i appreciate this is legislation that rbc - business.ess. i appreciate this is i legislation that rbc takes time business. i appreciate this is - legislation that rbc takes time to work through but in the meantime, personally, how do you respond? how do you deal with online hostility or threats that may come your way through the nature of your work? how do you handle that? you through the nature of your work? how do you handle that?— do you handle that? you can stop it. some account _ do you handle that? you can stop it. some account to _ do you handle that? you can stop it. some account to be _ do you handle that? you can stop it. some account to be violent - do you handle that? you can stop it. some account to be violent or- some account to be violent or abusive or during a public space online as well and other people can, and do it. the members of parliament particularly women face terrible abuse all of the time. as i said earlier on as do other people in the public eye including sports stars and other personalities as well. i don't t

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rbc with options to capture upside risks. shery.: holding at that 57 three level but near the seven-year high. if you morgan making the call. gas is so expensive in some places that switching to oil-based fuels could add more than 900,000 barrels to daily demand. of course, we have seen brent already very close to the $80 a barrel level. jp morgan saying they are seeing it at 34. helping prices on friday. coffee also seeing its biggest day since july, climbing given the worsening supply concerns for top suppliers like brazil and columbia. they are seeing bad weather in the region. when it comes to the commodities space, energy traders will be focusing on opec and its allies as they meet monday to discuss whether to increase output. su keenan joins us now with the latest and this coming as opec already increased supplies in september. su: they have been restoring oil to the market which had been on hold and the pandemic and the question is how much they will increase by. citigroup and more saying opec may actually double its output b

. >> reporter: alema croft, global head of commodities at rbc markets told us higher oil prices combined with increased demand for oil and concerns about a colder winter in europe and asia means you're paying more. >> i mean, i think it's all connected. >> reporter: well, the price of a gallon of gas here in the u.s. has nearly doubled since april of 2020. and experts say whether energy costs will continue to rise through the winter will largely depend on the weather. a colder winter will likely mean higher price, norah. >> mola lenghi, that makes sense. thank you. the "cbs overnight news" will be right back. instantly clear everyday congestion with vicks sinex saline. for fast drug free relief vicks sinex. instantly clear everyday congestion. and try vicks sinex children's saline. safe and gentle relief for children's noses. (announcer) if you're an american age 50 to 85, and you're counting on social security to help your family with your final expenses, this news may surprise you. the social security death benefit is capped at just $255 and not everyone is entitled to claim it. today,

that is the opinion of rbc. tom: there is a mystery about the synergies and value out of those e-trade. i got some pushback yesterday on that, on the earnings enthusiasm of asset management. people saying how good is it? it might be part of the mystery. jonathan: let's start here. the inflation, you say that they are wrong. why? dan: we have been trying to analyze this post-pandemic time on a cyclical basis or calling it a paradigm shift, that's missing the mark. the ability of the u.s. economy to sustain upward pricing increases on the supply or demand side is really not there. on the demand side i think that it's important to understand we are about to go through a contraction in household incomes. we have had an enormous amount of support for household incomes over the course of 2021. in the first quarter alone we added 17% to household incomes from government transfers. that is compared to last three must compared -- last three months before the pandemic. it was an increase of 15% over the first eight months

tom: for those of you on radio, we have tom porcelli from the offices of rbc.han: you and i are so on the same page. tom: this is the tom porcelli difference. this is the focus without the distraction of children and dogs. [laughter] tom p.: i am back in the office. it feels good to be here. tom: you did not bring the children or the dog with you? tom p.: i did not been my kids are very upset by this. the dog is making it worse. he looks a little down. no one is around all day to feed him. jonathan: has he cashed out that long nasdaq position? that is what matters [laughter] . [laughter] great to have that energy on the trading for in new york city with tom purcell he of rbc capital. tom: i do not have an opinion. i do what i will not say. jonathan: -- tom: for the people who say get back in the office they should bronze that interview. jonathan: a different kind of energy. it feels good. i like being in a packed stadium. lisa: i agree. that is my favorite part. i'm not going to give my opinion but you should frame that and understand the energy. my view is i a

