when you look at what came out of the bny mellon, you look at jpmorgan's businesses they have a -- youhe news from mastercard they have payment rails as well. so you're see and banking being the most heavily regulated they have so many difficult business lines, asset management, obviously big, big corporate investment banks so it would be a huge stamp of legitimacy for the asset class if a jpmorgan or if a goldman sachs were to get involved. >> who is pushing for this i alluded to the fact it could be internal employees. if it is internal employees pushing for this, how are the executives at they organizations answering some of those questions from employees >> as you know, there is a groundswell, okay? look, even in the two weeks or so i've been looking at this story trying to get insider information. bitcoin went to almost 50,000. more than a 50% increase just in the two weeks i've been researching the story. it is insanely volatile, insanely surging at the moment so when you have that kind of price action, naturally, you know, you think about the makeup of a wall street trader and l

meeting the c.e.o. of jpmorgan. lemonis: so you want to meet jamie dimon at jpmorgan? cory: yeah. mm-hmm. lemonis: okay. most kids that are 13 would be like, "i want to go to the world series or win a trophy at my soccer tournament." cory's list is "i want to meet the chairman of the world's largest bank." he's got a better plan than i do. i'll see you at the commercial kitchen. i'll see you at the commercial kitchen. cory: perfect. nick: welcome. nick prastos. lemonis: nick, how are you? i'm marcus. nick: nice to meet you. lemonis: nice to meet you. is this an event space? nick: it's an event space, and then next door we have our commercial kitchen where mr. cory does his cooking. cory: hello. lemonis: is this where the magic happens? cory: yes, and i actually have a gift for you. it's a shirt. lemonis: okay. cory: oh! now, that looks nice. lemonis: so you know that i'm people, process, product guy, right? cory: mm-hmm. lemonis: so the people, we're square. cory: yeah. yep. lemonis: we got good people. i need to understand the process and how the product works. cory: okay. lisa:

if we look at jpmorgan, a traditional brick and mortar bank, it took jpmorgan 30 years to reach that20, venmo had about 69 million and the cash app had about 60 million users that's an example of how as an investor you're looking now at the payments definitely paypal, square compared to jpmorgan is a better growth opportunity that's just one example. >> if that's one example, you don't wholesale change, you don't wholesale change your investing construct because of this you allocate to some of those themes it's not like you're saying, this is a wholesale change of the entire marketplace there are still places that you want to be from the traditional value and growth type perspectives >> exactly, xa accountly if we look at the overall markets, and during 2020 what we saw is a lot of the companies actually started to cut back on their expenses one example is wes rock, the maker of paper products. what they did is that they actually cut back their senior management team took 25% pay cuts and also they reduced other expenses so, what they're able to do now, they're able to actually benef

jpmorgan has a mobile only bank in the u.k why are they doing that? they're experimenting. they know they cannot afford to be closed minded about innovation they can't be close minded about these new technologies and if clients like it, they're going to say it's not up to us to decide whether or not this is good or bad for jpmorgan if our clients want us to be in this, then we will have to join them on this journey, and that's essentially what pinto has told me >> great stuff thanks for joining us. and don't forget to read hugh's full story, cnbc.com. >>> still ahead, we'll talk more about bitcoin's path to the mainstream,when we're joined b the chief strategy officer from coin shares. and new plays to play the economic recovery and some under the radar cloud plays and not microsoft and salesforce we'll discuss. and check on bonds again, as we head to break. crossing 1.2% on the 10-year crossing% on the 30-year % on t. . stay restless with the icon that does the same. the rx crafted by lexus. lease the 2021 rx 350 for $429 a month for thirty six months. experience amazing a

anna: thushka jeannequin, executive director of global strategy team / global strategist, jpmorgan chasell with us. your thoughts on the energy space? maybe i will focus in on oil prices and where we see oil at this juncture. the most immediate concern is getting power to those houses in parts of america. $60 a barrel on wti, is this a short-term bump up in oil prices ? it has been a long slow drag upwards from negative back in april last year. do you see that move continuing upward? thushka: yes, we do see a modest rise from here for oil prices in particular. you mentioned the supply constraints being one factor. the near term factor does boost the price in the short-term, but when we think about it from a top-down macroeconomic perspective, our views on the global economy and above trend growth estimates, and our expectations that the second half of this year will see a strong reopening are all supportive for the demand side as well. for commodity prices. a few factors supporting supply and demand for crude, when we think about the shale function, what is surprising to us is up to now

