tech.nd if you look at individual tech companies, tech companies have some of the highest positive ratings from customers in the country. that is appurtenant to recognize, that most people are not marching on washington or sacramento or albany demanding that policymakers make the tech services they depend on work less well. peter: before we bring our guest reporter, how are you funded? adam: we are funded 100% by our company ardors. we are need to stay group that we are an industry group, not a think tank. we don't claim to speak for individual companies all the time. i don't think companies have a vote or veto over our principles, and that is an important thing to mention. they are going to agree with us and disagree with us, but we maintain true to our principles when we disagree. peter: give us an example of some of the partners? adam: big companies like google and amazon. [no audio] peter: ashley gold is our guest this week. ashley: thanks for having me in good to see you again. i want

tech. tech had a long political honeymoon probably through the end of the obama era. i think now what you see is tech is leading -- leaving its dirty laundry on the floor and some politicians are threatening to file for divorce. some of the proposals that are put forward, breaking up companies, turning gig workers into full-time employees, i think they are more extreme than where voters and consumers are at. by all means, let's have relationships, let's figure out what kind of problems the policymakers are concerned about, and let's put some rules in place that ideally, channel the good of technology while reducing and mitigating the bad, the excesses, the abuses, because that is the way that we regulate every industry. we recognize that there is an underlying good there, but there are excesses that we want to increase. host: what is the chamber of progress's position on net neutrality? adam: we are supportive of net neutrality. we have not gotten deeply engaged in that, but we will be supp

what about added taxes on tech transactions and on tech in general? >> guest: we've seen this in maryland earlier this year they pass the digital advertising tax that singled out digital. that's probably an violation of existing federal law. there is a pending lawsuit against that. you see this in europe. they singled out the digital sector for taxation. this is something the biden administration has tried to call their bluff on. there's clearly a need for more sensible taxation. we have supported increasing the corporate tax rate but to single out one industry versus the other stuff when we generally do taxation. >> host: final question from ashley gold. >> what can we expect next from your group, and what is your next big policy announcement we should be expecting? >> guest: wow. honestly it's more introducing ourselves, particularly to legislator at the federal, state and local level and really kind of a conversation with them about what our the problems they're saying from technology and what are some of the solutions we can work on together. ther

i think in tech, i guess you're asking about tech here and what we said is -- >> yes. >> -- tech is 40% of the s&p we would want to own half. 20% weighting in tech, and you still want some exposure there's real shortages in semiconductors and the supply chain. we know that's why there's real commodity inflation. semicap equipment, because moving supply chain to america i think any company that can actually ease inflationary pressures, that's a lot of technology companies, are actually going to capture a lot of value i think anybody who works on the supply chain or helps contain inflationary costs will be the safe place in tech we identify three or four industries that look decent in tech to me, the layout. those are battleground -- that's a battleground sector as one of our clients in connecticut says. i'd rather be buying energy here, because, you know, oil is already making a decisive move and energy has a huge catch-up to that especially things like oil field services, which is the way. >> and tom, talking about what is safe in tech. let's talk a little more about what might be smart

tech. thank you for joining us. before we get into the book, what, how would you describe yourself politically? >> i am a conservative that is the easiest description of the constitutional lawyer for by background a religious liberty first attorney general for the state of missouri as a prosecutor have ast background so for all of those reasons i believe in the constitution i consider myself a constitutionalist first and foremost also a populist. there is a rich tradition rooted in our constitution that normal everyday americans who are the best citizens that can run the country or the government what we're fighting for today is to make sure it is normal everyday americans have a say in their government and that's what we are seeing with big tech. think tech wants to run the country and we cannot let them. mark: the left likes to say they are populistt. but they like centralized overarching ubiquitous government. briefly describe your idea of populism and their idea. >> you put it well the

the tyranny of big tech. let's start this way. begin your book by saying hey look conservatives, we never like monopolies and we did not like monopolies during the industrial revolution slightly thereafter and we should not like them now. they smother liberty, they smother individual alabi so go ahead and claim what you mean. >> you know, our framers had it right. mark, you look to our founders and they hated monopoly. they were deeply, deeply suspicious of it and the associated it with aristocracy. you know what happens when you get concentrate a power that means that the experts, the self-appointed experts try to run the show room of the elites try to tell everybody else what to do and of course in their day that meant the monarchy but it also meant the aristocrats so that the framers enacted all these laws limiting the monopoly forum, limiting monopoly power and states can only grant monopolies with very, very few instances at the time of the amerian pounding and our whole constitution is meant to disperse power. so it doesn't

