Good thursday morning. Welcome to squawk alley. Im jon fortt with carl quintanilla. It is cloud week on squawk alley. If you were betting against snowflake, wur oyoure out in t cold this morning. That stock up is 12 same for Cloud Security and authentication specialist okta were going to talk to the ceo to see if this thing may stabilize from here or go higher splunk, that is the sound of a cloud stock dropping 22 after missing Sales Guidance for the third quarterer in quarter in a row. All this happening as amazons cloud conference is in full swing. Salesforce announced the second Biggest Software acquisition ever and we started the week on squawk alley talking to ibm president Jim Whitehurst who came to big blue in what and is still thelargest Software Acquisition ever redhat driven by a hybrid cloud. Julia, investors are betting on further growth from already heady levels we can certainly see that in what is happening with snowflake this morning it is reapproaching the highs that so
The nasdaq on track for a 5th week worth of gains here and the dow is erasing its losses for all the year at its highest level since late february, its also having its bests august since 1984. We turn to the Investment Committee for this we have just been seeing green, green, green for it seems like weeks, if not nonts months at this point it is surprising the markets have marched higher the way they have over the last several months since the pandemic lows its not all surprising all the factors were looking at from the fiscal side, the monetary side and the virus side are lining up in support of equity just think about what happened with chair powell yesterday and the historic announcement he made about departure from the prior inflation targeting regimes to this averaging inflation concept. What does that mean . That means rate will be low, low, low for the foreseeable future we think thats two years from now. That is very support ifr five f valuations then you have this fiscal stimu