director / global market strategist, jpmorgan asset management.mazing week of meme stocks. can we put that behind us now? and is that what caused the drop in the benchmark indexes as well? mike: yes, i think it was a technical selloff as some funds were forced to cover their short positions to avoid increasing their net exposure. they had to sell long's as well. that is what caused the selloff toward the end of last week. from here markets are back on the fundamentals, and the fundamentals look good, we are getting incrementally positive news on vaccines, and positive news on the oxford vaccine preventing transmission -- not fully, but reducing transmission -- very good news in terms of the ability to get back to normal. the market is focusing on the fact we have a world where people are focusing more on how many people end up in hospital rather than how many actually catch the virus. the vaccine seem to be doing a good job preventing people ending up in hospital, and that is what matters to reopen the economy. anna: we are looking at data coming

there is an over-bullishness -- the latest story from bloomberg, jpmorgan sees this complacency buildingnot worrying about this, but it's a recovery from a pandemic, like -- which people say is like a natural disaster, different from a typical business recovery? chris: it is, and i alluded to it earlier -- one of the ways it is different is the fiscal stimulus we are seeing is a rate -- direct result of the pandemic . it is not just this country. it is happening in europe. to a certain extent it is happening in emerging markets, china, etc.. this is a global push. it is unlike anything we have seen before typically -- particularly because the pandemic has brought on fiscal stimulus. we are debating what the number will end up being -- is it $1.9 trillion, $1.7 trillion -- regardless that is a huge percentage of our overall gdp, so therefore, this is unlike other typical business cycle economic recoveries, and therefore, stock valuations could continue to get bid well past where we are today. i give you another one to think about and it relates to interest rates since we are talking about

and wells fargo, 20% and jpmorgan up 14%.ber of the big banks, and in part, as a result of what we were talking about earlier, the move in the yield curve. >> well, and to your point about wells, today jpmorgan finally goes up to neutral with a price target of 37, which is essentially where it is, citing some of that progress with the fed, but wfc has gone from 20 to 37 in, what, 90 days >> yeah. yeah, it's been a significant move remember when we were looking at that company's market value, and it was below $100 billion. it's now 150 billion again, put it in perspective, well below the 440 billion market cap of jpmorgan, given their respective sizes, they aren't that far apart but obviously wells fargo for example has not been able to increase the size of its balance sheet. even if you're not earning a huge net interest margin, leslie, it pays to have more assets because you can earn more than fewer assets and you can lose more money of course conceivably if they go bad but wells has been capped and that is big for the busin

eduardo, global head ofsmall and midcap equity strategy at jpmorgan >>> we touched on this briefly in discussion with eduardo, but i want to take a closer look at what's been happening with yields because the moves have been quite substantial over the last couple of weeks today is no exception. let's start with the u.s. treasury curve you can see ten-year notes are almost getting back to 140 up about three basis points. the five-year about 2.5 basis points higher. the front end, not much movement this tells you the higher yield trade is being expressed as a steepening of the yield curve as people into into the refragsary dynamic and working on the assumption that the feds will not be in a rush at any time to start hiking rates that pins the front end of the u.s. yield curve and allows the back end to move higher. as for european yields, again, the selloff is beginning to intensify there as well. when i say selloff, i mean higher yields. we have the ten-year bund trading around minus 30, around 1.7 basis points higher. even peripheries are coming under some selling pressure. ten-year b

appreciate you, jpmorgan consumer boss. now, one of the financials frost bank and the stock has rallied 20% and what the move is going to mean for the industry, and johnson and johnson's covid vaccination, and the decision for the emergency use authorization, and we have the latest on how the drug could be rolled out. stay tuned. i knew about the tremors. but when i started seeing things, i didn't know what was happening. so i kept it in. he started believing things that weren't true. i knew something was wrong, but i didn't say a word. during the course of their disease around 50% of people with parkinson's may experience hallucinations or delusions. but now, doctors are prescribing nuplazid. the only fda approved medicine proven to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia related psychosis. and is not for treating symptoms unrelated to parkinson's disease. nup

>> electric vehicles recent upgrade from jpmorgan. what is your view on the copper king >> i like it it had such a big move one thing i worry about is free port, but this is still holding up in there. i think you got to give this one a breather before you buy, free port, i like the kid, stays in the picture. keep your eyes open, do the homework like you were doing before the gamestop interreg it was working hormel just announced it is buying planters in a $3 billion deal totally nuts i'm talking to the ceo, i like this one with valentine's day just around the corner, i'm talking to bumble to find out which company could have you finding love in the market i'm sitting down with the ceo and cfo of the greatest financial story of our time, paypal, after their investor day, to find out what is ahead for the company. stay with cramer >>> don't miss a second of "mad money. follow at jim cramer on twitter. have a question? tweet cramer #madtweets. send jim an email to madmoney@cnbc.com or give us a call at 1-800-743-cnbc miss something head