gerard cassidy with us from rbc capital markets.aying the economic outlook continues to improve. i think this is the third quarter of a big reserve relief. what sticks out for you? gerard: that is the number one issue for not just jp morgan but the industry, as we were talking a few moments ago, last year, the group built up these reserves in anticipation of large credit losses that never materialized. , and, to jamie dimon's point, as the economy strengthens, it is only getting better. as a result, the reserves that were set aside need to come back into income. moving over to the capital market businesses, as you pointed out, the investment banking numbers are strong. i'm assuming the advisory numbers in particular were strong. and that equity trading number, as you highlighted, very strong. from the first read, these numbers look quite good. looks good for other players in the business. goldman, morgan stanley, bank of america, citigroup. jonathan: gracias for your time. i know you have calls to make. gerard: how are they handling

on earnings starting next week we'll get some big ones and skepticism from the street on technology rbc warns of a controversial q4. bullish on names like alphabet and amazon and unsure on stocks like snap and pinterest. predicting deceleration and citi blames that on inflation and meantime the strongest call comes out of evercore. they add facebook to technical underperform after a 13% drop in the last month big tech beats ahead or serious headwinds. interesting mix of dynamics that work in the evercore call on facebook, julia. they talk about advertising weakness potentially if some of these big advertisers have to deal with inflation in their core business and then they say the risk on the apple engagement issue is being underappreciated by the street. >> yes, i mean, i think carl it's worth noting that facebook has been talking about the apple risk for some time, but this is the first quarter when we're going to see the full impact at the apple risk and many pieces of this. it is one whether advertisers are not able to accurately measure the impact of their ads. whether the ads don'

rbc sees 1.30% with some risk to this as we move forward. is certainly a factor the market is increasingly concerned about, but there is a possibility, and we are about to celebrate the one-year anniversary of the brexit deal being done. i say celebrate. but we basically go from a deal being done to a trade war within that very short period, particularly if lord frost moves the u.k. in the direction of tearing up the northern ireland protocol and triggering article 16. it is going to be an interesting few weeks. alix: i also wonder if france is going to use its power, literally, leverage over the u.k.. that comes into play on the sidelines. anyway. guy: we will talk about that with the abbasid or a little later on, the ambassador to the united six from france joining the show in a few minutes. this is bloomberg. ♪ >> -- this agreement shows why these arrangements are so hard to make work in practice. it is about the system at which the court is the apex. the court is the apex. r: this is "bloomberg markets -- laura: this is "bloomberg market

they are expected to stick around late autumn "halftime report" returns after this >> rbc out with itst of es contenders the firms that have compelling esg attributes the contenders manage sustainable funds and rbc believes they can benefit as they climb ownership rankings and among the names highlighted, general motor, drop wendpor, a octa that's our esg fast fact of the day. at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. ♪ ♪ remember when no dream was too big? ♪ ♪ and you could fearlessly face the unknown. (kids playing) you still can. ♪ ♪ (blowing dust) when you have a rock you can depend on for life, you'll be unstoppable. that's why over 5,500 companies rely on prudential's retirement and workplace benefits. who's your rock? your shipping manager left to “find themself.

shares, too so that helped with anybody that's owning the company right now and the price target that rbcrget to $109 from $114 prior to. but i think maybe it is for the panel. i was thinking about this. are we too negative when we keep talking about supply chain issues because it was highlighted in the report >> sure. >> we become too negative given fears around supply chain issues is it something we could apply to many other companies across the board? maybe it is better for matt or mike >> i do think it is going to be one of the questions for earnings week. i want to talk facebook as we have to move along here, but the companies that are able to perform well in the environment will get extra benefit the ones that can't, there will be a question of kind of their ability to operate more broadly. as i mentioned, let's hit facebook before we have to go. credit suisse is bullish ahead of the earnings next week saying advertisers will stick with the social network, reiterating outperform saying they expect better than expected ad revenue growth with everything going on. facebook has 10 milli

