President Biden, Biden Administration, David discussed on Balance of Power


Is balanced power on Bloomberg television and radio. I'm David western, we're going to check in on the markets right now if they would turn to critic Gupta. So it looks like sort of an equity kind of day off a little bit, but how much of a semiconductor? A good chunk of it is driving the entire market down actually. So this comes right back down to geopolitics. We've been talking about this. I feel like for weeks, David, this idea here that President Biden is actually cutting some of the technology, exports that are getting sent to China. So for those of you who are not familiar, basically when a chip is made, we like to think of the tiny little things that go into smartphones and washing machines and cars. Well, there are even tinier pieces that go into that tiny piece that the United States actually exports. So when the Biden administration basically takes that part out when it does kind of cripple an entire chip industry. It's on those fears that some of the biggest heavyweights of the S&P 500 are kind of coming crumbling down Nvidia. Advanced Micro Devices Applied Materials. These are all heavyweights in the S&P 500 that are pulling the entire market down. And you can really see the pain in the NASDAQ down one and a half percent. The semiconductor index of Sox index now trading at November 2020 levels right back to where the election last presidential election was. So you can really see that geopolitics are at play here. And of course, this is coming ahead of a very tumultuous, a very vault or earnings season as well. So that's going to be something that we're going to want to pay attention to. And when will we turn back to the fed when the CPI numbers come out? When the CVI numbers come out, it kind of feels like we go from payrolls, the CPI to fed decision, and then rinse and repeat, which crucial about the bond market right now, though, of course, is closed today, but Liz McCormick and our team over on the print side actually wrote this amazing story about just how many funds or sources of demand are kind of drawing up when it comes to foreign buyers when it comes to at the same time that QT is happening. So there's a lot of pain in the market that would have

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