was 30% now, when does the nasdaq decline? a bear market in nasdaq, do much beyond 30% if you look at the numbers, and how this kind of mini crash has taken place, most of the worst instances was when, in 2000 and 2002 here's what that chart looks like essentially it was just sort of waves and waves of a cascade over 2 1/2 years of selling. the 30% drop we just got from november, that was done by here. right, it basically had two months, you had it down 30%. but there's important differences. one is, just exactly how aggressive the momentum surge it was into this point in 2000. the nasdaq was up by five times in the prior five years, 500%. we were up 200% into the current peak, back in november just to take one stock, which was here -- there then and there now, is microsoft. it peaked at 60 times earnings back then. it went down to 22 this time we peaked at 35, and we're around 24 right now. so yes, big important stocks went down a lot. but this trajectory looks a lot more like ark than the current nasdaq that's one thing peop

and the nasdaq down more than 4.5% you want to talk about what's losing the most on the nasdaq 100, cognizant is off more than 10%. crowd strike also off more than 10%. match, which we talked about yesterday, having a ceo change, down 10% airbnb, which had good earnings, all down about 10% and then you've got e-commerce names, libre is down quite a bit, as is ebay. behind all of this, a lot of it anyway, we're talking about e-commerce is the state of the consumer we had bob bakish talking about huh his hopes for consumers wanting to get out of their homes. there's a big question of who's differentiated enough to get the additional consumer dollar and what consumers are willing to spend on. >> as a whole, jon, that's a key question for this market so far consumer demand has been holding up pretty well you look back to amazon's earnings, they have the overcapacity issue, but management insists by all the metrics they're looking at, the consumer demand, the consumer still looks strong that is key, and i know we're going to be talking to the expedia ceo later this hour, but if that holds up, is t

look at the nasdaq down 5.6% the nasdaq 100 down 5.7%, about 24% off the highs and 22% lower for the year there's the dow. the s&p is now down 4% the selling is picking up in this final hour. amazon also gets some search interest today, as i mentioned down 8%. it's all of the mega cap stocks which are not working, microsoft, amazon, tesla, in individualia, and the moves are much more sizeable tle let's zero in on the 10-year yield. joining us is tony from pimco. give us some color about what's happening today. >> hi, sara. well, obviously there's a lot of open-ended issues that the markets are having to deal with and readjusting to the idea of higher inflation, higher interest rates, just huge uncertainty surrounding the outcomes of these things, not to mention geopolitical issues. so there's lots of turbulence. what does a pilot do you seek out smoother air. how do you do that of course for an investor and we would say this at pimco, we take a long-term orientation. for the bond market that means getting back to bonds. this is what you've been waiting for. there were 18 trillion of

s&p about flat nasdaq up a little less than a percent. dog, lucid synopsis, okta, docusign, zoom some doing thebest they can today, and the best overall after yesterday's sharp sell-off >> some news from ftx, the company known for crypto trading. it will be getting into stock trading, they say they want to bring crypto and equities under one roof, saying they were inspired by robinhood. the ceo just bought a large personal stake in robinhood. the timing is interesting. the other interesting angle, they will not rely on payment for order flow for revenue remember, that was very controversial with hood. they say that stock trading will not be a revenue generator for now. it looks like they're going to subsidize by relying on profits from crypto. i wonder how that works out had crypto fees are getting lower. >> interesting no payment, slightly different strategy >>> one more thing before we go, tesla. booted from the s&p 500 esg index as part of the annual update that index saying the electric carmaker's quote, lack of a low carbon strategy

nasdaq down byage drops, the nasdaq tech is leading the way. the dow down by 1.2% s&p futures off 1.5% the nasdaq down 1.8% that is after the major indexes ended the week with modest declines for the week. dow industrials down by 9.5% s&p down by 13.5%. nasdaq down by

z-scaler is at the very top of the nasdaq.gain, up 13.9% after reporting last night it blasted through third quarter estimates beating on both the top and bottom line. but clearly, it's already time to look on the horizon for newer threats. founder, chairman and ceo jay choudhry joining us live. blinken says the u.s. is sharpening its tools. give us an assessment after what you see ahead. >> liz, thank you for the opportunity to come back on ask talk to you. i think it's time that we get more and more serious about it because it's no longer just about physical war. in the cyber world, you can be doing a lot of damage stealing all the ip, stealing all the data, and nobody even knows about it. it's good to see him say that something should be done about cybersecurity. our government is actually saying go and do zero or trust because the traditional security we have been doing using firewalls and bpns is no longer effective. once they get on your network,er there are in, and they go and find high value targets. in the model that