i think right now as you're seeing jpmorgan maybe a record high, paypal surge on the cashless payments narratives have already played out last week i'm trimming names, trimming off microsoft and trimming off paypal and then i want to know where to go shopping for these again listen, the technical charts anybody who ever said you can't draw lines on charts and be accurate is wrong. take a look at deere, for instance, since may this has been a nice steady climb you draw a trend line on something like that you know where to go shopping or like at microsoft, a wedge breakout over the past couple weeks, wait for a retest back into some of that range. there are good technical charts to take a look at. what i can emphasize is have your shopping list for a pull back, i think volatility will continue as we make our way up to 4625 in the s&p 500. >> and deere set to report earnings on friday bill and delano thank you. head to our website where we break down some hotel names that are set to report tomorrow, that's on "trading nati nation".cnbc.com. >> thank you. >>> still ahead, palantir plunging

he likes, jpmorgan, lolls, apple. reporter: closing bell -- [closing bell rings] s&p and nasdaq don't quite make it. that will do it for "the claman countdown." you have to tune in for tomorrow. connell: we had a call helping american workers working through the markets. the stocks fighting for records as we close out on wall street. fed chairman jay powell urging a society wide whitment to boost employment to get people back to work. the maybe that helped the dow. if you look at the way we finish, only the dow at a record. it need aded a gain to 10 point gain to set record. nasdaq is down 35 points. that is what had been a four-day record streak at the close. i'm connell mcshane. welcome to after the bell. it is time for the news happening at this hour. our fox business team coverage today, hillary vaughn reporting from capitol hill, edward lawrence in kensington, maryland. gerri willis in new york. edward start with you, getting children back to school. what is the latest? reporter: there had not been in-person lear

. >> well, with bonds trading like this, you have to be long jpmorgan, u.s. bank corp., wells fargo. you don't have to be long on those names, i am long on those names. the important thing to watch is not so much the 1.3% 10-year yield, it's the spread between the 3-month expect 10-year. between the 2-year and the 10-year. the 2-year, 10-year has gone from 109 basis points, so suddenly you have a butch better environment -- much better environment. when the government spends money, there's always growth. we hope we get organic -- liz: is so what do you buy? >> oh, you have to -- i can't tell you to go crazy, because i'm keeping a pretty good cash level -- [laughter] but you have to, you've got to stay in technology -- liz: go crazy. >> the amds -- [laughter] you've got to be long the amds and invidias, the salesforces and stuff like that, but you also have to keep the dividend names because there is some point, there is some point where we heat the end point of the whole debt supercycle. now, i don't want to scare you, and i know you all say, oh, sarge, you'r

david kelly, jpmorgan chief global strategist, is here to tell us why.se you don't feel it's necessary -- how an administration deals with china or you are optimistic e it will be at least a slightly friendlier? >> well, i'm -- i think it'll be more predictable. i mean, the truth is that china and the united states are the sort of two giants on the world with stage. and by 2027, the chinese economy will be bigger than the united states' economy for the first time since the 1890s. so it's enormous, and it's growing fast. now, you know, we've got very different systems, very different values in many ways, but we have to learn how to live together on this planet, so there are going to be areas of competition, there are going to be areas of confrontation, and there are going to be areas of cooperation. and when you look at the readout both from the chinese side and, indeed, the u.s. side, on that conversation between president biden and xi jinping, it's clear that they see that. they're playing a careful game here. they both don't want to cause any disruptio

. >>> coming up, big names including the zuckerbergs, jpmorgan pledge $100 million to organizations battling systemic racism. the new fund coming up. great party carly you must of blown your budget. not exactly. you have great wine name brand snacks tons of meat, and where did you get this imported cheese? hello? grocery outlet bargain market. want some peanut butter with that? no thanks, just us. more beef for less bacon. don't be jelly. ♪grocrey outlet jingle♪ raise a glass... to savings! >>> as we continue to recognize black history month tonight we hear from someone we are very familiar with. steph curry talks about black excellence. ♪♪ >> black excellence is powerful in the sense that it can mean a lot of different things. i think we as a community have an opportunity to continue to celebrate each other, to celebrate people overcoming amazing odds to be in industries or be in rooms that weren't necessarily open to generations in the past. >> pretty impressive. a big push today in the effort to eradicate systemic racism. today marked the launch of the california black freedom fund. a fiv

