Good friday morning. Welcome to squawk alley. Were at post 9 of the New York Stock Exchange jon fortt is off today ed lee joins us. A lot to get to tech took a item thbl morning. The nasdaq continues to slide amid that selloff that began in yesterdays session. The index set multiple record highs earlier in the week, mike. As we know, we hit critical levels on market cap on unit performance. Nasdaq getting 28 year today. We were talking about jeff bezos being the richest man alive. I think also a couple other things working against tech which is this month the market has been inclined to sell the winners. The year to date winners are the worst performers this year and then earnings season, youve had to have absolutely across the board blowout numbers to get rewarded on the first day. So you saw alphabet. You had a little pullback on generally good numbers amazon the same effect i think all that is causing people to wonder whether its time to take some chips away from tech. I think, espe
Customer. And sell them straight to the customer. A decade after the financial crisis, is the world ready to be taken off of financial and support . This is bloomberg surveillance and im Francine Lacqua in london. We go to a suburban paris, where six people have been hurt after a car rammed into them. Police are still searching for the driver and the car. This is according to police reports. Place aftere sentinel operation since n was declared to remain until it is no longer useful. This occurred in the northwestern suburb of levall ois. We will keep an eye on that. On to geopolitics and the impact on the market. We see a very clear movement into havens. This is what we are seeing the goldyen gaining on the tensions in north korea. European stocks, slumping following declines across most of asia. The vix is up. Does get straight to the bloomberg first word news. Reporter the South African rand has led declines among major currencies after president jacob zuma survived another bid to ou
And the nasdaq pole volting 9. 5 , it was the fang stocks that led the charge higher. Yeah, facebook Amazon Google and now alpha bet. Weve got a marvel there is still one more rotation going on. This time back into the nasdaq. What gives . How did these stocks suddenly get their groove back . First as we put out last week tech never really goes out of style. If its really good it just simmers and waits and then pounces. This is an ageold pattern yi urged to you buy these tech stocks while they were down rather than abandoning them. How is it that this doesnt always seem to work. For one thing these fang stocks truly have no flies in them. They have a good story to tell. When we have a major move into the industrials and they are stretched as they have been these uber tech stocks dont seem as expensive as the rest of the market. Take facebook. We know we need to analyze this stock based on what we call the out years. By some estimates facebook is trading at a slight premium to the avera
Daybreak europe. Doin manus there was a feast of Central Banks this week. All eyes will be on the house of parliament. Will theresa mays in these backer on the article 50 bill . , itterling is a benchmark is under a little bit of pressure and bank of america says we reject the notion that article 50 is priced in. It is having the largest losing streak since july of last year. The Political Risk is rising. This is the euro against sterling and it is under pressure. Anna an interesting thing to watch in terms of Political Risk to the week. Lets look at the risk radar. Report andhe jobs other factors, japanese stocks extending the biggest rally in a month. South korean stocks are up. Record highs on global stocks. We have a very busy week as you point out with all the Central Bank Meetings and a busy political calendar. Manus keep an eye on the dollar. Just a little bit soft for two days in a row, giving back some of its original gains. Those are good numbers. The animal is essentially ob
A girl lost her life as she tried to cross hillsboro avenue. They put the cuffs on nicholas and they spoke with him as he left jail this morning. Its a tragic accident and i feel bad for the girl and the family. Nicholas believes it was her own family. She ran into the path of my vehicle, you know what i mean. There was nothing i could do. Nothing you could have it was just, she made the decision to apparently run across a busy highway in the dark, no crosssection and that was the unfortunate tragic consequences of her dying. He may be right about the accident, but he was wrong leaving the scene. Did you know that you hit her. No. All i know is that something hit my car, that is what it appeared like to me. Of blocks to stop and when i stopped, i didnt realize what it was. All i know my window was getting cracked. If he would have stopped he might not have received a ticket. Im chip osowski news channel 8. Hes accused of being drunk behind the wheel and hitting and the family is dealin