>> citigroup today the ftse said citigroup had a deficiency in its plans, essentially one rank lower than what they identified in the other slightly problematic banks. on the other hand the fed said they only identify a shortcoming with citigroup because the two regulators do not really agree citigroup is deficient. they kind of escaped the lowest penalty. the worst penalty for these banks right now. as you say, citigroup is a bank that has had a lot of regulatory overhang. it has consent orders and issues with technology and data it has been trying to improve for years. it has been a very costly weight on the bank. earlier this week when the wall street journal first started reporting inklings of the ruling coming it overshadowed one of citigroup's biggest initiatives this week. it is a reminder to investors that just as a citigroup is trying to really push its transformation plan, there are is still a lot of whites hanging over the bank. sonali: this might be a fairly basic question, though i find it hard to answer for myself. why is it more than a decade after the financial crisis

sonali: philidor reid, head of technology and communications over at citigroup.we go, quick check on the markets. we have been watching the s&p 500 flat on the day, trying to keep in the green. nasdaq 100, about .2%. 2-year yield, 4.71. one more day left of the week. i'm sonali basak. that does it for bloomberg markets. an interesting weekend markets. this is bloomberg. ♪ want to save on some of the biggest names in streaming on the network made for streaming? x marks the spot. now you can add the new xfinity streamsaver™ that includes netflix, peacock, and apple tv+. that's xfinity streamsaver™ for just $15 a month. all your favorites. all in one place. only from xfinity. for more watching and less spending... x marks the spot. do it all on the network made for streaming, people couldn't and see my potential. stuff. so i had to show them. i've run this place for 20 years, but i still need to prove that i'm more than what you see on paper. today i'm the ceo of my own company. it's the way my mind works. i have a very mechanical brain. why are we not rethinking th

citigroup and jpmorgan pushing back expectations away from july closer to september or november. most of those expectations in the market still back in december of this year. bloomberg opinion columnist hamed el-erian -- mohamed el-erian had this to say. mohamed: this is on the demand side, not on the supply side. strong in terms of demand for jobs, employees, targeting wages paid, etc. it does close the door on a july rate cut. that is it it almost regardless of what the cpi numbers as next week. sonali: bloomberg's michael mckee joints me now. interesting to see some of the banks push back their rate cut expectations. the market was not really exciting july to begin with, so who does? get hurt? michael: there were some, citigroup the most prominent, but as they say out west ,there ain't no education in the second kick of a mule. the jobs number, 272,000 and we saw wages going up, but two things happening at once put a kebabs on things happening in july. as you mentioned, things will be shaky at this point. morgan stanley went back to november. under the hood, you take a look at

immediately and that's a great sign citigroup says a great confidence if you can own an airline is not great stock but if you want to own it you want to own and delta. >> 1945 ben graham said don't own airline stocks for 70 years, he was right do i ignore that or is this a trade. >> i would say airlines are more than a trade that a buy but delta may be the exception. jack: a good airline, thank you, except for you jack, no thanks to you. jack: great ideas, to read more check of this edition of barron's.com, don't forget to follow us on social media for more of the favorite moments from the show, that is all for us, we will see you next week on "barron's roundtable". >> from this fox studio in new york city this is "maria bartiromo wall street". >> happy weekend to all, welcome to the program that analyzes the week that was in position you for the weekend. i am maria bartiromo, team biden tried to turn the tide as more voters say they trust president trump's handling of the economy overbite, cabinet members fanning out across the country over the next week trying to drum up support for

citigroup raising by 12%. you can see the read across in the asian reading.exponential growth for which they make hardware. they say they see tsmc has a long-term winner, lifting the broader space. we will check on european semi conductors. coming up e.u. states push past opposition to pass a controversial law sparking a rift between coalition partners. this is bloomberg. ♪ tom: welcome back to bloomberg daybreak europe. austria's climate minister back a law to restore nature. they voted in favor of the deal and joining me for more is john anger who joins us out of brussels. why is this a big deal? john: this law is a plan to restore 20% of land and sees to its original state and has become a target for those who say the green deal has gone too far. some fear this could have implications for agriculture, building because you cannot return it back to a built up state so this is one of the most controversial aspects and has found itself at the center of those pushing back. tom: there is tension in austria, how did the deal come through? john: the deal looked de

one of the things that was funny about citigroup and jpmorgan is they pushed 6 months, the rate cut isths and 6 months away forever. never get into the data to cut rates, the fed has to look at the numbers again. you can say okay, maybe they aren't as good, we cannot possibly cut, even the jobs you and i know aren't really cyclical the talk about the strength of the economy but add to demand, the government adjacent jobs where people shopping and buying things is inflationary pressure building in the economy. larry: i use your calculation, 270, the fed can't possibly cut like that whether it is good, bad, indifferent. almost half are governors or government adjacent. the private sector, the goods producing part of the private sector, a.k.a. particularly manufacturing has gone nowhere. 8,000 jobs, 6,000, the month before-6000, 12 month average of manufacturing jobs, 2000. we are not building stuff. the government is spending money to have us build and no one is using it, very bizarre story. taylor: a lot of young people are leaving the workforce. the time of year, it is worrisome when y