to the white house in the last half hour or so in that meeting along who i mentioned, the head of jpmorganjamie dimon, the head of walmart, doug mcmillon, along with ceo's of lowe's and gap. the president saying off the top they would talk about four major issues, the economy, the rescue package, infrastructure and the minimum wage potential increase. the president saying in his words that the american people are hurting and are in some cases in real trouble. he continued his push for a massive relief package. >> i think we're in a position to think big and move big and move in the direction that can be not only get the economy back on its feet but we have to get people well before we get people on their feet. reporter: still awaiting a readout from the white house what was actually discussed in that meeting. as for the stimulus package, connell, the white house saying today the president not only supports the 1400-dollar checks which we knew, but supports what the democrats coalesced, keeping threshold income the same as prior payments, 75,000 for individuals and $150,000 for a couple. co

biden is going to meet with leaders from jpmorgan chase and walmart -- >> those sound like small businesses. >> the business roundtable pushed back against that saying reflect where people live. to that aspect, wouldn't a pay raise depending on location and geographic location, isn't that something to be considered? >> i would consider that over a federal mandated wage. we have half the states already that have already implemented, you know, wage increases that are above the 15 or at the $15 already. but that's applicable to their state, right. for example, new york versus west virginia. a reason why senator m mansion d in terms of the median wages. an increase of $15 an hour would decimate his state. we just have to do it, i think, if we do this, let's look at it state by state and at least allow that flexibility. because even within industries, pedro, there's differences. look at the profit margin of amazon versus profit margin of a restaurant. a restaurant is about 1% to 3%. it's apples and oranges. >> a viewer, jason, from kansas saying this and directing this to you saying you can bet

. >> bank of new york mellon, they joined visa, jpmorgan chase.to some of the uptick that swear and paypal have seen in bitcoin. the price hit $48,000. a year ago on valentine's day, it was about $10,000. i just want to say to my wife, i'm sorry i didn't get us into bitcoin. please don't leave me, give me another chance. i've got my eye on cannabis cryptocurrency. one of these has to go to the moon. that's just modern portfolio theory, right? jack: it makes bitcoin sound like run of the mill stuff. anyway, let's get some more mundane ideas. i'll start with you, ben. >> i'm looking at coty, the parent company of covergirl, dropped 50 percent of the report, but it's a turn-around story. nothing's really changed. i think this is a pullback to be looking at. jack: carlton? >> xpo or logistic es, i liked what they said about guidance, but i don't think the market is fully appreciating the effects of the spin-off the company plans to do later this year. jack: logistics very exciting these days. digital gets all the attention, but you need that logistics

jpmorgan up 14%.this is the only move it is going to get, mike, as and when the fed asset cap is lifted then it is quite a disappointing move if it's not really pricing in the certainty of that at all and many more steps still needed, then i guess it's a nice initial move with more to come >> right i wouldn't say you could automatically conclude this would be it that you emptied the tank on this potential catalyst though you're right. at one time just under that. b of a 1.2 maybe if that is your ultimate case also the story today about how management, new management is struggling to find a lot more cost savings as they also try to meet the regulatory requirements it is definitely more of a turn-around in progress story than it is just a light switch that gets turned on when the fed, if and when the fed makes this decision to clear them. >> let's turn now to the ev boom as ford ramps up spending in the space. phil lebeau has more it's been moving the stocks lately, phil >> reporter: it has, sara. two p

hugh gimber, jpmorgan global market strategist is still with us. into an interesting thought in our last conversation about the types of businesses that will be able to bounce back the types that won't. we saw at the time the pandemic really hit, the markets didn't draw much distinction between global aviation businesses and those that operate pub chains but they will behave differently when it comes to the reopening story. hugh: i think that's right. the other piece of the puzzle here is which sectors the government is going to work hardest to protect because for the past 12 months or so, government support has been broad-based and they are rightly -- there rightly has been no way in trying to distinguish between the sectors where the pandemic is going to have the longest lasting impact versus those that might be facing more temporary disruptions because that has been an impossible question to answer for most of the past year. going forward, i think the government is going to start to get more specific about where they are willing to provide that

suppressed by perhaps major international markets, and you can see why, big banks like barclays, jpmorgan, all been fined for attempting to manipulate the gold or silver price, so maybe they are trying to get their own back again. what you make of this? these new phenomena of people are calling it david and goliath, the small investor fighting back? , ., , ., back? democratised financial markets are _ markets are good, everybody deserves a chance to put their money to work and get a fair return, and you just hope that the people who are now getting involved i doing it and are aware of the risks as well is the potential rewards because there is a big difference between investment, earning an asset for the long—term, trying to pick a fair value for a well—run company, and plunging around and speculating in trying to tie the movement of money and it's generally where we have seen accidents happen because this is not the first time it has happened in by any means. ., �* , time it has happened in by any means. . �* , ., time it has happened in by any means. . h ., . means. that's the real conc

