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TechCheck

Highlights from Tesla’s Shareholder Meeting, What to Expect From Q3 Tech Earnings & Wrapping Up Facebook’s Rough Week

TechCheck

CNBC

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

4.566 Ratings

🗓️ 8 October 2021

⏱️ 44 minutes

🧾️ Download transcript

Summary

Our anchors kick off this Friday morning with CNBC’s Dom Chu to check in on tech’s volatile week. Then, CNBC’s Phil LeBeau is here to cover the highlights from Tesla’s annual shareholder meeting yesterday. Next, Datatrek Co-Founder Nick Colas joins to discuss what to expect from Q3 earnings for Big Tech. We also have ServiceNow CEO Bill McDermott and Celonis Co-Founder and Co-CEO Alexander Rinke on their new partnership to redefine how work flows. Later, The New Yorker Contributor Charles Duhigg is here to give his take on Tesla, saying most shareholders don’t hold on because of fundamentals, but because they believe. Plus, CNBC’s Kate Rooney is here to cover the surge of venture capital investing in Latin America. And later, New York Times Business Columnist Kevin Roose joins to talk Facebook after the company’s rough week. 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.

0:24.8

Good Friday morning. Welcome to Tech Check. I'm Carl Kintanilla with John Ford and Julia Borsden.

0:29.8

Today, the job's number is definitely in focus. Dow's on pace for the best week since June.

0:34.7

Tech stocks in the green, to wrap up a rough week for that sector, though, are they oversold?

0:39.0

Then, Tesla investors in Ted Lassow, what we learned from Elon Musk last night at that event. Later on, Facebook may be weaker than we thought. We'll talk to Kevin Roos of the Times,

0:46.0

but first, it's been a tricky week for tech investors. The NASDAQ swinging almost 600 points between

0:51.3

Monday's lows and yesterday's highs. Dom Chu's going to break things down.

0:55.2

Hey, Dom.

0:55.6

Absolutely.

0:56.3

For the Dow, the S&P, and most of all for the NASDAQ, that NASDAQ trade has been one where, yes, we saw some massive moves to the downside on Monday, only to see a more constructive move to the upside over the course of the next four days, including today.

1:09.4

Which puts us, by the way, net net,

1:31.3

up half a percent on a one week basis, even after all the hoopla around that big loss that we saw to start the week off. Now, on a year-to-date basis, kind of to give you an idea of where we are for the NASDAQ and the QQs, all the ETFs that kind of track it, we're just now about half a percent below, 0.5 percent below the record highs that we saw over the course of, you know, just the 5 percent below the record highs and about a half

1:35.5

a percent below some of the moving averages that some folks are looking at.

1:38.7

So again, 5 percent below record highs, seeing if it can make another campaign towards that

1:43.6

level there.

1:45.1

We'll see if that sticks.

1:50.8

Now, where the action has been, of course, very much so in the mega cap technology trade,

1:53.0

certainly wants to watch on a one-week basis.

1:57.3

If you take a look at the trade for Apple, Microsoft, and Alphabet, very respectable.

2:01.5

Apple up a half a percent, you know, a laggard there, but Microsoft up 2 percent,

2:06.6

and Alphabet as well, the three biggest companies in the S&P 500 turning in a positive week,

2:11.1

along with a broader market for the NASDAQ. Meanwhile, take a look at some of the other star performers. Those are good, and yes, they carry a lot of weight, but if you take a look at the

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