jamie dimon, no way would he will treasury secretary.ique particular insight, but i just absolutely cannot see that happening. >> right. >> can you make bitcoin in the usa? can you contain bitcoin -- >> he has been bullish on miners, so, that's what -- so, he -- you know, the beauty -- the people that like trump is that he's a moving target, right? you can't box him up. he changes his mind on stuff. and when you think about it, isn't it game theory when you talk about taiwan? why would he say that i would be aggressive towards that invasion, because then it would incentivize china to invade now, knowing if he's coming down the pike -- maybe he's doing this -- it's sort of -- three dimensional chess, because a lot of different things. you're not going to say what you're going to do. i think that the fed is always late. historically, the fed usually cuts rates eight months after their last hike. by that, they should have been cutting in march, so you i think the fed is late, and i think they're always late on the back end, as well. so, i t

even jamie dimon says private credit is too crowded. what do you say about the business? >> i knew you were going to bring him up. >> uncomfortable for me to sit here. >> how do you think it feels for me? there's no golden age and there's no bubble. it's a good time for private credit, and it's up to the lenders, the investment managers to make these loans, to be selective, smart about picking resilient borrowers, to be smart about picking companies that have smart owners, and even jamie dimon says there are some really excellent players in private credit, and since jpmorgan agents lends us 4 or $5 billion, i think we fall in his excellent category. >> i hope so. >> lawrence, great to see you, thanks for coming by. >> nice to see you, melissa. >> thank you, lawrence golub. it sounds like good news overall. >> i think it is. the layers of the economy that are particularly strong for the lenders are the parts we probably knew were there. again, think about industrials, technology, and health care on some level and the consumer discretionary headwinds are not necessarily bor

and president trump reportedly talking to jpmorgan chase ceo jamie dimon for treasury secretary.an hour before the trump shooting, president biden reportedly held a disastrous zoom call that rattled democrats. we've got the details. and now this, california democrat adam schiff says president biden should drop out, they're worried about a red republican tsunami taking over the house and senate this fall as well as the white house. coming up on "the evening edit." we'll be right back. ♪ did i read this? did i get eggs? where are my keys? memory and thinking issues keep piling up? it may be due to a buildup of amyloid plaques in the brain. visit morethannormalaging.com ♪ in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there. ♪ limu emu... ♪ and doug. (bell ringing) limu, someone needs to customize and save hundreds on car insurance with liberty mutual

diamond as a fast jamie dimon as a possible pick to lead -- jamie dimon as possible pick to lead u.sie: good morning. donald trump called him prime time, the governor from virginia, glenn youngkin. thank you for joining me. gov. youngkin: the rnc has been a statement of coming together in excitement, and president trump came into the arena monday night, the first time that everybody had really seen him since the assassination, the police erupt did, and it was emotional. it does represent not only confidence in the america that he built last time, but the one he can build again. annmarie: would you work for him? he says would love to have you on the team. gov. youngkin: it is a humbling sentiment. right now, the job is to win, and virginia is in play, which is amazing to say. joe biden won virginia by 10 points last time and then we came back and won by two the next year. all. virginia locked up tight, so i will go to to be, one, a great governor of virginia, and to do everything we can to make donald trump with. annmarie: if you flip and go read, if you are asked to serve your countr

and i just want to remind all of us that it is jamie dimon, c.e.o. of j.p. morgan chase, who himself -- referred to himself as a self-described red-blooded, unwoke, capitalist, who is standing by diversity, equity and inclusion because it's good for business. and the reality of what we're seeing is not a violation of title vii. in fact, what the eeoc has done is continue to enforce title vii and it continues to be and remain the law of this land. and what we have to remember too is, not only is it good for the work force, is it good for business, is it good for the gross domestic product, is it good for a joint shared prosperous future. it is that we have compelling need to continue to identify barriers to equal opportunity for all people. and it is jamie dimon himself who pointed to, in recent interview, the example of how by having the way to identify, and he mentioned two black employees he did not feel good about losing, and why they were not promoted. and it was the ability to identify the barriers that made him say we can't keep losing good people. and

and i just want to remind all of us that it is jamie dimon, c.e.o. of j.p.gan chase, who himself -- referred to himself as a self-described red-blooded, unwoke, capitalist, who is standing by diversity, equity and inclusion because it's good for business. and the reality of what we're seeing is not a violation of title vii. in fact, what the eeoc has done is continue to enforce title vii and it continues to be and remain the law of this land. and what we have to remember too is, not only is it good for the work force, is it good for business, is it good for the gross domestic product, is it good for a joint shared prosperous future. it is that we have compelling need to continue to identify barriers to equal opportunity for all people. and it is jamie dimon himself who pointed to, in recent interview, the example of how by having the way to identify, and he mentioned two black employees he did not feel good about losing, and why they were not promoted. and it was the ability to identify the barriers that made him say we can't keep losing good people. and eve