, big proponent of citigroup stock. has been kind of critical here of the wealth business, calling the returns pitifully low. so the question is, do you have a timeline for when investors can expect returns in that business, and how soon and how robust those returns can be? you know, one of the things we talked about today is timeline. we talked about the medium term 2026. we talked about top line growth of 4 to 5%. and we talked about the services businesses being a significant contributor to that. both in the top line and our services business is a 20% return on tangible common equity. in the wealth space. we brought in new management there, and we're keenly focused on how we grow the top line and how we improve margins and how we improve returns there. that's going to involve everything from rightsizing the cost structure to increasing the banker productivity, to driving new net investment assets across that business. and we do believe that inside of this window, between now and 2026, you'll start to see that value p

you talk about the citigroup estimate and last quarter, the company talked about generating upwards ofated ships. if they share more upbeat outlook, maybe that continues to fuel the stock but it's been hot recently. this is not just in ai chips story, software businesses getting a huge lift and there are parts of the business that could be soft. there is a bit of uncertainty around that last time they reported so a lot to watch. sonali: you're watching the stock at a record high today even before earnings. when reeser -- one reason investors like them is its a dividend stock name. put this into perspective for us. jon: there is definitely a huge narrative that is growing with these silicon valley players around the willingness to take some of that growing cash flow and give it back to shareholders. the dividend forecasting suggesting broadcom which is ripe and growing its dividend in recent years is projected over the next three years to grow that dividend by another 10% or so. meta recently put its hand up and said we will join the dividend club. it's a number -- is another company th

to give citigroup a failing grade for the living will plan. the board intends to vote thursday to downgrade the management systems from efficiency to shortcoming. they are not expected to join the fdic. big banks are required to file living wills in the event of the financial crisis. citi said yesterday it was confident in its ability to wind down properly without using taxpayer funds if needed. citigroup shares are up 19 cents. >>> apple stopped issuing loans to the apple pay later. the deal launched last year. the company will start allowing installment loans later this year in the apple paycheckout process through third parties. that includes affirm as well as credit card and debit card issuers. apple will no longer handle credit checks for people who apply to pay later in the wallet apple. >> apple pay. >> i did it. >> no, they took it out. >> apple pay plan. i got it. >> i may have it. apple pay plan. >>> a federal judge in texas has dismissed a lawsuit by exxon against shareholders. the promise to not submit a similar resolution in the f

government are among clients for this business at citigroup.t amounts to roughly half of its profit. it is hard to describe to investors, which is why they are having this investor day today. the key question here is what about the other businesses? the wealth management business, the investment banking business where there is a new leader, do they also have the promise of having their own investor days in the future? by and large, jane fraser stood up to investors and said we are no longer the financial supermarket of the past. we are honing in on these five businesses. matt, this will be jane fraser's legacy as the ceo of citigroup, simplifying the bank. investors initially are reacting well. shares up roughly two percent so far on the day. matt: i'm looking at shares. if i put up citi over the past five years, jp morgan, morgan stanley, wells fargo, bank of america. there shares have done nothing while the others have doubled or are up over 150% in the case of morgan stanley. how is she doing have revamp of the bank which is just really need

kenya as the deposition nation for regional -- destination to ensure that companies like amazon, apple, citigrouphad an opportunity to witness the investnt of another $175 million in our countries. dell, del monte, general electri microsoft, oracle, synergy. do i continue? all of these -- [applause] pres. ruto: and i have not mentioned them in orders of any priority. these are all of our companies and we have fantastic relationships with them. we want all of them to guarantee maximum investments by working in kenya, working in kenya and working with kenya. and the entire government it make kenya the best place it to do globally has grown fruit. attractive place to do business in africa by the world bank. i appreciate that.e] pres. ruto: i appreciate the american chamber of commerce and kenya leadership and u.s. a.m. bossor to kenya, -- meg whitman. meg whitman is a godsend and she one sometimes single handedly with her team in nairobi what orders narrowly would in the realm miracles. her leadership in sustaining cod dialogue and pursuing implementation through effective collaboration has been out

lauren a lauren jpmorgan and citigroup -- stuart: tell me, brian -- >> i'm here, by the way.ld you cut rates on this data? that's crazy. we get 272 on the top lines for the job gains, but if you look at the household survey, you see a drop of 408,000 total employment, and you see 250,000 leaving the labor force. so i think the market's looking at the headline number, and then they're look at the household numbers, and that's why you haven't seen the big drop. 272? we should have cratered. this market should be way, way, way down. stuart: isn't -- there's two surveys -- >> that's right. there's the business survey, the payroll survey and the household survey. stuart: payroll says 2272,000 jobs. household survey says -- >> a drop in employment of 408,000, and 250,000 leaving the labor force. who you gonna believe? what i would say is wait for the revisions on this one, and i think that's why the market isn't cratering so much, because it's looking through that headline number to the household survey, and it's seeing more weakness. stuart: you're right. because when we first got