there is also secret locations owned by hsbc and jpmorgan.to an expert about this. >> when you see the vast quantity tiss of gold being held by some of these products, it is kind of intriguing and it is amazing. but if you see the detail that goes along with the products, there are very important aspects of what happened that each of these providers make sure they are getting it done. they are counting a gold on an annual basis, on an interim basis. they are inspecting the gold and making sure that the gold is of a particular standard and actually validating everything is accurate that is being reported out. >> when it comes to the gold e.t.f.'s, the largest is owned by state street and it is kept at the bank of england and hsbc's vault. when we asked if we could visit it, we were told no. not only for fear that we would expose its locations for would be robbers but anyone who goes to visit it could be a kidnapping target. people may technically own it but will never be able to visit it. annmarie: bloomberg's dani burger. a kidnapping threat.

prince of saudi arabia approved the plan to assassinate could showingist >>> bank of america and jpmorgan chase, the first big companies to offer paid time off to employees who get vaccinated against covid-19. >>> beer fans, look away barrels of german beers worth millions of dollars going down the drain, because they have reached their sell by dates. apparently the pandemic called weak demand. the owner you have one brewery calls it soul destroying i think that's a big extreme, but -- >> but i'm thirsty rahel, thank you >> it's friday >>> the weekend is just a few minutes away all right. markets right now, let's look at the dow, which has been diving here in about the last half hour, down 372 points, but on its base of 31,000, that's just a 1.1% decline s&p 500 essentially flat, but look at nasdaq bouncing back now, 127 points to 13,246. russell is up about a quarter of a percent. nasdaq is having a bad week, one of its worst in quite a few months >>> frank holland knows the oil prices. >> oil prices pulling back today, and expectations they just grew for opecs-plus to increase output. c

got my nba from warden, jpmorgan chase, i feel that called to serve again and that is why i'm runninggress. jillian: the military background in business and finance is something that is filling up your resume for this position. what about your background makes you more suitable than other candidates? there are a lot of the man's a lot with big names. susan wright, congressman ron right's wife and the number of people. why you? >> i thought for americans in the past and wants to fight for americans again in the future. nobody will bring more backbone and work ethic for the people of the district in congress. that is who i am and what i bring to everything i do. we will see that throughout the campaign. jillian: you are a family man with 3 young boys. i was reading an article that referred to you and a couple others as lower profile republican running and i don't think that applies, you have a lot of big names and people running. is that something that can benefit you with the state of the republican party today? >> it does benefit me. i would rather be underestimated than overestimated

jpmorgan chase has committed up to $200 million to be co-invested alongside project black.l us about it and what the approach is? >> thanks for having me, andrew. appreciate it. we're looking to change the perception of minority on businesses in america. historically and typically, minority on business has been viewed as small enterprises, revenues of $5 million or less 50 difficult for the fortune 500s, many of whom gave considerable announcements around their desire to increase their spend from 2% to 10% or 15 first with minority suppliers. to do with suppliers of scale, and very very few suppliers in the minorities currently who can take advantage of that opportunity. so what we're looking to do is marry capital and customers in a business to create the opportunity to scale minority-owned businesses that we will own, but then to leverage those businesses into creating both solutions for the fortune 500s as well as to develop the social impact that we're looking to develop, in terms of populated the workforce, creating opportunities in communities of need where there's ex

what we found out is in the reporting there was a semiannual town hall where jpmorgan had to grapplelatility and surge of this this is something they're talking about. he's the head of the biggest investment bank, he said to me signaling some confidence when this -- if and when this becomes a broadly used asset class, they will have no choice but to become involved. specifically he said the demand from clients isn't there yet but, quote, i'm sure it will be at some point. >> so i think the real question is the timing issue. from a timing perspective is there something from now and then that will scuttle that? this is the whole point of bitcoin is, quote, inevitable. >> look, i've been talking to daniel pinto for three or four years. every year i asked him this question when i asked him the question this year i was really surprised at the different tone and his confidence that they would actually get there in terms of comfort level. when i specifically asked about regulations, i've asked different things, with daniel pinto said the counterpart is going to be our big institutional clie

