shanks. >> timeo look at upgrades and downgradesd kellogg groraded from neutral to overbreathe the jp morgan .analyst says the day did little to bolster confidence in the earnings turn around. the price target is $66. the shares fell about 1.5% to 2.46. teneco was downgraded at morgan the stanley. citing increasingly uncertain voirmt for auto suppliers. the price target is $30 but the stock rose to $33.86. conagra ground graded to underrp perform from underperform at bernstein they said growth in the frozen foods appearances to run out of steam. e provides target is $31. the stock fell 7% to 32.64. >> still ahead areap small due for big gains or big pains? >>> hoovers growth slowed in the recentuarter and its losses reached nearly $1.0 billion. some analysts attributed sloweding to uber recent moves to food delivery, bikes and scooters. the ride sharing pioneer is still scheduled for a highly anticipated ipo next year which some bankers say could value the company at $120 billion. nearly double the last reported private valuation of $62 billion. >> a better than expectedep earnings rt from c

jp morgan. all under pressure as well what is wrong with the banks is the bank trade left for dead? guy? >> first of all, tony divider gets a special, single box. >> my family would never think i'm special. >> i've been here 36 years i am a little jelly that's what you say. i tried to make a cogent, intelligent whatever word for being long banks for a long time a couple weeks ago i said sometimes you are wrng and the banks prove that day after day. each of the banks you mentioned i can make an excuse for goldman sachs feels like goldman sachs specifics. i think the malaysia situation is bigger than the mechanic gives credit for and i think you see ramifications for you. and they are trying to change business and it's not easy to turn it around jp morgan caught up in the damage not nearly as bad as the rest because they are best in breed. and citi bank. tappingable bank at citi bank give are or take 62.5 or of $3 trading 1.1 the 5 times tangible book why? i happen to think it's for european exposures and maybe the real problem and the systemic risk for our banks comes from europe. >>

why is it important for jp morgan to do in. >> jp morgan we have been here 50 years. operate in 00 countries around the world and 2,000 large and small cities. and stuff like that. we have to be strong enough to be there in good times and bad times which we have been for everybody. particular will i in bad times can you continue to finance the economy even when a lot of people are not financing the economy. that's been a main mission aulgs. this is kind of like if you said what can you do in addition to that and get more focused to help grow the economies? i think there are serious issues. you go around the world society isn't working and you see it with populism et cetera if we dent attack the issues. government can't do it itself. 85% of the jobs are generally in the private sector. the companies know the training they need. they have to train the trainers sometimes. and honestly if we do a good job and all do a good job society will be better off. for more families less drugs. more felons can get jobs. more kids get to school. there is real opportunity. when you se

the market to a black hole general electric, the stock getting shellacked today falling 6% after jp morgan lowered it $6 a share. it's now down 10 it has shed half a trillion dollars since it's all-time high back in 2000 if you think the worst could be over for now, dan's got a way to play ge for a bounce. >> at one point it was down almost 12% when you see that interday reversal, it was up just a bit, you're starting to get a sense that things are getting a little panically here he said the stock is down 50% on the year this jp morgan analyst pus a price target on the stock, i think it closed at $9.10 and the big part of this call, wall street consensus is too high look at that stock had been banging around between 12 and 14 for the most part of this year, and then it just fell out of bed. that's a pretty interesting setup. i'll let you talk to this chart, carter, it's a 20-year chart not a log chart but it's the lines that a lot of people might see when they go back to the financial crisis the last time this stock was a hot size, it did ka pitch chew late down near that $6 level and it c

jp morgan is a distinguish firm.heir word carries about a grain amount of weight is it unofficial >> it is trading desk note here is what's happening >> everything going on in the world. >> it does not help us get to it we do in advance of this weekend. >> no, i do point out that what we are doing is trying to devine a man who's not making sense a much more diplomatic than jp morgan i am choosing a different word i read that interview, is he talking about eli/apple? he started doing better. >> as you tweeted. >> the whole thing is in comprehensible >> he says what he's going to do -- raise interest rates on china. he made that point twice >> really? >> did you read that >> he meant tariffs. >> you are the president, you got to be mindful. >> i am just saying that was ill advi advised interview. >> when we come back, greg hayes is going to join us. take another look at the premarket as we are virtually flat for the year. right around 26.73 back in a minute this isn't just any moving day. this is moving day with the be