, 22% of nasdaq stocks down 75%, 50% down 50.o i don't think it is good news that things are worsening. i know we always look for what we call the whoosh to the downside where everybody sells and it turns up. i think that only can lead to some countertrend rallies right now. the major trend, i mean major with bold letters and a capital m is to the downside and anything that has been sticking up, they're getting, now getting the commodities and oils and about only thing left i see, post, kellogg at new yearly highs because everybody loves their cereal in the morning. that is about it. charles: you know what? get strength of packages and pass along prices. they're in a pretty sweet spot right now. >> yeah. charles: so interesting, wall street every time we come into these things they blame the retail investor. i suspect, some of the selling we're seeing it is really heavy, i think a lot is the pros. i wouldn't be surprised we learned a couple hedge funds are blowing up at this very moment, shah. this selling is coming from everywhe

s&p is down 1.5% so is the nasdaq which has come back a little bit.e a look at disney, despite a beat on disney plus subscribers. we'll talk to a media industry expert about the read-through for the rest of the streaming landscape. >>> check out some of today's top tickers. no surprise 10-year yield back on top what's different is there's actually buying of treasuries and yields are coming down they have really stabilized and started to go lower. as you can see, we're below that 3% level where we were last week bitcoin up there, down 4%. it's come back as well apple down 4.5% in bear market tesla also giving back 3.4% and there's the nasdaq composite the eye of the storm down 5%1. recovering a little bit but another down day for the nasdaq. we'll be right back. mount everest, the tallest mountain on the face of the earth. keep dreaming. ♪ “you can get it if you really want” by jimmy cliff ♪ ♪ ♪ [suitcase closing] [gusts of wind] [ding] welcome to your world. your why. what drives you? what do you want to leave behind? that's your why. it's your purpos

the nasdaq down more than 5% the moves, dramatic. route, deep, but there are places to hide and opportunities to buy select names on the pullback, from tech to retail to commodities our market experts will help make sense of the sell-off what a day to be here with you, kelly. >> welcome, courtney great to have you here hi, everybody. let's get's check of the markets where the dow is down 3% 3.6% drop for the s&p. look at this 5.1% drop for the nasdaq we are down almost 666 a quick check of the worst dow performer shows apple down 5.6%. we're really seeing the pressure here and down 156 and nike which has been down one of the performers, salesforce.com down more than 7% now over to rates. that's where you see the upward pressure here. the ten-year note which had been quiet, what happened at 8:30 eastern time, we've got the productivity and unit labor costs and quarter on quarter, that's a huge increase and productivity down 7.5% it's a toxic combination and a stagflationary one if you want to call it that and yields spiking just below

the nasdaq 100 is up on the day.il doolittle is tracking some of the moves. >> the s&p 500 down 1.5%, the nasdaq down more. now you see small moves. basically, fluctuating now. the nasdaq up ever so slightly. we will see what the day brings. one possible tailwind is you have the 10-year yield down five basis points, meaning that evaluation is of less concern, taking pressure off some growth stocks. one pressure that continues, though, the bloomberg dollar index, the dollar rising for the sixth day in a row, and on the year, the 10-year yield up 1.35%, helping the dollarized. the bloomberg dollar index up or than 6% on the year, the best since 2015, not healthy -- not a help for risk assets. and it is hurting some of the growthier indexes given that, again, valuation, if you look at discretionary communication and technology, 50% of the members within these sectors are down more than 30%. that's a brutal bear market for these key heavyweight waitings to the s&p 500 and the nasdaq 100, and financials, interestingly, pr

apple is one of the best stocks in the nasdaq. the least on the nasdaq if we start to see a movement like that again in the near future, that's where we're going to see a big down side in the index overall. >> and what did you make of yesterday's price action >> yesterday's price action was early because when you look at the reaction after the fed, i was expecting a relief rally we got a pretty big relief rally, right but that was expected because of the high ratio you had a lot of traders short you get the news that wasn't great but wasn't awful and you get a relief rally well, yesterday, when that move was pretty much completely raced, that is very telling for what's to come in the future if you have a fed meeting and you only have one pause tsk day of price action, we're back to are where we started we really don't have a positive catalyst coming up oun the docked and the path of least resistance and lower if these stocks break, the ones that have been doing the work to hold up these indexes, that's when we're going to go subst

nasdaq 2.12%. the vix out three figures.the american economy as we pick up the pieces, the chief economist of steeple joins us. lindsay, i want to talk to you about the call for a session parlor game. i do not want to take the time about who is where and -- who is where in that. how do you sit at a desk and call a recession? lindsay: we are looking at negative growth but we are not convinced we will see an outline -- an outright recession. the chair did back off the possibility of larger hikes of 75 basis whines. he did say in additional 50 basis point height is on the table, but they are in a relatively less hawkish position and continued to talk about the optimism for navigating a soft landing. i think the committee is well aware of the weakness speaking into the data and that did leave some optimism the fed will begin to back off as it becomes more clear they have tightened us into a position of weakness. tom: over the weekend we got analysis on inflation, and to be fair to j.p. morgan and goldman sachs one is a more long

we are not if you have been watching the nasdaq, we are looking for the nasdaq on track for the worst weekly losing streak since 2012 if you add up all of the losses to date. treasury with the 10-year yield at 3.079%. the price of bitcoin tumbling after stabilizing the day before you see right now crypto at $36,381. >> all the questions yesterday morning about steve's 75-basis point question and how it was taken. all questions still relevant they have different answers as this point we'll talk to kumar about it i think it was the punchbowl is good and let it stay now we're not going to address what we need powell managed to disappointing both sides in terms of rates are headed up, but -- >> he realized no matter which way they go, will it address inflation so quickly that it causes recession or not address it enough and inflation causes recession. >> i was going to say trennert has been hawkish about this the entire time. liesman was right about this yesterday at 6:02. effectively, i don't want to speak for him. he said the market doesn't really get it which is that just because he is