the ceo of jp morgan, jamie dimon, going on to say this.ny inflationary forces in front of us. wells fargo getting punished. we are down 6%. jp morgan doing ok, down 1.5%. lisa: that interest was the reason why. wells fargo, which is a lending bank. he came in at $11.9 billion. it was a big blow. jp morgan is bolstered by everything because they are the biggest and always seem to win. they have been bolstered significantly by the fact that wall street mines. we will see with citi. i'm curious with citi, given the restructuring. jonathan: that stock has done so well, hasn't it? just a programming note for you. 8:00 eastern time will not just get citi numbers, we will also get the call for jp morgan. expect more headlines coming from c-suite executives in the next 60 minutes or so. let's talk about the data. ppi data after a soft cpi print yesterday. bolstered bets on a september rate cap. chicago fed president austan goolsbee saying he is confident inflation is on up after 2%. lara rhame of fs investments writing this. we believe the fed wil

dimon likes to be conservative with guidance always a storm brewing with jamie dimon watch jpmorgan,ls fargo blackrock to next week when some other big ones goldman morgan report going to be fun to watch cheryl: fun to be, as person going to be breaking numbers for viewers an friday mike this is, mark tepper here last week made point under trump presidency financials energy sector are going to be big winks. >> i don't know about energy energy got smoked last trump administration ironic would by the opposite, where spectacular under biden administration but pro drilling, lowering price of oil not always the best for energy stocks. financials really interesting i was having a long conversation a few weeks ago trying to figure out why financials are showing up so well on my screens looking so he good i don't know what fundamentally has changed for them they are screaming i have overweight in my portfolios financials what do you think behind that. >> higher for longer narrative suiting them welcome a dichotomy regional banks struggling have issues, but large banks there aren't deals yet,

economic club today as jpmorgan are jamie dimon has a new inflation warning, u.s. bank asset management group chief investment officer here we are talking stocks investing in macrostory more live coverage from the republican national convention in milwaukee don't miss that you are watching "mornings with maria" live on fox business this morning from milwaukee. . ♪ limu emu... ♪ and doug. (bell ringing) limu, someone needs to customize and save hundreds on car insurance with liberty mutual. let's fly! (inaudible sounds) chief! doug. (inaudible sounds) ooooo ah. (elevator doors opening) (inaudible sounds) i thought you were right behind me. only pay for what you need. ♪ liberty, liberty, liberty, ♪ ♪ liberty. ♪ did i read this? did i get eggs? where are my keys? memory and thinking issues keep piling up? it may be due to a buildup of amyloid plaques in the brain. visit morethannormalaging.com maria: we'll bell, take a look at futures this morning we are looking at a strong rally to start this week off, following the assassination attempt against former president trum

is jamie dimon going to be treasury secretary?o many disappointments. >> he's not going to be. >> that's good, thank god. >>> meantime, former president trump speaking to bloomberg floating the idea he liked jamie dimon the treasury secretary. it's unclear if jamie dimon likes him enough to become treasury secretary. he said he would allow fed chair jay powell to serve out his term which runs through may of 2026, but he says the feds should not cut the rates before the economy. he wants to bring the corporate tax rate to as low as 15% and he no longer plans to ban tiktok. he wants to bring down inflation with more gas drilling. he would look at jamie dimon serving as secretary irtear. in the meantime i think the most interesting component of the conversation that he had around jay powell was the idea that he thought that he could fire jay powell. it's unclear. it was, i 50e78 going to let him stay in this role as if he had a choice about letting him stay in this role. that role, at least as far as, you know, a whole bunch of schol

dimon said inflation interest rates may stay higher than market expects wells fargo profits declinednds to hold on to deposit on competition for customer's money boosted by jump in bank revenue joining me to walk through all bank earnings and look to the future a lot more next week chief investment officer rnb, portfolio manager anton, great to see you walk us through some numbers this morning stock certainly on move wells fargo crushed this morning, down 5% what is your reaction to bank earnings? >> so, for the most part, you know pretty good, right i mean no deterioration, some media outlets talk about running stories about commercial real estate destroying the industry hundreds of failures clearly not seen any of that we are seeing cpi this morning, you know if you look at ppi, cpi all moves contrary to each other, you know the fed cuts, is going to be really important to margin as banks go on, clearly zero interest rate policy back for banking, the way fed moved the speed it moved obviously, failure of silicon valley, put focus on deposits, so with wells fargo the one down the mo