that meeting will include, for example, the head of jpmorgan chase, jamie dimon.d of walmart, doug macmillan, along with the leaders at gap and lowe's. that meeting at the white house, neil, next hour. we'll see if sew pensionly this group ends up discussing one key issue of the moment big minimum wage and what democrats want to move forward with that. we heard from the non-partisan congressional budget office on this matter, neil, it could potentially make the pitch for democrats going forward a little bit harder. here is what the. cbo found, when they look to 2025, projection of a 15-dollars minimum wage, 17 million workers have wage increased along with 10 million workers have their wagers increased who currently make more than 15 bucks an hour. cbo said it would lift nine million americans out of poverty. the cbo says 1.4 million jobs would be lost. it would also add $54 billion to the nation's deficit. the white house is taking issue with the job loss projection. an official telling me in a statement, telling me, we think the cbo's estimates on employment aff

j jpmorgan up 10%.th a rough few years off to a great start in 2021 elsewhere, i guess you could say the tech rally continues i don't know what you call some of these stocks, disruptive stocks p paypal is up 20% microsoft old school tech names, this is a sole exception, outperforming the s&p 500. the s&p is only up 3% or 4% so far on the year. it's hard to underestimate the impact of tesla. i want to point out how it's relentless rise is impacting the s&p 500. it's an $828 billion market cap. it's the fifth largest stock in the s&p now. and it's waiting it's about 2% of the s&p right now. and we all own a little bit of bitcoin. if you own an s&p fund at this point. it's 15% of consumer discretionary. amazon is 23%. put amazon and tesla together, it's about 40% of the consumer discretionary sector let me show you the chart. it's up 7% this year mostly because tesla is up and amazon is up as well bear in mind, and this is even including the fact that ford and general motors are having a great year they're

even jpmorgan was saying we can't discount the idea that corrections are on the way. they didn't say a bear market of 20%. correction represents 10%. valuations are pretty lofty right now, rosemary. >> bitcoin nearly hit a new milestone over the weekend of $50,000. are cryptocurrency investors showing some fear of heights? >> reporter: i like the way you put that. yes, we got to 49,714 in the asian trade today. that is a new peak for bitcoin. it could not get to 50,000. as a result, we see some retrenchment or some people taking some profits. we're down 4% from that peak around 47,000. it's been a heck of a weak for bitcoin because we had the move by elon musk and tesla buying $1.5 billion worth. the bank of new york melon said it will start offering it to its clients here as a trade and asset to hold. master card can bring it into the global system for credit cards as well. now the sec is suggesting we need to regulate this quickly because it's becoming so pervasive. rosemary? >> john defterios joining us live from abu dhabi. many thanks. >>> just ahead, wlee e will

he likes, jpmorgan, lolls, apple.] s&p and nasdaq don't quite make it. that will do it for "the claman countdown." you have to tune in for tomorrow. connell: we had a call helping american workers working through the markets. the stocks fighting for records as we close out on wall street. fed chairman jay powell urging a society wide whitment to boost employment to get people back to work. the maybe that helped the dow. if you look at the way we finish, only the dow at a record. it need aded a gain to 10 point gain to set ror

>> no, i was going to say, your general view this phenomenon is not going away, over the weekend jpmorganme thing their reasons why the classics, excessive savings, stimulus, a lack of substitutes where you can spend your cash and rising home equity which is something you know a lot about, spencer. >> for sure. we see this in other asset classes, too reality mogul and arrived homes and roof stock my company is letting people buy portions of second homes we're seeing in the equity and real estate market it is buoyed by rising home equity and people are flush and able to invest and the alternative isn't all that attractive because interest rates are so low we've seen this through big periods of boom. the late '90s was the rise of the day trader and we were talking about etrade and yahoo finance and the street.com now we're, of course, seeing it again. the stock market is at an all-time high. people have online discussion boards in a lot of ways this isn't all that different than it was in '99 or 2005 to 2007. it's just it goes to '11 this time we've seen this story before >> yes, as anyone

financials, energy, industrials, and materials up better than 1% so, jon, that's a dow record high jpmorgangh caterpillar record high. bitcoin record high. >> we are on that record streak for so many things, carl meanwhile robinhood, on the other hand, is being vilified. market makers questioned and stock gamification scrutinized in hearings yesterday but no consensus view emerged from the house financial services gamestop hearing what's the likely road map then for reforms? for more on that we're joined by former fdic chair and founding director sheila bair happy friday it's great to have you >> thanks. >> it's unclear maybe what exactly comes of this. but what are the top things that you think should >> right well, i would prioritize really shortening the settlement cycle for two days the core with the disruption and the havoc created when robinhood had to suspend trading was a margin call in the centralized -- the entity that does centralized clearing. there's a two-day float. there are two days before when you do the trade and you actually get your stock or get your money and that creat

