later charles schwab stock is struggling as it tries to control stock.ind the troubles and what you can do. we begin as always with three things investors ought to be thinking about right now. out enough to sustain a rally. is it a warning to the market? an impact to the business. there may be opportunities for investors. finally, retail earnings are taking a hit in the rise in shoplifting has something to do with it. what it says about the industry and the health of the consumer. my colleagues ben, andrew and al . it seemed like the s&p 500 was able to have a good week. >> it does look like a good week what worries me is that they had these great earnings on wednesday night. the market went out and rallied early on thursday. it went right down. ended up down 8% on the day. that is not the kind of trading you want to see. >> we were talking about video. we do have another potential play looking to go public. what does the performance mean for them? >> it should be a little worrisome. if the ai trade is running out of steam, it may have a tough time doing

elizabeth and center street, charles schwab. i told you about the soccer team at bethany still being so important what charles schwab bethlehem steel field built in 1914 for his team. it the very first soccer stadium america with a grandstand with with seats so steelton and the bethany team face off in this do or die game for bethlehem and it goes into extra in the 10th inning and the top of the 10th hitting the tie is broken by a stilt in second base. then named joe mccarthy. so joe mccarthy became much better as the manager of the new york yankees during the famous gehrig. ruth missouri murderers row year. i think he won. they won like or nine championships in his 15 years. so joe mccarthy ended up in the hall of fame too there ended up for five hall of famers played the bethlehem steel league that gives you an idea of the motley crew but a lot of influential people so steelton won the championship on september 14th, 1918. they ended up where of getting a gold watch. is that eugene grace, the president and shortstop gave them

charles schwab told 2.3 billion dollars of unsecured notes.comes the same week and announced job cuts and office closures. financials around the globe have sold $2 trillion worth of bones in record times. sales are up more than 50% from last year making up the largest share globally. we will get back to jay powell be good mohamed el-erian weighed in on the fed president. >> if the right inflation target is 2% and they want to get there in a credible period of time, then we are not sufficiently restrictive. if the right inflation target is about 2% given the structural changes in the way we will get there is not by announcing the new target but by following a shadow target and once we see it stable, that is the most likely outcome, then we are sufficiently restrictive. sonali: brian smedley joins us now. if you take a look at what has been said today by fed chair powell, was there anything surprising? he left the door open for future interest rate hikes and you still have a market expecting cuts into next year. >> i don't think chair powell bro

pulling their money out of noninterest-bearing accounts, finding yield elsewhere, which for a charles schwabbank means nor expensive payouts to depositors, which could squeeze margins. and the overall debt issuance we're seeing with schwab as well as some of the other large banks largely has to do with preparation for additional capital rules and the fdic now is coming out next tuesday with some new rules regarding long-term debt ownership, as an additional buffer for banks in the event of a failure, so that they can kind of toss out that long-term debt before seeking out wiping out depositors. >> we're in a period where the market is obviously sensitive to headlines about issuance, and that's what we saw when that release went out on the flip side, you have the job cut. the key line in deutsche's report, no significant changes to client cash withdrawal behavior the earnings profile, or the liquidity position, which is key. >> that's extremely key. and obviously, with all of the uncertainty we talked about earlier in the hour, regarding the banks, regarding the schwabs of the world, on the r

what is going on with charles schwab? the cost-cutting moves we are seeing on wall street beats. this is bloomberg. ♪ my cpa told me i wouldn't qualify for the erc tax refund, so i called innovation refunds. their team of independent tax attorneys will work with your cpa to determine if your company is eligible. [whip sound] take the first step to see if your small business qualifies. alix: it is time for wall street beat where we look at what is buzzing on wall street and the world the banking and finance. we are talking about the major cost cutting at charles schwab. sonali basak joins us. haven't we been waiting for this to happen since we had rates move higher? what is happening? sonali: another aspect is they are integrating td ameritrade. of course there are synergies that are put in between. we saw schwab go through a series of pain in the regional banking crisis, and in the most recent quarter they eased a lot of that pain and they beat expectations in key elements, including deposits. wall street was getting exci

