of u.s. banks. financials have not as well as they could have. katherine: that is right in but when he was pulling out of some of those banks, he was emphasizing his support of bank of americaf brian moynihan. this is the distinction here. i will also note when these -- when the sales were happening two weeks ago, it was the day or so after bank of america reported its quarter earnings. they were earnings that beat analyst expectations. the stock hit an all-time your high -- year high. he time this right. there have been subsequent sales at lower prices. there have been 44 and 41 which are where the shares are trading around today. we have not seen much market reaction from the news of buffett selling. that might be an indication this was something folks had been monitoring along the way. scarlet: we will keep an eye on what happens with at stake now -- with that stake. perhaps shrinking below 10%. katherine doherty, thank you. this is bloomberg. ♪ you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh with so much entertainment out there wouldn't it be great... ...if you could find what you want, all in one place? show me paris. xfi

we're going to trade bank of america before we get to uber? bank of america? a little bit into the banks earlier, but i do think that these were trading lower just on the higher expec expectation. i like the banks here. i think some of the numbers were positive. i would look at overall banking index as opposed to trying to pick them individually. i like the well diversified banks like jpmorgan. bank of america, i would play it if it trades lower. >> to tim now with a couple of thoughts on johnson & johnson. >> well, i think in j&j's case, redemption may also be an appropriate word. this is a company that had the overhang of the talc litigation and you won't get answers on that on july 17th or next wednesday. you will get answers on that on the 26th, when the plaintiffs vote to decide whether they accept the offer from the company that could settle a significant amount of these claims. if you can remove that, you take it back to where we hear about earnings, we hear about the med tech business which is growing very well, their pharma pipeline around oncology ha

>> the two best for jpmorgan and bank of america. nk of america, slow and steady is winning this race of the commercial race. goldman sachs had an extraordinary quarter. i actually joked to the people there when i worked at goldman there was this fellow, gus leavy who understood trading, understood banking. people talked about it being pretty darn good. i mentioned to them, is there gus levy talk. they said no, don't get too excited. i am. i think solomon is the hero of the hour. >> everyone remembers. >> people were dumping on him, just trashing the guy. i'll take 492 any day of the week. but, look, brian moynihan is slow and steady, perfect, just done. it's funny because that is the warren buffett bank. remember when wells was -- >> i do remember that. those warrants back in the day. >> obviously charlie sharp is not going to say regulation is just going to go, but it has to do with federal reserve scrutiny. i don't think the federal reserve scrutiny is going to be as critical as it is right now where they kept reacting to what happ

jonathan: getting numbers from bank of america to wrap up some of those numbers. opping, morgan stanley later. here's sonali basak. sonali: bank of america baeting -- you have bank of america given guidance on what they expect to bring in on that interest income later this year. they expect that number to jump from the $13.9 billion you see in the second quarter two about $14.5 billion, so and increases the end of the year in interest income. that guidance is critical. where to the extent this to come from, that is the most interesting part. you are member those held to maturity -- they believe they could reinvest these securities, and what we understand is about $10 billion rolloff per quarter, so about $40 billion per year, now into higher-yielding treasuries. this is also a reinvestment of assets like mortgage loans and auto loans, that had been extended at lower interest rates, now moving into higher interest rate product, so higher for longer helping bank of america out, little bit of a lift in the premarket. a strong read across the board. a real quick note o

the record without objection, our investigation found that customers of zelle three largest owner banks, jp morgan, chase, bank of america and wells fargo disputed over $372 million to scams andll fraud in 2023 alone, nearly 3 quarters of these claim losses totaling $270 million were never reimbursed by the bank, but what is most striking to me is that the unauthorized claims, that is to say, losses without consent or approval by the customer were reimbursed only 38% of the time which is down from 62% in 2019. .. .. they had been defrauded in this way without authorization, without approval, without consent they were denied reimbursement. we do not know what is happening inside the bank. and frankly, your testimony gives us no enlightenment so far for the reasons for those denials. in fact, as far as i can tell your testimony presents no numbers simply say 99.9% of all the transactions or without problems. but here is what is important to when a customer's threatening to transfer funds to bad actor the outcome is even worse. without legal requirements to repay customers for those lost funds our analysis found that in 202

