Crypto Crash Hits Bitcoin and Ethereum, Investment Opportunities in Payments & Robinhood’s IPO Access Program Sees Stocks Slump
TechCheck
CNBC
4.5 • 66 Ratings
🗓️ 24 January 2022
⏱️ 54 minutes
🧾️ Download transcript
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| 0:00.0 | I'm Carl Kintanilla. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in. |
| 0:07.0 | Good Monday morning. Welcome to Tech Check. I'm Carl Cantania with John Ford and Dear Drobosa. |
| 0:11.4 | Today, watch out below. The tech sell-off continues. Nasdax down another full 2% today and leading the declines. |
| 0:17.8 | Arc funds, Tesla, Netflix, down another seven. |
| 0:21.0 | We're going to hit the next catalyst that might turn things around or send stocks lower again. |
| 0:25.1 | The crypto crash, Bitcoin and Ether down by double digits over the past week after Friday saw $137 billion wiped out from crypto markets, Bitcoin below 34K, and social stocks losing some cloud. The bears come after Snap |
| 0:39.0 | ahead of earnings, D. Yeah, Carl, we are going to start with that sell-off tech sinking yet again. |
| 0:44.6 | The NASDAQ was down as much as 3.3%. It is now down more than 16% below its record close. |
| 0:51.4 | And an ongoing debate here, how much of the sell-off has been rate-focused, |
| 0:55.3 | how much is business fundamentals? Remember that late last year, guys, we got bad misses from |
| 0:59.8 | the likes of Snap, Roku, Pinterest, Adobe, Salesforce. That all hit those stocks very hard and had |
| 1:05.3 | nothing to do with the Fed or a shift to value stocks. Last week, though, it was Netflix and |
| 1:10.2 | Peloton, both sinking on soft demand and weak user growth. Last week, though, it was Netflix and Peloton, both sinking on soft demand |
| 1:12.7 | and weak user growth. This week will be a big one, indeed. We will see who gets punished, |
| 1:17.3 | if they miss, or even if they just don't beat by enough, perhaps some upside surprises, too. |
| 1:22.6 | We've got IBM earnings today, Microsoft tomorrow, Tesla, Intel Wednesday, Apple Thursdays. |
| 1:28.8 | John, it is still early in the earnings season, but what we've seen so far, especially |
| 1:33.3 | NASDAQ, you know, the question of did it freak out the markets or is it a sign of more |
| 1:38.2 | to come? I think that's what everyone's going to be looking for in this busy week. |
| 1:41.5 | Yeah, I think perspective is important here. I don't think we saw anything close to a bad miss from Adobe, for example. But, you know, these stocks have been |
| 1:50.0 | running pretty strong, some of them, based on arguably more than just their fundamentals. And you |
| 1:56.0 | look at some of these stocks, we've known that they've been in a good spot for a while. I mentioned |
... |
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