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tv   Squawk Alley  CNBC  November 11, 2016 11:00am-12:01pm EST

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don't forget to thank a veteran today as we honor those who have served in the armed forces. welcome to "squawk alley" on a friday morning. got the whole gang here at post 9 on an interesting day. dow's down 44, s&p is down 11. gold's down $32 as we take stock of the week we've had, the election, all of those positions, those hedges, the defensiveness that is being unwound today. mike, you made this point over and over again, the policy prescriptions that we think the market is reacting to are long-term stories. >> they are. i think this release of tension was definitely something you could perhaps see coming just with resolution of the election. it was tremendous concentration of defensive hedges surrounding the date of the election. so once that gets released, but the way it got manifested, the way the money flowed through the market is something very policy dependent. >> take a moment and watch the president lay ta wreath at the tomb of the unknowns.
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[ "taps" is played ]
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>> one of the most solemn duties the president has laying that wreath at the tomb of the unknowns and the last time barack obama will do that as president of the united states. we bring you back home to post 9 on this veterans day. we continue our discussion about the markets. mike was just mentioning the tech sell-off. we have singles day bringing the move in chinese e-commerce into sharp relief today, david. >> and certainly the prospect of a trump presidency and what that will mean to china/u.s. relations is also important. they are setting records again on singles day. as expected, the growth rate, though, in terms of year to year, how much gmb is being sold is decelerating, while large numbers certainly playing a role
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there. but they passed, what, over $17 billion. this started a number of years back with the management at ali b baba led by jack moss said we need a singles day, go out and buy yourself something. it's translated into the largest single shopping day in the world. >> and the backdrop to this, david, in a way, spoirespeciall we consider the election that we had and the policies around president-elect trump is the question of what kind of access to asian markets american companies are going to have. amazon has famously failed in china, succeeded in india, has been doing quite well there. but the question is what's the next run? google not very present in china. apple has done well but has been a little bit of an outlier. so as we look at these global
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ambitions of u.s. companies and this very large powerful smart chinese company, it's a question of trajectory. >> yeah. and it was a question we put to alibaba's president earlier, jon, specifically what would be the fallout in terms of restrictions between the two trading partners, and they want consumer brands on the tmau platform as well as moving on to sell things to china. we have the sound from mr. evans in terms of at least what he is saying will develop here and why it's beneficial for u.s. companies to continue to have trade with china. >> the single biggest beneficiaries of 1111 are u.s. brands, thousands of them that are exporting their products to the chinese consumer. we could not be happier with that. what u.s. brand wouldn't be happy or u.s. retailer whether
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it's target or macy's? this is an opportunity for brands that doesn't hurt the u.s., it helps the u.s. it helps create jobs. i think trump will be pragmatic in thinking what is the benefit to the u.s. in being able to attach those pyszs to the chinese consumer and in the future consumers as we continue to globalize. >> alibaba's stock price is actually down today. >> along with a lot of other big tech. staying on singles day we want to take you thrive shenzhen, china, and check in. >> good morning, you guys. it's the world's biggest shopping bonanza. let me give you the final tally of this year's alalibaba's sings day sales coming in at $17.78 billion u.s., a 32% jump from what we had last year.
