so if you go back to last summer, we were talking about this in the 180-degree reverse order, which was how high can these big growth stocks go what's the appetite for mega cap growth how big are they going to get in the index to the exclusion of everything else? i guess if we have to go to a similar extreme, we're probably not thereyet in terms of them being left behind. but i do think it's been remarkable to date how the overall

nasdaq up 241. again. my biggest worry is two things i'm seeing right now. valuations in the trees but leveraged, picking up in record fashion, the amount of money borrowed by individuals and everybody across the investing spectrum is gargantuan and that tells me at the end of the cycle there is too much out there and that usually brings things down and causes bear markets to be worse than normal but i had a third part of the equation with all due respect to the presidency the biden proposal that they ever get through would just crush upward mobility in the economy and you had those things together we could end up with 50% or so. stuart: that would be huge but any idea when this might happen or is it hanging over us in the future? >> we are in the late innings of this bull move and i think the eighth or ninth so i am thinking in the next year, i do believe we have another great gift, the market held strong support, another lift off right here. we will get higher prices in the months ahead but going

declines down one and a half percent on the nasdaq. check european market this is morning and we're looking at fractional moves pretty much acrossed board on a european markets and cac down 17, dax index lower at 42. in asia overnight markets are green xepght for hong kong, attack look at the asian markets as you'll see best performer overnight was korea up one and two-thirds percent. "mornings with maria" is live right now. ♪ ♪ maria: now some of the top sthiers we are watching this morning homeland security alejandro mayorkas testify over his handling the border crisis. he's talked about biden administration's success in emptying out border patrol facilities but, in fact, what the administration has done is build more facilities rather than stop the flow of my graduates coming in. senator ron johnson on sungdz morning futures yesterday discussing the thousands of people still being apprehended at the border every day in april alone. 162,000 people apprehended. >> crisis created by president biden by himself and he'll have this proble

nasdaq is looking particularly strong nasdaq futures up 100.asdaq futures up more than no, ma'am nominally. teq tech is going to be something to watch. from a data perspective, not a lot. two building and housing points today. building permits and housing starts after that blowout housing number yesterday all if n all, a mellow market monday half up and half down. #math. the big moves were in crypto many got slammed bitcoin was nearly $65,000 about a month ago. it is higher ow, b below $45,000. fell off $20,000 in bitcoin in the last month or so i think scott's call about two months on this very program about bitcoin technically, may be setting up as well. ethereum is higher around the world, japan had a big night. nikkei up 2% up 9% in the past six months in europe, all high across the board. not a lot, but higher nonetheless. >>> the volatility index is back below 20 the vix had been as high as 80 last march it popped recently bringing surprise volatility to the markets in may let's find out we have seen a sudden bit of nerves after a calm ap

nasdaq is up 60 points.last night and brings the crypto market down to the tune of $330 billion, that is a third of 1 trillion. wiped out value wiped out just by one man making one tweet, makes you wonder about the crypto currency. 49-6 on that coin. then we have india with a surge in what is being called black fungus in coven patients. we will explain that and the danger. teenagers getting clearance for the pfizer vaccine, school districts in chicago suburbs pushing to get students vaccinated at school is are the parents we will have a report for you. ♪♪ ♪♪ sure, about this? experience capability, crafted by lexus. we're good. the remarkable gx and lx. get 0.9% apr financing on the 2021 gx 460. experience amazing, at your lexus dealer. stuart: it is getting better, cases are down, deaths are down. it is getting better. children 12 and up can get the pfizer jab. grady trimble is just outside chicago. you are talking to parents. what do they say about having the jab for their youngsters? >> reporter: they tel

nasdaq futures really in the red right now.ething to watch also, we've been keeping an eye on oil now, oil is down right now but overall, oil has actually been surging as of late in fact, brent crude, what they trade in europe, went above 70 bucks yesterday. wti down 1.5%. still well above where it was. and there's a lot more pain in crypto especially if you bought in the past month. you got bitcoin down big right now. broke below 40,000, in between that market slightly above it right now. remember, bitcoin was at 65,900. down 25,000 $ from its highs of one month ago. now, all of that should not necessarily come as a surprise to you viewers, remember, guggenheimer's scott minerd called on the show >> given the massive run we've on in bitcoin in the short run, things are very frothy, and i think we're going to have to have a major correction in bitcoin. i've said it before, i think we can pull back to, you know, 20,000, to 30,000 on bitcoin would would be a 50 decline. >> that was a couple of days after bitcoin hit that $50,000