. >> jp morgan is down 6%. >> all day long that's the one. >> you done? >> no i'm not, because, yes. >> when you say outperform what. >> the last two weeks. >> during. >> at least the past month. >> relative to itself in terms of companies off the 52-week highs jp. morgan is 6% off the 52-we can pay way most are down. >> look at the kraemer camera not at me. >> i mean you're a good looking guy for your age i get a really good luck at. >> you jokes are one ato get out of a good conversation. >> banks the most defensible position in terms of record earnings, valuations are the most in line and in interest rates are going higher they're going to be more profitable until there is a credit problem. notice i'm in the box you're not there. you're back. >> it's over >> commercial. >> if you are worried the dreams of a year end rally are going up in smoke don't worry the top technician has twos names that he says survive. crude collapse down 7% hitting the lowest level in a year and energy stocks slammed. we explain why the selling might not be over. later, the re

brown, jim leaven that will, kevin o'leary, anastasia amaroso, the global investment strategist at jp morgan private bank and steve liesman is with us stocks are mixed we will go to prime minister theresa may's statement in a matter of minutes. there's a host of news here at home to discuss. those comments from fed chair powell, bridgewater's ray dalio warning the fed of what its planned path is already doing to stocks >> i think that there's a problem in terms of asset prices i think that rate of increase would not be able to be made because we have raised interest rates to a level where it's hurting aset prices. we're in a situation right now that the fed i think will have to look at asset prices before they look at economic activities >> all right let's discuss. josh brown, there seems to be one of the central questions in the markets, not ohm about trade, it is certainly about what the fed may do. and what the end result to the stock market may be. >> yeah. so i think like ten years ago, the fed probably had one bloomberg in the whole building. now i think the third man they, which is ne

josh brown >> jp morgan has held up well. stick with that. >> stick with jp morgan?ositimist there. >> things that don't have much downside qualcomm i like it. >> following his theme of hiding out in this market i like covanta. it's a story based on free cash flow you want to follow that and skate through a choppy market on this one. >> why don't we go around and say what we're thankful for? >> john, quickly. >> 17,000 calls. >> what are you thankful for >> all of you and for my family and my health. >> thank you, john. >> i'm thankful for a functional thanksgiving feeling with you guys, j 5 plus b. >> j5 is a type of jet fuel and that's appropriate for this team here. >> you lost me joe, what have you got >> health. >> i agree let's end it there sully, toss it over to tyler and we'll get out of here. >> thanks, josh. "power lunch" begins right now, with josh. >> brian's grateful for josh i'm melissa lee. markets rebounding from two really painful days. about 75% of the stocks in the s&p 500, though, are still in correction territory is it time to go bargain hu hunti

ader were kept busy especially after both goldman sachs and jp morgan said they expect the kpee to slow significantly. that led to a lot of red. the dow jones average plumted to 24565. the nasdaq dropped 119 and the s&p 500 declined 48. with the sharp declines is the nine-year bull market still in tact? a look.toli takes >>. the s&p 500 in the sus down only slightly for the year, it saw the last record high two months ago and is stuck in the second 10% downturn of theier. half of all large stocks are down 20% from the high. technical analysts point out the market's uptrend back to016 looks broken. for months investors have gravitated to stable stocks that can withstand tough times. rallies are brief and buying dips unrewarding. the seasonal trends have been ignored. the corporate credit market has begun to weaken. global indexes remain off highs. and for weeks the widely led and owned growth technology stocks of technology have beenl to for all the anxiety and damage done investors take comfort in the factth tha u.s. economy continues to show sturdy growth for now. nearly all deep or la

starting with g.e., the price target c to $6 from $10 at jp morgan. the analyst citing theecent quarterly results which he said were worse than expected. the firms maintaining the underweight rating. shares fell by 5% to shh 8.58. the lowest close since the financial crisis of a decade ago. >> monster b aerage wased to the conviction buy list as goldman sachs. the analyst says c thecerns over a competing drink from coke are overblown. price target, $66. the stock rose by 5% to 56.84. yelp downgraded by a number of first including raymond james cutting its rating to marketm perfrom outperform. the analyst says the bull case for this stock has come to an end following the disaping quarterly results which we showed you last night. the firm also pointed to yelp's productivity pms. the stock tanked by 26% to $33.93. >>> still ahead wit in oil prices you might not have the stomach to buy stocks in that sector. but our market monitor this week says there are some names worth owning. >>> a judge in montana has blocked constcts of the controversial key instant

jp morgan writing consumer spending in the middle quarters likely benefitted from the sugar rush from the lower tax payments. blt s lfar the downfrom the rush looks manag process better wages and tax cuts look to hp the economy to go to another above quarter of growth. consumers won't read the memo about the slowingil economy u after the holiday shopping season. for nightly business report steve liesman. >> let's turno scott brown to talk more about the consumer and the chee. he is theno chief est at raymond james. nice to have you with us, scott. welcome as always. >> nice to be with you. >> in a nutshelle heard both sides of this. you make the point that retail sales are solid. but we have had some downward revisions in previous months. how do you view the skourm and the health of the sector? >> i think the consumer is in pretty good shape. again the october numbers were better than anticipat. but we did get downward revisions to the figures for august aeptember. the numbers do bounce around a bit from modh-to-month. e had a strong spring and early summer. some moderation in late su