. >>> we are getting some news on citigroup, and its relation with regulators.for us. >> good afternoon. citigroup shares giving up gains today after a wall street report that the fdic will vote thursday to downgrade the bank's littling will to deficient from a shortcoming. cnbc has not been able to confirm this story. but citi sent us the following comment, which reads in part, "our balance sheet and financial health remains strong with high levels of capital, liquidity and reserves. we konltd to have confidence that citi could be resolved without the use of taxpayer funds or an adverse impact on the financial system." it's unclear how serious a development this is. banks are required to post and create living wills, get them approved by regulators. the living wills tell regulators how to unwind them in the event that the bank fails. it's rare for a living will to be labeled deficient. deficient is the lowest rating. "the journal" notes that the fed is not expected to join the fdic in the finding of a shortcoming and this had been flagged back in 2022. "the jou

the agencies were divided, though, on citigroup.dic determined that the citi plan wouldn't facilitate an orderly resolution and deemed its weakness a notch down, a so-called deficiency. the fed said that citi's plan had a shortcoming, that's the less severe mark. and because they disagreed, they gave citi the less severe shortcoming results. citi said in a statement that cnbc, quote, while we've made substantial progress on our transformation, we've acknowledged that we have had to accelerate our work in certain areas including improving data quality and regulatory processes such as resolution planning. the firm said it continues to, quote, have confidence that citi could be resolved without an adverse systemic impact or the need for taxpayer funds. goldman sachs and jpmorgan declined to comment, haven't heard back from b of a yet. the shortcomings are expected to be addressed in the next plans due july, 2025. >> did you say earlier today that the stress tests are the results are next week? >> yes. >> more important i think we can s

. >> i will say citigroup tracks a thing called the citigroup surprise index how data releases are cominglower. we did chart it out, and it has been moving lower lately suggesting that a lot of the data releases have been misses and weaker. what this shows is it's a double chart, the bottom chart, the white is the citigroup economic surprises. the top the 10-year yield. >> yeah. >> basically kind of stabilizesing to lower but the surprises are weaker. that's the backdrop as far as the weaker data. the other big macro factor to watch today that i've got to highlight right up top here is the dollar/yen because there is so much drama with the dollar/yen. it surpassed 160 again, it's at -- the weakest level for the japanese yen we've seen in almost 40 years and now there's all this talk and fear of intervention. because the last time this happened the japanese spent more than $60 billion in their foreign exchange reserves to intervene. it's great for their exports. it hurts the competitiveness for u.s. manufacturing a lot. however, their import costs are sky rising as a result of this. they i

for the first time after covid back in december and it did this immediately and that's a great sign citigroupreat stock but if you want to own it you want to own and delta. >> 1945 ben graham said don't own airline stocks for 70 years, he was right do i ignore that or is this a trade. >> i would say airlines are more than a trade that a buy but delta may be the exception. jack: a good airline, thank you, except for you jack, no thanks to you. jack: great ideas, to read more check of this edition of barron's.com, don't forget to follow us on social media for more of the favorite moments from the show, that is all for us, we will see you next week on "barron's roundtable". >> from this fox studio in new york city this is "maria bartiromo wall street". >> happy weekend to all, welcome to the program that analyzes the week that wa

this is jpmorgan, bank of america, goldman sachs, and citigroup, all found with shortcomings by regulatorsst days ahead of a federal reserve stress test. stick with us. this is "bloomberg real yield" on -- this is "real yield" on bloomberg. ♪ sonali: i'm sonali basak. this is "bloomberg real yield." time now for the auction block. issuance all around saw strong demand. we start with treasuries, focusing on the 20 year reopening sale, which saw the primary dealer rewarded the lowest on record since the tenor -- tenner was introduced in 2020. home depot sold $10 billion. the deal saw as many as $47 billion in orders. in high yields, hertz works to restore its balance sheet with a $1 billion capital raise as part of a price offering. when it comes to credit, kkr's cris sheldon spoke to us earlier this week discussing the potential of a wave of defaults. >> we do envision increased defaults, increased downgrade spirit however, it is not armageddon terms of a big spike. not seeing dramatic for selling. i would say, when things are going into a default or things are really dire, you see more for

for the first time after covid back in december and it did this immediately and that's a great sign citigroupreat stock but if you want to own it you want to own and delta. >> 1945 ben graham said don't own airline stocks for 70 years, he was right do i ignore that or is this a trade. >> i would say airlines are more than a trade that a buy but delta may be the exception. jack: a good airline, thank you, except for you jack, no thanks to you. jack: great ideas, to read more check of this edition of barron's.com, don't forget to follow us on social media for more of the favorite moments from the show, that is all for us, we will see you next week on "barron's roundtable". >> from thistu

