the way of slows into equities. it has been very fixed income orientated. tech, the sector and tech funds. nt through fund, the roof. the classic case of i'm afraid of people buying too late, together with some fundamental needs. facebook, tesla downgraded to triple the. zc. it has a 50% chance of bust. that is quite ordinary. there is some bad news around. our would be to buy into it. the is a big component of industry and we have more room to add more. facebook is now at 20 times earnings, almost reasonable. anna: almost. the board of equities story then -- i have this chart, investment sentiment measure. it seems to be moving higher, recently.g lower just this is an index. they talk about this as based on institutions, actual trade. the highest since 2016. how do you gauge investor sentiment? alan: state street being a bit custodian having a good feel and data for flow. again, this looks a bit late because a lot of the institutional investors that they look after from a custody point of you will be pension funds. it looks like they are upping the equity allocation a little bit late in th

the u.s. yesterday where tech was down almost 4%. you see as well the cyclical sectors, basic resources, autos down 2% as well. so let's switch and talk about what's been happening specifically in the european tech sector. you can see some of the blue chip names are talking about the semiconductors we're talking about dialog semicon the chipmaker for apple, that stock down almost 10% down 9% already in trading the picture for semiconductors and the broad composite sector in europe is not looking pretty. >> let me take you through the asian market you have seen the impact in this part of the world. in particular hong kong, one of the markets down the most. down more than 2%. stocks in asia turning into the red for the week we have a market picking up on concerns around a trade war. china talking about retaliatory action against the u.s. trade tariffs. 60 billion that was tabled from the americans late last week so is this just negotiating tactics from the chinese or something deep their suggests a trade war? that's the reaction you're

the u.s. and up next a tech selloff in the u.s. sending the nasdaq to its steepest losses in six weeks and will discuss all of that and that. ♪ haidi: i am haidi lun in sydney. betty: and i am betty liu in new york and are watching "daybreak australia". haidi: and we have more on this uber story in a incident where a pedestrian was killed with uber testing a a economist driving car, there is a police conference underway in tempe, and people say car was moving at 40 miles per hour and have video evidence of the incident, which is not been released, and the county attorney will decide whether to file charges according to a press conference from arizona police. downturno the overall when it comes to these tech companies. this tragic accident happening. arey: places like arizona sometimes on the forefront of allowing this technology, and let be regulating it. a tragic incident like this is going to raise questions if there needs to be more regulation as we experiment with new technologies. that stay on the technology fortis, it was red

the pain from the tech sector keeps spreading. the u.s. crackdown on china it will it be the tipping point for china's fund managers to turn against treasuries. the three meter kim jong un met his firstnping in known excursion outside of the country sent taking power in 2011. china confirms that xi will visit south korea in march. i am matt miller in london. 30 minutes into the trading day. let's see how things are shaping up. here are the gainers today and a market that is down across the board -- in a market that is down across the board. you see a couple of smaller stocks. g4s, aib group, alternating today. -- all gaining today. let's take a look at the losers. you are going to see a bigger size. 6.2%, a miss down. -- ams down. philip fighting -- philips lighting down. chipmaker -- chip equipment maker down 2.8%. companieslot more following further on the downside and indeed more companies falling than gaining by a lot. let's get the bloomberg business flash with sebastian salek. cisco the u.s. is considering a crackdown on chinese inve

history who is banging the drum for the tech sector. s in there talking to the government on a daily basis pretty much about the two big concerns the tech sector has about brexit. the first is access to talent. we want london to place to continue to be a place where people can create world-class goods and services. you need to create a world-class team to do that so we are putting our concerns to david davis precisely on that issue. secondly, we want to make sure that we are aligned with europe on the approach to data, which is so important for the development of new technology companies. caroline: you say the mayor of london has dropper technology, but perhaps some of the big tech companies have been getting hot under the collar with his talk at sxsw in particular about regulation and rules. listen to what he said to us on bloomberg tv earlier this week. >> my message to uber, to everyone or how many lawyers you employ is you have to play by the rules. the rules are there for everyone. if you play by the rules, of course you can do busi

we design systems that can complement the tech revolution with consumers and citizens. london we have a program called skills for londoners twinned with a digital tech program to skin up londoners to get jobs created by the tech sector. that's why i want london to be a byword for smart cities. >> i'm talking to you from the united states where cities, mayors and even states and governors are trying to enact policies that perhaps doesn't get looked at or doesn't get enacted on a federal level. but i want to ask you because your profile has now been raised to a global level in part due to the constant twitter warfare between yourself and the president of the united states, donald trump. how do you deal with that? and at the same time, how do you deal with the lift it's given you to, you know, put forth your politics and your policies on a global stage? >> i'm a reluctant participate in this twitter 50 metaphorically speaking with the great president of the united states of america. look, i'm not going to apologize for standing up to the values that londoners have had. we'