we take off more weight from the nasdaq.ll know, a third almost 30% of the nasdaq 100 comes through three names. this is what looks like in the premarket. amazon, apple, microsoft. there's been a real drawdown there despite the fact we have this fantastic earnings. after those were delivered we asked doesn't validate current valuations or justify further gains. we pulled back big time. amazon down another 1.4. microsoft adding much lower up by 1.28%. a lot of people saying we must be facing some inflation fears and then plugging that back in. yesterday in the bond market i did not see any manifestation of some bond market fear around inflation. rates much higher on a 10 year nominal yield. the tenure unchanged at 1.6022. i don't see it in the bond market. jonathan: i love how you -- tom: i love how you say drawdown. that's a technical term from the top of the pricing down to where you are now. the drawdown of amazon and apple 's two standard deviations. you don't see that in the fixed income space. jonathan: the bond market

nasdaq down 170. that is one and 1/3 percent. nasdaq, look at the big losers.56. why is it down? because tesla owns a chunk of bitcoin and bitcoin is falling out of bed. so is tesla's stock. >>> do you remember this, president biden's energy secretary insisting that pipelines are the best way to transport oil and gas. watch it again. >> we have doubled down on insuring that there is an ability to truck oil in, gas in it's, the pipe is the best way to go. stuart: yeah the pipe is the best way to go. look, lawmakers momentarily will be asking jennifer granholm why the president canceled the keystone pipeline on day one, why do it if pipelines are the best way to move oil and gas? hillary vaughn is on capitol hill. you have jennifer granholm's testimony, what can we expect, hillary? reporter: stuart, she is going to tell the committee she is proud of what the department of energy has been able to accomplish under her leadership in just the first few months that she has been here but as she is coming to capitol hill there are 19 states attorneys general wrote a sea

the nasdaq down on a week showing from big tech. nasdaq down 67 points why dow soared finishing 3 quarters of 1%. s&p 500 was up at 4:00 o'clock on wall street yesterday. mixed, take a look. ftse 100 up 44, cac quarante up 26, dax index lower by 73. british prime minister to ease covid restrictions by june 21st. in asia a mix story as well. mornings with maria live right now. ♪ ♪ ♪ ♪ ♪ ♪ maria: now some of the top stories that we are watching this morning. president biden caving to the left again raising refugee admissions cap to 62,000 for the rest of the fiscal year despite the growing crisis at the southern border where 200,000 people are coming in every month. house republicans are slamming the administration's plan to send $4 billion to help central america to help with what are the rooted causes of migration calling the idea naive and misguided. republicans saying the president should invest the money in securing our borders. meanwhile five illegal immigrants facing federal charges this morning for alleged roles in a human smu

the nasdaq is up .5% after a big gain on the nasdaq 100 yesterday.to the bond market, twos, tens, 30's, your yield curve as follows. your tenure over the last one year, i keep doing this, breaking 160 on a tenure at 1.5910. lisa going through the bond auction later on today, seven year coming up on thursday. your two-year has not had a heartbeat for much of the last 12 months since the fed dropped interest rates. when likes of james gorman makes a call like interest rates are going to rise in early 2022, you have to start thinking about why. this is what the fed essentially offers, a forecast and reaction function. this is where we think the data we -- data will be, and this is how we will react to said data. if you will disagree with the fed, you will disagree with the forecast, the data, or disagree with how you think they will react to the data? i think the bar for the latter is higher than the bar for the former. you can disagree with the data, but do you want to disagree with the reaction function? that implies you know what they will think or a