, nasdaq went down 18%, got way too cheap, the nasdaq, we're not going to be around anything like that, what is it now, 25, 27% we might see 30% but look at all those priced to sales stocks, the pandemic favorites. they've almost had that capitulation, down 70 or 80% in the meantime, we're taking a look at the value s&p or the value russell, selling 14 times earnings in an environment where interest rates even though are going up from historical standpoint are nearly at an all time low, my complaint is if you're a young investor, you should welcome this. this will build up your ira portfolio with dividend reinvestment plan looking into your future. >> good advice i have some questions from the gang carrie, you're first >> so professor, i have a couple of questions the first is whether the fed is already seeing effect from raising rates. if you look at some announcements of hiring freezes we heard from big companies, also seen in effect in the mortgage market, mortgage rates doubled, has to have an effect on housing, and i understand if you look backward, you're going to see those highs

if you look at the overall picture for the s&p versus the nasdaq, the nasdaq is down some 30%, almostove lower with that tech trade being a huge focus, facebook, meta, one of those hardest hit now among some of these big technology type firms by the way, meta platform is down 1.5%, down 45% year to date is just one of the many technology and tech adjacent type companies and industries that are cutting back on hiring. just take a look at some of these companies anecdotally as an example of those cutting back on their hiring practices. in by the way what's supposed to be a red-hot job market. meta platforms is slowing recruitment in light of expense guidance you've also got amazon warehouses are overstaffed during lockdowns robinhood is cutting 9% of its full-time workforce. and uber will cut down on costs and treat hiring as a, quote, unquote, privilege this is supposed to be a market that's geared towards workers. a lot more supply out there in terms of people who can work but are looking for those people who want to work and by the way, technology has been a hot part of the market. m

the biggest on the nasdaq are lucid and zscaler and crowdstrike. and i end on a bright spot electronics arts ending the partnership with fifa, much to the dismay of fans consolation energy, and booking holdings to almost 2.5 >>is dada's move a sign of something? >> including around these behemoth stocks, if you take the data at face value, it's not really moderating the way you would like to see, so the bond market continue to say slowly pull forward to get the fed funds rate up more than 2%, and then you get stocks like appear get hit, because it's actually a really good company, but really is an environment of having to go through restrictive policy in the reserve. >> is that what's going on it is notable that the ten-year yield is actually lower today. >> yeah, well, interestingly enough, my view is that, you know, ten-year yields were going to be capped because of what we're seeing here, when equities sell off, normally speaking in the absence, you would have a flight of capital into safety, and we saw that in 2018, in fact i think we're going

you get to 9% from current levels of the nasdaq, taking the nasdaq index all the way somewhere within the region of 2007 levels. that means that the s&p 500 index is going to pose some slowdown. tom: may further pain for the s&p 500 and the nasdaq. the nasdaq futures pointing lower this session. what do you make of the fed minutes as well? it seems we got some consensus around june and july, and then a murky picture around whether or not there is a view of pausing after those two rate hikes. what stood out was the downgrades in terms of those forecast for inflation. what stood out for you? ven: i don't think we got too much in the way of new information. they want to take the rates over to a neutral. policy as soon as they can. . and they want to get with policies that are appropriate. some the past couple of weeks, we have talked about 50 basis points on the fed rises for the remainder of the year, but you mentioned earlier on the show, the fed is going to keep going simply because i don't think this inflation can be pushed away. earlier this week, we had the rbnz meeting, and they s

things are worse for the nasdaq. since last ythursday down more than 10% amazon fallen 13% in three days. we don't like the way things look and said sell and not one, not two, but in two dozen different languages. by the way, we checked in with him after hours, guy he says sell he doesn't like the way things look still what do you say? >> i have trouble with the english language the other 11 won't suit me particularly well. last time we chatted was tuesday before the fed meeting we had a good conversation about what we thought would come out one of the points we made there was impossible for the fed to be any more hawkish relief rally sorted up to the 4350 level we got it. we said sell it, 4,000 is in the cards. this makes sense to me i will say this, my opinion. the only panic i have seen was wednesday i just talked about when the market went up 1,000 dow points now you get to levels. i mentioned 3750 a couple of times. i'll show you how i get there. $221 of s&p 500 earnings for the 17 multiple which is reasonable g