and then again, the big cap tech names. right now many of them holding up microsoft yesterday after a monster day and an upgrade, analysts saying this could be the next $1 trillion company today, reversing course and being one of the biggest drags here on the nasdaq in terms of point impact netflix so far has held up, but some of the stocks are starting to look, once again, very, very weak technically, kelly. we are seeing a bit of a replay of what we saw back in february so quickly after having hit an all-time high just on march 12th >> yeah, even last week. bertha, thank you very much. joining me as i mentioned a moment ago, cnbc senior market commentator, michael santoli and john levin is on set as well, ceo of levin capital strategies. john, just want to start with you because you can be our wise man who has seen so many - >> that's impossible - >> seen so many ups and downs. you can tell us how silly and foolish we are to focus so much on these one-day or maybe not. what do you make of this strange slide in the markets

jeopardize the relationship with the tech giant. an says the negative stock reaction may the overblown, forecasting apple is three years to five years away from commercializing in-house tech. the likes of samsung and lg display -- earlier this year, samsung unveiled its micro led tv technology. plus, apple does not have the mass manufacturing capacity. bloomberg intelligence pointing out that apple will face stiff competition given the lead others have. let's pull up the board to check on how the kospi will open. a weak start for seoul and tokyo. in sydney, a two day rise ahead of the rba minutes and data. betty. betty: outside of technology shares, asian traders focused on china more than usual today. it wraps up finally. what's on the radar? sophie: front and center is going to be xi jinping's discussion. the speech of the closing session. we have the annual press conference. dangling carrots, saying other countries could perhaps find relief from this tariffs which are due to kick off on friday should they play ball with the u.s.,

the tech trade. right now, very much in the hot seat. gina: even though tech is the crux of the weakness in the i am at how broad the weakness actually is. widening ted spreads and libor haspreads and the juncker damage -- and the yield curve has damaged that sector. it seems to be most cyclical sectors. when you get to the point where below 50% of names on the index are trading above their average, there has been an indication of a much deeper and weaker condition. a deeper weakness for the s&p 500. we are not there. luke: i have been dying to talk about this. in 2017, the performance of qqq was a better indicator of the decline line in the s&p 500 on whether stocks will go. we are starting to see brent matter more. just another point that shows you translated into a new trading regime. julia: it is not unusual the last days of the correction. your biggest winners really soft artist. hopefully this is the final phase. evidence that we are at least entering the final phase. julia: when someone says to me, look, we are bottoming out. you a

stockse the tech selling off. w it localizes in terms of the rebranding of tech based on where we will pay so much for future earnings when there is a regulatory specter hanging over the space. just looking at the volatility futures versus the move index. that is the treasury fix basically? luke: yes. this is a chart i borrowed. you can see it really starts to your ultimately start to labor at of both the time of the facebook allegations. this shows this round approaching the february highs is really a tech centric event. joe: you do not see is very much but i think there are vix-like measures for individual stocks like amazon and microsoft. what is that about? there are some single stock options. goldman sachs has won, france's. off has one. apple has led. amazon has been. -- therture those average for those three happen at the highest, pressing multiyear highs. when you hear stories about the vix our guys hiding over or vix calls or things like that, this will show you that maybe folks are looking to hedge more i

he mentioned the tencent remains on tech today. are expecting gross margins of the klein and tencent broadens it revenue makes -- it revenue mix. joining us from san francisco, how are the numbers going to shape up for tencent? >> the top line will be the key thing. we will see growth. we will see that for the next few years. i think it will outpace expectations, simply because they are good at managing them. gross profit is a key point. the company is spending a lot of money to boost promotions and so forth. that impacts the bottom line. is one theory that a lot of analysts will be looking at. come at the diminishing marginal returns on investment and, if they do spend so much on marketing and does not give quite the returns, investors could be worried. we are already seeing a lot of analysts this week upgrading their target price for the company. whatever little hiccups we have their. gaming is big for tencent as well as their platform. where are they going to gets new revenue? >> you talk about gaming, and that is right. that is