especially for nasdaq indicated up 72. nasdaq 92 points and s&p close to 17. treasury yield worth paying attention to, all of these comments coming from yejanet yellen, people seeing it play out on the ten-year 1.68%. joe mentioned dogecoin at the top. let's check out cryptocurrencies dogecoin is the one to watch pipe actually saw news, guys, the reason why it's up is because elon musk is going to be on "saturday night live" on saturday that's what you have happening dogecoin up 17%. by the way, dogecoin half of a penny a few months ago now sitting at 66 cents, dogecoin's market cap is $86 million. you see the other cryptos, ripple up 3% litecoin up 3.5% ether up less. bitcoin up 1.7% at 54,453. we should also check out the "squawk stack," probably worth paying attention to other indices. dow transports another record close yesterday. it's now above the 200-day moving average for 191 straight sessions and it's 141% above the pandemic low for the transports you think about the airlines and other stocks that have suffered, they have come back in a big way. finan

the nasdaq down 2% today and in danger of turning negative for the year let's go to bob pisani at the new york stock exchange for more on today's selloff bob? >> we are seeing stocks react negatively to mozestly higher inflation figures. not clear it's bad for stocks at this level in the long run but nobody's asking any questions today. the average stock down 1.5% today. volume is heavier. sectors with run-ups are lower retail with a great reopen this year tech stocks also notably weaker. they tend to get hurt when rates go up. growth stocks. bank stocks doing better you see energy, oil sitting near a new high a few beneficiaries today. look at the big mega cap tech name just the general theory is growth stocks tend to get hurt more than value stocks that's the sort of knee jerk reaction and how the market is reacting again not clear this is a long term situation if you look at some of the big reopening sectors and interest rate sensitive growns, for example, higher rates potentially affecting the home builders these stocks had tremendous moves this year and partly on the reopening st

it ended barely down on the nasdaq nasdaq with a valiant rally toward flat line nearly everything endedor the vix and gold. crypto really was the volatility story and remains so this morning. in all on wednesday, bitcoin did a $13,000 round trip in a few hours. from $43,000 down to $30,000 before bouncing back and getting hammered in asia overnight and now now at $38,920 ethereum is worse. much of the moves blamed on inflation. might be true. another big story to pay attention to is oil. down yesterday with everything else oil still having a big year. crude oil, if you are not paying attention, is up 50% in just six months crude oil down now at $62.30 big run for the price of oil many oil stocks and etfs having a great few months the xle. xop. oih. all etfs up 35% this year. it has been a hard commodity year even as volatility swings with big-name technology stocks. we'll talk about that with matt maley on that and the overall markets in a few moments >>> let's dive into the top money story. crypto the huge down move and bounce off the lows from most of the big names. mark yusko joining

the nasdaq has been a little suspect for a while right now.he fact that the overall nasdaq couldn't really hold above its february highs for more than a day, despite the fact having blockbuster earnings and everybody has a sense that stocks are kind of already, maybe, fully valued relative to other opportunities in terms of central stocks a lot of that stuff is getting kind of filtered into the prices >> and mike, what are bonds telling you? i see now ten year yield below 1.58 yellen talking hiking rates to keep the economy from overheating. what's happening on this relative move to safety? >> seems like more of a global move i mean, really since the end of the first quarter there has been a bit in treasuries. first quarter worst quarter for bond performance in many years and people felt as if you had to get rebalanced back in global flows back into treasury seem like an element of support. the notion of the ap s absolutek level and uneven global nature what's going on recovery-wise because everybody covid or elsewhere. i don't know if it's al

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nasdaq back on display more on that plus, elon musk and the dogecoin dropped.

the nasdaq down 1 and 3/4.e. chad pergram is on capitol hill. thank for joining us this morning. what will happen next. reporter: at some point it will be a replacement. a voice vote. list cheney from the republican leadership position. she was number three in the. she was highest ranking republican in american government. cheney did not put up a fight. >> we must go forward based on truth. we cannot both embrace the big lie and embrace the constitution. reporter: republicans did not install new york gop representative elise stefanik as cheney's successor. that may come later this week. some republicans don't think stefanik is not conservative enough. kevin mccarthy did not become speaker because mccarthy lacked votes. now if republicans win the majority next year today's vote could harm mccarthy in a bid for speaker. you need a majority of the entire house. ashley. ashley: interesting stuff. chad, thank you very much. good time to bring in bret baier. bret, good morning to you. this wasn't, this was expected b