. >> exactly, the citigroup economic surprise indexes making new lows, u.s. ten year yields are being bid otherwise bonds our bid, nvidia trading id this week and it treated 96% above the 200 day moving average for $3.3 trillion company, 97% above the 200 day moving average. the best apple could ever do in the last five years but it was applicable company was 61% above the 200 day moving average, the best microsoft could ever do was about 36% above the 200 day moving average this is complete insanity nosebleed territory it is a company that has 70 or 80% of the sales to 14 or 15 counterparties, it's not like they have billions of sales to billions of people. you've also noted a movie the transport, tell me about the transportation average and what is telling you right now. >> super regional banks like u.s. bank, and the transports are both not confirming the big rally in equity. in other words economically sensitive equities are much weaker than the market. at the same time the high-yield is a trip triple c so the junk of the junk, all year long when stocks m

we saw the economist at citigroup who are some of the last holdouts still predicting a fed rate cut in july push back their forecasts. they wrote "we are shifting our base case for the first rate cut from july to september two to surprisingly strong job growth." joining us now is -- you had written to us that it is about not just inflation but the idea of what jobs can mean for the fed's picture. the market seems to agree. matt: we are not concerned about the job report. is a continuation of all the things we set. full credit to my friend and colleague mark cabana who has been saying we think the cut comes in december and not sooner. in january it was 67 cuts, then five, then four, then three. we feel that from a high level perspective the fed is where they need to be. rate hikes will work if you give them time. there is a monetary policy lag, we are not through the lag. once we get through that, rate hikes are going to bite, we feel we are at a good zone for the fed. ed: another bank -- sonali: another bank throwing in the towel. it changes fed rate cut expectations from july. when yo

. >> scott kroner at citigroup is the latest to raise the target.oes to 5,600 at the end of the year, 5,800 into 2025. it's because of the big stocks. he lays out the concentration. we know this, but it's stunning to read this. almost 15% move higher in the s&p 500 this year can be broken into three components according to citigroup. nvidia is 4% of that. the remainder of the mag seven is 5% of that, and then the other 493 s&p 500 stocks are 5.4% of that. you just can't fight this trend and this move in the big stocks. >> or you can. you have to deal with either the fear of missing out, the opportunity cost of being in there. now, that being said, we keep talking about this in terms of how much of the overall gains is represented by these large stocks. the equal weighted s&p is up 4% year-to-date, up 23% off the low in october. if the entire market, the s&p were up 4% year-to-date and up 23% from last october, would we say, oh, no, things are terrible? we'd say, e hfrment, it's kind of a blah year. >> this is the essence of what pisani said yesterda

. >> exactly, the citigroup economic surprise indexes making new lows, u.s.elds are being bid otherwise bonds our bid, nvidia trading id this week and it treated 96% above the 200 day moving average for $3.3 trillion company, 97% above the 200 day moving average. the best apple could ever do in the last five years but it was applicable company was 61% above the 200 day moving average, the best microsoft could ever do was about 36% above the 200 day moving average this is complete insanity nosebleed territory it is a company that has 70 or 80% of the sales to 14 or 15 counterparties, it's not like they have billions of sales to billions of people. you've also noted a movie the transport, tell me about the transportation average and what is telling you right now. >> super regional banks like u.s. bank, and the transports are both not confirming the big rally in equity. in other words economically sensitive equities are much weaker than the market. at the same time the high-yield is a trip triple c so the junk of the junk, all year long when stocks made new high

for the first time after covid back in december and it did this immediately and that's a great sign citigroupn own an airline is not great stock but if you want to own it you want to own and delta. >> 1945 ben graham said don't own airline stocks for 70 years, he was right do i ignore that or is this a trade. >> i would say airlines are more than a trade that a buy but delta may be the exception. jack: a good airline, thank you, except for you jack, no thanks to you. jack: great ideas, to read more check of this edition of barron's.com, don't forget to follow us on social media for more of the favorite moments from the show, that is all for us, we will see you next week on "barron's roundtable".

for the first time after covid back in december and it did this immediately and that's a great sign citigroupce if you can own an airline is not great stock but if you want to own it you want to own and delta. >> 1945 ben graham said don't own airline stocks for 70 years, he was right do i ignore that or is this a trade. >> i would say airlines are more than a trade that a buy but delta may be the exception. jack: a good airline, thank you, except for you jack, no thanks to you. jack: great ideas, to read more check of this edition of barron's.com, don't forget to follow us on social media for more of the favorite moments from the show, that is all for us, we will see you next week on "barron's roundtable". -(theme music playing) -♪ bad boys -♪ whatcha want, whatcha want ♪ -♪ whatcha gonna do -hey! hey! whoa!

