liz from bank of america so honored to be here today and without fail, matter how chilly it can feel lways comes out for these amazing opportunities. bank of america founded in the great y san francisco in 1904 and our purpose is help make financial lives better. of e do by supporting the inclusive communities and creating economic opportunity for lie hos just as we are seeing here today with this glorious new building.yearour community development banking group invested $7.85 billion across the united states creating hoinand economic opportunity. these funds created 13 thousand units of affordable housing and homes for families, seniors veterans formally homeless and oswi special needs. be a nk of america is proud to public private partnership tndc, curtis development, mayor office and city and county of francisco and cal hfa. i will thank all th people we are thanking today. the mayor office, cal, tndc, kurting development and bank of america teammates, many of whom were able to join me today. thank you all. [applause] >> it sounds we are still waiting for ckily, i have rrive d been

grateful to construction and perm lender to bank of america who made the bigest loan taken out and tax investment. grateful to cal hsa to support the middle income component and grateful to r office of housing community development. with that, i like to introduce sharmain. au >> thank you katie. so, katie gave facts, which are really good and important facts, especially around midd income part of this project, which i'm passionate about personally. i will go more philosophical. it has been an and privilege to work with tndc the past decade plus. we won't say exactly how many years and to partner with them on the of this amazing project. particularly grateful to katie and to don falk who trusted me to lead the charge when was hard to see light at the end of e tunnel because we had a lot of ups and downs and setbacks, but we persevered. lord knows we persevered and as the kids le een through it. it was to get to this moment. we celebrate key mile stones throughout the journey starting with ground breaking where we do the symbolic turning othf soil and topping off ceremony to write the na

liz from bank of d to be here today and without fail, no matter how the sun always comes out for ities. bank of america founded in the great city of san 1904 and our purpose is to help make :@ financial lives better. wree do by supporting the building of inclusive command creating economic opportunity for livable neighborhoods just as we ing here today with this glorious new building. last year ouent banking group invested $7.85 billion across the united states creating housing units an these funds created over 13 thof affordable housing and homes fofamilies, seniors veterans formally homeless and those with special needs. lf bank of america is proud to be a private partnership with curtis development mayor office and city and county of san francisco xeand cal hfa. i will thank all the same people we are thanking today. the mayor office, cal, tndc kurting development and bank of america yáteammates, many of whom were able to join me today. thank you all. [applause] >> it sounds we are still waiting for the mayor to arrive and luckily, i have you about very important state and local measures that we lik

bank of america. [applause] techs. many others.pplause] traditionally we hold a bon cuten ceremony when the building is fully occupied. that means today we have 203 families and individuals who are living in this wonderful building rit here. and cultural institutions like ums and yerba buena gardens. that's the heart of what we are here to celebrate. at this time, i want to invite my co ceo katie lamont and about the story how we got to this building and 921 howard. [applause] >> thank you so much roxanne. i'm so pleased to be standing here besides sharmain. nymay xoe, i worked at tndc a long time and started leading the using development department and this development has been germinating ■átime, and sharmai in navigating our way forward to get to this place today and grateful she is our codeveloper on this project. so, little about the story how we got to this place today. as many know, soma had a lot of market rate development and are a lot of little to no moderate income dee vepmtime we were conceiving this development there w

lf bank of america is proud to public private partnership with tndc, curtis development, mayor officeand city and county of san frand cal hfa. i will thank all the same pewe are thanking today. the mayor office, cal, tndc, kurting development and bank ica teammates, many of whom were able to join me today. thank you all. [applause] >> it sounds we are still waiting for the mayor to arrive and luckily,i you about very important state and local we like you to support. [laughter] as we all know, it is critically couple both local investment and state in for affordable housing like 921 howards. while state representative here, thank you irwin, we want to express how grateful we are to the state, the legislature for putting prop 5 the ballot. prop 5 who don't know and hopefully learning more up to november 5 wibe lowering the voter threshold for local bonds for things like foing d infrastructure like schools, parks, open space, public libraries and pub transit. the state has been doing its part to make it easier for localities to raise funds to support ■li affordable housing so please do y

markrk monaco, head of global payment solutions, bank of america. he is a member of the bank of america management committee and he serves on the early warning services board of director. and adam vancini is the executive vice president and head of payments for consumer and small business banking at wells fargo. he has spent over 20 years as executive for wells fargo and cursors on the salees advisory board of early warning services. as is our custom i am going to ask all the witnesses to please stand and be sworn. [witnesses were sworn in] >> thank you. the record will reflect the witnesses answered in the affirmative. we are going to be using our standard timing system today. all of your written testimony will be printed in the record in its entirety, and we would ask that 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 regarding the zelle network. to testify today regarding the zelle network. m