ion the u.s. tech story is very narrow, very related to a couple of companies. question you have to ask, is there a wider story here, and what is it? the ftse was down yesterday. today, the yen is trading softer. that is a risk on risk off metric. the aussie dollar is trading a little bit. the pound is up. the cpi data, is that going to get in the way of a move up for the cable rate. as crude is bid, the commodity complex has not been. it is chiding higher this morning, but what you have got is a divergence of oil and the rest of the commodity complex. if you're interested in the inflationary outlook, -- it's get a bloomberg first news update with juliette saly. gathered jerome powell today for his first policy meeting as head of the central bank. innomists see similar moves june, september, and december. policy will continue to pencil in three rate raises as the most likely. plans to impose tariffs as much as $60 billion on chinese products as early as this week, according to two people familiar with the matter. the of isstered -- considering tariffs on consumer

leading the larger slump in tech. book ceo mark zuckerberg broke his silence on the crisis with a mea culpa on cnn on wednesday. >> this was a major breach of trust, and i'm really sorry that this happened. we have a basic responsibility to protect people's data, and if we can't do that, then we don't deserve to have the opportunity to serve people. emily: zuckerberg pledged to investigate whether cambridge analytica still has the information it obtained from a third party app developer and promised to broaden the probe to other developers who may have run afoul of facebook's rules. still, these pledges were not enough for some. zuckerberg was called to appear before a house panel. thank you is the right witness. zuckerberg is the right to witness. mike hoefflinger is the former head of global business marketing at facebook and the author of "becoming facebook." he joins us now from san francisco. i think we can safely say this is the 11th challenge that will certainly define the company, mike. just how damaging -- let

it is repeated again and that has rattled the attack balls -- the tech bulls. you mentioned amazon is the new punching bag replacing facebook and this has to do with president trump's alleged obsession with the company. what is the story? organization news him out with a report that the president is obsessed with amazon and planning to regulate and also possibly take a look at the tax regulations for amazon. let's go into its chart and look at the pressure it was under just in the most recent session. down in a big way, and he sought stocks come back in the afternoon after an analyst report said this is a buying opportunity. you also had a white house spokesperson saying the president hasn't changed his stance on amazon but there is real concern. loser spotd the top going into this week and amazon, which lost $53 billion in market value on wednesday session has taken over. you continue to see decoupling and this group. let's go into the bloomberg once again -- this is called tech volatility uptake. apple, when you saw is shooting up -- before erasing those losse

then you look at the tech sector in the u.s.he largest company is apple, and that's a hardware maker. that you have amazon, facebook, google, microsoft. they don't do much hardware. these are companies that, if you put up barriers, terrace, who are you -- terrace -- tariffs, who are you looking at? the iphone and pretty much every smartphone, apart from those made by koreans, is made in china. most computers are made in china, often by u.s. brands. when donald trump talks about putting on terra -- tariffs and put -- protecting the united states, what is the objective? he seems to be lashing out. steel is a great area. not of u.s. tech is hardware anymore. emily: now, romaine, walk us through what exactly is happening with tech stocks. what relates to tariffs and what relates to what's going on with facebook and the cambridge analytica anniversary -- controversy? romaine: tech was the leader. most of the prophets folks have seen this year in the market have largely been in that folks have- profits seen this year in the market hav

emily: some the biggest tech firms are being lured to change listings. ides with an effort by neighboring hong kong to rework its regulations to more countries to its exchange. peter is the managing editor of asia tech coverage from bloomberg. he joins us live from tokyo. we also have selina wang. peter: the backdrop is interesting here. you have an annual national people's congress. a gathering of thousands of delegates from all over the country. in the past, you would see business leaders come, but they were typically traditional businesses in real estate and state-owned enterprises. this year, you are really seeing the coming out of technology companies that have become some of the most viable in the world. leaders like robin are talking about listing shares in mainland china in addition to listings overseas as well as other companies. they're talking about mainland china and listings overseas. there is a burnishing of the existing parties reputation if they are able to get the stars home. it also helps the tech companies because valuations in mainland

as you know, the tech sector has been powering the broader market higher over the past year or so. it's a widely owned sector over this past t twooebs and has lost half a trillion dollars in value. so now some are questioning whether tech's dominant position in the margare is over. bob pisani explains. >> the mark's tone has shifted. two week ago it was about tariffs and trade wars. now there is uncertain around technology and what effect that might hav earnings. facebook's data scandals that thrown social media into a existential crisis, then you have got nvidia's driverless car issues and tesla's credit edowngrade. aps getting hit after iphone sales were cut this year. and there is word that president trump might go aftermazon's tax treatment. here's the deal. technology has gotten too big for itsbr ches. the three biggest stocks in the s&p 500 are apple, amazon, and alphabet. combined they have a market cap of $2.3 i trillion out of the s&p's market cap of $ trillion. three stocks make up 10% of the s&p 500. tech is 25% of the s&p in total. add financial into the equation and tho