. >> exactly, the citigroup economic surprise indexes making new lows, u.s.s are being bid otherwise bonds our bid, nvidia trading id this week and it treated 96% above the 200 day moving average for $3.3 trillion company, 97% above the 200 day moving average. the best apple could ever do in the last five years but it was applicable company was 61% above the 200 day moving average, the best microsoft could ever do was about 36% above the 200 day moving average this is complete insanity nosebleed territory it is a company that has 70 or 80% of the sales to 14 or 15 counterparties, it's not like they have billions of sales to billions of people. you've also noted a movie the transport, tell me about the transportation average and what is telling you right now. >> super regional banks like u.s. bank, and the transports are both not confirming the big rally in equity. in other words economically sensitive equities are much weaker than the market. at the same time the high-yield is a trip triple c so the junk of the junk, all year long when stocks made new highs t

. >> exactly, the citigroup economic surprise indexes making new lows, u.s.bid otherwise bonds our bid, nvidia trading id this week and it treated 96% above the 200 day moving average for $3.3 trillion company, 97% above the 200 day moving average. the best apple could ever do in the last five years but it was applicable company was 61% above the 200 day moving average, the best microsoft could ever do was about 36% above the 200 day moving average this is complete insanity nosebleed territory it is a company that has 70 or 80% of the sales to 14 or 15 counterparties, it's not like they have billions of sales to billions of people. you've also noted a movie the transport, tell me about the transportation average and what is telling you right now. >> super regional banks like u.s. bank, and the transports are both not confirming the big rally in equity. in other words economically sensitive equities are much weaker than the market. at the same time the high-yield is a trip triple c so the junk of the junk, all year long when stocks made new highs the high-yiel

for the first time after covid back in december and it did this immediately and that's a great sign citigroupgreat stock but if you want to own it you want to own and delta. >> 1945 ben graham said don't own airline stocks for 70 years, he was right do i ignore that or is this a trade. >> i would say airlines are more than a trade that a buy but delta may be the exception. jack: a good airline, thank you, except for you jack, no thanks to you. jack: great ideas, to read more check of this edition of barron's.com, don't forget to follow us on social media for more of the favorite moments from the show, that is all for us, we will see you next week on "barron's roundtable". ♪ if ♪ ♪ ♪ maria: good sunday morning, welcome to "sunday morning future," i'm maria bartiromo. thank you so much for joining us this morning. today, the leadup to the

citigroup seeing stronger earnings driven by the stronger demand.hey also expect tsmc to raise its capex. david: citi or morgan stanley raised it by 10%? another stock we are tracking. >> a symbolic moment for the company also known as foxconn. the founder said in 2016 he would not retire until the stock valuation reached this level. it has been struggling because investors are not that excited. but the ai services exciting everybody. david: could hear a tire at this point? another conversation. charlotte yang, our asia equities reporter. plenty more here on "bloomberg markets: asia." you are watching bloomberg. ♪ david: here are some stories we are following around the world. lied merck putin will visit north korea this week. the kremlin says vladimir putin will travel to north korea and then vietnam. north korea has been a steadfast reporter of vladimir putin and his war in ukraine. canada's government is buying a stockpile of rare earth materials to prevent them from going to a chinese buyer. an australian owned minor, vital medals, will sell the

citigroup agrees with that, they raise their price target to 385 from 330, increasing ai opportunities. stuart: revi in. lauren: company's investor day is underway, stock is down 5.5%. this is 24 hours after the $5 billion cash infusion from volkswagen. investors say that's great. what progress that you are cutting costs, not losing $40,000 on each ev truck. stuart: show me. google is testing a new security system at its seattle campus. do we know exactly, facial recognition. lauren: they will compare facial data on every person entering the building with the id badge they have. it's just a test but it is landing at a controversial time. companies including google are adding ai across their product lines. how can that influence identity software, can you full it? what images does it have on you? privacy concerns and dollars. reports say you can't opt out and google worries unauthorized access will be stolen which is why they want to do this but with all the goodies the bad and fear of privacy invasion. blue when do you use facial recognition? lauren: i don't. i'm the only person in the

. >> totally >> come on, canada >> letter c, citigroup tnkouncial theme. >>ha y for watching "fast." "mad money" with jim cr starts right now >> my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere. i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cray americas call me, with a big rollever and the nasdaq seriously lost. the semiconductor, leaders of the market, got hammered once again. so it's easy to make a case either way could the tech be in a short-term peak and the rest is catching up, or is it big money is moving to the sidelines i say, buckle up it's a tough mom for big tech. after being away for a week, i thought with this much news with what i thought would be a quiet week we need to have a game plan. tomorrow morning carnival reports. we know the tsa is talking about booming travel and the cruise lines, strong bookings, but so far, it's only royal caribbean carnival is down more than 11% will we play catch-up?

private sector surprisingly in technology, we then tiananmen square of the issue you just raised the citigroupsituation room. duty officers actually ran down the a there was an old map store in, farragut north, which is about a block from the white. and they actually r the map store and got a map of beijing. so ty could answer the president's questions about what was happening in tiananmen square. of course, now we'd all just pull out our phones. it was fascinating to think about that level of detail. and i have to raid was in a coffee shop, and i'm sure they thought there was shiometends, i had to get up and just walk around hearing the perspective so tense. the situation room. yeah, i mean, this was months and months obviously of planning in the highest secrecy only handful of people knew about it. first they were one one or two people along every couple of weeks, but it was very, very closely held up until the final the final moments. but what by the time the decision had be made, it was in early may. they had a final meeting in situation room, and they've a whole noth testing where the bes