. >> reporter: global head of commodity strategy at rbc capital markets told us higher oil prices combinedsed demand for oil and concerns about a colder winter in europe and asia means you're paying more. >> i think it's all connected. >> reporter: the price of a gallon of gas has nearly doubled here in the u.s. since april of 2020, and experts say whether energy costs will continue to rise through the winter will largely depend on the weather. a colder winter will likely mean higher prices. mola lenghi, cbs news, new york. >>> coming up on "cbs mornings," former nfl player ryan o'callaghan about his reaction to the resignation of raiders coach jon grudenen in the wake of offensive emails. >>> and ceo of united airlines stops by the times square studio to talk about his company's vaccine mandate for works and preparations for the holiday travel surge. >>> and vlad duthiers tells us about a new book that introduces readers to adventurous dishes around the world. >>> that's the "cbs morning news" for this wednesday. thanks for watching. i'm anne-marie green. have a great day. ♪ .

rbc expects you near-term cash generation to stay strong but there is risk from acceleration in energyommodity supported in china. a 45% interest in a copper mine in sierra quarter. haidi: coming up in the next hour, weighing in on the inflation debate with price pressures continuing to run hot. cpi numbers out of china today as well. supply chain issues are not going away anytime soon. let's get you a check of the markets. this is how we are setting up when it comes to the thursday session. new zealand trading higher about .4%. sidney futures taking up even further with asian stocks set to rise. longer-term treasuries falling, lending a little support, and awaiting those fed minutes as well. s&p futures up by about .10%. that's after u.s. shares snapped a three day losing streak. that's about it for "daybreak: australia." we look ahead to the asian trading day, we do have those inflation numbers out of china. were expecting muted price inflation to come in. hovering at around a 26 year high. also monetary policy setting out of singapore today, that announcement in terms of the currenc

at rbc, they point to the fact that it doesn't matter what the market expects of inflation, it matters the consumer expects. consumers expect high inflation and therefore they are less willing to buy. that is the chart i have for us, these opposing lines. highest levels of inflation and willingness to buy. manus: you are not a negative nancy, i think you're just a pragmatic bookworm that leads a dutch that reads a great deal in your car at 3:30 in the morning. you are saber rattling demand, i think that is possibly the next thing we will debate. we will debate negative feedback loops. will it cap inflation? that's what we have to ask. what is the quality of inflation you are going to get? that's the question from greater minds than me. at jp morgan, they said you are not going to get stagflation, we are all wrong. in all, the market does not price our view that the moderation inflation will be limited. the underlying inflation will step up and that's where he wants to shift into bargain stocks, economically sensitive companies should continue to rise. my sense is he wants to continue t

tom: the head of equity strategy at rbc capital markets. tom keene, lisa abramowicz, and jon ferro. it is a round-trip in the equity market, deeply negative to positive. -19 to positive 19. yields unchanged, up maybe half a basis point. euro-dollar slightly stronger euro, 1.16 -- 1.1597. the stoxx 600 was down by almost 1.6% thereabouts. now negative just 0.6%. the team at bloomberg doing a lot to get -- publishing happening on the south side, turning negative on european equities in the stoxx 600, cutting from neutral. they are shifting from a goldilocks to an anti-goldilocks scenario, that's been the discussion this morning. if those notes are piling up, this sounds like a capitulation. what do you want to do with that? just what it feels like. tom: they relaunched for the fourth quarter and we will sear -- we will see what happens on that in november. ira jersey with us, bloomberg intelligence chief strategist and football prognosticator. what do you glean from the spread market and which spread matters? ira: i'm right now looking at the

rbc talked about how on the balance people see this potential negative to the s&p because they are startingo build in higher tax rates, more than any fiscal boost. i find that interesting given the fact something will pass. tom: it is the uncertainty that is out there but the other uncertainty is corporations have to react to it like they are reacting to everything else. what you see in bond issuance before we see the fiscal ballet? lisa: record amount of investment grade issuance. what else are they doing? what can they invest in when they cannot get enough goods for people to meet the demand? to me, the key question heading into earnings season, particularly with banks, is how willing is the consumer willing to spend? how determined are they despite the headwinds? tom: we are a little distracted with the red sox-yankee game but this is really important. [laughter] if you could earnings season out of the way the first week of november -- jonathan: if you can tell me if the supply issues persist into next year, we could answer important questions. nominee people can answer that. tom: quick

