aaron gibbs is with us, investor extraordinaire.t's why have a problem like delineating how ubs could be exposed versus other names that actually have operations and significant exposure. >> it's tough. ubs, their excuse that it was from trade wars is ridiculous. >> neil: that it affected trading. >> that wasn't the area where they have the big hit. it was consumer and corporate banking. as well as investment banking. you might say investors are afraid and they didn't want to do as much activity but when you look at ubs, 25% of their revenues come from switzerland. they have negative interest rates. they are continually declining. it's really about that income going down. it's really about their backyard. it's about europe and switzerland. the lack of mma activity in europe. >> neil: i think a lot of companies in the president touched on this a few weeks ago, might use the trade situation as an excuse. i have certain reason to believe a good many, it affects their capital spending plans, hiring. i get it. i feel, what i use to cover

were joined by the president aaron gibbs u.s.ement air cream and in morgan capital ceo mark. five minutes to go before the closing bell, s&p on target for all-time record. apple coming up, what do you think of this decision and the backdrop of a strong economy. >> i think the weakness we seen in the business sector they made it clear there trying to help that despite the consumer being strong and even though there were upside surprises there was still a slowdown from second quarter. i think this cut is completely rational. the one thing we should also look at is this market is being driven by the defense of stocks. healthcare is up almost 1% right now. the fact that were being driven by defenses seems like a shift and not about a growth economy anymore. >> i was just going to ask you, what aaron brought up, can you trust a rally that is led by a very defensive sector and that would be the utilities, people rush to these women are concerned because they pay high dividends. what do you think? >> a lot of what is going on is month-e

management cio aaron gibbs joins to us discuss it all. let's talk about the last couple of days.ave done what they have had to do. jpmorgan went to new all-time high on their number. goldman sachs stock turned around during the session yesterday. should our audience be looking at some big bank names? >> not that i want to disagree with warren buffett. they are facing a lot of head winds. yes, bank of america did well and they had that 3% pop on that one day, but then there were some mixed earnings. wells fargo the only reason it went up is because they talked about restructuring, not because they are actually making a ton of money. i think if we're heading into any area where we're facing declining interest rates, it is going to be that much harder for them to make money. so what they have to do is cut costs. and really rely on technology and then additionally also some trading in m&a activity. for me, when you are facing those kind of head winds, i just don't see the tide turning just yet. charles: when jpmorgan reported yesterday, and bank of america today, they both had one th