Congress. We are getting fox business Edward Lawrence in front of the camera to give us the up to the second news on president bidens latest comments on israel and whats happening with the hostages. If you see this 87point loss on the dow, turn your attention to the nasdaq. The loss is much bigger, down 308 points, 32. 33 . Thats investors 2. 33 . Alphabet plummets 9 plus percent right now, the stock on pace to lose more than 162 billion in market cap which would mark its largest oneday loss in value ever. This is all about weak cloud results in the parent of googles Earnings Report which came out after the bell last night. The stock is really acting like a dark cloud over the nasdaq. If the composite does close down 217 points, 6 points or more and, of course, yeah, we are definitely below that here, down 314 points, that will mean the nasdaq has officially entered a correction. Correction, of course, defined as a decline of 10 from the recent high. We will be talking about that. Intel is cratering, microsoft is topping the nasdaq 100. Ibm and meta results after the bell. Well get to all of that, but first to the breaking news on president bidens joint press conference with the Prime Minister of australia. White house correspondent ed Edward Lawrence just ran to the cameras from the rose garden event. Edward, israel, so much to talk about there, the hostages and more. Reporter and President Joe Biden says israel should do everything it can to get the hostage as out, that includes 10 possible missing or unaccounted for americans. The president pledged his support for israel saying that israel has the right to go after a hamas and headache sure that they dont terrorize israelis or make palestinians human shields. Listen. The anger, the hurt, the sense of outrage that the israeli people are feeling after the brutal arelyinflicted devastation by hamas is completely understandable. Israel has the right and, i would add, responsibility to respond to the slaughter of their people. And we will insure israel has what it needs to defend itself against these the terrorists. Reporter the president reiterated his goal for a twostate solution. He also warned iran again not to go after u. S. Troops. He says that the u. S. Signed a safeguard agreement with trail ya that focuses on space australia but it also looks forward to securing clean energy for the future. Were pioneering new advancements and innovation, keeping our cooperation in fields like biotechnology, advanced batteries, quantum computing, cybersecurity and a lot more. Reporter and the australian Prime Minister says that the commitments on infrastructure for the indopacific will help. He says it will counter what the chinese are doing. We announced new funding for subsea cables in the pacific, further support for Infrastructure Development including efforts to increase pacifics access to financing and that well Work Together through a new Pacific Banking Forum to insure that our friends in the pacific maintain access to the Global Financial system. Reporter so, liz, youve got that cloud of the middle east related to this, but then you had trillion real financial overtones that was in this News Conference and this meeting between these two world leaders. Back to you. Liz thank you very much. The president wants congress to pass that support package for israel and ukraine and some for taiwan as well. And thousand the house can actually start now the house can actually start debating that. After 22 days without a speaker, republican congressman mike johnson of louisiana finally got the nod and moments ago was sworn in. With the stalemate between republican factions now over for the moment, the husband can get back to work the house can get back to work. We bring that up because a. I. Was a major driver of microsoft earnings following the tech giants 10 billion investment in openais chatgpt. Microsoft shares topping the nasdaq 100, up about 2. 8 at the moment powered by a rebound in growth for its Cloud Computing platform as youre. Azure. Meanwhile, alpha went losing hair in Cloud Computing, growth that alphabets cloud unit hit a near 3year low, so that totally overshadowing its double beat on revenue and profits. Ibm, which has also spent several quarters, it blew reports after the bell, expectations are for 2. 13 on revenue orb 17. 3 billion. Investors will be scrutinizing the numbers to see whether ibm sticks to its 35 Revenue Growth outlook for the year. Irk bms down just about. 8 . We should also mention meta earnings, shares falling by 3. 8 pressured by the overhang of 422 attorneys general, that includes general, including d. C. , suing meta. So negative or positive headlines, tech is still dominant dominating. Lets get all to our floor show, Global Software research chief steph nap. [inaudible] microsofts got the uppercut while alphabet at least for the session is down for the count. Why when microsoft came down with a gleaming report and google beats on the top and bottom line is the market choosing to high tail it out of tech . Yeah, hi, liz. Thanks for having me on the show. And so as you pointed out, actually, microsoft beat across the board including all of its core businesses, and google did as well. Googles core business is the advertising, thats really the bellwether, and they beat by 11 on advertising 1 on advertising and said that the industry was quite