webpage an agenda called the great reset, and in charles schwab's own words, they want to take this pandemic because they see it as a once-in-a-lifetime opportunity and use it to bring about broad changes, not just in america but around the world, but america is the stumbling block to some of these changes that the great reset vision has in store for us. one of the agendas that the world economic forum has an store to change the definition of capitalism. here in america, we have the free market system and businesses own business to make money. profit versus loss that decides success or failure of a business. the great reset has a new form of capitalism or they talk about it being more in line with what china does, and they call it stakeholder capitalism versus shareholder capitalism. stakeholder capitalism opens the doors for businesses to be rated failures or successes based on social justice agendas that they promote. and that they fund. this is why you have come in large part, a woke corporate culture, a lot of these businesses that are pushing social justice, environmental thing

i agree with that, charles schwab at the moment is sector neutral. is there nowhere where you say this is going to be a great opportunity? >> i think the opportunity comes in this current environment more at the factor level than the sector level. by factor i mean specific picture mystics, leadership is more consistent based on factors versus based on sectors. even energy the best-performing sector over the past year had as many months where was the worst performing sector as the hardware was months with the best-performing sector. the volatility has been significant in trying to trade around that is difficult. however, factors that are valued to hybrid factors strong cash flow, strong balance sheet, positive earning revisions, those of be the basket or examples of the quality basket of factors. you can apply screening for factors anywhere, you can screen for value but not the make yourself to the segment that lives in the value indexes. tech as a sector generally in a growing way. the best-performing stocks within tech screened best on value charact

. >> this portion of "face the nation" is brought to you by charles schwab. own your tomorrow. this broker is your man. let's open your binders to page 188... uh carl, are there different planning options in here? options? plans we c, or with help from a financial consultant? like schwab does. uhhh... could we adjust our plan... ...yeah, like if we buy a new house? mmmm... and our son just started working. oh! do you offer a complimentary retirement plan for him? as in free? just like schwab. schwab! look forward to planning with schwab. face pgh >> brennan: friday we traveled to williamsburg, virginia to talk with former defense secretary robert gates. mere is what he said about the gop and former president trump. >> you have said that you have been disappointed in republican leaders for not standing up for traditional republican values, we just had this awful shooting in buffalo, new york, liz cheney, congresswoman said house gop leadership has enabled white nationalism, white supremacy and anti-semitism, history has taught us that what begins with words en

let's ask omar angular and charles schwab.t does it tell you about where we are with growth? >> it is clear that the economy is accelerating, globally. we started the year with several headwinds going into 2022, that has transpired. he put that into context of all the transitions we are going through. a strong economy to a decelerating economy. high inflation, to no inflation. we are going from plenty of liquidity in the market to a lower liquidity. overall, the market seems to be adjusting for that. at the same time, we are going into a late cycle. when you have that deceleration of cycles, you see profit starting to reduce, or the profit margins starting to compress. we have seen a bit action and capital expenditure. it is a reflection of the potential for future discounting mechanisms, or what investors think will be a reduction in capital expenditures, whether it is advertising, extra consumption by consumers -- but there will be a reduction as the economy slows down. guy: where are we in that process? we want to know if t

. >>> pga, round three of the charles schwab challenge at colonial, and scottie scheffler is bouncingcely after missing the cut last week. there is a birdie on 18, and he has a two-stroke lead heading into today, and you can catch the final round right here on kpix5. that does it for sports. have a great day, everyone. >>> coming up, president biden is heading to texas today, but in the aftermath of the deadly shooting in texas, some residents are having mixed feeling about his visit. >> and also, the ukrainians are taking the fight to the russian, and we will >>> live from the cbs bay area studios, this is kpix5 news. >>> welcome back. it is 6:30 and thank you for joining us. i'm devin fehely, and let's start with a quick check of the weather with our meteorologist darren peck. >> let's look at what we have been dealing with from the last couple of days. there are no clouds out there. and we have had a northerly wind, and it is beautiful, and that is the look from sutra camera, and looking out over the bay, and how fantastic. it is going to be much sunnier than yesterday. we are star

last year charles schwab put out what they call their modern wealth survey, and it revealed a shift in money. you know, what really struck me is respondents actually lowered the amount of money that they say you need to be wealthy, financially happy or financially comfortable. wealth dropped to $1.9 million from 2.6 million. that's huge. to be comfortable, that's 624,000 from almost a million dollars. they were also asked what they planned to do when the country reopened, and, of course, you can see there's absolutely no surprise, in fact, we are seeing all of this play out, right? the data we got today on spending is and some of the stock market moves as well. ford, i plan to do everything on this list this weekend. now, one thing not on the list is hug our children tighter than ever. sadly, we have been reminded that we cannot take anything and everything in life for granted. this week is the most brutal reminder, and it makes even talking about wealth and vacations seem very shallow. but we do want to the live great lives, right? i mean, while we're on the planet, we want it to be t

