big tech censorship decisions. amending 230 is not enough while we are taking the approach which includes increasing transparency and holding big tech countable for how they intentionally manipulate and harm children for their own bottom line. while there is the need to hold big tech accountable with this reform, it is clear there are drastically disparate approaches prayed a look forward to hearing from the witnesses today and i yelled back. -- i yield back. >> we want to thank our witnesses for joining us today. we look forward to your testimony. i do understand we will lose mr. stier for about 10 minutes at 11:30 slowed encourage members to be conscious of that. i understand he will be back at 11:40 and members can always submit questions for the record. the chair will recognize each witness for five minutes to their opening statement. before we begin i would like to explain the lighting system. in front of our witnesses is a series of lights. it will initially be green and then turn yellow when you have one min

tech check starts now. >>> good morning morning welcome to tech check. jon and julia are off for the week today, the major averages are higher as we enter this last trading week of 2021 s&p got an all-time high nasdaq's on pace to see gain of more than 22% for the year plus, as stocks rise, so does consumer spending. what ecommerce players could benefit the most then bitcoin up better than 75% this year. why one guest says comparing the crypto currency to a ponzi scheme is unfair to ponzi schemes. d? >> we will start with the markets. the s&p hitting a record high. mike santoli is with us looking at what stocks have had an outsized impact. let me guess it is the megacaps, also some divergence in the performance among that group >> absolutely, d two of the big megacaps that really have pulled more than their weight are microsoft and alphabet year-to-date. alphabet up 66, 67%. microsoft up 60% together. adding a $1.6 trillion or so to the overall market cap of the s&p 500. clearly, that's not necessarily something you would have predetp predicted a year ag

but, no, there are tech companies and not tech companies. for the most part, these lines are really clear on the differences between the two. we don't ultimately the question is, what do you sell to your customers. if you're selling a microchip, if you're selling a pc or a, you know, or a cell phone or a software code, you're a tech company. if you are selling auto parts and you have to use technology in what you do, you're an auto parts company. >> yeah, we're seeing all the tech companies fuel every other sector as they increasingly rely on technology. you know, they might not be tech companies themselves jonathan, as you look at the different sectors within tech, i'm wondering if you think they will really move in tandem next year or if you think we'll see a lot of divergence within these different categories sort of the have and have nots in each of these categories. >> no, i think they're going to differ a lot i mean, the big question is how strong do you think the economy and inflation are going to be? if the economy is stronger, it's

we have left these decisions to a small number of individuals that work in tech companies are run tech companies that have massive implications for all of us. not only the individual benefits , but also social effect and social harm that we can no longer avoid. having a policy background or technical background. my initial as an ordinary user for the tools and technology that came out of the silicon valley, the crazy is the one that is so important to me. the big tech company is located here in the valley. partially in seattle. acquiring a grab over our lives. our lives as individuals and citizens in a democratic society programming david, that countercultural attitude of the early age, they have now become the goliath. the pandemic has reinforced this for me at least. we were already aware of some of the problems of big tech 18 months ago. now our lives have become even more in mesh and the decisions made by a very small number of people with a very small number of tech companies. working 18 months ago dependent upon the small number of platforms for our private lives, for our educati

how big tech has largely held up, not in every case, but largely held up better than some of tech overall. is that when mna adviser to happy in this kind of environment. we going to be talking about oracle ease bid to buy serna for over 28 billion. these are companies that have cash and looks like the prices are coming down. >> i would say to the degree that is palatable for the regulatory front, the ingredients are there. it reminds me of a paler version of the post-2000 peak where i remember in that bear market for tech, it was common to see some of these fallen angel type tech stocks to be trading below the cash on the books. yes there will be an mna phase out of this. you don't know if it will be a mop up phase or strategic moves to say we have a chance to latch on and get some acceleration in those areas and still pay a premium. i think it will happen i don't know that will the thing that gets us to sort of regroup here in the markets in the next week or two. >> indeed. mike, thank you. >>> oracle officially announcing what would be its biggest ever acquisition. they plan to buy medi