to his point about the underperformance of industrials, this is what lori calvasina of rbc is gettingou stay away from the industrials and gravitate more towards the financials, the banks, and energy for obvious reasons. lisa: the idea being, how do you not get exposed to some of the increased input prices? i think what he said about subordinated debt is compelling. you don't want to necessarily be hinged by the dynamism of growth in banks going forward. you don't have to be so connected to the yield curve. you are looking simply at the idea of the confidence of the banks just surviving and doing just fine. jonathan: so far, they are doing better than just fine. tom: i'm looking at the resilience of the markets. spx is up 40 points off the overnight low. dow is up 270 points as well. there's a relative lift off the gloom of last night. jonathan: resilient or complacent? tom: my answer is simple. while of money. -- wall of money. i am not completion the about the houston astros. jonathan: that is good to hear, tom. future divan sing a little more than zero point -- futures advancing a

jonathan: the ubs and rbc they be on one side.the other side, morgan stanley, bank of america, far less constructive. lisa: they are threading a needle, all of these analysts. we heard that from nadia, the idea that this leads into great earnings, but not necessarily a more hawkish fed. that is a key question because right now in rates futures, you can see 1.5 rate hikes priced in by the end of next year. basically, if we get to two, that could disrupt the projection for the s&p 500 target. this is the dilemma. how do you get that optimism, that strength, without a hawkish fed? jonathan: you need a smart voice, and that smart voice today is adam posen of the peterson institute. what a timely conversation coming up on this inflation dynamic. tom: i think i agree with that strongly. this is a year at imf-world bank, and we can talk about all going on at these meetings, but overall is the inflation debate. i think it is a good idea to stay on that with adam posen. jonathan: we are going to do that next. tom keene in d.c. alongside me

we were talking about this yesterday with rbc. continue the narrative that they are ok with this, that they can manage this? or are a few going to start saying we've got a problem here? that was the question or a calvo scene was raising yesterday -- question lori calvasina was raising yesterday. alix: some nervousness about what the downside could be over the next few months. let's get more with joe gilbert, integrity asset management portfolio manager. talking earlier about this big options that could protect to as much is it 1% downside by the end of the year. -- as much as a 20% downside by the end of the year. is that what camp you are in? joe: i think ultimately that is a good set up for the market because if you want to see a little bit less complacency, which i think at the beginning of the summer in june or july, there was a lot more complacency in the market, so the fact we have individuals trying to position themselves for a greater downturn in the market gives me a little bit more comfort. guy: where do you think we go

alix: based on that, in rbc's notes, image and so many downgrades to earnings, so the bad news was alreadyaked in. i hear your point about the supply chain issues in higher costs, but is sector where we are already pricing that to the most extent? >> yeah, so i think there are several factors. financials have really priced the curve pretty six that -- consistently, priced fundamentals like low growth. industrials have absolutely priced these supply chain disruptions and even things we saw last week like the potential hit to margins at john deere. on the others of the coin, our sense is that companies like apple that are clearly being impacted by supply chain pressures and are signaling that are getting a pause and a buy from investors, and we think that is potentially dangerous. these companies, as great as they are, they may not be great stocks because people are just baking in too much optimism that they can defy gravity. guy: can we talk about the relationship between the consumer, how the consumer feels, and what is happening in the stock market. you talk about this in your note to cli

rbc id last year had a report that said that extremism in the military grew about 66 percent in 2019. the dod reported 2020 to congress identified extremist recruitment in the dod as a real threat. so we said hey, the department needs rater authority and greater tools so in a nutshell the bare-bones outline legislation lis there. first clarify that the secretary of defense has the authority. to exclude from participation in the military in our commission and separate from military service anyone who is not only participates in extremist activity but as a member of an extremist organization. we think it's important to go after a membership as well and i'm sure we'll talk more about that in the first amendment implications but we clarify that. we direct the secretary to define extremism. to define the procedures that will be fair and clear for identifying and eliminating those numbers. the next thing we do is and a lot of this quite frankly overlaps with the blueprints is data collection. you can ask the different members of the military whether extremism exists and don't get a varying