mark monaco, head of global payment solutions, bank of america. she he is a member of america management meeting and served on the early warning services board of director. and adam santini is the executive vice president and head of payment for consumer small business banking at wells fargo. he has spent over 20 years as executive for wells fargo and currently serves on the zelle advisory board of early morning services. as is our custom, i will ask all the witnesses to please stand and be sworn. do you swear that the testimony you're about to give is the truth, the whole truth, nothing but the truth, so help you god? thank you. the record will reflect that the witnesses answered in the affirmative. we are going to be using our standard timing system today. all of your written testimony will be printing in the record in its entirety and will ask you try to limit your oral testimony to five minutes. mr. fowler. >> chairman blumenthal, ranking member johnson, distinguished members of the subcommittee , thank you for the opportunity to testify today

mark, head of global payment solutions and bank of america. letters' a member of the bank of americaa management committee ad serves on the boardth of direct. adam is the executive vice president and head of payments more consumer and small business at wells fargo. he spent 20 years as an executive and severing on the zelle advisory board for early warning services. i will ask all of the witnesses to stand and be sworn. >> you swear the testimony is the truth, the whole truth, and nothing but the truth. >> witnesses answered in the affirmative and we will be using our standard timing system and all of your written testimony in it's entirety. you ask that you try to limit it to 5 minutes. >> chairman, ranking member of the subcommittee for the opportunity testify today regarding the zelle network. ceo of early warning services. more more than 3 decades the u.s. financial system is cutting-edge fraud and prevention and payment solutions. businesses as well as the u.s. government to protect the financial system andnd millionsf consumers that rely

we turn attention back to stocks with another batch of banks set to report this morning. bank of american stanley capping off a relatively strong earnings season for the big banks, including positive results for goldman sachs. ahead of the results, bank of america shares are up 16% since reporting three months ago and also trading at an all-time high. that is helping to lift the kpe 52-week and all-time highs. turning to the regional banks, investors seem to take the risks in stride. the kre etf coming off the sixth positive day in a row. one name contributing to that rally is servisfirst. ear important to note, three analysts cover this stock. two drivers of the quarter were double digit loan growth and quarterly deposdeposits. executives say market conditions are turning more favorable in that region. joining me now in the first on cnbc interview is chairman and president of servisfirst bank. tom, good morning. thank you for being with us on "worldwide exchange." >> good morning, frank. >> the bank in the birmingham, alabama area with loan growth of 95%. you have a diversified business

warren buffett's berkshire hathaway cut its stake in bank of america again. holds almost 962 million shares. the filing -- buffett is taking profits with the stock up 22% this year. it is day four of events at the paris 2024 summer olympics. several finals today. yesterday, novak djokovic ended roughly on a doll -- ended rafael nadal's run. yesterday the first bronze since 2008 for the u.s. japan has six gold medals, 12 of them overall. that is your brief. jonathan: thank you. it was sad watching nadal. i don't know how much of you saw it, but it was said. i hope he gets to sit down with carlos alcaraz. lisa: i honestly was not watching that. i was watching gymnastics. i was watching women's. jonathan: i was watching the ribbons. i don't know what that is. lisa: really quite amazing. i watched synchronized diving. jonathan: you were busy yesterday afternoon. i was getting ready for the show. i was getting ready for the show. up next -- i was doing the same thing as you can tell, maybe. up next, we are running through the day ahead, the week ahead, and some th

bank of america obviously exceeded on the top and bottom line, similar to the bank reports we saw frommost of their growth came from nontraditional banking activities, that being capital markets, bank of america we saw beat today, very surprising positive results which relates to investment banking. the fuel that drives the banking industry in country, net interest income, the difference between what banks earn on lornloansand pay on deposits isg down and banks need capital market activities or investment banking growth to offset that decline. as my in high interest rates, ln demand and slowing economy contribute to lower nii balances. it's more than the headline numbers on earnings. it's diving deep into the details to see in fact the earnings are as positive as they seem. maria: kevin, would you put new money to work in stocks right here after this huge rally this year and last year. >> i think there's much more upside for stocks over the balance of the next two and-a-half years but i do anticipate a pullback over the course of the next quarter or so. considering the pe of the s&p 50