lot of questions being raised as to whether an up was being done and we also have heard the likes of citigroupsuisse. these are seen as the banks that held the most assets directly involved in this case. those are among the lenders we are keeping an eye on as well. paul: in terms of the criminal case, what is the latest there? >> there are 10 men embroiled in this and they have all pleaded guilty. the last will be sentenced today. we have another 17 still being investigated. they are still at large. today's sentencing is seen as a way to pave the way forward for the next steps in the case. there are assets at stake. there are concerns about how they will be dealt with. billions of dollars in assets in the city state. you see how some of the banks -- it has been more tricky for them to offload these properties given the luxury property downturn in singapore. you look at the recent option attempts, the latest one that did not draw any bidders. that is what we are watching for now. paul: let's take a quick look at markets before we leave you particularly european futures. there is a lot of red on

citigroup is holding an analyst day. this is the most consistent and leased provided part. it includes the treasury and trading part. it is lucrative and rarely gets any notice at all. i think the meeting can move the stock. we are suddenly worried about a stalling of the economy given help we call the numbers that we were seeing all this week. i can only imagine how light the retail sales numbers will be when they see them on tuesday morning. many retail stocks have been unsteady at late to say the least. you need to know that there are only four that are constantly doing well. that is amazon, costco, tjx and walmart. i will explore the pain of our age -- rh formally restoration hardware. on wednesday we commemorate the edge of slavery. thursday we are back to data that can move the market. interest rates went down this week they can be subdued because it takes time to affect mortgage rates. this will reflect the higher rates we just had. we know that the market reacts negatively to negative news. news is bad news. it is a big change for the days that we wished for weaker

citigroup had to say. letter c, again. >> bonawyn? >> you're going to see concentration in the top four names. amazon. >> steve? >> last week, all the cruises got hit, they sold off. better entry level, viking holdings. >> all right, thanks for watching "fast money." adon" with >>>hey, i'm kramer. welcome to mad money. people want to make friends. i'm just trying to make a little bit of money. my job is to teach you. one 807 43 june cramer. it makes you feel like a complete dope. doesn't it? like the stock market. it is a brutal show game. really, it means you might be making a few basic mistakes. tonight, i'm looking at the whole show for my playbook. making advantages of short-term rallies. looking at the so-called bear market rally. this is a bogus term that people throw on whatever stocks go up at a time when the intelligence thinks they should be going down. i would not give you my game plan for handling short-term gains. i know a lot of you are thinking. what kind of an incompetent of his needs a rally? what is next? the diagram

lisa: citigroup and jp morgan base case is that both of them are calling for a july rate cut.ng from the same hymnal, that this is an economy that is weakening, the question is, how much? jonathan: that is dependent on the economic data between now and then, particularly the cpi print. ai under the microscope. >> i worry about the concentration of ai models with access to huge amounts of consumer data in the hands of a few companies could promote serious risk around economic decisions and access to opportunity, information, and privacy. it is our responsibility and obligation to support open and fair markets and prevent monopolies. jonathan: u.s. regulators opening antitrust investigations into microsoft and nvidia over the rapidly emerging field of artificial intelligence. the probe focusing on microsoft's ties with openai and nvidia's dominance in ai chips. we are joined from the nation's capital with more. mike, what are they focused on, disappointed by, worried about? mike: the inquiries at this stage are very early. we learned about them earlier this week. what we are see

in singapore, several banks including citigroup and dbs were caught up in the country's biggest moneyndering scandal, are ramping up scrutiny of rich clients. private bankers at several institutions are receiving extra training to spot red flags. the moves are part of a voluntary program, as lenders try to close loopholes which allowed a group of criminals to launder more than $2.2 billion in online gambling proceeds through 16 banks. germany's chancellor's warning the eu against putting tariffs on electric cars from china. he told an industry event on saturday that the restrictions will make quote everyone poorer, saying german carmakers will only compete with china if trade remains fair and free. the eu is expected to unveil tariffs this month, after a probe into china's ev subsidies. beijing said it is ready to respond with duties on eu-made cars. foreign investors allocated around 60% of the shares in saudi aramco's stock sale, the deal generated strong demand from the u.s. and europe, funds from the u.k., hong kong and japan reportedly backed the share sale pray this marks a turn

at the same time though, you had citigroup go and downgrade all of europe and goldman sachs yesterdayaying there is more strain to come for european stocks. are you not necessarily favoring european stocks either, you are? >> i'm not in the business of making swinging short-term trades. if i were, there could be something to go for in europe through the election cycle, the short-term election cycle, but therefore, the markets have a fragmented market as europe with the lower return on equity. there are some gem businesses in europe and some cheap ones. active management can play a role here. i think in terms of balance of asset allocation, probably -- we aren't leaning to markets in the u.s. and uk to barbell that. >> you talked about uk. why so much there? >> it is a diversified market from the u.s. which is rich in tech. there is appreciation in the uk market, i think, that could be growth better than expected. some very downbeat expectations. lots of dividend around and valuation. i know that is a well troddend argument. some are investing at a low return rate. that could be reward