i do think jamie dimon is right about the long-term inflationary forces, would you concede that, as wellamie is, at least on this occasion, wrong, as he has been on one or two occasions in the past. essentially, when we look at the longer term, a country has the inflation rate that it wants. you choose the inflation you want, you set the policy, you get the rate you want. but there's a lot of deflation forces coming through. aging populations are generally disinflationary. that's one worse. technological advance, increasing productivity, another force for disinflation. localization of production opposed to deglobalization is a potentially deflationary force. united states, nearly every sector has deflation in the u.s. >> why did you see localization could be deflationary. >> that's when local companies continue to produce closer to the customer base. in doing so, you cut out an enormous amount of waste and other costs. think about it, the ultimate form of localization, you know, nobody buys a compact disc anymore. you download on one of these things. you stream. and the cost of entertain

jamie dimon and mark mason and others have all been saying pretty much in the last 72 hours there areoncerns of echelon of americans are struggling with late payments and delinquencies as higher interest rates for longer. a lot of those consumers who are also swing voters. there i therein lies the big problem. you and karen have been covering the markets mostly on "squawk box" and this show. the market is moving around like this and because of the, thankfully failed assassination attempt on donald trump, the market is doing y. we are all trying to say this is the reaction. quite frankly, having studied the horrendous political he ve events in the last quarter century, the political event and act of violence does not translate into a market move. when looking at these he eventsd with karen on the tail end of show, the moves are stock specific with burberry and ocado and swatch this morning. they are not specific to the united states. it is the other side of the pacific and the numbers coming out of china on many fronts, whether it be household spending or discretionary spending. there

dimon become secretary of the treasury, would be a negative he's such an extraordinary operator thats his shoes may not be able to fill them. otherwise, a great stock >> let 's an asset, gold sellin above 2450, but some are looking ahead for 3k boris, do you buy it >> yes i think gold, the, weaker dollar if donald trump becomes president, helps in and sovereign debt issues, the fact that we -- it's an union line -- you have to be a bull on gold. 3,000 is very much in sight. >> thank you, boris. >>. >>> all right, dow now down more than 500 points. still to come, deal or no deal online shoppers claiming the discounts are fake, or nominal at best. we will dig into that, when we return tony, its gone. no. how am i going to do this? welcome to the mdy mid-cap cup, presented by state street global advisors. today's challenge is to play 9 holes without the middle of your bag. how does that sound? that sounds terrible. ♪♪ ♪♪ ♪♪ ♪♪ [inner monologue] i needed some help. good thing i knew someone... ♪♪ or... some-thing. [a.i. copilot] glad you called, j. [a.i. copilot] it's time for an upgrade

i think hearing how jamie dimon talks about what goes on in the economy, he's been pretty gloomy, so,kdrop for expectations for the economy should be pretty soft. the big question that i have is, what are banks doing in terms of reserves for credit losses? because i think we all kind of continue to worry about what's happening in credit markets, in commercial real estate, and outside of that. that, to me, is the place where there is the most risk in the financial markets right now, that i don't think we talk about enough. >>> all right, there's a lot more "fast money" to come. here's what's coming up next. >>> we're plugging into tesla, as shares surge with deliveries on deck. why investors are charging into that stock ahead of those numbers, next. >>> plus, after a strong first half, can stocks continue their big run? our next guest says it might be time to hedge your bets. why now may be the cheapest time to do it. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this. >>> welcome back to "fast money." tesla shares surging to kic

jamie dimon said they are not buying their stock back.as far as the cyclicality that you mentioned with capital markets and the ipo calendar, if you can't bring a deal in this sort of market, when are you going to? like an ipo, that sort of thing. so, the idea that you're waiting for after the election is kind of interesting, but then -- i know we're going to talk about the google thing with this company, you know, buswiz, thata massive deal that's going to face a lot of regulatory scrutiny. so, we might see stuff get on the tape that wouldn't be approved until next year anyway. >> don't miss our first on cnbc interview with brian moynihan tomorrow at 10:30. here's what's coming up next. >>> the former ceo of walmart u.s. bill simon joins us to break down a major fashion faux pas at burberry, and a would be block buster department deal that just couldn't cross the finish line. >>> plus, alphabet could be about to seal its biggest deal ever. the report ed interest in a security software wiz kid. you're watching "fast money," live from the

