principal asset management actively invested. so, what are you thinking? i'm thinking...ing to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answer is j.p. morgan wealth management. francine: chanel is behind some of the most recognizable designs and fragrances in modern fashion. the french luxury house is still privately held by the billionaire family wertheimer, involved with the company over the past century. i continue my rare interview with the firm's chief executive, leena nair. do you see that, again, the high-end luxury, does that even go higher in luxury? that actually there's a lot of players in the fashion world right now, in the luxury world, and it's

up next, we've got michelle from principal asset management. this is "bloomberg technology." ♪ caroline: tech stocks, can they rebound from their worst weekly performance in two years? the recent declines have been led by the likes of nvidia, shedding four hundred billion dollars in market cap last week alone. we are here to talk about the pain trait of last week, raising gains on the day. why did we see such losses last week and friday? >> last week really highlighted the perils that so many people have been worried about in terms of concentrated technology with one group comprising such a big share of the market, the magnificent seven stocks making up one third of the s&p 500 index. when the momentum is going in the right direction, it lifts all boats, things are good. when you have disappointing earnings emerging, the growth curves we saw from last year's payroll data, momentum goes rapidly to the downside. it begins to sell and it accentuates the most on the downside with a lot of investors this year buying tech stocks at expensive prices.

well right now they want 50 basis points so let's bring in principal asset management chief global strategist sheamus shaw. i think it's an amazing turn of events. for weeks and weeks everyone said the fed can go 50 that's going to spook markets and now it feels like a big old 25. that's going to spook markets. >> yeah that's right and it's quite unusual actually because typically when the fed cuts by 50 basis points the market does worry, what does the fed know we don't know. but actually this has been a very different situation where actually on the days where 50 basis points are being increased and priced in the market does really well and being led by small caps and cyclicals. the areas of the market that do well when the economy is typically pretty strong is the moment the market is looking at saying look if the fed goes by 50 we feel positive about the growth trajectory and they are starting to price in a lot more optimism and pricing that through the market as well. charles: so the bottom line though is this 50 actually augments the soft landing argument now. >> it certainly does. a 50

principal asset management actively invested. jonathan: 37 minutes away from the opening bell. diary. the calendar for today and the rest of next week. fed governor berman speaking this afternoon ahead of remarks from jay powell on monday. earnings from nike after the closing bell. plus, the first vice presidential debate at 9:00 p.m. eastern time on wednesday. adp private payrolls on thursday. another round of claims on friday. payrolls friday just around the corner. mike mckee is still with us. what are you looking for? mike: we will look for jay powell. if you look at today's numbers, if they were meeting this week they would feel great about cutting rates. they have jobs on friday which will be big. they have another child support and another pce report before the next meeting on november 7. we can't say for sure what's going to happen but at this point we have put 50 on the table again if the fed wants. lisa: we had a quiet period. any conclusion to jon's point if the jobs number will be the most important in determining 25 or 50? is it going to be really just silly that i