tech startups cannot get funding if they are in the kill zone that surrounds big tech. if a startup attempts to operate in an area too close to or a threat to one of the company's investors assume that they will fail because of the likelihood that the big tech companies will crush such a threat. a recent report confirmed what we r.g. -- we already knew, they have acquired more than 600 companies in the last decade and this innovation by acquisition has the insidious effect of displacing internal r&d and locking up innovative technologies under the control of big tech. in the last two years facebook -- meta, while facing an ftc lawsuit over its acquisitions of instagram and whatsapp has acquired five companies. in addition to engaging in hundreds of acquisitions, large tech companies have abused their dominance to make it ship to make -- to make sure that any business that accesses our platform cannot compete at all but does so under difficult positions. these must be addressed immediately. five years from now or not even a year from now across the political spectrum of

we have left these decisions to a small number of individuals who work in tech companies or run tech companies to make decisions that have massive implications for all of us. not only the individual benefits we realize in the technology but also social effects increasingly social harms that we can no longer avoidid. >> are right, let me hop in there i'm stuck in the queue. i will put in the way i do not have a policy background i don'tvi o have the technology background of the tools and technologies that came out silicon valley. undermine points of view it's what's important to me, private governance. the big tech company located here in the valley partially in seattle have acquired something akin to a grab over our lives. our lives of individuals and citizens in a democratic society. the programming, countercultural attitude of the early age of silicon valley have now become the goliath. in the pandemic has reinforced for me were a already aware of the problems of big tech our lives to become an even more enmeshed in the decisions made by very small number of people inside a very sm

been fun t"techtech -- "tech check" begi right now. ♪ >> good thursday morning welcome to "tech check heeditor and chief and host of e podcast joins us once again this hour today it's about driving higher. stocks continue to set new records. to new levels in 2021 and where investors are hungry for returns to look next year. tesla announcing it a series of recalls today. we'll talk about why the company cannot get out of its own way o manufacturing issues and finally, put in the hours but what about the quarter h hours? commerce getting its 15 minutes of fame. the opportunity for stocks like amazon, uber, doordash taylor, welcome back to the 11 hour same time, different name. >> same time, different name there is a bet among the producers is, but i'm so thrilled to be joining at tech check. the close of the nainaugural yer and it has been an insane year for tech stocks, which is where we're going to start with m megacap tech investors favorites for 2021 despite recent weakness, as interest rates headed higher is 2022 the year to buy names at a discount three of wall street's fav favori

welcome to "techcheck" i'm carl quintanilla with jon fortt and deirdre bosa today the selloff in techthe nasdaq shows some signs of a rebound is now the time to buy at a discount? we'll talk about it. >>> then the buzzfeed spac losing some of its buzz. look inside the latest deal that's raising eyebrows today. >>> don't miss reddit founder alexis ohanian talking the metaverse and crypto later this hour, dee. >> we'll start with tech stocks lagging once again the dow is up 300 points, wow, 060 points now the nasdaq is only marginally higher as growth stocks in particular have been hit hard. larger names like tesla, adobe and nvidia ending lower by 10% or more. the tech software etf has fallen into correction territory. 64% of 119 components now trading below their 200-day moving averages. cloud names also seeing some selling. the cloud computing etf now on pace for fourth negative day in five led to the downside by z scaler, sprout social, all down almost 8% or greater. it is continue to be a rough environment for these stocks guys, i do want to point out softbank a company that i cove

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

capital to tech.ups are on track to raise $100 billion in funding this year. joining us to discuss is emilie jadat o'shea, head of equity syndicate, societe generale. thank you for joining us. when you look at the dynamics when it comes to funding from the tech companies, is it the pandemic that accelerates the trend? people say we could go back to a work from home scenario. emilie: absolutely. that is perfectly right. we are seeing with the pandemic of the acceleration of the way consumers change their habits, and the way we work from home. that has come on the way things have accelerated has meant there is more funding across both sides of the atlantic. we see an acceleration in europe, and all these companies moving on, and we can come back to that with statistics. tom: some would say finally for european tech they are seeing love from the u.s. that is where some of this funding is coming from, you listed that in your point. where was it going? which parts of the technology sector are benefiting fr