jamie dimon says inflation and a interest rates may stay higher than the market expects. is the story of the morning along with bank of new york, bank of new york is up 2 and-a-half percent. wells fargo is down 5 and a quarter percent right now, profits down as the lender shelled out more money to hold onto deposits on intense competition for customer money. we'll hear if citigroup at 8:00 a.m. eastern this morning. how would you assess bank earnings so far. >> it's strange to have a double beat on both companies and have them trend to the down side. that means there's underlying guidance that's negative or some kind of number people weren't expecting. with jp we can see the 8 billion visa revenue may be a down side because we were expecting 45. we got 50. that's with an $8 billion accounting entry. as far as wells fargo go and jp morgan, all of their acquisitions, they really raised operational costs and obviously with higher cost of capital, that's more difficult to deal with. but i think what's really happening with these banks is their front end costs are higher, we h

jamie dimon's always putting something out there that throws off, right?ight actually stay higher than the conventional wisdom. your thoughts on that. >> absolutely what mr. dimon is saying makes total sense. the problem of inflation has not been solved. we have to remember that the last figure of cpi showed a significant decrease in the energy component but services inflation is at 5% and obviously, everything that has to do with shelter also up 5%. it's very difficult to bring down inflation when the government spending remains so huge and we're in deficit spending which is printing money is close to $2 trillion per year. charles: we've used a lot of time earlier in the show want to bring you back real soon. love your economic analysis. we'll talk to you again real soon. by the way folks jamie dimon isn't the only person warning of head fakes on conventional wisdom. my next guest says her firm is not buying the trump trade. want to bring in green tech research investment analysis hillary kramer. does this mean you don't think president trump is going to

meanwhile we've got jamie dimon encouraging us to be patient, warning the fed not to cut rates too soonat was the biggest fear coming into all of this right? not to be arthur burns 2.0 but golly you wonder if they could er too far on the other side. let's bring in former speaker john lonski. lidia covered a lot of things so let's start with the consumer because economists always come on and tell me how strong the consumer is and that's always an aggregate number that drives me nuts because we know that folks who own bonds, who own assets, are doing extraordinarily well and they are spending some of it, right? but everyone else, 75-80%, john, everyday they are saying they are suffering more and more. now you've got a ceo with stores in 43 states saying it's disproportion at. the lower income are getting battered. >> right totally the upper-income consumers that are thriving in this economy, these are the people that will tell you the economies doing just great, because of what's happening with their equity holdings and whatnot. i worry about what's taking place with lower and middle inco

worth noting, guys, as you mentioned, chairman and kre jamie ceo jamie dimon was not on today's analystedia call. he had a travel conflict. i believe he is in germany. so, we didn't hear from dimon on the call. we did hear from him in terms of the statement, some of the same concerns and conservatism surrounding geopolitics, the potential for inflation to come back again due to the deficit and due to things like the deficit and the spending, the fiscal spending we're seeing from the government. >> leslie, what do we have up next, call-wise? wells fargo and then citi? >> wells fargo. yep. that's correct. just checking my schedule here. we have wells fargo at 10:00 a.m. for the analyst call. citi at 11:00. and i know sara is sitting down with the wells fargo cfo in the 111:00, and i'll be sitting down with the citi cfo this afternoon in the 1:00 p.m. so, we should be getting a lot more color on the macro environment, on what's going on with net interest income and some key drivers there. we heard -- i was listening in on the media call for wells fargo, when they talked. they kind of allud

the last shoe to drop in my opinion would be the potential treasury secretary jamie dimon saying i have reversed course, i like bitcoin too. that has not happened, he's not going to be the treasury secretary as of right now but that would be another turning point. stuart: he hasn't said that yet. i want to talk about palantir. wedbush jan i've says the company that's driving ai, is that right? lauren: shares are up 4%, dan ivers season going to 50 a share in 2025 because this is in his words the messy of ai. businesses are properly investing in ai as they increase spending, putting it in the right ai places and palantir and data analytics is giving them opportunities for their money. b1 dan ives saying that gives you a 4% boost on the stock price. >> his price target is 35, his full case target is 50. stuart: he has clout. lauren: it is going to 50,000. nvidia is coming back today. it is up about 3%. one of the issues that hit the chipsmakers yesterday would be the white house, the biden administration and the threat of tighter restrictions on technology going to china. it is overblown,

we also had the likes of jamie dimon, the jp morgan ceo, did announcing the political violence -- denouncingal violence in the wake of the attack. paul: thank you. for more on the markets let's bring in bloomberg mliv strategist mark cranfield. avril hong outlining some of the stocks moving following the assassination attempt. we also have a stock called wise tech in china because the name sounds like "trump wins big" in mandarin. are we chasing shadows? mark: i think it is more of a powell trade. he will be setting out the platform. quite possibly as soon as september. it is almost becoming a consensus trade that the federal reserve will start easing then. there is an outside chance that it will be july but more realistically it will be september. and they may go big with some traders think a 50 point move is on the table. interest rates have been around the zero area for a long time. they have done one increase the previous year. they hiked a few weeks around the previous election. the scenario is different. and also a lot of the trump trades were focused around the fact that the republica