>>> we're joined now by the ceo of bank of america, brian moynihan. good to have you here. >> great to be here again, margaret. good to see you. >> good to see you. >> this is a week we had a lot of turbulence in the financial markets and some jitters here. we know that both presidential campaigns in the coming days will outline their vision for the economy. i'm hoping you can level-set for us what is the reality of what you are seeing with american consumers right now? >> well, in our consumer base of 60 million customers spending every week, what you are seeing is they're spending at a rate of growth this year over last year for july and august so far, about 3%. that is half the rate it was than last year at this time. the consumer has slowed down. they have money in their accounts about us depleting a little bit. they're employed and earning money but they've slowed down. the fed is in a position to be careful that they don't slow down too much. right now where they are spending is consistent where they've spent in 17, 18, 19, low inflation, more no

and i would mention bank of america because the trim of bank of america after a total home run makes . >> yeah. >> but that has knocked bank of america to 40 when i think that bank of america has every reason to be all the way up there at $44. people may say, jim, so what? i'll take those $4. >> it is amazing. the respective market values of bank of america and jpmorgan, almost exactly it's a double. jpmorgan is $622 billion. bank of america is half that. >> that doesn't make sense to me. >> i know. it is an interesting question. >> bank of america is a very interesting franchise. the travel trust owns wells fargo. that was knocked back. they had an issue with sweeping the cash and how much money they have to return to bank -- to people who bank at the place. but i would tell you, david, that wells has earnings momentum. bank of america is the largest depositor bank. these are all things which just say, jpmorgan is the leader. play the followers. play the followers. jpmorgan's doing remarkably at a time when the fed is cutting. so, i like that. and david, you know, we have to discuss

for a long time it was an owner of wells fargo and bank of america. america shares. but having sold another 25 million, relatively modest, less than a billion dollars so to speak given the size of the position. still $36 billion at berkshire. they keep selling. >> yeah. >> they had a lot more banks in general a few years back. bank of america is one of the last remaining holdings as opposed to to a long tail they used to have with the regionals and wells fargo as well. >> and they've held it since 2011, i believe. it's a long-standing position for them. bought around when the shares were about $5 a piece. and you know, they've obviously been selling. >> the headline of the profit when they sell makes it sound bigger because it's all profit. oh, booking another billion dollars of profit. how much of the overall holding are they selling and it's basically pure profit? >> a lot of the original stake came during the crisis when they took a deal only warren buffett could get. >> yes. >> he used to do those converts in the warrants and they were incredible

the sell down a bank of america last week and now apple, cutting that stake by 50%. significant on multiple fronts. this is involving the french bank, socgen selling private banking units in the u.k. and switzerland. socgen has signed agreements with ubp for the sale of two of its units. the transactions are to be implemented at a total price of about 900 million euros. in terms of the value of the deal including equity. and in terms of the timeframe, they expect the deals to be completed by the end of the first quarter of 2025. socgen selling its private banking units in the u.k. and switzerland. here is what else to be thinking about. today we will get u.s. ism services index which will be published stateside giving you a clearer picture of the service sector in the u.s. services costs and inflation have been a key point for this federal reserve. how things have changed in terms of expectations. the expectation from the likes of steady that they will cut up to 50 basis points in september. on tuesday, saudi aramco earnings. one of the biggest listed companies and th

first up shares of bank of america falling today after a berkshire hathaway filing detailing the firmust 15th. the move dropped berkshire's holdings in the back to 12% over the last month berkshire has sold over 100 million shares of bofa. they still hold more than 090 million shares, dan. thoughts here, it's lightning the load but is it a bad sign? >> when you put in context of selling some of that apple, looks like some of the big winners over the last fewyears and apple is a ten-year hold, i think, you know, bank of america just doesn't seem like with that overhang you want to take a shot here because they seem to be reloading on the sell side. >> book value in bank of america i think came out at $34.70, when they reported earnings was trading $44. we talked about it on the desk saying it will trade down to book value, it did, that's where you reload but not here at 38 and change. >> what do we think, katie? >> i have a four-month sell signal in bank of america and it suggests it will be range bound at best but very strong support around 34. >> tim? >> i'm long. i've been long it f

coming up next, bank of america and southeast asia up 30% a year ago and latest trends in deal making's look how markets are trading across asia. and heading into the lunch break. and 6 tents of a percent and we have been seeing weakness in the chinese economy and from the likes of and profit growth and chinese equities and sentiment is languishing and weakness coming on the chinese onshore yen and the dollar that is taking a breather today. a take a hook of how japanese markets are fairing. and. >> heidi. >> that's right. and today in tokyo, latest emerging of the battle between 7-eleven and bloomberg is attempting to get jap necessary -- [indiscernible] china asia has more on this and this idea of a designation. what doll nuclear energy, rare earth have in common here? >> it's the next question who wants to be a billionaire. they want to be designated as a core company in a core sector that is supplying food and necessities during natural. 7-eleven of them across japan and they are part of daily life. and where you can get the egg sandwiches and the like. and get municipal services

