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and brian moynihan will be with me. let's do "final trades." josh brown, start us off with a name on your mind. >> yeah, throw this chart up for me. this is applovin, the number one performing large cap stock of the year, in the midst oh of a very low volume pullback. haven't pulled the trigger yet. >> let us know if you do, but that stock is up about 2.25%, as we talk about it here. farmer jim? >> cvs. this is not a slam dunk either. it's been a terrible stock. >> call it a dunk. >> it's been dunked on multiple times. let's hear what they have to say when they report earnings next week. >> i like free port-mcmoran. >> i'll see you on "closing bell," everybody. "the exchange" is now. ♪ ♪ >>> welcome to "the exchange." i'm in for kelly evans. here's what's ahead. the bond market still keeping stock gains in check. this as we prepare to hear from fed chair jay powell and we'll bring you headlines as to where to find opportunities across stocks, bonds, and commodities. plus, office vacancy rates hitting a new 20-year high. we'll look at the re
and brian moynihan will be with me. let's do "final trades." josh brown, start us off with a name on your mind. >> yeah, throw this chart up for me. this is applovin, the number one performing large cap stock of the year, in the midst oh of a very low volume pullback. haven't pulled the trigger yet. >> let us know if you do, but that stock is up about 2.25%, as we talk about it here. farmer jim? >> cvs. this is not a slam dunk either. it's been a terrible stock....
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bank of america's brian moynihan will join us on "closing bell" today at 3:00 p.m. eastern. "the exchange" will have more from fed chair powell after this quick break. i have a business idea. and it just might change the world. but here's the thing, i can't do it... alone. so, are you in? i'm in. nothing else to do. yeah, i don't know... um, i need to speak to my agent. (snoring) i think creed's out. encore energy, america's clean energy company, now in production in south texas. energizing america with reliable and affordable uranium for nuclear energy fuel from our environmentally friendly extraction process. encore energy. >>> welcome back. we have more headlines from fed chair powell. steve liesman is back, along with cnbc contributor peter. steve, you were just reporting that chair powell supposed to be talking about canada, but he says the fed does not have the confidence to cut rates in the foreseeable future, can stay here as long as needed, as this economy remains hot, inflation is stubborn. but the labor market seems fine. i thought he was talking about canada. >>
bank of america's brian moynihan will join us on "closing bell" today at 3:00 p.m. eastern. "the exchange" will have more from fed chair powell after this quick break. i have a business idea. and it just might change the world. but here's the thing, i can't do it... alone. so, are you in? i'm in. nothing else to do. yeah, i don't know... um, i need to speak to my agent. (snoring) i think creed's out. encore energy, america's clean energy company, now in production in south...
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. >> brian moynihan just talked about that policy and loan growth this afternoon on "the closing bell." here's what he had to say. >> year over year, up 1% long growth. that's fine, but we expect to see more. with the economy running this strong, you'd expect to see more, but i think it has to do with general borrowing conditions still muted. higher mortgage rates slow down the borrowing process there. >> so, whatare we learning about the actual economy? >> well, it's interesting. jamie dimon has been telegraphing this, and we've been talking about jamie dimon versus brian moynihan, going back to that situation, a storm is coming and all that sort of stuff and moynihan kind of clapping back at jamie. i think what's clear, if you are choosing your fighter, it's jamie dimon. i know you already chose it long ago. it's interesting to me, when i think about jpmorgan's stock and where it was just a couple m months ago, it was at $220 -- >> it got to 200. >> jpmorgan? >> yeah. >> okay, 200. so, 200 down here to 180. down 10%. excuse me, sorry. so, just think about that, it's taking out a lit
. >> brian moynihan just talked about that policy and loan growth this afternoon on "the closing bell." here's what he had to say. >> year over year, up 1% long growth. that's fine, but we expect to see more. with the economy running this strong, you'd expect to see more, but i think it has to do with general borrowing conditions still muted. higher mortgage rates slow down the borrowing process there. >> so, whatare we learning about the actual economy? >>...