charles schwab wrote a note this year that i have never seen in 51 years. there was a somber tone of this war in ukraine. lisa: not only that, but the supply-chain disruptions and how you re-create the spirit of globalization that is being rejected by so many different populations. i've got to say, the backdrop of markets yesterday, quiescent. but today a little less so. there's another downward tilt, and it comes after snap, and i know you wonder what kind of company it is, a lot of people call it social media, but abercrombie and fitch also coming out with some potentially negative headwinds, basically talking about some of the supply chain disruptions that have been greater than expected. tom: i had a conversation yesterday, and i don't think it has been played enough here. if china opens and shanghai unloads, where do the boats go to? how do you unload them? lisa: that is a good question. you get so me to disruptions. how do you deal with volume you are not accustomed to? also coming out while davos is taking place were a number of downgrades to the pot

tom: let's go to collin martin, fixed income strategist for charles schwab financial research.eir bond portfolio monthly. they are going to look at the computer screen and go, what happened? how do they claw their way back with yield up, price down big time? collin: we do think it is going to be difficult for them to claw their way back, but you are right, that is the most common question we are getting. it is not just the shock of seeing the price declines. it is what do we do now. the unfortunate news we have to break to them is that we don't necessarily see a rebound in their bond mutual funds because a lot of our clients are likely holding etf's and mutual funds. something you all touched on before in terms of how much lower can yields go if we get a risk off environment, we just don't see that much room to go lower with inflation so high in the fed likely to hike aggressively. so unfortunately we can't undo the past and the core performance we have seen this year, but the good news is that we see a lot of opportunities out there, especially with higher quality investments.

credit conditions continue to tighten, it will be the companies like bank of america and jpmorgan, charles schwabof their own that are going to win out and a lot of the so-called disrupp tors end up as zeros or lunch meat for the m and a market. i think it is important people understand great ideas are not the same as great businesses. >> jim, why did you dump paypal friday >> the risk reward in paypal and the whole space skewed in the wrong direction, keys off what joshua saying. i will phrase it this way. why make life hard now there's a gale blowing in the markets, we are diving off a high board why do triple lending. dive into the water meaning go with the big money center banks, a lot of them trading below book value, cash flows that support buying back shares and dividends. if i look at citi, jpmorgan, goldman, sachs, return potential that this is just a growth slowdown, the economy will reaccelerate, return potential in those names is quite high on the down side, there's protection in cash flows the so-called disruptive fin tech triple d ncmeanluh at all in one block. amazing show here. >>

retail investors have very little cash in the charles schwab accounts and exposure are elevated withespect to where consumer sentiment is. in other words, they're hanging in there we have a lot to chew on. let's get the read from shah gilani and gary kaltbaum. last time we spoke you have begun to nibble a little bit. if you have begun to buy, what are you looking at? >> we have. we bought rio tinto on the recent dip. we sold it. bought it higher and attractive levels down here. bought nvidia, like it down here. with our purchases we're willing, frankly just ready to buy lower and to average down but we may not get a chance. we may see this market bounce. i don't think it has got legs to bounce but wells fargo is another one. looking forward to buy on the dip down here. we did own that before. i took a very nice profit out of that. some plays worked before i think are going to bounce. we're getting back into those. charles: gary you're probably skeptical. 24 hour turn around, 24 hour market turn around. what will it take for to you start nibbling? >> a lot more than that a couple thin

trading stocks and i'll talk about the exchanges like intercontinental exchange, nasdaq new low, charles schwabpanies and selling the etfs like msci, for example, s&p global and 52-week lows and down the road, trading activity may slow down a little bit and we may see this potentially with retail traders actually happening volume is still very, very high and they're still trying to remember, guess what's going on down the road. finally, we talked about peak everything we talked about netflix and of course, peak streaming we talked about zillow and peak real estate and peak travel. avis, the last four days since wednesday. avis was 290 at the close on wednesday. 230 today and that's a 20% drop in four days and all of the airlines, not down as much, but united and american also had tops just a short while ago and down rather notably and keep an eye on peak travel even though everyone is paying a fortune to travel this summer >> bob, thank you very much. bob pisani let's turn now to the bond market and the ten-year yield hit 3.2 earlier today and we are well off those levels and we are back to 3.0