expensive business to run from a day-to-day basis. >> i know you want to grow all the business at bank of america you have a strategy about the balance? are you rebalancing the bank? >> this quarter happened to be half the earnings from people, half for institutions. 25 billion of revenue. 14 was spread revenue. 11 was round numbers revenue. the market dictates a lot of revenues. if you think about it from the businesses, we lowered fee burdens on customers. the trade-off was long-term customer favorability. 8% across all the platform engagement places. favorability of 20 points over the last 10 years. made the decision to lower the fee burden but get it paid back in transitional counts. that has worked wonderfully. they started two or $3000. zero interest rate money. it's very strong. if it's a young kid, that's a customer of the future. in wealth management, it's all about fee driven. incremental growth. 7% increase in fees. that's what we are driving there. in the commercial business, it's a balance. investment banking fees. the whole revenue for corporate customers. paul: that is the bank of

but bank of america says one ai semiconductor stock is showing, quote, no signs of slowing down, namingom/pro pick or scan the qr code on your screen. still ahead, playing match maker. shares of online dating company match popping today after luswesst investor starboard vae ip right. that story and more when we take you inside the market zone. want to save on some of the biggest names in streaming on the network made for streaming? x marks the spot. now you can add the new xfinity streamsaver™ that includes netflix, peacock, and apple tv+. that's xfinity streamsaver™ for just $15 a month. all your favorites. all in one place. only from xfinity. for more watching and less spending... x marks the spot. do it all on the network made for streaming, and bring on the good stuff. tamra, izzy and emma... no one puts more love into logistics than these three. you need them. they need a retirement plan. work with principal so we can help you with a plan that's right for your team. let our expertise round out yours. so this is pickleball? it's basically tennis for babies, but for adults. it should

bank of america topping q2 estimates on better than expected. >>> we like bank of america here. g way. if you want to back this thing out this has a lot to reverse. never gotten back above its prefinancial highs. before we get there, it had a nice uptrend but before that, it broke out and what we want to do is show the line of resistance. it ran up, came back in. i'm getting a little too many lines. broke this level. it consolidated where old resistance became support and took a leg higher continuing in that today. the momentum is there. the earnings are there. a fed easing is there. i think a $50 target over the next four to six weeks, very possible. and then if we get past that 50, 55 all-time highs, when you look at goldman and jpmorgan, all-time highs. i think bank of america is going to follow in their footsteps and a long time coming. good to see the stock make this leg higher. >> especially goldman and bank of america not 2023 anymore. thanks. >> exactly. >> be sure to follow and listen to kelly evans. >> anywhere you go. "power lunch" podcast, you can download that on any

we have bank of america, a big consumer bang, k coming up this week. any are looking for higher interest rate vehicles like cds and money market. what are you looking for with bank of america? obviously a key metric for them. >> we expect it to be compressed just like citi and jpmorgan chase. we see the funding on the banks and if your customers have a choice to be higher yielding options for cds or money markets, they will do so which increases the funding costs. it is showing up in the credit card business. the main side of the equation is under increased strain, frank. >> we are talking to a main street bank tomorrow. hugh son, thank you very much. your story is up on cnbc.com right now. >>> coming up on "worldwide exchange," a major deal is taking shape as alphabet is mulling one deal. we will have all of the details when we return. stay with us. [crowd chanting] they ignored your potential, and mocked your ambition. but it's not the critic who counts. with every swing and block, your game plan never changed. ♪♪ some still call it luck. let them. be

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[referee whistle] save the day by using the bank of america customized cash rewards card and choose to earn 3% cash back on online purchases. like live streaming. is that our luggage rack? and choose to earn 3% cash back on online purchases. i fixed that thing. ah! ahh! gorilla tape. of course. double thick adhesive with a rugged outer shell, for a hold that lasts. for the toughest jobs on planet earth >>> the giants know they have work to do it get back in the wild card race. if they decide before tuesday's deadline, san francisco could have the best pitcher on the trading block. >> snellzilla. he's been in pure form since returning from the injured list earlier this month. he's allowed only two runs over 24 innings. imagine where the giants would be if they had this version of snell all season. 30 swings and misses in a career high 15 strikeouts in only six innings. he is the first pitcher to do that since 1901. i'm going to keep talking so you can watch him overpower the rockies lineup. it is the most strikeouts by any pitcher in the majors this season. he said he was going for it i

toward up this morning again after soaring 30% at the close yesterday more bank earnings on tap, bank of americargan stanley and regional banks all coming out this morning with quarterly earnings, waiting on june retail sales coming out a 30:00 a.m. eastern. stay with us on this market moving report coming out. european markets are in the red, sippy 113, cac 4030 to 52, tax index lower by 80 points and asia mostly higher, the hang seng and hong kong, one week spot down better than what it hampers, joining the conversation gop political strategist mahesh cook, former trump administration trip tricia mclaughlin and cheryl casone. "mornings with maria" is live right now ♪ ♪. maria: time for the hot topic of the hour, former president trump make it a surprise grand entrance at the national convention in milwaukee last night after he was formally nominated as a 2024 republican nominee earlier in the day. watch. >> the united states donaldjtrump ♪ ♪ [cheering] maria: tens of thousands of attendees warmly welcomed the former president cheering him on less than two days after he was nearly assassinated.