we have some news coming out from citigroup economists changing the first rate cut to september.e had been on for july. no longer. i'm sure there are plenty of people asking, how does the fed cut at all this year when you look at the labor market? >> citi was forecasting a recession. that is why they were forecasting a july rate cut. the jobs report is not recessionary. it is soft landing. we were at september already. the reason we think the fed will be able to cut in september and december is we think inflation is going to proceed with moderation. it is going to keep increasing at a slower pace. we see the beginning of the year as someone off adjustments. we are going to see some feedthrough from real-time rent indices into the housing component. we do not expect server core services will keep increasing at the same pace. we think good disinflation is going to continue. when you wrap all of that together, it points to a moderation in inflation and ultimately, as long as the labor market is not overshooting which this report does not suggest an overheating labor market, we are i

wells fargo on the planned listing being led by morgan stanley deirdre representatives for seatgeek, citigroups fargo declined to comment. you can follow all of the latest company buzz on your bloomberg terminal. take a look at these markets. the s&p 500 is pretty much unchanged. very slightly higher if you are optimistic. you look at the sector level and leading losses you have big tech with the nasdaq 100 currently unchanged. you are seeing the sox pair some of its loss, the philadelphia semiconductor index, still off by more than 1% on this thursday morning. coming up, skyhigh adventures. we will talk to the ceo of bark air, the first airline catering to canines. this is bloomberg. ♪ how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. - after military service, you bring a lot back. to civilian life. leadership skills. technical ability. and a drive to serve in new ways. syracuse university's d'aniello institute for vetera

jamie dimon, citigroup, bank of america, or ghibli three of the most powerful banking ceos in this country. that's money. what is the pitch to them right now? at this moment, i'm going to lower taxes even more. i'm not going to hike up your corporate tax rate like biden wants to do. he is also telling them that i will cut down regulations even more. he will fight against the green energy plans. a lot of companies have complained about that. this is money talks and money is what campaigns run on. i'm sorry, maybe that sounds cynical to all of you. it's true. his messaging is on point right now with the business community. >> a potent pitch. after three years of bidenomics. former president trump is going all in on winning young voters. now he's sitting down with internet sensation and pro wrestler luke and paul logan paul. fast relief of allergies with nasal congestion, so you can breathe better. claritin plus decongestant. live claritin clear®. i brought in ensure max protein with 30 grams of protein! those who tried me felt more energy in just two weeks. -ugh. -here, i'll take that. woo h

citigroup says finance industry jobs are more likely to be effective -- affected by artificial intelligencef jobs across banking have a high potential to be automated. joining me for an extrusive conversation now on the ai shift across industries with a focus on tech and software is the ceo and managing partner of hd matthew brotman. one of the largest backers of scale software companies with a 70 filion fund under management. let's start there in terms of the disruption across the labor force. and the focus on financial services. does that report, does that estimate from city chime with what you are seeing matthew: ai is one of the technology shifts of the decade. it's easy to overestimate the speed at which things change but underestimate the pace of the impact. our view is you will see a bunch of stuff early now. the real long-term effect will be in the white collar services sector. finance would be impacted in terms of hundreds of thousands of people working around us in the city of london, how they conduct their jobs, what work they have to do. it will be significantly impacted by the

morgan, bank of america and citigroup's jane frazier. apple's tim cook was there, to go apple did not confirm that to us. what president biden away at the g7 summit business roundtable invited somebody from the white house to speak, the chief of staff delivering biden's pitch to the same business leaders and also today the treasury secretary janet yellen was advocating for a second biden term in new york city where she made the case that investments like the inflation reduction act are good for u.s. manufacturing though of course a lot of republicans and economists at large say spending from the government like through the inflation reduction act is what put us in this position with inflation and high prices. >> you are right, fed researchers and researchers at the san francisco that bank also said that. grady trumbull, great reporting is always. let's welcome back to the show, the former ceo of home depot and chrysler bob and republican congressman jason chaffetz. thank you for joining us, it's good to have you on. it's good to see you

pay later loans from third party companies like affirm and credit and debit cards from issuers like citigroupffected. take a look at the stock right now. it is up about half a percent. richard blumenthal's office saying a current boeing employee has come forward as a whistleblower just hours before the company's outgoing ceo, david calhoun, is set to testify on capitol hill. blumblumenthal's office says the employee is a quality insurance inspector from boeing in washington state, alleging boeing is cutting corners by losing track of parts labeled as not up to design standards. blumenthal saying in a statement, he was told by supervisors to conceal the evidence from the faa and he's being retaliated against. the wall street journal is also reporting that boeing's ceo search has hit snags. they write, quote, several high profile candidates have turned down the chance to run boeing. this is all happening as the department of justice is weighing whether to prosecute boeing for two deadly crashes that happened a half a decade ago. the wall street journal reporting, quote, the department is naviga