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sonali: if you are brian moynihan, how do you navigate this? on one hand you have had headcount by more than 4700 people since the beginning of last year. talk -- costs tied to competition keep getting higher. they are making money on underwriting. they are making money on trading. how did the keep a lid on costs? >> first quarter is typically the season we see the highest cost as it relates to employees and paying folks. that is when you see bonuses and expenses tied to compensation come through. i think that is not an atypical moment and it is something analysts were expecting because it shows up every first quarter every year. i would say other expenses -- we had the fdic's charge go through last quarter. that is the big driver pushing expenses above expectations. take that out, expenses were below and did not rise as much as analysts thought they would. sonali: on one hand provision from loan losses were higher than expected. he did hear them say net income would bottom in the second quarter and rise once again. on one note, that is better
sonali: if you are brian moynihan, how do you navigate this? on one hand you have had headcount by more than 4700 people since the beginning of last year. talk -- costs tied to competition keep getting higher. they are making money on underwriting. they are making money on trading. how did the keep a lid on costs? >> first quarter is typically the season we see the highest cost as it relates to employees and paying folks. that is when you see bonuses and expenses tied to compensation come...
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>>> a programming note here, do not miss an interview with bank of america ceo brian moynihan later today on the closing bell. >>> futures looking much higher, 240 points higher on the dow, s&p 500 up eight or nine points. the nasdaq up 25, 26 points. melissa lee, thank you for hanging out all three hours. >> join us tomorrow. "squawk on the street" begins right now. >>> good tuesday morning. welcome to "squawk on the street." i'm carl quintanilla with david faber and mike santoli. cramer has the morning off. futures once again on the hunt after a 3% drop for the s&p, worse than in more than a year. dow will benefit from unh. our roadmap begins with market volatility. six negative sessions in a row. nasdaq coming off its worst day in a couple months. >> we've got united health, bank of america, morgan stanley, johnson & johnson also beating on the bottom line, although different reactions in the markets. sara eisen sits down to ecb president, christine lagarde discussing inflation, interest rates and where the central bank is diverging from the fed when it comes to rate policy. >>> stocks
>>> a programming note here, do not miss an interview with bank of america ceo brian moynihan later today on the closing bell. >>> futures looking much higher, 240 points higher on the dow, s&p 500 up eight or nine points. the nasdaq up 25, 26 points. melissa lee, thank you for hanging out all three hours. >> join us tomorrow. "squawk on the street" begins right now. >>> good tuesday morning. welcome to "squawk on the street." i'm carl...
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moynihan say they were pushing to get that done. some interesting statistics. when you thick about how quickly our -- how quickly things are going digital, this quarter alone, zelle transactions at bank of america past the combined number of check smit -- written plus the amount of cash withdrawals. that is how fast money is moving online. the faster they can get this done, they believe they can create cost savings for themselves and their customers. that is one side of things, how the banks are using digitization to drive efficiency. the other end of things, i want to pull up a quote from goldman sachs ceo david solomon about how the significant demand for ai infrastructure and as a result, financing would be a tailwind to their business. a day later, he and morgan stanley saying that the top amount in equity underwriting fees so far this year, the more the people are raising money in these markets, the more you can fuel some progress in terms of generation. caroline: that is fascinating because ai is a driver on both fronts. we've
moynihan say they were pushing to get that done. some interesting statistics. when you thick about how quickly our -- how quickly things are going digital, this quarter alone, zelle transactions at bank of america past the combined number of check smit -- written plus the amount of cash withdrawals. that is how fast money is moving online. the faster they can get this done, they believe they can create cost savings for themselves and their customers. that is one side of things, how the banks...