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last year when we raked in $14.3 billion u.s., we were actually looking at 60% jump in terms of sales from the year before. so, yes, there are some questions about whether this turbocharged growth for alibaba is a singles day sales is sustainable. and there are also questions about whether these sales figures are inflated to some degree, yes, so there are reports about some chinese consumers waiting for days, weeks, and months in some cases to actually make their purchases enjoying the steep discounts on alibaba's day. but certainly we can see that alibaba really owning singles day here in china. when we started off back in 2009, it worked with 27 merchants. now it's working with some 1,800,000 merchants with the names like apple, maserati, and target joining alibaba's singles
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day event for the very first time this year. so, yes, alibaba is really trying to highlight the ecosystem that has been building over the past few years. guys, back to you. >> cherry kang at the shenzhen. thank you very much. mike, thing that are getting sold today, alibaba notwithstanding. staples, as we said, megacap tech, biotech is getting clobbered. >> today, yes. >> common themes? >> the common themes i think things that were perceived as stable that could grow in any sort of economy and not just a rapidly growing one, beneficiaries of inflation or winning and the ones you were hiding in when the world was seen as lower rates for longer and not growing very fast have basically gotten sold. so to me that's where the story of big cap tech, that's where you would have hidden. if rates are going up, you want to pay less on a p/e basis for those. i don't think it's that much more complicated than that
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except it's selling stuff people were buying into. i think it's been pretty violent and stark. a lot of this policy stuff is on the comp. >> there seems to be a big unwinding of the emerging market trade both on the sovereign side and on the equity side. and i'm wondering, mike, if you think directionally yields and rates are going nowhere but up. is that a space you even want to touch going forward? >> if you think they're going nowhere but up, i think the answer is no, kayla, but i also think that's where this thesis gets complicated because if you're kind of giving this economy credit for basically debt finance, investment boom, and you're going to have rates go up and a reflation trade, if that means the dollar gives the fed more room to move, that's going to stop things in its tracks. i think what we've done is had a two-day very favorable interpretation of what could happen, maybe the most benign scenario, then we have to deal with what might otherwise happen. >> does it make sense, though, to go from an era where you would have killed for rising
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inflation expectations to having inflation expectations that are too high? >> obviously, there's a middle phase. and i do think that it's a pretty friendly environment if you're going from pretty high risk of deflation to we're going to eventually have to worry about inflation but not right away pip do think that there's a decent comfortable place in the middle, but the market's in a hurry to price in a lot of stanley cup right here so, that's the thing you can't really handicap. >> swings today that we're all getting i think normalized on wild swings, whether that's metals or stocks or political polls for that matter. guys, thanks very much. when we come back, new reports that peter thiel is joining trump's transition team. we'll hear what kara swisher has to say about that. then former u.s. technology officer anish chopra will. >> jackie: us from the u.s. capital. his take on trump's policies specifically on immigration. and double lines' jeffrey gunglach in just about 50 minutes. by the way, 1111 at 11:11 in
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public wifi for your customers. private wifi for your business. strong and secure. good for a door. and a network. comcast business. built for security. built for business. peter thiel is. >> jackie:ing donald trump's transition team.
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he has been outspoken in his support for trump. take a listen. >> i don't agree with everything donald trump has said and done, and i don't think the millions of other people voting for him do either. it's not a lack of judgment that leads americans to vote for trump. we're voting for trump because we judge the leadership of our country to have failed. >> we reached out to thiel's team for some comment. meanwhile, kara swisher joins us this morning as she does every friday. good to see you again. >> good to see you. >> let's just get your thoughts broadly on what we saw this week. >> you mean silicon valley. i think they're shocked and surprised like most of the country. i think they were expecting a different outcome. so a lot of them are extending olive branches, saying even mark cuban and others will work with him. jeff bezos had kind of a funny
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response. but i think in general most of tech is assessing where to go from here because a lot of his policies are sort of antithetical to most of what silicon valley wants on immigration, on free trade, all kinds of encryption. so it's going to be an interesting few years for sure. >> how much of those fears do you think are well-founded? >> they are. like a lot of things with donald trump, you don't really know pap great story in "the new york times" not everybody knows on all the policies. he definitely insulted apple and amazon quite clearly. the question is will he do anything about it and those were about taxes and ep kripnkrimgs things like that. you wonder what he'll do arnold some of the megamergers and some will happen with tech companies pip think immigration is a worry, has always been a worry here, although there's been no progress in previous administrations so we'll see what happens on that issue. encryption to me will be the
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most interesting one and see where the trump administration comes down on those issues. >> not just encryption but the cloud also. microsoft has this ongoing issue with the federal government around whether they'll get access to data on cloud data centers that are not located inside the united states. one imagines the trump administration will be even more aggressive about trying to force tech companies to fall in line and tech companies have argued that's going to affect their global business. what do you expect to develop there? >> it will be interesting to see if one of the big tech companies like apple suddenly locates a facility in the united states or something like that. i was at dinner last night where people were talk about that, if there could be some gesture by one of the big tech companies to do something like that. a lot of it would be just gestures pap lot of these companies are global companies. and they don't -- while they are american companies, they have global interests everywhere and they have to -- you know, wall street pressures them to make nor money and to cut costs.