big tech must be held accountable and from day one, exploring solutions through our big tech community platform. as a part of the platform we released a number of proposals to focus on content moderation, transparency and protecting our kids on-line, relevant to today's hearing. my proposal, which i'm leading alongside my good friend, congressman jim jordan, nearly amends 230 to protect free speech. big tech will be held accountable protecting speech. no longer be able to exploit the ambiguity in the current law. big tech will be more responsible for content they choose to amplify or project. big tech will be forced to be transparent about the content decisions and to challenge big tech censorship. and they'll look at transparency and enforcement decisions especially when it comes to illegal drugs, counterterrorism, child pornography and trafficking. cyber bullying and revenge porn. we're looking for new ways to improve cooperation with a law enforcement while upholding our civil liberties. and i'm pleased to see some of the ideas presented today in the package that the democrats are l

what if other tech companies, tech employees felt empowered and protected to expose wrongdoing when they saw it? that's why the protections on crystal ms. schakowsky injure ftc whistleblower act are so crucial. if platforms have meaningful motivation to fix the harmful algorithms identify hate, they won't do it. that's why the algorithmic justice and online transparency act that would protect consumers from harmful and discriminatory ai systems are really long overdue. so we applied that legislation as well. finally, just to stay ahead of the curve we've got to prioritize research. in august, adl fellow and nyu professor laura edelson was deplatformed on facebook hours after the company realized that she and her team were studying the role that facebook may have played a leading up to the gender six insurrection. platforms should not be able to thwart important third-party research at their whim. bills like the social media data at would ensure that academics, can study platforms to better inform the public. look, there are no silver bullets. there is no one size fits all solution to rep

"tech check" starts right now. ♪ ♪ >>> good tuesday morning, welcome to "tech check," i'm knt knt withrdre bosa. and joanna stern back with us for the hour meantime, s&p hits another record high, coming you have the 69th record close. nasdaq earlier gains on pace for the first down day in the last five plus, apple now falling after hitting nearly a $3 trillion market cap once again, despite this morning's dip the stocks on pace amount to 35% return in 2021 and as apple remains near those record levels so do many of the chips on semis, kla, broadband, all hitting all-time highs we'll break down the street's top picks, diedra. >> we're talking about the best stocks s&p has slipped into the red apple was inching closer to that $3 trillion market cap the stocks, though, falling a little this morning after approaching that 182.86 level. that is the mark however, stocks have risen with covid cases prompting 'to close all of its new york city stores. limited activity, picking up online orders only as the cdc shortens the recommended period from ten days for individuals who no longer have covi

it's unsustainable when you think about it, people say that's value tech. you are telling me apple that is trading at 30 times earnings that is supposed to grow 2 to 4%, that's value i don't see it i see danger because people are making the same assumptions about microsoft or google. why do you think amazon is only up 3% and microsoft is up 30% and google is up 60% amazon is not considered value but a news flash, these are those unless the valuation framework has changed in the 25 years i have been doing this i don't mean to sound salty about it but yesterday sounded stupid and today reasonable when you consider what the fed may have to do to fight inflation it will check off growth the fed got themselves so turned around because j. powell, i don't care what he thought tra tra transit meant. no one knows how long it will last i guess it's still going on. at some point inflation will come back. prepandemic, the fed rwas wres lip ling with how to get it back to 2% or 3% >> i like this dan he is salty tonight. the thing is that people wanted to turn the value

happy holidays to the whole "tech check" family. the march for new highs and we will debate your next money moves with who else the investment committee joining me for the hour are brenda vifrjel on, jip jim lebenthal, jon najarian, co-founder of rebellion.com. they touched the 36,000 level of early trading and the nasdaq erased all of it

that's decision tech. only from fidelity. huh. is that true?oney for 85 years? yeah, that's right. wait — so if geico's 85, that makes you — are you asking if i'm 85 years old? i mean sea turtles live to 150, so...nn — i — i was not. do i look 85? what! no! you, you look young, fff...you...you, you look young for...however old you are. geico. saving people money for 85 years. [uplifting music playing] for...however old you are. ♪ i had a dream that someday ♪ ♪ i would just fly, fly away ♪ >>> welcome back fed meeting this afternoon and as we've seen some significant fluctuations in tech valuations. bob pisani has the story on how they are connected >> they are, indeed. since powell indicated that higher inflation at its quote, transitory that was on november 30th. fed had some trouble advancing take a look. particularly software stocks have had trouble they're down roughly 10% since november 30th. semis are down 5% and cathie wood's fund is down 14%. big software like zscale pager duty, adobe down 11% to 13% since powell turned hawkish. why is

