a lot of the semi conductors are selling off again today on the micron warning yesterday it was nvidia. you can see the reaction and the damage lam research at the bottom of the pack along with applied materials. some of the stay-at-homes like zoom video also weaker. >>> coming up we'll talk to commerce secretary gina raimondo on the c.h.i.p.s. act which was signed into law this morning by president biden. >>> in just a moment liz ann son derz will join us on her latest thinking on the market and how the cpi report could inform the fed's next move. >>> mike santoli is taking a look under the hood at the summer rebound and whether that's wrapping up today >> the better part of the last two weeks, the indexes have been sideways now, it was the big growth stocks that did outperform off of the lows, but on a year-to-date basis i think it's relevant that the equal-weighted russell 1,000. so if you owned a little bit of the 1,000 stocks in the market vastly outperforming the s&p that's because they have remained underperformers most of what's been going on, yes, we're pricing in a slowdown,

pulling down the nasdaq 100, micron down 3.7%. look at the philadelphia semiconductor index and nasdaq 100 side-by-side. coming off our june and july lows, things have really changed. nvidia, micron, intel all adding to the same picture -- demand for the devices these chips are going into has dropped off and now the key inflation trend, the u.s. cpi for july, we are starting to talk about recession fears which has clearly spooked the market this tuesday. earnings season does continue in earnest. second quarter sales missing estimates, a big drop in assets on the platform but signs that user base is sitting on the sideline and still engaged. emily: ed ludlow, thank you. we want to stick with coinbase and bring in sonali basak. i miss on revenue, a miss on earnings, they narrowed their user forecast and what i thought was interesting is the assets on the platform plunged by more than 63%. that seems significant. sonali: that drop off in assets, the drop-off in monthly transaction users and transaction revenue, that's a reflection of

micron is also spooking the market. is it a function of what happened during covid, where people were staying at home, there was pcm and, gaming demand? that is gone -- that has gone by the wayside. people are not going to have three pc's in their home. david: yeah. well, we will see if it happens with that one. are we coming off extreme base effects? whether 2022 -- a big day as far as that is concerned. it takes us into the inflation numbers. this time last year it was transitory. because we ran up a little further. 8.7% is the estimate for u.s. inflation. in china, 30 minutes back we had to cpi numbers up 2.7%. enda curran is here with us right now. we're going to flash the chart. inflation is rising in china here. enda: on the headline basis it reflects fruit and veg and pork, up over 20%. that has an outsized impact. joining the global story. core inflation today did not increase at all. that is the number authorities in in china, where we are going to keep a closer eye on. producer prices adding to the idea that m

speaking of valuations micron warns of weakness ahead. more demand problems just a day after nvidia revenue would fall short. volatility returns to th

micron it's the latest chipmakers of morning the business is crumbling. francine: let's look at futures. it is all about that cpi. we are seeing a question across the cpi. the doctor futures down .2%. the focus is the treasury yield curve. there has been inversion. i know mark is all over that. tom: the 50 basis point gap between the two's and tends when it comes to that inversion. as we look ahead to that number later today, our own data suggesting that data comes in hot tub maybe the case is made for the fed to come in earlier with an unscheduled meeting and hike. expectations are currently, 55 basis points in september. the number today could append those estimates. the ftse down .2%. u.k. looking at possible shutdowns in the winter. spanish ibex down by 12 basis points in the first few seconds. like look to them, three straight days of losses across the s&p stateside. it was the semi conductors and the story around micron, and nvidia and imb and intel in terms of what we are seeing what comes to that demand for chips, starting to weaken. a? in terms o

so nvidia is off another 5.5% after big losses yesterday micron down 5.25% on its warning. lamm research and applied micro are some of the biggest laggards in the s&p 500 keep an eye on the chip stocks they have been viewed as the leading indicator of the broader trade over the course of the last several months. one other place to watch is what's happening with bitcoin. we got commentary from some trading desks, jpmorgan and others, about maybe this bottoming process happening right now with bitcoin prices. earlier this week. bitcoin is below 24,000, 23,089 off 3.5% the reason it's kind of important some traders are eyeing this level here on the upside about 24,000. that was the high end of the range that we've seen for the last couple months here. if we were to break out above it maybe it poretell morse upside, but kind of drift to the downside here, might just say that, a, maybe the bottom is not in yet, so watching that 24,000, that's the reason why some traders are scrutinizing that level. we'll keep an eye on the bitcoin prices >> thank you very much >>> tomorrow's cpi

