We are right around session lows, only six points off of it for the nasdaq and, you know, on friday, carl the markets rallied a brief moment after that hawkish speech and there was this thought that markets had come into more alignment with the fed speech, right after, but theres room to go and the question is, how much more does it have to do . Weve got a big week of earnings, too, that will give us some direction and the jobs report on friday. Maybe some of this is just catching up. Fed officials were trying for a long time, it seemed, to top the markets down and it wasnt working at all remember, mary daly even talked to me about it and you know at that point, right, like when that just talking to the economics reporters, talking to the tech anchors as well, trying to get a message out there but seriously were going to get some more data this week that i think will be interesting for some growth oriented names, crowd strike, we saw how Palo Alto Networks did, heres another big grower in security, and also page duty, Software Names in that devops space they could still be seeing healthy demand even though the overall picture isnt great. You need that good news. Best buy, lulu. Pisani was mentioning the conferences kicking off after labor day. Wait until Conference Season, then youre going to get a lot of the some argue, worrisome color you didnt get after earnings. This is the confessional quarter, you saw that from some, crm, salesforce, saying contracts are being pulled out a little bit that Conference Season were going to be together again at a few of them. It will be critical, thats when we hear from ceos post earnings season when a lot has actually changed or hasnt, how much has changed. I think, though, theres only a limited amount of information, youre even going to get from these conferences because in q4 theres a big question, and were going to hear it, you were mentioning retail, carl, the inventories, we saw from macys theyve got to figure out how much to bring in for holiday, even as segments of the Consumer Market are showing a loss in stamina, how they navigate that in q4 is going to have a lot to say for where we end up. Tricky. Yeah. Well, for more now, lets get to dom chu on this Market Action this morning which has been something, dom so, to your point, john, carl, deirdre, some of the themes that traders are talking about right now have to do with the overall kind of macro or bigger picture, especially for these Technology Oriented indices, like the nasdaq composite. If you look at the 12,000 level were at now, hovering just above the lows of the session, the level a lot of traders are watching is just below there, 11,970 is the reason why is because that represents that 50Day Moving Average or 50day price on a rolling basis on average. Thats something to watch if we can hold that, maybe some shorter term support if we break through there, who knows, but from the record highs we saw in the fall, we are down roughly 26 from the levels. But still up about 14 from the lows that we saw over the last couple of months so were not towards those lows significantly yet, but the fear of a retest is whats driving a lot of the action today. If you take a look at the Industry Groups within technology that are on a relative basis, making some moves here, semiconductors off 1. 5 , the real relative lagger on the trade so far today, meanwhile, cybersecurity down about 1 , Cloud Computing down about 1 , same thing for financial technology, but its the internet names down 1 as well that are catching some attention right now, just given some of those moves we were seeing in Communications Services within that trade, mega cap technology, always a big factor, big weightings there, apple, microsoft, alphabet, amazon and tesla, down roughly 1 to 2 on the trades so far. But for apple, this is an important thing to watch here, down 2 . We saw more of that slide towards session lows as apple started to break below its 200day average price. Lets show you a oneyear chart of apple right now, as we move lower here, keep an eye on that 160 level thereabouts there is the 200Day Moving Average if we kind of hold there it might be a good sign for the bulls. But carl, as you know, for many traders as goes apple, as goes the rest of the market, both for the dow and the nasdaq and the s p 500, all three of them, a big part of that. Man, it has been a general. Thanks dom chu. Lets stay on this market volatility, the russell 1,000 growth etf, down nearly 4 on friday, that broke a twoday win streak, nudged its worst daily performance since june, what does that mean for the growth trade, and joining us today delano of new street, how are you feeling after friday, and is there a sense that if there is going to be some selling it could be it could be long lasting . Carl, thanks for having me and great to see you guys all back together, you know, friday was interesting, obviously we had the comments from fed chair powell and obviously the comments were direct and short in the sense we have more to go with raising rates i think the market wasnt expecting some of that thats why we saw such a drastic drop you look at it, we still have projections, suggested that rates were going to rise just below that 4 through the end of 23. Historically, loosening policy early has never been a good thing. I think this is the right move and i think the market was surprised by that. I think for the folks that are in these growth names weve always talked about the volatility thats going to remain in the short term the reaction on the other side would be to abandon these names. Thats the wrong thing to do, especially in this time where youre seeing valuations rerate, Different Things going on in the market that volatility is going to remain for the near term and thats something that Growth Investors have to inspect. If prices retrench, whats at the top of the Shopping List you know, for us, and for me, we were talking about apple, how apple goes, the market goes, i still like mega cap tech, and part of the reason