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street," "techcheck" starts now >>> good monday morning welcome to "techcheck" i'm carl quintanilla with jon fortt and deirdre bosa today is now the time to double down on growth as tech slumps companies are cutting costs. we'll talk to a ceo who said they should do the opposite. oppenheimer saying now is the time to buy netflix. and the latest company hit by a cyber attack, take-two shares are down this morning. >>> starting with investor worries, the major indices coming off the worst week since june, but we did just tick positive now joining us now is jim cramer wonderful to have you back e you're on a particular mission this week, has to do with tech and how low it can go. >> yes first of all, thank you for having me. this is really important i'm out here obviously for salesforce's dreamforce. i happen to think that tech is under valued i want to know when the fed is going to be done so then the undervaluation turns into buying own say half positions on the stocks salesforce, this stock has been pummelled. the question is, are it pushbacks? are they not getting the orders done finding th

i'm deirdre bosa with carl quintanilla and jon fortt today. new lows on the year for the s&p and dow. nasdaq, outperforming for a change top gainers helping the index higher beaten down names like lucid, docusign, nvidia that said, still summer sessions warnings on the street and cathie wood talking outlook earlier this morning on "squawk box." >> we believe we are in a recession. the durable goods orders we just saw really seeing strength there, because of activity being aconttracted to the u.s. flight to safety why the dollar is going up as well nonetheless, we think we are in a recession. >> though she, guys, has conviction to pick up more of those beaten down names in the ark fund like roku and others. for a number of reasons. she thinks inflation will or has already peaked employment lagging she said this as well, guys. the street is so bearish can't argue with that. vix this morning, jon, above 30. some say, though, you need to see the vix above 30 at least a few consecutive days if you want to use it as an indicator to get back in. >> a

fortt. what the bank of england is doing to calm the market more tech companies slamming the breaks lyft and docusign and upgrade for netflix and in-depth look at the cord cutting what that means for how you play the streamers but we begin with comments made by stanley druckenmiller delivering alpha take a listen to this. >> our central case is a hard landing by the end of '23 but i don't know i've been wrong on a lot of things i could be wrong on this but that's our forecast which is recession in '23 >> joining us here at the nyse. managing partner, cnbc lowe tony here and druckenmiller has been negative for a long time but sticking with his guns this terms of a hard landing in '23 and chastising the fed and boe or what he believes is a mistake now. >> what we saw was that the inability for the fed and chairman powell to acknowledge the fact that inflation was a concern and many had been beating the horn and further fueled by a lot of macro events, supply chain issues. now, now that chairma

fortt joins us. after that nterview, jon, what is your big takeaway on okta and the cascade it's having across software >> well, sara, on okta they are arguing that the macro is just a little piece of it it's really their sales execution and how they weren't able to integrated this other company well enough and partly because of the macro environment, because the labor market is so tight, their sales people aren't sticking around for it to figure it out. they're losing sales people and that slows momentum a bit. it's down by a third it lost all of the market value that it accumulated since the beginning of 2019. you would think the business is falling apart but that's not really what these results show their competitive position seems to be relatively strong. their momentum being hampered a bit. in this environment there's very little margin of error, right, because the expectations have been high. investors are pretty concerned about what the macro's impact is going to be in the quarters ahead. >> r

fortt, and deirdre bosa. nasdaq seeing its longest losing streak since the pandemic began although the s&p and dow have turned around. why tom lee is still bullish. >>> plus, the biggest deal of the year, probably not your first guess, why one of our guests cease to keep an eye on private equity this hour. >>> investors looking for the next read on tech demand, the latest ahead of a big product event for apple tomorrow and even more when we go to code with the ceos of apple, amazon and alpha get set to speak this week, jon. >> carl, let's kick it off, today's feed with the nasdaq in the red yet again. seeing longest losing streak since 2019 senior markets commentator mike santoli joins us to help break down the action. mike >> jon, the macro pressures remain across the market, hitting tech and high valuation growth, most profoundly. take a look this year at the u.s. dollar index compared to the s&p tech sector. pretty consistent inverse correlation, the dollar index moves are less dramatic but not only do you

fortt, good to see you. hoping you can give some color on something i've been hearing more and more about. i know you've been making investments, m&a-wise into automation with the labor force being as tight as it is, particularly in i.t., what have you seen in demand for automation, software that just goes ahead and does basic things that need doing, and low code, no code in this environment? >> it's a great question, jon. we see incredible demand for automation, for a couple of reasons. one, developers are really smart, and they tend to be leading influencers for our customers. and they don't want to be doing work that could be managed as effectively or more effectively by machines. they want to stay in flow and focus on the innovation work that can really help their companies disrupt competition, create delightful experiences for their customers and improve their productivity overall i mean, no one wants to feel like their time is not well spent or their time is wasted. and so we saw developers, first, ask