david: the smartest people like jamie dimon is very nervous. we got to go.piece in the post. thanks for explaining it. tesla sales falling for second straight quarter despite price cuts. nicholas wealth management affidavit nicholas is here. is it something wrong with tesla or something wrong with the economy leading to slower sales. >> sales are down in china, they are facing stiff competition, they saw ev sales increased by 20% in the quarter. china is a big market for tesla, 21 billion, 20 one% of total sales, china is a big market. what elon musk did was he sifted the conversation to the future opportunities for tesla, robotics, ai, energy storage. tesla is so much more, there are robotics, they are in ai company. you are not buying it because of ev sales, but what the future of tesla will look like. hard to stomach but that's how to look at it. david: something else with regard to evs, people are having problems with the range and during cold weather coming in chicago and elsewhere we saw a lot of ev owners say they would never go back. we had a mckinse

morgan chase, jamie dimon. jamie, will you be the savior?rley: pipe dream. >> steve: he has said in the past i'm not going to run. it was before thursday. keep in mind. thursday, the debate revealed everything. it changed everything. >> carley: this hypothetical matchup approves that democrats have no other option. they have no other path forward. michelle obama is not going to run with 4 months to go. >> steve: we don't think. >> carley: biden hairs campaign that money is theirs. it can't transfer to any other candidate. >> that's what's going on with the democrats. but, also, other polling shows that trump is so far ahead of biden on the issues outside of the performance he is up 20 points when it comes to the economy and immigration. those are the top two issues that americans are focusing on right now. this cnn poll also shows that president biden's approval rating is at 37%. >> lawrence: there is a lot to learn from this situation. i hone the press, the democrats learn a lot of lessons from. this first of all, don't lie to the american

dimon of jpmorgan for treasury secretary.had no comment on that when i asked them about it yesterday. so, no indication whether that is a real thing or sort of an idea that's just being floated out there. also, the former president saying he would keep jay powell as fed chair, which goes against some of the reporting that i have heard from people close to trump who suggested he would fire jay powell as fed chair in a second term. be that as it may, there's a lot of speculation here about who the candidates could be for a second trump cabinet given just how good people here feel about their chances in november. a whole long list of names out there. i won't go through all the different names here, but you can see a lot of candidates for a lot of jobs. that is the background chatter at this convention, guys, because as i say, people feel very, very good about their chances in november. >> yeah, eamon, on jamie dimon, i can add a little bit of reporting. obviously, last time -- back in 2016, there had been at least some asks of m

dimon to be secretary treasury.e is a full on does she wants as many immigrants as possible, way to reduce wages and save money. i think this will be a real question for vance, how does he navigate sort of not getting kicked out of the republican party with his views but also influencing them? the reality is, if trump was elected and things went well, vance would probably lead to the party by 2028. he would be their front runner for the presidency and he would have total control over the executive branch and over the direction of the political party. for now, he may have to suck it up and compromise when republicans are doing things like installing people were anti-labor across the government , when they're putting judges all over the country that are shutting down laws that are beneficial to workers and families. it is a tough compromise for them make. i think -- i want to close with this, the line he told that you quoted about america's hitler is different. it was into my college classmate who is now georgia state

i picked up the phone and i called a source close to jamie dimon and he says he's not leaving his job for years. what's interesting is his idea there pushing unity, unity. when we hear from j.d. vance tonight who, remember, is strictly against giving a single dime to ukraine the question is, they talk unity but it's not actually what's being represented. not here tonight. not in the policies or any of the rhetoric. >> great to have you there for us. we will be back with you in just a moment. we have a speaker we are looking out for just a second. donald trump has been saying repeatedly that he can get wall street journal reporter -- released from detention in russia. he said he can get that done only if he, trump, wins the election. he has been a prison in russia for nearly a year and a half on espionage charges. charge that he and the world the wall street journal on the u.s. government vehemently denied and there patently ridiculous. starting at the end of may trump started saying that he had a way to seek away to get even gerghkovich released. he said that even gerghkovich, quote,

morgan a week from friday, jamie dimon holds nothing back we will see if there's cracks in debt and debt on the consumer level and we know commercial real estate struggling but once we start to hear about the consumer, then we might start to see it. >> he runs j.p. morgan chase in firsthand some of the most kinks, let me get your sense of the average consumer we get these reports that he or she is tapped out and were getting increasingly tapped out the divided economy that still has airplanes packed, resorts packed, that persist, how do you explain that. >> there is a differential out there that it's the haves and have-nots in many of the haves are happy because they still have the credit in the living on the credit in the expectation of whether there will be entitlements again or we will see free money come around ag again. there are still those living off of their ppp loans that they should not of gotten, i think that is so much of it and we become used to finding a way to go on vacation and go on a cruise, to buy the new iphone and eventually that's where the consumer comes in, i thin