healthy. Both companies were cautious on the cloud outlook. Yes, googles made the the headlines because their cloud results disappointed in the quarter, but even microsoft divided for a redeceleration of cloud growth next quarter, albeit just by 11th, but 1 , but they also said as your cloud growth azure would stabilize. So investors were hoping we would get more of a reacceleration next year, and microsoft is calming down some of those expectations. Liz yeah, indeed. And when you look at, for example, meta, stephane, what do we expect there . Amazon which is coming up tomorrow after the bell with. Yeah, and obviously big tech has been driving the market this year. You mentioned the divergence of performance between alphabet and microsoft. Its actually [inaudible] when you look at a microsoft, alphabet and amazon, as it stands theyre actually all three up 42 year to date, so performing quite well, but met that meta has been the standout. Its been a very popular trade this year, probably still quite popular so a lot of people are invested there. Thats one to watch. They typically do give guidance for next year at this stage, so i think thats really what the markets going to be focused on. 2024 is becoming the discussion point, are we going ore accelerate to the reaccelerate further or decelerate . Liz that is the question. I dont know, shelby, can you answer that . Your notes indicate that youve got to be the really cautious on the magnificent seven, and yet they still continue to grab the spotlight. Thats right. I mean, they continue to be magnificent, but we can still go ahead and exercise caution. And i think we have seen some of that thus far. To the require point, you know, google prior point, google and microsoft did perform really well. I think investors are very sensitive to something justifying a valuation. So that is why im more cautious because were thousand in the show me period now in the show me period. Even the stalwarts are up on the podium to show investors it was not just hype and there is some sort of road map. Even though the core businesses are doing dell well, theres some extra props still. Liz and yet one of those names as you talk about the fangs, the magnificent seven, is on your conviction list, and that is netflix. What do you see ahead for netflix in. Thats been a great case for portfolios. Its a really big cash generator. Theyve been able to sort of come out on top in a period of strife. Were dealing with the different strikes that were holding their streaming peers behind. They were able to emerge because of the diversity of their supply chain with all the international operations. They continue to generate cash. Theyre showing now as a Mature Company they can improve on the quality of their revenue and not just subscriber growth. Theyve shown themselves to be pretty strong, very impressive. Liz stefan, what are your conviction picks, take a look at a these, whether theyre sort of outside that very small box of the big names. Yeah. I think valuation, of course, is important. We have rates tiki, around a 5 sticky, that year of efficiency is kind of fading a little bit. It gets harder next year to drive those gains, a. I. Monetization is not happening immediately, so the macros taking a front seat. There are still some attractive names, two stocks where valuations have come back are after a that bet and oracle alphabet. Youre basically trading on 13 types ebb da ebb ebitda next year. And even at salesforce, you know, mostly enterprisefocused trading on 16 times ebitda next year, all of these Companies Giving you between a 45 Free Cash Flow yield, and they do have exposure to the a. I. Theme. Liz health by, one last commen. What do you see ahead for the big box retailer in and i use that name because youve been particularly focused on that. One of the reasons that im a big fan of walmart and the reason that its this some of our portfolios is because they deliver so thoroughly on value. So when we look at the macro situation which absolutely is going to be a huge headwind Going Forward for the market, we realize that retailers in general are going to see a little bit of a recession in the water thats in the pool, right in we want to choose those companies that are going to stay afloat the longest, ask walmart is one of hose because theyre able to quickly releverage their costs and deliver on value in a way that holds on to consumers even when their wallets are getting a little bit slimmer. Its been one of those names that has been treated like a Growth Company even when it necessarily shouldnt have been, but its proven to be defensive in a way thats not traditional defensive. Liz and it has proven that it can raise wages and still do well. Great to have you both. Thank you very much. With all the market and global news, did you notice the big money nba season tipped off last night . One team making a highly creative move to disrupt the way basketball fans watch its games. Well see how many fans come streaming down ryan smiths path. The billionaire other than of the utah jazz joins us next in a fox business exclusive. Yeah, hes taking on the streamers. And here is a look at how some of the nbas official sponsors are trading right now. Nike is falling about 1. 