exploiting children measure, the stop sex trafficking and advertising that was passed initially by the tech industry will stop ads on the internet that are knowingly facilitated by back page and other sites. that provides a model. we work with the tech industry and we are prepared to work with -- framen, he legislation on their concerns. but move ahead so that we stop the kind of abuses, and in an industry like facebook that has a business model of selling personal information, they have whatform the users information is taken, what is done with it, and most importantly obtain consent. mike: senator blumenthal, you are headed home. take you for joining us. [applause] sen. blumenthal: thank you. mike: thank you very much, senator with all. i appreciate it. >> c-span's " washington journal," every day with news and policies that impact you. this morning we are getting your reaction and speaking with student activists about the march for our lives rally taking place in washington dc on saturday. join the conversation all morning with your phone calls, emails, and tweets. journal," thison morni

what is the general vibe or response from the tech community so far? m: what you have to think about with silicon valley is to the extent that we are going to look at foreign nations as the enemy, that is going to have a big impact. there are lots of different ways, and that think the biggest way i want to talk about is when you look at the big deal, the biggest deal in tech, brought, -- which we brought to you at bloomberg, broadcom trying to buy qualcomm, this is a transaction that is hitting a buzz saw. they are looking at this and what they are saying is, to the extent that this transaction would undermine our competitiveness as a country, countries like china, they do not want to see it happen. treasury is raising objections. we wrote about the letter they published earlier this week that says we do not want to see this transaction go through. on one hand, that sounds friendly to tech companies. on the other hand, if you are broadcom, you do not want to see a deal like this, a big, game changing deal, get blocked. so how much are big tech companies

the nasdaq down about 1%. named are a techan zuckerberg ormark elon musk, you're not having a good we get all. -- a good week at all. 2/3 of the markets open. we are expecting robert lighthizer to lift out these tariffs on chinese goods from now until april. a lot to focus on the next 48 hours or so. betty: a lot indeed. let's turn to what happened at the u.s. market closed today. nasdaq on pace for its worst monthly loss since january 2016. now set-heavy nasdaq for a 6% loss in march. it looks like bearish sentiment is not letting up. it is now netflix and amazon who had not seen these steep declines, are now seeing this. we talk about concern for investors, but traders consider this paradise, because of the whipsaw swings into the market. we saw the dollar and bonds higher on the strength of the gdp data, two point 9% growth, exceeding the 2.7% expectation. the dollar jumped, bonds rose, yields held below 20%. we saw gold lower in the trading session. new york traded crude was lower on supply data. you can see is setting up

but also on the program europe gets tough on tech giants of voiding taxes brussels introduces a new tax loss that will hit silicon valley. for business and the w m how you know to get us welcome to the program in a highly anticipated meeting the u.s. federal reserve announced a further rate hike of twenty five basis points for short term rates and also upgraded the outlook for the u.s. economy the press conference that followed the meetings was particular as it was the first one for general powell as new fed chair pauwels message is that the fundamentals of the u.s. economy are on a positive course the job market remains strong the economy continues to expand and inflation appears to be moving toward the form sees two percent longer on goal the quarter point rise is the fourth in the span of a year and it continues the fed's move away from a recession era trend of cheap borrowing to encourage stimulus another rate increase was widely expected by markets although some observers wondered if powell might speed up the timeline of bringing rates back up power replaces former chairwoman janet

is leading the way. techast week your financials are right behind it. >> they are mine >> they are yours. >> this is a remarkable rebound. all 11 sectors were lower. all higher today and the two worst performers, tech and financials very much leading the rebound. part of it we could point on the fundamentals what the story is leading this, but part of it is quite simply rebound from low levels. >> absolutely. the best day in a couple years since august 2015 we could be looking at here. the rate sensitive sectors, which is strange, they're still higher but interest rates aren't doing a whole heck of a lot. >> this rebound impressive given europe was lower and closed down u.s. very much shrugging off the wider sentiment. we have 37 minutes to go before the close and we are nicely higher still ahead, despite today's broader rally, shares of facebook down again, extending last week's brutal selloff we'll speak with an analyst who says facebook remains his large cap internet pick. >> and he's the top facebook anal