i would tell you that if you are listening to bank of america's brian today, i found myself thinking y do i need paypal? because bank of america does the same thing with its different methods of artificial intelligence. and certainly with its systems to move money around. so i am going to say i would sell paypal. because even though i like this fellow alex chris the ceo, i would sell paypal and even buy bank of america if you wanted -- if you were similarly inclined to buy another stock. >>> suggests it's time to take chips off the table. we ad a huge run up to this point and garner isn't too positive about the rally's sustainability. we have more "mad money" including my exclusive with 100 x. including important intel on domino's. plus we're getting some mixed signals on the macro aren't we? what am i looking at for a proper read of the situation and all your call rapid fire tonight edition of the lightning round. stay with cramer. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life to

morgan stanley and bank of america earnings. very interest-rate sensitive., the fed releasing the beige book read per se, ecb decision and christine lagarde's news conference. netflix kicks off tech earnings. friday, fed speak from john williams and raphael bostic. my final thought. a look at the companies reporting earnings. goldman sachs, morgan stanley, bank of america. a lot of eyes on interest rate. a lot of eyes on the consumer. johnson & johnson, united. fascinating after what you saw with delta. what is the consumer doing? particularly after the weakness in the university of michigan data. american express are probably more interested than anyone else to kick off the week. not just because it is at the end of the week, but because the consumer is in hot focus. from new york, that doesn't farm us. same time, same day next week. this is "bloomberg real yield." and this is bloomberg. ♪ sonali: welcome to "bloomberg markets." i'm scarlet fu. we are roughly through halfway of today's trading. the s&p 500 and the nasdaq 100. big stocks in the green once ag

>> i think what could be interesting is bank of america. pmorgan chase, obviously they have delivered very strong numbers. everybody expects such trend to continue. you look at bank of america they have been the bigger net interest income story. we don't think about net interest income as we just talked about. but this company has had more focus on net interest income and you might recall back in 2023 when we had the problems with banks in the spring of 23 it was a big focus on the unrealized losses in the portfolio and if this 10 year government bond yield continues to fall, those concerns of the lower yields in that portfolio become less of an issue as we move forward so that's going to be of the big three could be the most interesting one today when they announce their numbers. jonathan: year-to-date up by more than 25% at bank of america. stay closer we will break down those numbers from jp morgan with you in a couple minutes time. an update on stories elsewhere this morning with your bloomberg brief years dani burger. >> the bank of jap

[referee whistle] save the day by using the bank of america customized cash rewards card and choose to earn 3% cash back on online purchases. like live streaming. teens have drama. and choose to earn 3% cash back on online purchases. one more minute! braces add more drama. ahh! how does anyone do this?! invisalign is better oral hygiene, and no drama. >> from cbs news bay area, this is the morning edition. >> an east bay child is missing after her father was found dead in san francisco, the chp issuing an alert this morning numerous counties. what is known so far about this developing story. >>> a plane at sfo evacuated after the plane filled with smoke, why several people got hurt as they were rushed to safety. >>> and the murder capital of america is hoping to boost its reputation through a new public safety technology, why police in east palo alto say it is a concern for license. >> i think it is a small price to pay. >>> good morning, today is saturday, july 13th, i'm max darrow. the search continues for a missing three-year-old girl from fremont. ellie lorenzo was reported missing

it was down 3%, and b of a guidance, and bank of america says q4 will be up from $39.5 billion, and that'sor the fourth quarter of the year. remember, nii is the profit loan generated. it's going to be put in the higher yielding areas. it's rolling off at a rate of about $10 billion a quarter, which also supports nii moving higher in the second half of the year as well. on the consumer side, credit card loss rate, that rose to 3.88%, and net chargeoffs of about $1.5 billion were unchanged from the prior quarter. income generated from fee-based work was across the board, and the $4.7 billion that the division generated was the highest for2q in more than a decade. investment banking fees was up 29%. shares coming off their highest so far, but still off by about .7%, guys. >> leslie, thank you. >>> when we come back, one more big bank set to report today. will hear from morgan stanley. "squawk box" coming right back after this. when you need to prepare for unpredictable adventures... (gasp) you need weathertech. [hot dog splat.] laser measured floorliners front and rear. [drink slurp and spla

