the stocks are down. they took these down in anticipation. i think these stocks are really bottoming out. if you look at them on the chart, they re building a base in here. microsoft, let s talk about that one. its base is here in the 245 level. trading at 249. it s right there. i m not so worried about microsoft. azure was the big disappointment. i m not microsoft is microsoft, right? i own it and will continue to own it. i ll buy more on this weakness. but i m not worried about the long-term in terms of those tech names. neil: there s a theory out there that the market is sort of a barometer for eventually how the economy will go. it was selling off the before the economy started sputters. a lot of people in this month of july, a few days to go, it s
clients? i m sure the old rebalance, you always need to be rebalancing, right? that s true. and, in fact, you know, what happened is the s&p got more and more into tech itself. so people, they had their s&p funds and then they added on additional tech names. and so we ve seen that movie before. we saw it in the late 90s and early 2000 where people super loaded into tech, and there was a shift away from that. this time what you should have been doing and hopefully what you can still do is, is take a look at history and say if we re not in a high growth environment any more, in a high interest rate and high inflation period, those same names and those types of companies don t do as well. you need to look elsewhere, and those names are names like energy which you just mentioned. i always think about everybody wears two hats when they walk around. you re a consumer, but you can be an investor. so when you have pain at the pump, the way you offset that is to make some money by being an in
particularly tech companies and the federal reserve looking at the interest rates last wednesday and since then walking through the number, apple, the most valuable public company shed $220 billion in the days since that decision. and tesla down as well by $200 billion or so. just change. and amazon market cap down by 173. i could go on. you get the picture here. the mega tech names are really suffering at the moment. and speaking to investment bankers this morning, they re saying they re looking at the small cap names. rosanna, i leave you with two pieces of news, the national average price per gallon of gas will likely hit a new record today. and overnight, andy warhol painting of marilyn monroe sell for a record $195 million. we ll look for it in the backdrop of your shot tomorrow. cnbc s rosanna lockwood, live from london, thank you very much. and still ahead the eu seems to be making progress on banning
foxconn shut protection for the apple iphone 13 for six days. as you have said, shut production. some car manufacturers have had to. the component makers in taiwan are now having to stop making things like circuit boards and touch screen modules which go into those iphones and those cars. and there is a bit of an unknown factor here in the rise in the number of cases, the mix of delta and 0micron, we don t know how people will be impacted health wise. know how people will be impacted health-wise. yes, there were impacted health-wise. yes, there were some impacted health-wise. yes, there were some stories - impacted health-wise. yes, - there were some stories before that that vaccine wasn t as effective against 0micron, so there could be one of the issues. we don t know how delta and 0micron will play out against that. one of the things that the tech names are being so hit, it is notjust the supply chains, there are some moves to delist some chinese based tech stocks in the us,
talking. the secretary price understands in washington, sometimes they can t let a cry it is go. pleasure to see you. amen. charles: happy to see you. hanpy new year. happy new year. charles: the dow jones industrial average moved closer to 37,000. the nasdaq did the exact opposite. it got shellacked. gary kaltbaum is here with us. the value names on the dow shot higher. the high flying tech names, the gadget names got crushed. what s going on? the growth names have been in trouble for a while. the last couple days for lack of a better word, they ve been obliterated as interest rates have moved higher that is giving the impetus for the stuff, the things that are comatose like financials and energy, auto stocks. ford breaking out of multiyear highs. that is the place the be.