emily: peter kern of expedia, always great to have your view of the future.oming up, bitcoin plunging the most since january. what's going on? that's up next. this is bloomberg. ♪ emily: let's get to our crypto report with bitcoin dropping the most since january. concerns of a recession. katie? >> i want to start big and walk through what a horrible day in markets. the s&p 500, the biggest encz mark in the world it was down 3.6% today. the nasdaq 100 had its worst day since september 2020. a lot of that selling came in the biotech sector. one for that sector is worth less than the cash it holds. you're looking at the ark innovation etf. it is down after its biggest inflow in about a year earlier this week. a lot of the action was in bitcoin. the world's largest cryptocurrency down 8.4% today. if you look over five days, it is down 8.6%. a lot of that pain just came today. if you go back to the stock market, really painful. consumer discretionary, a lot of selling and that sector. a lot in e-commerce amazon, ebay and tesla also selling off in a big way with th

joining me is peter kern to talk about that and more. you saw the chart. what is your reaction?we were not expecting it. i think people are overreacting to some of the inflation worries, some of the other travel players and concerns. but we have not seen any inflation worries affecting the booking so far going into the summer season and longer. so we were a little surprised, we thought it was a good quarter. i think we expect a continued good travel season, despite inflation concerns. emily: no question people want to travel. at what point does inflation stop the demand? >> i think what we saw from covid on a macro basis was a lot of savings in most households. and also, overspend in consumer goods. what we expect to see and what we have started to see is a fallback to norms. probably overspend on services including travel and hospitality. we have expected that. that seems to be playing out. long-term, who knows on inflation? in the near term, inflation worries don't seem to be canceling people's ambitions travel. whether they might rerate down what they are hoping to do. maybe

peter kern, ceo and vice chair of expedia. >> seema, thanks to you for bringing us that interview. >>> check on the markets, the major indexes have bounced off session lows, however the nasdaq is it still down more than 4%. dom chu has a look at the key movers for us, dom. >> deirdre, to your point, the bigger than 4% drop off the session lows right now, brings the total drawdown from the record highs in the nasdaq, and the nasdaq 100 to a pretty steep amount here. if you look at the qqq trust, the instrument that many traders and investors use to take a view on that nasdaq trade, we're now from the record highs here, down roughly 23 3k9 from the levels of bringing that drawdown back into play again, still in that so-called bear market territory that's a drawdown of 20% or more from the highs if you take that kind of topdown approach, if you look at the industry groups now within that bigger kind of tech trade overall, there is where you're seeing the real underperformance and key parts of it. we're looking at specifically places like software, semiconductors, that sort of thing. in f