this from rbc, i double downgrade, adding that china's economic rebalancing away from fixed asset investmentat the core of the profitability driver, iron ore. that is a shift, i double downgrade going from outperform to underperform with a click of the fingers. tom: credit suisse with the nuance here. they stay with outperform on ibm . they lower the price target from $176 to 172 dollars. can you motto out a year on four dollars at $176? jonathan: i would like to model out with some degree of accuracy. tom: how do you model january? jonathan: i can't get to november at the moment. that is a couple of weeks away. lisa: this idea that all of the commodities have been in demand, a policy decision by china shuts that off. this is a big change. jonathan: right now, futures down 11 on the s&p 500. just a little bit softer. initial jobless claims coming out in an hour and five minutes. whatever your view on things, what the fed should do, shouldn't do, whatever, we all want to see claims with good news. from new york city this morning, good moring. heard on radio, seen on tv, this is bloomberg. 's

fauci, a new kaiser family foundation poll asked americans what they thought the major rbc for high coronavirusmmigrants and tourists bringing covid-19 into the u.s. are immigrants a major reason why covid-19 is spreading in the u.s.? >> no. absolutely not. if you just look at the data and look at the people who have gotten infected, look at the people who are in the hospital, look at the people that died, this is not driven by immigrants. this is the problem within our country, the same way it's a problem with other countries throughout the world. the idea when you have 700,000 americans dead and millions and millions and millions of americans getting infected that you don't want to look outside to the problem. the problem is within our own country, certainly immigrants can get infected but they're not the driving force of this. >> the cdc director said on friday that the agency is re-evaluating what's known as title 42. that was an order done on an emergency basis that allows the u.s. immigration officials to expel migrants more easily because of the pandemic. you have talked about this. ther

help the stock and it ended up more than $2 and rallied another dollar today despite a downgrade from rbc capital. when a strong shrunks off downgrades it tells me more about the stock. it can with stand. it is trading less than 14 times earnings and after the big push in asset management i think one day it will sell at 20 times earnings so there is not a little room to run, there is a lot of room to run. wells fargo, some people gave up on it foolishly yesterday. not us wells is the worst of the big banks. but we own it for the charity trust? why? because it is a turn around and they exploded rallying 7%. think that came because ceo charlie sharp has put the scandal days behind them and now it is ready to play offense. anyone who dumped it yesterday, probably kicking themselves. it is a terrific stock and as we emphasize to the investment club and you don't want to sell and if it comes in we're going to tell you to buy more if your a club member. if wells fargo is the worst of the big banks, citibank is the second worst it doesn't give you much to get excited about. it is not bad. it has

still down 7% in the last year and they've been a serial underperformer but rbc seeing some value there jon, got news on lebron james new $725 million bill. the production company spring hill reaching that new near unicorn valuation after selling minority stake to a consortium led by redbird capitol partners and epic games and nike. maverick carter will still retain majority stake and mav carter joins us. nice to have you in house. congratulations. very big deal. the money itself will allow you to do what, rely less on financing? >> the money itself first off it's coming from four incredible partners, which you named and know who really believe in the company, believe in what we're doing, believe in our mission, our goals. now this money will allow us to do is finance more projects that we want to make. we used to develop projects, take them out to be sold and distribution we'll still do that but before that, now we'll be able to pick and choose if we want to finance some ourselves, we'll also be able to ramp up our physical production capability to start physically producing all the th

funds have jumped 40% this year reaching $1.3 trillion globally according to wall street research firm rbcthe number of new, sustainable fund launches have grown every year since 2015 and are on pace for another record this year etfs including esg indexes are among of the most popular ncar for sustainable funds and that's your esg fast fact of the day. at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪♪ we see companies protecting the bottom line by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. ♪ ♪ ♪ ♪ with a bit more thought we can all do our part to keep plastic out of the ocean. (vo) unconventional thinking means we see things differently, so you can focus on what matters most. that's how we've become the leader in 5g. #1 in customer satisfaction. and a partner who includes 5g in every plan, so you get it all. >>> all right. pete big news you're adding to target. i didn't