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and sometimes that happens at cross-purposes with workers in the u.s. it will be an interesting struggle back and forth. obviously, tech stocks are down and bank stocks are up, infrastructure stocks are up. i don't think that will necessarily last because tech is an engine for growth in this country. it's a question of what the trump administration will say. he says a lot of things offhandle. you saw what peter thiel said. apparently we're not supposed to pay attention to those things. i pay attention to them, but we'll see where it goes and how much influence tech will have. probably not much at all. i think thiel is probably one of the few people who have relationships with the trump administration people if at all. i don't know what they're going to go do around tech or around anything. >> we'll see if that changes. as for ripple effects, then there's facebook, zuckerberg responding to fake stories influencing the election.
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"personally, i think the idea that fake news on facebook, of which it's a small amount of content, influenced the election in any way is a pretty crazy idea." someone this morning wrote they're in the awkward position of explaining how they drive purchase decisions. >> hard needle to thread for mark on that one. is cable news responsible? are newspapers responsible? you know, facebook sort of takes the idea that, hey, we're just platform and we're not responsible. i would agree with him that some is fake news pip know people read it and they get influenced by it. there's nothing to be done about that because for a lot of people facebook is the internet and are you going to blame the internet for not being factual all the time? i think it's a very difficult thing and mark will continue to insist they don't have editorial control over these things and it's a small amount and, you
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know, people shouldn't believe everything they read and stuff like that. sort of keep their distance from having any responsibility. i think they do have some to some extent but they certainly don't have editorial -- they don't do a lot of editorial guidance on facebook whatsoever. it will be an interesting question and he'll get blamed for it. i'm not so -- i think i'm probably more on mark's side. >> they do see themselves as having some responsibility to educate the electorate because i got a notification that i had new elected representatives and facebook wanted to tell me all about them. facebook as a company was pretty public and zuckerberg was pretty public throughout the election about where they hoped the election would come out. i'm wondering if you think they're relieved in any way to not have to play host to trump tv now that he's in the white house. >> oh, they would. they would. i mean, i find facebook to be the most fascinating company because they have, you know, people like mark and cheryl who are more liberal, but then they have peter thiel on the board, who's for trump.
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they're beautiful at the compromise, facebook is, in terms of compared to other companies. they always seem to be like right in the middle of it and it's not their fault. so, you know, it's a big question. they do have influence. they do make suggestions. they do guide people. and at the same time they want to say, hey, it's not our responsibility. it's just a platform. that's a typical silicon valley feint, like, oh, it's just platform. we have no influence. same thing with twitter i think had the same response. hey, i want's people talking. but the tools being used are highly influential. i think you could say donald trump used twitter to kick back the whole republican establishment. he used one simple tool if you want to break it down to reach voters. and you can say that twitter's fault or just the fact that twitter is useful to someone like him. it will be an ongoing debate going forward, and the tech companies are will try to pretend we're only making products, it's not our fault. >> someone the other day said, i
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mean, tried to make the distinction between twitter, blaming twitter would be like blaming yum! for obesity. my response was that would be true if we all individually made our own tacos and then sold them at taco bell. right? jack's not making these tweets. >> no, he's not, but, you know, again, these tools have facilitated the ability for politicians like donald trump who is -- you know, he's a twitter savant. i don't know how else to put it, and i've written that many times. he's really the first twitter president, who's using it effectively. whether you like it or not, he's gooded a it and imagines to reach roevoters. same with facebook, but not as much because you can't be quite as difficult on facebook. there's much more control over it. so i think facebook has to face the fact they haven't influenced the way television networks have, the way newspapers have, and the question is what are they going to do about it or are they going to just pretend, hey,
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we're just, you know, just a platform? that's their favorite thing. we're just a platform, people can do whatever they want on it. >> kara, more to talk with you about down the road. thanks so much. have a good weekend. >> thanks a lot. yep. >> kara swisher. still to come, eric schmitt sounding off on silicon valley's talent problem. he says the issue is not enough hbb-1 visas. hear what aneesh chopra has to say about that next. and a live shot from arlington cemetery. president obama is expected to take the electric turn shortly. , dramatically increasing print security with enterprise printers by hp. which is great, unless you're a corporate spy. unsecured printing makes your network vulnerable. enterprise printers by hp help prevent costly security breaches that can compromise your network and reputation. so i'm stuck spying the old fashioned way. hey. i'm not spying. secure printing by hp. i.t. orchestration by cdw.
