now there is a bull's eye on their back nvidia, a couple years ago, nvidia, this is a graphics chip. now everybody is talking approximate nvidia, are you cool with it trading 32 times forward earnings do they have to do everything exactly right for the stock to go higher. >> they don't have to do anything more exactly right than delabarton i follow you on twitter. i know delabar ton is like the patriots i know what's going on nvidia has come down i'm not saying it's been derisked look i'll sure right now left is listening from citron and he's ready to say this stock is vulnerable you know why? because it is just vulnerable. that could take it down. >> rigorous. >> if it were really good it wouldn't go down, because he said it's vulnerable if it were really good it would go up even though he said it's vulnerable that's the kind of stuff we are dealing with right noumt he is having a great time. out in california,an joying him. good for him. >> jim, great to see you thank you for joining us have a great long weekend. >> you too, thank you melissa. >> we are looking forward to that inte

but is nvidia ahead of itself, by jeffries. here's a piece by wells fargo, questioning whether the cryptocurrency risks are growing. here's a piece from j.p. morgan saying it's not possible to man tape the cryptocurrency, $250 million run rate, so therefore, we must be concerned about the stock of nvidia, what do i say to these people, jenson? >> well, our core growth drivers come from video games. it comes from professional graphics visualization like you see over my shoulder, our datacenter business, which is a multi-billion dollar business, doubling each year as well as in several years our autonomous vehicle business the reason why cryptocurrency became such a popular thing on top of our gpu s, is our gpus ae the largest base of computing. and it creates a public ledger, perfectly safe, distributed all over the world so our processor serves as the perfect processer to enable the capability to be distributed cryptocurrency gave it an extra bit of juice that caused our gpus to be in such demand. over the long run, krip toy cu

now the nvidia news. the question, how much might that impact any earnings around any semiconductor groups as well so, a little bit of fundamental issues here floegt around. these are not technical issues at all i think they have some soul searching to do. >> yesterday's bounce short-lived. we're down 343 points on the dow at the close the nasdaq down nearly 3%. ringing the bell at the nasdaq is bravo's sell it and the nyse was the new york mets. baseball season kicking off. that's it for the first day. kelly with the second hour >> thank you, wilf welcome to the "closing bell," everybody. i'm kelly evans. you're right, john, the applause on days like this at the bell feel so out of place, you know it's such an ugly session on wall street. anyway, john levin is with us, mike santoli here's how we're finishing the day. dow dropping 340 points on the bell, 1.4% drop. the dow is the outperformer. the s&p 500 down 46 points to 2612 the russell 2000 down nearly 2% to 1513. the nasdaq codown 3% at the bel mutti

i want to put up nvidia. 12:15, nvidia came out with a comment they were going to suspend the self-driving car tests. and the whole market sort of tech market drifted lower. you might say why should everything drift, all the semi-conductored drift lower on this that's what i mean when i say the market is unsure of itself everybody cancelled the bids it wasn't like we saw a rush of selling. the volume didn't go through the roof, but all the bids canceled and we drifted lower in the whole technology space that's what i mean when i say unsure of itself right now >> really good point, bob. and mike, where want to get to you on this. it seems like technology right now is facing a one-two punch. we have facebook and the ones that are rely nlt on data and selling data or advertising model getting hit by possible regulation and the fastest growing part of the semi-conductor sector. any semis involving self-driving cars, they're getting hit as well a tech sector under siege right now. >> and one of the common threads

. >> nvidia is crushed it's still up 15% on the year. what you are talking about is also justice -- i'm not a technical guy but i use technicals to guide posts we have great ones. we will have one on tonight. it's getting down ward sloping 50 day moving averages it means we have been at this long enough that we've changed the ten. 50 days effectively means if you think back to where we were early in february -- this isn't about trying to say i told you so what i have been saying every day is we are not going to tie a bow around this. there is a lot of things going on as you are talking about, did we think we were going to be having this exessential view of the tech sector, grow at all costs, who cares? two weeks ago it was steel companies? did we think steel companies were going to derail did we think it was going to be gary cohen did we think it was going to be rex tillerson? i think the 700 move reversal of yesterday's 700 move up, markets aren't supposed to do this i think investors need to be careful and not try to trade it day to da

daniel: chipmaker nvidia is suspending its self driving car program. what can you tell us?ens: well, also because of the fatal accident last week in arizona with an uber car, therefore nvidia said they are putting their tests on hold globally. so that will probably also affect tests being run in germany in the past couple of weeks and months. if you look at how important the driverless technology is for nvidia right now, as a percentage of revenue it is tiny. but it is future growth that investors focused on, and the stock of nvidia also dropped by about 8% and took the entire tech industry down with it. so we saw a sharp selloff here on wall street in general, and that started with the news from nvidia that they are holding the tech. daniel: we were warned that serious accidents could happen. looks like they are already here. jens korte, thank you very much. as rent in big cities rises, urbanites find it difficult to enjoy the simple pleasure of gardening. but you can grow your own fruits and vegetables in the city. just don't look to the ground for the sololution. go to y

