Nasdaq Slides on Economic Uncertainty, Tech Goes Big on Cost Cutting & Breaking Down Opendoor’s Home-Flipping Losses 9/23/22

TechCheck

CNBC

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

4.5 • 66 Ratings

🗓️ 23 September 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Our anchors begin today’s show with CNBC’s Mike Santoli breaking down major tech names dragging lower amid the morning’s volatility, and Big Technology newsletter author Alex Kantrowitz takes a deep dive into cost cutting measures across the sector. Then, Cresset Capital CIO Jack Ablin offers his outlook for rate hikes and the Nasdaq, and CNBC’s Seema Mody reports on the turbulence affecting the European markets. Founders Fund Partner Keith Rabois also discusses the recent losses hitting Opendoor – the home-flipping platform he co-founded – and the $32 million funding round for his e-commerce roll-up company OpenStore. Later, CNBC’s Kate Rooney covers potential plans from Celsius Network to compensate customers whose funds were frozen by the crypto lender’s bankruptcy, and we share highlights from the latest episode of our Carl Quintanilla’s “Binge” digital series with “She-Hulk” showrunner and executive producer Jessica Gao. 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 Dear Roboza, and you're listening to CNBC's Tech Check.
0:03.5	Our show is live weekdays at 11 a.m. Eastern. Listen in.
0:10.3	Good Friday morning. Welcome to Tech Check. I'm Carl Cantonia with Deer Drubosa and John Fort.
0:14.9	Today, the tech tumble continues as the NASDAQ comes within inches of the June lows.
0:19.6	We've got the volatility playbook coming up this hour.
0:22.3	Big tech cutting back while Robin Hood expands, what that means for stocks, as some say,
0:27.0	quote, the party's over.
0:28.6	And finally, an inside look at bankrupt crypto lender Celsius as the company tries a new
0:34.2	Hail Mary approach to paying back its lenders deke.
0:37.8	Well, we got to start today's feed with tech investors.
0:40.6	Let's call it deja vu this morning.
0:42.2	The NASDA composite down yet again within just inches of those June lows.
0:46.5	Key number to watch here is 10,565.
0:50.8	That's just about 300 points away.
0:52.7	It's been a similar story for all the big tech darlings. Take a look at Amazon. It's down 7% this week alone. Google's down 4% with Meta and Microsoft. Not far behind. Even the broader markets have felt the impact. Goldman cutting its year-end target for the S&P this morning to 3,600. In forecasting, even more pain ahead amid such a hawkish
1:11.1	environment.
1:11.8	Here to help us break down the action, senior markets commentator Michael Santoli.
1:15.4	Mike.
1:17.1	Yeah, Dee, obviously, the NASDA continues to act as essentially a proxy for the broader market,
1:23.9	only more amplified.
1:24.9	What we're really seeing here is just higher bond yields globally
1:29.0	and a racing dollar, dollar racing skyward being filtered through to all the valuations
	...

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