jp morgan analyst put a $6 price target on it it closed yesterday at 9.10. and the the call is the wamz skens sus still way high everyone needs to come back to him look how it was banging between 12 and 14 for this year and then fell out of bed that's an interesting setup. i'll let you talk to this chart, chart it's a 20-year chart it's the lines that a lot of people might see back to the financial crisis, the last time this stock was a hot size it did cap it the late near the shh 6 level process can came back quickly. you see resistance at 3. i don't like buying the stock here you are buying a falling knife. who knows what happens to the dividend the company needs to come clean on this. >> with that said. >> with that said i'm looking at calls and call spreads out towards march. we know we have a couple of catalysts between now and then they look dollar cheap if you risk a certain amount of money that could go away if you don't get it right then this is the trade for you. if you want to be contrarian here today the stock closed just below 8.65 look out to m

hiring political consultants to spread disinformation about people criticizing president bush but jp morgan'soug and muth says he doesn't think "the new york times" expose will make regulation more likely and he already sees factual basis and others change business practices to comply with european privacy law. melissa there is a lot of talk the appraisecy laws could give guidelines what we can see here. >> thank you julia so does facebook need fresh faces in the c suite if if does need them, is it likely to happen julia had quoted analyst at stifel and ironically seen though he said fraught with executionle challenges for multi-year period, whatever he has an outperform rating on the stock. >> here is the deal. i'll tell you why. there will be no changes there may be a scapegoat here and there. i'd be surprised if it's sheryl sandberg and it's not mark zuckerberg any changes they make are not impactful. all of a sudden now he still has an outperform. but expectations for next year have gotten so lo that earnings growth is expected to be flat year oh over year despite the fact that sales gain

falling 6% today as jp morgan says it's heading to $6 if you think the pain is over we tell you how to trade with limited risk plus semis slams and something happening next woke that could determine the fate of the group. we tell what you it is we start with what was shaping up to be the notify you are looking for blue skies and birds singing red october over it looked like the bull market was back we even got to the mid-terms unscathed. but the markets snapped back to reality. and the selling back we started to see some creeping in yesterday today the dow dropped 200 points the nasdaq down 2% worries about trade and fed continue to hit the market are we setting up for a year end selloff no more pain ahead. >> it not easy being green especially when are the fed is hard atwork. but i'll be oscar the grouch the bottom line we have the fed doing what nepd two weeks ago. letting the fed settle in alongside of really market p. o. boxing with, moving the % in seven days we had huge boundback rallies. two days we were talking about year end seasonal and here is how you perform after a big ele

jp morgan cut it arguing that it is $100 billion in liabilities, free cash flow even after 95% dividendut basically thinks the stocks going lower it is earlier today and i think the sentiment there is this research is overblown. they point you $20 billion and $10 billion, you know, in proceeds from that they say they have a lot of levers to pull >> yeah. i mean interesting to issue such an avert statement it's not like it was totally revolutionary. you can understand why when you see the share price move >> yeah. lowest share price since march 2009 >>> up next we'll dig into this and what it says about the help of the market. stay tuned every investor should ask questions. is our money in the right place? what am i really being charged? and is it eating into my returns? is my advisor a fiduciary? is he always a fiduciary? a good place to start is with an independent registered investment advisor. as fiduciaries, they live by a simple rule: always act in the best interests of their clients. that's why charles schwab is proud to support more independent financial advisors and their client

. >> the regional banks themselves have been a nightmare to own i rather see it jp morgan.etter situation julio in florida. >> caller: this is julio from florida. copa, buy or sell? >> it is not bad i would go with delta here hasn't had a big move or american those are better jeff in new york. >> caller: how are you cramer. >> good, cramer, what's going on. >> caller: a acadia pharmaceutical. >> up three today. difficult area people have not had a lot of success there. suspect that people like that. and that, ladies and gentleman, concludes the "lightning round"" >> announcer: lightning round is >> announcer: lightning round is sponsored by td ameritrade evening long. ooh, so close. yes, but also all... night through its entirety. come on, all... the time from sunset to sunrise. right. but you can trade... from, from... from darkness to light. ♪ you're not gonna say it are you? you mighyour joints... for your heart... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally discovered in jellyfis

jp morgan will try to get in. i think he will be changing the tint soon.e or two to q1 or q2. >> should we start looking at cryptocurrency as different currencies? will other currencies break away from bitcoin or are they all the same? >> there is a big difference between bitcoin and everything else. bitcoin is the hundred pound gorilla. that is the one with the mass network, the traditional -- are building around. i do not know what will happen to the other ones. they are being rolled by the fcc right now. the market is dead right now and maybe a couple will survive. none of them will survive the way -- and less bitcoin survives first. emily: what does uncle sonny synnex think you bring? -- next thanks giving? there are traditional incumbent spiting bitpay, it should be an exciting time. around the world we are seeing adoption by bitcoin. over $1ill process billion this year, even though the price drop 75%, we processed over one billion muster because people are using bitcoin as a way of payment transaction. emily: where is the place next year? >> at they