the fallout from uber's fatal crash expanding to nvidia. the chip maker temporarily suspending its chip testing. >> a whip saw session as investors continue to assess the threat of a trade spat with china. with us now to discuss is quad group chief strategist pete peter borish. thank you so much for being with us. >> the great thing about being a strangist is i told everybody now that they should sell this morning. >> i'm just kidding in a bear market which, until the january 26 -- highs are taken out i think you have to give the benefit of the doubt to that being the hype. there's a lot of volatility. and the biggest rallies always come in bear markets. i was saying that to everyone yesterday. yesterday was the third largest point increase in dow history. the two others were in august of 2008. those were not a great time to be buying stocks. the markets phenomenonned through in the morning. europe closed and then sold off and now we're playing in world of roulette spinning so yao flowl we're going to go into japan. it's going to be weak so

chip maker nvidia off. >> i am worried about public reaction. >> reporter: nvidia today joined uber in suspending autonomous road tests. research and development is happening at break neck speeds >> i think it is humbling to make sure that technology in the industry is moving at the right pace and not going too fast and cutting corners. >> reporter: chief scientists it nvidia, thinks the pace is just right. >> we are going at the right clip. we are pushing the technology fast. and a lot out there with good solutions. >> we need to take this seriously. we need to have statewide if not national policy addressing when this vehicles can and should operate particularly at different levels of technology and development. and that is what we are seeing heightened right now. >> reporter: uber told california dmv, the case will be factored in. in san jose david louie news. >>> national trappings safety board is now investigating. the tesla model x has a controll system called auto pilot. investigators do not yet know whether it was activated. tesla stock dropped more than 8% on the news. >>> a d

. >> coming up, speaking of reversal, nvidia rally back hard today. jim cramer just spoke to the ceo. he had something fascinating to say about bitcoin. speaking of bitcoin, it's been a quarter from hell for the cryptocurrency down 40% from the december highs. it's about to break below $7,000 but brian kelly here says a bitcoin res reduction is ahead we will explain why he is bullish. >> it's opening way. guy ami adtoadrey step up to the plate. the one controversial stock he thinks is going higher watching cnbc first in business worldwide. in the meantime here's what is coming up on fast. you ok there, kurt? we're about to move. karate helps... geico... helps with... homeowners insurance? been doing it for years. plan good idea! get to know geico. and see how easy homeowners and renters insurance can be. ♪ whether it's a big thing, small thing, or something unexpected, pnc will be right there when you need us. because whencomes to y, if you focus on today, tomorrow has a way of working itself out. recapitalizing recaps retail having a red hot week tha

chip maker nvidia off. >> i am worried about public reaction. >> reporter: nvidia today joined uber ing autonomous road tests. research and development is

when a stock is free wall that is the narrative nvidia is not slowing down the making of any chips for its self-driving car customers when these beloved tech stocks get hammered you have new winners clorox to me, it meant you are getting a terrific buying opportunity. this largely american company had its shares of increases but they were temporary. it is getting its merchandise into all major drugstores. there was a time where the probiotics that i swear by couldn't be found anywhere now i can find it in all my favorite drugstores. of course when i recommended clorox back then, ten-days ago, people acted like i had gone crazy. let me see, they went to 2.75%, wrong direction. i heard the chart was death warmed over especially compared to the charts of the fang stocks and look how that worked out i heard there was a vicious head and shoulder product developing. what is driving the strength in clorox with rates that are lower, people fear there is a slow down investors look at it like the best of the best look, as i keep telling you, this is a challenging controversial market and he with

, square, some good news it's back to taking a leadership position and remember those who thought nvidia was rolling over well, neither nor the dog or stock is playing dead. intel continues upward if tech continues to keep acting as a leadership group, let's if micron blows away the thursday thursday we need to see the european commission pledge to look into not act but look into taxes on u.s. companies like amazon and

nvidia, grasso. >> higher.ithout question equity he connected houses, connected cars, connected lives. people are using their lap tops and cell phones. everywhere, it's going higher. >> connected lives >> we are like connected, the five of us tonight no sorry. adobe. >> no, no. >> oh, nvidia? i'm trying to play the game. >> fine. do adobe do whatever you want today i'm through with you i'm through with you adobe. >> who sits next the me from time to time going to be on the next show, dan nathan. six months ago i said if you like amazon you have got to like adobe and he article ed look at it now, all time high. last quarter, 42 operating margins better than expected >> what does it mean higher or too high. >> higher. >> he's having trouble here. >> it's friday >> steve wynn now cleared to sell his stake in the casino giant he founded where does the company and where does the is to stock go from here. >> higher. >> different game. be quiet we are going to break. i'm melissa lee, you are watching cnbc first in bus