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[referee whistle] save the day by using the bank of america customized cash rewards card and choose to earn 3% cash back on online purchases. like live streaming. is that our luggage rack? and choose to earn 3% cash back on online purchases. i fixed that thing. ah! ahh! gorilla tape. of course. double thick adhesive with a rugged outer shell, for a hold that lasts. for the toughest jobs on planet earth >>> well, we are not done just yet. the heat is here to stay for another day at least. while many of us have the privilege and fortune of staying inside, not everyone is so fortunate. what it's like living through a heat wave when you don't have a place to live. >>> in san francisco, skateboarders beware. the warning today from sfpd as they hope to avoid ay pete of what happened at last year's deloris hill. >>> gorgeous colors outside but the fog is sticking around. i will have details and when relief comes, coming up. >> good morning. thanks for starting your day with us. today is saturday, july 6th. i'm max darrow. >> i'm meteorologist zoe mintz. it's quieter and cooler this morning es

[referee whistle] save the day by using the bank of america customized cash rewards card and choose to earn 3% cash back on online purchases. like live streaming. teens have drama. and choose to earn 3% cash back on online purchases. one more minute! braces add more drama. ahh! how does anyone do this?! invisalign is better oral hygiene, and no drama. >> welcome back. here is a look at san francisco on this saturday morning, you can see how fast the fog is just moving through the city. that is oracle park behind some of that fog. the time is 7:13. a new ferry hit the waters on friday that may signal the start of a new and greener chapter in maritime history, it is called the mvc change and it is promoted as the first hydrogen powered passenger ferry, the hope is that hydrogen could one day serve as a cleaner source of fuel for the industry. >> this is not about san francisco and the bay area or even california, this is a world changing event. maritime creates about 3% of the world's greenhouse gases, hydrogen is the solution to that problem. >> for the next six months, the change will

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[referee whistle] save the day by using the bank of america customized cash rewards card and choose to earn 3% cash back on online purchases. like live streaming. is that our luggage rack? and choose to earn 3% cash back on online purchases. i fixed that thing. ah! ahh! gorilla tape. of course. double thick adhesive with a rugged outer shell, for a hold that lasts. for the toughest jobs on planet earth >>> welcome back. a look at the san francisco skyline on a saturday morning. the fog is covering the tips of it but it looks like it's starting to dissipate when we first checked in at the beginning of the 6:00 hour. it will heat up. zoe mintz will join us in a minute to tell us more about that. >>> first the tropics. tropical storm beryl is in the gulf of mexico and likely to reach texas by late day tomorrow. >> the core of the storm crossed the yucatan peninsula yesterday afternoon. wind slowed to 65 miles per hour. >> this was the scene on friday in mexico with rough seas by the shore and a metal structure tossed in the street. the winds knocked down several huts on the coastline. for

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price, a tireless west, the country. bank of america is christian democrats. they see the you that putting full celebration makes it is it's, it's you're up to date. i'll have more world news of the top of the the, this video change the world. it shows us soldiers killing civilians in the rock of to posting it's julie and the songs became a wanted man. 14 years nature, the we can makes found it is fine and the street, the gentlest traces, the stories of a soldier under civilians are off the attack. they speak to each other for the 1st time in your heart to forgive. but that the slowest, don't think that i carry any resentment or a grudge in my heart towards a captivating story about this struggle for forgiveness and truth guardians of trees. julianna's phones and the dog secrets of war starts july 27th on d. w. the same of the day of the gilbert on say so those are the yeah. and the go to, i think, the invalid on sort of the day bonus, dana and the the next 3 days are going to be going the challenges i've had medical happen, the initial stage to solve it may b