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we were talking to brian moynihan on the trading floor of bank of america. he was talking about the amount of deals being held back by the prospect of them not being able to pass, not being able to go through, and no one wanted to be on the wrong side of that, being left hung out to dry without any idea whether the deal will close. are you seeing the same thing? >> i do think, and i would say to the decision-makers that, if we are going forward, if there's going to be a deal to work, we have to make sure we allocate the necessary time, resources and commitment to get through that. but think about it. if we would like to be the location in the world where capital flows to its most efficient use, where it gets the most dynamic economy, velocity of capital, we should not have to do this. and unfortunately there's just an overwhelming ideology that's infecting the policy and current administration writing that. you look and say where else is it any better? >> is that ideology infecting both parties? because right on cue, a deal crosses the terminal, we announce
we were talking to brian moynihan on the trading floor of bank of america. he was talking about the amount of deals being held back by the prospect of them not being able to pass, not being able to go through, and no one wanted to be on the wrong side of that, being left hung out to dry without any idea whether the deal will close. are you seeing the same thing? >> i do think, and i would say to the decision-makers that, if we are going forward, if there's going to be a deal to work, we...
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it's not necessarily an all inclusive reacceleration in the economy, brian moynihan was on yesterday with me after earnings and i always like to get his sense of the consumer. they see a lot of deposits and credit card data. here's how he characterizes it. >> consumer has slowed down their spending so went from 10% year over year growth, early last year, to 5% last fall and now running 5%, a little less than march, april a little stronger. what that means, that growth movement of money across $4.5 trillion on an annual base out of the bank of america accounts is consistent where we were in '17, '18, and '19. >> the consumer is still spending but slowed down and 5% growth is not too shabby. >> christine lagarde said it, the u.s. consumer consumes. >> chinese consumer saves. >> they save a lot. >> they have a 30% savings rate but, again, and j.b. hunt spoke to this, as well. the fact they're the big trucking and logistics company. it's different in different categories. they cited, for instance, furniture as a soft spot which we know and have seen that in the inflation data. demand is
it's not necessarily an all inclusive reacceleration in the economy, brian moynihan was on yesterday with me after earnings and i always like to get his sense of the consumer. they see a lot of deposits and credit card data. here's how he characterizes it. >> consumer has slowed down their spending so went from 10% year over year growth, early last year, to 5% last fall and now running 5%, a little less than march, april a little stronger. what that means, that growth movement of money...
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now, the bank of america's ceo brian moynihan slared his outlook for the second quarter. >> the second quarter for us always comes down a little bit from the first quarter. it will lock in and grow from on out. it's a different path than others have. our deposits are growing. our lone growth is still muted because the economy is adjusting to all the things your colleagues have been talking about all day. quarter loans are down a little bit due to the credit cards. >> and the new financial stability report finds near term risk is starting to fade but vulnerabilities are start to crop up in the medium term. growth in cybersecurity incidents has concerns for financial stability. karen asked the imf's monetary and capital markets director whether this risk is reflected in valuations. >> about 12 months ago we had the banking turmoil in the u.s., in switzerland, and there was quite a bit of uncertainty, but since then, the inflation picture has improved. there is an expectation of a soft landing globally. and so the combination of an expectation of interest rates coming down across the glob
now, the bank of america's ceo brian moynihan slared his outlook for the second quarter. >> the second quarter for us always comes down a little bit from the first quarter. it will lock in and grow from on out. it's a different path than others have. our deposits are growing. our lone growth is still muted because the economy is adjusting to all the things your colleagues have been talking about all day. quarter loans are down a little bit due to the credit cards. >> and the new...