other big tech firms that may be pursuing entry into the fin tech space already having access to vast swaths of data. would that open up firms to your agency's jurisdiction? dir. chopra: oh, yes. of course they would be under the jurisdiction. we have to make sure we are thinking about how we will make determinations as to whether they are even complying with the law if we don't even know what data is being used, or if it is hiding behind some black box algorithm. secretary carson issued a complaint against facebook for violations of the fair housing act partially because of its algorithmic targeting. that is likely the future of where financial services is going. to the extent that big tech companies are using the treasure troves of data, there needs to at least be some parity with local banks and other financial institutions who are following the law. we simply cannot let them off the hook. sen. ossoff: with my remaining time, do you consider cryptocurrency wallets consumer financial products subject to your agency's jurisdiction? dir. chopra: it is a broad question. a -- is a broad

investigating risk and benefits of bnpl and other fin tech cash flow products. i will recognize myself for four minutes to give an opening statement. in the last few years the number of emergency -- excuse me, another emerging fin tech liquidity products have garnered increased attention for both their explosive growth among merchants and their popularity among consumers as well as the potential consumer potential risks. products such as buy now pay later earned wage access and overdraft avoidance are designed to help consumers manage their cash flow at lower costs than many traditional alternatives. our recent study reports that buy now pay later fin techs have diverted between $8 billion to $10 billion revenue from traditional banks. indeed, it is difficult to shop online without seeing buy now pay later options. early pay has become a popular benefit for both employers and employees. however, these products also raise important questions about the use of consumer data, the exploitation around spending patterns, the application of lending laws and the potentia

a recommendation that is reflected in the safe tech act. two, as many as the reform proposals before this suggested in some form, those protections should not extend to speech that an intermediary directly encourages or profits from. number three, section 230's protection should not be available to enter mediators that exhibit indifference to unlawful content. these are the essential steps necessary to change the perverse structure of the tech industry that exist today. thank you. chairman doyle: thank you very much. we have votes on the floor. we are going to check to see if -- what's that? we are going to check to see if we have any republicans on remote, because i am willing to stay and get the last two done. ok, we are going to take a recess and we will be back right after our votes. sorry about that. [indistinct conversations] chairman doyle: welcome back. we are going to recognize mr. volokh. unmute yourself. >> can you hear me? can somebody pull up the powerpoint? ok. are the powerpoints up by any chance? chairman doyle: i think that

tell me what you mean by that. >> we have seen a big surge in tech stocks over the tech sector in theast few months, in the fourth quarter and tech usually does pretty well in the fourth quarter the reason tech stocks are outperforming i think is really the question our view is that it's because investors are looking for profitable companies as we do face a slowdown in earnings next year so the reason we believe that to be true is that number one, sec as a sector has the most highly profitable companies of the 11 sectors. in additioned to that, that same sector, highly profitable companies r outperforming in just about every other sector. so it's not unique to tech it's just tech has a lot of it as we go into the next phase of the market cycle in 2022, where earnings growth slows, a factor like profitability typically does really well that's why tech probably does pretty well next year. >> is tech not hit ased aboutly as other stocks during the pandemic other sectors struggling during the pandemic because their operations were affected due to supply chain and everything else i wonder,

taylor: we have talked about the transformation of old tech attended tech. -- old tech to new tech.ransitioning to the cloud, is that a shift about how do i thinking about this "new" company? daniel: what i would argue is probably the biggest transformation of a technology firm in the last 30 years took microsoft being the cloud later today, every investor is like, who is next? when you look at oracle and what they are doing, they are laying the seeds of growth. this was an inflection point quarter. you could have a massive rerating. you go into 2022, everyone knows microsoft. you look at what oracle has done. this is an improving quarter. there could be a clear rerating. taylor: take a look at your coverage, a lot of cybersecurity firms. i was speaking with the former founder of galleon group and he said he cannot manage outside money after the conviction of insider trading but is managing his personal money and he is looking at crowd strike and culling at his biggest holding. how are you thinking about that cybersecurity space? daniel: cybersecurity is in its golden age right now.