[referee whistle] save the day by using the bank of america customized cash rewards card and choose to earn 3% cash back on online purchases. like live streaming. teens have drama. and choose to earn 3% cash back on online purchases. one more minute! braces add more drama. ahh! how does anyone do this?! invisalign is better oral hygiene, and no drama. >> welcome back, a look at san francisco on this sunday morning, the time is 6:15. leaders from across the country and the globe continue to weigh in after the attempted assassination of former president donald trump. bradley black turn has more on the response to this moment in history. >> reporter: it was a shot heard around the world, that moment in pennsylvania when former president trump reacted to gunfire now resonating around the globe. the image of his bloodied face and his fist raised moments after the shooting is front-page news and for many, a reason to pause for prayer. >> from outside palm beach to this gathering at the state capital. >> this is a time when we need to learn how to put those differences aside and figure out ho

[referee whistle] save the day by using the bank of america customized cash rewards card and choose to earn 3% cash back on online purchases. like live streaming. >>> from cbs news bay area, this is the morning edition. >> fire up and down the state in california. one of the largest burning near a community that has seen tragedy before destroying homes and threatening entire communities and it is rapidly getting bigger. we'll have the latest from the fire lines of the park fire. >>> closer to home, firefighters work through the night to try and get a handle on a fire burning in the east bay. this morning, it continues to threaten homes in sunol where some people have been forced to evacuate. >>> the governor tells oakland to step it up when it comes to police chases. the debate over safety for bystanders versus a full-court press against criminals. >>> it's a foggy start to our morning once again with cooler weather on the way today, but how long is it going to stick around? i'll breakdown details coming up. >> good morning. today is saturday, july 27. a major wildfire is burning out o

dutch master of carnivore and matt desock of bank of america are both here. dutch, all you have to do is look at the biggest laggard on the dow to see the power of an earnings report. disney is down 3.25%, all the way at the bottom of the blue chips, but disney hasn't even put out second quarter numbers yet. its rival comcast just did, and universal theme parks' revenue dove 11%. i guess tourists are lightening up on their travel. what does that tell you about the power of the next few weeks' reports? >> well, i think the next couple of weeks we're going to see more of a high margin companies reporting, and we're really looking forward to seeing some of the technology stocks take over and take the lead again. we really need to see them take the lead. liz: it's interesting though, if you look at tech or not, ge, for example, ge aerospace came out with numbers, did very well. and that stock jumping pretty exponentially. that's certainly helping the s&p, i think it's the second best leader on the s&p 500. and then if you look at the nasdaq and nxpi, they did not

bank of america, we'll see.if they're higher for longer, remember, they have that huge hold to maturity issue. we'll see how they address that, and how deposits are hanging in. that was something that jpmorgan talked about for some pressure on nii. >> i just think the cyclicality of investment banking and some markets data, and what not, is what it is. banks aren't usually outperforming, they're not usually underperforming. the reason is, they're rerating. they're rerating in a regulatory environment that probably gets easier for them in a trump presidency. they are able to get capital back. they've gotten to a place where the interest rate environment is also higher rates, but str structurally moving lower. there's a lot less pressure on them. jpmorgan, you know, the six largest money center ban bks ar raising a ton of debt right now and ultimately doing it. so, rates are a little bit lower, they are getting out there ahead of the election cycle. i think banks go higher, and they're going higher on multiple. >>

on tuesday — we'll hear from bank of america. arter profits fell 18% due to rising expenses caused by high rates. also on tuesday — investment banking giant morgan stanley will release their financial report card — with revenues expected to rise. for a closer look at the us banking sector, — let's speak with cyrus darawala from idc financial insights. thank you forjoining me today. let's get your take on what to expect from the latest earnings from us banks when they are released. from us banks when they are released-— released. sure. good to be back. released. sure. good to be back- the _ released. sure. good to be back. the majority - released. sure. good to be back. the majority of - released. sure. good to be l back. the majority of reports so far have been lackluster, and reason for that, though the banks have posted slightly better than expected profit, some half of them, half of them not, it is the longer term view that concerns us. as of right now, dave enjoyed what we used to call the higher for longer interest rates in t

lauren: number one on the dow jones industrial average named a top financial pick at bank of america.rt: tell me about meta-blooge lauren: facial recognition lawsuit with the state of texas for a record $1.4 billion, texas alleged they unlawfully capture the biometric identifier of texans for commercial purposes without their informed consent, settled on the eve of the trial, stocks flat. stuart: we've got stanley, black and decker. >> prices down 1%, volume up 2%, stocks up 8% as they lift therefore your profit forecast to make things more affordable as they fix up their homes because they can't afford anything. stuart: 8%, saw that. thank you. come in here, ashley. where our young people getting their financial advice? stuart: social media. where else? a survey conducted by prolific, market research company found 79% of millennials engines thes ers have gotten financial advice from social media but advisers say wait a minute, that can be dangerous because some people offer advice without credentials or any financial background. one financial expert claims 63% of the advice on stocks