. >> this is jp morgan and they're talking about greater and expected mix impact in 2019.e bank, listen, the good news here is they're not going to have a credit crisise the piece by jp morgan is what we thought is a fabulous cash flow generator and it may not be as great as what we thought. that's a very important division for both governments >> it will be interesting to watch them compete against what hayes says it is going to be a focused utx when it is separated out. that's years from now. david, pvh came on last night is disappointing. how do we know it is disappointing? he said he would fix it. i think people are saying okay, let's give him the benefit of the doubt and this is really good this could be like lululemon and they missed it pbh is not down. >> let's take a listen what he had to say ability tariout taris well manny chiroco. >> the unfortunate thing about this is who's going to be hurt it is consumers. that balance and how we try to do that intelligently i think some lead time would help in that whole situation hopefully that situation resolves >> right, e

action economics jp morgan and goldman have brought it down to 1.9 note those aren't recession numbersecast there soft landing. >> but goldman and jp at 1.9, that's half of what we were doing in the summer of the year. >> right. >> and that's a slowdown -- >> how much is it relative to potential, tyler >> that's if you buy the cbo's view. >> failed miserably. >> it's one point above. tell me we changed the dna in the economy and i'll tell you we're doing subpar growth. if potential is two and you give me two, i'm happy with two. >> larry won't be happy with two. >> larry won't be happy with two. as far as i know -- >> the president won't be happy with two. >> huh >> the president won't be happy with two. >> the most important question of all, was the market trading on october 3rd and before that as if it should have been three? was that the forecast? and is what we're going through now a coming down to earth >> adjustment? >> of, hey, we're headed to where we should have been all along, which is a two. >> reality. >> i think you're on to it there. i do. >> thank you, tyler. >> that we

jp morgan will try to get in.e changing the year.une soon next it could be q1 or q2. emily: should we start looking at cryptocurrency as different currencies? will other currencies break away from bitcoin or are they all the same? >> there is a big difference between bitcoin and everything else. bitcoin is the hundred pound gorilla. that is the one that has the mass network effect, the traditional one. the other i do not know what ones, will happen to the other ones. they are being rolled by the fcc -- sec right now. the market is dead right now and maybe a couple will survive. none of them will survive the -- none of them will survive unless bitcoin survives first. emily: what does uncle sonny think next thanks giving? >> there are traditional incumbent spiting bitpay, it should be an exciting time. around the world we are seeing adoption by bitcoin. bitpay will process over $1 billion this year, even though the price dropped 75%. we processed over one billion because people are using bitcoin as a way of payment

day two of the jp morgan conference in hong kong which rings together investors and tech players to discuss the pressing issues. rishaad is there for us. thank you. let's get a look at what we have been losing. the key participants we have been talking to include our next guest, the cohead of aipac investment banking. how would you describe the mood? >> very upbeat. people are focused on the fundamentals which are strong. companies continue to scale, people raise capital, improving monetization and margins. they are optimistic. rishaad: what has been the buzz in terms of what you cover with gmt? >> the buzz is around a number of sectors people are optimistic for, and ai -- ai is a huge theme. chinese ai companies have commercialized more effectively than any other in the world, more so than the u.s. were they have good technology but not been commercializing to the same extent. shared economy is a big theme with cars, trucks, real estate. i think another big famous robotics. you see robotics companies next year. you will see continued consolidation in the wireless infrastructure world and a

regional's not working for me two that i like a lot, i like city trading at tangible book, and i like jp morgan, where jamie dimon is doing a great job. nobody seems to care right now they will one day. bill in florida? >> boo-yah, jim. is it now a good time to buy rangold mines? >> i like gold, i like rangold, but only because i think people shof some exposure to gold i'm not a big bull on gold right now. i regard it as insurance dave >> dr. cramer. >> dave! >> how you doing >> not bad you see the way marley's getting along there in the twitter pictures >> no i missed that. i'm going to have to check that out. >> thank you >> jim, my stock today is bean town boston scientific, bsx? >> what can i say. i think bsx is going to come out and it's going to be in the afc championship i like it. >> keeran in indiana. >> i'm from the kelly school of business at indiana university. >> how much fun did we have when we were at kelly, fabulous kids. >> a ton of fun. absolutely i was wondering if i could get your thoughts on lkq >> i screwed up on this one. i liked it i've misjudged you poor the auto cycle

in an exclusive interview bloomberg's rishaad salamat , talked to the jp morgan asia-pacific chairmanaguzin, on what he sees on the current trade landscape. >> actually, if you look at trade as a whole, trade is at record levels. it is not like trade has gone down. but, the danger about this is the impact that it has on expectations and sentiment. you are seeing a bit about. the fundamentals seem fine, but sentiment is getting to an -- a danger zone. rishaad: it takes time also for the actuality to hit people as well. looking at the landscape and how it might change how do you , prepare for it and what are you looking for for the particular focus? >> it is a combination of things that we are looking at very closely, which is rates rising the u.s., which will have some impact on the emerging markets, from emerging markets. we have seen a little bit of that. combined with the geopolitical situation in iran, china and the u.s. i would not only center it on trade, i think it is a broader geopolitical issue between the u.s. and china and how it is moving around. there is some noise coming