not quite as tech heavy here and the selloff is broader than just tech stocks.not just tech. travel and leisure stocks is the biggest falling sector. we are seeing some companies coming to markets to raise equities. that is partly the story and the travel and leisure sector. really interesting to see that basic resources is one of the sectors that is suffering, down by 2.3%. is there a sense that the commodities rally has run so far that perhaps it is in danger of endangering itself, if you like, of putting pressure on the global economy to such an extent that it would not be good for the future of those basic resources stocks? anyway, they are down. you do see technology is weaker. you see that all sectors are in negative territory. the bond proxy sector is a little bit less sold off than others. sticking with the selloff, nasdaq futures in the u.s. continue to move lower. let's get to dani burger, who has been looking at some of the drivers of that selloff. dani: it really is remarkable that these inflationary fears are coming back so strongly into the market

it's the techiest of the big techs. right? that big cash forward.t's got the biggest luxury product in iphone on the planet. it's got arguably the strongest ecosystem in tech when you consider the profitability of that ecosystem one could argue that right now from a product perspective, it's one of the strongest advantages it has in a decade with the m1 home-grown chip working. iphone managed to expand and remain strong and protect margins, and you've had stable leadership, despite over the past decade, steve jobs not there. johnny aye stepping away angela urnsernst no longer runn retail look at this for the market here ripe because of all of that strength >> yeah. look at the strength apple, consider it the biggest tech stock in the growth stock most fame investors in history is its largest holding that gets to the valuation of the stock. of the five mega cap stocks only amazon trades in an above market multiple and we've seen in amazon last three quarters is they seem to be able to turn on the earnings faucet however high they want lately who know

>> calmed tech stocks getting slammed this morning higher names hit hardest older techs not as bad alleeling pain as the nasdaq drops more than 2% biggest losers today chip stocks applied materials, land search and nvidia lower all components in the s & h lower. and trading in the session down loaded 20% in the last three days more on that this hour d? >> jon, today's sell-off could be a wake-up call for investors consent to just hold big tech. dom chu has more on the small to mid-cap stocks outside of faang moving this year but moving lower today, dom. >> so this broadening out of the stock market rally is very much in effect with the biggest and most consequential in the s&p 500. technology sector. 27% of the s&p underperformed the overall market over the last six months this indicates that the big effort and most influential tech stocks have not done nearly as well as other parts of the sector, or overall market. so one chart that helps encapsulate this broader underperformance of the biggest tech stocks is the one you see now. a comparison between an exchange traded fund that track

come back the best value plays in tech a day after the tech sell-off as the nasdaq is going for itsongest losing streak here perhaps since october and a member of facebook's other oversight board. we're just getting started . >>> gut check on peloton today's biggest laggard in the nasdaq the company announcing a recall of its tread plus and treadmills following the death of a child and over 70 other reported incidents of injury. shares currently trading down over 9% and they're off about 50% from their year high of 171.09 john foley saying peloton made a mistake by not acting sooner and the company is committed to working with the u.s. consumer product safety commission moving forward to set new safety standards. carl >> let's get back to the story of the day that's facebook's own oversight board upholding the company's decision to ban president trump but giving the company six months to write better rules our next guest a critic of the company and member of the independent group of critics who call themselves the real oversight board, author of "the age of capitalism" and professor

but this news versus tech debate is getting heated up all over the world.er: emily birnbaum -- go ahead, gopal. gopal: to what ashley was saying earlier, in terms of defining antitrust. and as i was saying earlier, is the consumer paying more price for a product or service? that's like the defining metric for determining whether a company is a monopoly or not. but now we have a situation where facebook, google, all of them provide things for free. we don't pay anything to access facebook or google. but what they do is, they take information that we provide and the use that to sell advertising. so now, people supposedly being hired by the white house to oversee the antitrust issues, this is a professor and author who has written extensively on the tech industry. and they have called for new ways of looking at monopoly power. how does it affect competitors? how does it affect suppliers? so news media providing information that is then monetized by facebook and google is one example how there's is a -- there is a need for a new definition. peter: but there's q

up this hour we are going to decipher the tech selloff, the slices of tech that are performing and the ones that are not, and how to position for yourself for a balance coming up next >>> and then breaking records. we'll look at the return of soft bank and the golden goose this hour and coin base, number one on the app store and making another corporate change we'll discuss, john. >> yeah, and the nasdaq swinging negative again so far this morning after what we saw yesterday, and we saw it end in the green after a steep drop early. we'll look at how to take advantage of the srvolatility i tech this hour >> and fubo, easily the biggest earner of the morning, and up 13% right now. and unity, both ceos will join us this hour >>> well, let's dig into the tech selloff and get more specific on which parts of tech are being hit the hardest. we have been talking about the sepl semi selloff. the losses are dwarfed by some of the stocks, and it's a bigger divergence if you look at it versus the dow here's the year to date chart of the dow. the nasdaq still up 4%, but the wisdom tree down 13% joh