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trade, immigration and jobs largely focused on the to technological change on the working class. a lot of people wonder what that means for president-elect trump. eric schmitt spoke to our andrew
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ross-sorkin on what tech needs from trump. take a listen. >> the number-one ask in the tech industry has been the h1b visa limit cap. we have situationings where we have employees who are brilliant who are kept in condos in vancouver and other countries just waiting to clear the auction for h1b. i would fix that on day one. if you want the quickest path to success in america, fix that problem. >> i'm not sure if he was listening to donald trump during the campaign. america's first technology officer aneesh chopra joins us now. chopra served in the obama administration for three years. glad to have you. i'm kind of gob smacked by the fact that eric schmitt would even say that given the things that president-elect donald trump said during the campaign about the h1b visa program. does this show a real disconnect between what silicon valley is thinking and what's actually
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going to happen here? >> well, let's hope that president-elect trump takes on the deal maker role and as he tries to bring his immigration bill forward and he negotiates with senator schumer that there's an opportunity for compromise in the basket of high-skill immigration. and that's always been part of the conversation in immigration policy is how many pieces can come together to form a package. so the question really is faith in senator schumer and the priorities he brings to that negotiation and the hope that high-skilled immigration reforms like eric schmitt referenced are critical in that discussion. >> aneesh, what is tech's argument for that? we saw the stories about what disney is doing in orlando, with i.t. workers bringing in workers who are replacing american workers who have been laid off. that just looks horrible no matter where you are on the political spectrum to come after the election of a president president trump and argue for the removal of a cap, not just
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argue for the can't wags of a program but removal of caps for h1bs. is that just starting from a position that is untenable? are there more tenable positions? >> certainly the way to think about it is there's a global competition for talent and that's a fairly well-defined category of people. you can see it in the compensation packages, in the aquihire prices being paid by companies to bring on that talent. i think h1b as a program might be reformable so that more of the higher-end really competitive, distinguished service capabilities are what's on the table. and i think that may be the spirit of what you heard eric reference. you have programs open for reform but the broader package of high-skill imdprags, making sure we are the number-one destination for the most thoughtful and talented technology leaders in the country, in the world, i think that's the principle that i hope
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senator schumer will be negotiating for during this discussion on immigration reform. >> aneesh, president-elect trump also wants to make the u.s. the number-one destination for corporate cash in the technology industry. >> that's right. >> also for manufacturing jobs. which jobs do you think companies would actually be able to bring back to this country? >> well, it's hard to say, as you know, with more and more automation in the factory settings, smart manufacturing enables you to bring more and more of production jobs into the u.s. and we've seen that already coming in over the last several years, which means eve fb we retain some of those manufacturing operations, they may not have same job growth potential as they might have had in years past. so technological advantages in the manufacturing process will economically make u.s.-based manufacturing more competitive, but the impact to the economy may not be as great. the bigger opportunity is if he moves an infrastructure bill forward, that might mean
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including in that a repatriation provision so a lot of the tech cash that's being held overseas might allow them to bring that back and redeploy that capital for growth in the u.s. so you're going to look at this as sort of a three-dimensional cube on how it might impact jobs in the u.s. economy. >> aneesh, i want to be fair about this question. regardless of what reform happens in immigration, i wonder the degree to which you think foreign workers in tech or anywhere else will see very specific anecdotal stories of immigrants being targeted or abused or yelled at and simply not want to be here no matter what our policy is. >> so, this is obviously the personal concern for many. if you read the lerltds, tech ceos are writing their employees, it's all about the human nature of feeling welcomed and loved of all stripes -- minorities, women, lgbt. we want everyone to feel welcome in the tech sector. if this is all about talent, you have to make people feel welcome and we hope the plek will hores
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will hopefully set the tone differently than he had in the campaign which is at the heart of the anxiety for most in the tech sector when it comes to the president-elect. >> aneesh, so far it seems like tech's answer to some of the issues that clearly excited some in the rust belt to vote the way they did has been education and it's been distribution centers in the case of an amazon. is there something else that can be done, that should be done to improve the situation that's been left in the wake of manufacturing job s leaving tha region and especially higher education feeling more and more out of reach for the middle clatsz? >> there's no doubt, even if you heard peter thiel's comments at the national press club, there's a commitment to make sure that the american worker, the american population more generally has the skills they need to compete in our global economy. my hope is that talent, talent, talent becomes the mantra as we move forward to lift up those
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who are struggling in the economy. that's a message that both parties have had some commitment to advance, maybe in slightly different approaches, but the core question is can technology, data, and innovation be a resource or a he were to make sure that everybody has the opportunity to get the skills they need to compete for the jobs of tomorrow. and my hope is that, you heard that with peter thiel, he may or may not be on this transition team, that message should resonate, but that's the area i would double down on, upscaling the american economy. >> we'll see what they come up with. aneesh, always great to have you. thanks for joining us. >> thanks for swrg me. markets closing in the uk and across europe on this final day of the week. let's get to seema. >> the london ftse among the biggest losers as the pound regains momentum. topping 126 for the first time in five weeks, putting pressure on the uk multinationals that appreciate a weaker currency.
