here's romaine bostick. e: alibaba back in the news, getting a report out of reuters that there's more consensus on what will happen with ant financial, perhaps setting the stage for ant group to go public. a report yesterday saying chinese regulators had finally come to some consensus as well. paypal reporting earnings here. they really just knocked it out of the park. you're seeing a lot of the other fintech's rally this morning, including square. canada goose out with earnings. they are selling a lot of coats here. i am not sure what that comes out too. that's canadian. they are doing well. take a look at an interesting story in the chip space. we had qualcomm earnings come out. they gave an update and the idea of this chip shortage. we've heard from automakers that they haven't really been able to get their hands on enough chips to continue production at the levels they want to continue it. qualcomm's new ceo says this is a much broader issue. this really applies to everything, and they say it will be a w

romaine bostick, over to you. romaine: gamestop opened down about 37%, now down about 50%, a racing the gains it made -- 50%, erasing the gains it made since mid december. you see the other reddit retail type trade dragged into this as well, amc entertainment, sundial. those are some of the biggest volume movers across the board today, and he biggest percentage decliners across the tape today. easy silver prices on the stock market down about 6%, coming off the rise of about 14%. a lot of silver related stocks also moving lower here. take a look at the short interest, giving you a little bit of a reason why we are seeing this decline. short interest has come down significantly as a lot of folks seem to move to the sideline or decide to get in on the action. on top of that, you have seen options drop in volumes of sales drop. you don't really have the potential to get that squeeze higher that had been the hallmark of the last couple of weeks of trading. if you are sort of a big cap or more traditional type of trader

romaine: i'm romaine bostick, the markets down, taylor riggs reminding us yields do matter.oe: the question is, "what'd you miss?" caroline: certainly a day in red, rising yields putting pressure on tech shares, while a selloff of global bonds deepens. we saw the nasdaq tumble more than 3.5%, biggest loss since october. popular plays are tesla, zoom, peleton, all down. gamestop, up 20%. joe: a mere 20% today. even that had a bad day ultimately, but yes, the big story of the day, rates going much higher, perhaps concerns about inflation even though romaine thinks inflation is a myth. and you can see the tech-related stuff, arc spider and all of that. romaine: transitory. joe: you have changed your stance in the course of a week after rates move. alright come i want to bring in bloomberg's ladonna high wreck -- ladonna. these are interesting moves. >> fun and crazy and hectic, and speaking with people, i think there is two different things going on. we have seen a spike in yields. tech is getting hit because it is hard to justify some of these lofty valuations for the likes of

romaine: i romaine bostick. stocks do miniaturize, but the trendline on volume is down.oe: the question is, what'd you miss. caroline: meme stocks like gamestop and emc have come back to earth in last training sessions, there is signs of a run-up in newest reddit rocket ships, like a rocketship maker. what are the many issues left? we are going to focus on how fintech and wall street approach this new breed of wall street trader. the u.s. treasury secretary janet yellen has called a meeting of regulators to deal into the events of the past week. on the platform side, robinhood and other silicon valley companies looking to disrupt finance are learning the hard way they need to stress-test the business world financial goals. one committee that poses regulatory liens longer than the others, successful history for paypal, reported earnings after the bell. joe: absolutely. paypal along with crypto, anything like this, fintech, phenomenal window that is part of the story, but not doing a whole lot after hours. romaine: if you care about the numbers, but total payment volume is

romaine bostick is going to tell me it is dow equivalency. baloney. come on, the real market doesn't show the catharsis necessary to go down. julian: we totally agree there, tom. from our point of view, the speculative juices stirred on by liquidity, stirred by the fact that the public is more engaged than at any point in the last 20 years is the backdrop. when the economy fully reopens and those same traders, the buyers of short dated call options, move away from their screens, but that is in the future. lisa: you said take the fed at their word. what does their word mean when it comes to asset purchases? at what point are real yields going to become a problem for them? julian: i think we are still a way away from that point. if you look at how the markets have responded in the last couple of weeks, chair powell won't come out and say it, but he's probably not terribly upset that you have seen the equity market pause and reflect on what has happened, and frankly, the wish of the fed is to redress the fact that asset markets out ran the economy to the