so who's right about the future of the tech giant?gins, a tech correspondent with the "wall street journal. dan, i think you probably agree with the oracle of omaha on this one. why is apple overweight in your opinion? >> yeah, i mean i couldn't agree more because to me it's about the monetization i think they're just starting on the services side. we think that's worth $1.3 trillion alone we've talked about the super cycle. this is not just a six-month super cycle. it's a 12 to 18-month super cycle. we believe this is just near term pain that we've seen with the rerating but we ultimately think on the other side this is a stock that's up 40% to 50%, $3 trillion in the next year. that continues to be our call and we do not waver from that. >> tim, you feel like perhaps cathie wood is on the right side of this one. what are your thoughts here? >> i think an investor like cathie wood is making huge bets on technology that she thinks can disrupt the world. when she looks at apple that's not disruption in the future, it's more of the same

tech selling yesterday. so some of the asian tech indexes down.he tech selling in europe really pretty brutal, down 2.5%. relative to the nasdaq 100, well-off it slows, down 0.9%. let's take a look at the 10 year breakeven in orange, relative to the nasdaq 100. this is a dangerous divergence because you know have the breakevens going higher and the nasdaq 100 going lower. we earlier saw that happening in february, and we did have a big correction for stocks led by apple. apple is in a true correction from its january high, and the chip stocks, the last peak was in early april, so some really brutal action. the nasdaq 100 looks pretty vulnerable as we took a look at this index relative to its moving averages. we see a nice uptrend, but we see that on this ugly open, a gap to the downside below the 100 day moving average suggesting that this whole area make taping nasdaq -- whole area may take the nasdaq down to is 200 day moving average. alix: great stuff, abigail. abigail doolittle joining us. coming up, more on the tech rout with amy wu silverman

>> tech has always been a long term thing for us. actually, at this point, you know, we want to -- i mean with the strong earnings growth, this is great for mega cap stocks but we want to avoid overconcentration in the mega cap stocks and perhaps look into some of the earlier stage mid cap, small cap growth companies as well. in general, we are still positioning for this reflationary -- for this reflation trade. we think outside of tech, small and mid caps and emerging markets had great things to look at i don't have all so investors can concentrate on a more diversified firework instead of focusing complete will he on tech at this point. >> okay. okay and, david, how much room do you think the reopening trade, if any, still has to go is all of that sort of priced in how should an investor who is thinking about how the overall environment is shifting play that in equities >> absolutely. i think on the tech point we would agree, it should really be a secular and structural allocation within portfolios we would gravitate towards the na

they want the tech companies to further define what is offensive speech and whatnot, they've the techbasically become wings of the democratic party print i'm opposed to that whether it's right or left. >> host: decided i want to be clear the companies have denied that they censor on the basis of political view. moving onto the future of the republican party, i want to ask you about how the falsehood that the election was stolen has become a witness test in a lot of ways for the party. is that bad for the party? speech of this is why i would go back to a second ago my proposal is what we ought to do is make the tech companies own terms of service enforceable against them. we were right, cat, the tech countries do say that they don't discriminate on the basis of political viewpoint. they said that over and over under oath. that is fine, let's make that enforceable. if you are a normal person and you get d platform you say wait a minute, i think you google by ledger terms of service you discriminate against me on the basis of political speechvi there's nothing you can do about it. my vie

at tech sites but on from the biden administration and that could also be aimed at some of the big tech names. thank you. well you heard it commodities gained on tuesday pushing already rising crude prices further they have been trading higher after a ransom where attack on a crucial oil pipeline in the united states well 3 days after the incident the owner is struggling to bring its delivery system back meanwhile gasoline shortages are becoming a real threat to the economy on the u.s. east coast. drivers in florida lining up for gas worried they can't fill up their tanks for a while after last week's ransomware attack the colonial pipeline is almost 1000 kilometers long it carries 3000000 barrels of gasoline diesel and jet fuel between texas and the u.s. east coast after hackers crashed the company's computer systems the pipeline is still down federal investigators are on the case and the white house is watching the situation closely department of energy is working directly with colonial to get the plate ones back on line operating at full capacity as quickly as safely as possible mean