jp morgan will probably try to get in. i think he will be changing the tune soon next year.could be q1 or q2. , these big companies take a long time to launch products. do you think we start looking at cryptocurrency as different currencies? do you think the other currencies break away from bitcoin, or are they basically all the same? sonny: there is a big, night and day difference between bitcoin and everything else. bitcoin is the hundred pound gorilla. that is the one that has the mass network effect, the traditional one. the other ones, i do not know what will happen to them. some are being ruled over by the sec right now. the market is dead right now and maybe a couple will survive. but none of them will survive unless bitcoin survives first. so that is the one everyone is focused on. emily: that is what you say this year. what does uncle sonny think next thanksgiving? sonny: i would say next year may be an etf launched by a blackrock-type company. the traditional incumbent fighting that bitpay's, coinbase's of the world. it should be an exciting time. that is in americ

our cio was the cio at jp morgan chase bank. he had 43,000 i.t. professionals working for him. banks, as you guys all know, are attacks all the time because that's where the money's at. he implemented the cloud. it's a very international firm, one of the largest in the world so he's had an outsider's view of what we need to do to protect ourselves. that was formed by working with dhs. in his role he's helped us create new relationships with dhs and financial institutions so collectively we can go after these threats. the way we've learned to work together is something we're going to carry over to the department of energy so we can do the same thing with critical fru infrastructure. we know there has to be a support role. by volume we have more resources and more skills. we're creating those relationships there and with the fbi. >> thank you, mr. secretary. sandra irwin, space news. back to the topic of the space development agency, which you've been putting a lot of time and effort into thinking through this. what are you thoughts about -- how much change is it actually going t

david: that was jp morgan chase 's ceo jamie dimon saying 2019, next year is going to be a break awayfor economic growth so gang is he right? >> okay first of all he's got one of the best gauges he uses that's why jpmorgan stock is beating all of the global banks anywhere. that said, he's right about the trump economy as rich said this is a strong economy that we're driving the global economy; however unlike when japan was hot and china more recently, there's not enough pickup in other countries to get us up to the level where we had 7% global gdp. that is not possible just on trump's back. >> i don't know if he was talking about the united states or global growth. it was global. well global is supposed to be good but maybe not the best ever i do think that people are down playing the momentum in the u.s. economy right now. the consumer numbers for october retail spending incredibly strong, really beat estimates, gas prices are coming down which suggests that whatever inflation is out there is not going to impact consumer spending probably for the next six months i think there's a tre

look at jp morgan obviously buffett gave help to that bump today.nt for quality which is something warren always oh does. when you look in the market we have the days down 20 oh points, whether the president wheats tweets or some story out there exists or not. >> what did you buy then what did you buy. >> i bought the eem today. i had pieces but i add to the eem today. i doenl believe in ge that's going lower. >> still ahead talk a chip wreck. nvidia crashing after the earning report and bats fight back. ten cent sienna rallying after the kb last few months we tell you which of the traders think might nigh even higher for each job exxonmobil creates, many more are created in the community. because energy touches so many industries, it supports 10 million u.s. jobs. >>> welcome back to "fast money. chip maker nvidia moving 17% lower on the after hours session. the conference call getting ready to kick-off. retires get to josh lipton in san francisco with the latest. josh. >> an important forecast here that obviously disappointed investors. the compan

we talk about in stock on the show it's about how much the services is important i talked about jp morganives a blended pes based upon services and hardware okay but you can't say no longer is the most important part of your business no longer that important to break out it's still by far the most important part of the business. >> gene, don't you find -- don't you think it's harder to value this company i mean, i get wanting to transition away from certain metrics. i get trying to emphasize services but can we understand the service fly wheel if we don't understand the installed base and how that changes from quarter to quarter. >> it's going to be more difficult to analyze this, no doubt having -- having the luxury of the unit numbers i was hoping they could break out the watch because it's getting to materiality but they went the opposite direction. this is a process for investors to get more confidence that this is a stable business i want to emphasize, talking about services, apple has ha service this theme they are trying to advance, the hardware piece, the 65% iphone piece operatin

been selling anything, i've been buying things, adding to things like american express, adding to jp morgan, adding to microsoft. on the belief you're going to get this short covering rally. what we're seeing now into a trend is you're going to have to have, remember the old growth strategy well the growth strategy that we seem to have lost in the last couple of months, i think growth has to come back into favor for you to get your end of year rally. >> do you remember the old garp saying i think that's going to come back i think you're going to get value to come back and you're going to have garp, growth at a reasonable price. >> those stocks have gotten a lot more reasonable. right? >> you look at -- >> give me a name. >> nvidia. >> nvidia has come back down. >> 157. >> the stock was double that a few months ago so there's an opportunity there. you look at mastercard, that's down 10% off its peak. visa those are growth-y names those are some of the growth names you want to be i'll give awe bank, silicon valley bank, that thing has come back down double digits and that correlates really to