"power lunch" starts now sglimpltse. >>> i'm not selling nvidia josh, thank you.everybody, to power leverage lunch inpredictable spiking, trade fares, rising rates, the threat of technology of regulation, the biggest risk for the mark. and savvy trades for your money. twitter getting clipped, sliding by the noted short seller citron research, saying wait until the senate hears twitter's hidden secret we're going to take a deeper dive an

ending of some testing by nvidia, et cetera, et cetera.ally hold up the self-driving industry? >> that is such a good question. nvidia made part of the technology used in the uber self-driving car. in act of solidarity, in sympathy for what is going on, for the future of self-driving cars, nvidia said let's stop, let's wait to see what went wrong and we can resume later this is quote from the company. ultimately self-driving cars will be safer than human drivers. you have other companies like like aptiv out of israel, no, our technology would not be in the situation. this is an uber problem. they're trying to distance themselves because they believe the future of the way we drive is autonomous. ashley: what nvidia's software does, it takes all information from sensors and radars, crunches it in a split second to tell the car what to do based on all the information coming at it. the question about was it in the uber vehicle that killed pedestrian in arizona, very unclear. let's not forget that system was shut off anyway. the radar and senso

google, nvidia and noirks in correction territory and amazon falling amid the wreckage as investors fear it will become the next tart of the trump administration will amazon rise again if not, what does that mean for the market >> pete. >> i think the amazing thin about amazon, it's down 10% in the last week. it's still up 22% on the year. the amazing part, this trades with an incredibly high valuation. a lot of what we are seeing right now is a reaction of of facebook and the selling of the fang names and other tech names as bell. going after names in the market right now that have high valuations, clearly amazon would be one of those names. is it partially -- i had say it is, partially because of trump sure i think it started a week ago. and it's down 10%. i think that's the selling reason. >> can i interject. >> sure. >> how long have i been doing this show. >> by the way, great song. >> ten years 11 plus. >> that was the creepiest music i have ever heard. >> was that your wedding song. >> what about amazon ♪ >> stop, stop. >> la, la, la. amazon please. >> they report earnings april 2

the tesla news, nvidia. the facebook soap opera still ongoing. of macronervousness and it er baits it a little bit. >> i wouldn't wonder how much we're seeing the effects of the effort t.f. world. exposure nt to reduce to facebook, they sell e.t.f.'s and sell a bunch of them. >> i think that part of it. news the other days, this forbes rally in treasure is -- treasuries. not along ago everyone was worried about treasuries getting low. short treasuries expecting higher yields, has -- as they get squeezed out of that, there could be a little collateral damage in the stock market. the highly -- high yields could still make people more nervous. but with the treasury stuff going on, that could have an effect too. >> if you look at the i-map, tech is the worst group but it's followed by financials, a group that tends to do worse when -year-olds are down. especially if your investigates -- investments in this yields that keep increasing. >> like we said yesterday, once volatility is reintroduced and hit like this it's going to be here to stay for a whil

nvidia knows how to do it well. hat aree chips lightning fast. >> thank you ron. to read a moreut his stock picks head to our website, omb.com. >>>g up, a young entrepreneur who i really socking it to them. tonight's bright idea is next. >>> 10ea ago people with the chromosome disorder known as down's syndrome could expect to live tep years. that's all. today they canxpect to live into their 50s shlg even longer. but the labor force participation rate for people with any disability in the united states is oybout 20%. that's one reason a young entrepreneur with down'snd me got the bright idea to start his own business, selling socks. >> down's syndrome ever hold you back? >> down's syndrome never hold me back. >> in fact, one might say john krohnan's disability helps push him forward. starting his last year of high school in 2016 on new york's long island, john thought maybe he and his father, mark, could start a business together. >> we walked and talked about starting a food truck.s but a he points out neither of us can really cook. >> instead, john cooked up an

its got intel and nvidia and broadcom and anything you want the big one that matter is the xlk. this is north of $20 billion of investment and it keeps ongoing up it is not just the chip stocks, you got the fang names and apple and facebook, and microsoft, those three stocks, they are one-third of the wait ing in the xlk. throw in some of the big names and throw in the chip stocks, no high for that as well. i want to mention, earnings are over for the fourth quarter. what we cared about and have been watching, we talk about everyday is what's going on with first quarter numbers and revisions and the second and third quarters here is a good example why these earnings matter so much, the first quarter estimate has have been raised since the start of the quarter, 60% of the companies have seen their estimates raised they are up 6% of the year about one-third of the company have seen their estimates for this quarter, q 1 lower. they are down on the quarter the bottom line is threats of earnings growth are the biggest problems the stock markets have. that's why this whole tariffs thi