coventry direct, redefining insurance. >>> welcome back to "techcheck," i'm jon fortt with carl quintanilla. we watch the nasdaq this morning up more than 3.5% since monday, up 1.33% today alone, it's looking to break a three-week losing streak, take a look at some names helping leave the index this morning we mentioned docusign and zscaler bouncing back in a big way. atlassian, keeps moving around, there's a lot of stuff moving higher but first, let's go to contessa brewer with a news update. >>> king charles iii is set to make his first speech as britain's monarch about 90 minutes from now this morning he arrived at buckingham palace where he and the queen consort greeted well wishers and looked at the many tributes left there after the death of his mother queen elizabeth. >>> the treasury is imposing new sanctions on iran's intelligence ministry, accusing it of cyberattacks on the u.s. and its allies, including the disruption offal banian computer systems in july. >>> and these chicago bulls tickets won't get you into a game but they couldcost someon as much as $300,000. a pair of ticket

jon fortt will give us both sides of the argument on this week's "on the other hand. quick check on the railroads if you are just waking up, the white house says they have reached a tentative agreement with the rail workers to avert a strike the major railroads are up sharply. csx up by 3 1/4% norfolk southern up by 1.5%. up up by almost 4% >>> look at what joe hinrichs said right here on "squawk box" about this tentative deal. he was just named to this job this morning interesting timing good thing the strike was averted for his sake and everybody else's "squawk box" will be right back. >> clearly we think it's a good deal for the rail industry and for csx particularly and for our workers. as you said, bkyec, one of the most important things we have to do now is move forward eam to be an entrepreneur based upon the examples that i had growing up. and that was important for me because you can't be what you can't see. the ey entrepreneurs access network has a tremendous impact on my business and other african american and latino entrepreneurs across this country becaus

i'm carl quintanilla with deirdre bosa and jon fortt the nasdaq is back to levels we saw in june. meta freezing hiring zuckerberg telling employees that the company is cutting budgets across most teams which will lead to layoffs and google planning to shut down gaming service stadia. and micron planning to cut investments by 30% this was earlier this morning on "squawk on the street. >> we are taking actions cutting capex and supply growth for the year >> we talked about this yesterday. i'm not sure we expected the commentary to be so negative across all of the end markets. >> yeah. i'm not entirely surprised and i said yesterday i would be paying close attention to nike. while the numbers for the quarter were not bad, the intentories were bad this is the scenario we've been talking about for weeks. it started with target and walmart. you had inventories of consumer goods sort of at the low end that were sitting there, being inflation impacted the question was would this go through to the middle class consumer, even to the enterprise we're starting to see exactly that what nike te

fortt you've been watching the bank ceo's testify we'll monitor to that and get back. in the meantime the president is addressing the u.n. general assembly let's listen in. >> war chosen by one man to be very blunt let us speak plainly a permanent member of the national security council invaded its neighbor attempted to erase a sovereign state from the map russia has shamelessly violated the core tenants of the united nation's charter no more important than the clear prohibition against countries taking the territory of their neighbor by force. again, just today president putin has made overt nuclear threats against europe and a reckless disregard for the responsibilities of a nonplif ration regime. now russia is calling up more soldiers to join the fight and the kremlin is organizing a sham referendum to try to annex parts of ukraine an extreme violation of the u.n. charter. this world should see these outrageous acts for what they are. putin claims he had to act because russia was threatened. but no one threatened russia and no one, other than russia, sought conflict

and as we prepare to enter the holiday quarter next week, jon fortt brings us up close with a startup ceo who is flipping the buy now pay later idea on its head, jon. >> yeah, tyler daniela carenti is co-founder and ceo of real. it's a save now buy later company that lets users earn rewards while saving up and budgeting for big purchases. she grew up in venezuela, the daughter and granddaughter of entrepreneurs. and when we first talked she told me she believes the next wave of fintech apps will tap into consumer psychology not to market to us but to help us save >> we see kids from really young age engaging with technology in ways that i would never have imagined when i was a 7-year-old right? and understanding that especially in the space where i am, which is financial technology, historically financial technology was very functionality driven but that was for a different generation i truly believe the big winners right now and in the future are going to be the players that understand consumer psychology and are able to build products that deliver to a customer that's constantly evo

i'm carl quintanilla along with jon fortt and deirdre bosa big lineup so far including google sin draw patch chai, mark cuban talking about the best and worst parts of tech. that's not all tim cook speaking tonight on the heels of that far-out product event this afternoon what it all could mean for the stock later this hour. as the tech volatility continues, more from the c suite exclusive from the ceos of vox and snap jon, one of our favorite times of the year. >> looking forward to it the nasdaq trying to end its longest losing streak since 2016 aztec stocks across the board have taken a hit apple down more than 6% over the last month the biggest drag on the nasdaq yesterday. amazon and microsoft both down 10% or more. even bellwethers like salesforce have erased pandemic gains >> jon, as we said, big week for tech at the code conference. one of the biggish issues, cuts to corporate forecasts the head of alphabet on stage with kara swisher talked about the impact of higher costs, uncertainty and how he want to make the company 20% more productive >> there are a set of positive factor