liz ann saunders is managing director and chief investment strategist at charles schwab.he joins us now. it's great to have you with us given even the treasury market has been so volatile after the selloff we saw. now we see small gains. what does it mean for the year and the performance of the equity market? liz ann: it depends on fed policy and in turn, yields. it has been such a unique cycle, even in the short term. there are always conflicting messages that come from various economic data. it's not so much the level of the yields that matter. it's the volatility. we have had much more volatility in the bond market and we have had in the equity market and that is why usc none environment where higher yields typically mean lower stock prices and vice versa. i think that's one of the things that gave the market a bit of relief over the last several days, bit of a retreat in yields over the weaker economic data you cited. shery: if we think about the fed remaining data dependent, what is the data telling us about this debate ongoing about a hard or soft landing? liz ann:

and charles schwab reducing its office space in san francisco and other cities across the country int's a look at your dollars and cents. all right, pam, thank you. time is 849. will happening today. a popular fast food chain is celebrating a big grand opening at a mall in san jose. taco bell's second cantina in san jose will open at the westfield oak ridge mall. it's a cinema themed taco bell catena. it'll be right next to the century movie theater on blossom hill road. and like other locations, the modern version of taco bell will have a license to serve beer, wine and liquor. all right, let's stick with coffee at 849 in the morning, maybe tea or green tea for our pam cook. let's get you out the door to final check of traffic. this morning. oh, gosh. yeah and dave, the traffic, the last week has really been a reminder of what summer's over for. for a lot of people when it comes to the work schedule. anyway, this is a look at the commute. you can see the traffic is backed up all the way out to the maze here at the bay bridge. we've had slow traffic on 880. this is becoming the typic

shery: bloomberg's vonnie quinn with the latest on charles schwab.tories we are following -- gaining after it announced an all stock deal to buy earthstone energy for $2 billion. earth stone stock will rally on the deal. the 2 -- the shale older -- the shale drilling rigs -- permian says it will keep them running for now talking an industry trend to cut rigs after buying rivals. hedge fund sculptor capital says it has received multiple takeover bids higher than it excepted from rhythm capital. some of the offers valued sculptor at more than $700 million. it is said that they offer the company $12 a share topping rhythms 12 -- $11.15. more capital reportedly required to purchase subway. the sale could be finalized as soon as this week. subway is one of the world's largest restaurant chains with around 37,000 stores in over 100 countries. we have more to come on "daybreak: asia." this is asia -- this is bloomberg. ♪ now hejust a future st ate. health happens now. ate. start your dna-powered health journey today with personalized insights from 23andme.

in financials, how about a name like charles schwab. charles schwab has suffered from being a san francisco-based financial company. meanwhile it's trading at a low multiple and shown a lot of good momentum and organi ic growth. charter communications, a low teen multiple stock. it is starting to move it's up about 20% from the bottom recently. it has had a tough time getting there. those are names and stocks that we could find to buy here. >> shannon, the last word before we head out to break is this idea of a rotation making anything seem -- at least part of the market seem more attractive to you versus others? >> i think one of the things our team focuses on is higher earnings visibility, high quality and lower beta so, i think this rotation is moving closer into some of the areas of the market and particular industries that are represented by those categories. so, you know, some of the areas, food and staples, retailing, telecom, i think that we have been notably somewhat cautious this year as it relates. again, if you look at what'

foundation, the tepper foundation, the asness family foundation, the mckenna family foundation, charles r. schwab, and by the rosalyn p. walter foundation, and damon button. - richard dreyfus. - hi. - welcome to firing line. [dreyfuss laughing] - it's been years. i've wanted this for so long. [dreyfuss and hoover laughing] - you have portrayed notable american figures from vice president dick cheney to secretary of state alexander haig to ponzi scheme scam artist bernie madoff. and you have often said that you would like to play ulysses s. grant. as a student o american history, are there other uncommon americans you would like to portray? - aaron burr. - why? - because i don't think he ever did anything wrong. and i think he's- - go on. - no, he was a very remarkable man. and he said things that were adorable. like he once said to a bunch of lawyers, "never write anything down because someday someone may read it." and i think that's great. - but at the time that aaron burr shot alexander hamilton, he was widely reviled. - no. - do you feel drawn towards characters in history who are misunderstoo