the nasdaq was down 3.9% and a 454-point decline and incredible selling pressure on the nasdaq the s&p down 2.5% and 17 points above 4,000 right now. its last close below 4,000 by the way was march 2021 and dow is down 445. energy stocks are some of the worst performers and that's been a change from the recent past, obviously. marathon leading the declines down 12% and apa, occi, devon down 12% and the volatility is extending to stocks and the ten-year this morning hit 3.2% and we are now back to 3.08 and as investors look for ways to protect their portfolios mike santoli is at the nyse with a look at the market's downside risk mike >> kelly, of course, nothing that can be pinpointed with any precision, but a lot of different approaches to look at what plausible downside risk might be and the s&p 500 sliding and this new low today really does lose any look of a trading range that we had in place for a while assuming we close in this area below 4100 and a lot of the estimates coming from ult in imdifferent directions seem to be focusing on this area around 3800 to 3900 it takes you bac

a lot is at play look at the nasdaq, the nasdaq down three and a third% to 11743, not the least of which investors fears growing a more aggressive federal reserve will tamp down growth. speaking of the fed the lantern federal reserve rafael bostic spoke this afternoon to reuters saying he supports the fed hiking interest rates by half a point at the next 2 - 3 meetings staying on the track of tightening interest rates then assess how the u.s. economy and inflation responds before making a decision, bostic also shared his fears that consumers might stop buying if prices continue to rise and businesses are not able to find workers to fill the open jobs, the atlanta president did have an interesting outlook that, ri. he says the supply chain that the backlogs are really stuck with will soon show signs of easing and unwinding that's why we have ch robinson coming up in a few minutes. that's a good the ten year treasury yield it hit a high of 3.5% predictor in a half-year highwood attached 2.2% were offset right now, 3.08 at the moment with the selloff showing no signs of easing particularly

nasdaq down 4% for the day yesterday. it is down nearly 26% year to date the dow is now down by 11% for the year let's think about it the big technology names down more than 26%. if you were looking at the last three trading sessions, massive declines more than $1 trillion lost if you add up from microsoft, tesla, google, nvidia and facebook that tells you the panic that set in with the levels we are starting to see green arrows across the board. also with treasury yields. treasury prices coming up and yields coming down that was surprising. yields down, but the stock market down at the same time. >> it used to be the big names, favorites, were holding up now some of them are down 40% and 45%. some of the most -- >> stalwart companies with profits. >> right the average nasdaq stocks are down less than the ones that used to be the top ten maybe that is a good sign of how deep this really is. >>> we'll talk bitcoin now, andrew i was thinking ark if you feel bad about bitcoin. if you are in ark. >> double and tripleing down

on the nasdaq 100, down 1.6%. futures negative, the opening bell about one hour and 27 minutes away. yields are lower nine or 10 basis points. we keep going back to this three-step process people think we are in. they think we are in step three. from inflation fear to rate response to growth scare. are we in step three firmly given the price action in bonds? lisa: i am glad you asked that. the intraday volatility is annoying, the word he used. we are flipping between rate concerns and growth concerns. it does not feel like we are to the growth concern place in the u.s. from an economic perspective. does it stick? you get conviction in the high-end yields, can you say we get another re-rating when people look out? jonathan: seema shah now. we have done a lot of damage. some people might call it carnage. what do you look for to know when to step back in? seema: good question. i think we need to see inflation coming down. we need several months of this to give us comfort that we are on the right path. i think growth

the nasdaq last a fourth of its gains since the record high. another 52 week low and session lows for stocks overall. is the climate investable? where is the bottom? which investments are the safest our first guest says this is not the second coming of the dot com bubble despite the cratering valuations jim paulson is with us you write, this is a much more controlled and methodical manner than the dot com bust which makes it less likely to end in a bust can you expand on that >> well, i just think this whole cycle compared to dot com, carl, has been less substantial, less enthusiastic, less emotional and much more fundamentally driven inthat's important as you said, the liquidation cycle, even though it is nasty here of late, this is still, i think, much more, as you said, controlled and methodical. it's more of a rounded top rather than the dot com, which was a pure peak top and collapse this one, i think, has been much more slower to unfold. if you look at the relative price of s&p 500 technology stocks, they have been in a trading range, rea

nasdaq 100. >> the nasdaq 100 is below support and poised to confirm with negative enintermediate toong-term implications you can see that the percentage downside is far worse than the 3815 for the s&p 500 so the implications there are that we could see underperformance by the nasdaq 100 continued underperformance at this point, and that would likely mean that you're getting the underperformance from the likes of apple, microsoft and google, which have a bigger footprint. not much bigger, but a bigger footprint in the nasdaq 100. >> which is down for the week pretty sharply down 1.75% katie stockton, katie, thank you very much. >>> i want to show you where we standing right now in the markets. the s&p 500 is down about a percent, so climbed back just a little bit but the defensive plays are holding up better than, say, yesterday. consumer stap 'les are down hal percent. even technology is not the hardest hit today, that would be materials and real estate. >>> coming up, mark mahaney on tech's rough week. and do not forget to sign up for the cnbc fantasy stock draft challenge. scan th