. >> good monday morning i'm carl with deirdre and jon fortt, who is live in las vegas. more on that in a moment nvidia is kicking off their developer conference as we speak. shares more than 60% off the 52-week high can the company boost that falling stock price? we'll bring you the highlights throughout the hour. plus, a check on iphone demand and what it might mean for apple shares the company planning some price hikes and dealing with some camera bugs. we'll get details on that. inflation, of course, top of mind for investors ahead of the fed decision tomorrow. jon, you were in las vegas this morning for the grocery shop conference and that's going to lead to some very special guests today. >> yes, it will. tony xu is going to join me on stage. we'll have a conversation, as we did actually last year on this very day last year, they were announcing alcohol delivery since then, inflation has become an important story as we know, margins tend to be pretty narrow in grocery, but doordash has continued to grow organically about 20% year over year they have some announceme

fortt and deirdre bosa. scattered thunderstorms across the cloud, okta, c3 ai getting crushed down to 20% plus after earnings, talking to two ceos this hour. that stock down 10%, software getting rocked zillionth wisdomtree cloud computing etf down 6%. guys, a big part of this is encapsulating what tom siebel said, that is that customers are scrutinizing large deals, maybe more now than ever before. >> they are, sale cycles lengthening, something we also heard from bill mcdermott at service now several weeks ago. but first of all it's not all the same i want to note nutanix which had earnings, up almost 30%, almost. outperforming there. but, you know, some of these companies have individual challenges, problems, you look at okta, and, you know, integration of an acquisition, not managing the salesforce in the best way, c3 ai is switching to a consumption-based model and dealing with the sales cycles. but i think overall the macroenvironment is having more of an impact on the enterprise, at least at certain l

jon fortt is back in new york. pretty fascinating day in global markets. reversing early losses following fed comments reiterating the commitment to bring inflation back to argument ecb raises 75 basis points goldman thinking the same in september. we are monitoring the health of queen elizabeth. we'll turn to shep smith. >> reporter: we got word about four hours ago the queen's doctors were concerned for her health, the 96-year-old currently at valmoro castle. she's not hospitalized but buckingham palace released this statement following further evaluation this morning the queen's doctors are concerned for her majesty's health and recommend she remain under medical supervision. the queen remains comfortable. that particular statement remains comfortable is a break from anything we've heard previously of the queen from the palace in recent months, in fact, the palace has said, frankly as little as possible so this language is seen as significant. the heir to the throne, prince charles is with his mother, we're told, and prince william and prince harry, and

jon fortt is here. there's two sides of the story, apparently. >>> later, a report that apple told suppliers to bail on plans to increase i phone 14 production and that sent the stock lower. this morning, bank of america is downgrading it rosenblatt upgrading apple he'll join us in just a bit. get the best of "squawk box" in our daily podcast. follow us on your favorite podcast app d st a te. ayunedliennyim >>> amazon yesterday introduced halo rise. it's a bedside alarm clock with sensors and it monitors your sleep and gives you tips to improve it is it dreamy or creepy jon fortt is here to weigh in. i don't get it, though does it say, go to sleep clear your mind! how does it give you tips? do you know? >> if it's too humid, if it's too light, if you need to make adjustments, things like that. overall, a little creepy anything or anyone watching you sleep is a little creepy halo rise, $140 sleep tracker. it doesn't have cameras or microphones built in it has sensors it reports the sleep information to t

well, jon fortt is here to weigh in on one side or another. >> or both. >> what do you think >> andrew, this is an important move by tiktok ahead of a midterm home stretch where young people, tiktok's core audience, will be decisive in a lot of cases. blake chandley says tiktok's political party accounts to be verified and is preventing them from accepting payments on the platform this is a big deal they have an estimated 1.6 billion monthly active users and intensely engaged user base. campbell snacks did a tiktok challenge to see how many gold fish crackers people could hold in one hand. it had 2.9 billion video views the record was 301, by the way you get the idea. >>> gen z is using tiktok as a search nengine to find restaurants and purchases. a lot of it are using it to form political prospects and even direct donations so yes, it's significant that tiktok is taking the concrete step of making sure the political economy on its platform doesn't get out of hand despite all the concerns about tiktok, its leaders are taking responsible steps to prevent abuse, andrew. >> but then there