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Apr 15, 2024
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bank of america, brian moynihan, ceo, will speak about the strength of the consumer and then we'll have morgan stanley another day. maria: you have to believe that the capital markets can business will be improved from the quarter before because we've seen some deals in the first quarter. we've seen a lot of market action. so i understand your thinking there. are you expecting the issues of inflation and the geopolitical backdrop to be part of any of these comments in terms of guidance for '24? >> it's a great question. actually, our report this week from cfra first is, gee, the equity markets have been strong. we haven't seen a correction and we go back to world war ii, there's 24 market corrections and within four months we make back all those losses so markets can be volatile. the vix was up to 17 last friday. and we'll see that vol it the. i think for -- volatility. i think for corporate earnings we are seeing resilience and we're seeing particularly in the areas that report for equity underwriting more in the pipeline president more significantly, and i cover private equity firms,
bank of america, brian moynihan, ceo, will speak about the strength of the consumer and then we'll have morgan stanley another day. maria: you have to believe that the capital markets can business will be improved from the quarter before because we've seen some deals in the first quarter. we've seen a lot of market action. so i understand your thinking there. are you expecting the issues of inflation and the geopolitical backdrop to be part of any of these comments in terms of guidance for '24?...
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brian moynihan the ceo of bank of america. scott back over to you. >> up next, tracking the beaver -- bigger moving's. >>> investors got some rare good news this morning when one company received an upgrade and there is a social media stock that continues its decline. we've got more on the closing bell movers right after this. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >> less than 15 from the closing bell and we have seema mody with us. >> breaking a four - day losing streak after ubs upgraded stock from selling to neutral deciding the companies are two orders as a potential catalyst. this is the lower-priced car that is anticipated to hit the market in 2026. stock hitting a 52-week low but then got the upgrade, shares rebounded now up really-- nearly 5% in the hour. short interest has been rising. trump media continuing to fall after the comp
brian moynihan the ceo of bank of america. scott back over to you. >> up next, tracking the beaver -- bigger moving's. >>> investors got some rare good news this morning when one company received an upgrade and there is a social media stock that continues its decline. we've got more on the closing bell movers right after this. your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly...
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brian moynihan, ceo, they always come back. i think the morgan stanley call of 930 will be interesting because we have ted peck, a new ceo. we get back to your first question in terms of what do they think about the federal government investigating their wealth business. >> right, especially as wealth mana management, as you mentioned, the assets fell. there's weakness there. just quickly, ken, in terms of bank of america, how concerned are you at all about the health and maturities portfolio they have as rates go higher? >> it's a good question. as an analyst, it went up slightly to $118 billion, the high northwest the industry. their deposit base is $2 trillion. so this is not anything that would be alarming as we have the bank prices from those small banks last march. >> ken, thanks so much for your analysis on the bank earnings. we do appreciate it. >>> a programming note here, do not miss an interview with bank of america ceo brian moynihan later today on the closing bell. >>> futures looking much higher, 240 points higher
brian moynihan, ceo, they always come back. i think the morgan stanley call of 930 will be interesting because we have ted peck, a new ceo. we get back to your first question in terms of what do they think about the federal government investigating their wealth business. >> right, especially as wealth mana management, as you mentioned, the assets fell. there's weakness there. just quickly, ken, in terms of bank of america, how concerned are you at all about the health and maturities...
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we have heard from brian moynihan and others, that basically companies are not going to begin engaging with m&a until they have a better sense of what the room work is pure this just adds to those questions. jonathan: some of the forces we have discussed the last 30 minutes or so, some of the challenges, you think this would be somewhere near the autumn of the list, the price of handbags, but that is where we are. elsewhere, software company sap gaining. europe's biggest software firm posting record growth as it looks to move customers from its legacy business to the cloud. dominik asam, the sap cfo joins us for more. thank you for being patient and waiting for us to get to you. let's talk about these numbers. this growth is coming at a time when there are concerns on the side of the atlantic about cloud growth for some big tech players. where is your growth coming from? what are the tailwinds through 2024? dominik: of course, the advent of ai has clearly propelled the story of the transformation to the cloud to move customers from on prime installations to on cloud, resulting in an up
we have heard from brian moynihan and others, that basically companies are not going to begin engaging with m&a until they have a better sense of what the room work is pure this just adds to those questions. jonathan: some of the forces we have discussed the last 30 minutes or so, some of the challenges, you think this would be somewhere near the autumn of the list, the price of handbags, but that is where we are. elsewhere, software company sap gaining. europe's biggest software firm...