according to jp morgan chase analysts in the first half of 2018 about $270 billion in corporate profitspatriated to the united states and 46% of that was spent on $124 billion worth of stock buybacks. not familiar with those? that is an area where companies have gone on an all out binge. capital research has found that 1,000 of the largest public companies have cut employment, eliminating nearly 140,000 jobs. if that were not enough, the gop's plan is not paying for itself as republicans assured americans it would. the federal budget deficit rose to $779 billion in the 2018 fiscal year that ended in september. that is a 17% increase from last year. now, we're still waiting on that plan from republicans for a tax cut for the middle class. lawmakers are back on the hill today, and democrats may be facing a battle when it comes to speaker of the house. about a dozen freshman democrats in congress say they're not going to support congresswoman nancy pelosi. the question is, where does that leave the party's leadership? msnbc's garrett haake joins me live on the hill. garrett, let's walk thr

the financials, one-week performance, the xlfs up nearly 4%, citi is up 4.5, bank of america 4, jp morgan 3, goldman, 2.5 f.a.n.g.s have had nice comeback that works in favor of the bull tweens now and the end of the year. >> i would say before josh says it that we're right at the 50-day moving average for the s&p 500 if you look at the chart. and this is a really critical point here, because if you can break through, and push ahead of 2800, i think that's a very bullish sign on the topic of trade and tariffs, the f.a.n.g. move, the tech move yesterday was i think very associated with a belief that, a belief by investors and buyers that there's going to be some resolution here over the next couple of months. for the market to move higher, you need that. >> since the october lows, amazon is up 20% facebook is up 6, netflix is up 20 and alphabet is up 8.5 >> who thought they would recover to the magnitude in which they have so quickly >> you call what went on with facebook a recovery? >> take facebook, amazon up 20 that's a recovery. >> let's go back to the financials >> you want to parse e

she could force focus on banks like jp morgan i think wells fargo since in her backyard are they givingmunity and living up to cra requirements. i think that's something she is going to press the button on. >> right. >> i don't think she is going to be holding show hearings focusing on jamie dimon. listen, there is only so much you can do. and there is two big, big things out there. there is wells fargo which obviously has issues aside from this, regulatory issues and there is deutsche bank which has a big fat target on its head association with donald trump. >> charles: cra community reinvestment act. thank you. i appreciate it. >> charles: approve matt whitaker to become acting attorney general. three democratic senators are suing to block that move. ♪ the united states postal service makes more holiday deliveries to homes than anyone else in the country. ♪ with one notable exception. ♪ of every great meal is always the potato?t bite that's why it should always be an idaho potato. only genuine idaho potatoes have the perfect taste and texture to get your meal started right. there lots

. >> that's why wilson tried to kill jp morgan's business -- business. >> and that wasn't going to work. jefferson understood immediately, he wanted to take on the rest of the world but americans couldn't do it. aside from negotiating with the chinese about whether they are cheating too much on one thing or another, not engaging in an effort to squeeze their economic appeared that she capacity, letting that go where it's going to go, and having this mutual economic dependency . but, then being strong enough militarily to continually steer them in the direction of economic growth rather than geopolitical growth. you said if we can afford to do that, i think the fiscal problem is not based on the military expenditure as big as that is. i think it's other budget items. but it seems to me that determining -- deterring the militarily is our best hope of rationalization of the situation. i think the chinese, when confronted on one hand by a credible military deterrent and on the other hand by an incredible mutual economic interdependence. which means for us, you might lose an election, from i

goldman sachs and jp morgan seeing four hikes next year versus morgan stanley, two then a pause.anley's right? will we see markets go up to that? the outcome depends on what happens along the way. after the december hike, it makes sense to see a pause in tightening. we link that with uncertainty around trade. if you get signals of not so much a deal -- because a deal cannot be accomplished quickly -- but an agreement to collaborate toward a deal, that lifts uncertainty or reduces likelihood that tariffs increase in january or additional tariffs go through, that could reinvigorate business confidence and investment. continualppens, gradual tightening make sense. at the moment, we do not think four is the baseline. three, between possibly but more like two. david: thanks. we want to recap the economics just in. personal income and spending were up. income, five pence of 2%. spending up 6/10 of 2%. percent, less a than what the survey said. s&p futures up. update on headlines outside the business world. first word news. reporter: hello. in germany, prosecutors rating the office of d

