President Biden, Facebook, Apple discussed on BTV Simulcast


Stocks gaining, led by tech shares as we await results from some of the biggest tech Cos. This week for more on the market's gonna get straight to Bloomberg's pretty hooped. Chrissy Walk us through the day. Well, thanks, Emily. You saw the defensive trade really take place in the market today, a lot of nervousness around simply the $1.9 trillion deal that Biden has promised this idea that maybe that deal couldn't come as soon as it was promised that once again, you take a look at some of the indexes. S and P 500 underperforming the likes of the NASDAQ and the New York banging next. Once again, those big tech companies really outperforming that notable purple out performer on the Blue Wave trade, the Russell 2000 small caps essentially the beneficiary of that stimulus bill really underperforming today really showing you how much nervousness there is in the market? Flip up the boards and you'll see one of the other pieces of the narrative today was that virus risk this idea? Joe Biden has actually talked about a delayed vaccine. Roll out some pickups in that process as well as installing or reinstating. I should say some of those travel bans across the world. So you're seeing like the Madonna Visor AstraZeneca on the green Moderna really outperforming after saying it's vaccine will protect against two known virus variants. Nevertheless, that need for those vaccines really giving the sector boost. Flip up the boards one last time. And it brings us to the stock of the hour. One of the biggest stories today, driven by those retail traders. This idea that game stop in three days nearly 100% gains to the upside by retail, then pulled back a little and still able to maintain 96%. Emily. This really shows you the power of the retail trader at how the amount of short positions that were against the stock has really been squeezed out. All right, Pretty. That volatile and remarkable. Gamestop rally certainly want to watch. We'll be following that for the next few days. Bloomberg's pretty Gupta. Thank you so much for that round up. Now, as I mentioned this week, we're going to continue to see a big tech results Tuesday. We hear from Microsoft Am D Texas Instruments Wednesday comes Apple, Facebook and Tessa earning season at a sort of awkward time as the relationship between silicon while Valley in Washington, D C kicks off President Biden has promised to get tough on tax. But the question is how with more when I bring in Bloomberg's Austin Carr, who wrote about the evolving relationship in the latest fully charged piece, Austin walk us through the clues that we actually know so far by men talk a lot about Tech on the campaign trail, but it's certainly been In focus. Yeah. I mean, that's why you because Biden didn't talk about it too much on the campaign trail. You are seeing a lot of people trying to read the tea leaves of Biden's digital agenda based on some of the appointments that they're making just whether that might signal Repeat the coziness between the Obama administration and Silicon Valley, which was largely Sena's friendly with big tech or whether he's going to be a lot more aggressive and reading them in on sort of mark a new chapter between the Beltway in big tag Interestingly, you know, so far we we do have a number of roles that are being reported for for people with ties to Google and Amazon, and then you know there was Apple executive on the transition team. Which would signal sort of a continued coziness at the same time, you know by Biden is also designated Jessica Rosenworcel, acting sheriff FCC who's a strong advocate for net neutrality and closing the digital divide. That might be one area where big attack in Washington could probably work together on another acting chair, doesn't he would be repped Rebecca Kelly Slaughter. Who, you know, there's a great article on Bloomberg law. Just talking about how she's been an advocate for consumer privacy, Strong data protections, which would likely raise some alarms for for a company like Facebook on been more recently, we've just had yet reports of the White House concerning an antitrust star. There's an FTC commissioner reportedly in the front running for Lena Khan, who served as legal counsel in the antitrust committees. Investigation, which again that would be another signal that he might get more aggressive on raining big check in, But a lot of this is TBD. And that's why people are sort of reading the tea leaves because there's been a vacuum of information about technology tech policy from buying during the campaign. Right. You mentioned the big ones. Jessica Rosenworcel acting FCC chair at the moment. She's been on this show a number of times and as you said, a big supporter of net neutrality. Then there's Rebecca Kelly Slaughter, acting chair of the FTC. On, of course to organizations that are going to have quite an influence. And the big question now is, you know not just the power of of Apple, Google Facebook, Amazon Twitter but also in the wake of the deep platform Ng of President Trump. You know, he has been suspended indefinitely from Facebook banned permanently from Twitter. And you know, there are concerns about the power of these companies, not just from Republicans, but on both sides of the aisle. And I wonder if that makes tech, eh? A unique issue here. We spoke to Roger McNamee of Elevation Partners, who said Biden has no choice. He can't avoid tech reform. The question is what it looks like. What are the sort of signals we got from Biden on the campaign trail. I know he took some actions on Facebook made some critical remarks, but it wasn't necessarily a distinct steer. Yeah, it was definitely not His concrete or aggressive is is sort of the Elizabeth Warren wing of the party into in terms of talking about breaking up big tech companies biting and talked sort of generally about the arrogance that Silicon Valley has He really focused is a lot of his criticism on what he called abuses of power. By social media platforms, reserving a lot of iron for Mark Zuckerberg on Facebook when it comes to issues like this information, and the most specific thing he did talk about was him supporting a repeal of section 2 30, which is, of course, the legal shield. That protects Internet companies from liabilities of content published on those platforms on do so, Yeah, it's the question remains, though. Will that be something that they actually pursue? More seriously in the coming months with covert 19 being such a focus of the administration or world that take a little bit longer to get to and likewise how much It. Will he support the any trust enforcement efforts, which you're right does seem to have some sort of bipartisan support. But again, we just have not heard from Biden in terms of how he will support those efforts. Although the big tech earnings Coming up might change that. Right, And these companies have honestly this talks have continued to climb, even as the rest of the economy has suffered. So I wonder. How does earnings earnings happening this week Kick off the relationship and could that impact Dialogue. Yeah, I mean these companies just between the Apple, Facebook, Google and Amazon. They collectively delivered about $67 billion in that profits over the past two quarters, even while so many parts of the economy are struggling, and that's gonna put a ton of pressure on Biden to respond to these issues and maybe set the tone for how he's going to deal with. Silicon Valley in the next couple years. You know, Amazon and Apple, for example, are you know, analysts expect them to deliver as much as $100 billion quarter each, which are sort of massive, compared Toc sort of the struggles other parts of the economy or seeing And with Trump. You did see you know him taking credit for those strides, And the question remains, whether that will be the right tone for Biden to strike with Silicon Valley or that's going to put pressure on him to sort of rein them in the more aggressive and say, You know this, this cos are two dominant at the time that others are struggling. We need to get serious about writing the men. All right. Bloomer, Tex Austin car urge you to check out his fully charged newsletter. Thanks so much Austin for weighing in so much to watch and so much to come, all right, coming up. Google is investing $150 million to make sure they say we all have equal.

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