the nasdaq 100 down 1.7%

at one point, more than 90% of the nasdaq 100 components were negative and the ten-year yield garnering all the headlines with the sudden move lower around 930 275 is our current level, we got down to about 273. if we go below there, a lot of people are saying next stop could be much lower, ty. >> kelly, economists are debating the risk of recession, stagflation, overall growth concerns, and today we get data points from different segments of the economy that could be pointing to a slowdown on the digital front, you got snap, the ceo there warning that the macro environment has deteriorated further and faster than we anticipated, the stock falling an almost unheard of 40% today. the best buy ceo says she expects softer demand to stick around for a while that would be best buy and aberc abercrombie & fitch issuing a weak outlook as well let's get to homes now, sales of newly built homes sank in april to the slowest rate since the start of the pandemic, and on the industrial front, we've got a wave of pmi data across the globe. it came in weaker than expected, and those purchasing manager

nasdaq put out its own views.have a paper that talks about how -- what needs to be done to strengthen what we call the national best offer. that is where orders really come together and there is transparency about the buying and selling interests at any given point in the markets. more confluence of orders coming together, the better price investors are going to get when they put an order into the market. that comes with leveling the playing field between the exchanges and the dark pools. it does go into looking at the incentive structures both in terms of whether it is broker incentives, exchange incentives, as well as the tick sizes. there are a lot of companies tick-constrained. markets can only express themselves in pennies, when you look at supply and demand it is happening in sub-pennies. i think leveling the playing field on tick sizes is another key area. we have a lot of proposals and we are excited to talk about it whenever you want. kailey: the sec is also taking a hard look at spacs. do you think compa

the nasdaq is down 380.e to dropping below $100 a share, disney stock is down 35% on the % on the year, down another 4%, $100 on disney. the national gas price surged to a new high, $4.59 per gallon of regular, that is up $0.50 from a month ago. jeff flock in philadelphia, what are they paying? >> reporter: just checked, $4.77 in philadelphia. gasoline, you make that, you haven't seen jet fuel. i met the facility where they store jet fuel, look at the numbers on jet fuel, on fire and not in a good way, $6.90, it was $4.49 this time two years ago, a 54% increase and that is being passed along to air flyers, travelers up 19% in the last month and now some signs of capitulation, booking down 17%. this memorial day a lot more people traveling by car than air, 82% by car, 87% of them say they will travel with somebody else like a car pool, share the ride, 11% say they will take their electric car to the memorial day festivities. you mentioned the price. we are up 0.2 cents overnight. it is kind of like ordering a

s&p and nasdaq both attempting to hold their gains as well. mike santoli, anything spark this turn-around we're seeing yields higher, dollar stronger. those have been pressures. what's the story >> i don't know that there was necessarily something in the way of a headline that sparked it, but we're trading very technically right here we probed to new lows for this move got the s&p back to these levels from march 2021. a lot of folks were looking at 4080 or so you mentioned yields are up. yes, they are. but the mechanical selling of stocks started late this morning when you finally got a tick of the 10-year treasury yield to 3% it backed off then we didn't make new highs in yields, it just wavered around there. i have no idea if it matters, but the regular session in treasury futures ends at 3:00 eastern and that's when we released higher. i just think it's very much a low conviction market. you have these air pockets because you have this very stressed tape. sometimes you pull the rubber band back and it snaps, and sometimes it snaps higher. >

the nasdaq 100 is down 0.6%.n the bond market, yields are little bit lower on the tenure by eight basis points. lisa: everybody wants to know. jonathan: he missed it. just in such a monster, massive way. they just missed it. lisa: everybody agrees that he did. jonathan: they carried on doing qe. qt hasn't even started yet. think how ridiculous that is. lisa: so you would kick him out? jonathan: this is bloomberg. [laughter] jonathan: it is hard to call this a correction anymore. it feels like a bear market, looks like a bear market. it is a bear market on the nasdaq. the likes of apple, they are almost there. equity futures down 0.3% on the s&p, on the nasdaq down 0.8%. the nasdaq down 27% year-to-date. something is changing the bond market. yields aren't higher, bonds aren't lower. treasuries are rallying again. hi of the week, 3.20%. backed away. we are down another four or five basis points to 2.5921%. the bond market rallying, four straight sessions lower. can close to 20 on the tenure bond -- close to 1.20 o

kelly, you pointed out the longest losing streak in two decades for the nasdaq the nasdaq is giving upf its more recent upside just in the past year. it's still higher, if we look at it on a five-year basis. and today's weakest sectors, utilities are in the mix, transportation, consumer nondurables, consumer services and durables are leading the charge many cloud names specifically reversing course to the upside like data dog surging over 10% this is a reversal, though, the past few days. data on the month, though, still in the negative down double digits cisco today the biggest laggard of the bunch its reliance on supplies from china crushed it that's why the stock is plunging over 14% other weaker names on the nasdaq, broadcom, rail transportation ctx >> she didn't miss a beat. christina, thank you very much let's get to tyler mathison for a cnbc news update >> to think she did that without a prompter amazing! >>> folks, president biden is in the air right now on his first official trip to asia. tomorrow he will meet with south korea's newly elected president. he will then go to japa