we did see yields come down a bit from some of the fed comments >> and $4 billion invested in jp morgan have done nothing. when he expresses interest in that kind of thing it moves the market >> i wantto come back to what we have for whole week for the s&p. today a positive day it comes to a performance. >> markets should be confused. how do you figure out earnings estimates when you don't flow if you' -- know if you'll have have a trade war. you're hoping it will only be two or three how do you model what will be going down with brexit they want more companies disclosing what the effects of a hard brexit might be in their disclosure statements. how do you model this? i don't find any of this particularly startling >> there goes the bell we are up 0.8% on the dow. 213 points that's the first half of closing bell back to you. >> welcome to the closing bell stocks settle. the dow breaking the four day losing streak the dow is up almost 300 points. up as much as 274 at the high. similar story for the s and p as well that index closing up 28 points. 2730 for that index. tech stocks lead the

pick your point of risks and names of where you see >> and costco, thank you chris horvers from jp morgan to erase some losses dom chu is on the floor for us today. >> good morning, carl, i chatted with one trader earlier this morning who's keeping a close eye on the early action and given all the sale pressure we saw in china we have got technology and communication services related stocks and they have been at the heart of the sell-off. that trend continues today all the s&p 500 sector are in negative territory with the biggest slackers right now they'll continue to watch those faang stock and how they perform. we are seeing general weakness in the likes of facebook and amazon and apple and alphabet.nalphabet netflix is about a third of a percent. brent crude prices hitting their lowest for the year. that's gag carry over effect in in those energy related stocks and etf, and that ticker xl xle -- of course, it is black friday, retailer very much in focus, it has not been great news for consumers you guys just mentioned those. it is the second worse performing this year with only tech we

it has been up >> maybe today i just think the quarter was good >> matthew boss agrees with me at jp morganetails. i think it is going to be a good holiday. >> it was not many days ago we saw sonic being bought point. >> we are seeing stocks that are being hated. okay where the market can't resist. buyers come in and say you know what, the market hates that stock too much sonic was hated. i thought sonic is a good company. i like their stuff but it does put a little bit of calories in there. these companies are just so down that people are given up on everybody -- everybody is giving up on convenient quick serve except for the private equity guys it is funny, the private equity guys figuring to a lot of conversation lately involving speculation of take out whether s whether -- although i continue to hear that's still moving forward is a possibility in the next couple of weeks we heard a lot on arconic as a big take out >> you are talking about companies that are not doing well that there may be buyers. >> it is interesting with private equity that's figured prominently in the mma conversati

are a bull, you want it to crater on the day that we learn that warren buffett buys 35 shares of jp morganof oracle. how did he do with ibm can we just make it so there are still people who buy stocks that are not morons >> buffet did take it to 35 million shares. that is about one percent of the flow. boosted his goldman stake. our friend pointed out half of his top tens are banks. >> i guess he sees value in what people don't. goldman sachs, there was a piece this morning. he made it sound like the company i worked out. goldman sachs not thurn s. >> i wouldn't use any of those in the same sentence. >> i just did. if you listen to the commentary around the water cooler, i'm focussed on g.e. did you read the book? i'm looking at the article about goldman. this is one of the most negative moments in my career. >> there may be a good book on the malaysian fund. >> it's a documentary that came out that is supposed to be very good. this is a big give up. 1,000 on the tick. i wish the vix would spike more because there is not enough fear. service now is knocked down. we need to see everyone agr

say >> well, there's one thing that's really concerning people which i think is liquidity position jp morganey have $100 million and zero free cash flow i am wondering how they will know what they can do for investors to show they have ample coverage of their abilities going out for the next 20 or 30 years if they can do that all they need to do is prove they can resume double digit growth the company has shrunk at about 3.5% for the last five years there are plenty of other stocks you can invest in that have positive revenue growth. so why would anybody want to inves in general electric stock at this point? >> you're a stockholder, peter, right? >> yes >> as i said, it's a lottery ticket it's a lottery ticket on the possibility that he can turn around the company i am fortunate but at this point it is a bet he will figure out a way to turn around the company there are two things he needs to do one of them being able to solve the liquidity problems >> peter, he actually tried to convey today i thought there is no immediate liquidity problem talking about $40 they have a methodical way the id

haslinda: jasslyn yeo, global market strategist at jp morgan asset management.o come, we hear from the finance minister of singapore about concerns with the trade war, and why economic forecasts may need a rethink. this is bloomberg. ♪ singapore's finance minister says growth projections for next year may need to be reduced because of the trade spat between the world's biggest economies. he told bloomberg that the battle increases investor uncertainty and will be felt across sectors. impacthe short run, the is not fully felt yet because our gdp growth forecast is between 2.5% to 3.5%. tension will including the countries that are not involved, and across all economies. was speaking to a number of nationalists, including american multinational us. s. they are across sectors. there are shifts that are happening. i hope that this does not escalate, because if it does, we will move away from the global production frontier, and long-term growth will be affected. that in the short-term, there will be lots of changes. they will have more certain impact and longer-term