technology is a winner old-school tech was the winner software did well.puting stuff, robotics we were into, they underperformed old-school tech won out this year banks were up 30%. they rallied in the early part of the year on the expectations of higher rates. january, february, huge for them largely just held on for the rest of the year a very good performance from them defensive stocks were laggards utilities, up 14% this year. new high today consumer staples, the same they went nowhere most of the year big rally in the last month on the uncertainty. they hit a high today as well. industrials is the heart of the group. they were sideways for a good part of the year the s&p was up 27% industrials up 19% consumer discretionary, a wide group, up 24%. everybody gets excited, i got emails about energy this year. let me show you. since 2009, the s&p 500 over there on that bright line, that's up 440% energy is almost flat in the last 13 years. almost flat after 13 years don't think this year's performance is anything necessarily for you to go diving into final

his dad was a virginia tech hokie, my school he wanted to go to tech. that was his top choice. virginia tech apparently turned him down said he was too small or not good enough. went to davidson college lit it up and we know what he's become it is a little better sweet. can you imagine. >> it is that old story of the high school coach that cut michael jordan from the freshman team regrets. >> woops >> so great to say seth curry a hokie. now i'm sad. digging into what could have been a few rough days for techs. the sign of a healthy market or more losses to come? we'll be right back. hey, angie! you forgot your phone! hey lou! angie forget her phone again? yep. lou! mom said she could save up to $400 on her wireless bill by switching to xfinity internet and mobile. with nationwide 5g at no extra cost. and lou! on the most reliable network, lou! smart kid, bill. oh oh so true. and now, the moon christmas special. gotta go! take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes switching fast and easy this holiday se

tech is basically the place to be going forward. everything we do and everything we touch is going to be tech associated in some way, shape, or form. you see the situation with chip shortages affecting everything. that is because tech is in everything, so i don't think that will go away weather in a risk on or risk off mode. we will see that kind of volatility. i agree with ira. i think volatility is here to stay this year into really next year. we are not done with the variants. nicola sturgeon in scotland announced today they are seeing basically a doubling of the virus, every couple of days now. we have yet to experience that in the united states, and we know it is coming. when it happened with delta, it came here. this one is coming here, and who knows if there is another one right behind. alix: we are six weeks behind what happens in europe, it feels. we have some issuance coming down, the three-year selling at 1:00 p.m., 54 billion. what do you think? ira: i think it will be a small size. before the taper and also given that w

a public company we're going to break down the expectations for these profit-free companies across tech but we will start with some of the fear in the market, as you know, tech has been hit pretty hard nasdaq was down sharply lower and higher now i wonder if you think there was an attempt at a short squeeze and whether or not, whether the conditions are right for that to succeed going into year end. >> first, i thought you were going to compliment me on me on my tie i thought i have to look good next to carl you know, honestly, with tech right now we're in that strange holiday period for a lot of the big tech companies their announcements are made their narratives are over for the year they're just hoping people buy their products so they could have good results at the beginning of next year i feel like i see this at the end of every year and look for some explanation that isn't always that. they're just out of story to tell >> yeah, julia, clearly, i mean, we could make some hay of the nasdaq going green and some optimism here on the bounce today. but for the week, it is the worst week

what could turn tech around? well that is up to next week i think it is going to have to take individual numbers that are much better than docu sign so to the game plan. on monday we have two analogs, we have mongo db and you may think the name is crazy but it is a $30 billion data base software platform and coupa. now both companies have been big winners but they've been whacked and hit again today. down nearly 4% for the session even as the business is strong maybe something is wrong maybe we'll find out it could be hit even harder. down 6.5%. money managers are running for safety to the likes of believe it or not, american electric power. that is my favorite utility. mongo db and coupa, after what will be one of the very biggest weekends of when we are going to hear about the omicron variant i will be shocked if it is not entirely negative. it will be tough but we'll see how they behave. maybe there is no bad news tuesday night we hear from sentinel one i was shocked to see the stock has already come down from

the tech heavy index down 1.5%, the most in 10 days. the biggest pressure was on the mega cap tech stocks. this index down 2.7%, big names like apple. apple, $3 trillion, not quite. semi conductors down 2.5% as well. this is a big week. we are going to hear from 20 central banks around the world. the federal reserve on wednesday, the bank of england and european central bank on thursday, as well as the bank of japan later in the week. this is going to set the stage for 2022 on global inflation, the global outlook for monetary policy. if you are an equity market investor or cryptocurrency investor, pay attention to the signals of what's to come. speaking of inflation, i want to talk about bitcoin. after a solid weekend, it has been a heavy selling session. we are now down below $47,000 and hovering around bitcoin's 200 day moving average. we have been monitoring that, a key level where we could either see a bounce back or see continued declines. there is an idea that bitcoin is an inflation hedge. let's look at the big stock movers. one