as bad as micron investment is looking. look at chip makers and klacu they're not taking that cut and spending well. they're at the top of the laggers here, applied materials down about 8% at the moment. look, lamb research in there, kla down about 6.8% loss here. now, it seems a little myopic to see sell offs in these companies considering that micron still plans to commit $40 billion over the next decade to build out the u.s. memory chip manufacturing. and then this afternoon, president biden signed that landmark bipartisan chips and science act, $52 billion of which will go to incentivizing semiconductor companies to take on china by bringing home the crucial fabrication plants. >> once in a generation investment in america itself, a law that american people can be proud of. liz: except for charles payne, he doesn't like it. the markets, they're waiting. they're holding their enthusiasm until tomorrow's big release. the cpi is expected to moderate from the sizzling 9.1% in june coming in, expected we should say, 8.7% yea

speaking of valuations micron warns of weakness ahead. more demand problems just a day after nvidia revenue would fall short. volatility returns to the meme trade. flying stock prices including the ceo of 23 and me on the heels of those results >> we are going to start with the deal of the day right up our tech check alley applovin announcing a proposal to merge with unity valuing unity at $29 billion or nearly 50 bucks a share i was on yesterday but i was watching you said applovin might be in the market for consolidation have a listen. >> the type of company i have my eye on, applovin up more than 10% today. $15 billion market cap roughly it is down about 57% year to date you might not tend to think of this as a fintech play but in a way it is because the app ecosystems and how smaller businesses and developers balance between advertising and discovery, appearing in app stores, those are financial issues and perhaps investors can think more broadly about the types of companies that are available out there. it is also worth noting iron s

micron technology pulls back on orders. one day after nvidia, another big tech -- chipmaker said things are falling short that hit s&p and nasdaq and the dow jones industrial average. after a 10% rally to the lows in june, the s&p has four straight days of losses. the philadelphia semiconductor index was down 5% today, all 30 stocks in that index are down as well. nasdaq is underperforming. having a bit of a rebound, it may have their small selloff. the cpi report is weighed on stocks and bonds. the cpi report is bothering people. the 10-year note sold off to about 2.78 percent. with the two year at 2.7%. there was a $42 billion sale in good demand, maybe some people are betting on weaker than expected report tomorrow? for oil, that was volatile, it rose on news there may be a big slowdown in a major pipeline. a shipment from russia going to europe and by the middle of the day it turned around. it will be back on port. the cpi report looking for a stronger headline, a weaker core. i do not know if that will be enough to ple

the chip sector from micron, intel to nvidia is all flagging a fairly sharp slowdown. how should investors be reading that signal? >> we agree with that and i think the pain in the semiconductor space is really and the nomadic of the challenges of being invested in more sin -- cyclical parts of the market. again, emphasizing quality and looking at more defensive parts of the market, really positioning for this late cycle backdrop. we will probably end up in a recession, if we are not in one, already. play a little defense now, wait for the cycle to turn, wait for it to bottom before we play offense. >> to that point micron thing highlight something interesting because we were talking about how the chip issue was actually structural. how do you tell the difference between the two when you are looking to invest in quality? >> screening companies, looking at their cash flow situation, looking at the return on equity profile and looking at margins. we want them to maintain margins as we face this war on margins. it is a really tough challenge for companies. input prices ar

manus: micron technology president speaking to us. 9% over three days. that plays to this terror intact. that is war at the moment. what would that mean for global supply chains? those are the risks the market needs to assess. i will leave it there. dani: plenty of those supply chain issues come head to head with the micron warning that has to do with demand. it is such a consumer reliant company. all of those issues, not just demand, consumer issues are starting to rear their head. manus: this goes back to the heart of what we talked about about the type of recession. there was a euphoria in housing. everybody has to be in it. that was what they warned with china. dani: certainly. this leads to inflation. coming up, we will take into the politics story, specifically in kenya. this is bloomberg. ♪ dani: welcome back to "bloomberg daybreak: europe." numbers coming in from ahold delhaize, looking at margins that beat estimates. operating markets coming in at 4.1%. the estimate has been around 4%. looking at net sales as well. 21.5. 20 point 76 have been

micron guiding lower. we still are in a declining trend line, so i think these things continue to go lower and look at the reversal today if you want positive. >> i absolutely agree. i think there is no reason why these things can't trade lower. i don't have a good sense of what these things are going to look like. you can see demand and consumer debt devices falling off a cliff if we do get a recession. who knows how it is going to hold, and so i think they could be expensive even here. >> remember that commercial with the freaky owl, and the kid gave him a lollipop >> a tootsie pop. what you got going on behind you? inquiring minds want to know because that behind you over your right shoulder i believe, is a freaky looking owl. you got to tell america here. >> actually, at my wedding, the theme of the table settings are little animals, so we kept the owl. >> that's fantastic. she got the owl. >> can you imagine somebody got like a cheetah? >> a hippo. where would you put that? >>> coming up, some gamblin