the non-banks, i want them to have the same standards as jp morgan and bank of america.f he does that we can avoid not a crisis. the price of housing in many areas of the country is falling double digits. people don't want to talk about it because people don't like to talk about the fact that their house is losing value. you can't sell your house right now. if you are in one of the areas where you don't get the state and local tax deduction. you have somebody who has 2.5% of the mortgage and you bought the house with one of the low dock loans. >> am i going to have to brush up on all my -- i find it hard to imagine a coming crisis would be the last one. they never are. >> i have done a lot of work -- >> i have had conversations with greenspan with it not being the place. >> that's completely untrue. you go to jamie dimon and he will say we have high standards and they are all over us. why are they not all over the lower standards? the answer is there is an inconsistency. thooing y a lot of people come on air and they think what the government does is right. that's not ne

shares and goldman sachs by 5 million shares and of course we told you earlier about the stake in jp morganhat. mike, clearly a bet on the u.s. banks. goldman sachs in particular he would have seen the share prices fall since taking the stakes including jp morguen >> jp morgue isn't the one stock after hours seems to be getting a bid on the news of the position seems it gains most of what it lost today he is obviously always been relatively upbeat about the economy. i think he believes that means the big banks, the way they are valued seem like an okay bet. >> what gets my attention, reduced positions in airlines, united and american. and he sold out of wal-mart or the company sold out of wal-mart. >> interesting wal-mart was dead money but had a lift recent fl. >> likes the u.s. economy and value traditionally and he gets that with banks with u.s. banks on pe basis relevant tough to the s&p 500. >> yes. >>> that does it for "closing bell." it's been a roller coaster ride morgan thanks for joining us >> great to be here thank you. >> and mike. we'll be back tomorrow tune in then and stay tu

jp morgan in its research note over the weekend said this is the most important week left in 2018 forbecause you've got a lot of stuff happening this week. federal reserve on wednesday, jay powell speaking with the new york economic club. on friday china and the u.s. will speak. then you've got retail stuff coming out, a window into how the consumer is doing. dagen: the consumer looks good. we'll get an update on how fast the economy was growing in the third quarter. it's expected to hold steady, 3.5%. but again, 4% growth in consumer spending in that quarter. the u.s. shopper strong. however, in terms of that wall street journal article about there's no refuge this year, that all the asset class% down across the board, stocks, global bonds, copper, crude oil, even burlap. 90% of the 70 asset classes tracked by deutsche bank are posting negative total returns in dollars for the year through mid-november, 90% of 70 asset classes. the previous high was 84% in 1920. so last year, only 1% of asset classes delivered negative returns. now it's 90%. maria: what is going on? what does that te

maria: jp morgan in its research said this is the last most important week for markets in 2018. >> iy disagree with that. i think december is a really big month for the fed. the fed's under so much pressure. maria: we have a two-day fed meeting the following week. >> that's december 18th and 19th. there will be a lot of focus on what the fed does, under increasing pressure to stop raising interest rates. jay powell is having a press conference after that meeting. i think there will be a lot of focus on what they do there. dagen: would they have to be looking, maybe listening at what presidenpresident trump is sayit interest rates but looking at asset classes. it's unnerving what's going on in terms of the downward spiral that we've seen just in recent weeks, stocks, global bonds, copper, oil, you mentioned burlap yesterday. but then also you have germany's economy contracted in the most recent quarter, japan's, correct. >> china is slowing down too. dagen: china is slowing down, global weakness, reduction in the easy monetary policy seen around the globe. it's starting to get unnervi

i bank at jp morgan chase. it's all digital. i'm not running around with the money.applications going forward? is it overseas? are you going to see traction here in the united states. give us a feel for it. >> i've been at this conference and i've seen numerous companies that are having all kinds of applications. i think really it's the block chain technology from what i've gathered that has really changed the way that you can do compliance. i have a virtual reality company that we talked to yesterday that's using the block chain technology and i think it will change the landscape of banking. maria: james, real quick, huh a question? >> i'm trying to get a sense of where this is actually happening. we've heard a lot of talk, seen a lot of excitement. i think the payment system changes are interesting. but who is actually using this in a big way? >> i'll be able to answer that. so, over 1,000 applications that were built on different block chains. so we are the ones that monitor all the data and we know what's happening on different block chains. for example. maria: t

waters as head of financial services, the problem is the fed, the fed looking over the loan books of jp morgan were undone by the regulatory, the macro credential. >> zero interest policy. >> did more damage than good and when you combine that with overreach of regulation, you really took what could have been a spectacular recovery to something that was a lot more anemic and while the president likes to criticize the fed, i think jarome powell is helping the economy not only to raise interest rates to normal level which we get in 12 to 18 months, i think that's ultimately good. dagen: just to point thuit the federal reserve rescued the antigrowth policies of president trump's administration and the day of reckoning for the democrats got kicked way down the road because of the really excessive unprecedented policies from the central bank that we don't really know what the ultimately impact would be of antigrowth policies during the 8 years when democrat was in the house. kevin: former president obama went on campaign trail said don't forget who started this, it wasn't him it was the fed because