[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. >> welcome back. here is a look at levi's stadium on this saturday morning, there was some pretty unusual stuff that happened when the 49ers played the raiders, they ended in a tie, pretty unusual. this story takes us to the sierra something you usually don't hear about at all this time of year, snow in the sierra, it is august 24th and it was so unseasonably cold overnight, combined with this storm system that moved in, the radar was picking up snow falling in the highest elevations of the sierra. we are not talking about snow that is going to stick much, this is very light snow of course, but any flakes this time of year is just a really notable thing. i know you have a look at the radar and one of the things that jumped out to me when you were showing it earlier was that it wasn't just a quick little blip that might have been a mistake or anomaly, there was an actual band of snow that was on the radar. >> yes, we could see

grateful to construction and perm lender to bank of america who made the bigest loan taken out and taxÓt. grateful to cal hsa to support the middle income component and grateful to the mayor office of housing community development. at, i like to [applause] >> thank you katie. so, katie gave all the facts, which are really good especially around the middle income part of this e about personally. i will go re philosophical. it has been an honor and privilege to k e past decade plus. we won't say exactly how many years rtner with them on the development of this amazing project. particularly grateful to katie and to don falk who trusted me to lead the charge when was hard to see light at the end of the tunnel because we had a lot of ups and downs and setbacks, but we persevered. lord knows we persevered and as the kids like to say these days, we been jy it was worth it to get to this moment. i love we celebrate key mile starting with ground breaking where we symbolic turning othf soil and topping off ceremony to write the name on the steel beams the top am and finally the grand openingism e

bank of america upgrading liberty global to neutral saying its several strategic moves lock value includinghe swiss sunrise business. wells fargo is upgrading allstate to neutral weight. lower interest rates and the prospects for extremely active wind and hurricane season factor into the thesis. >>> time for the global briefing. the u.s. is sending more submarines to the middle east. defense secretary lloyd austin saying they will defend israel. it will deploy fighter jets to the middle east as well. shares of adani lose $9 billion after fraud allegations. the firm says the chief regulate erin invested in the same fund. hindenberg called out adani in 2023. the salaries of ftse 100 ceos rose by more than $600,000 last year reaching the highest level since 2017. the median pay is $5 million, up 2% from last year, but still lagging the figure from 2022. that pale ns into comparison to the u.s. ceo which rose last year. >>> coming up, one word every investor needs to know and the big disney unveil and if that is enough to move the stock. keep it right here. the disney story. we'll be right back

rick santelli. >>> back to the consumer, bank of america downgrading amex. analysts note that not even the impending rate cuts could be enough to give amex enough edge over competitors. this reminds me a little bit of the amex warning sign in 2008, but that was more small business related, it came from the company first. this feels different. what do you think is going on? >> hi, kelly. firstly, thank you for having me. i think, you know, it's like you said. what we are seeing is more and more warning signs. not necessarily that the consumer is turning over or is weak, but we're not seeing any kind of reacceleration. we're not seeing the back half of the year looking better than the front half. you saw the earnings reports from retailers, launching companies across the board. what we found particularly on lodging, travel, restaurants was signs of weakness. maybe the back half not as strong as the first half of the year. and that does have important categories for american express where 20% of spending is on restaurants, travel and entertainment. so those spen

we have our guest from bank of america with us. >> thanks for having me. >> first and foremost, i wouldike to understand what we have for the uk government? we had the first rate cut from the bank of england and now concerns of potential recession stateside. what do you think about when you think about the outlook for the uk economy? >> we see it has surprised on the upside. q1 growth was .7. q2 is higher as well. it will hold up from the second half of last year. there are a few factors of heigh highlighting that. you have inflation coming down. i also think that some of the peak impact of the monetary tightening and rate hikes that we have seen over the last few years is potentially behind us. there is some positivity from those figures. at the same time, we have a new government. the government is promising political stability after a very long time and we also got quite a bit of mainstream policies about drumming up investment and we have rachel reeves drupmming up innmvestment. we have the uk economy restrained by weak supply the last few years. there has been investment problem an

bank of america securities head of u.s. equity strategist joins us now.do you think the market is too ahead of what the fed is going to do on the cutting front and that presents a risk? >> you know, i think that there is some impetus here to quell market fears around a little bit of a softening we're seeing in the economy, and admittedly our economists have been calling for a deceleration and we're seeing that now. i think the idea that we're going to see a real hard landing, unless the fed cuts excessively, is not necessarily the story. so, you know, i would argue that what we're seeing is, a reasonably, you know, healthy economy, it's slowing, the fed has controlled inflation. we're now at a point where the fed can begin to cut rates and that's good news for stocks. we're at a point where a lot of the more cyclical companies are pricing in a really tough downturn. we've already started to see tech companies really under perform. i think probably the driver there is the hedge funds and mutual fund managers are essentially derisking their portfolios of so