25 but up 8 quarter to date at least. At t, pepsi, fanduel parent flutter and caesars entertainment. By the way, caesars hitting a 5 2week low. Claman countdown is coming right back. The biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. It still does. What can you do with spy . The last eight years have been the hottest in history. 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We wanted to give yall the necessary skills to compete with the future. Kevins now part of this next generation of young people who feel they can thrive. Liz just checking the nasdaq here, thats why weve moved it to the being here on the lower right of your screen, down 323 points, definite correction territory. All right, the nba is back. Tonight the utah jazz host the Sacramento Kings to officially tip off the 202324 season at the newlyrenamed delta center. Now, the jazz missed the playoffs for the first time this six seasons last year, but its looking to turn its fortunes around this year on the court but also online. Jazz Parent CompanySmith Entertainment Group created its own streaming platform called jazz so fans can subscribe and stream games at home or on the road. Its the paris nba team first nba team to develop such a product, its also going to the include exclusive behind the scenes content beyond the court. Jazz fans in utah and parts of montana, idaho, oregon, wyoming and and washington can log on for the first time saw starting tonight with the season opener, 7 p. M. Local time. Joining me now in a fox business exclusive is jazz owner, smith entertainment chair, ryan smith. Ryan, are people signing up . Tell me what the demand can looks like. Its actually been incredible. The whole organizations leaned in. Its a new model, its not something that has been historically the model of what weve been working with. But it puts the fan and the Customer First where you can watch it wherever you want, itn phenomenal. Liz this is a pretty gutsy move and also very creative. We were talking about this in the morning meeting, we said, huh, i like this idea. Whens most interesting to me, and i think effective, is that you can buy a 1year subscription, we can put the prices up here on the screen, you could buy 11 month, and what i really 1 month, and what i really love is individual games because a lot of us dont want to pen 125, you know, all you can eat annually because we know maybe our work does not enable us to watch the show or the game every night. 5 per game. Howd you come up with the chicks . Well, look the economics . I think one of the problems with with the old model was we thought the fan was one person, and its actually not. I come from a world, obviously, with experienced management as a background, and the experience has to come first. And we have multiple different can types of fans and how they want to consume data or games is unique. Not only from the pricing package and what theyre going to consume, but also where theyre at. And then they move around. And so you really have to build out the experience for every possible fan and create multiple tv deals and streaming deals for each audience. Liz you know, its not exactly an apples to apples comparison, but the nba, obviously, has the league pass which ranges from 89149. What did did you have to approve with them . What did the you think of them launching jazz . Were onethirtieth of the nba, and this is our way of working together. They put a bunch. Of technology in there. We operate together. The league pass is a phenomenal resource that we all have. And so so its a big part of the backbone with of everything that were doing. And on top of that, what weve done is weve added incredible behind the scenes content. And, you know, weve been capturing all this information anyway with. Theres cameras on our team, our players all the time. We just never had a place to put it. And so we are a Media Company at the end of the day, and weve got talent distribution, weve got with an audience, and we need to put the greatest show that we can out there for as many eyeballs as a we can. This is a disruptive model, but i come from tech, and this is what we would do in tech, and its actually a tech problem. Liz well, yeah. Lets talk about your background. 2002 [laughter] youre in college, and you start a tech company with your dad and your brother. Fascinating because, fast forward, and just a couple of years ago you sold it for 8 billion to sap. To me, this is interesting, and till going back to what you just said that in the end you guys are a Media Company. That in and of itself is fascinating, but i want to hear because you were unanimously accepted when you put in your application or your bid, rather, to the buy the jazz. What is it about what you offered in was that it was an allcash deal . Was it that you had ties, obviously, to salt a lake and to utah . Salt salt lake and utah . I its a couple fold. Its an interesting process to go through. But i had a become very well acquainted with the nba, and that was worked providing Fan Experience feedback from them, ingame feedback, all the stores wed work work with in providing experience whether it was the employee feedback, we would work with the nba. So we knew each other. But i grew up many in up a jazz fan. I was here in the delta center for the last dance. And to have the opportunity, you know, 20, 30 years later, that kid that was up in the rafters to actually be here in this position, it never happens. It just doesnt happen. You have to pinch yourself. Today