the nasdaq briefly dipped into negative territory and now barely positive. let's bring in bob pisani now. >> we are up as you mentioned but well off the highs the problem is there's selling pressure against in the thematic tech space that we love to cover. look at the sectors. we started off with technology well in the lead tech still up but off the highs. energy is lagging today but a good day yesterday oil near a new high. mega cap tech up but off the new high semis were high right at the open and have essentially been sliding throughout most of the day. want to keep an eye on the thematic tech. cathie wood's ark funds. that's the thematic technology a darling last year. a tough time this year and you see these up today after a big down move yesterday and now turned negative. watch particularly cloud computing stocks and talking about them for last two weeks and most 50% off the 52-week highs they hit back in february as interest rates started to move up. started up about 1.5%, 2%. they have by the middle of the day moved to the downside. still not a clear

around the nasdaq the technology named with the nasdaq down 175 points on a percentage basis that'she biggest decliner right now that's a decline of 1.5% let's keep an eye on that. dow futures also weaker, 240 points and s&p down by 37. treasury yields have been coming from a little bit of pressure at least from where they were yesterday. if you're looking ten-year, closer to 1.6% -- actually at 1.66%. so, not far from where we were at this time yesterday 30-year at 2.7%. and two-year, 0.153% and you've got a lot of people invested in crypto that are invested in nasdaq high flyers but crypto, bitcoin hit a low of 38,5 so overnight. actually falling below 40,000, that's the lowest since february 9th. yesterday, china warns against crypto trading, warning them not to conduct any business related to virtual currencies. that set off real currents not just on bitcoin but across the entire cryptocurrency. evening you are down by 12%. separately jpmorgan said in a note yesterday that institutionain the last six months if you want to take a look at stocks that hold or transact in bitcoin se

really big gain for the nasdaq up one.3%. why is the nasdaq doing so well. covid than democrat run state. bialas every measure texas and florida are doing much better than new york and california. anyone who has traveled to see and feel the difference. florida and texas started the great reopening, gave people the freedom to assess their own risk and act accordingly. governor desantis and abbott were roasted ford, stepped out of line with the covid crowd, lockdown crop they are laughing now, their states are booming, tax refugees are flooding in and covid is in the rearview mirror. what a contrast with gavin newsom and andrew cuomo, stark contrast, newsom faces a recall election because he made such a mess of california's covid reaction, 15 months after the virus hit only 16% of californians back in the classroom full time, that is a failure of monumental proportions and the effects will last 4 years. cuomo is under multiple investigations, one of which concerns the thousands of deaths from covid in nursing homes. and >> and different procedures, democrats b

the nasdaq down nearly 2% on tuesday. but it looks like right now we should have a slight rebound dow futures up 90. nasdaq futures, they're the ones to watch, up 60 points right now. now, let's focus on what happened yesterday when nearly every big tech stock, and the deal of the day, only the one you'll hear here on "worldwide exchange" and it's ugly. look at this this is yesterday. apple lost $78 billion in value. amazon, nearly 38. microsoft, 30.5 billion and google a relatively slight $25 billion market cap loss. if you're doing the math right now, don't worry, we did it for you. the total combined market cap loss of the big four was $171 billion. on tuesday, that's bigger than costco that's about 50% bigger than the entire corporation of starbucks. so what did well on tugs well, there were some names. the boring old materials companies pop, names we never talk about like sealed air, martin marietta and vulcan materials, they live long and prosper. these are all infrastructure plays by the way is the market telling u

amazingly, larry told us yesterday in the interview that the nasdaq, the value at nasdaq got all the thinking that 3 to 5 trillion leaving it is that big of a deal. but how does the rest of the market go up if the nasdaq's down 5 trillion in value? >> that's a big deal because the tech sector's 25% of the s&p 500. so in order for the market to really move forward, you need tech to participate. but i agree with larry. i think tech has further to fall. and just to be crystal clear, i love these high growth tech companies long-term. i think in the short run you'll get a chance to own a lot of them lower. as i kind of go through and analyze this earnings season, paul hit the nail on the head. we saw so many beat and raise quarters out of these high growth tech companies but the price action stumped the next day, they sold off. when that happens you need to take a step back and figure out why. i think the best thing to do right now is really to come up with a list of your favorite high growth tech names. you come up with your ideal entry points and you pull the trigger when they hit that