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i think what is interesting on tech right now is that you have a week where tech kind of felt like it bottoming. as steve said, you had interest rates kind of moving around and tech not really acting in a coordinated way. so it looked like investors were starting to try to find a bottom, and we think we are building a bottom in quality tech we like quality tech so we're focusing our energy there where there is a little less high prices and a little more opportunity i think we expected volatility we have been writing about this. we still like equities, but we're prioritizing cash flow one of the reasons, scott, was that this recovery is just so different than any, including the great recession. the speed of this disruption and then the following rebound, we kind of titled the piece "for every action there's an equal and opposite reaction," it led to worker dislocation, supply chain disruptions, mismatches of employees. we just need more time, so we are using this volatility to take advantage of positioning for what we think to be, will be a stronger and with a bumpier beginning >> look

tech now has a broad range of enterprise legacy tech to premium high quality gross tech where the fangedames would fall in. you still have your speculative names. the big trade today was inflation risks cooled off now it is safer to buy those high-growth respected tech names and you would expect this trait every time the jobs number comes out. the question is whether or not we have a positive surprise. emily: how much growth in jobs you see happening in the tech sector as we come out of the pandemic, knowing that tech in general, has fared better than basically any other sector? >> emily, i think what you just said is right. there were structural winners in tech from the covid crisis. that sounds crass but it is true. some of these companies have had higher growth rates, like the big super tech names that reported last week. i am not sure about apple, but microsoft, google, amazon, facebook, all growing faster not because of covid but the conditions around last year. they are going to be the biggest employers, hiring the most people, particularly amazon added 400000 and i think this numb

what else are you seeing in terms of tech? kriti: you're looking at a chart on the screen right now that is so important. it really shows you this yield sensitivity. i think it is 128-day correlation. if you were to change that chart, which is what i spent a few hours doing today, to a 30 or 40-day correlation, it is a very different story. you do not see that much read at the bottom, which really tells you that is not what is trading. there is going to be this growth slowdown at some point for a lot of these companies. now they are saying we can still keep up our forecast. we are investing in things like electric vehicles and streaming, etc. it does not necessarily mean you get rid of all things tech. it just means when you talk about this momentum trade or volatility trade, big tech is not necessarily the play. romaine: i'm curious, you have not seen a ton come out of the market. for the most part, this is truly a rotation just around the market. kriti: absolutely. my favorite function to look at is are r.g. -- is rrg on the

but we start off with a tech trade roaring back to life the nasdaq rallying for the best day in more than two months. the s&p and dow posting big game gains but not enough for major ground loosing since monday. and what is the set up into next week brian kelly, what was this week all about? >> yeah, well this week was all about inflation or not inflation. is it sustainable or temporary that is what the market was trying to figure out and price in this week and what was interesting about today's action is we actually saw some pretty hot inflation numbers, particularly coming from import and export prices. also coming from michigan inflation expectation, one year ahead and five year ahead were both higher than expected but the equity market and frankly the bond market as well didn't respond to those so that tells me that for now we have priced in any inflationary scare. secondary, if you're thinking about retail sales that were kind of weak, this leaves it open for the fed to stay loose for a long time which probably feeds into the tech trade again. we get stable interest rates, loose

these tech stocks down 15% to 25%. we have fundamental people, investors don't want to touch them and momentum people figure out when can you go back in? today not the day. major tax bill is unlikely is a big positive for the market. recently more confirmation of that yesterday i think that's a major theme and the big issue is the federal reserve and whether or not inflation is sticking and that's a major market risk right now and the unresolved situation who's right? will the fed do something earlier or is the fed right and most of this inflation is transitory back to you. >> thank you. >>> let's ask rick santelli the very question tracking the question at the cme. >> bond yields are down but from six-week high close in yields yesterday. here's a 30-year bond chart. the auction is not pretty. we spiked at 1:00 eastern. here at 2:39 and right around 6:30 a.m. the high yield of 241. here's the 6-week chart on 10-year note yields. down 3 because yesterday's close was 6-week high and we are up .74 plus basis points from b

big sell-off on the tech side on our hands.ome decent performance from some of the cyclical sectors what's your take on today's action >> well, it's really interesting, wilf. the stay-at-home stocks and secular growth stocks, sometime you'll have a rise in rates per janet yellen's commentary and that's going to negatively impact the multiples but typically when you're coming out in this point of the cycle after the first year, you typically worry there's not enough growth and the fed may slow it down even more if they tighten too quickly. now it's the opposite. there's a lot of growth and the market is scared the fed may not slow it down quickly enough, and that keeps changing the dynamic of these mega cap stocks >> and in terms of whether we are due more of a pullback, if this is just one of the many 2% or 3% blips and then we'll continue marching higher, what are the key factors and warning signs you're looking out for >> i think we're in it i downgraded the market on april 13th on a short-term tactical basis and we called it