why, one, you have the insulation, companies are actually earning, companies in some cases are providing dividend yield, and so companies that are cannibalizing another industries, if were looking how tech is playing in cloud and Different Things that obviously apple with their services, you know growing, thats an area that i want to be involved in, and still hold so look at the big names on the chart, those are areas for investors to look at if those reevaluated or retrench go to further levels where they can actually buy the cash theyre holding and have not bid yet these are some areas that, for me, i feel safer to look at, in this sort of environment. Controversial question for you. Do you actually buy dips in growth at this point im looking at, you know, three months, mongodb is up more than 30 in three months, snowflakes up 40, bill. Com is up 30, in three months, and weve had this private equity sort of put in growth for a lot of these names. You know, so if these names dip, as investors get freaked out about rates Going Forward is there value to be had here if youre a longterm investor . Yes, john, i think 100 , there is value to be had here. You know, a lot of names we mentioned, theres more volatility attached to them. The valuations will fluctuate a lot more but it wouldnt be a great time to try too hard to time these areas. For a lot of younger investors and longer term investors, some of them are trying to time the market and hit bottom, obviously a very hard thing to do for a lot of investors, but i do think as you mentioned there is value to be gained here for the longerterm investors looking out further. The valuations for tech and for growth are lower, if youre looking further, understanding what you want to do with your cash, these opportunities for in those names. Delano, your point of view seems to be more in line with the Retail Investors versus the Institutional Investor which has become bearish on the qqq, rose to 14 of the free flow of that index over the past 30 days, what is the socalled smart muncieing that maybe Retail Investors are not . You know, i think some of the smart money is looking at the environment and looking at the commentary, you know obviously say dont fight the fed. Theyre not just trading on the fed commentary but a lot of them are seeing the risk off is the play, the only last option is a couple of days we had a bounce since midjune and that was, you know, a sizable bounce and a fast one, which obviously, you know, could scare some Institutional Investors. It was a little bit too fast in the way were moving since midjune theyre looking at whats to come earnings are falling a little bit if you look how earnings, p ratio for 2022 has risen if you look where earnings are going, rerating the earnings lawyer for 2022, and dropping a bit for 2023 i think some of that has to come into play for evaluations. For Retail Investors they are looking out further, and thats an opportunity for Retail Investors to maybe find stocks that will bottom at some point if youre looking at the next six to eight months. Delano, moving into fall, its a time for some product introductions, were keeping our eye on apple headlines today about the ar, vr headset, is the market in a move to receive new product and get excited about it, or is the fed an overwhelming force . I think, you know, the market is i dont think theyre on a move to receive that just yet. Those are longer shots, the areas of technology that are longer bets for a lot of these companies with so much cash to see the commercialization of it, how the adoption will take a longer time. Its not a market mover or anything to move the needle. Obviously be flashy and good to see for consumers. But as far as moving the market needle, thats notgoing to get it done right now. Yeah, well certainly the fed gets a lot more oxygen, for sure delano, thanks for helping us this morning, good to see you again. Thank you, carl. Quickprogramming note aswe head to break, techcheck will be coming to you live from the code conference next week. Hear more how the ceos of apple, google, amazon, disney and more are handling the volatility, and where you should be putting your money to work. Thats all happening here on techcheck starting monday. More on todays biggest movers, the nasdaq falls breaking the 12,000 level. Techcheck is just getting started. vo hi. Were visible. A different kind of wireless company. Running on a big impressive wireless network. How are we different . We exist only on your phone. So you get unlimited data for just 30 mo, taxes and fees included. Plus we have a new plan with 5g ultra wideband. Switch today at visible dot com. At xfinity, were constantly innovating. And were working 24 7 to connect you to more of what you love. Were bringing you the nations largest gig speed network. Available to more homes than anyone else. And with xfi complete, get 10x faster upload speeds. Tech upgrades for your changing wifi needs. And advanced security at home and on the go to block millions of threats. Only from us. Xfinity. Gut check on e commerce, baird saying they see a path to double digit ecommerce growth for the year forecasting 10 growth bards likes amazon and ebay saying marketplaces are well positioned in the macro situation. Names like paypal, and alibaba will benefit too well see. Some theyre calling those names value stocks, even like paypal, fallen so far. Big holiday between now and then, well see. Amazon, could health care be a part of your membership. Our next sees the potential for the company to bundle pharmacy business and virtual care. Joining us is lance wilkes, what are amazons ambitions here, remember, haven, the jv between amazon, berkshire, but now amazon seems to be on a shopping spree. What are the major ambitions thanks for having me, i think haven and some of the amazon care internally this year, its really them getting their feet wet and learning more about the business what youre seeing now is an effort to really get a position in the market, probably related to reinventing