micron is one area we like going forward. and in the cyberspace, you know, palo alto, they report next monday just another one that we're very bulled up on as the shift to cloud is a massive tailwind for palo alto and the companies in a good spot to benefit from a multiyear cybersecurity enterprise spend going forward. >> always great to get your insights thank you. >> thanks for having me. >> amazon is facing off with the ftc. por on the company's 49-page petition to regulators and why they claim the group is disrupting business operations that's next. "techcheck" is just getting started. businesses have to find new ways to compete in order to thrive in an ever-changing market. the right relationship with a bank who understands your industry, as well as the local markets where you do business, can help lay a solid foundation for the future. pnc provides the resources of one of the nation's largest banks and local leaders with a focus on customized insights to help your business achieve its goals. that's how we make a differe

that's coming from micron. revenue isn't going to meet estimates. that is sinking the benchmark by 4%. you are not seeing that risk off bid in the bond you might expect. you're looking at 10-year treasury yield's higher by about two basis points, 2.78%. guy: let's go back to the weather and talk about what's happening here over in europe. the energy crisis is front and center. i'm going to keep bringing this chart up. the rhine is getting shallower and shallower. we are having another heat wave in europe. we are tracking 11 centimeters above the level where it meets the effective closure of the rhine. the key thing here is water levels. we need more rain. the problem is we are now in the midst of another heat wave through europe. you are seen it across the continent, including in the u.k. when is it going to rain? what economic impact will we see? this dry spell could last into october. when we going to see a change in the weather? let's try to answer that. the weather looks like it could have a hugely important economic impact over the next couple

pueden ser sÓlidas o lÍquidas y tienen un grammy te de cinco micrones, son muy pequeÑos, son mÁs pequeÑos que el diÁmetro de un cabello humano. >> los quÍmicos se pegan dentro de los pulmones, hay mÁs mocos y tambiÉn problemas respiratorios. puede crearse una neumonÍa por contacto. protegerse es indispensable. es importante que se proteja con un filtro. >> es muy fÁcil, lo que queremos hacer es que si hay humo en la casa vamos a limpiar el cuarto, despuÉs se tiene que limpiar el aire y una manera que se puede hacer es usar este filtro y tambiÉn se le pone acÁ atrÁs. esto se pone acÁ atrÁs tambiÉn. >> esto es lo que se tienen que comprar >> le podemos poner esto acÁ y vemos que ahora estamos listos para purificar el aire. >> esto es en caso de emergencia. vana ser menos de $60. ♪ ♪ ¿es posible que haya demasiado de algo bueno? jamás. más elegancia. más agilidad..

micron issuing a revenue warning. very concerned about its revenue. also issuing a warning about free cash flow on the heels, actually right before the chips act was signed we knew it was coming. i'll start off with you. feel free to jump in first what is your take on chips stocks right now i know you are an owner as well. >> i own one i sold most in march because i was afraid of double and triple ordering i think that's what's going on right now. the last couple years we had a very tight market. we had supply issues you had strong demand. boosted by the stay at home theme. right? you had double ordering just to make up for the demand just to meet the demand. so now fast forward to today you have improving supplies. you have tough comparisons especially in gaming and pcs not in data center and that is the area that i'm actually in. i own broad com because that is mainly a data center enterprise play pcs are under pressure we've been hearing about that from a number of companies and as i mentioned we have to get through this inventory build and i think

and micron has had a lot of trouble in africa. also in the former colonies because of russian. russia is coming in, so i'm sure you have a lot to discuss on that front. and we probably won't hear a lot about that. and what about energy supplies? and because algeria has large gas reserves, doesn't it? yes, there's a lot of gas and i know the custom is to blame no jury or, and certainly algeria, it's problems. ok. now it is considerably increased this production over the last year, and they've been ramping up. they're up to about 100000000 cubic meters a year. they have a big domestic consumption. however, half of it goes domestically. but the rest comes to you are now because of the conflict between algeria and morocco, the pipeline. there's 35, a europe from algeria, the one pipeline it goes through my go to space. there's another fight. when you go directly across the mediterranean, by about 12000000 cubic meters a year, then there's another one that goes to italy and dr. b, a has been quite successful knowing the gas it comes to

intel has not bounced back so i'm not saying he wanted be a buyer micron but maybe micron is the one you want to buy since it has already rallied above the level. >> i don't know if you're looking at my screens and anybody and i can see guy and jeff and courtney, is anybody on the desk owning or wind willing to buy intel? and if you're on the radio listening, guy is shaking his hands like i'm crazy but nobody wants to own intel and i don't think anyone wants to own qualcomm. any names worth owning in this group? >> i think plenty names are worth owning but i know it's super cliche but a company like a&e, we talked earnings relative to intel and it became clear that a&e is taking share. if you can kind of wait in the weeds a little bit and stands in volatility, i think of the stock you may want to earn but i have a question cyclically that the business is exposed to and the economy starts to slow down and you continue to have earnings and that the stock that i like a lot if you're talking about a one, two or three year time horizon. >> when you do longer-term there's a huge area of th