[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. >>> it is a sad weekend at the oakland coliseum as the a's and giants embark on the final bay bridge series. they will continue to play each other in years to come but different name. maybe the big league, little league world series when they play at the minor-league park. before the game on saturday, josÉ canseco inducted into the a's hall of fame and not any home runs to honor the natural. but there was some great pitching. he had a no-hitter going into the six. he came up with one hit and six shutout. the offense had his back. bottom of the six, brown takes advantage of a runner in scoring position. knocks them in with a hard-hit all that gets through the infield. rbi single put the a's ahead 2-0. in the bottom of the ninth, it was miller time. a go-ahead run at the plate for san francisco. he got his first save. the a's win. the last meeting between the two at the coliseum on sunday, later today. >>> big 3 championship go

bank's share prices have fallen by 10% in a month. despite this, berchcher remains the largest shareholder of bank of america. fund owns about 12% of the total share capital , worth about $37 billion. this is the third largest position in bergen's portfolio, behind only apple and american express. baffet does not comment on the purchase or sale of shares, but there is an assumption that the legendary investor sensed a trend towards... a decline in quotes believes that the us stock market is currently overvalued. at the end of the issue on currencies, the dollar exchange rate today is 90-69, the euro is worth 100 rubles 200 - 20 kopecks, of course, 100 rubles 20 kopecks. that's all i have for now. roman. konstantin, thank you, we continue. at the aircraft plant in komsomolsk, there is a large-scale modernization. for the ninetieth anniversary of the enterprise, the flight test station was updated, new hangars and fuel boxes were built there. how will aircraft testing change now - lyudmila smirnova found out. built at the gagarin aviation plant, the su-35 fighter is bathed in the transparent sky over komsomolsk,

bank's stock quotes have fallen by 10% in a month. despite this, bershare remains the largest shareholder of bank of america, the fund owns about 12% of total share capital in the amount of about 37 billion dollars. this is the third largest position in the bershare portfolio, second only to apple and american express. baffet does not comment on purchases or sales of shares, but there is an assumption that the legendary investor sensed the trend of declining stock quotes believes that the us market is currently overvalued. on the other hand, who doesn't think so? at the end of the issue about currencies, the dollar exchange rate today is 90-69, the euro is worth 100 rubles 20 kopecks. and that 's all the economic news i have for now. roman, konstantin, thank you, we continue. the first group of russian athletes and coaches went to paris to participate in the paralympics, about this, as well as the latest news in a couple of minutes. large purchases will become easier. apply for a loan with cashback from. he will not miss it, this is our family vtb everything it will work out. magnit - the price is what you need. ice cream svetlogorie

the other pillar of pain warren buffett selling bank of america and apple? s the best he's the best there is some people looking at his moves and end up extrapolating to the point of absurdity and that's why they dumped the banks. it's why they dumped apple we heard it was based on apple's supposedly weaker chinese sales but ceo tim cook told me the sales were surprisingly strong and detailed why that was. for the rest of the week until we got a positive jobless claims number thursday morning we labored under the delusion that our economy was headed for a recession. worldwide recession all because of japan and the safest thing to do was to sell. it didn't matter that japan only bounced back 10% the next day. what matters was the smart money was getting out of the whole asset class and we felt like dopes hanging on in reality it was the dumb money that was getting out in part because warren buffett or one of his assists f sichbts made us nervous. of course we knew nothing about why he sold. maybe he was just ringing the register nobody cared it just made every

[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. did i read this? and choose to earn 3% cash back on online purchases. did i get eggs? where are my keys? memory and thinking issues keep piling up? it may be due to a buildup of amyloid plaques in the brain. visit morethannormalaging.com they say the hardest part of getting something done let's go! hustle! is getting started. well, we did that 30 years ago, when california first took on the tobacco industry. this is not just about access. it's about the message it sends... now smoking is down 60 percent. lung cancer 42 percent. a couple of our cities have already ended tobacco sales. a california without big tobacco isn't just possible, it's already happening. >>> an all western type stand off is brewing in the south bay. brandon aiyuk, one of many niners skill players waiting for his due. on the other, john lynch, the man responsible for paying the players and keeping the best roster intact. this stand off had a happy ending

berkshire hathaway cuts exposure to more stocks outside of bank of america. at it could mean for broader investor sentiment. we'll be right back after this break. your skin is ever-changing, take care of it with gold bond's healing formulations of 7 moisturizers and 3 vitamins. for all your skins, gold bond. ( ♪♪ ) feel the power of osteo bi-flex®. taken every day, it's clinically shown to improve joint comfort in 7 days, with significant improvement over time. ( ♪♪ ) >>> welcome back to "worldwide exchange." look at u.s. futures. take a look. this is the percentage basis. down on the s&p at 2.8%. the dow would open 670 points lower. nasdaq is down 4% in the pre-market. we are looking at the laggards on the dow. shares are down 8% for apple. intel down 5.7%. amazon following with weak earnings last week. down 7% in the pre-market. as we monitor the selloff, we continue with the "wex wrap-up." nvidia's blackwell chips have been delayed and not expected until q1 of 2025. the commerce department is expected to propose the chinese software in the cars in the cocom