care delivery, an integrated approach where youre taking convenient locations, digital and virtual care, and probably home care, bundling those together with Online Pharmacy that could allow them to go further in the market. As a stand alone disruption i think that would be substantial as well. Its a long way from here to that stand alone disruption. This is a really tough space, i also noticed your note didnt make mention of alphabet, which has a whole life sinces unit do you think theres opportunity for them to get interested in some m a yeah, you know, in my most recent note i tried to lay out a few different approaches that companies could take to disrupting, a traditional approach, that United Health care is taking, converting to value based care, adding features, cvs, might be taking an alternative focused on taking risk in the space, leveraging the retail locations, getting into digital and home care, amazon as i mentioned, more a consumer centric approach big tech players could focus on what id call Digital Enablement that might be focusing on connectivity in the space, artificial intelligence, maybe ultimately automation of care delivery, and weaving that together with data sources like remote monitoring, i would see that as very supplemental, and foundational to some of the other initiatives in the field as opposed to being in direct conflict with what cvs or amazon might be doing it seems like if amazon wanted to take the telemedicine only route they wouldnt have shut down the unit they just did. Theyre buying into one medical. If their approach is that you need to have both brick and mortar, and, you know, physical doctor presence along with telemedicine, thatst a big infrastructure investment, that investors are going to have to brace for, isnt it . Yeah, i think this is, you know, a big investment that youd be making. I think some of them can be platform oriented. The thought obviously theyre in talks or reported to be looking at homebased assets like signify home health now, they would likely look at acquiring further digital assets, maybe more care automation, or assets that would allow for not just telemedicine, but automated care, to supplement what theyre doing with the clinics, the rollout of the clinics is a big thing, thats something thats hit on oak Street Health and other names as far as the pressure as you build clinic after clinic. You have all the staff but you dont have any patients, day one. It definitely is an earnings drag. I wonder, to the degree theyre trying to turn this into a fly wheel, making Public Health part of the amazon experience, is that something that you think fits better with one geographic region, is it more of an american habit, or is this going to apply in europe and asia, anywhere else . You know, i think the i think the approach that amazon could be taking here, could apply to other markets, and i think this this really gets into reinventing care delivery from what has been physician practices, where you go to a physician office, for years and years, to something that is different and presumably better. And the reason it would ideally be better is because a lot of the dropoff in health care in the u. S. And elsewhere is because patients on the compliant, because it is difficult to get in there, difficult to continue on so thats the real opportunity that an amazon or cvs really has here that is a universal sort of issue. Some of the things in valuebased care and risk taking, that might be more u. S. Centric. The amazon approach could be international approach. Finally, lance, im wondering, where do you stand on telemedicine as an acquisition target or otherwise, where does that leave the teladocs of the world, has it become too commoditized it isnt that attractive. I think the capabilities within some of those, and the ability to transition that from telemedicine to Digital First care, where your doctor is actually on there, and that is a practice, is an opportunity for a teladoc that certainly would be an opportunity for somebody like an amazon i certainly expect that you will see more acquisition activity from amazon, and other players in the space in the digital and telehealth space but it wont be for traditional telemedicine, it will be for something that is either an ongoing practice relationship, or digital. Right, well big tech has the cash to do so. Lance, thanks for being with us today, lance wilkes. No pain, no gain, who he says the market is set up for a bull run as the nasdaq loses all of its gains for august thats coming up after the break. Dont go away. Zerocommission trades for online u. S. Stocks and etfs. And a commitment to get you the best price on every trade, which saved investors over 1. 5 billion last year. Thats decision tech. Only from fidelity. At fidelity, your dedicated advisor will work with you on a comprehensive wealth plan across your full financial picture. A plan with taxsmart investing strategies designed to help you keep more of what you earn. This is the planning effect. Im Carl Quintanilla with jon fortt and deirdre bosa on the east coast, checking in on things half past the hour, more on software in a moment. But the dow swirling around, a mostly negative range, session low down about 300, currently down 187 investors are trying to find a bottom for tech having a hard time as the nasdaq continues to fall after jackson hole on friday mack santoli has been watching, we were told look out for withering liquidity next few weeks. Thats part of the story, carl, both last week and this week and the general sense out there that if the fed chair does not want investors to get too comfortable about the outlook, then theyre going to listen eventually, i do think theres a legitimate debate thats happening last few days about how much was new, in what powell told the markets, the bond market looked at it and said we more or less have that priced right. Yes, the dollar is strong today but its not necessarily talking about it being a real jolt, its more just an expectation that were going to ha