the indexes breaking the three-day win crestreak nasdaq with the worse day since june of 2020 the nasdaq composite and nasdaq 100 and russell 2,000 are in bear market territory. the dow and s&p are in correction off 10% or more >>> we have to watch yields. the 10-year yield at 3.073%. yesterday, it topped at 3.1% highest level since 2018 we saw some of the impact on the market we want to talk about oil right now. oil trading higher up almost 2% for wti and brent trading at $110 a barrel for wti. >>> right now, a lot of people are trying to navigate fears of tightening supply. energy is a strong sector. a number of names having strong weeks so far we are talking about devon and object obje occidental back to toech. the lowest level since november of 2020. for the week, nasdaq is on streak for the longest losing streak in 20 years and 20% off from the all-time highs. let's look at faang stocks facebook's parent company meta, down 46% from the all-time high. let's go to the wall apple down 14% amazon down 38%. netflix down 73% google down 23%. joining me now is dan ives dan, great to have y

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apple is the biggest stock in the nasdaq 100 the nasdaq was up 3.7% on friday you're giving back a third tesla story today, down 6% it's about a third of the net decline in the s&p 500 more or less is tesla. beyond that, i do think the market is quite indecisive we had a good bounce a lot of people are allowing for a little more upside at today's highs we were 5% above last thursday's low. so that shows you how quick you pop higher i think the bigger story is the narrow range you're in today in the s&p 500. you want to see the drama drain out of this market to maybe get more of that systematic plunge back into equities. >> even the nasdaq only down 1.25%. we've been seeing declines of 3, 4% lately. zero in on tech because cloud stocks are among the biggest losers on wall street today. frank holland joins us the yield on the 10-yearis now below 3% and continues to move south. what are you hearing about why so much pressure >> yeah, you know, i just got off the phone with dan ives from wedbush. he said there's concerns about an i.t. spending slowdown. you showed twilio and datadog, top of

john, the nasdaq making up for some of yesterday's heavy loss, up about 1%. >> indeed. a name helping that cause. let's look to intuit, the financial software provider, up significantly today after an earnings beat issuing strong guidance for the next quarter. you can see it there, up better than 7.5%. it is down a bit with the rest of the market outperforming, down about 40% year-to-date. joining us insuit ceo sass san goodarzi i was talking about how in the past intuit seemed to live and die by the tax quarter, but not so much this time. i want to ask you about tax first, but also give me your take on this, $141 million settlement that intuit has paid out, admitted no wrongdoing. the issue was steering people away from truly free tax services what has intuit changed or what have you changing coming out of that across the company? what, if anything, did you learn from that? >> good morning, jon thank you so much for having me. i'll start with the first part of your question taxes both consumer tax and our pro tax business is now about 30% of the company we're truly a p

the nasdaq was the epicenter of where the selloff took place to begin with, was most acute the nasdaq suffered the most damage that's the vxn which you have to your credit highlighted repeatedly maybe that's the place to keep our eyes on the most if you get a sustainable move higher, it has to come from the nasdaq stocks and not necessarily the cathie wood names but megacaps apple and the ones that got people feeling bad about the market if they rolled and rolled hard, there's no way the market would be able to do anything >> i think vxn has been interesting. i am not saying we hit the bottom and are ready for the up side four closes over 40 is a statement. now that we have broken down today, see if it lasts more than a single day and obviously yesterday. look at the rallies end of the day. we went 500 points in the last hour in the dow. 300 higher on the nasdaq to close where we did that shows you we are in a market that's extremely volatile but going into the weekend, price that in as well. that's why you see the vix under 30 also why you see the vxm pull back we'll have a better re

nasdaq down by 233 if you are looking at percentage drops, the nasdaq tech is leading the way. the dow down by 1.2% s&p futures off 1.5% the nasdaq down 1.8% that is after the major indexes ended the week with modest declines for the week. dow industrials down by 9.5% s&p down by 13.5%. nasdaq down by 22% there's a modest decline for the week last week, but the declines the friday before. you add this up and you are talking about pressure >>> that is nothing with the treasury market. yields are rising significantly. 10-year yield is 3.193%. you are talking about mortgage rates at the highest we have seen in 18 years the 30-year at 3.294 t then cryptocurrency. it plunged over the weekend. down again this morning. bitcoin is down 3% below $34,000. $33,455. pressure across all of the coins. you are talking about significant declines these markets never close. that was painful over the weekend. >> 50% down on bitcoin from the highs. >> if you are talking about the new money, that is in at $47,000. anyone who got in late, lately >> katie stockton said 27,500. >> the selling is the f