[referee whistle] save the day by using the bank of america customized cash rewards card and choose toh back on online purchases. like live streaming. i will never forget the picture that i have, and choose to earn 3% cash back on online purchases. i'm the only one that's not smiling. even though i'm with my close friends, i felt alone. i didn't feel pretty, i didn't feel confident. when i got invisalign, i built my confidence. it was the best investment that i could do. blocked from watching the big match? [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. and choose to earn 3% cash back on online purchases. >gianna>welcome back. so are they creepy or are they cool? check out these robots greeting visitors at the world robot conference in beijing. and this year the exhibit's highlighting robots that can copy human facial expressions the human like appearances may also have you doing a double take. the company behind the goal here. the goal, they say, is to have these robots

[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. >>> welcome back. this is the look from the top of black mountain. a beautiful start. >>> hurricane ernesto made landfall in bermuda. it's classified as a category 1. they are bracing for winds up to 105 miles per hour. this shows the rough water pounding the coastline there. last weaker necessary stow hit puerto rico and the virgin islands leaving hundreds of thousands without power. >> oh, my god. oh, my god. >> ernesto is causing serious problems in the eastern united states. this house was swept off its foundation by the waves in north carolina. the same thing happened to several waterfront homes like this one collapsing into the water. national weather service is telling beachgoers to stay on high alert for dangerous rip currents this weekend. we talked about it, this is something that happens in north carolina. that is somebody's home, their livelihood. their life. >> it's crazy. if you want a cheap house, go to the out

we have fresh data from bank of america institute. 69 million consumer and small business accounts, al-time picture of what's going on. it may explain why the opportunities are in the consumer space. and don't try to make sense of the markets, but there are trades that do well in this environment. this is one of them, up 4% today, 20% this year, that name is ahead. and the fed, jobs, and housing, the new prediction platform lets you bet on economic indicators. i need an account. it's been live for a week. the founder and chair is here with a first look at where clients are putting money. but let's go to dom chu on the rally. >> rally, you can see the bull out there in full effect. we're trying to bounce back strongly. we're not back to where we were last friday, before monday's big meltdown to the downside. but we are at 39,278, up 515 points, 1.3% gains. the s&p 500 is at 5295, up 95 points, north of 1.75% there. at the highs of the session, we were up roughly 106 points, up about 34 at the lows of the session. just to give you an idea of the trading range. so tilting towards the upp

this is evidenced by the data of the august survey of bank of america. ttended by 220 portfolio managers, under whose management is 590 billion dollars. 99% of respondents call the recession of the us economy a key risk with unpredictable consequences for the world. concerns are caused by weak statistics. in july, the business activity index in the us manufacturing sector fell to its lowest since november last year. analysts expected it to grow. the unemployment rate also turned out to be worse than expected, as a result, the financial market started talking about the risks of a hard landing of the american economy, goldman sachs increased the probability of a recession within a year from 15 to 25%, well, in... morgan from 25 to 35%. and in conclusion of the issue, i will remind you that the exchange rate today is the dollar 92 rubles 65 kopecks. the euro 100 rubles 55 kopecks. and that's all for now from me. but beat yourself over the head. the main thing is that you, vanya, hurry up. what kindles interest? eh, what started? and makes life brighter. popu

banks. according to analysts, gold will rise in price even more in the coming months and by the end of the year it may reach $2,600 per ounce. in turn, bank of america allows for prices to rise to $3,000 per ounce. and that's all the economic news for this hour. good luck in your business and see you soon. the morning broadcast continues with the zone x program. i am violetta sokolovich. hello. a pensioner from minsk transferred more than 40,000 rubles to a fraudster. an unknown person called the eighty-five-year-old woman in a messenger and introduced himself as bank employees, the man told them that illegal transactions were being made from her account, that her apartment would be searched and the cash she had at home would be confiscated. the conversation was then continued by an alleged law enforcement officer , who said that in order to ensure that the cash was not from...

first of all, bank of america. what's so great about it? ten, it's just one of the core banking companies in this country. i think it's underperforming its peers. it's a name that both the firm and i own. i've owned it for a while. it's a great dividend payer, and i think it's undervalued. stuart: having invested in big tech for a long time, i just can't get excited about a banks which barely movement however, you like next era energy. >> it's a utility company, right? and so if rates start to come down, utility companies will do better. if you look at it on the chart, it has started to do that in anticipation of rates coming down. and, look, it is still 12 below where it was -- 12% -- when they started to raise rates in 2022. the stock took a hit as a did a lot of utility names, but as rates come down, this is coming back up. and this is going to the take it right back up another $7-8 to get it back to that level from where it is. but it's had a nice rally off the bottom. stuart: all right, kenny. you have a wonderful weekend, see you next