i am hurt, jamie dimon. i think you should find yourself a new pickleball partner.the assembled ceos he'd lower the corporate tax rate from 21% down to 20%, and when somebody asked why 20%, he replied, "well, it's a round number." that unto itself had a number of ceos shaking their heads. "oh, i love a nice round number like 20. then again, have you seen 8? [whistles] that thing is all curves. in my opinion, 8 is a total 10." we got a great show for you tonight! my guests are dr. anthony fauci and the star of "masters of the air," callum turner. but when we come back, my pilgrimage to rome! stick around. ♪ ♪ >> announcer: "the late show with stephen colbert" sponsored by progressive insurance. protect the stuff you love with renters insurance. visit progressive.com. handle i. hosting can be extremely difficult for young homeowners turning into their parents. oh, are you done with this? i'll just take that. okay, he's still drinking. right. oh, look what the cat dr-- no, no. let's try again, if you wouldn't mind. it gets ugly. you can either take it off or i'll take

dimon. began yelling at her, you're trying to steal from my shareholders. and she writes, i gave it right back, your shareholders? my shareholders are the homeowners of california. you come and see them. talk to them about who got robbed. it stayed at that level for a while, she writes and we were like dogs in a fight. as temperatures cooled, i got into the details of my demands, two weeks later the banks gave in. the banks increased their offer from 2 billion to 4 billion for california alone. resulting in $20 billion, that's $20 billion transferred from those wealthy wall street banks who opened with an offer in the 3 billion and 4 billion range all for, quote, homeowner relief. the 2012 settlement provides 18 billion and 2 billion in other california assistance, a victory for harris, he writes who earlier walked away from multistate settlement talks. billions more than the other states were ready to settle for. one of the largest settlements in history. key help for many americans who los

he also says he'd consider tapping jpmorgan ceo jamie dimon for his treasury secretary. in the interview, trump also said he plans to reduce corporate tax rates to as low as 15. and he talked about tiktok saying he no longer wants to ban the popular app. >> president biden was campaigning in nevada. >> it's time for an important conversation in this country. our politics has gotten too heated. i've said the oval office on sunday night, as i made clear throughout my presidency, we all have a responsibility to lower the temperature, temperature and condemn violence in any form. >> thank you all. president biden was speaking at an event held by the naacp in las vegas. that's where he proposed a cap on rent increases at 5% for tenants whose landlords own more than 50 units. landlords who raise rent by more than that could lose access to tax write offs. president biden's also reportedly scheduled to announce support for major changes to the us supreme court. washington post first reported the changes, saying the president's finalizing plans to endorse them in the coming weeks

dimon and also there putting in more credit loss provisions but only 3 million pretty low for that.e to be vigilant about tail risk. there is a cautious tone basically in the report. let me go over to wells fargo and gave you the numbers. they came in at about 31 the street was looking for a dollar .29 and they came in 26.9 billion the street was looking for 22.9 billion and the looking for higher revenue expenses but a lot of we weakness of wells fargo. >> the stock is down almost 5% 4.3% i want to go through this with you is a largely inexpensive problem that you're reading because even j.p. morgan is down even though it was a beat. >> some of the issues that the banks are dealing with on first blush, the higher interest rate environment impacting them because there's worries about the consumer loan portfolio and both of the banks. 12 under wells fargo mortgage j.p. morgan everything whether credit cards or loans and there is concerns about business loans on the commercial side. that is really hitting wells fargo worse than it is j.p. morgan but it's an issue for both banks. but a

here's the caution, it comes from the ceo, jamie dimon. here's the quote. remains complex, and potentially the most dangerous since world war ii. there are still multiple inflationary forces in front of us. large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world. he says inflation and interest rates may stay higher than the market expects. well, the market's pricing in a 93% chance of a rate cut in september. let's flip to wells fargo. their profits fell, stock is down almost 7%. they're competing for customers, and they're paying them greater yields on their deposits. another a worrying sign here, their net charge-offs, the loans that won't recover, those rose, and the cfo says loan demand remains tepid. it's probably why jpmorgan is down. citi is also down. it had been up 2, 3%, now it's down 1. i think it's getting caught up in this buying. the comments from wells fargo. the cfo -- even though the numbers were great at citi, the cfo said payment rates are starting to declierntion and the savings rate is taper