they handle an immense amount of data without running too hot that's nvidia. alphabet not long ago we were writing this company off for its inability to police you tube to the point where they are running normal ads next to neonazi cryptocurrency consent guess that they put their minds to it and have once again become a great place to advertise we always like their search. they kept making it better and better my hope is that wamo will take over this industry but this recent fatality should cause a pause in the strichlt as it should ultimately i believe the pause will be temporary because self driving cars are safer than people driving cars. alphabet remains the gold standard for the web yet the company got too aggressive in its forecast that's why it keeps getting hammered on its earnings reports and comes back because people forgot why they sold it. finally, elephant in the radio. facebook what can i say mark zuckerberg's statement today. it was a start i was going to call it a decent start. but i took the word decent out of the if facebook addresses the sit

i don't know i mean, i come back to, yes, my dog, nvidia -- when nvidia doesn't go up, a lot of stocks don't go up. it is the one that people look to that one is stalled. cypress is too cheap more consolidation coming. the qualcomm, broadcom i think put a chill on deals when the president -- he slapped a strong sell on qualcomm, the president. >> you are right, jim. good to see you, thank you >> thank you, guys. >> nvidia. >> the dog >> egg, all of it. >> huge "mad money" with jim cramer tonight. >> come on. >>er mo of that intel interview, plus the ceos of hewlett packard and clorox that starts at 6:00 p.m. eastern time big "mad money" with jim cramer. what did we do for intel jim said they don't need to do anything. >> i think you wave it in. intel is still very cheap. i think the enterprise and market is growing. i think they have been conservative they are not guys that get out there and grand stand. i think that's why the surprise in the stock it is an attractive valuation. >> it could be a easy tuck in deal for somebody if they were inclined i too think the stock is too cheap. >>

amazon, netflix, nvidia and chinese internet stocks all in the top 20 holdings of this etf.on, obviously, is if whether this has just been sort of narrow segment of the market that got overheated and now going to shake out but going to continue to be leadership or if this is the start of some kind of bigger transition. and i don't know that it's particularly clear yet facebook is the big kind of worry point at this point, but it seems like it's not being contained just at that. >> no argument that people in this space are sitting on some pretty sizable gains most likely. >> for sure. no doubt about it. and you don't know how exactly the house money effect will play out. for a while, why would i sell. if i have to i'm still way up. once it starts to reverse this dramatically and i think you had the sense yesterday that people felt trapped in these stocks now not in reality were they trapped but this sense of, look, these are going down too fast, i don't get why. netflix is down 6% down almost 12% from its high as we speak right now >> we'll, obviously, watch that. it's a key

that feeds into dc i said nvidia was going to break out. i believe that was my final trade.looks like it's doing a false breakout i would say take today's low and use that as your stop if you played that breakout of nvidia. >> let's bring in roger mcnamee. he is the cofounder of elevation founders roger, lots of news in technology taking a look at what has begun on for tech. the broadcom/qualcomm deal gets blocked. late in the day there are reports that the president could seek $60 billion in tariffs on tech and imports from china. >> it has uncertainty problem. we haven't adjusted as the market investors to the rise in nationalism as it is applied to trade. right? we have been a globalist economy for so long, and tech has been such a huge beneficiary of globalism that if we are going to pull back from that in any way at all tech is going to have to adjust. i don't think anyone really knows exactly how that's gag to shake out or what the impact is going to be. but tech is going to feel it as hard as anybody of the we import so much stuff from china we sell globally all that

apple, amazon, nvidia, and microsoft also hitting all-time highs. nasdaq now up for seven straight days also a good day for financials goldman sachs, morgan stanley, and bank of america, they're all moving higher. and goldman sachs hitting new all-time highs as we learn more about what's going to happen when lloyd blankfein eventually leaves tyler. >> thank you very much for more on what's moving the markets today, let's bring in bob pisani and mike santoli from the floor of the new york stock exchange bob, you first any buzz from traders on our friend larry kudlow being a potential leading contender for gary cohn's job in the white house? >> well, you saw the market very much cared about that. we came out with that, jim came out with that about 11:30, and the market immediately came off the slows. we were down 160 points on the dow. we almost cut that in half, but we're drifting lower again i think the real problem right now is other than what jim was talking about, we're sort of in an air pocket for news right now. we have the earnings reports out

it is up 50% but i prefer their partner nvidia and you know how much i believe in nvidia, i named my dog after the stock. you get akamai and you get a buy. much more "mad money" ahead. the new ceo of so-fchl i. about what is ahead. i am celebrating my anniversary with you i will tell you why it is even more important than ever to roll up your sleeves and get ready to learn. tonight's edition of the "lightning round" so stick with cramer hey, need fast heartburn relief? try cool mint zantac. it releases a cooling sensation in your mouth and throat. zantac works in as little as 30 minutes. nexium can take 24 hours. try cool mint zantac. no pill relieves heartburn faster. >>> if you want to understand where an industry is headed you need to know what the privately held are up to a company called sofi. with a major social networking component. earlier today we got a chance to check in with a long time friend of the show who took over as ceo of sofi. i have known you for a long time your success is amazing. but you are going to a place that i can only describe as -- >> why sofi? we have a