let's welcome in our guest from bank of america. at do you make of the move of the yen in the last hour? >> the market went into the meeting price for a hike, and the bond markets indicate there were reduced purchases and also suggested that this is not one and done. there's more coming. you can argue it's not too hawkish, but considering the market expectations and the dollar/yen we had last week, there was expectation maybe they would wait. so compared to these expectations, you cannot view that some investors may have been forced to sell dollar/yen again, which might blame the move. it can be a choppy market for the next few days. >> but it's been a really choppy market and one of a lot of yen strength over the last couple of weeks. we've seen the big unwinding of the carry trade. is this the final nail in the coffin, if you will, for the carriage rate? >> they will not go far. we expect that by the middle of next year, they would hike it two more times. also it would continue supporting the dollar/yen. however, it's not that the

[referee whistle] save the day by using the bank of america customized cash rewards card and choose tofour sandwiches to choose from, everyone can build their own munchie meal. or they can just get mine. or they can get exactly what they want. or they can just get mine. or they could just get yours. jack: build your own munchie meal. ice cube: or get mine. jack: welcome to jack in the box! >>> all right, talk a little nfl right now. two no, ma'am present 49ers are set to be featured on an upcoming series on netflix. george kittle and deebo samuel two of a half dozen pass catchers to be featured on the upcoming docuseries called "receiver." the show drops on july 10th. >>> man, what's happening man? you got mar shawn beast mode lynch. >> and governor newsom and you are listening in to politicking. what does it even mean. >> this is how it works right. it's bridging gaps and you sit down and you come to the round table and we need to figure it out. >> yeah, you heard that right. and somewhat of an unexpected collaboration, california governor gavin newsom former nfl star marshawn lynch a

the universal sir sraul outperformed this year, and fundamentally the tide is turning in bank of america'sought neutral rating was more appropriate at this point. >> i am wondering at this point in the cycle, you see sort of a recovering investment banking, and things should turn a little, but in price of valuation, are things priced in? should we be trading at that level right now? >> always an excellent question given that jpmorgan is a popular name and trades at a rich valuation, in our view, however, their earnings are so much more rapidly than virtually anybody else in the industry, and you have that that is very helpful. and for jpmorgan, their guidance is conservative, and they have got just an excellent credit profile and eventually, once we get to more clarity on where capital rules are going industry-wide, they have capital return and share repurchase should be bigger parts of the story as well, and lots of levers for jpmorgan. >> and this morning there were reuters headlines saying the federal reserve will revisit requirements, and the scenario the capital burdens on booanks wil

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and warren buffett cutting stake in bank of america. it is selling 767 million in stock. as cut stake for nine straight days. berkshire still owns $39.5 billion of boa shares accounting for 10% of the portfolio. second largest holding behind apple. shares not moving in the pre-market at all. >>> turning to the presidential race and one democrat taking his name out of consideration in the race for the running mate for kamala harris. roy cooper posting on x last night. he strongly supports the harris campaign. cooper took himself out of the mix because he wants to run for senate in 2026. cooper took part in the fundraising events for harris last night to raise more than $3.5 million for her campaign. other vp contenders are tim walls and jp pritzker which had more than 180,000 people on the zoom call. on the other side of the aisle, jd vance attended a dinner reception in palo alto which was hosted by the ceo of bitco. tickets were going for $50,000 per couple. >>> sticking with washington and political fighting over the inflation reduction act. this created hundreds of bill

. >>> as we head to break, shares of bank of america showing that it sold stock dropping it down to 999$43 billion. bank of america shares are up 25% for the year. this morning, they are down 1.5% in the pre-market. >>> welcome back to "worldwide exchange." i'm frank holland. thank you for joining us on this historic morning. here is where we stand in the u.s. presidential campaign. president biden is now endorsing vice president kamala harris as the democratic nominee. the nasdaq would open up .50%. in the green across the board. back to the nasdaq. the nasdaq up .50% right now in the pre-market. we are taking a look at the top gainer on the nasdaq 100. at the top of the list is asml. the chipmaker up 2.5% and followed by nvidia. applied materials up 1.5%. we are watching the russell 2000 small-cap futures after closing out a three-day losing streak on friday. they are fractionally higher. we will talk more about the small caps later in the show. we are checking the bond market as we await pce on friday. >>> that's the morning money set up. we turn back to the breaking news. after week