it is charles schwab, reiterated overweight at jpmorgan the firm saying sometimes bad is good kari, wet up because you added to that stock. why now? >> well, the stock is down 30% from its peak last year. the fear is that clients of schwab will require higher interest rates on their deposits, which of course will be true. money market funds as we know have paid nothing and checking accounts nothing and so, yes, schwab will have to pay more but on the other side, and much more important, is their entire asset base on which they will get higher interest rates on short-term money that they have out. and that is much more powerful than the negatives on cash sorting. if you take the most punitive case for the sorting side and add in higher interest rates, 50% increase in eps for 2023 and that means that schwab trades for 13 times next year's earnings, which we think is very attractive that's the lowest multiple it's traded for in ten years so that's why we added to the position. >> another one is oppenheimer upgraded the cme group you own that too. >> you bet and we own that -- it was a gre

giants down to nothing early, whether also a problem yesterday during the first round of the charles schwabworth. we go to texas now. today the skies are clear. the sun is out and the field is jammed pack . this is scotty stallings, one of the leaders on 18 for birdie . he thinks this 25 ft putt to wrap up his day, shooting a low score of six under 64. he's at nine under after two rounds. the other guy at the top is the top ranked golfer in the world. another scotty scottie scheffler on the 4.4 par 17th settlers. birdie putt hits the bottom of the hole. he shoots a five under 65 also tied at nine under third round action tomorrow a little time for some cto on this t g i f here's proof. being a three time nba champion doesn't translate to the baseball diamond. javal mcgee can hit a basket, but he cannot figure out the complexities of batting practice pitch. if you google futility is the video you're gonna see. we got a swing and a miss swing and a miss, it was foul. okay well, jordan, jordan's at also sticking with baseball theme. this toddler has found a creative way to score from third som

charles schwab actually pretty close to as low as it gets that's in the grown. t.price again, high quality operating and blackrock as well. so if the earnings are in the ballpark of being correct, you might consider them to be leveraged bets on the markets finding their footing because they're going to have a magnified effect as markets do better obviously there's always a risk that doesn't happen, but this shows you that the market has already cheapened them to some degree. >> are we seeing a corresponding amount of outflows >> you're seeing the beginnings of outflows. only 3 or 4% of the money that flowed into funds in general last year have come out. the fear is that losses build up and people decide to flee or at least no inflows are not going to be likely any time soon. >> mike, thank you we will see you in the market zone. >>> up next, former treasury secretary jack lew on whether the fed's aggressive moves to fight inflation are increasing the risk of recession. (vo) this is more than glass and steel... and stone. it's awe. beauty. the measure of progress. i

td ameritrade owner charles schwab, e-trade morgan stanley, interactive brokers are all busy dealingree stocks are moving lower right now. luxury name tapestry is actually on pace for its largest percentage increase in two years , up 15.6% after the owner of the coach handbag brand said it's confident demand for its products in china will bounce back after covid-19 curbs ease. the company did cut its annual profit target on china weakness but third quarter revenue and profits topped estimates. amare it source berg en is on base for its largest percentage decrease in more than two years after walgreens boots alliance reduced its stake in the drug distributor. walgreens sold 6 million shares at $150 each, that's right where amerisource bergen stands and said it would use the $900 million in proceeds to pay off debt and support its strategic priorities. abc is up 35% over the past year , walgreens boots alliance down about 1.25%. and love is in the air for bumble investors after the dating app operator reported 211 million in revenue for the first quarter, that beat estimates. the compa

by adding low and trimming high with us is liz ann sonders, the chief investment strategist at charles schwab ann, good to have you here even what rick just pointed out these 1% moves in the dollar we see them with flat-outic panic and what's your overall reaction to investors >> your tease was not quite accurate that was in the con tkt of allows investors to do i think stepping out on a day like today is pretty trench rouse unless you're an incredibly nimble trader and i don't make recommendations from a trading perspective, but yeah. the dollar surged today. it took out the highs from 2015 and 2016, yields firmly above 3% as you've been touching on the horrific combo of weaker productivity and higher unit labor costs as much as powell tried to talk down the likelihood of resessions, i think the needle is firmly pointing more in that direction than on a soft landing and it was more of a countertrend rally and today is more within trend weakness that we're experiencing as the market just starts to discount something a little bit worse than a soft landing. >> so do i just move to the side line

it's all about the charles schwab challenge.ort worth, texas where there are a ton of golfers topped the leaderboard and the flags that colonial at half staff remembering the shooting victims and your valid e 300 plus miles away some oppressive shots in this one. victor hovland out of the sand. i don't need a butter. third shot par for slam dunk that's a birdie and carded a 169 3 off the late nick taylor, one of the eight golfers at minus four. and how about an eagle from the fairway? right in the jar. perfect approach spends it in good for a share of the lead at 400 part, taylor has lots of company including this man. scottie scheffler here on 18, part four second shot. this will set up very nicely and bernie territory that is a gimme from a labarga foot. he finished with a 66 as well. part of that leader logjam at eight under par at the colonial. well, it's friday, even holiday weekend ahead, so it's time to put a smile on your face with a little check this out fun. we're going to say hello to cooper lovelace, who is that? he'