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royal dutch shell and bp among the biggest decliners in energy. shares of most mining companies fell as the rally in copper has given up steam. and b of a merrill downgraded miners to neutrals saying the sector is overbought. some big moves to the downside. shares of rio tin toe and bhp billyton surging more than 10% this week on hopes for the higher demand for metals with the incoming trump administration expected to begin work ong major infrastructure projects. for week, let's take a step back. european stocks up about 2.5%. you saw that dip once we got that election outcome, up on the week. there's still an active discussion around what the.s. election outcome means for relations with europe. eu foreign ministers are holding an informal dinner in brussels on sunday to discuss donald trump's victory and the impact on foreign policy. speaking of foreign policy, earlier today, russia's prime minister said he expects western sanctions over ukraine to stay in place despite trump's win.
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russian stocks lower in today's trade. now, the next big political event is in europe. that's italian referendum vote on overhauling italy's government. it's now exactly three weeks away from today. and the rise of this anti-establishment sentiment from the brexit to the trump win, will italy now have its moment? that's the big question. meantime, we are seeing the italian bond yields hit their highest level in over a year ahead of a key credit rating review from the standard & poor's. kayla, back to you. >> all right. thanks so much, seema. when we come back, another day of losses for the tech sector. microsoft, amazon, facebook under pressure again, although microsoft has just turned positive. sit time to sell tech? sing girl. ♪[ singing ]♪ sorry, ariana you gotta go. seriously? verizon limits me and i gotta get home. you're gonna choose navigation over me?
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call now. call this number by the deadline... and let healthmarkets find the right medicare plan for you - without cost or obligation. call now. an update at this hour. philippine's duterte wants foreign troops to leave his country. pope francis is joining some 6,000 of europe's homeless for a ceremony at the vatican, but i'm going to send it back over the carl. >> courtney, thank you. we take you to the president speaking at arlington national cemetery. >> thank you so much. thank you.
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thank you very much. thank you so much. thank you. thank you very much. please. thank you. thank you. thank you. please. thank you. secretary mcdonald, mr mr. halliman, distinguished guests and most of all our extraordinary veterans and your family, the last time i stood on these hallowed grounds on memorial day our country came together to honor those who have fought and died for our flag. a few days before our nation observed armed forces tay, honoring all who are serving under that flag at this moment. today, on veterans day, we honor
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those wo honored our country with its highest form of service. you who once wore the uniform of our army, navy, air force, marines, or coast guard. we owe you our thanks. we owe you our respect. and we owe you our freedom. we come together to thank you for the sacrifices you and your family made on the battlefield, at home, and at outposts around the world. our gratitude is always grounded in something greater than what you did on duty. it's also an appreciation of the example that you continue to set after your service has ended.
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your example as citizens. veterans day often follows a hard fought political campaign. exercise in the free speech of self-government that you fought for. it often lays bare disagreements across our nation. the american instinct has never been to find isolation in opposite corners. it is to find strength in our common creed. to forge unity from our great diversity. to sustain that strength and unity even when it is hard. we search for ways to come together, to reconnect with one another, and with the principals that are more enduring than transitory politics.