your amazing opportunity nvidia or all the data that anybody could be used for any company to figure out where the company is going. >> video is part of the overall strategy if you want to help you share what is important to you, video is going to be a big component whether it is live video or user generator content or content from someone who owns content and wants to get it in front of people similarly, it is part of creating the data that we then are able to sell to cos. one of the great things about our data businesses s we don't have to decide what the business model is for these companies we give them access and they create great businesses around it. >> we ought to get a 30 snippet and rather than the whole thing. it is rather amazing is there a way to make it how everybody can learn how great twitter could be for the business. >> for their own business. i feel like so much is trial and error where there are courses where other people are blazed. >> if you think about, there are millions of small billions that are on twitter and local is such a great use case if you want to kn

taking the trade lower along with that nvidia headlines.we hop into the bloomberg and look at g #btv 476, it is hard to believe this but the degree , of selling today was such that index down 6%ng on the day the worst day going , back all the way to 2014. that is extraordinary and the degree of selling pressure we are seeing today. volatility breeds of volatility. it is likely we see more as the weekend probably as we move into april. emily: abigail, another extraordinary day. sayill see what you have to tomorrow. apple announces a new, lower cost ipad as a goes head-to-head with google's chrome book in the education market. this is bloomberg. ♪ emily: apple is making a new push to go head-to-head with google in education. it is a market apple helped pioneer. at an event in chicago they unveiled the new ipad that will square off against google's chromebook and will compete with google's software. joining us from chicago mark , gurman. break it all down for us. what do you think the highlights are? and will apple be able to take on google? >

nvidia, but why doordash over popular alternatives?postmates is different, and people don't realize this. doordash is building relationships with restaurants, building partnerships and allegiances with them building , data for the backend and letting customers let them know what they want. but a company like postmates is focused on developing relationships with customers. what we are saying, investors approach istaurant more defensible. especially a large chain like wendy's or mcdonald's will be less nimble. they will pick one partner to work with. customers are fickle and will go where the best deal is and least expensive delivery. emily: it is interesting because doordash was struggling to make -- to raise money. these vision fund investments are so large and you have to wonder, are they keeping companies afloat that should not be afloat, or are they giving companies a chance that wouldn't have gotten it otherwise? >> that is a tricky question. it is a good question to ask toni who was going to come on the show tomorrow. sometimes th

what it could mean a red regulation and taking the trade lower along with that nvidia headlines.f we hopped on to the bloomberg and look at g #btv 476, it is hard to believe this but the degree of selling today was such that we had the index down 6% on the day. the worst day going back all the way to 2014. that is extraordinary and the degree of selling pressure we see today. volatility braids volatility and it is likely we see more as the weekend probably as we move into april. emily: abigail, another extraordinary day. was say what you say tomorrow. and apple aims to go head-to-head with google's chrome but in the education market. details our next. ♪ emily: apple is making a push to go head-to-head with google on education and is a market will help pioneer but lancaster in recent years. at a event in chicago they unveiled a new ipad that will square off against google's:, and will compete with google's software. joining us is mark gurman. whatit all down for us, are the highlights here and where apple will be able to take on google and not so much. when apple was founded decad

the best example of these are nvidia and twitter which have been strong stocks it would be natural for nvidia to suspend the driving chips until they figure out the accident with uber i think it is inevitable that there will be more fatalities from autonomous driving cars cars will always have accidents. as long as the machine does ultimately a better job than humans and yet then, ultimately, it can rally. how about twitter? the fact that it can go down because the short seller says it is vulnerable without explaining why it is vulnerable is a sign for true what matters is whether they find their footing, for the moment tech has lost some of its most powerful themes the bottom line, really need to get used to these wild swings that sends stocks plunging after any major rally. it may be about breaking up and not making up because the whole thing feels a bit like the fool's game that the stylistics shadowed in their hit. this is certainly the situation we now find ourselves in there is always a bull market somewhere, but they are making it tough to find for more than 24 hours craig in rh

uber confirmed to abc7 news that nvidia was using a platform called xavier that was on display here. the san jose chipmaker was more coy about it's involvement. >> we only know what's in the public right now. >> reporter: is that a yes or a no? >> that's an i don't >> reporter: city that it whether not renew its self-driving permit. the company is working on autonomous driving technologiess the ceo says he hopes it doesn't create a set back for this highly competitive sector. >> i hope we kind of move past this and still enable the industry to do what it needs to get vehicles on the road. >> reporter: william rigs, a management professor at the university of san francisco focuses on transportation and technology. he says more regulation may be needed, but to save lives, testing must continue. >> when does there come this moral imperative that we need to enhance the technology beyond the speed it's currently going just to actually save more lives. >> reporter: nvidia has been putting agent of its future bets on the autonomous vehicle industry, but with this news developing today, it's