stock market will trade, it's almost another game but they had a disastrous quarter last night and micron would take down guidance for the second time, and one might've set i think the markets will trade lower because semi conductors are highly cyclical and maybe they are telling us something about the u.s. economy with company difficulties and forecasting business a month out and it was really confined in the chip sector. >> i think that's right and everyone is realizing that they have more cyclicality and we had hoped that it would be better but i don't think it's that much better and they still have a very hard time forecasting their own demand. that's what makes this job interesting. but i think if i look forward and across it depends on what you are exposed to and if you have any kind of chip exposure to the consumer, you will be in a weaker position than if you have chip exposure to industrial or automation and i think that is a better place to be. just think of the end user and that's how you position yourself. >> when we saw the weakness and yields and we saw it back into technolo

however. micron is a company on the trip by kathy mcgregor, the chief executive of a key french utility company in july, italian prime minister mario druggie, made a similar trip to alger area. to negotiate a gas dale, as you were p in country scout, the globe full not to gas sources as an alternative to russian energy. some economic expert, same across visit, is also a gas trip in disguise. franca, algerian relation sour over the last year. the us off to emmanuel mclaren, reportedly questioned whether algeria has actually existed as a nation before france colonized the country. mcdonald's report of the accused algeria government of rewriting history and inciting hatred towards france in response, algeria withdrew it some pastor from paris. according to the french treasury in ports about jerry and fossil fuel to france of search by 87 percent since 2021. algeria stands among the world's key gas produces, and it currently supplies about 10 percent of europe's natural gas imports. investigative journalism, a deeper dba, says that france has never seen out jerry as an equal partner. the th

oh, stupid, ah, french president, micron is in gas, which algeria seeking some men strange diplomatic ties between france and its former colony as europe faces is, was to energy crisis in decades. french officials. so the visit is all about politics and improving relations and energy deals. however, the crone is a company on the trip by catherine mcgregor, the chief executive of a key french utility company in july, italian prime minister maria drug made a similar trip to algeria to negotiate a gas deal. as you were p and country scout, the globe full natural gas source is as an alternative to russian energy. some economic experts, same across visit, is also a gas trip in disguise franca algerian relations sour over the last year. the us off. the emmanuel micron reportedly questioned whether algeria has actually existed as a nation before france colonized the country. mcdonald's report of the accused algeria government of rewriting history and inciting hatred towards france in response, algeria withdrew it some pastor from paris, according to the french treasury in ports about jerry a

today, micron announced $15 billion. intel could be doing up to $100 billion in the state of ohio which is in the middle of the country. and ecosystems are coming along with it. so that $12 billion on shoring is going to result in 300 and $50 billion in investment -- $350 billion in investment and the trade that goes along with it. haidi: there will be jobs created but as kathleen alluded to, the productivity of this investment is in question. you already have foundries in place that are struggling to keep up with demand because there is a lack of skilled technical workers. on the other side, you have the argument that this kind of protection is an incentive. you are inducing complacency and a lack of competitiveness within the industry. what can congress do to be able to make these productive investments for the united states? keith: i don't think there's any lack of competition. general secretary xi is obsessed with the semiconductor business. he appointed a semiconductor czar with a trillion dollar budget over the nex

he and his team worked around the clock to make the o micron discovery with hundreds of samples flown down to his lab over night. in mid november 2021. we did the every field from beginning to the and the 36 hours, which, which was a lot of pressure. but, but we, we, we had a very clear line of communication and that wasn't reviewed by all the thought sciences. and it was crucial because that to what allow and not only the water to and the fan that in both the against the only crumb would fade life and death. what we did thank south africa. we had the very small number on that on the, on the con wave. and we think that our very quick scientific results to help that one to alpha had a lower level of death. but the discovery did not come without its costs. south africa's economy took an immediate head as the government extended lockdown measures in response to the announcement while travel bands to and from the country were immediately imposed by the already of the global community. and the team's lives were also put in immediate danger. we received many, many, many press menu that thre

they cease fire between the 2 sides that was in force since more french president emanuel micron has paid tribute to fallen soldiers in algeria. microns visit is aimed at healing colonial error wounds. and boosting trade relations of ties between the 2 countries are improving. after a diplomatic rel, last year, a state of emergency is in force in pakistan, is heavy months to range and to existing damage from the weather. visual, say, millions of residents have had to lead their homes. the rainfall started in june and has killed nearly a 1000 people. ah, professional football, the returned to ukraine this week with the 1st top white matchers since rushes invasion began. a full set of fixtures takes place this weekend. but there is both pride an trepidation from players and fans alike. at one game, air raid sirens forced players to run for cover ukrainians had been waiting for this moment with a football fans or otherwise the resumption of the men's ukrainian premier league. 6 months after the russian invasion began, was a sign that daily life could go on. a message from president vlad