the tech selloff has gone global treasury department is reportedly developing plans to identify the technologyrs that chinese companies would be banned from investing in it is been cited that semi c conductors and others but chinese tech names that fuel the emerging market last year are down across the board. >> 10 cents off, more than 4% there. thank you. >>> so seema highlighted big tech leaders are facing mounting pressure from the u.s. and lawmakers among -- about allegations of improper data collection with louder cries for more regulatory oversight so what would a crackdown look like how long would it take who would oversee it and answers from tony frado with hamilton places strategies and ron roddy and good to have you here ryan, let me start with you. should there be more regulation on a company like facebook and what would it look like? >> well there are already lots of factar yoz th-- factors thatd the companies accountable, from the state attorney general, shareholders, there is a push for regulatory crackdown it could involve new legislation that restricts the data collection pract

let's go straight down to the new york stock exchange. tech trade taxes. socks off the market. there down three and 87 points. lower on the year. it is holding up on the year. but it is the biggest loser. today. you can blame it on facebook. about the allegations. about misusing user data in relation to the trump campaign. don't forget all of these major tech companies use customer data as you can bet they are going to be scrutinized heavily. what they do with it when the have it. down 7%. facebook hit an all-time high. now facebook is in the correction territory. but not by enough in the last couple of days. still below the psychological important level. is a broad-based rally. tech is a leading divider. and not one that has investors running. thank you very much. let's move on to the story. the government fights against the at&t time warner maker merger. basically, it concentrates too much control of the media landscape. president trump has also voiced his opposition to the merger. more than once. connell mcshane live outside the courthouse. the very lat

as well, we've seen the ramp up over the past six months to 12 months of tech being the outperform or-- outperformer. so, down she goes. asia, it was the worst. like in the u.s. asthere are cot antitrust, concerns about regulatory overhang, concerns spilling from facebook's data debacle on to some of the other far more expensive stocks. it has to be noted that amazon and netflix are two of the biggest laggards. tesla, one of the most expensive. amazon and netflix trade 100 times their future earnings. the price, currently trading at 100 times where the analysts have seen their earnings going. meanwhile, tesla doesn't even make a profit. no wonder, when we see these shivers go down the spines of investors, they want to lock in profits now. emily: facebook ended the day slightly up. if you look at how the markets have profits now. emily: performed since the facebook news broke, the cambridge analytica data scandal, twitter has fallen more than facebook. ike, why is that -- mike, why is that? mike: if facebook is going to get in trouble for this type of thing, perhaps twitter will not be

relationship the tween the tech giant and the administration -- relationship between the tech giant andhe administration, tom giles and sahil kapur. what's been the reaction in washington to this, and what could the president actually do here? >> a pretty muted reaction overall from lawmakers. congress is on recess at the moment, so members of congress don't react, unless something is really -- blows up and captures the attention of people back home, which this doesn't seem to have. the white house poured a little bit of cold water on this earlier today by telling reporters that no new actions are under consideration with regard to amazon, after the president's tweets. it's entirely possible the president is more venting his frustrations than necessarily shifting -- signaling a policy shift. it would mean more taxation, which his party strongly opposes. they passed the tax bill a few months ago that the president wanted to -- there is not much of an appetite to do something about that. it should be noted the president vented publicly on twitter about what he called the amazon "washi ngt

what is most important to the tech ipos? growth cash flow? ofit do the customers love them the customers obviously love the guys that's what we look at it's really the value. so it's there. >> brian hamilton, thank you for joining us we'll leave it there >> thank you >> when we come back, a satellite the size of a school bus set to hit earth in the next few days but the reason not to worry. the company is working to protect us from that debris. that's coming up equities having a good morning bond market stuck at 275 on the ten year 30 year below three. back in a minute >>> i'm scott wapner coming up on "the halftime report," as stocks break their quarterly winning streak, we'll debate where your money will work best in the months ahead. can the tech trade get back on track or is it dead? plus yale's robert shiller is with us. and pete najarian going to the cloud for his unusual activity today. i'll have the reveal at the top of the hour. see you in about ten >> scott, thanks for that. >>> let's get over to the cme group, rick santelli, and get

the tech fell off dramatically dragging the u.s. tech stocks lower. monday was a rebound story continuing into the tuesday session. in the final hours, tech took everything lower with the exception of ge, which we will get to in a little bit. tough day raising questions of the direction of the market going forward. early in therted morning. we had chapter among many. what had no confirmation at all, what do we do actually know? >> ge has had a very tough ride in the past year on this stock. speculation, would've billionaire such as warren buffett be involved, we saw the stock rise. take a look at the stock chart 4ge. the stock has been down significantly for the past year. particularly in the most recent months where ge was forced to announce there was an inquiry and some of its financial bonds ands regarding stuff. what is going on here is a question on whether it is plausible that warren buffett would come in. in 2008, it was buffett who rode into to ge's rescue during the financial crisis. he said he might consider an investment earlier this year, s