we are seeing gains for new york crude higher after the backtrack on plans to tap reserves, but rbc capitalanother run-up in prices. ahead of the tokyo open, we are seeing nikkei futures point higher here ahead of the prime minister's policy speech, which may offer more details on his plan to drive recovery. shery: we will be watching those markets, but right now, all of our focus is on d.c. the senate voting on that short-term debt ceiling bill. you guys have a very long night ahead. it seems the cloture vote, the procedural motion, has passed. tell us exactly what is happening right now and what is next. >> right now, the senate is voting on what i call the vote for the vote. they've got to get 60 votes in the next few minutes. then there will be a second vote which will take the bill and send it to the president's desk. they are voting tonight on raising the debt ceiling, so we are expecting that to pass in the next few minutes or so. paul: this gets the u.s. off the hook for the debt ceiling a couple of months, doesn't it? >> senators are kicking the can down the road by a few weeks. th

rbc capital markets 70 77 -- 77% of ports are seeing a long time of turnaround.kong markets are going through a rough patch. several potential billion-dollar ideas have let their applications lapse amid regulatory scrutiny. supermarket owner and health care start off we dr., -- we doctor, behind south korea for the first time in four years. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. >> indonesia is the second southeast asian country after singapore to impose a carbon tax. there was criticism that the raises too low. there finance minister told bloomberg the country must employ those in his tax -- must impose taxes cautiously. >> our general revenue increase from this tax refund is definitely of the -- proposal. during this covid situation, the extra spending for -- is significant. we have to scale under the social safety net as well as support the business in order for them to afford to recover. also, new building infrastructur

this has brought adam cole over to rbc to say that the pound is trading like an emerging market currencyat do you make of the relationship between these two assets? charlotte: it is hard to perceive the emerging market economy. it was quite interesting. as we came out, the crisis started to strengthen quite significantly. a beneficiary of growth picking up. this inflation is more of an issue. you can see that beginning to impact on sterling. the bank of england is making noises that they will begin to step in if they do continue to see issues become bigger. these inflationary shocks are transitory -- the gas price, you expect them to move into next year, to ease off. therefore, that inflation pressure will disappear. >> out of everything right now, what is your number one investment tips? charlotte: [laughter] i think we would be looking at some of the beneficial reopening's. the economy -- you see travel again. so if you can find some values from areas whether that be hotels, whether that be companies -- global industry. why are they looking reasonably interesting question marc -- inter

rbc capital saying this is a light option to see them do step beyond that level.far, our next guest says his can stash he is constructive on markets, despite risks that have coalesced at the same time. let's bring in asia equity strategist at j.p. morgan. always great having you with us. many challenges including the power crunch and covid, not to mention china regulations, fed policy, every grand --evergrande seem to be a lot to overcome. what will drive markets higher? >> i think this boils down to the question of what is your view on the cycle. if you think we are in a late cycle situation where we are headed into a recession, and there is more downside to markets. that is not what we think. we think growth is slowing down from the very strong base we saw in the first half of this year. it is going to stabilize into a midcycle environment. this is typically what we see in all of the historical cycles we have seen, and the midcycle environment tends to last several quarters at least. if you look at all of the things that is still reopening, a lot of the capex ha

and rbc there was a whole debacle after that. -- and there was a shoel debacle after that -- a hold ofere was a lot of scrutiny from investors. there is also a lot of pushback from the u.s. regulators. the u.s. route is closed. fwd is a pan asian ins urer. investors may demand more of a discount given regulatory concerns. shery: julia, our equity markets reporter. we are headed for the china open. sophie with what to watch. sophie: we are keeping an eye on tech stocks in china and here in hong kong as regulators consider antitrust actions on firms like tencent, which could boost content accessibility and search -- search frameworks for baidu. and revenue potentially to citigroup. we are seeing -- shares -- outperforming their rivals so far this month. and pulling up the chart on the terminal has helped turn fortunes of hong kong stocks which were a bright spot on. monday the hang seng is up 3% this year and we have seen a return of buyers from the mainland. using the chart right here, on the terminals we have eight days of net buying, the longest streak since may of this year. haidi: l