. >> i am romaine bostick. joe: the question is, "what'd you miss?"aroline: the energy crisis is still front and center. in the u.s., it has knocked down the power for days for millions in texas and central parts of the country with blackouts expecting to last until at least thursday, and oil production has plunged to nearly 40 percent. coronavirus vaccine the shipments, delayed. amazon closed facilities to illinois and the texas. the crisis leaves many questions about, how did we even get here, and what policy and new technology can be used to make sure this does not happen ever again? the data we are getting on the lack of power is remarkable. : joe it is -- joe: it is striking that we are in this crisis and it seems to be getting worse. this is a great chart that we have on the terminal looking at total electricity load in texas, and it is lower or several points yesterday and a little bit higher than it was, but this is not recovery. the story of today is continued deterioration in the total energy grade right now in texas. an extraordinary cascad

romaine: and i'm romaine bostick. joe: the question is, what'd you miss?aroline: we saw the cooling off of some of the hot trades, and tesla, cathie wood's ark etf falling, and now the question, is it a blip or was today's bounce back an end of the month close? could tech set off once again on monday? that's pretty wild. joe: i start every day these days by looking at the ark etf, because it encapsulates so much of that momentum trade. tech, tesla, biotech and bitcoin in it, so everything that is momentum. down 14.5% on the week. earlier today, it had not reached those tuesday lows and bounced back a little bit. if you are looking forward, you have to keep an eye on that to see if it is a blip or the start of a meaningful change in how the markets trade. romaine: when you hear people talk about shorting the ark innovation etf and other etf's, we no tesla -- we know tesla is in there but some other names as well, baidu, others. joe: if you short it, you are shorting the future. for more on the wild week that was in the markets, let's bring in process it rep

romaine: i am romaine bostick. worst day in month until cathier wood and others starting buying the dip. joe: the question is "what'd you , miss?" caroline: wow. it felt like a pullback on risk. nasdaq 100 tumbling as much as 3.5%. then came the by the dip mentality. the u.s. central bank nowhere close to pulling back on help for the economy. was talks did get a rebound leaving only slight losses, except a few. before we get the dip into the story, green energy names. talk to us about the wild swings and the recovery that we saw. joe: nothing happened today in the end, at least on some of the really big names who we check in the morning when we get up everyday. what you see, nasdaq i think was down 3.5%, around 9:45. came back basically to even and then hardly fell at all. just huge declines off the bat. the aforementioned ark and tesla and these other momentum names. pretty impressive recovery. romaine: bring it back to the gamestop saga, news crossing the wire on gamestop, their cfo is announcing his resignation.

romaine: i'm romaine bostick for the second day, concerns about inflation.oe: the question is, what'd you miss? caroline: looks like a semiconductor church we were one about at the end of 2020 is your. gm with a cautious cover forecast as it is damaged from a shortfall being felt throughout the global industry. semiconductors, they are a bellwether of the world economy, and this supply issue has the potential to spill over to everything from cars to mobile phones to fridges. and it speaks to the concerns romaine just mentioned, the supply-side struggles and warnings about inflation that many have been wringing their hands about. joe, where is the inflation -- totally muted. but are pressures perhaps building as these shortages and semiconductors seem to show? joe: inflation is right around the corner. it's coming, i swear, i promise. i know it didn't happen last month or the year before or five years. it's coming, though. data still not showing any real signs of burgeoning price pressure. it will probably start to turn up again in the next few months because

romaine: i'm romaine bostick. a four-day rally has the indices at record highs.oe: the question is, "what'd you miss?" caroline: once again, talking about earnings after the bell, snap and peloton, some stock showing movement but moves pale in comparison to speculation on volatility we have been seeing in mean stocks for 2021. the media may be dissipating, gamestop down for 2% today. but there are still 16 reddit-loved companies that are up double digits this year. we seem to be paying more attention to hard economic data again. and it is good timing therefore that we get the u.s. stocks report tomorrow, with indications the recovery is stronger than thought. so the outlook is affecting rate markets, you see the curve steepening, joe. let's not get boring and talk about fundamentals first. let's go back to market shares in penny stocks. joe: big question, what does that 530 curve meet for does coin? we will break it down. but for real, penny stocks, we are going to talk about -- we don't talk about those. look at january, stocks that hit market caps are too conse

romaine: and i'm romaine bostick. less than stellar jobs report, but not enough to knock the markets down. joe: the question is, what do you miss -- what'd you miss? caroline: the economic recovery is going full steam, but there is still a load of work to be done. there continues to be incredible difficulties issuing the millions of people unemployed. there are calls for more stimulus, which come without gop support, it would seem. many pockets of the population are struggling. joe, investors cheered stocks today, because with the bad news comes hopes of more relief in the sign of a package. but the economic face of it, the numbers are not where they need to be. joe: in the short-term, we have been talking earlier this week about how the data was looking better. everyone has been predicting this winter slowdown. it may be a little worse on the labor market front, at least according to this one report that we got today. nonfarm payrolls just 49 k gains, about 100 k shy of expectations. the labor participation rate fell