the big question is, why is tech selling off so hard? first, we are low on volume and dealing with the end of month, and of quarter and end of year. a lot of the flows are being reversed. at the end of the day, everyone is asking, how is tech reacting to the federal reserve? a very hawkish pipit to targeting inflation, lowering bond purchases. that was the message from the federal reserve's yesterday as well. you start to see yields to hire before reversing. as they priced in the fed action, which is what this blue line is showing, tech has held steady. earlier this year, when yields went higher and inflation was being priced in, tech was selling off. now, tech is moving in line with yields. that was really the story of the day today. i want to end here with the subsectors of technology. it wasn't just the nasdaq that had a brutal day today. you can see it in the semiconductor index. down for .3% along with all the other tech subsectors. emily: thank you so much. meantime, plans to return to the office in 2022 are slowly taking a turn as

tech or payments markets. first of all, with respect to privacy, we've seen over the past decade, particularly the last couple years, new entrants in financial technology providing services that have typically been the domain of more traditional financial services companies, offering those companies a significant opportunity to collect data about their users, about their patterns and habits of consumption, about their location, other personally identifying information that may have value on secondary markets, for sale to data brokers or the fin tech companies themselves. can you comment on these developments and what jurisdiction your agency may have or partner agencies to consider how to protect daughters privacy as more customers are using these novel financial products? >> thanks for the question, senator. you know, our country is turning into a bit of a surveillance state when it comes to some of these tech companies. the ability to combine browsing information, geolocation information, health information,

and other big tech firms, that may have entry into the thin tech base, and having access to that swabs of data. with that in your view, but -- to your agency's jurisdiction? >> yes of course they would be under the jurisdiction. and what we also have to make sure that we're thinking about senator, is how are we going to make determinations as to whether they are even complying with the law. if we don't especially know what data is being used fits hiding behind some black box algorithm. you know secretary carson, issued a complaint against facebook for violations against facebook -- and for targeting, and we know that is likely the future of where financial services is going. and to the extent that the tech companies are using the treasure troves of data, there needs to at least be some clarity with local banks and other financial institutions who are following the law. we cannot hold them to a separate standard and simply let them off the hook. >> thank you mr. chopra and with my remaining time question for you. do you consider crypto currency wallets, subject to your agency's jurisdic

in the tech world changes are changing. getting on the map by doing something and could be a shooting star. if you want to be a good company to a great company, you have to adapt change and change getting thrown at you all the time. this is what was being talked about, being anti fragile or resilient is similar concepts and you have to adapt and move. we are as a company transforming the business model from appliance company to a software company to a subscription company and cloud company. >> you spoke of five priorities you had at the beginning in your first year as ceo. as you go into the second year as being ceo of nutanix, what is one thing if you look back at 2022 a year later you'll say good, i accomplished that? >> yes, i think -- in fact, that's a good question because those five are super important for us. >> right. i need you to pick one. [ laughter ] >> so when i pick one, look, i think we put a stake in the ground saying 25% growth while getting to precash flow possible. simultaneously balancing the growth we g

consumer discretionary and tech at the bottom.wn 0.8% on the s&p. 1.8% on the nasdaq just .2% on the dow but all three averages down significantly for the week the russell worst performer today and the week down nearly 4% for the week as a whole ♪ >>> tough week for the bulls welcome back to "closing bell. i'm sara eisen here with wilfred frost and mike santoli coming up this hour, investor eric jackson whether he finds buying opportunities in tech wreck. nasdaq lower on the week dan ives is still with us. what are you hearing fro investors as a lot of stocks in the coverage universe hit hard this week and today? >> yeah. it's been a brutal week. especially for so many investors in the sector software the high growth names. this is probably the best earnings season of seven years and now sold off i think you have to take company specific and macro docusign combined with the headlines. u.s.-china cold tech war causes anxiety but in cloud and cyber security those are two areas that's significant outperformers with apple into next ye

ah, i'm younger generations are becoming more tech savvy than ever. some recent incidents are questioning if it's even safe, dangerous challenges trending on social.