that led shares in the chipmaker, nvidia, whose technology is used in the cars to fall sharply in newsla closed down more than 8% after safety regulators said they were investigating a fatal accident involving a tesla car in california last week. the ntsb says its unclear if it was in automated mode at the time. despite this and this month's fatal uber crash the united states is the world's third most prepared country for autonomous vehicles according to the consultancy kpmg. they found that singapore came in at number two and highlighted the readiness of the country's consumers to adopt new technology. but top of the list is the netherlands. it has more than 26,000 electric charging points and the government is investing in traffic lights which will be able to communicate with cars. so there is still an appetite for technology. and in new york google's self—driving unit waymo has launched it's newjaguar which it's billed is the first self—styled "premium" autonomous car. waymo's chief executive has been telling our correspondent dave lee about his firm's priorities. our focus has alw

nvidia suspend testing of its autonomous driving chip program. resla is, i think -- the ube crash, too. the news of that earlier this week, i think, is also hitting the chip stocks. it is really when it rains, it news goesfar as bad to another story i would point out that i don't think got a lot of attention but is sort of interesting is quebec last night saying it is looking at taxing online companies like netflix and amazon. you know, sort of a story that flew under the radar, but i think it is something to keep an eye on to see if other countries follow suit and pushback at the big e-commerce giants with higher sales taxes. emily: mike reagan, our bloomberg senior editor, and caroline hyde, for us in london. thank you both. aswill see if it is not just eventful a day tomorrow as it was today. ok. in the latest revolving door, iran is said to be leaving the company. this comes after a deadly crash of an uber in tempe, arizona. arizona has shut down the testing of uber's self driving cars. it will not renew its permit california to test these ca

nvidia up.t's a great quarterly story for the tech sector specifically, even after a pretty nailbiting week for the group. emily: netflix and amazon defying the odds. i have an interesting chart here which shows if you take out netflix,f you take out consumer and discretionary spending is actually down in the first quarter. what do you make of this? mike: absolutely. amazon -- we always consider it as a tech stock, but as far as the industry classifications of the big indices, it is considered a consumer stock in the retail category as well. a giant weight in those indexes. these are market cat waited indexes -- market-cap weighted indexes. consumerkes the discretionary look good when most of the rest of the group is struggling a little bit. emily: facebook turning a corner in the middle of the cambridge analytica data controversy, that still seems to be unfolding. has it hit bottom, or could there be more bad news to come, especially with mark zuckerberg potentially testifying in washington? mi

. >> enough with the selling of nvidia honestly nvidia is still the best you can buy every single commodity, semiconductor, junen. >> i also like intel, i think the break above 50 was not a false move, stock was following through right now. intel i think has 60, maybe higher written all over it and a nice dividend and buyback, while you wait for that to play out. >> i love that call. >> textron is the name -- and on the small pullback i do think that the company is doing great in terms of that i defense -- >> citi actually says that's the 2017 micron call. >> intel is. diamondback energy. >> f.a.n.g >> i think cornel has pull out and half half. the new small -- >> >>> we'll see you took? >> absolutely. >>> jimmy, thank you. >>> "power lunch" begins now >>> scott, thank you very much welcome, everybody here is what is on the menu? trade turmoil. 2.3 -- do tariffs work can they reverse dumping or over-capacity, and the broader effect staggering news statistics on -- but what will tariffs mean potential on steel for u.s. oil companies? we're live at a big energy summit down in houston, and the

. >> which is interesting that nvidia is one of the stocks hit the most yesterday, down % almost let's talk about facebook a bit. the ceo, mark zuckerberg, plans to testify before the u.s. congress he is coming under increasing pressure from lawmakers to explain how data firm cambridge analytica harvested 50 million users profiles >> a number of reports today saying mark zuckerberg expects to have to testify in front of congress in the coming weeks this comes after no less than three committees asked for his testimony. facebook would not confirm that, they just said they received the invites and are talking to legislators. one report saying he will appear on april 12th before the house energy and commerce committee. a spokesperson for that committee issuing a statement that says reports of mr. zuckerberg's confirmed attendance are incorrect the committee is continuing to work with facebook to determine a day and time for mr. zuckerberg to testify. there's still a lot of questions. one thing becoming clear, it's getting more difficult for zuckerberg to avoid appearing before lawmakers h