you hear, like, jamie dimon talk about banks and all of the opportunities that they see. i think that there is that use case. i don't think that the reason is that, i think they were kind of of overdone, and i don't think -- let's wait, let's see what meta has to say, because we did see them both do a lot of spend and also improve their business a lot. right? >> because of it. >> because of it, yeah. that was really important. i'd like to see the continuation of that, and that would allow people to say, all right, well, we're with you on the spend. >> all right. >>> for more on today's market action and where we could be headed next, let's bring in liz anne saunders. >> nice to see you guys. >> where are we in this rotation? is this for real? >> um -- i think to some degree, it's for real. assuming the expectations around the shift in fed policy at the september meeting come to fruition. i think the extreme outperformance that we've seen by smaller cap stocks, by the russell 2,000, is not likely to persist at the same space. i see it more as, we're likely to get bouts of

i know this sounds crazy to think about ceo's like bloomberg or schultz from starbucks or jamie dimonerate i think could possibly challenge trump at this point and i do think trump is beatable so i don't think the republicans should rest on their laurels. the ability to craft two candidates after knowing who the vice president selection is going to be and what the trump 2.0 platform is is obviously a huge advantage. they can basically pick the people who will run perfectly against them and that is an advantage. i think trumps going to win it. selecting j.d. vance, somebody whose half the age of trump and biden, and who is pro-capitalist -- liz: and worked in silicon valley. >> yeah, and he comes from silicon valley. that's actually going to resonate and i think part of what we're seeing in the markets is people have now started to bake in the last month or two that trump is going to win and when he does win that's going to be great for capital markets because we'll see lina khan be relieved of duty and then you'll see m&a which is a critical part of the ecosystem kickback in. liz: abs

dimon and the bankers.. she wasn't in the senate yet. she didn't back down. that settlement, by the way, you want to look it up, homeowners who were -- some of them were able to get money back that they lost in the financial crisis because of what was alleged to be banking impropriety, the number went from about 4 billion offer to 20 billion settlement. so as you remind people, her and ag and other roles we'll see in the ads and also seeing the grass roots. kind of personified at the georgia rally. james carville, thank you for coming in tonight. >> thank you all. >> off on a good start. off on a right foot with that ad. >> even if james carville is happy, that might tell you something. see you next week, i hope. >> thank you. good night. >> let me tell folks what's coming up. we're looking at this georgia rally. harris will be speaking. carville mentioned physics. there's also a lot of conservatives and independents in this electorate. >>> next, we are joined by a republican mayor making headlines tonight

there was dark money there, but it's also true that jamie dimon, the head of jpmorgan, has been approachingh his nose the posterior of trump for months now. and he has been saying things that are very flattering, as if he's auditioning to be secretary of the treasury. and so there's a whole group of wall street people called them. cynics call them market people who just bet that if they want the dow jones average to burst through 50,000, they want to make more money in equities. they want to have less taxes and less regulations. then trump is their man. so there's also that well, the old slogan, what's good for general motors is good for america . is good for america. >> but this is not the first time in american history that a president has been unable to do it, that woodrow wilson was in this position , wasn't he? and this position, wasn't he? and that his wife became the intermediary for him. and messages passed back and forth . messages passed back and forth. >> is this a not only not only woodrow wilson, but franklin delano roosevelt was in a wheelchair and was deeply ill for 18 months

we'd analyze what larry summers had said, are jamie dimon had said about the recession that's coming it looks like they're likely will not be one considering good gdp inflation is coming down, unemployment still relatively low, just give us the historical context of how rare a soft landing if it's pulled off is extraordinarily rare depending on how you measure it. >> we may maybe had one instance in the last i don't know, 50 years where the fed was able to get inflation down without tipping the economy into recession. >> and you're right a year ago, i looked it up they consensus forecast among wall street economists was that we would have a recession within the 12 months, the next 12 months long. >> behold, who are 12 months later. >> no recession. >> thankfully i remember at the time that there was this suspicion that this was like i don't know a conspiracy against biden and the democrats to make the economy look that it's pretend that a recession was coming to convince everyone that it was coming, and then it would become a self-fulfilling prophecy. know, that's, that's not what ha

jamie dimon saying interest rates may stay higher than the market expects.ng he says, often very conservative. >> he's been saying that. >>> coming up, much more on the big bank reports. we're going to hear from citigroup around 8:00 a.m., totally different animal, and major restructuring. and also in the 8:00 hour, former activision blizzard ceo bobby kotick will join us live from sun valley on his next venture. "squawk box" coming right back. what is cirkul? cirkul is what you hope for when life tosses lemons your way. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the effortless energy that gets you in the zone. cirkul, available at walmart and drinkcirkul.com. it's time to feed the dogs real food in the right amount. a healthy weight can help dogs live a longer and happier life. the farmer's dog makes weight management easy with fresh food pre-portioned for your dog's needs. it's an idea whose time has come. >>> it is 7:00 a.m. now, just past, on the east coast. you're watching "squawk box" on cnbc. i'm joe kernen with melissa le