up a risk fort the other tech companies. cebook did have its worst day since march of 2014 with flows finishing off 8%, of the 2012 lows. the risk off tone, continues with microsoft, also that and cisco, as well as many others. at these are looking high-tech names which have done very well. there could be more pain to come. take a look at the technicals on btb1606. and look at g# the buyers have been mainly in control, but we have this tightening coil. in on action today, check that out. a lot of black space between today's open. and the 200 day moving average, finishing just above it. all of this suggests we could see more bearish action from fac ebook. that could suggest more bearish action could be ahead for not just technology, but the major averages. some of this contagion fear around facebook is leading into stocks overall. caroline: interesting if you look at analyst recommendations on facebook, only two say sell. many say this is a buying opportunity. will be contagion continue, do you think? >> at is a good question

>>> is the big tech stock run done that's your trillion dollar question we'll get some answers straight ahead. >>> slamming facebook. what apple's ceo tim cook said about the social media company that is getting a lot of buzz today. >>> and calling foul the u.s. ambassador to china raising the red flag on trade. we'll bring you his comments from beijing on this thursday, march 29h as "worldwide exchange" begins right now ♪ >>> lightning before thunder, technically impossible, i think. welcome from wherever in the world you may be watching. glad to have you with us i'm brian sullivan here are the five big things you need to know wall street trying to end the quarter on a positive note futures slightly higher, but all investor eyes are on the big cap tech stocks and whether the recent scary slide is over >>> uber settling with the family of an arizona woman who was killed by a self-driving car. terms of that settlement are not known. another shake up at the white house. president trump ousting the secretary of veterans affairs, nominating the head white house physician. >>> north korea an

we spoke about the tech sector. take a listen. >> the year has set up in a way that i think should be very constructive for m&a activity and ipo activity. i feel activity is starting to pick up a little bit towards the end of 2017. have a very healthy ipo backlog, but we also have an environment for a variety of reasons why 2018 should be an active year for the technology space. emily: coming up, is broadcom's hostile bid for qualcomm a threat to u.s. national security? if you like bloomberg news, check us out on the radio. this is bloomberg. ♪ emily: one of vmware's biggest investors want them to end talks with dell. michael dell controls vmware, as well as his own company. he is trying to put all the pieces of his empire under one publicly traded roof. ceo try tocom's salvage the $170 billion takeover of qualcomm. he met with the treasury department officials to discuss possible national security concerns. you can see him there when he met with president trump in november. his meeting came after a letter was sent o

that group holding the tech stocks. l of these bars are weekly with the exception of this one because they have not treated yet today. this is the first day of the week at the end down 2.1%. you can see that on one day tech stocks have performed worse than they have in almost any other week with the exception of three that came in the beginning of february. it was a very rough day for tech stocks. we will continue to get analysis about that particularly in the second hour of our programming and we will bring you our exclusive interview with the founder and chairman of kingdom holdings. let's get the bloomberg first word news with juliette saly. in the u.s., federal reserve chairman jerome powell and his colleagues gathered for his first policy meeting as head of the central bank. economists surveyed predict a quarter-point hike this week plus similar moves in june and september as well as december. respondents said policy will pencil and three rate increases as being likely in 2018 and their updated orderly forecast. tar

and backlash from the tech. to pick a side on gun control. rst, one of the most highly anticipated public offerings of the year is here. spotify is going public. ae company isn't filing for traditional ipo, but instead a direct listing on the new york stock exchange, skipping the roadshow and the process that goes with it. holdingrevealed it is onto the top spot among streaming services with 100 59 million monthly active users and 71 million paid subscribers at the end of december. we caught up with alex and in london, someone who knows about the european tech scene, we welcomed back caroline hyde. come back for what is going to be one of the key , spotifycoming of age coming to market. not filing for an ipo, just listing shares and we might think it is to save banking fees because they don't need any more cash, we might also think they don't want the drama of an ipo. ist might be on their mind king ipo, maybe they don't want that. notably, this is very swedish. cool, the known to be ceo, the chairman, cofounder of spotify doesn't like the lim