tom: i'm saying there is a moonshot, jpmorgan, november 6, three days later we figure out biden is going to win, of those the waves. jon: about a month after it was good. do they do this in the united kingdom --if -- wins we will all die. jon: they did that with mr. corbyn. doesn't it tell you about the behavior, everything is bullish -- the vaccine is here, will reopen, bullish. tom: the vix comes in nicely. futures up one/three of 1%. this is bloomberg. ritika: with first-word news, i am ritika gupta. house democrats is dramatic video of the storming of the capital to begin donald trump's second impeachment trial, but they are far from one enough votes. impeachment managers lament their opening arguments, trying to convince the senate to convict the former president of disrupting -- encouraging a mob to disrupt the senate. california has passed new york to become the state with a large number of coronavirus deaf spirit more than 45,000 people have died -- california has averaged 433 deaths a day over the past week. general motors posted better-than-expected earnings in the fourth quart

, the great late jpmorgan would say if you ever had to admit that you had that, then you're done but he doesn't seem very done. and again, it was kind of out of body, because he was in front of congress, and then he's in front of the great inquisitor, dave portnoy. >> and in some ways, dave got more out of him than congressional members. it's very true, jim. >> sure did. >> we'll pay more attention to that and of course later on in the morning. j&j the other big story moving a bit higher this morning on the fda endorsing the company's one dose covid vaccine, for emergency use, and meg terrel has more on that good morning, meg. >> good morning, carl, the briefing documents out from the fda are the first time we've seen the agency's take on these data the first vaccine that would just require a single dose, to provide efficacy and that's what they have filed for, the fda's go-ahead for, one shot and we've seen in these document, they've broken down the efficacy by region, we saw these in the original lin cal trials in the u.s., 72% efficacy south africa where they had more of the varia

. >> matthew boss at jpmorgan crystallizes everything, saying it's time. you got to change what you're buying a lot of people come out this morning and talk about travel, and airlines upgraded, we've got hotels upgraded, we've seen a positive reaction to royal caribbean's nonearnings, and i'm getting good rumblings from boeing and i know things are slow, i know what happened is terrible, but at the same time, there's ryan air, wants to start buying planes again because they feel strongly carl that things are opening and we may get caught short if there is a boom. it is a remarkable mind set and i think it is a positive one and i share it >> so all right, so the degree to which that's going to offset the rise in yields, and sort of cap multiples, you think this story that has been built, i think, it will be incumbent on corporates, too, out-earned the rise in yield, rather than see the multiple go up >> david costin, sitting there on sunday and no real sports and reading about him, and i have some things about the stocks that were disliked but i look at wha

starting to see certain hesitancies, obviously griffin, the most recent one, but there was a note from jpmorgan this morning, addressing bitcoin, calling it the economic side show, saying that it really wasn't a good uncorrelated hedge to equities that said, there was this etf that debuted in toronto yesterday, 10 million shares that had exposure to cryptocurrency, skyrocketed on its debut, and certainly seems to be very few hurdles from this investor skepticism, albeit kind of sparse as it may be at this time, carl >> all right, guys, of course, the street still digesting everything that we got out of the financialservices hearing yesterday, the degree to which we learned anything new but interesting exchanges especially with vlad tenev at robinhood listen to this. >> at that exact moment did you have the liquidity for 3 billion. 5:11 a.m >> at that moment, we would not have been able to post the 3 billion in collateral. >> leslie, i've been dying to know what lessons you drew from even the q&a >> yeah, i think that exchange right there was the most revealing, because we have seen a little bit

. >> jpmorgan has said, that unbelievable day of how bad they could be. >> it is very possible >> and look at bitcoin i mean we can go through any number of things, in terms of some of the multiples. look at the door dashes of the world, some of the huge ips that have taken place ipo ps that have taken place and there is concern about that. and no doubt we're in a double some say and others say the vaccine is getting wider rollout and by april and may, people are going to charge out on the streets and start spending money like you've never seen and by the way they wilt have 1.9, or at least some of the $1.9 trillion that may come raining down and i just wonder, do they both exist? or is one going to outweigh the other? >> i think you can have a parallel track of good and bad that goes up at a certain point and then bad surfaces and jpmorgan, i know andrew referenced it, it does show that this is a long-term bad trend, and it's a win for the people who do them, and lose for people who come in late, and that's going to be a little while >> you're talking spacs. >> the spacs are half of