and as the questioner asked, what was it like to have a shouting match with jamie dimon and shoot, i didn't write down the page number, but you have this thing and when you tell your get them on the phone and they get them on the phone, this is what precipitated the discussion. but then you have in parentheses, you took your earrings off. see, they're already applauding, taking the earrings off. but what she writes in the book was, i took my earrings off because i'm a girl from oakland. why were you so adamant even when your staff were saying you can't call him? why were you so adamant about getting him on the phone so when i shortly after i took office as attorney general, which it was the ending of an investigation that found that the five big banks in the united states had engaged in robo signing foreclosures. so essentially what they had been doing was rubber stamping foreclosure on homes, on families, homes without doing the due diligence to really determine whether the family really should have lost their home. and the country was devastated. so, you know, you remember and you

singled out jamie dimon of jpmorgan chase, somebody he might want to serve as treasury secretary.o talked about slashing the corporate tax rate even lower than he already did the first time around. i think for viewers who might have been put off by vance's speech, the interview that trump gave to "business week" i think shows the other side of that coin. >> yeah, corporate tax rate 15%. what'd he have to say about the personal tax rate that all of us pay, that most of us pay, anything there? >> i know trump wants to extend his 2017 tax cuts. we focused mainly as "business week" on the corporate side. but he wants to cut taxes. he believes, contrary i think to most mainstream economists, if he raises tariffs on imported goods, essentially, that is money that will go back into the u.s. economy. most economists would say, in fact, it'd raise prices on consumer products. but trump was certainly aligned with what vance said in the sense that he believes that a strong economic message, one that is critical of joe biden in the way that -- in his stewardship of the economy is really the r

jamie dimon reads it. >> he writes great stuff, and i always read it. carl also.ed about, historically, these patterns of the russell outperforming -- >> wasn't that a great piece? >> there have been long periods where that hasn't been the case, but he did talk about, to your point, the declining financial health of the -- many of these companies versus what they have been in the past. >> 40% of the russell has negative earnings. >> let's go over the top ones for the small cap. chewy's takeover bid. lumen technology. astrono. oh, must. green brick porters. forward air. who wouldn't want that? s&t bank corp. vf corp., that's burning a hole in my pocket. >> are you going to sit here all day? enough, enough. >> why? >> because it's -- you made the point. >> but this is -- there's more -- >> i just love when you say sold to you. >> sbs commerce. >> i'm sorry. all right. >> look, i guess he wants to talk about lamb weston. >> i do want to talk about lamb weston. what's going on with french fries? what's the problem? >> this could be glp-1. >> that's what i wondered. is

jamie dimon never sold and recently sold a little bit for estate planning reasons.ella has done two deals the last five years. bezos has been regular, but we are at all-time highs, and it's not like he did a certain amount every month. are there any when you see an insider selling that you take note or do you never care about it? >> i care about it. but it's not a huge indicator for me. i think if i downgraded amazon's shares every time i saw bezos or an insider selling i would have missed rallies. i don't find it interesting but frankly i don't find it actionable. >> you mention the big six you cover are at all-time highs. i looked at the list of your entire coverage university. they're all buys or holds. and more buys than holds. is that telling there's no sells? >> finding sells in the internet space has been a hard thing to do but there are some companies i'd be cautious about. amongst those that i covered amongst those i currently cover i think outlook is limited in terms of the growth in online retail. it's kind of hard to like e bay. in travel it's three name

ask jamie dimon. he will tell you the economy is week.nd has not popped the away it should. u.s. gasoline demand is up a bit year over year. i don't know if you've been driving. everybody seems to be on the roads. airports are a disaster. the reality 13.4 million we are the swing producer, like it or not, still 9.5 million barrels of russian oil off and discounted. >> india and china. >> the tea pot refiners in china. mostly discounted oil. you've got plenty of oil, demand relatively constant, we'll see what opec does december 1st. food news for drivers. 76 and change. not to be a cramer, trig to get the numbers, 73.24 on june 27th. i could have made that up -- >> i'm not going to check. >> i sounded xwoots. >> going with you. >> nobody check that. i will see you for "money movers." >> i will see you for "money movers." glad your flight did land. thanks for giving us the rundown. >> tracking all the action. >> in the oil markets. checking in on markets, about an hour into trading now, the nasdaq, the standout here up 0.47%. the s&p up abo