now $227 billion in cash. >> not just apple but bank of america. two together and you think, during that runup, what did buffet see coming? did he anticipate some market turbulence? i don't know. >> here we are right now in the midst of some turbulence. we'll have a lot more coverage of that right after this. it's time to grow your business. create a website. how? godaddy. coding... nah. but all that writing... nope. ai, done, built. let's get to work. create a beautiful website in minutes with godaddy. ah, these bills are crazy. she has no idea she's sitting on a gold part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you'rei sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. i. >>> good monday morning. welcome to "money movers." we're live from post 9 of the new york stock exchange. markets are down. well off the lows. nasdaq 100 is tracking for what would be its third consecutive decline of 2% or more. if that does happen, that would b

health care professional about wegovy®. >>> in our next half hour, kansas governor laura kelly, bank of americaon israel. >> announcer: this portion of "face the nation" is brought to you by simplisafe. there's no safe like simpli jp safe. safe. i safe. safe. (vo) they're back! verizon small business days are here. august 5th to the 11th. get a free tech check. and special offers. like a free 5g phone, when you switch. don't miss out. get started today. missing out on the things you love because of asthma? get back to better breathing with fasenra, an add-on treatment for eosinophilic asthma that is taken once every 8 weeks. fasenra is not for sudden breathing problems or other eosinophilic conditions. allergic reactions may occur. don't stop your asthma treatments without talking with your doctor. tell your doctor if your asthma worsens. headache and sore throat may occur. tell your doctor if you have a parasitic infection. step back out there with fasenra. ask your doctor if it's right for you. (♪♪) wendy's has new saucy nuggs. and if wendy's found a way to make their nuggs even better... any

only from bank of america. mily of brands with a hotel for any traveler you want to be. like #1 chef dad, cookin' up a free, hot breakfast for the entire family at a comfort hotel. mom made this. umm... i...added... the garnish. stay twice and get a $50 gift card when you book direct. teens have drama. stay twice and get a $50 gift one more minute! braces add more drama. ahh! how does anyone do this?! invisalign is better oral hygiene, and no drama. only while supplies last, so scan the qr code or head now to abc secrets dot com to get shopping. all right, i am carrying a preview. >> you're ready to show you later. i know i'm already ready to travel, but first up, master language is with rosetta stone. you can challenge yourself or just prepare for the trip of a lifetime. >> danny, i just got home from amsterdam and i'm convinced that i need to learn to speak dutch. first thing i did when i got home was google rosetta stone. i should have waited for secret sales. you can get lifetime access to learn one of 25 la

usa la tarjeta bank of america customized cash rewards y elige ganar 3% en reembolsos de dinero en compras preguntas, como: “¿cómo limpio una mancha de alioli?” por suerte, tide responde a casi todas. así,no importa quién lava ni a qué temperatura... tide funciona. para todas las preguntas sobre el lavado de ropa, la respuesta es tide. presentadora: un mes lo que visto por testigos en lugar los hechos es que se clave para establecer una conexiÓn entre el incendio de la guarderÍa abc y funcionarios del gobierno. como nos cuenta mÓnica romero, un ex investigador confirmÓ que se engulleron nuevos indicios de testimonios para determinar que el incendio fue provocado. >> yo iba y cometer una decir que se estaba quemando. y yo decÍa que parecÍa ser que era la guarderÍa. reportera: mirian garcÍa iba en el transporte polk cuando lo despertaron los comentario de los pasajeros sobre una columna de humo que aparentemente salÍa de una guarderÍa vecina y le invadiÓ una ducha de que podrÍa ser la guarderÍa a veces dona dejÓ a su hijo esta maÑana. >> yo venÍa casi durmiÉndome porque ese dÍa habÍa mucho c

is a record 277 billion dollars, sensing something was wrong, he left the shares of apple and bank of america. the oracle of omoha was not just preparing for deep market decline, but in a sense it also helped push it along. the wall street journal explains what happened this way: financial losses swept across europe and the united states as investors dumped riskier assets. in the united states, the decline. monday's market crash raises both the risks of a recession and a more dire financial-market disaster, but for federal reserve officials, the outlook will likely have to get worse to prompt a larger response. the brunt of the stock market panic has been borne by high-tech companies. struggling with artificial intelligence. locomotives may slow down, which will inevitably slow down others. investors are overestimating the risks of a global economic collapse, but their fears could become a prophecy if central banks fail to contain the consequences of the sell-off. a slowdown in the american economy will lead to similar processes in japan and china. asian economies are heavily tied to u.s. tra

