Breaking Down the Market Sell-Off, President Biden vs. Social Media & Andreessen Horowitz Names Head of New Crypto Fund

TechCheck

CNBC

Disruptors, Tech, Technology, Cnbc, Management, Business, Faang, Investing

4.5 • 66 Ratings

🗓️ 19 July 2021

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors kick off the morning with CNBC’s Mike Santoli on the market drop and recent moves in mega-cap tech. Then, Wilmington Trust’s Meghan Shue joins to further break down the market sell-off today. Next, New York Times Contributor and “Sway” Podcast Host Kara Swisher joins to discuss President Biden’s criticism of social media due to its role in spreading vaccine misinformation. We also have Satori Fund’s Dan Niles weigh in on the market sell-off and where he is exiting positions. Later, CNBC’s Leslie Picker is here with the story on Bill Ackman’s Pershing Square Tontine dropping the deal to buy 10% of Universal Music. Then, CNBC’s Kate Rooney is here to interview Andreessen Horowitz Partner Arianna Simpson after she was promoted today to co-lead the firm’s latest $2.2 billion crypto fund.

Transcript

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0:00.0	I'm Deerreboza, and you're listening to CNBC's Tech Check.
0:03.5	Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:40.0	Happy Monday. Welcome to Tech Check. I'm John Fort with Julia Borsden. Carl and Deidre are off. Today, a massive sell-off for stocks. Dow is down about 770 points at the moment with the NASDAQ approaching its own 2% drop. Then President Biden attacks Facebook. Karas Swisher weighs in on a new war of words between POTUS and Mark Zuckerberg.
0:45.9	And later, Andresen Horowitz's newest partners. One of them will run the crypto fund and joins
0:52.1	us this hour. But we're going to start with this selloff.
0:55.7	Mike, what is driving this and why is the Dow down so much more than the S&P 500?
1:01.7	Yeah, John, it's a growth scare, a global growth scare, something that's really been actually having its effect felt below the surface of the market for several weeks.
1:10.0	But I think the Dow is much more of that index.
1:12.5	It's going to be more exposed to the global recovery theme, taking the brunt there.
1:17.2	Also, that's where the outperformance was in the early part of the year, and that's been surrendered.
1:20.6	Actually, the average stock started to decline, peaked about five weeks ago in the market.
1:24.7	It has been a lot of the very large mega-cap stocks, the very stable
1:28.7	ones like the apples, the Microsofts, the Amazon, that this month have been supporting the
1:33.5	indexes. And some of that has faded today. So you don't necessarily have that obscuring the
1:38.7	weakness underneath. In fact, it's not even just tech that has been outperforming and keeping
1:42.6	the indexes together. Here's Apple. Obviously, it is a six-month chart. Communication services, that's basically
1:48.4	your fang. And then really outperforming things like the localized cloud software plays,
1:53.4	as well as semiconductors. So what you're really seeing is here, this margin over the last several
1:58.8	weeks of the mega caps really outperforming and the rest of the
2:02.8	stocks getting cold below the surface, that's giving away a little bit today.
2:06.0	I think everybody is fixated on that pressure on treasury yields, which seems to just reflect
2:11.9	money looking for some kind of haven outside of the global growth theme.
	...

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