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Squawk On The Street

New Record High for the Dow ... But Tech Under Pressure As Citi Downgrades Facebook and Alphabet, Dogecoin Plummets Following Elon Musk's SNL Appearance, Pipeline Cyberattack Effect on Oil Prices, The Reopening Trade, and CNBC Returns to the NYSE

Carl Quintanilla, Jim Cramer and David Faber began a new week with a look at tech stocks under pressure, after Citi downgraded Facebook and Google parent Alphabet to neutral. But that news didn’t stop the Dow from hitting a new all-time intraday high — as money rotates out of tech into industrials and other sectors. The anchors reacted to what ARK CEO Cathie Wood told CNBC about how such rotation has taken a toll on the performance of her firm’s Innovation ETF. Elon Musk’s mention of Dogecoin during his appearance on Saturday Night Live sent the cryptocurrency plummeting — at one point losing more than a third of its value on Sunday. The anchors explored the upward momentum in Ethereum, as well as the mindset of the Robinhood cohort/new group of investors — what they’re buying and what they’re shunning. Also in focus: Oil prices react to Friday’s cybersecurity attack on the Colonial Pipeline – the country’s largest fuel pipeline, and earnings winners and losers including Marriott and what the hotel giant is saying about its quarterly results and booking demand amid the pandemic. CNBC returns to the NYSE for the first time since the pandemic began. At the “Big Board”, Bob Pisani interviewed NYSE President Stacey Cunningham about the exchange adjusting its COVID health and safety protocols — easing restrictions on the trading floor and welcoming the return of media outlets.



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