. >> nvidia is holding its global tests for self driving vehicles. the stock is to the downside. market is also taking a hit. take a look right now. it was down about 6% a moment ago but after this fatal crash on march 18 in arizona they said they are holding. day will continue gathering information but they are going to be using manned vehicles, manually driven data collection rather than self driving vehicles. it is under pressure. they have so many deals with automakers and other software developers and suppliers. the stock is down in the whole tech sector is getting hit hard. >> speaking of getting hit hard, i was on vacation last week, i got hit hard with the vision, i thought i escaped everything at work. local iran into. the trader down. [inaudible] it was so hard to recognize him on the slopes. how come you're not wearing a helmet. he didn't recognize me, i recognize him. i hope you had fun. >> we were in vail and i spotted him. >> you said you are a great skier, for the record. >> who knew we need to get back to the markets. we are now down 367 points. we see one thing r

in the last hour, nvidia announced it will suspend self-driving tests across the globe. the chip maker is conducting self-driving tests. arizona governor announced he's suspending uber's self-driving cars calling this video disturbing and alarming. adding it was an unquestionable failure. the chronicle reports uber wanted to clear the air say it had nothing to do with the driving system. >>> it's become standard practice, of course, to disable car's technology as companies like uber develop its own autonomous driving system. volvo says it's waiting for a full investigation report before commenting. >>> new details on the deadly crash involving a tesla on highway 101 in mountain view last week. the national transportation safety board is now investigating. the chp says the tesla driver hit a barrier and the car caught fire. firefighters had to determine if it was safe to move the car and its damaged battery packs. the ntsb says it will examine the post-crash fire and the steps needed to make the car safe to remove from an accident scene. >>> now to the facebook fallout fr

has been talk of legal action but the subtle name change and the inclusion of some other cartoon nvidia —— other cartoon characters. we are coming up to the crossing! 0h, characters. we are coming up to the crossing! oh, my goodness. 0h, characters. we are coming up to the crossing! oh, my goodness. oh, my gosh, i can't believe we are going through this. although some of tokyo's taxi drivers say that to us can be deep and dangerous, johnny tells me he has supervised over the rows and tours without any serious accident but several cab drivers we re accident but several cab drivers were met still have some concerns. new regulations now mean that modifications will have to be made to the go—karts and it is hoped repositioning talents and feeding it back and head protection will provide safety for car drivers and other road users and pedestrians. that's it for a look back at some of the best bits on the travel show so far. coming up next week... there is another chance to see our blind back packer make his way around jerusalem and bethlehem. my name is tony giles, iam and bethlehem. my name

other devices, nxpi, that's far more important for the cost i would argue it would soon bee nvid nvidiat is a lot of what you can do for a living but it is not what i can do for a living. >> i don't understand of this may be a wider battle. i don't want to call it a war yet, why this would not be bad for investors the world over the merging market investors we can discuss the politics behind it or the reasons behind it and they may be justified but that does not necessarily mean that it is not going to be bad for stocks for example, lets discuss the fact that in august last year of the investigation of china they have a year to do that. the report is due in august of this coming year that to me is a much more important moment if and when this is the first shot fired in what will be the bigger battle of china specifically. by the way, you may look at the numbers and china's steel but that's not really true it goes to south korea and coming out of steel and ends up in mexico and here >> so i don't understand why if this road continues to be one that they go down, it is not bad. >> it is g

. >> nvidia's price target was raised at rbc capital. the firm says there are enough positives to drive the stock to new highs like spending and gaming. the analyst maintains his outperform rating and the city council rose a fraction to $278.74. >> sunoco's ratingas cut at goldman sachs. citing head winds for t committee company including vised earnings calculations. s ntury aluminum's rating raised to overweight from neutral at jp morgan. the analyst cited the trump administration's tariff on imported steel whi has prompted sentry to increase its capacity. price target was lifted to $29. with day's selloff shares were down 5% at $20.45. >>> still ahead, united airlines makes headlines again. t is it the result of mismanagement or perhaps a poor corporate culture? >>> insider tradinges cha were brought against a forme employ yi of equifax. the exchief information officer milliony sold almost $1 worth of shares after learning of the data breach at the company but before the companyh made hack public. the company now faces more than 240 cl

nvidia is worth around $150 a billiond has gained a whopping145% in that span but there are reasons for caution. >> many investors probably need to pull backn techot because the opportunities aren't good but because pru portfolio management says never let one sector get above 20% of your portfolio. >> the technology sector is organize arguably the most important part of the market making up around a quarter of the entire s&p 500's market value. while stocks like apple, facebook, alphabet a microsoft get much of the attention these chip stocks could be one of the bigat inds for whether the overall bull market can continue. for "nightly business report" i'm dominic chu. >>> as bill mentioned, the white house blocked singapore-based broadcom's hostile takeover of qualcomm citing national security concerns. the $117 billion bid would have made it the biggest tech dealing inor hi that sent both stocks lower in trading today. david faber h moore on this failed merger. >> reporter: it was an unexpected end to a hard fought takeover battle in which broadcom has been trying for months to acquire