charles schwab on a streak, but not the kind investors hoper if. the reason behind the move, next. >>> plus, inflation and yields and powell, oh, my. all eyes on the fed, as central bank officials get ready for jackson hole. so, what will the chair say? and how will the markets react? we'll break it down ahead. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this. mlb chooses t-mobile for business for 5g solutions... ...to not only enhance the fan experience, but to advance how the game is played. now's the time to see what america's largest 5g network can do for your business. ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ >>> all right, welcome back to "fast money." we have a buzz kill on charles schwab, closing out the day nearly 5% lower. the brother eckage ended lower now 11 days in a row, longest losing streak since 2004, down nearly 15% in just those 11 days. you

plus charles schwab scales bac its office footprint just the latest example of tenants signing smaller leases and manhattan converting office space to homes we'll speak with one company that provides financing for some of those rather difficult projects >>> and kick up your heels go ahead, lean back, recline and listen to what the ceo of la-z-boy is telling us about home shopping trends and the state of the consumer right now. are they seeing the same weakness plaguing dick's, macy's and foot locker or not we'll talk to ceo melinda whittington ahead. but first the markets. dom chu has the numbers and maybe a 1% rally >> maybe and if it does happen for the s&p, kelly, it would be the first time that we've seen an s&p 500 1% gain ogoing all the way back to june 30th. this is a rare occurrence at least in the summer trading months the s&p 500 sits at 4429 up about 42 points, or almost one full percent right now just to give you an idea, generally positive day even at the lows of the session we wereup nine points on the s&p, up roughly 46 at the highs of the session so again, just right be

i'm carl quintanilla with seema mody charles schwab's liz ann sonders coming up with jackson hole kicking off. >>> and randy kroszner weighing in and breaking down the likelihood of what he calls a hardish landing. >>> the ceo of autodesk after earnings as that stock jumps on revenue beat and more enthusiasm about a.i. >>> let's take a look at markets. with the dow, s&p and nasdaq all trading lower. the nasdaq down 0.8 of 1%. >>> topping the tape today, jackson hole, as comments from philly fed president hashger seemed to turn the market a bit. both nasdaq and nvidia losing early gains. mike santoli is with us on the floor. i don't know if it's harker, necessarily. >> it was nonhawkish, to say the least, if that's the message we'll get more broadly out of jackson hole, i think it's acceptable to the market bond markets didn't get a jolted f jolt from that to me the setup has more going on, which is to say we had the minimally qualifying pullback, five minutes from the highs in the s&p 500. a luke warm comeback, people say this is make or break in terms of the trend and nvidia comes out, a

paypal naming a new head honcho, as charles schwab comes back down to earth. all the moves in the financial services space next. >>> plus, crude reality. oil off its highs, as concerns grow over growth in china. so, where are prices headed next we'repumping into the energy trade ahead. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this. >>> welcome back to "fast money. paypal getting a push higher after announcing a new ceo a senior executive at intuit will take the reins next month he led intuit's acquisition of mail chimp we have some clarity here, dan >> i'm not into it >> oh. >> i'll just say this. this company, and we talked about it a lot after they reported earnings, another gap, two consecutive gaps in a row, and investors in fin tech don't care about valuation the way they didn't care onnen the upside about a year and a half ago to me, that sort of clarity -- i am into it a little bit, i think is pretty good, it's a good fin tech sort of transitional sort of leadership, so, to me, again, i think