nasdaq 100, sibling of the nasdaq that contains no financial stocks is dragged down by big tech, why, on the index. amazon on pace for sixth weekly decline, longest since 2019. the others are doing better, apple, microsoft, tesla, alphabet up. apple showing a turnaround in the last few hours you can see on the strcreen. the loudest are crowdstrike, lululemon, moderna, and those poised for weekly gains. array technology, sun run, enphase above the 200 day average. some chips, super micro, western digital. bottom line is clearing up inflation and reaction to monetary policies are causing a steady increase. bond yields, steady fall in share prices, especially within tech as you can see at the nasdaq behind me >> thank you before we go, checking in on ark innovation it has taken quite a tumble, falling 9% thursday. further losses this morning to the tune of 4% it erased all pandemic gains some compare this fund to a burst bubble two year rise and fall similar to the dot com bust 20 years ago. that said, some are holding on to hope. they saw the biggest influx, marking three straight weeks

nasdaq down 2.7. still to come, an in-depth look at apple and microsoft we'll have the headwinds and catalyst for the stocks which have an influence over the entire market. ard.hcheck" is just getting stte bonnie boon i'm calling you out. everybody be cool, alright? with ringcentral we can pull bonnie up on phone, message, or video, all in the same app. oh... hey bonnie, i didn't see you there. ♪ ringcentral ♪ another crazy day? of course—you're i di a cio in 2022.ere. but you're ready. because you've got the next generation in global secure networking from comcast business, with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want—your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with unbeatable business solutions from comcast business. powering possibilities™. >>> stocks are sinking right now, s&p 500 down 107 points, back to 3980 looking for som

and look at the nasdaq. we have it up about 400 points after taking the harshest beat of all the averages this week. the nasdaq is bouncing the highest, but what did federal reserve chair jerome powell said in that npr -- say in that n if pr interview last might that's helping the markets find their footing now? our floor show traders are here to tell you if wall street has finally found a bottom even as it appears inflation has not yet hit a top. gasoline prices, we'll show you hose too. those too. cryptocurrencys clawing back from the brink after yesterday's chaos. one crypto fund president is here to tell us if the worst is over for the cryptoverse and what yesterday's dive bombing had to do with, you know, that was just a crazy moment yesterday. so we're going to be looking at that with big investor. all right. twitter shares still diving on an update, wall street crowd was basically saying you know what? we're skeptical, they have been from the start about elon musk's bid to buy the social media giant.

tech, led by nasdaq, going to incredible highs. with the opening weakness in nasdaq, which started to fall along with the russell 2,000 long before the s&p it did exactly like 2000. what i fear is that there are a couple of differences with 2000 that are more serious. one of them is that 2000 was exclusively in u.s. stock. the bonds were great, the yields were terrific. housing was cheap. commodities were well behaved. in comparison, it was paradise what you'd never want to do in a bubble is mess with housing. and we're sell issing at a higher multiple of family income than we did at the top of the so-called housing bubble of 2006 in addition, the bond market recently had the lowest lows in the history of man in 6,000 years of history. in addition, energy has pushed up metal and food prices are actually on the u.n. index higher than they have ever been before in real time so, we eare really messing with all of the assets and this has turned out historically to be very dangerous in japan they did housing and the stock market in 1989

about the same as the nasdaq right now. tesla was trading below 800 earlier this hour and has climbed a little above that level now. >> and you look at the other four horsemen, alphabet, apple, meta and amazon, amazon the biggest laggard, down 4%. >> thanks for watching "power lunch" everybody. >> "closing bell" right now. >> thank you, kelly and tyler. more pain for the major averages to kick off this new trading week the most important hour of trading starts now welcome, everyone, to "closing bell." i'm sara eisen take a look at where we stand. the nasdaq down 3.5% more selling to start the week after five straight down weeks for the zs&p 500. the s&p is down about 2.5% the only sector that is positive, consumer staples utilities are faring a little better you've got heavy pressure on energy, giving back a lot of recent gains, down 7.6% as a sector real estate and technology is at the bottom of the pack small caps down 3.7% bitcoin falling below 32,000 there's the nasdaq below 12,000. and the dow down 1.3%. here's a look

within that nasdaq 100 overall, there are eight stocks within the nasdaq 100 that have rallied by atst 5% or more from their intraday lows just in early trading so far to where we are right now. among them, booking holdings, advances pd micro and fortinet these are all up roughly 6% off their intraday lows. for airbnb it's up 7%. datadog has moved about 8% off an intraday low. the stock in the nasdaq 100, carl, that has rallied the most from the low point in early trading today to where we are right now, you mentioned in your gut check, electronic arts still, on an intraday basis, from the lows to where we were there, it was a nice move higher, about 9% or 10% off the levels we've seen. that's where the volatility has been within that nasdaq 100 overall. we'll keep an eye on those names and see if the volatility continues. >> dom, any sense what the volume might be telling us when we get these moves higher and lower, how much conviction is behind them? is the volume increasing or decreasing as the volatility drives on? >> a lot of traders have different takes on how the volume plays