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some of our best examples are those we salute on veterans day. the 9/11 generation, who as first responders ran into smoldering towers then ran to a recruiting center and signed up to serve. the example of a military that meets every mission, one united team all looking out for one anoth another, all getting each other's backs. tights example of the single most diverse institution in our country. soldier, sailors, airmen, marines and coast guardsmen who represent every corner of our country, every shade of humanity, immigrant and native born, christian, muslim, jew and nonbeliever alike, all forged n
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into common service. it's example of our veterans, patriots who, when they take off their fatigues put back on the camouflage of everyday life in america and become our business partners and bosses, our teachers and our coaches, our first responders, city council members, community leaders, role models. all still serving this country we love with the same sense of duty. a few years ago a middle student from missouri entered an essay contest about why veterans are special. this is what he wrote -- "when i think of a veteran, i think of men or women who will be the first to help an elderly lady across the street. i also think of someone who will defend everyone regardless of
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their race, age, gender, hair color, or other discriminations. after eight years in office, i particularly appreciate that he included hair color. but that middle schooler is right. our veterans are still the first to help, still the first to serve. they are women like the retired military policewoman from buffalo who founded an am vet's post in her community and is now building a safe place for homeless female veterans with children. men like the two veterans from tennessee, one in his 50s, one in his 60s, who wrote me to say they would happily suit up and ship out if we needed them. we might be just a little ode,
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they wrote, but we would be proud to go and do what we were taught to do. whenever the world makes you center, whenever you seek true humility and selflessness, look to a veteran. look to someone like first lieutenant irving learner. he was born in chicago to russian jewish immigrants during world war i. he served as a bombardier in the army air corps flying dozens of missions toward the end of world war ii. when he returned home, irving did what a lot of veterans do -- he put his medals away, he kept humble about his service, started living a quiet life. one fall day walking down sheffield avenue on chicago's north side a stranger stopped him. he said thank kru for your service. and he handed him a ticket to see the cubs play in the world series. [ cheers ]
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now it's a good thing irving took that ticket because it would be a while until his next chance. irving worked hard managing the warehouses for his brother-in-law's tire company. he got married to a sergeant in the women's air corps, no less. he raised four children. the oldest of whom susan is celebrating her 71st birthday today. and on a june morning many years ago, another one of irving's daughters, carol, called to check in. her mother answered but but in a rush. we can't talk, she said. your father's being honored and we're late. carol asked honored for what? and the answer came for his heroism in the skies above normandy exactly 50 years earlier. you see, irving's children never
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knew that their father flew over those french beachheads on d-day. he never mentioned it. now when they call to check in, his children always say, "thank you for saving the world." and irving, sharp as ever at 100 years young, always replies, "well, i had a little help." whenever the world makes you cynical, whenever you doubt courage and service and selflessness is possible, stop and look to a veteran. they don't always go around telling stories of their heroism, so it's up to us to ask and to listen, to tell those stories for them, and to live in our own lives the values for which they were prepared to give theirs.
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it's up to us to always make sure they get the care that they need. as bob hengsed when announced my candidacy for this office almost a decade ago i spoke about this. we've cut veterans homelessness almost in half. today more veterans have access to health care and fewer are unemployed. we help disabled veterans afford prosthetics. we're delivering more mental health care services to more veterans than ever before because we know not all wounds of war are visible. together we began this. together we must continue to keep that sacred trust with our veterans and honor their good work with our own, knowing that our mission is never done. it is still a tragedy that 20 veterans a day take their own lives. we have to get them the help
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they need. we have to keep solving problems like long wait times at the v.a. we have to keep cutting the disability claims backlog. we have to resist any effort to outsource and privatize the health care we owe america's veterans. on veterans day we acknowledge humbly that we could never serve our veterans in quite the same way that they served us, but we can try. we can practice kindness. we can pay it forward. we can volunteer. we can serve. we can respect one another. we can always get each other's backs. that is what veterans day asks all of us to think about. the person you pass as you walk down the street might not be wearing our nation's uniform today, but consider for a moment that a year or a decade or a
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generation ago he or she might have been one of our fellow citizens who was willing to lay down their life for strangers like us. you can show how much we love our country by loving our neighbors as ourselves. god bless all who served and still do. and may god bless the united states of america. >> live shot of arlington national cemetery and the president speak ong this veterans day. as he put it, whenever the world makes you cynical, stop and look to a veteran, pointing out sometimes veterans day collides with election season, but as the president said, u.s. ideals are more enduring than our transitory politics. we'll be right back. what's the value of capital?
