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Good Wednesday morning. Welcome to Tech Check. I'm Carl Cantonia with Deer with Deerboza and John Fort.

Today, the NASDAQ is trying to rebound as tech continues to sell off in 2022 on pace for the worst January in six years.

Where is the bottom? Then it's her first interview since taking the job.

We'll hear from FTC Chair Lena Khan this hour and her early take on the Microsoft Activision Blizzard merger. Later on, 5G launches today, but with some concerns from airlines. Verizon CEO,

Hans Vesburg weighs in and we'll discuss the impact for you, your flying and your money.

We'll start, though,

squarely with tech stocks having a rough start to the new year. NASDAX now 8% away from the all-time high coming off a 2.6 drop yesterday. Mike Santoli is always looking at some of the moves underneath the surface. Hey, Mike? Yeah, hey, Carl. I mean, we got some slight tentative counter trend moves today. Cloud and software trying to bounce a little bit.

Arc was up earlier, and then you have banks and value down. But in general, it has been tough. The pressure has been pretty constant.

Here's a pretty good kind of divergence of old and new economy within one sector in finance that is kind of interesting.

You know I like these what I would call rom-com charts. They start together. They kind of have this divide. They go apart for a while, and then they come back and kiss at the end. Well, this is over a three-year period. You have basically parallel performance among the FinTech ETF and the S&P 500 banks ETF. And it's something similar. It's gone on, I think, in cloud software as well,

where you had a tremendous number of new players come in, and they were all sort of promised

a growing share of a very large market, and they were capitalized as if they had a good chance

of doing so. And now there's a rethink there. I don't know that this is some kind of a

very significant convergence level,

but it does show you a lot of that kind of hope and dream type capitalization in software, in fintech,

has been kind of pressed out of it.

And we're seeing if, in fact, banks and other old economy value, cyclical names can take over right now.

But that seems to me what's going on. SoFi, of course, bouncing hard today on that bank charter news from a very, very depressed level. I would point out this ETF is big with sort of legacy fintech, like Intuit and FISA as well as the affirms and the So Fyes guys. And now you have the lines blurred a little bit with SoFi getting its bank charter.

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