a very tech andy -- tech heavy index. this was in positive territory. a lot of that to do with apple. on a day when we were really in risk on mode, there were something encrypted currencies across the board. other important news came around u.s. listed chinese companies. this is -- this pared back some of those losses to trade at the lowest level since may. the sec coming out and saying it has a plan to look at these chinese companies listed in america and take about whether they fit the rules, the parameters of what is required to be a foreign company listed in the united states. apple says that demand is disappearing. it is not quite there. it was not just apple underpaying but lg intertec gets more than 50% of its revenue from apple and it fell more than 8% in korean training. a lot to unpack there. applicant make enough iphones because of supply constraints. that is a hard one to follow. quite interesting that they are saying that demand is dropping now at a time when you with think it would be spiking ahead of the holidays. what does that say about

land tech stocks are richly valued.hey will be hurt pie higher rates or even per igsing essentials of higher rates that's happening today this week, big cap tex were impervious but not today. all of them down a bit today the real mess that you are seeing is speculative tech, stuff that has higher pe ratios people are more willing to have the higher risk. you see square, zoom, tesla, you see spotify, you see choice, you see palantir, on and on with the speculative tech names they are really getting hit the hardest. not just today it has been a very rough i don't have all four or five weeks for the speculative tech names look at the cathie wood arc funds down about 3%. the flagship fund, down about 25%. genome ear revolution, 25% ark fintech similar numbers. if not tech, what then omicron is preventing investors from fleeing into the cyclical sector so what's working? wallgreen's -- the defensive haven of the world here. johnson & johnson, united health what do they have in common? they are all high quality defensive name

are you as driven to gorge on tech when you see these drawdowns? >> you have a huge growth in tech.t continues to do well and disrupt other industries. if you looking at long-term, there are two areas that still have -- one will be tech and the other is the green economy. incredibly strong yesterday. it was up nearly 7%. investors say guard us of what the fed does or what the ecb does makes sure, these two areas will continue to provide strong growth above and beyond what the market is doing. dani: nothing warms my heart more than when manus uses my charts. this is a volatile market, we saw the vix spike above 30. it has come down since then. how are you hedging yourself in this sort of environment? >> strong growth, companies that provide that i think will be the key to this. the other way to look at this is , yes, the fed might pull back a little bit when it comes to its bond buying program and rates may rise. it's not what the markets are anticipating. it's basically back to where it was in march 2020. i don't think it's going to be overly burdensome. janet yellen continues to be

maybe another kind of tech versus economic sensitive trade happening. the stock of the day so far today is apple not just the biggest up with out there, again, by a wide margin but a record high. we'll put the gold star up there. this has been either a safety trade or a growth trade. it didn't matter even with the market volatility, kelly, of course today's action 3.5% helped in some way by analysts at morgan stanley led by katie hubert who upped their price target to a street high $200 per share they cited optimism about their ar and vr type products in the future >> interesting just did a podcast about that this morning when it goes up, i'll let you know. thank you. we'll see you in a moment. yields are climbing with stocks today, but they've since, what do we say, pulled back a bit rick santelli can break things out for us what do you make of it, rick >> the short dated treasures like 2 year and 3 year haven't pulled back. the longer dated pulled back but they're coming back up in yield. we have to make sure we take a look at the 3 year note auction.

top tuk-tuk desk tech companies are not employment -- the deadline to put women in the boardroom of techpanies is three weeks away. it was the slowest job growth in the u.s. this year is by unemployment falling. on top of the news of the omicron variant is spreading, the u.s. labor secretary remains optimistic. he might feel good about where the economy is headed but investors do not agree. let's get to ed ludlow. ed: we are taking the jobs numbers in stride as a mixed bag but the main takeaway for the market, it does not change the outlook for the federal reserve and its rate policy into 2022. what do we see with risk assets and tech shares? look at what is on the board. the index gauges mega cap tech stocks and chinese adrs. they bore the brunt of this. it was down by the most in one day since march of this week -- last year. investors pull out of the stretch valuation tech stocks. this is an index with u.s. listed chinese companies down significantly ince -- since 2008. we will come to dd in a moment. crypto was up. i don't want to pick on one company but let's talk about meta, the co