, the nasdaq 100 in correction low -- mode.do we fall before capitulation? >> you do not have to go very far deliver superlative's for the nasdaq? a 25% drop year to date, the worst start to a year on record by a lot. the next closest was 1973 that was down 17%. not only that, my friend luke, he said, this is the biggest non-recessionary big -- six-month contraction in a non-recessionary time. this repricing is very vicious and very rapid. we think of the last two years this is starting to make sense. when you look from between 19 to the end of 2021, the nasdaq 100 was annualized 30% for three years, that is up a lot. when you look at the pullback it makes sense from the perspective of the fed hiking rates. we are tightening financial conditions. mike, why didn't you tell us about this at the start of the year? using valuations is a incredibly hard tool. historically difficult. >> why is -- i can understand the thesis, get out of companies that do not have a ian and pe, what about companies that really do, like apple, amazon, m

we all know the nasdaq went down 80%. so it's down 32% it may have another 5, 6, 7% it's still an over 20 pe based on the next 12 months while every other market actually in the world is in the teens right now. >> all right, carrie, so i want your opinion of that with the context of you trimmed apple it's been four years since you did that. >> yeah. >> now, you bought more microsoft so it's not like you're running from the space entirely, but take me through the thought process of why trim apple, why buy more microsoft? >> so apple is selling at a 30% premium to the market. the last time we bought it was in march of 2020 and it was selling for a multiple of about 14 so it's had an enormous run since then it's a consumer-based stock and the consumer is where there can be weakness. we saw it at target and may be seeing it in other retailers and even with amazon so it's china very centric, big market there we thought it's been a great run, and let's just cut some of the apple position and put it into microsoft where we are u

well, more losses this morning for nasdaq, extending nearly 5% sell-off yesterday the nasdaq this morningn weeks as well due to rising inflation fears over recession, joining me right now is gentlemen looks for growth the cofounder of craft ventures general partner david sacks welcome back. >> goods to be with you. . >> happy to talk to you a craft venture early stage fund in some of the most iconic companies in this generation you called out these companies early on, when nobody really understood the growth that you saw. twitter among them, by the way. the so let me get your take on what went on yesterday what is going on with growth are you worried about what is happening you say investors sentiment silicon valley most negative since dot com crash tell us more. >> -- growth stocks i am talking about recent listings, small-cap growth stocks down 90% last six months, basically since inflation became a huge problem in the -- it was persistent not transitory a huge crash 80 to 90%, all the way into vr capital markets silicon valley where i sit market is really semi frozen, and this is the w

nasdaq off 29.6% at the close yesterday. nasdaq, which closed at 11,418 is coming off the high of 16,000 we are going to keep an eye on all of these things. yesterday, the loss started with the target reporting below expectations the company's expectations they got hit by inflation. we are not able to pass the costs on to consumers and that stock was down 27% yesterday it is down once angain this morning. a decline of 2%. joe mentioned the declines target with the worst since 1987 walmart down as well the worst since 1987 the worst the two have sieen since black monday if you think things are getting better, the aaa average for a gallon of gas is now an all-time high at $4.59. it is over $5 in many parts of the country. this is continuing to tell you what is to come and the pressure we are facing. treasury yields are coming down. the 10-year yield at 2.82% the 30-year is barely above 3% 3.008% >> what is the guess on the high gas prices in july maybe we -- >> it is a refinery issue. >> will we do it in litres will it be euro

nasdaq 100 down .8%. yesterday was ugly, but ultimately on the week, coming into friday, only down by 0.03%. that has not felt that way, i know. futures down another .9% now. tom: this is important at 7:30 in the morning. the tape has not adjusted yet. we have not said that enough. johnson: we are -- jon: we are breaking down again. that is the equity story. yields keep breaking out and they did that again yesterday. they are doing it again this morning by five basis points on the 10 year. let's rounded up and call it 3.1. that is the surprising thing over the last couple of months. we talked about the fed pricing up for frontloading from the federal reserve, and a and yield, tens and 30's cap grinding higher. tom: the spread is not back to the steepness of yesterday but we made headway from 3:00 a.m. getting some curve steepening along with that yield move this morning. jon: we will catch up with mohamed el-erian later on this morning. he has picked up on this point, others have, too, we are seeing 10 ba

nasdaq, the worst day of the year. names caught up in the sell-off facing some of the pressure we've been talking about falling after reports of reduced iphone se orders making it easier for cloud companies to host office and other products not clear how much of an impact that is. cloud stocks sensitive to that interest rate pressure falling even harder. a persistent headwind, concerns into i.t. concerns cyber security names among the hardest hit. >> frank, thank you. ben, you put out a note, china helped people figure out how to construct a portfolio to deal with rising inflation and slowing economic growth. >> you have to look at sectors that are positive for inflation but not such a high correlation to growth. if you think of consumer staples down, i was thinking of the portfolio it is an energy portfolio. airlines or even asset managers will probably pick up trading apartment. telecom services like at&t have done fairly okay in an environment of higher inflation. it shows a positive return it will be the last optio

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