liz: liz ann sonders of charles schwab. we're keeping our eyes, we said, on treasury yields. as the 10-year goes, so goes the cost of new mortgages, hitting the highest e level in decades. homeowners locked into cheap mortgages are not upgrading to another house or a new house, they're upgrading the homes they have. enter the novogratz, courtney and robert have a whole bunch of bundles at price points so reasonable, they're selling out. what because -- does that stay about the state of the housing industry? with the dow jones industrials down 10 a -- 015 point, "the claman countdown" is coming right back. ♪ ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. (woman) what if my type 2 diabetes takes over? what if all i do isn't enough? or what if i can do diabetes differently? (vo) now you can with once-weekly mounjaro. mounjaro helps your body... ...regulate blood

wage stagnation have you readjusting budges, this headline may have you taking a closer look a charles schwabd $1.8 million in the bank to retire comfortably that that's $100,000 more than last year only 37% of people think they will reach that goal the main cause for concern, inflation. over 60% of respondents say high rates were the biggest speed bumps for saving for the golden years. >>> still to come, this got my attention. doritos just issued a recall over allergens in some of their chips. >> not the cool ranch , let be the original. >>> l.e.d.s are lilighting thehy as t the o original lilight t bb design is s phased outut t bulb design i is phased o out ( ♪♪♪ ) can't ststop adding g stuff to youour cart? ( ♪♪♪ ) get the babank of amererica customizized cash rerewards c, chchoose the o online shshopping catategory get the babank of amererica customizized cash rerewards c, and earn 3 3% cash bacack. listen, , your deododorant just hasas to work.. i use secrcret aluminunum f. listen, , your deododorant just hasas to work.. just swiwipe and it lasasts all dayay. secrcret helps e eliminate o

foundation, the tepper foundation, the asness family foundation, the mckenna family foundation, charles r. schwab, and by the rosalind p. walter foundation, and damon button. - will hurd. welcome back to firing line. - it's always a pleasure to be on with you. thank you for having me. - why do you want to be the next president of the united states? - look, it's a great question. we have a number of what i consider to be generational defining challenges that we're not addressing. one of them is the new cold war that we're in with the chinese government. the chinese government is trying to surpass the united states of america as a global superpower. that's not my opinion. that is what the chinese government has said about themselves in english. and every american should care about that because it's gonna impact how far our dollar goes. it's gonna impact our retirement accounts. it's gonna impact our kids and grandkids ability to get good paying jobs. we also are having to deal with a complicated economy, persistent inflation. this century, for the last 23 years, the cost of goods and services have

foundation, the tepper foundation, the asness family foundation, the mckenna family foundation, charles r. schwab, and by the rosalind p. walter foundation and damon button. - vivek ramaswamy, welcome to "firing line." - thanks. i'm glad to be here. - why do you want to be the next president of the united states? - i am worried, margaret, that we are in the middle of this national identity crisis where my generation in particular, our generation, we're hungry for purpose and meaning and identity, and yet we hunger to be part of something bigger than ourselves, yet we can't even answer what it means to be an american. i think that loss of identity is responsible for a lot of our economic stagnation. it's part of what's actually even behind the loss of our fortitude on the global stage. and i think that i actually have a vision of what it means to be a citizen of this country, because i have lived the true american dream. and i am worried that will not exist for the next generation unless we do something about it. - what qualifies you to be the next president of the united states? - so the fact tha

. >>> charles schwab will cut jobs and close or downsize offices in the effort to save $500 million thisscrutiny after the collapse of svb. >>> here is what to watch. july home sales are out this morning and richamond manufacturing survey. we get results from dick's and lowe's and macy's. we have the best performance in august up 1% for the stocks in the s&p. let's bring in john stoltzfus at omiat oppenheimer. >> good morning. >> s&p price target of 4,900. do you hold on to the price target with rates hitting multi-year highs? >> we do at this point, frank. we can't help but think higher rates right now is the normalization of rates. the fed will probably overshoot in the cycle somewhat. it will likely continue to show sensitivity to the effects of the actions very much part of the ben bernancke legacy which is part of the jay powell style. we continue pto be positive on equities. >> i want to be clear. you are maintaining the 4,900 price target? >> positive on equities. looking for the s&p 500 to weather what has been a corrective process that began over last three weeks. now it is goin