fortt, and deirdre bosa. nasdaq seeing its longest losing streak since the pandemic began although the s&p and dow have turned around. why tom lee is still bullish. >>> plus, the biggest deal of the year, probably not your first guess, why one of our guests cease to keep an eye on private equity this hour. >>> investors looking r

i'm carl quintanilla along with jon fortt and deirdre bosa big lineup so far including google sin draw patch chai, mark cuban talking about the best and worst parts of tech. that's not all tim cook speaking tonight on the heels of that far-out product event this afternoon what it all could mean for the stock later this hour. as the tech volatility continues, more from the c suite exclusive from the

i'm deirdre bosa with carl quintanilla and jon fortt today. new lows on the year for the s&p and dow. nasdaq, outperforming for a change top gainers helping the index higher beaten down names like lucid, docusign, nvidia that said, still summer sessions warnings on the street and cathie wood talking outlook earlier this morning on "squawk box." >> we believe we are in a recession. the durable goods orders we just saw really seeing strength there, because o

fortt and deirdre bosa. scattered thunderstorms across the cloud, okta, c3 ai getting crushed down to 20% plus after earnings, talking to two ceos this hour. that stock down 10%, software getting rocked zillionth wisdomtree cloud computing etf

fortt, deirdre has the morning off. 2% gains on the nasdaq docusign, zscaler surging. we'll dive deeper into the numbers when zscaler's jay chaudhry joins us in a couple of moments. crypto on the rise ftx continuing its buying spree. is this a bear market bounce or the start of a real rally. intel, breakin

fortt and deirdre bosa nasdaq seeing a first positive session in six what it means heading into the fall later on this hour. >>> plus, a terrible week for growth names across cloud, cybersecurity as you know. we'll check in the ceos behind sentinel one, pager duty and smart sheets, three names sha have been caught up in the volatility about their outlook protect throughout the hour. dee, pretty interesting here as we were up 2.75. >> kicking off with that widely watched jobs

. >> good monday morning i'm carl with deirdre and jon fortt, who is live in las vegas. more on that in a moment nvidia is kicking off their developer conference as we speak. shares more than 60% off the 52-week high can the company boost that falling stock price? we'll bring you the highlights throughout the hour. plus, a check on iphone demand and what it might mean for apple shares the company planning some price hikes and dealing with some camera bugs. we'll get details on that. inflation, of course, top of mind for investors ahead of the fed decision tomorrow.

i'm carl quintanilla with deirdre bosa and jon fortt the nasdaq is back to levels we saw in june. meta freezing hiring zuckerberg telling employees that the company is cutting budgets across most teams which will lead to layoffs and google planning to shut down gaming service stadia. and micron planning to cut

jon fortt is back in new york. pretty fascinating day in global markets. reversing early losses following fed comments reiterating the commitment to bring inflation back to argument ecb raises 75 basis points goldman thinking the same in september. we are monitoring the health of queen elizabeth. we'll turn to shep smith. >> reporter: we got word about four hours ago the queen's doctors were concerned for her health, the 96-year-old currently at valmoro castle. she's not hospitalized but buckingham palace released this statement following further evaluation this morning the

fortt. what the bank of england is doing to calm the market more tech companies slamming the breaks lyft and docusign and upgrade for netflix and in-depth look at the cord cutting what that means for how you play the streamers but we begin with comments made by stanley druckenmiller delivering alpha take a listen to this.

fortt and deirdre bosa today is now the time to double down on growth as tech slumps companies are cutting costs. we'll talk to a ceo who said they should do the opposite. oppenheimer saying now is the time to buy netflix. and the latest company hit by a cyber attack, take-two shares are down this morning. >>> starting wit

fortt is here to weigh in. you're in person >> great to be here go when it cohere apple had a golden opportunity to raise prices here just a little bit, 50 bucks, they chose not to, with consumer slowing down that means they'll sell a good number of phones, but gross margins will probably get pinched, and investors won't like this at all apple does this avenuevery year last year's new iphone gets 100 bucks cheaper. so now you've got phones from 430 bucks to 1100 bucks. now when the economy was good, that worked out, with some consumers eager to trade down to a cheaper phone, though, it's going to be a liability. with the phone likely to dampen international sales, they're going to get an iphone reality check, becky >> but apple did announce a lot of new features and high-end phones isn't that going to help things out a little bit >> well, on the other hand, this isn't tim cook's first rodeo it might look like on the surface that apple didn't raise prices, but they did in the smartest way last year there was an