as we head to a break, shares of lordstown motors falling as much as 10% as rbc reiterates its undern the stock. other alternative energy players under pressure including nicola and fuelelun cl, r counter to tesla, that stock up 3% today. stay with us ♪♪ ♪♪ ♪♪ >>> all right. time for our etf spotlight taking a look at the spider health care sector the ticker the xlv lower since beginning of last week a different story for one of the core holdings, merck, that stock up more than 14% just in the last week and extending gains this morning as you see another 2.5% the data that the drugmaker and its partner ridgeback therapeutics released about the experimental antiviral is a key for that move higher here to break down the space morning star's damian conover. start with merck and what pit cn do for the company and what kind of sales are you looking at for next year and beyond >> great question. a catalyst in the stock and this drug looks very, very good it looks like it's at least 50% effective in keeping people out of the hospital and preventing deaths, so really important mu drug and im

rbc said shares feel pressure today but as more companies begin to report the results will look superior verse the peer group. jp more began said they deserve credit for maintaining the outlook despite the expectation for cost pressures than what was initially proposed we think management is being conservative on the top line but the multiple is historically high for the stock and staples aren't in vogue right now especially with the cost pressures weighing on profits and rising interest rates making dividend payers less attractive. looking at the biggest competitors in the space, clorox, kimberly-clark, if p&g is feeling it and taking a hit likely the rest will, as well. >> could have been labeled sara's companies. >> a small group of my companies. >> but no. listen down 1.5% and weighing on the staples sector let's pivot now and turn to washington where we get the news about proposal from senate democrats surrounding irs reporting requirements ylan has that story. >> reporter: after facing some huge blowback from the banking industry democrats are raising the threshold for when your ba

know, so many other critical financial institutions, whether it's bank of america or jpmorgan chags or rbc, all are using this same sales cloud with our financial services cloud kind of extension to really have these direct trusted relationships with their clients. and this is really the foundation now of the financial services industry. so when we talk about other vendors and other people doing work in the cloud, look, you have to get back to the guidance that we gave in the last quarter, $31.8 billion, and also look at the performance of the sales cloud within that which is -- it's over $6 billion that's larger than most other cloud companies. this is our name sake sales cloud, and that is why i'm so excited about what jay is doing, because here's a product that's 22 years old, and it's still as competitive today as it was two decades ago, because of sales force einstein our ai is built into it, and we've rebuilt it completely with a slack front end, so you have this new tremendous slack-based collaborative interface in front of the cloud that's what jay is using, and that's getting him

together this is sort of been a dream for over a decade and we're seeing the fruits of it >> joining us is rbcur take in terms of what you've seen and heard albeit we haven't heard from wells fargo on the conference call >> david, thank you for having me back and you're the re, the numbers that have been reported have been very strong, particularly in the capital markets area the advisory area, that's the mergers and acquisition fees that these companies earn, are generally up 2x over a year ago. you also saw strong ecm numbers led by the strong ipo market and then on the trading side, equity trading was strong for all of these companies. the vix was down but compared to a strong third quarter last year across the board the capital market numbers highlighted as will fred said about morgan stanley really putting up some incredible numbers >> yeah. and james gorman, when he joined us about 30 minutes or so, he think they can keep it going maybe not at the revenue growth rate they're seeing but it was confident. >> i think what's going to be interesting in response to a question i had on the earn