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what speed always wins. especially in my business. with slow internet from the phone company,
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you can't keep up. you're stuck, watching spinning wheels and progress bars until someone else scoops your story. switch to comcast business. with high-speed internet up to 10 gigabits per second. you wouldn't pick a slow race car. then why settle for slow internet? comcast business. built for speed. built for business. >> the week of the u.s. presidential election brought a complete divergence. the nasdaq and tech, the clear lagger. john, investment and economic strategist at lpl financial. i'll start with you. we have seen this rotation out of momentum names into value names. can that trade not involve tech? >> well, i think that actually what we've really seen this week is sort of a bitter pitt pill that tech investors have had to
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swallow. one is china's new cyber security laws as far as foreclosing any expansion opportunities in china due to their data storage retention and access laws that they're going to be putting into place in the middle of june 2017, so that's affected their growth outlook. you've also seen the move up in interest rates, especially long-term ones, and believe it or not, the tech sector is actually pretty interest rate sensitive because if you think about growth stocks as having very long data cash flows, you see long-term interest rates move up. that's going to make those cash flows a lot less valuable. then, of course, there is the election result as far as what the prospects for immigration, what does that mean as far as attracting tech talent. also, as far as possibility of tariffs, what that might mean for multi-national corporations. now, one of the things that i would be optimistic about is the idea that maybe you could get a rep repatriation tax holiday. you could get dif depd pay-outs if you see tax movement here. >> john, that tax movement that,
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repatriation. tech would benefit from that. doesn't that cancel out any weakness? >> it may. i mean, i think one thing to consider here is tech has been a outperformer since may. even before brexit. some of this is just profit taking, and we're urging our advisors and clients just to sit back and take a longer term view here, but you are right. i think tech would be a beneficiary of infrastructure spending. most everything these days that's done whether it's industrial or manufacturing involves technology. that's going to be a beneficiary. i think the sector that's benefitting the most right now is financials. financial sector is the number one spender on tech, so tech is going to benefit there as well. >> you know, we're just about out of time, but i'm wondering if each of you could just give me one pick that you think that we could see gains in and actually i think we are out of time. maybe we'll get that next time. apologize to you guys. john and brian, have a good weekend. >> thank you.
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>> dow down 50 points. back after a break. ♪ ♪ is it a force of nature? or a sales event? the season of audi sales event is here. audi will cover your first month's lease payment on select models during the season of audi sales event. (bing)
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before a bunch of dreamers land said, "why not?" and collaboration tools from intel made rocket science simple for actual rocket scientists. and the launch crew met for a moment of reflection. before any of this, cdw orchestrated a collaboration solution using pcs with intel 6th gen core vpro processors. collaboration by intel. orchestration by cdw. >> let's get to the cme group. rick santelli and the santelli exchange. >> thank you, carl. all week the talk down here has
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been green tape with less red tape. we'll see how it all turns out. green tape referring to the rise in equities with the notion that one of the low-hanging branches of fruit most likely is going to be easing regulation. when you have both houses and the executive branch, these things that politicians have been telling us for quite a while, they should be able to get done. also, says university of michigan sentiment today. not only was the read a pretty decent read, but it all happened before the election. the polling, surveying was done before the election. we did see one this five year outlooks a bit hotter. not super hot. a bit hotter. since it was before the results and we see as many that are cnbc talking about how the break is even and what it means nominal versus adjusted for inflation. we're starting to see all the metrics. gold prices moving down. gold is a stashl commodity. it has negative carry. when rates go up, it's usually not a good thing.
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all these things. should we be depressed over it? absolutely not. it's the old growth trade. you want to be depressed if it's a stagflation trade. both chambers and executive branch. should the fed wait or not? don't wait, fed. this is the way you get out of the corner you painted yourself into. if you actually raise rates, you give credence to what the market is hanging on,ing that we're actually going to change the dynamics and give america something to bounce off of that solid. go ahead. raise in december. it's a good thing. carl, back to you. >> rick, would it be going too far for you to have an emergency rate hike prior to december? >> i'll tell you what, if that happened, i think it would be a big vote of confidence. it would push us faster. i don't think it would be a bad thing. >> we'll find out if it's coming. thank you so much, rick
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santelli. that is it for us here. dow down 32. limping to the finish. long week, right? >> we didn't even mention disney. >> i know, but there's a lot more to come next week. don't forget, gundlach with whop ner on "the half." let's get to hq. p ♪ >> thank you for watching ""the halftime report."" i'm scott wapner. the post-election rally and whether it is now running out of gas. with us for the hour today jim levinthal, steve weiss, john najarian. stocks are taking a breather today. still, however, going for their best week in a couple of years. the dow is on pace for its best performance since 2001. josh, what is it? a breather because this trump rally is ending or a breather that is going to resume itself? >> so, i was on the show wednesday, and what i said was that i felt it would eventually subside, and i also felt and


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