the nasdaq 100, the tech-heavy index, down 1.5%, the biggest pressure on the mega cap tech stocks. you see that, the index 2.7%, big napes like apple of course, applierer $3 trillion, not quite on monday. semiconductors down 2.5%. this is a big week. we'll hear from actually 20 central banks around the world. the ones we're looking out for of course are the federal reserve on wednesday, the bank of england and the european central bank on thursday as well as the bank of japan later in the week. this is going to set the stage for 202 # 2 on -- for 2022 on global inflation, global outlook for monetary policy. if you're a crypto currency investor you'll be paying attention to the commentary and signals of what's to come. speaking of inflation which will be one of the top topics, i want to talk about bitcoin. after a solid weekend it's been a heavy selling session for bitcoin on monday. we're below $47,000 and horring around its 200-day moving average which is $46,720 total. we've been monitoring that at a key technical level where we could either see a bounceback or continue dead clim

coinbase, shopify, twilio, square and tesla as for big tech, real tech that makes real profits, they'reeat day got a bunch of new highs the semiconductor etf is at an all-time high. and amongst the biggest of all, apple also at a new high a sign that isn't really about omicron and the reopening and feeling better about reopening, look what's at new highs besides the new tech truckers and railroads so csx for example, union pacific's at a new high. truckers, night transport. air corporation. all new highs. that wouldn't be happening, folks if there was a lot of concerns about omicron that's out there. so what's moving the markets it's pretty simple it's about omicron is omicron manageable? if it is, then we're at peak supply chain and inflation worries and they'll start abating in the next few months if it's not manageable, then it's not going away. we'll have supply concerns going on for several quarters more what about the fed you say they're talking december 15th. remember, if omicron's manageable, the fed's less of an issue. they're going to be less aggressive on the inflation front.

emily: this crackdown on ed tech has been catastrophic for a lot of ed tech companies in the region.t benefited lingoace? marshall: it is early to say. this happened over the last few months. the head of goldman sachs's education franchise in the asia-pacific region for the last few years had covered all of these countries -- companies and was working on a number of ipo's before leaving to join lingoace. "catastrophic" is a strong work, but these companies have literally had the market and opportunity evaporate for them. most of them have to shift their business models right now. i would never count them out. they are going to adjust and going to look for new opportunities. we do see this overall being a net benefit to our business as we continue to expand and recruit talent. emily: given that you worked at goldman in san francisco and hong kong, what do you think of the crackdown on tech by the chinese government? who wins? who loses? marshall: i think at this point in time there is a lot of changes happening in china. there is a lot of reforms. clearly, the government is looking to

where are you at on tech what's working, what's not working in tech? >> it's an interesting back half of the year to say the least one thing that jumps out is the choppiness within the group. it's either been names like alphabet and microsoft and apple providing the massive leadership in terms of large caps semis have been on fire. under the hood, it's like the grim reaper has been knocking on doors one by one slowly. started with the spacs, came around to the unprofitable tech and made its way to the payment space. the cloud is the last shoe to drop hence you had a long list of names trading down 10% >> you mentioned the names but i want to pivot to the payment and fin tech when the pandemic started wefrp all going to get rid of our cash, use our cards and our fin tech apps. why are these payment apps being hurt i thought the digital spending was supposed to be sticky. why aren't they seeing the narratives they're only going to see the revenue grow and engagement grow? >> if you look at visa, master card, these are the legacy names in the payment fin

trump social media, been the big tech oligarchy can muzzle the former president. what's to stop them from silencing you? twitters bumpier ended up in a change of leadership project. dorsey stepped down amid reports of growing discontent among investors making way for the new boss to rog wall, a man who seemed to have put twitters, use a policy above free speech. our role is not too big, but was man, man, but our role is to serve ahead liberally, conversation, and our moves and reflect. there are things that we believe were healthier, public opposition, the kinds of things that we we don't do. what about this is focused less on thinking about free speech, but thinking about how the dance has changed each year yields big tech scandals in abundance. 2021 made no exceptions here. raising questions, if there's any way at all to tame the big tech as big oil once was not prison. peyton sacked russians prison chief last week as reforms to get underway. in the wake of damming video, they showed widespread abuse in the countries jails. next we visit an atoria se former pris