the micron downward guidance for revenue was june 30th. the nasdaq 100 is up a lot like 14% from there in the very short term it seems like we've tagged a couple of targets, the nasdaq 100 up 20% from its lows, a little more than that, the s&p 500 just this morning kind of peaked above a level everyone watching, the early geun-hyes which maybe will tell you if we're breaking to a new up trend or petering out at this point i think it's definitely impressive, the market has been able to tri to sequester some of the worst actors or the ones that have the most fundamental erosion in the short term like an nvidia or a micron but holdup in general, inflation expectations coming down i think it's much more of a macro move people feeling as if maybe there's the opportunity for the fed not to actually overtighten and the fed to not necessarily doom the economy to a recession. all that remains to be seen, of course. >> yeah, mike. looking at the s&p, june, all of the horrific action that was june has pretty much been erased, june and july, so what's

day visit, while julia, with the signing of a joint declaration for a renewed partnership. emmanuel micron was aiming to heal relations with the former french colony after they soured last year. the key sticking points were migration, and frances colonial crimes. natasha butler has more from paris, a visit to the santa cruz chapel in the mediterranean port city of all, and a record shop famous for helping to launch my music. with a final stops on the french president's 3 day trip to algeria, aimed at improving relations. 60 years after algiers gained independence from paris . emanuel mac, raw and algerian president abdul magic tay, boone said, a new approach was needed after they signed a pact to improve ties level. the middle did more. we have the same stubbornness to succeed together because we are both convinced that this relationship isn't a bilateral relation. like any other. it's profoundly close was our laws. you awesome. we will act together in many fields, not only in algeria and france in the interest of africa, which will always defend france is also close to africa. i think tha

while a visitor, beginning with the french president, am i no micron algerian president of bill my dear to boon? having a meeting that going to discuss a number of regional issues and also discuss the so hell as well as of course, the russia, ukraine war and the energy crisis. but the focus of this trip says the lisa is very much a reset of relations and you like, if you like, this is a way of trying to improve ties between frauds and l. jerry. now, jerry want independence from, from 6 years ago, bought relations between the 2 countries have always been a very strange person. mike also need done a lot more than his pre assess, is to try and face frauds. his colonial policy sets up a truth and reconciliation committee, for example. he's also admitted on behalf of fraud, some act for french police and military brutality, but still short of an apology for the french occupation of algeria. that of course, continues to offset many people in algeria as did micro comments last year. among them, the key to government is trying to, we thought and p french sentiment. he also said that perhaps alg

the president microns remarks about whether algeria existed before french colonial rule . mac coin is also hoping to forge better trade links. as europe faces a looming energy crisis. the one ukraine has led to increased demand for north african gas. as the headlines this, how i'll see a bit later on stream is a program coming up next. ah ah hi and sammy okay to day on the street. what happens when climate activists take direct action? let's take a look at a few examples from this year. we're going to start in february activists in canada cause millions of dollars in damage this year. and what it operations on a key work site for multi $1000000000.00 natural gas pipeline project, a march tire extinguishes launches in the united kingdom. this leaderless group aims to make owning su v's in cities impossible. and they have deflated thousands of vehicle tires around the world. one more example for you, august crime activists in the south of france. fill golf course holes with the manx to protest. a water bad exemption for golf greens, amid a severe drought saying the economic madness is t

micron, also announcing its investing $40 billion in manufacturing chips here in the u. s so that's some good news down the road. there is the dow jones down just slightly. the s and p 500 down about a third of a percent. the nasdaq also down, but it's down one full percentage point and it's down to 12,005 07. california's dmv is accusing tesla of false advertising with its claims about full self driving technology and autopilot. now dmv officials have filed complaints, saying the statements about those features are quote not based on facts, according to the los angeles times, the dmv is asking for penalties that would include banning tesla from actually making or selling cars in california. analysts say that is not likely to happen, however, the state could require tesla to better educate car owners about the actual capabilities and post warnings about misusing the features. tesla has not responded to the filing. the housing market is slowing down. it's pushing some sellers to adjust their asking. price. realtor .com says about one in seven homes listed for sale dropped

e, i, a, we had some telephone calls between france, present, micron and russian peasant hootin. and according to the french president, putin agreed to let international delegation via the u. n. delegation. we have the un secretary general retailer saying that he is ready and his organization is ready to support such a mission. but there is, there is a problem here and the problem is how could such a mission go. busy there over russia control territory or ukrainian control territory you can in president zalinski has said that ukraine is ready to assist such admission, but the experts should go over ukrainian territory and just to the frontline. and if they should take the route for through the annex crimea, for example, then this would mean an end of cooperation between ukraine and the i e. a. so it's a very sensitive issue and it is still unclear how and when such a mission can take place. the ws roman contra banker in care of their thank you very much. rahman as a war, ukraine has also served as a wake up call across europe regarding the threats posed by russia is given the nat