tech is leading the declines with the nasdaq seeing its steepest loss since march. a step back from today, mega cap tech has been underperforming for weeks now. dom chu is taking a look under the hood at that group. >> jon, we've been looking at some of these mega cap tech names and if you look at an equally weighted exchange-traded fund, an etf of all the stocks in the s&p tech sector, you'll see it's not just outperforming today, which just means less bad than the overall tech sector, it's also handily outperforming the market cap sector. it is 27% of the overall s&p 500, the biggest sector by far it's market cap weight andy means that the underperformance over the last several months is pretty much attributable to apple and microsoft. they have acted like ankle weights on the overall sector. you have applied materials, hp inc. who have returned way more so far this year than apple or microsoft. what it comes down to, kelly, jon, it is the underperformance in technology might be outweighed in some ways if the rest of the sector besides apple and microsoft can actu

annmarie: you say you like tech, but i wonder, is the tech crackdown hurting your investment?o, we are focusing on the companies in taiwan who do the design for the chips in semiconductors. and in china we are not so heavy in tech. we are more involved in educational companies and medical companies, companies doing testing. that is where we are focusing on in china at this stage. annmarie: we had census data that showed the population growth is the slowest since the 1950's. what does this mean for long-term chinese growth as well as consumption? mark: the important point is that the age group, the consumer age group is growing in china because of the one child policy. these are people now moving into becoming homeowners and consuming goods for the home. in some ways, this population change is good for the market, the consumer market. longer-term, you will have a dip because these people will get old and you do not have enough consumers coming down the line. remember it is one billion people, so it will be huge market. annmarie: when you look at cpi numbers relatively subdued,

but we're up against big tech and you know i work on capitol hill as well and in d.c. and the lobby are big tech at last count we're getting paid a $1000.00 an hour monella wow and they will be a $1000.00 an hour and when you big tech now when you're talking to a senator or a congress member they will literally come up to you and i am not exaggerating they'll knock you over to talk to that person wow people like myself and other wonderful advocates all working you know for the for the common good of protecting helping people we're not getting paid a $1000.00 an hour we're doing this is not basically day to help and you know also i want to point out human trafficking sexual exploitation it has no political party it is a human rights abuse issue and it is just i don't know you know what into the you and. what are we doing here nothing is happening and i need to sound so drastic but the truth is nothing is happening and this is what you have to teach your own you don't want to remind you again you have suffered no consequences and immunity under section $230.00 of the com

big tech hit big time. the nasdaq down nearly 2% on tuesday. but it looks like right now we should have a slight rebound dow futures up 90. nasdaq futures, they're the ones to watch, up 60 points right now. now, let's focus on what happened yesterday when nearly every big tech stock, and the deal of the day, only the one you'll hear here on "worldwide exchange" and it's ugly. look at this this is yesterday. apple lost $78 billion in value. amazon, nearly 38. microsoft, 30.5 billion and google a relatively slight $25 billion market cap loss. if you're doing the math right now, don't worry, we did it for you. the total combined market cap loss of the big four was $171 billion. on tuesday, that's bigger than costco that's about 50% bigger than the entire corporation of starbucks. so what did well on tugs well, there were some names. the boring old materials companies pop, names we never talk about like sealed air, martin marietta and vulcan materials, they live long and prosper. these are all infrastructure plays by the way is the market telling u

let's get into tech's small comeback. can tech rally? what do you think?> etiquette can. -- i think that it can. i think that ultimately, many think this is as good as it gets, he will start to see numbers second-half that blow away street numbers. i think that is what is sending this higher. i think mna is also a factor that will play in. >> what is inflation starts to bloom? what does it mean for meg or cap tech? , good news is bad news and bad news is worse news. if you talk about inflation starting to come in, i think that is already starting to get factored in. if i look at the valuations or my conversations over the next couple of weeks, we are seeing more investors that are skeptical, i think we are getting close to what i view as oversold on tech. emily: any specific names you would call out that you think are getting unfair play? >> microsoft, i think that is a $300 stock and that continues to check every box. i look at names like tenable. they were oversold. on large cap, i view apple in that perspective. i think that as this proves out, the supe