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larry: brian -- brian mon moynihan. they usually get beaten back. the difference david solomon does not have the sort of track record those other guys have in terms of stock price although goldman isn't doing horribly in terms of stock price. i believe so far this year trailing the s&p but david solomon has had a couple of big blunders. i mean he has had problems starting the retail bank. they had to fold that. he had massive dissent in the ranks. there is an issue here about people leaving. everybody other day i'm reading something about people leaving there is also a thing about whether women are being promoted fairly inside or they have been held back. i'm not saying i agree with any of that. liz: this would get traction, many cases they don't? >> i think it is good odds it will get traction. most cases these things will get beaten back. david solomon goes, this is bad, it is bad for morale, it is bad for the company, here is my stock price. here is the s&p. here is other ceos that have the dual role. jamie made a defense that he needs that dual
larry: brian -- brian mon moynihan. they usually get beaten back. the difference david solomon does not have the sort of track record those other guys have in terms of stock price although goldman isn't doing horribly in terms of stock price. i believe so far this year trailing the s&p but david solomon has had a couple of big blunders. i mean he has had problems starting the retail bank. they had to fold that. he had massive dissent in the ranks. there is an issue here about people...
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brian moynihan, everybody. >> michael rubin in a little bit. before we even get going, you were talking about caitlin, she's also making $3 million. which, by the way, is, i think the third or fourth highest number of any -- of any college athlete. >> she's a phenom, right, beyond an athlete. she's an iconic figure today in america. she's earned it, right? 41 points, 12 rebounds, assists. she's driving a lot of interest and good for her. >> what do you think it means longer term for the value of female sports? >> i think female sports have real traction. you take a step back, globally, you know, soccer is on fire. both in the united states from a women's standpoint, internationally, you see college basketball, even women's volleyball, i'm surprised the traction that the women's pro hockey league has. it is a tailwind in women's sports that hasn't been there before and it is great to see. >> what do you think -- i talk about valuations of teams. we talk about the media ecosphere, which powers the teams. we're talking to ted leonsis, power of the
brian moynihan, everybody. >> michael rubin in a little bit. before we even get going, you were talking about caitlin, she's also making $3 million. which, by the way, is, i think the third or fourth highest number of any -- of any college athlete. >> she's a phenom, right, beyond an athlete. she's an iconic figure today in america. she's earned it, right? 41 points, 12 rebounds, assists. she's driving a lot of interest and good for her. >> what do you think it means longer...
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brian moynihan told lisa and jon recently it is a "slow burn" for the banking industry. when do you think that will shift or does it all rely on the fed? chris: i think it will shift in probably six to seven quarters. we are still in the second or third inning of this credit cycle. while we may not be as bad as we saw 15 years ago thanks to leverage and more equity in deals you have higher losses and problems to deal with. i think that the slow burn attitude is correct. if interest rates come down it will simply give banks the flexibility to work through, loans a little faster provide better options to clients to work through in some of these loan resets. maturity walls that we talk about our real, but it will take several years the play through. we have to deal with what is going on on maturity wall in 2024-2025 and that is the key interest we have. jonathan: thank you for jumping on to respond to some of these numbers. sonali basak is still around the table. we have a few extra minutes. what jumps out to you? sonali: even the chris was talking about net charge-offs jum
brian moynihan told lisa and jon recently it is a "slow burn" for the banking industry. when do you think that will shift or does it all rely on the fed? chris: i think it will shift in probably six to seven quarters. we are still in the second or third inning of this credit cycle. while we may not be as bad as we saw 15 years ago thanks to leverage and more equity in deals you have higher losses and problems to deal with. i think that the slow burn attitude is correct. if interest...