we heard from micron and walmart and target earlier in the year, and we're going to be getting retail next week from an earnings some weeks i saw the consumer side bear. i would say don't chase this rally. be patient >> megan, as we look at the bigger picture with so much economic uncertainty, i'm curious what you saw sonos is so disappointed people have already invested in devices for their home there's only so much they're going to spend and that was pulled forward toward the pandemic if you look at netflix, what we heard from them, and the fact that their disney plus subscribers -- you do think they have seen a pull forward and that means as inflation increases or persists, we'll continue to see things grow? >> definitenyly we've seen things pulling forward in terms of electronics, pcs. the chip guidance and some of the earnings from the semi-conductor companies going forward i would be focused on as it relates to tech those companies that are more aligned toward cloud growth, data centers, construction trends, auto is another example, and being more cautious as it relates to consu

s. approved updated post 19 vaccines that target the latest strains of the o micron variant. the new booster shots could be going into arms in a matter of date. ah, i'm raghav, it's good to have you with those experts from the u. n's nuclear watchdog are on their way to these upper ricci a nuclear power plant in ukraine, to carry out long awaited inspections. now to get there, they have to cross the front line between the city of separate here which is still under russian or ukrainian control rather. and then go into russian occupy territory around the nuclear plant. the mission fall is weeks of a growing concern over fighting around the reactors, arriving to conduct what the head of mission calls of very complex task un inspectors are preparing to visit bizarre parisha power plant on thursday. for now, the team remains in ukrainian controlled territory. but the head of the un mission was clear that they are heading to a walls own, insisting his team house one job to prevent a nuclear accident. you know, we don't carry demi his antiquity with his admission that seeks to preve

so amd moved down, intel, micron and all of the semiconductor names moved to the down side big-cap tech has been down since the late morning and not down dramatically and microsoft and down, and microsoft is the worst one down 9%. at the same time the more speculative group have held most of their gains and they're off of their highs and they've held most of their games, twilio, roku, tesla, teladoc how much further can you push the growth stock story when you've already had very big gains and 20% gains in terms of some of the stocks in the last few weeks on top of a warning or poor guidance from nvidia. it's been a tough day for that >> we'll have more on that in a moment thank you very much. our bob pisani elsewhere in the bond market, yields are lower and the ten-year down 2.77% falling just a couple of bases points there the two-year falling, but not quite as much making the inverted spread people follow even wider that said, the three-month spread which i like to think is a more reliable predictor of recession, maybe that buys us a year or so before the big "r" event. pippa stephen

, what do you think is going on here what is the real story sure, no doubt things like amd and micron have benefited from state at home, and work at home. they're getting a one-two punch we all use pcs if you use spreadsheets or word documents, right? so that is gone people at home are not buying them right now. the gaming market as well for nvidia here's the thing, if you're going to hold this for three to five years we are going to increase the amount of digitization, and these are the companies that are going to make the chips. it really is that simple of a story i'm just going to go there, what about intel? is the rise the tide going to lift all ships here? as a taxpayer, i'm not jumping up and down about giving alps money, because it's not free, it is our money, but it's important to on-shore some of these fab plants i think he has the corporate understanding of the company, and i think he has the chops to do it i'm for intel. >> we're all rooting for them. i'm looking at, p.s. where they're firing some of their terrible customers, money-losing customers. who wouldn't love that a

and this, by the ways, how i understand a monro microns proposal for a european political community, a truly shambles in against without saying that we have the cancer of year the i received the early cd, least in partnership, the european economic area, nato. older, all of these are important forums in which we, europeans are co operating closely, even beyond the borders of the you. what is our level here is a regular exchange at the political level of foreign arts and which we hence the state and government of the you and of our european partners, meet once or twice a year. to discuss the key issues which affect the continent as a home, such as security energy, the climate connectivity, so young to them such a groupings may come through. and it's important for me to emphasize this is not surveys to be an alternative to the upcoming you enlargement life of the barton involved. after all, we have given our word to the accession candidates. and in the case of the gunners lewis the balkans that was almost 20 years ago. and these words must finally be followed by actions were unfilled i

i would include amd, micron, i would include nvidia in there, their earnings are still growing very nicely, aren't they, vijay? >> yes. >> to the extent they have dividends, they're still paying them, aren't they? what has changed is the peck latif premium. over time, do you not expect investors are willing -- are going to want to pay more for that dependable stream of earnings for those quality companies? >> yeah, most definitely thanks for that question i think the paradigm and landscape has changed quite a bit, but they definitely look for -- the names you mentioned -- amd, nvidia, qualcomm, broadcom -- these are all leaders in the space, and names that investors flock to. so, i think once that disruptive technology, the strength is there, the road map is there, then investors go down and look at valuations, and so i think -- i do agree that once we get thus some of these disruptions, some of the outlook -- weaker outlooks, investors definitely look to add these names as well. >> count me among the flockers, okay vijay rakesh of mizuho, thank you. >>> coming up, china tensions are givin

