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 Tuesday morning. Welcome to Tech Check. I'm Deirdreboza with Julia Borsson and Frank Holland. Today, you just heard about it. Tesla falling again. Production pauses now hurting that stock. Is the bottom still not in?

We will discuss.

Plus the EU versus big tech,

what the Digital Markets Act means for companies like meta, Google, and Apple.

And then, is it too late for a Santa Claus rally? The NASDAQ down more than 8% in December alone. The SMP on pace for a historically bad year as well. So are there names that can provide about Julia Frank? We made it. It is the last trading week of the year. And it's been a rough

one for tech and growth so far. What happens next, of course, we'll continue to rest largely

on the Fed's trajectory, the labor market. Guys, I was in Miami over the holidays. Let me tell you,

it was a very different picture than what I see on a daily basis here in the Bay Area.

Service staff everywhere at the hotels, at the restaurants, you can valet your car everywhere,

including the hospital. So if the job market is what the Fed is looking at next year,

it's not here in the Bay Area, the tech jobs at Google, Apple, Microsoft, etc.,

that's really going to move the needle. It's those services jobs. And if Miami was any indication, Apple, Microsoft, etc. That's really going to move the needle.

It's those services jobs. And if Miami was any indication, guys, there could be a long way to go,

Julia. Yeah, but what was so interesting also is looking at that zip recruiter data showing that

even tech workers are able to find jobs maybe more quickly and more efficiently than many people

had thought.

So there's this question of whether the job market remains tight, even in the tech sector,

despite so many layoffs.

And the fact that these high tech jobs still are so much in demand, Frank.

Yeah, another thing to think about is that shelter inflation is something that's probably

the stickiest out of all of this. We've seen wage inflation that only fuels that shelter inflation. That's something that doesn't appear to be going anywhere, especially with the housing market the way it is. It's a lot harder for people to change homes because they're in a house with a very attractive interest rate. Why would you sell your house to buy a house with a much higher interest rate? That's pushing a lot of more people to the rental market. And of course, we have an under supply of rental properties and multifamily homes. Right. And it all comes back to interest rates. And what does that mean for tech, right? We said it's been a rough year. Is that set to continue in the next year? Of course, it makes their valuations look less appealing. Tesla is certainly one of those names, guys,

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