futures are slightly lower in the states all eyes on tech the big tech stocks, the f.a.n.g.ames, they had their biggest simultaneous drop in years yesterday. it's also important to watch bond yields. all the talk and worry about higher yields, something interesting is happening bond yields are going down across the board ten-year at 2.75%. our slide hitting asia overnight. they're down across the board, led by hong kong's 2.5% drop france and germany down by over 1% oil down about 1%. gold lower look at bitcoin. bitcoin remains below 8,000. >>> let's get back to your top money story, the markets yesterday's late-day selloff driven bay by a remarkable and rare drop in f.a.n.g. names. here's how they look right now as of the latest trade facebook down about 1.25%. amazon the least hit of the major ones netflix down almost 2% alphabet down 0.4% now let's talk about this and everything else with peter boockvar, chief investment officer at bleakly advisory group, also a cnbc contributor and a guy who does not like to sleep. welcome. >> thanks. >> for years the same five or ten st

rally we had was a narrow rally and was largely focused on tech. thern you are seeing today with regards to facebook and other social media tech companies is essentially pulling the market down. there is a lot of fears and jitters that is outside of tech but that is the catalyst for what you are seeing today. tech: we have seen selloffs before but there's been some cushion. we're not getting a cushion now, why is that? >> financials have been doing poorly because of the outlook of fiscal issues and tax issues and there was no steam left in financials. think about how far we have come since the bottom of the correction in february. financials lacked an tech outperformed everything in financials were left out of it. there was expectation would rotate back into financials but they didn't get the chance last week and now we come into my day-to-day and we see the selloff in tech and there's not a lot of places to go right now. shery: we are now seeing them fall again as the market self-correcting mechanism -- the only thing we are not seeing falling is the

and the white house blockswo wh d have been the biggest tech dealing ever. >>> new progress noisis gn krsk and aetna shareholders approve their merger, paving the way for a new era in health careve impactingthing from coverage to costs. >>> remodelling returns. which projects pay you backig. ose stories and more tonight on "nightly business report" for tuesday, march 13th >>> and we bid you good evening, everybody. these day it seems aztec goes so goats the mabt. hat happened.y the tech sector which was up double digits ts arter, three times that of the s&p 500 day fell sharply. the nasdaq shapd its seven day majorreak and brought the indexes down with it. the dowent down 171 points. the nasdaq lost 77 and t 500 fell by 17. within technology the focus today was on theseconductor sector. the white house late yesterday you may have heard blocked broadcom's hostile take over of qualcomm for natnal security grounds. and that sent today's chill through the roof that investors had been flocking to in thein meantime. dominic chu picks up our story. >> reporter: one of theigger exchange trade

shery: we are seeing this huge selloff in the tech sector. the chart showing you and frank stocks we are seeing the worst a ever on record. is this specific to the tech sector or does it reflect the broader market? bob: i think it is both. lead on the way up and the correction to date has been the most difficult sector. as you point out, it is still up year to date. people are taking profits and assessing. are there fundamental issues? . yes. . when noble markets don't go straight up and we are taking a policy or. -- we are taking a positive here. expect choppy here. considering asking you about bonds and the correlation with stocks -- are we going to now thatrelation again tech has rolled over? let me showt, viewers our chart that shows correlation is negative and nonexistent. bob: i think that is right, vonnie, because the characteristics of the markets changes we pick up that correlation again. as you know, the correction that started in early february was driven by rates moving too fast. pause andhave taken a that is good news because we d

it's down on the week along with the rest of the tech names player came forward, has a market cap right now of about $3.5 billion ipo for dropbox, it's going to put its valuation somewhere in the range of $9 billion so that will make it the largest tech ipo we've seen so far today. back over to you >> all right, bertha, thank you. you'll keep us posted there. >>> staying within tech, micron right now, shares backing off a little bit following the company's earnings last night. the company reporting second-quarter results that beat estimates. those results bolstered by large demand for memory chips. that's micron's bread and butter the stock up more than 30% year to date. the ceo of micron joins us now to talk about the business sanjay, thanks for joining us, good to see you. >> good to be on the show, thank you for having me here >> so the market here reacting just with a slight step back in your stock put the quarter in context a little bit i know if there are some areas of hesitation in terms of commentary, there may be some concerns about c

the message they want to share. >>> the lock and the high-tech product here in the bay area that helpedician with two rare and very expensive vim lolins. >>> well, it is national puppy day, so we have a litter of pups on our hands in our studios today. >> and since we are journalists, we took the opportunity to ask them a hard hitting question. >> controversial decision, hot dogs or sandwiches. by the way that puppy is daisy, and she is available for adoption. she's so cute, all of them. >>> hope they all find good homes. >> for all of us, we appreciate your time. >>> tonight, the fbi on the scene right now. the explosion at a u.s. air force base and what we have just learned tonight about the driver. the guards waving at him to stop the car. then erupting into flames. what they have found inside. >>> also, the tense night ahead. protests growing. the shooting of an unarmed man. the video of officers firing 20 shots. and tonight, we have learned of the death threats. >>> a livid president trump issues a veto threat, but then signs the spending bill anyway. and tonight, the interview. th