tech taking the biggest hit. nasdaq futures down nearly 200 >>> america's most important oil and gas pipeline closer to starting service the white house eyes certain steps. gas stations are now reporting they are starting to run dry team coverage ahead. >>> more milestones in the pandemic fight covid cases crashing all over the country. texas, florida, california down more than 80% in a few months the fda gives the green light for the pfizer vaccine for young americans. >>> one major financial firm telling its workers it's time. time to head back to the office. >>> can you spare a few bucks? you may need to to pay for the big summer barbecue. pork prices have gone hog wild we'll tell you how much on this tuesday, may 11th. this is "worldwide exchange. ♪ >>> good morning, good afternoon, good evening. welcome from wherever in the world you may be watching. i'm brian sullivan thank you for joining us on what is turning out to be a busy tuesday morning. get some coffee. get on the treadmill pay attention. a lot's go

tech can sit out and wait this thing. there has to be giant tech companies.'m surprised there aren't other bidders. thought there might be including comcast. maybe they have antitrust worries. that's yesterday's war what will happen is fighting with the amazons, the googles and apples of the world. they are ill equipped. you know, facebook doesn't have one platform facebook, instagram, whatsapp. google doesn't just have one platform, google, youtube. buy other things, oculus apple has all kinds of ways to satisfy media concerns my worry is this is too small. it's too small a thing all that media people -- i have how much respect for john ma loan, by the way, in the way he'sconducted this businesses. just look at his record. astonishing, but in this case i don't know if it's a brave decision to go backwards i guess to retreat, yes. a brave decision to retreat when you made a mistake by going forward. i would have continueded to go forward in that regard but i see why he did it, for sure. >> hmm fascinating. we'll see how it unfolds, kara it's a good piece. eve

you had tech stocks leading the rally's third -- the rallies. the question becomes, trend or -- joe: the sentiment toward so many of these risky assets, whether they be the cryptocurrencies, whether they be the qqq world, have done super negative -- have gotten super negative going into this weekend. very strong bounce back. again, the question is, is this the start of something new or a cliche? caroline: tomorrow, we stop pouring about inflation all over again. joe: just repeat the cycle. for more, let's turn to katie. as the cross as a reporter, did ever cross your mind you would be reporting on things like the confederation of north american bitcoin miners? >> i have to admit i never did. increasingly, it feels like tech stocks, crypto, it all trades together. there are some linkages there. you did see bitcoin take a leg higher. the most since march of 2020 as we got some noons -- some news about elon musk and michael sailor. they help form this bitcoin mining council. i was on the phone with council digital. they confirmed there was a meetin

i'm a tech policy reporter and author of the technology later the technology lit up in my guest today is senators josh hawley a republican from missouri. senator welcome to the "washington post." >> thank you. >> senator i'm looking forward to talking to you a bit about your proposal to break up big tech companies in your new book but we want to start with events at january 6. senator you were the first senator to object to the certification of joe biden's electoral college victory writing your book quote my -- was to raise the objection of one state during the certification process. senator what responsibility do you feel for the cascading events that resulted on january january 6? >> listen i did what i said i was going to do on jenner's six was to voice my concerns about election integrity misses something by the way the process that i used to do that the democrats have used in three of the last presidential elections and in fact every time a republican president is elected since the year 2000 democrats have -- over those presidential elections or the law provides for that as well

it is very much a tech market. -- linked to the tech market.emi cab stocks are already in correction. what is that sin to global investors -- what is that sending to global investors? maybe it is a global chip demand story that takes the front seat. mark: i think it is a great question, because my thinking on this has evolved route the morning. what is interesting, it was just taiwan that was leading. we had weakness in other equity markets, but nothing drastic, and taiwan was just collapsing. a few hours ago, i would have said this was a semi conductor story, and it is about the virus resurgence in asia. it is looking increasingly more negative and bleak in asia as we continue to see a resurgence of virus and more restrictions come through. what has actually been the big takeaway is this is a margin trader story, and that is important for every equity market in the world. the amount of market -- margin trading from retail investors has been massive, and this was a major margin call of retail investors who got in at the peak of the bull market

meanwhile, on the tech side, look at amazon look at google look at apple. they all had these technology distribution methods, app stores, you know, prime, et cetera, that they continue to marry with content so i wonder, is this strategy on the media side going to play out better than it is on the tech side >> yeah. that's true. i mean, we had guests this morning on "squawk box" say, de, the era of vertical integration in media is literally coming to an end, but same time we're talking about other areas of technology, and apple is a prime example. getting vertical is actually what's happening right now >> yeah. amazon as well jon mentioned this amazon spent what? $11 billion last year up from less than $8 billion in 2019 and their cfo said they'll spend even more this year. perhaps the jury is still out here, jon and carl, maybe the prime ecosystem can show distribution and content will work blackburn back to amazon heading up media operations there. can he compete now with zaslav v jo joking calling him most important. if not, one of the most important peop