>> bank of america's been an incredible standout. sense from a portfolio management that you don't want to be the bank of america fund. like you don't want to be the apple fund. bank of america has been the unsung hero this whole way. they've done a remarkable thing. no one talks about them because brian moynihan, to his great credit is not -- he doesn't hog the spotlight. he's a very good coach. it's been the big winner. we have had big losers like schwab, which i think is probably overdone at this point. wells had some problems, but now they're a big play on lower rates. no one thought that jpmorgan was anything other than good, but it was brian moynihan who quietly has built this franchise that warren buffett -- it's like the old days when warren had this position in wells fargo before he dumped every bit of it because of the chicanery we discovered. bank of america is a big win. congratulations to everybody. if i were buffett, i would trim it too. >> financials doing okay here, although almost every sector is up except for utilit

[referee whistle] save the day by using the bank of america customized cash rewards card and choose toline purchases. like live streaming. >>> welcome back. a live look at the sunrise from the black mountain came overlooking santa clara county. the time is 6:18. >>> parents know how tough it can be when their kids get sick, especially with kids that need critical pediatric care. on friday there was an effort to help families get a head start on the school year. anthem blue cross and ronald mcdonald house held a packing party. kids got the school supplies they need for the upcoming school year. volunteers say it's important to lift families up when they need the help the most. listen. >> it supports children that are very ill and getting treatment and their families are able to stay with them to give them support and we wanted to give back to them and get them started off on the right foot for school next year. >> she says anthem blue cross is looking for ways to improve the health and well-being of the community. >>> switching gears to the weather today, zoe mintz joins us live. great

successive social, democratic chance of my life shelves, price to tile, us what the country. bank of america is. christian democrats, they cd you that funding, formal celebration makes it, it's it's, it's, you're up to date. i'll have more world news of the top. the, the, this video changed the world. it shows us soldiers killing civilians in the rock more often posting. it's julia songs became a wanted man. 14 years nature the we can expound it is fine and the street the general is done doing the traces. the stories of a soldier under civilians are off the attack. they speak to each other for the 1st time in your heart to forgive me, but the following is don't think that i carry any resentment or a grudge in my heart towards a captivating story about this struggle for forgiveness. i'm sure.

that's not the thing that's going to move the needle for them or citi or bank of america. >> right. so there's a clear distinction what they're seeing versus what we might see from capital one financial sort of -- >> discover. >> discover, yeah. >> recently, auto delinquencies are ticking up probably to the highest level in 13 years. i think it kind of speaks to that is not a discretionary sort of thing. that's a must-pay sort of situation. the other thing i would mention about capital markets, karen, ipos last year were fairly anemic. it was 127, c$127, close to a b. that has to be good toward investment banksing. >> the other thing in terms of capital required to be held on the balance sheet should be abating. that could be huge for investors and great news for the capital return. >> i'm being cynical but not cynical. when you think about stress tests as far as banks goes, they never thought about capital flight, right? some of the issues they saw they never factored into their tests. so i think regulators at this point absolutely are taking pressure off the banks. that bull's-eye,

and bank of america sees two cyclical rallies ahead. we'lte y wrehe"t exchange" returns. lot of businesses... so my tech and my network need to keep up. thank you, verizon business. (kevin) now our businesses get fast and reliable internet from the same network that powers our phones. (aaron) so whatever's next... we're cooking with fire. (vo) switch to the partner businesses rely on. >>> hello, welcome back to "the exchange." i'm tyler mathisen with your cnbc news update. alec baldwin's manslaughter trial is on hold as the judge considers the defense's request to dismiss the case. the jury was sent home for the day after a hearing on the issue raised more questions and called for more testimony. in a motion, the defense says the prosecution hid ammunition evidence from them that could be related to the "rust" onset shooting of the film's cinematographer, helena hutchens. >>> former first lady melania trump will attend next week's republican national convention in milwaukee, according to cnn. but it's unclear how long she will be there or if she plans to address the delega