but it's all about the boom coming off the tech rails. the "wall street journal" reporting ceo mark zuckerberg is expected to teffightify before the senate judiciary committee. it's looking like the once cool super kids on the block like facebook losing that cool and perhaps even becoming villians and getting a bad rap. there are questions whether they should face tougher questions over anti-trust issues. randy, i'm going to shoot straight to you. anti-trust is something that has been floating in the air for the last couple years with the tech giants. facebook is becoming something of a villain. >> vulnerable, no. anti-trust is a scary word. how much does it cost to use facebook? if it were any cheaper they would be paying us. if the essence of anti-trust is free and unfettered competition to bring prices up and quality up. putting aside the data breach. how much better can facebook be doing innovation-wise, price-wise. charles: can they be beat? here is the irony. you start to layer with regulations it builds a moat around the company. >>

if you look at the tech stocks through the goggles of wall street, it is not just the technology industry that is being sold. tech has become a very important part of some of the popular there.strategies out growth being the oldest and most , but also momentum. once there is weakness in some of these stocks, it tends to cause a ripple effect. they can be highly correlated when you look at it from the perspective of these growth strategies. emily: caroline, this is obviously spreading globally. talk to us about how markets are in europe and asia. >> we are seeing a selloff worldwide. i have a great chart. g #btv 5523. you can see how much the ripple spills into asia and europe. i am seeing in europe tech was the second worst-performing industry group. in asia, it was the worst performing industry group. we have seen the ramp up over the past six to 12 months of tech being the outperform or. down she goes when we start to see concerns build into the sector as a whole. there are concerns about the trust and -- anti-trust. it is spilling onto some of the more expensive stocks. in particular,

the tech heavy nasdaq taking a hit on the back of facebook. >> yeah, it is., who wins? who's the natural placement to pick up the advertising decisions that may argue there's not any obvious candidate right now. google does not have a social network to monetize. twitter and i can't figure out whether it's a camera company or social media platform. there's a lot of focus on facebook, but at the end of the day, where where the advertisers going to go? businesses that drives this company and they have access to the best targeting data in business and facebook. >> i think maybe twitter might be a company. jack dorsey was asked about this. you can read every tweet that is out there. >> companies like instagram which are growing rapidly by the day. raises an excellent point that's well taken. it he ended the day, and a significant amount of information to be disseminated against those users of facebook. this is something we need to keep an eye on. trying to the consumer, customer, average person will see if they change their behavior. thank you. >> no problem. >> t

the k leadership is back. that's important. tech and financials led the charge.he remember,re more than 40% of the s&p 500 together. it's hard to keep the down when you have those two sectors this strong. in fact, apple, amazon and microsoft, the three largest stocks in the s&p, they were up 3 to 7% today. that's huge. together these three stocks are % of the whole weight in the s&p 500. all 11 sectors ended higher on the day. for "nightly business report" i'm b pisani at the new york stock exchange. >>> white house trade adviser peter narro today confirmed those reports of trade talks between the u.s. and china. he says he's hopeful the two countries can work together. >> ambassador lighthizer and seetary mnuchin, at the president's direction andre personal ion, is talking -- they are talking with the chinese, as we've been doing since day one. and we will continue to do that. and i think we're hopef that china will work with us to basically address some t ofse practices. so i see nothing but bullish times ahead. >>> last week as y

inciting violence censorship silicon valley style the activists and journalists have been silenced by the tech giants and the national geographic turns the spotlight on race and racism some of it in its own coverage. for the past two weeks the story of the poisoning of sergei a retired russian double agent and his daughter in the u.k. has led news bulletins in britain and the around the world much of the coverage of the story has been low on facts on the high on conjecture and speculation british headline writers have had a field day mosco meanwhile has denied any involvement and has claimed the british press is churning out what they're calling hysterical propaganda to whip up anti russian sentiment. the kremlin has used its own media outlets both domestic and global to review western coverage and to come up with their own speculative renditions of the story much of that counter-narrative has been broadcast in the u.k. and the kremlin funded english language channel r.t. but for how long westminster is on the offensive and as for the russian news that torque on notice threatening to revoke it