jpmorgan and -- >> i did not hear those to be honest. >> all right. we will do it again another time. the big story is the nasdaq down 342, and that is 2.5% down, and we will do another question tomorrow. "the exchexchange" begins now. >>> federal reserve chair jay powell wrapping up the testimony before the senate banking committee and his words are calming the markets. and this is "the exchange" and the stock averages may be lower, but they are far off of their session lows. at one point the tech-heavy nasdaq was off 4%, and incredible slide for thane t in, but it has recover and nearly biggest loss in a year and half. the biggest bounce back was the chair saying that the fed has its collective back. now to steve liesman with what jay powell said cutting some of the losses. steve? >> hey, brian. yeah, fed chair jay powell addressing the two market concerns of inflation, and yields and making sure that he is not in any hurry to address them with the fed's wide open monetary policy to remain in place while the economy recovers from the pandemic. >> th

and microsoft is lower, and jpmorgan and caterpillar and estee lauder and technology and financials and consumer staples, and each of the stocks, the reason they are the same is that they get one big yellow stars and hit record highs in the trading today, and jon, that is an interesting market narrative here coming out with some of the sectors, and we will see if it continues to play out amidst the record highs and i will send it over to you. >> that is the record, and kicking off the stocks with the all-time highs and we have the market now facing what would be a fourth straight week of gains in the vix which measures the market volatility and briefly dipped below 20, and can anything derail this rally, and now joining us is the director of equities at marian wealth advisers and also jeff from mariner wealth advisers. >> yes, with the decent economies and the very good earnings season with the good outlook and the low interest rates is a good cocktail, but that said, we had such a rally last year, and there are a enough items out there, that we would not be surprised to see a correctio

it turns out last year it fell only 1.6%, and jpmorgan analysis found that 21 states actually saw revenuee in income tax collections from high earners and the stock market california, new york and illinois, all of which relied heavily saw income tax elections rise revenue in december came in 26% above last year, that was largely thanks to ipos and a lot of stock sales new york's tax collections came in nearly $2 billion higher than projected. and in connecticut, they're expecting an extra $900 billion this year saying most of the upside surprise will come from capital gains. even new york city saw higher income tax collections before the pandemic state and local governments, though, they still have huge budget holes due to high pandemic costs and all those social service needs annual iics expected a short-day-old fall of $400 billion through all the states by 2022. states that rely heavily on tourism and oil are the hardest hit. hawaii down 14%, florida down 8%, nevada down 13%. >> i'm surprised by florida. that does it for "the exchange." catch jay powell on "power lunch" after this quic

knows are the big guys, jpmorgan, morgan stanley. 1 1/2 billion in assets under management if not fork into the sector which it clearly has in late fall, it starts in the big banks. the big banks are trading very nice. then it starts as the confidence grows it starts to move into smaller areas. however some of real estate, some real estate issues play out in the sector. it will start to show up. so i think it's a good time to hang out in some higher quality, smaller names where i can get a higher dividend than the bigger banks, have less risk because the bigger banks have more forward. liz: let me just say you like cme group, you like cullen frost and why these names along with united bank shares? is there a common thread? we have about 30 seconds left before the bell? >> risk they are cycle tested. get a nice 3 to 4% dividend. comerica bank is probably best middle market lender in the country. very sensitive to rising rates. all three of those should work really well over the next three months. liz: dory's bank plays, cullen frost, unite the bank shares, cme. thank you so much for jo

jpmorgan has been mentioned.u one final last thing about this, we'll see how it all plays out. one thing, whether stocks last week, or silver, we're getting financial history lessons well, things like this similar phenomenons have taken place in the past. 40 years ago there was the famous case of the hunt brothers. if people don't follow the markets, look it up. a lot of people have been writing about it the last few days. they tried to corner the silver market. the price went through the roof. in september of '79 it, was like $11 an ounce. went up in january much 1980 to 49.45. two months later it was back up under 11. sometimes these can be short-lived phenomenons. wondering if there is any comparison to be made this time or as they say is this time different? >> it is going to be interesting. i think it is tough to corner a market. so maybe this won't be successful but it is important to go back to the fact that the fundamentals of the silver market, the gold market are incredible. when i see a rising bullion

jpmorgan predicting the 100,000 point.worst about $1 -- worth about 180 billion, beating out jeff bezos, and we also know his tweets are worth a lot. liz? liz: well, well, well. just to let people know, doge coin right now is about four and a half cents, so i get what mark cuban's saying. it's not a big extension of your wallet. we're watching it all. kristina, thanks very much. and, by the way, doge coin was one of today's hot topic. if you start your day with me on tiktok every morning, you get to see me in my sweats and who knows what, but i give you the hot stories people are talking about. i think something like 15,000 people have watched it so far today aroan. follow me @red fox liz on tiktok. we'll coming right back, don't go away. when you drive this smooth, you save with allstate the future of auto insurance is here you've never been in better hands allstate click or call for a quote today . . apps are used everywhere... except work. why is that? is it because people love filling out forms? maybe they like checkin