and also, we've had folks on our air, like savita from bank of america, who say the industrial companies will operate at higher margins and should be trading at higher multiples. look at transports, industrials, health care, and that's where you have the dynamics of a.i. that's a tailwind in terms of margin. so, yes, i think overall, it is a market of other stocks. i tend to agree with carter that, i mean, if you can -- if you can put a 35 multiple on nvidia and feel fine about it, you know, malultimately, one, y can defend that in microsoft. but the price action in apple is very impressive. and of all these seven stocks that now we don't really want to talk about, that's the one that i think is probably going higher, and will help this market. >> beautiful transition, tim, because we are going to talk more about a.i. and apple and nvidia, because apparently, reportedly, apple and nvidia are both in talks to invest in openai. perhaps the biggest a.i. player out there, at least right now. kate rooney joining us with the market intelligence on artificial intelligence. kate? >> the wall str

adding to its reserves by slashing its apple holdings by half and selling $3.8 billion of its bank of america shares over the last few weeks. apple still remains its largest holding. berkshire shoring up its cash pile, should you be, as well? a lot of focus was on the apple sale, which was disclosed over the weekend. selling bank of america plus apple, you get a bigger picture of somebody who is worried about where valuations were, worried about where the markets were going, you know, worried enough to bulk up the cash? >> timing mechanisms are tough. that was flashy red at the beginning of this year, and the market didn't really care, went up on its merry way. it sort of looked right past it. so, that's the whole thing. market doesn't care about valuation until it does. but you should absolutely -- listen, if you agree with him when he buys things and get e lated that he bought one of your stocks, you should be equally whatever, interested when he sells something. apple is obviously his biggest holding. but bank of america, i mean, again -- it's not to be mean or anything, we talk about this

only from bank of america. it'll be raining cats and dogs again. time to waterproof with gorilla. waterproof with gorilla? gorilla waterproof patch & seal. of course. spray it, tape it, spread it, brush it to stop and prevent leaks. for the toughest jobs on planet earth. (♪) to stay on top of my game, i need to keep up my energy. clif bar is purposefully crafted with 10 grams of protein and organic oats. because the more good you put in, the more great you get out. clif. the most important ingredient is you. >> gio >> gio: good morning, america. deadly storm. ernesto blamed for at least two rip current deaths in the u.s. 10 million americans on the east coast under alerts this morning with areas deemed too dangerous to swim as the cleanup starts in bermuda from high winds and flooding. >> mary: pennsylvania push. vice president kamala harris and tim walz starting their bus tour as donald trump vies for votes overnight in the same critical background. -- battleground. the start of the democratic national convention just hours away. will it give harris a momentum boost? political an

usa la tarjeta bank of america customized cash rewards y elige ganar 3% en reembolsos de dinero en comprasrÍs 2024. es la Última medalla en el atletismo. aquÍ estamos junto a eduardo biscayart. yo soy josÉ. va cerrando ya con la maratÓn femenina para ver quiÉn se lleva el oro. >> bueno, vemos a cuatro corredoras en la cabeza de la prueba con un kilÓmetro 195 metros aproximadamente. son stiff arm de paÍses bajos, que es la nÚmero dos en la historia de la prueba asefa tee shot, la plusmarquista mundial de etiopÍa, jelena y de kenia, y sharon tambiÉn de kenia, lo que es la que tomÓ el control de la prueba a partir del kilÓmetro 30, cruzado en una hora 43 59. siempre fue con este grupo que se fue decantando y se fue acortando, se fue achicando hasta dejarlo en cuatro corredoras y el final del mapa, donde se completarÁn los 42.195 kilÓmetros, pasÁbamos por los 30 kilÓmetros. >> seguimos recorriendo la bella parÍs al lado del rÍo y aquÍ ya plano. acÁ ya no hay mÁs subidas, ya lo mÁs fuerte termina aquÍ es para rematar en los 42 kilÓmetros. los Últimos cinco llegando muy cerca de la torre eiffel.

bank of america securities naming uber and chipotle two of its newest top picks list. ey added both stocks to high conviction u.s. one list of favorite stocks. weren't the only ones. bank of america slapping home builder nbr, northrop grumman, renaissancere and one off the list. named removed include dell, micron and seemed air. what do you make of -- they like it. now kind of really, really like it. >> yeah. >> really, really, i really, really like you. >> i really, really like the uber call. if you look at the likes of doordash, similarly positive numbers out of there. kind of re-invented themselves and expanded into that delivery and away from just a pure play type of ride-share situation, a big moment for them and strength there. concerns about the consumer, ability to stand, concern as treating drivers. concern about the consumer and various verticals i think offers a bit of diversification. i like that call. >> tim, came on smg. cho chipotle. >> a take largely wrong the last few years. i don't love the multiple. the last quarter number's, traffic list fantastic. m