seen of late but today it is pulling back slightly, and gas is pulling back a lot helima croft from rbcill join us to discuss where next for that sector. >>> let's focus in on the big stories this hour. mike santoli tracking the choppy market action. and the debt ceiling drama start us off with another wild session now. we've seen five days in a row of 1% moves in either direction >> and while not a 1% move today, we are more than 1% off the morning lows in the s&p 500 even further off the overnight lows it still represents a bit of an indecisive market. we're under some stress. the technical outlook has become just a little bit slippery that far shows you why there's not that much conviction on either side. but those headlines about a potential deal potentially to extend the debt ceiling shows you the removal of one possible negative is enough to kind of relieve the pressure in the short term it doesn't necessarily look like a brilliant uptrend anymore, but it is in the context of a broader reset that's been going on for about five weeks. i wanted to take a look at a slightly long-term

microsoft up 1%, as is twitter joining us, brent dill of jefferies, and rbc capital markets.based beat across the board. we're seeing a lot of the most important areas, cloud, azure, dynamics, all accelerating, and it's really telling us, number one, the software spending environment remains hs healthy. number two, we're in the early days of digital transformation and those sector tailwinds are going to continue going up >> brebnt, why is alphabet downa little bit >> 59% year to date, huge move google bet with them in odd years and we're coming up on an even year. don't shoot the messenger, but they tend to have these great years in the stock and they have this digestion there's a high correlation of odd and even embrace the oddness of google, and youtube was a little lighter than most people thought but overall, good numbers. stock still cheap in the mid-teen ebita we still like it long term, but a number of names have had big moves. >> the winner of the three in after hours by a little is twitter, brent and it's also -- it hasn't done a lot this year, but had a nice run fro

and rbc do as many— stay for two weeks. and rbc do as many trips— stay for two weeks.ke as| many trips as they like, that means, what, as many deliveries in the uk as they want?— as they want? yeah. what used to ha en is as they want? yeah. what used to happen is they _ as they want? yeah. what used to happen is they would _ as they want? yeah. what used to happen is they would come i as they want? yeah. what used to happen is they would come over i as they want? yeah. what used to i happen is they would come over and work in _ happen is they would come over and work in the — happen is they would come over and work in the uk for holliers. that has obviously come back into force and they— has obviously come back into force and they can stay for two weeks at a time now _ and they can stay for two weeks at a time now. and work in the uk for uk companies — time now. and work in the uk for uk companies-— time now. and work in the uk for uk companies. what does that mean for com anies companies. what does that mean for companies like _ companies. what does that mean for comp

boeing, rbc, the royal bank of canada.p 30% more, so they initiated coverage. the 737, 787 in 2023. stuart: full disclosure, i bought boeing at $330 a share, they wrote it to - lauren: you have blackstone. look at the dow winners, headed from american express. s&p 500 winners headed by the chip company. nasdaq winners, intuit is on the list. check the board. we are 6 minutes in, 75 points, the 10 year treasury is 166, it was 170 earlier today, doing nothing. it is $1,807 per ounce. maybe the inflation news is finally getting to gold. lauren: bitcoin might be down but it is up. stuart: where are we, 83, watch out sports fans, that is up a buck 30. natural gas moving up a bit, 535. gasoline moving up to $3.38. it cost an astonishing $4.54. >> in california it is nearly $8, $7 in one state. a host of issues getting gasoline to that station but it fills up at 7 and change. stuart: somebody driving by and the tank is empty. lauren: a desperate californian might be lost. stuart: that is where we are with money. stocks are up. pr

amazon, facebook, alphabet and snap the reason why is analysts at rbc initiated coverage at a lot oft names. these are the four they cited everything from total address of markets for certain of these companies macro-trends in advertising the interaction these folks will have with each other basically all said and done. to close things out. check on the covid treatment, merck on news that their anti-viral reduces hospitalizations, you see merck up about $35 or 7% meanwhile, other treatment makers like regeneron is down two or three-quarters percent. then at least the vaccine complex we'll call them, moderna down 4.5%, biontech pfizer's partner about 4.5% as well a lot of movement. certainly one to watch in terms of that growth value trade, reports as we head towards the fourth quarter, it seems a long time for the markets so we'll see if it's played a catch up and people buy the dip >> that's weird they're down >> the market is down. it's weird. >> some of these guys, these three in particular. >> 4%. >> remember how much of a run, moderna has one of the best performing stocks. >> it