Kicking Off Q4, Amazon SVP of Hardware on Company’s New Robot “Astro” & Tracking Facebook’s Hearing
TechCheck
CNBC
4.5 • 66 Ratings
🗓️ 1 October 2021
⏱️ 43 minutes
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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. |
| 0:05.9 | Listen in. Good Friday morning. Welcome to Tech Check. I'm Carl Kintania with John Ford and Julia Borsden. |
| 0:11.5 | Today, trying to hang on to this rally to kick off October. Nasdaq is coming off its worst month since the start of the pandemic. |
| 0:18.2 | Will Q4 bring more pain for tech? |
| 0:23.0 | Plus, what did we actually learn from Facebook? |
| 0:27.7 | The stock led most of big tech lower in September, but is it oversold at this level? |
| 0:33.4 | And then later an exclusive with the head of Amazon devices as we test out the camera on wheels. That is the new robot, Astro. |
| 0:35.6 | First, though, we'll start with stocks and names trading at a relative bargain to begin the quarter. Dom's got that for us. Hey, Dom. I mean, the sell-off there, driven in large part by interest rate concerns and also, of course, some headline risk, certainly on the regulatory front, affecting a lot of that big tech and media trade over the course of not just September, but the quarter overall |
| 0:54.5 | as well. Now, if you take a look at the broader context for the Dow, the S&P 500, and NASDAQ, |
| 0:59.9 | you can see that the NASDAQ has now, because of that recent underperformance, taking a bit of a |
| 1:05.2 | leg lower versus the S&P slightly above the Dow right now. But that big move and the green line |
| 1:10.4 | lower here from the |
| 1:11.3 | record highs that we've seen has been really kind of the outpacing to the downside story |
| 1:15.9 | we've been talking about. Now, if you take a look overall at some of the interesting parts |
| 1:21.8 | of that particular kind of thematic trade in technology and media, it has really been the |
| 1:27.1 | internet stocks, some of those that have really kind of fared some of the and media. It has really been the internet stocks, |
| 1:28.3 | some of those that have really kind of fared some of the worst here. You can see over the course |
| 1:31.8 | of the quarter of the period, the big internet funds like the first trust Dow Jones internet |
| 1:36.1 | down about three and a quarter percent there. The tech software ETF is up about two and a half |
| 1:40.7 | percent and same with the cloud computing side of things. But it's this far move to the downside here that has a lot of people wondering whether or not there are bargains out there. Some of the former high flyers that we've seen that have really pulled back a bit over the course of the last couple of months and then certainly the quarter, look at Pinterest shares, up 5% today. Some maybe dip buying happening there, but over the course of the year to date period, |
| 2:02.2 | a real underperformer. |
| 2:03.5 | And as you can see here, that sharp move lower over the course of the quarter has really |
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