. >>> berkshire sells more bank of america shares. it's made a $5.4 billion in profit. is as berkshire itself is on the cusp of joining the $1 trillion club, the market class of the conglomerates class ashrs now stands at $987 billion, and the nfl is opening its doors for private equity to take a stake in teams. the league's owner is voting to approve a plan to allow certain firms to buy up to 10% in any of the 32 franchises. now, initially approved firms include air force management, six tree partners and a group nicknamed the avengers that include blackstone and the carlo group. be sure to join cnbc and boardroom game plan conference on september 10th, digging into the intersection of business, sports, and entertainment. scan that qr code on your screen or visit cnbcevents.com/gameplan to register, contessa. >> i'll be there. it's sure to be a lot of o enlightening guests. >>> global logistics giant maersk formed a partnership with nike. according to mckinsey, there will be a $50 millionmarket for shipping with a reduction of greenhaus gas emissions. that's still rough

. >>> coming up here on "worldwide exchange," why bank of america sees red hot spending in the ultra gh end cooler market. the morning call sheet is coming up next. >>> welcome back to "worldwide exchange." time for the morning call sheet. bank of america raising the call sheet of eli lilly following the better than expected earnings. it is raising sales estimates for zepbound and mounjaro. general dynamics stock is looking to get a rate cut. and yeti holings sees a saeles increase for the second half of the year. >>> and china sees the biggest increase since february for the cpi. pork prices playing a role in the increase. >>> shares of taiwan semiconductor closing higher on the increase of revenue in july. the demand for the chips suggest it masy surpass the forecast. it is the only supplier of iphone processors. >>> and hargreaves lansdown is accepting a takeover offer worth several billion dollars including from cvc and abu dhabi sovereign investment fund. hargreaves says this is an attractive opportunity for shareholders. >>> coming up on "worldwide exchange," one word that every

by the way, this morning bank of america off 6%. citi group 6. buffett sale of bank of america is probably either very specific to that company, but in terms of what happened on friday, continuing to happen now, at end of the day market saying, oh, didn't want rate cut for banks. not that come in a recession. given the credit sensitivity of these banks and signs from the credit card companies that the consumer is slowing down, i think this is an indiscriminate sell-off for portfolio managers anything sensitive to higher credit losses in a weakening economy. >> when your clients call you, if they call you right after this segment, for example, and say, should we sell our bank stocks? buy our bank stocks? what would you tell them? >> buy your bank stocks. the reason i have a great background, posting a conference with a bunch of ceos and cfos across financials. it's actually a really great time to get together. from what we're hearing even last night from management teams. they're saying to us, look, credit is still good, and rate cuts are actually

[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. >>> welcome back. a live look at san jose on this saturday morning. a beautiful look there. really interesting contrast with the clouds in the sky. zoe will tell us about the weather that we need to know. first we need to take you to the caribbean. hurricane ernesto made landfall in bermuda. the storm is classified as a category 1 storm. homeowners in bermuda are hunkering down during a downpour. people are bracing for winds to reach up to 105 miles per hour. the video shows the rough water that is battering the coastline there. last weaker necessary stow trashed puerto rico and the virgin islands leaving hundreds without power. listen. >> oh, my god. oh, my god. >> really terrifying images there. ernesto causing serious problems in the eastern united states. this house was swept off its foundation by the waves in north carolina. the same thing happened to several waterfront homes like this one collapsing into the water. nati

usa la tarjeta bank of america customized cash rewards y elige ganar 3% en reembolsos de dinero en comprasdo sensodyne clinical white. yeah, they have awesome rates on coverage for our car, home and stuff. but they also have banking, plus advice and other perks, so we know she's all set because we've got usaa. usaa. for the military community and their families. con las ofertas de amazon para este regreso a clases usaa. puedes ahorrar dinero gastando menos dinero. esa lógica no se puede discutir. y que conste que está en el equipo de debate. wow... stem light trap atrae y captura insectos voladores sin insecticidas químicos. no importa lo que te depare el día, (♪♪) nada te molesta. stem light trap. zyrtec trabaja rápido y provee 24 horas de alivio para que david pueda ser... el repartidor del ritmo. ¡esooooo! seamos más que nuestras alergias. dile zy a tu día con zyrtec. vi cuando los niños estaban jugando, así que vi venir el balón y traté de que no le cayera al bebé y eso fue todo. usted se llama karen saavedra, ¿cierto? sí. hay una orden de búsqueda para usted. su esposo la está buscand

the number increased in the bank of america survey of fund managers. it was over 70%.hard landing and a handful see a no landing? >> to much the probabilities are much too high. a year ago everyone thought a recession was ordained. psychology has a way when it is totally in the price something happens. there is certainly a lot of risk in the market. you talked in the past about commercial real estate. credit markets might be under duress, we don't know. if the labor market is weakening, companies with private access to credit markets won't have the access to credit. that would be mean more layoffs and more jobs. charles: i am glad you brought that up. covered only a couple times on the show. couple of opaque areas we don't exactly know what is going on, blows up. one of those areas the taxpayer ends up having to -- >> look at measures of consumer sentiment. consumer sentiment, current conditions are recessionary readings. this has been going on for a while. some of the hard data looks good but a lot of qualitative service based metrics are really poor. sometimes they d