I'm John Fort. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.

Happy Monday. Welcome to Tech Check. I'm John Ford with Julia Borsden. Carl and Deidre are off. Today, stocks are lower across the board. The major averages on pace for their fifth down day in the past six. Pelotin, Chinese stock, Tesla, among the worst performers,

plus EV stocks falling on what is now the unlikely passage of the Build Back Better Bill,

the new investment landscape for those names. And then LinkedIn co-founder Reid Hoffman is with us this hour. We're going to talk Metaverse Crypto and where he's investing in 2022, Julia.

Let's start off today's sell off, the Dow down more than 600 points. Mike Santoli is back with

us. Mike, tell us what you're watching right now. Yeah, Julia, another pressure point, obviously,

from all the news over the weekend about this other COVID wave, coming on top of this sense of fiscal and monetary tightening into 2022, just weighing on what was the optimism trade about the economy.

And the difference this time versus prior COVID waves is there's not a lot of optimism being translated back into large-cap tech stocks as there was once

before. Now, here's the NASDAQ composite, which looks a little bit of a struggle here. It's actually

below that orange line where it was in early September. The S&P 500 itself is kind of right around

those areas, so it's been underperforming. The Apple had until recently been essentially almost single-handedly holding things up,

keeping it from breaking down. Obviously, Apple, with a little bit of a pullback from that really

vertical move that it had, obviously in a much better position than the rest of the markets,

you know, not too far off of old high, still has a little bit of momentum, but it shows you how

dependent the NASDAQ had become on all that.

We have Oracle in the news, obviously, looking close to making another decent-sized software merger.

One of the sub-themes of this market, at least lately, has been a selected group of old tech stocks like Oracle,

as well as things like Hewlett-Packard and others.

And here you see also Dell have done quite well relative to the NASDAQ 100, which of course is more of a fang-like index.

This isn't applicable to everything.

IBM, Intel have not really performed in line with these, but it does show you how we've come to a stage where more reliable cash flows matter a fair bit,

starting with a low valuation before this move.

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