not just for facebook but for other social media stocks as well a finally, nvidia announcing it was suspending testing on selfg drivars which dropped the entire semiconductor market. rth semiconduc as a leadership group any question on earnings is going to add tadthe aches to technology. for "nightly businesseport" i'm bob pisani at the new york stock exchange. >> let's turn now to our guest for more on this unpreziktible market. matt mayly at the equity strategy at miller ta back. welcome guys, nice to have you here. matt, what the heck happened? well, it's kind of fuy. the tech group seemed to be the eetalyst today. of course last it was the trade issue. but right now we are -- it is a funny. in january, the mart was riding really high and everything was going good after the tax bill. but then february the market got cracked. and people were saying well nothing has really changed. well some things have changed now. whether it be interest rates moving higher toer the fed being less accommodative. tand then what bob was j t in terms of the -- whether we are going to be in a trade war or more t

facebook's data scandals that thrown social media into a existential crisis, then you have got nvidia's driverless car issues and tesla's credit edowngrade. aps getting hit after iphone sales were cut this year. and there is word that president trump might go aftermazon's tax treatment. here's the deal. technology has gotten too big for itsbr ches. the three biggest stocks in the s&p 500 are apple, amazon, and alphabet. combined they have a market cap of $2.3 i trillion out of the s&p's market cap of $ trillion. three stocks make up 10% of the s&p 500. tech is 25% of the s&p in total. add financial into the equation and those two groups make up % of the s&p. that's a lot. the smaller sectors, energy, utilities, materials, telecom, real estate, they they are only 15%. they don't matter that much. consumer discretionaries and consumer staple stocks make up the rest. if tech and financials faulter they are the only ones left with the heft needed to move needles. do you see the problem? those are the ones investors will try to rotate into provide the market healthy and earnings are rising i

semiconductors in particular if you look at micron, nvidia, lam research, all 52-week highs there.e also have new highs of what you can call the f.a.n.g. names, microsoft. we're seeing some of them -- i'm sorry, amazon and apple hitting new 52-week highs and we're also seeing microsoft at a 52-week high as well teches and banks leading us up back to you guys. >> thank you. >>> companies are seeing big benefits from the recent tax cuts especially when it comes to buyback. cnbc.com financial editor jeff cox joins us with more on that hi, jeff. >> hi, wilf. that cast of companies from december's big tax cut is finding its way into investors' pockets. share buybacks this year are running at $4.8 billion a day. now, that's double the pace of a year ago, according to trimtabs. this comes as corporate america tallies up its wind fall from the tax cut, which slashed rates from 35% to 21%. tax cut opponents worried companies would be rushing to give money back to shareholders. there also appears investment and cap x will benefit as well jpmorgan forecast they will hit a record of $800 billi

ceo tonight for "mad money. >> nvidia's technology is an open platform.and driving applications and software we want to make sure that we take a moment, wait until they do their investigation and learn what we can learn from them. but their technology and our technology is completely different. >> and that's a sound byte from the future you can catch the full interview tonight on "mad money" at 6:00 p.m. eastern mike, how do you think we are setting up now as we enter the long weekend and come back. >> tentatively it looks like the people think the month and the market can open in okay condition. april is seasonally strong there hasn't been an april recently that has had a big downside maybe that's a benefit i still think the market has a 2 or 3% upside before you can say this is more than a bounce right here. >> enjoy your time off that does it for "closing bell," everybody. "fast money" starts now. >> "fast money" starts right now live from the nasdaq market site overlooking new york city's times square i'm melissa lee. traders on the panel today -- pet

oracle, micron, alphabet and nvidia all getting crushed the xlk tech etf off 9.9% from its high is there more pain ahead let's go to dan looking a the cracks in the chip stocks. >> let's check the etf that tracks the semiconductor sector here it massively outperformed the 1516 months of broader tech. this outperformance that still exists this year even with the nasdaq down 3.5% i think is an opportunity here for traders to be nimble on the short side. if you are of the belief that the s&p and or the nasdaq are going back to those prior lows we entered the thooer year with optimism about m&a, exposure to new technologies, autonomous driving and ai and that kind of thing. the white house put the kwai bosch on the broadcom/qualcomm deal, i think all this protectionist stuff about the tariffs could hit this sector. i have got the say look at this chart here, the serks mh it looks like it's going back to that up trend that's been in place. i don't think i'm saying that the thing is going to crash. but i think if the s&p and nasdaq go back to those pryer february 9 lows this is going back to t

started that put some extra pressure on the stock of tesla keeping it with automated cars chip maker nvidiais suspending itself driving cop program what can you tell us. well also because of a fatal accident last week in arizona it was over a car and therefore video now said that they're putting their tests on hold globally by the way so that would probably also affect the tests that are being run in germany in the past couple of weeks and a month and if you look at how important the driverless technology is for and if you do right now as a percentage of revenue it's tiny but it is future growth that investors focused on and the stock of in video also dropped by about eight percent and took the end tire tech industry down with that so we saw a sharp selloff here on wall street in general and that started with the news from invidia that they're holding their tests while we were warned that serious accidents could happen it looks like they're already here against quarter thank you very much for that as rent in big cities rises and rises urbanites find it difficult to enjoy the simple pleasure