it is also a perception that the or micron variant of the virus that will not result in a severe disease. and a sense of cynicism that the vaccine won't really prevent infection from happening in the 1st place when you, but he adds, it's important to keep encouraging people to get the jefferson plus, as it can prevent a large number of infection from turning severe. if the severity of infection is low, then the amount of virus discharge is going to be much less. because the duration of this is also going to be much less. so you are both less of a threat to others, especially elderly, while notable people in your household of your family. even though most of the cases happening now, i might to moderate the fact that people are getting infected despite being vaccinated or being infected in the past. is proof enough that they need all the protection they can have against this virus india sand to make is nowhere near over . and let's get more on this from dr. la la pinto. he's a consultant pulmonologist, an epidemiologist at the p to him to the hospital in mom by doctor pinto some 92 percent

whether it's what we heard from micron which does -- which is down about 5% warner ouija and cruise lines is impacted the travel sector there. it's down 11.5% and we will listen to what companies have to say after the bellum we will would be watching names like coinbase which is under pressure. caroline: investors are awaiting earnings and the key macro data. the market needs to keep an eye on the bigger picture. >> we are focused on the roll over in inflation. the bigger question is what's next. we were talking earlier and i think markets are entirely too comfortable with this notion where it's going to be straight line smooth and easy. i think there's lots of room for rates to move higher and lower in credit spreads to be much more volatile and wider unbalance. jon: let's get some more perspective on that. the morgan stanley head of microstrategy is joining us stuff do you see the volatility as our normal going forward? >> i think markets could remain volatile if central banks that are reacting to all of this data continue to change their tune or at least sing from different hymnals. i

micron is preannouncing results. it's at or bee low the previous guidance watch those. and then on the mooien side of things if you look at some of those stocks they are all up in the premarket trade. bed bath and beyond is up 70% after its previous lows. and analysts at baird among others have downgrade the stock. if you look at the one-year chart you can see the move higher just in the last couple weeks here has now boosted it to a $11 kind of range. the analysts would say it's a $4 stock. we'll keep an idea on some of those mien stocks. >> i spend most of my money in store at bed, bath and beyond. i'm l i'm sure you do, too >> what's the beyond i know what biddiedding and wha bath is, but what's beyond >> toiletries? >> you make a full happen around >> food and toiletries now my mind has gone beyond. joining us is carrie firestone somebody no doubt who's not put 100% of her client assets into bed bath and beyond. carrie, i love this market rally. w want stocks to go up it's good for everybody. a lot of low-quality names have done very well not knocking bed bath and b

viking global picked um over a million shares in micron. >> the june bottom is remarkable, what we've seen since then andrew, this has been one of the largest and sharpest semi corrections we've seen in over a decade these 13fs, they're backwards looking, but aulsz the question where do the semis go now? >> i want to see the 13fs next quarter. they may be different than what we're looking at right now we'll see. >>> meantime we should tell everybody that deutsche bank pressing pause they say the stocks range bound with a few positive catalysts ahead. at least in the near term. more market action after the break. don't go anywhere. so, for me and the hundreds of drivers in my fleet, staying connected, cutting downtime, and delivering on time depends on t-mobile 5g. and with coverage of over 96% of interstate highway miles, they've got us covered. (vo) unconventional thinking delivers four times the 5g coverage of verizon. and it's ready right now. t-mobile for business. businesses have to find new ways to compete in order to thrive in an ever-changing market. the right relationship wit

meanwhile, some chipmakers, the stocks are down and micron is way down 2.5%. they issued another warning? lauren: yeah, nvidia did that yesterday, intel a few days ago for the chipmakers it seems like demand destruction is happening really really fast so micron is warning of lower shipments weakening demand for chips from the pc customers and from gaming , so they cut their fourth quarter guidance, but my question is what really changed? they have all the chipmakers now coming out and warning, is the consumer really pulling back are the crypto miners just using less chips? they used to have to produce chips that the miners would use as well. we've seen the crypto winter, if you will, or is everyone just trying to set the bar low so they can beat those wall street expectations? stuart: true. true. lauren: right? stuart: i did hear that the ceo of intel says that chip money that's just been voted on won't arrive at intel until the end of next year. lauren: so it's a waiting game. stuart: a waiting game. lauren: let me add to that because micron says they are inv