yetwe then tiananmen square happened becauseu of the issue you just raised the citigroup situation ran was an old map store in, farragut north, whh block from . and they actually ran the map store and got a map of beijing. so they could answer the president's questions about what was happening in tiananmen square. of course, now we'd alju it was fascinating to think about that leveli have to say, r on the bin laden'm sure they thought there was something wrong. even though i know how the story ends, i had to get up and just walk around hearing the perspective so tense. the situation room. yeah, i mean, this wasnths obvig in the highest secrecy,ut it. first they were bringing in, one or two people along every couple of weeks, but it was very, very final the final mome. but what by the time the decision had be made, it was in early may. situation room, and they've a whole nother round of where the best the intelligence community can say is that is may. it's maybe 40% chance that it's bin laden. obama's ma higher, he said. so it's probably a 50% chance. but presidency on. so he polls t an

citigroup reiterating their buy on the stock but increasing their price target from the 126 where itfourth inning of a.i. adoption, so we've got a long way to go. so maybe the nvidia tree does grow to the sky for a little bit longer. we had a nice 7% rally yesterday after that 3-day, 13% slide. you also have micron reporting today. nvidia and micron work together. micron develops the memory and the bandwidth for nvidia chips, and maybe if we get a good report from micron, you'll see nvidia be up more than three-quarters of 11%. stuart: but if micron really disappoints -- lauren rawsh down. stuart: okay. we got that one. let's have a look at fedex because they are up sharply morning, at least they were a few minutes ago. lauren: whoa. stuart: 11%, that's sharp. >> cost cutting works. they lifted their -- for the year on the back of $222.2 billion -- 2.2 billion in permanent cost cutting. they're going to modernize their fleets and invest in automation. more cost cutting. that a saves you money in the end, right? less head count. and there's also a hope that all the disruptions in the

citigroup, jpmorgan, bank of america each facing some pressure as well.is is stemming from some ongoing executive commentary over the last few days at the morgan stanley financials conference. several presenters including those from huntington cut guidance for net interest income spurring some declines among other financials with a tilt toward that profitability metric for loan making. and there were some ore banks who mentioned loan trends coming in a little lighter than otherwise expected, creating some concern on that front, as well. so higher for longer interest rates still muddying the picture for a few financials, as we await may cpi and fmoc, scott. >> leslie picker, we appreciate that. kate rogers looking ahead to oracle earnings coming in overtime. and we've spent a lot of today discussing the future of software. and i'm sure this company is factors into these conversations. >> analysts will be looking for $1.65 epps on revenues of $5.5 billion for oracle for q4. the street will be watching oracle's cloud infrastructure. jpm with a market perform

morgan, jane frazier of citigroup, brian monahan of bank of america.ote these ceos have not officially endorsed trump but these meetings come as simply a nurse who spent the last three years distancing themselves from trump and seemed to at least now be returning to him. this is what one attendee had to say about trump's former primary rival nikki haley just last year. >> very liberal democrat. i urge you to help nikki haley. get a choice on the republican side that might be better than trump. >> here is him two years later talking about trump and his policies. >> he's right about nato. kind of right about immigration. he grew the economy quite well. tax reform worked. he wasn't wrong about some of these critical issues and that's why they are voting for him. >> and then there is nelson peltz who came out against trump after the january 6 insurrection. >> i voted for him in this past election, november pick today, i'm sorry i did that. >> now he says he will vote for trump a second time over fears of president biden's, quote, mental condition. peltz ho

a step behind the privat, we then tiananmen uare happened because of the issue you just raised the citigroup the a there was an old map storeock f. and they actually store and got a map of beijing. president's questions about what was happening in tiananmen rse, now we'd all just pull out our phones. of detail. and i have to say, the chapter on the bin laden raid was in a coffee shop, and i'm sure they thought there was sething wrong. even though i know how the story ends, i had to get up and just perspective so tense. the situation room. yeah, i me, this was months and months obviously of planning in the highest secrecy, handful of people knew about it. first they were one, one or two people along every couple of weeks, but it was veryvery closely held up until the final the final what by thee decision in early may. they in situation room, and they've a wh testing where the best the intelligence c's maybe 40% chance that it's 's made it a little higher, he said. so it's probably a 5 c■ ■fhae. but that's not great odds, to risk your presidency on. so every principle what they would do. gates

we are trying to warn about you m seen the enforcement action against citigroup fors. natural origin discrimination is illegal. rep. loudermil that's different than immigration status? dir. chopra: you cannot use national origin but you can use immigration status. must exat you e saying, if it is part determination, that's fine. but you want to be careful youcehe way it didn't have anything to do withit had to do with immigration status, you card versus naturalized citizens is much broader, so i hope we can do more to make sure it is clear. but guidance does a you may use immigration status. rep. loudermilk: based on what you are telling me, it definitely needs to be clarified, lenders are looking at is the cfpb trying to force lenders? what -- no, we're not trying to force lending to anyone. we have gotten some questions about this. we will continue to work with institutions who havens but overall, we have received institutions about this. rep. loudermilk: can you clarify this to ens that lenders can use, here legally? dir. chopra: it is written in the guidance. i'm h

. >> totally >> come on, canada >> letter c, citigroup tnkouncial theme.t now >> my mission is simple, to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere. i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cray americas call me, with