you want to hear from romaine bostick. you've got the headline story, not me. with tesla. if you didn't like tesla at $300 or at $500, you are going to hate it at $1200. piper sandler more than doubling its price target for tesla. that is giving it a boost. another tesla related stock, one of the coronavirus vaccine makers that elon musk put his weight behind, the company lagged, one of the lake mers to the vaccine gain, but we are getting news this morning that they are is going to partner with curevac. that stock getting a nice pop. and if you are interested in getting in on richard branson's tourism rocket, they are going to have a flight window february 13 for the test version. if that goes well, you can start space tours as soon as this year. tom: what did you learn about gm and all the rest of it this weekend. romaine is a voracious reader. what did you learn this weekend? romaine: gme, the volume has gone down. restrictions are still in place on a lot of trading platforms. a lot of folks started to turn their attention ever. -- attention elsewhere. there'

tom: romaine bostick, thank you. i'm running out of time.e can see the morning light with james sweeney. james sweeney with us with credit suisse. a number of call a number of years ago. he joins us, chief economist for credit suisse. should we fear inflation? james: i do not think so. i think we may get it. i think the risk of higher inflation down the road are going up with all of this policy. i'm not sure there's anything to fear. tom: not the fear, but then there is the rate of change in the analysis of all of this. i do see the vector of five-year, five years. it is an impulse for higher inflation. do you see a rate of change that causes concern? james: i do not. i think where the global fixed income market is leaves supply and demand supported for lower long-term yields. i think they will go up but not 100 basis points or enough to imperil housing recovery. jonathan: i assume you read the piece from larry summers and the huge debate everyone is having. can you weigh in on that a bit more, your take on where you sit on this discussion?

thank you for watching romaine bostick and our various properties romain, what do you think of that,e elon musk says, you know what, i am a shareholder, that is all. romaine: that is all. tom: an engineer. romaine: you got this message from others. all they are saying is this is really a relative play. they're looking at cash and what it is returning, looking at yields peer they are saying, why not? so far it has paid off. tom: the real yield you can look for and then into the close, as well come on bloomberg television this afternoon. bob miller joins us from blackrock, head of america's fundamental fixed income, an important position on the speed of change. bob miller, i love your note where you say events are moving rapidly in the fed is not. when does the fed blink? >> great question. the conversation you guys were having the most recent rate would suggest we are reading off of each other's notes. i think it is coming but not immediately, certainly not next week at the testimony in front of congress. we think at the march fomc, the sep delivered, economic projections, our expecta

tom: we will check with romaine bostick on the markets, but you are right.ipping point to find them is critical. jonathan: in europe, we are there. the united states, not quite yet. and there's a bit of tension we will touch on just a moment. let's get those movers. here's romaine. romaine: we were having this discussion last night on "bloomberg markets: the close." then gamestop happened and we ripped up the script entered to the most important story. the massive run-up in gamestop yesterday, 100% gain during the normal session, and then in the post-market session, it doubled again. right now, looking like it is going to open potentially up as much as 55%. all of this seems to start with a writ of heavily -- with a relatively cryptic tweet by ryan cohen, the activist investor. it was basically just a picture of an ice cream cone from mcdonald's. that just set up a lot of speculation on what it could mean. no one really knows. you just saw buy and go through the roof, and shares were up about 60%. then the momentum kicked in from there. tom: i don't need an

[laughter] romaine bostick, thank you so much. "the close," look for that this afternoon as well., patrick armstrong, plurimi wealth management. he writes strong notes inking economics, -- notes linking economics, finance, and the movement of money. you write about the inflation-adjusted yield where it is rising, but it is so negative right now in the united states. what is the requisite real yield? what is the hurdle rate for you, where the real yield really begins to move the markets? patrick: it seems to be a bit of a status quo right now, where yields are rising, but inflation swaps are rising by a similar magnitude. last week, the tenure yield had risen a little more than inflation swaps. if we are -0.5 percent, i think that is still a tailwind for risk assets, so we are still at the -0.1% level now. -- at the -1% level now. growth stocks, you got to discount them at a higher rate. but with such a disinflationary backdrop, i think you are going to more than compensate with the higher earnings we expect. tom: we don't do the math on radio and tv, but when we get to that trip p