. >> yeah, you know, and you noted charles schwab's ceo walt bettinger as well, even toby lutke at shopifywill say $10 million buy is a great buy, but people should be aware he sold $150 million in shares during the back half of last year so it is a small reinvestment for him. so you do want to look for people changing their sentiment when the stock comes in. the truth is insider buying is a management action, versus management words that happen on conference calls >> and just to be clear, just to underscore the point these are buys that are being made outside of just designated plans, correct? >> correct these are open market in the here and now buys. they're seeing what the stock price is, typically coming right after earnings, you know, there is the material nonpublic information is out there, and they're choosing to buy. >> all right, ben, great to get your perspective thanks so much >> thank you >> ben silverman karen, do you like at insider buying as any sort of signal >> i do. i mean, i remember very well when jamie dimon bought almost $50 million worth of jpmorgan and that was the

charles schwab is an interesting one.des at a premium, very high quality financial and now you have it as low as it's tended to trade over the last decade autonation very, very keep looking. obviously fundamental issues with new and used car dealerships. and best buy we can quibble with these and say the earnings are vulnerable. we can say cyclically it's not a good time for these stocks but considering we've been in all sorts of markets over the last decade, it shows for a longer term holder this is the kind that makes sense. one of the exceptions is maybe the highest quality company out there in terms of balance sheet and steadiness of the performance, that's apple. that has not yet come back down. remember how cheap it always was back in the early iphone era we've got up to almost 30 times earnings you're back below 25 it's been a repository of people find safety. buffett is in there, he's not selling. so this is not the areaof the market that has so far looked as if it's cheap. >> i feel like it's different because th

webpage an agenda called the great reset, and in charles schwab's own words, they want to take thiscause they see it as a once-in-a-lifetime opportunity and use it to bring about broad changes, not just in america but around the world, but america is the stumbling block to some of these changes that the great reset vision has in store for us. one of the agendas that the world economic forum has an store to change the definition of capitalism. here in america, we have the free market system and businesses own business to make money. profit versus loss that decides success or failure of a business. the great reset has a new form of capitalism or they talk about it being more in line with what china does, and they call it stakeholder capitalism versus shareholder capitalism. stakeholder capitalism opens the doors for businesses to be rated failures or successes based on social justice agendas that they promote. and that they fund. this is why you have come in large part, a woke corporate culture, a lot of these businesses that are pushing social justice, environmental things, black liv

winning the charles schwab challenge on sunday beating his best friend, world number one ranked scottiet that jacket. you could have done that. >> oh, yeah, at the putt-putt right through the clown's mouth, right? >> and out the hole. >>> coming up, chef elizabeth karmel serving up great grilling tips for your memorial day cookout. my a1c stayed here, it needed to be here. ruby's a1c is down with rybelsus®. my a1c wasn't at goal, now i'm down with rybelsus®. mom's a1c is down with rybelsus®. (♪ ♪) in a clinical study, once-daily rybelsus® significantly lowered a1c better than a leading branded pill. rybelsus® isn't for people with type 1 diabetes. don't take rybelsus® if you or your family ever had medullary thyroid cancer, or have multiple endocrine neoplasia syndrome type 2, or if allergic to it. stop rybelsus® and get medical help right away if you get a lump or swelling in your neck, severe stomach pain, or an allergic reaction. serious side effects may include pancreatitis. tell your provider about vision problems or changes. taking rybelsus® with a sulfonylurea or insulin increase

susan: formerly known as square which is point - jack dorsey's company, charles schwab and this is aftern freed who is worth $20 billion, commission free, not setting traits to high-speed traders, no payment for overflow, robin hood during the game stop saga, they said they will be taking losses in stock trading but supplement it by high fees when it comes to crypto currency. stuart: assuming that is in crypto trading. susan: they are profitable believe it or not. stuart: got to get this in because i want to go back to the retailers. they have been clobbered recently. susan: a look at the target and walmart, still down after the worst day for retailers since 1987, kohl's is the latest, disappointing earnings because they can't pass on the higher fuel and wage costs onto consumers. they have to eat it, and there are concerns about consumer spending, jobless claims came in high, existing home sales at the lowest level since covid in april, deutsche bank set up base, the s&p which dropped 3000 if there is a recession. stuart: if you get recession, i can see it. susan: the fed could take it