I'm John Fort. You're listening to CNVC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in. Good Monday morning. Welcome to Tech Check. I'm Carl Cantonia with John Fort and Dear Dubosa. Today the S&P is falling into bare market territory as the NASDAQ plunges to a new low for the year. Now down more than 30% on the year as all of tech continues to get hit. Who is best positioned in the mega caps?

With nowhere to escape ahead of a big Fed meeting Wednesday, we're going to break down all the

angles of the volatility. And what stocks from chips to software to crypto might you buy on any dip

to avoid some pain? We're going to kick off, though, with this massive sell-off we're seeing in

today's trade. Meta down four and a half. Amazon down six. A similar story across the

mega-cap tech names. Today's moves adding to last week's losses and come as yields, push to

new cycle highs, inflation, 40-year highs, and investors are waiting another rate hike from the Fed

come Wednesday.

Let's get into the outlook with our senior markets commentator Mike Santoli.

And it has been pain added to pain, at least so far this morning, Mike.

Yeah, Carl, and really what's striking about it in the first hour and a half or so of trading is just how comprehensive it is and very systematic in terms of the selling, you know, every single stock in the

S&P down at some point, almost all the stocks in the Russell 1,000 also down. Obviously,

this shows you it's a massive repricing based on mostly what's happening in the bond market,

this idea that we thought we might be able to see several months ahead to where the Fed, you know, got to where it wanted to, was able to restrain inflation in the economy without necessarily doing a whole lot of harm.

And then where the revaluation of the market is hitting the hardest, of course, which has been the case all year, is where the valuations in absolute terms were the highest.

So that's why you are still seeing the NASDAQ 100 give more back. It's have a deeper pullback.

I just look back to see where you'd have to get the NASDAQ 100 index to go back to pre-COVID

highs. The peak before we got that crash is still down 14% from here. Now, valuations, interestingly, are below

the pre-COVID peak. So you've kind of obviously grown into that to some degree with these

companies. But I think that explains a lot of what we're seeing this morning. Mike, good morning.

Great to be talking to you first. I am most focused on risk assets this morning because they seem to me to be

defining the story, whether it's Bitcoin and what we saw it do over the past 24 hours. I believe

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