I'm Carl Kintanilla. 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 Fort with Dia Trabosa. Today with us, Plexo Capital's Low Tony, CNBC contributor, guest hosting with us this hour. And today, NASDAQ, trying for a bounce this morning, from Fang to defensive names, we're going to break down some of the top picks across the sector.

And then the China Tech Tumble details behind a key JPM downgrade as lockdowns hit the tech manufacturing hub of Shenzhen.

And finally, app platforms facing pressure in Russia, how this conflict could mean a new internet later this hour.

D?

First up, John, we're going to check in with Dom, too, as the NASDA continues to be the lagger this morning, though, Dom, it is up about one-third of 1%. It was negative not too long ago.

It is still underperforming.

And to John's point, there is that bit of a rotational feel right now as people get away from some of those other parts of

the market that have been very growth-oriented over the last several years into some of the

more value-oriented trades. But to give you some context around just the types of movements

that we're seeing, if you look within the NASDAQ 100 specifically,

that that pullback has now seen just about a 20% move from the recent highs that we've seen for

the NASDAQ overall. If you take a look at one of the big ETFs that tracks the NASDAQ,

that moved by about 20% or so from those highs now puts it at a level where maybe it becomes

a little bit more attractive for some folks out there. So again, we're watching that kind of

value trade in growth if you want to call it that develop. One other place to kind of keep a

close eye on is what's happening with valuations overall within the sectors, specifically

within technology and communication services.

Those two sectors key and they encompass much of that big tech, mega cap tech and communication

services media type trade.

If you look at the valuations on a forward basis, the price you pay today for next year's

anticipated earnings, we're talking about the lowest levels for both tech and communication

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