not all tech is the same because we talk a lot about moonshot tech, but also the big cash tech, bank stocks, these companies make a ton of money in the here and now. they had their wares day since the middle of march. the index down 3.6%, a downgrade, but really it was just a lot of selling. romaine: this is where i make a very insightful conversation about valuations. they still matter. i don't know. maybe. joe: joining us now, katie greifeld. katie: they are always high. what frustrates me is this is a market that is hard to attach a narrative to right now. if we think back to friday after the jobs miss, to thinking the fed is never leaving this market, we might as well buy stocks. but the magnitude of the tech drop today brought down the entire market. what really stands out is it is the entire tech sector. it's banks in addition to your arks, your teslas, it's taking down the hall market. the be -- the whole market. the best explanation i have heard is this is a market acutely worried about inflation and investors are taking it out on tech. but those worries have been with us for

it's a bit of a double whammy for any tech company which is exposed to global tech trade but is also looking in china at the same time. so a big outperform by the hang seng index compared to other major tech parts of the world. it's something the traders in the region will watch very closely. that could be one of the biggest movers in asia today. david: put options surged yesterday. also coming up, inflation numbers coming out of china, the fastest commodity rally since april. 6.5%, 2018 highs. let's bring in our china economy editor. james, what do we expect with these inflation numbers? james: we're expecting to see that rise again to 6.6%. copper is up, oil is up, chinese goods are much more expensive but they are making chinese exports much more expensive. you had the big spike in shipping costs which haven't gone down, plus the increasing cost of chinese goods, it's another source of tension for world inflation. it's expected to speed up again in april. even food prices, they are expected to fall year on year. even if there is a drop in food inflation, inflation pressures are st

rates are rising tech stocks falling.ust transitory we have been hearing that word a lot and likely hearing it more. >> we are already starting to see gas shortages in the southeast after the colonial pipeline hack. will they come to a gas station near

if you look at thematic techs.verybody loves investing in the kathy woods arks and the 3-d printing and cloud computing generally thematic tech has taken a 25-30% haircut across the board. cathie wood's more speculative end things but you can see everything is down in the technology area that everybody loved to talk about in 2020. now, big cap tech has held up a lot better than any of this. if you look at the big mega caps from where they were, the 52-week high this is pretty modest declines and the reason is they have more fundamental support. they have more fundamental investors that are behind the long-term people who like the story who like the value associated with the pe multiples are not terribly high on most of these and they are supporting. at the same time there is a huge rotation going on yesterday at the close we were at 52-week highs in many, many sectors of the s&p 500, including industrials, financials, materials, energy, healthcare. whole bunch of consumer staples as well were at 52 week highs. tech

mergers and apparent lack of interest in full-scale tech investigations allowed g tech to get, well, even bigger. how would you grade the obama administration's anti-trust policy? especially with respect to big tech? >> i would say that they had some major issues there. and i am not afraid to point that out in the book. i have an interview in there from kariya swisher, interviewing gene sperling in which he was honest. he said look, when i look back at facebook's purchase of whatsapp and instagram now, we should have done something. and i think people were so enamored with tech at the time, they said trust us, and everyone believed them, and they were great american company, employing people, that's all true, so they just kind of let it go. you add to that the sophistication of these companies, and the fact that congress, as we know from some of t questioning, didn't really, weren't able to cope with it. you've got multiple problems in them taking it on. now, we've reached a different point. because we have seen the bad. we have seen the misinformation on vaccines and the like. we ha

take the tech companies. these tech companies argue frequently our services t are free our service is free, google our services are free. but the problem with that is they may be free in terms of the consumer facing products, but the companies extract monopoly in other ways you don't have a choice if you and your data collected if you want facebook or to where the going to track you all of the web without your consent usually without your knowledge. they are going to extract your data. that is a monopoly we are in you cannot opt out of it. there's no other place you can go no other. competitor to them you can say okay on this platform my data will be protected. interesting, facebook used to pledge that they would protect data. that's when had real competition, myspace over a decade ago. since atwood and the competition they started collecting the data. all of that to say it's to get out the reason why consumer welfare standard is not enough. you can have services that areer technically free but in fact still

