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

Happy Thursday. Welcome to Tech Check. I'm John Fort with Carl Kintenea and Deirdre Boso.

Today, stocks continuing their ride lower this week with almost half of the NASDAQ now sitting at 50% or more below their 52-week highs. So what's the outlook from

here? We will discuss. Plus some new friends for Facebook. A breakdown of Wall Street's

bold case for meta. As shares sit, well, you guessed it, 50% off of their highs.

And finally, Cisco putting pressure on the software space, but with private equity circling the waters,

could low valuations for some of the smaller names be a good thing.

The top takeover targets, perhaps you can eye on later this hour, beep.

John, we're going to kick off today's feed with a check on the NASDAQ.

It is moving slightly higher after yesterday's just brutal 4% retreat.

A number of software names under pressure, though, following Cisco's poor results. We're going to have more on that in just a moment. First, let's get to senior markets commentator Mike Santoli. Here to break down where we stand halfway through the day, Mike. Yeah, Dee, we're kind of hesitating. I guess you might call it in the NASDAQ, around that minus 30% level, down 30% from the highs, just very slightly above where we did bottom out last Thursday.

If you look at a couple of year chart here, here you have actually going back five years, the NASDAQ composite along with a 500-day or 100-week moving average.

So this is basically the average price over almost two years,

very slow moving supply and demand indicator. I wanted to point out just how far below it we are here.

In fact, we're a greater percentage below it than we were in the plunge in 2020, as well as the

deep sell-off back in late 2018.

However, we were also farther above it here than we were at those peaks.

So everything, whether you look at valuation or technicals, it's, yes, this has been a very deep cut.

This is a badly broken trend, but you're also just giving back a lot of the overshoot to the

upside.

That's basically what I would argue.

Also, the three-year trailing return of the NASDAQ 100 right now is still over 17% annualized.

...