this morning, kailey talking about micron and others having. a tough time of it nvidia yesterday -- having a tough time of it. nvidia yesterday. lisa: all of these iphones or other potential devices people bought during the pandemic, personal computers, how much has that fallen off a cliff, but the chips for other things are in demand? how much is it a composition issue is much is a demand issue? how do you get ahead of groupthink in terms of surging demand in certain areas in the post condemning psychosis we are living in? tom: the twos-tens spread is really the headlining idea. neil. i will talk about that later. -- neil dutta will talk about that later. did you fall off your chair? lisa: i fell off my chair because it was a shocking inversion. i'm good. i am not on a plane to capri, but i'm good. we have seen the s&p futures and frankly, nasdaq bouncing around nowheresville today. it all fizzled on the heels of nvidia. people are looking for tea leaves, and it raises questions about how much liquidity there is in this august when so many peo

yesterday -- really icky forecast from nvidia and micron yesterday, so it feels like a buy everything kind of day. the rhetoric from investors is still skeptical as to if we can keep the momentum going. guy: icky. ok. alix: i thought you would like that. guy: ok. i'm going to use that a lot more. let's talk about what is happening here in europe. we are seeing a lack of liquidity. the rhine river set to become virtually impassable at a key point near frankfurt. it looks like we will maybe see that happen tomorrow or the next day. we are down above the crucial 40 centimeter level. you can see pictures of the riverbeds increasing and increasing in terms of his ability. you can stand and just see a little trickle flowing past year with most of the river now completely dried up. i are not the point where that is likely to happen the next couple of -- we are likely at the point now where it is going to happen the next couple of days per europe is struggling on the energy front. it is leading harder and harder on renewables. but can move happen fast enough? we spoke earlier to the ceo to ge

we saw that micron warning and the market did okay afterward. maybe a lot of it has been discounted. >> i felt like that bad news were already in those stocks earnings overall, the chiefic quit strategist at goldman sachs today took down 2023 numbers earnings numbers from 6% growth to 3% growth so cut them in half i wonder if that is happening. because that's below consensus now on wall street as we try to grapple with this question on how far the market should be pricing in a recession. >> it's likely to roll through the 2023 estimates i think during the reporting season. you saw the third and fourth quarter numbers come down. that's kind of expected at this point given we've decelerated and the fed has tightened. if you have 3% earnings growth next year, that usually means the market can find a way to hold together. if you see an absolute peak in profitability, that's when the market can't find its way out of that. >> and revenue growth is a lot stronger it's about those margins mike, we'll see you later, thank you very much. mike santoli with

it specializes in circular milling and is able to fabricate metal parts with micron-level accuracy. with this high level of precision their products are used in rocket engines and other extremely sensitive equipment. but now it's being used to create a turntable with out of this world sound quality. in 2017 company president nagamatsu jun decided his company should have a flagship product of its own, despite having no previous experience with audio devices he asked a team of engineers to design and build a high-end turntable. why choose an analog audio device? with over 500 records in his collection, nakamatsu is a bit of an audiophile. >> translator: prernlsly, i just love the sound of vinyl. and beyond that, because of the advance machining my company is capable of i was confident we cod create quality product. >> reporter: he was particularly interested in trying to eliminate undesired sounds and vibrations that are known for affecting sound quality. a turntable spins records on a platter that's held in place by a vertically positioned shaft in the center. in most turntables fric

days it's trying to avoid now and the dow is down 39 let's look at some of those chip players like micron, which today is off 5% after issuing a revenue warning of its own just a day after nvidia's yesterday the smh etf saw 4 .5% today. norwegian cruise line is the worst performing stock in the s&p. they'll continue to be unprofitable in the third quarter and return to 2019 occupancy levels they say is still a year away. the shares are down 11%. it's tdragging down carnival and royal caribbean as well as you can imagine. there's the pressure on carnival and rcl, tyler, down 5.5%. >> kell, if you think the moves in the semis and the cruise lines are dramatic, take a look at some of the meme stock shares of pandemic darlings like amc, bed, bath and beyond, gamestop, they are down a little bit today and not insignificantly as you can see right there, but over the past week bed, bath, and beyond is up more than 60% amc up over 30%. if meme mania is back, what does it tell us about the state of the overall market let's bring in ed yardeni, ed, good to see you, sir the return of the memes sugge

now last year of a microns remarks about whether algeria existed before french colonial rule. not corners hoping to forge better trade links. 0 faces or looming energy crisis. one ukraine is led to increased demand for gas from the african countries. it's actually butler is following the visit from paris. while the visits beginning with the french president, am i no micron algerian president, a bill my dear to boone having a meeting, they going to discuss a number of regional issues and also discuss the so hell as well as of course, the russia, ukraine war and the energy crisis, but the focus of this trip says the lisa is very much a reset of relations and you like, if you like, this is a way of trying to improve ties between frauds and jerry and jerry, one independent from, from 6 years ago, bought relations between the 2 countries have always been a very strange person. mike also need done a lot more than his pre assesses to try and face fraud. his colonial party set up a truth and reconciliation committee, for example. he's also admitted on behalf of from some act for frenc