if commodities are doing well, tech probably doesn't, even if tech earnings are growing.using kind of slows from lack of supply, homebuilders could be in for a rude awakening. romaine: i am curious. we are getting to a point where we will see some normalization of monetary policy, normalization of fiscal policy. the question is if this rebound can stand on its own, if we can transition to some sustainable growth rate that is not dependent on jay powell and what congress passes with regards to stimulus. >> in the last cycle, the mistake we made was trying to normalize monetary policy, which was normalizing interest rates. i think the shift under powell is more like, what we have now is normal, and normal does not necessarily mean two or 3%. it's not a goal in and of itself. caroline: conor sen, neil dutta, we leave it there. ding! ding! that's the end of the fight. who won? joe: 10-10. they both won. caroline: snooze. [laughter] romaine: it was rigged. caroline: rigged for a draw. meanwhile, the battle continues between kathy wood and wood itself. joe: i think kathy won to

vastly underperforming tech and the market i asked rob for his top picks.id 7, and crowd strike back to you. >> a lot of good information there. thanks let's bring in kate rooney for a look at the fintech names and how they finished up the day. >> payment stocks and crypto names selling off as investors back off from the high growth stocks we start with square the ligest laggard closed down 6% paypal faring better, down almost 4% today. both had blowout earnings last week both companies benefitted from the shift to digital payments. shopify closing down 2.5%. it has been another huge growth story in the past year it is now negative year to date. to credit cards, visa, mastercard, american express were down. they fared better than the broader markets. visa was the biggest laggard in that group coinbase, that stock selling off about 6% today the company reports earnings tomorrow we did have kathy woods arc invest innovation etf coming in this week buy that stock all ice on earnings after the bell tomorrow. bitcoin despite being talked up as an inflation hedge

big tech especially taking it badly.7, that is a selloff. we are seeing more incentives to get the jab. the latest the free beer if you live in new jersey. michael guns all in -- gunzellman, a shot instead of vaccine. >> as you just said forget the petrone but rather the covid 19 vaccine shot. for companies trying to incentivize people to get the jab and yesterday new jersey governor phil murphy announced a new program that would allow anybody who gets the vaccine during the month of may to go to a number of different bars and breweries they partnered up with and get a free beer. there is incentive raise their as they get the vaccine. there is also monetary solution as well. west virginia last week announced they are working on a plan for anyone between the ages of 16 and 35 and just yesterday maryland governor announces they would give $100 for each state government employee that gets vaccinated. that is supposed to cost $5 million. not sure where that money will come from but that is what they are trying to do. to get

names while big cap tech names were eh how do you reconcile the action? >> sure, mel few days ago we were talking about this, it was a tough day, right. we saw huge implied volatility premium so relative to realize volatility these were quite high so that was the time to buy the dip in tech, semis, anything getting crushed that day, that's what we did. and what you're seeing today is that's just unwinding. i was talking to darius dale this morning and we thought what would get the equity or risk assets to keep melting up, it's two things, one, continued growth in the economy, which, check the box, we got that, but two, call it softness or missing of consensus of inflation related measures and this week you had it in spades, adp, ism services numbers and you saw today with the non-pharm payrolls so you get those too. and doesn't surprise me that it is ramping back up. >> it's goldilox, seeing the economy recovery but not too, too strongly steve grasso, in that kind of environment, is all systems go when it comes to the reflags trade reopening trade and hig

obviously it was a good year to be investing in tech startups and tech in general.mbines to what was a blowout quarter for them. shery: what has really been driving softbank shares have been buybacks. have we heard an update on that front? gearoid: we got an update but it is not an update investors would have liked to hear. a lot of analysts were expecting and hoping they would announce another buyback. instead he announced existing by bank -- buyback concluded coincidentally yesterday at the close of market in tokyo yesterday. he was clearly on the fence about another buyback. he didn't announce one yesterday. he said basically there could be one in the future, but the buyback had been done not to boost the share price, but to turn some of softbank's existing assets into cash, then turned into more liquid assets again with the investment in u.s. stocks. so right now it seems like do not expect any buybacks in the near term. haidi: our senior japan stocks reporter there. next, just how far copper and other commodities can continue rising as fears of inflation come t

some real turnaround from big tech names.een characterizing this as a weakness for tech earlier today. certainly, that is no longer the case. the nasdaq almost moving into positive territory, certainly breakeven. it is led lower now by energy, industrial financials, we're seeing a positive action from names like amazon and paypal. we are seeing movement there. not a big spike you might see, if it was really inflation fears driving the rotation today. love checking on some of the big tech names, these have been in focus, the leadership of the market got us here. we have seen profit-taking and some of the biggest markets. these are, in many cases, off of the lows. we are seeing some of the biggest turnarounds, two or 3%. we will continue watching it, we may well see mining of the positive territory. for what it's worth, the question of inflation and what the fed will have to do about inflation remains very much central for investors. earlier today, speaking on the bloomberg network, the former fed president bill dudley added fu