Deepening Tech Sell-Off Drags Nasdaq Lower, Paramount CEO Bob Bakish on Entertainment Outlook & Expedia CEO Peter Kern on the State of Travel 5/5/22

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4.5 • 66 Ratings

🗓️ 5 May 2022

⏱️ 57 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show breaking down the Nasdaq’s sell-off to start the morning with CNBC’s Mike Santoli and Canvas Ventures General Partner Mike Ghaffary. Then, CIC Wealth Executive Vice President Malcolm Ethridge offers his insight on protection plays amid the volatility in tech, and our Julia Boorstin sits down for an exclusive interview with media giant Paramount CEO Bob Bakish. Next, Bespoke Investment Group Co-Founder Paul Hickey weighs in on the markets plunging lower, and Expedia CEO Peter Kern joins to discuss the state of travel on the heels of the platform’s latest earnings. CNBC’s Dom Chu also analyzes the key movers dragging down the Nasdaq, and CNBC’s Kate Rooney previews payments company Block’s Q1 results after the bell. Later, CNBC’s Frank Holland offers a closer look at the cloud sector, and CNBC’s Bob Pisani covers the impact of rate hikes and inflation on the broader markets. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

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.
0:06.9	Good Thursday morning. Welcome to Tech Check. I'm Deer Tafoza with John Fort. Carl has the morning off.
0:11.3	Tech stocks, they are getting slammed. The NASDAQ down as much as more than 4% this session.
0:17.0	Ecommerce names are getting hammered. Shopify, eBay, Etsy, all following Amazon's big drop
0:21.9	after earnings. Amazon itself down more than 6%. Speaking of earnings, the CEOs of both Paramount
0:27.7	and Expedia, they're ahead this hour. Only on Tech Check, John, it's going to be a big show.
0:33.1	Yep, deep, but that sell-off is where we're going to start after a brief post-fed rally for tech.
0:38.8	NASDAQ is deep in the red this morning, giving back those gains, now just narrowly in the green for the week.
0:44.2	Senior markets commentator Mike Santoli, he's got some perspective on this drop.
0:47.6	And we call it a drop, Mike, but we're just about where we were at this time yesterday.
0:53.5	Yes.
0:54.0	So basically, a head fake in one direction.
0:56.6	Maybe it's a head fake in the other direction, John.
0:59.0	And it's the kind of twitchy action that you do see with the market under this kind of pressure, right?
1:03.8	Down 20% or so.
1:05.4	We still are above the lows from earlier in the week, but not by much.
1:08.3	And in fact, the NASDAQ 100 is starting to really sort of give up a lot of that,
1:13.9	the accumulated gains over the prior couple of years.
1:16.6	A couple of levels that I think are worth keeping in mind is this one back here.
1:20.2	That was the Labor Day 2020 after that initial rush, everybody wanting to pile into the big
1:26.5	NASDAQ 100 names as pandemic plays, as
1:28.9	instruments of safety. It's really not that far below where we are right now. But the more
	...

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