coming up in the next hour, hear why charles schwab believes china can avoid associated financial contagionsian development bank's tells us how the insurance sector can be a game changer in climate risk management. that's it for "daybreak: australia." "daybreak: asia" is next. this is bloomberg. ♪ so... i know you and george were struggling with the possibility of having to move. how's that going? we found a way to make bathing safer with a kohler walk-in bath. a kohler walk-in bath provides a secure, spa-like bathing experience in the comfort of your own home. a kohler walk-in bath has one of the lowest step-ins of any walk-in bath for easy entry and exit. it features textured surfaces, convenient handrails for more stability, and a wide door for easier mobility. kohler® walk-in baths include two hydrotherapies— whirlpool jets and our patented bubblemassage™ to help soothe sore muscles in your feet, legs, and back. a kohler-certified installer will install everything quickly and conveniently in as little as a day. they made us feel completely comfortable in our home. and, yes, it's afforda

to a negative start dow is down 160 points in the pre-market let's bring in jeff kleintopp at charles schwab >> thanks for having me on, frank. >> we have seen a lot of disruption fitch downgrade and vix moving higher we see mixed results with the different indices. what do you expect today >> today, we have a number of currents data from china which is disappointing on imports and exports which is setting the tone for global markets. the cardboard box recession continues. anything in a box for shipping is in a recession right now. that is weighing on the global economy. we see pmi weaken for services it is starting to soften up. maybe the recession is coming out of the box and spreading into services. we will learn more today from the companies reporting. >> you are leaning into the fact that u.p.s. is reporting before the bell you mentioned a slowdown in shipping is u.p.s. a potential market mover with the insight into the state of the consumer and what they are buying online >> to the extent the guidance is telling us what is going on right now for what is going in and moving around in ca

colin martin of charles schwab. all of that still to come.s morning, good morning. ♪ how can you sleep on such a firm setting? gab, mine is almost the same as yours. almost is just another word for not as good as mine. save 50% on the sleep number® limited edition smart bed. plus, 60-month financing on all smart beds. (jennifer) the reason why golo customers have such long term success shop now only at sleep number®. is because we focus on real foods in the right balance so you get the results you want. when i tell people how easy it was for me to lose weight on golo, they don't believe me. they don't believe i can eat real food and lose this much weight. the release supplement makes losing weight easy. release sets you up for successful weight loss because it supports your blood sugar levels between meals so you aren't hungry or fatigued. after i started taking release, the weight just started falling off. since starting golo and taking release, i've gone from a size 12 to a 4. before golo, i was hungry all the time and constantly thinking a

kevin gordon of charles schwab in fairness, you said the path of least resistance was likely down >> last time got more constructive in the june/july period -- >> you could barely see through the positivity >> there was hope on our part, at least, given the deterioration into may, a record low in the percentage of stocks, that was more of the bearish case not this concentration with a handful of names leading the rally. that was the case where we saw a lot more optimism going in now, of course, the sell-off has been more broader, a pretty deterioration in breadth >> do you take anything at all from nvidia and earnings and a muted reaction, any level of momentum left to propel them higher >> it's really the volatility in yields that's been much more of a driver this time when you look back in history, we've done work on looking at different phases or stages within bonds and the two book-ends, the significant driver for stocks. it's not as much the level of yields that's the problem, it's the speed of the spikes. >> from the beginning of earnings season we're 0 to 50 higher which some

let's bring in liz ann sonders with charles schwab. >> thank you, frank. >> tech is coming off the bestnd this week? >> wouldn't i love to know what would happen? we have seen intraday volatility with the rally days on softer tone. i would not be surprised to see that intraday move continue. we have the jackson hole uncertainty behind us. there is uncertainty with the september fmoc meeting. i think traders will continue to watch probabilities associated with the next two meetings and that could drive the shorter-term moves in the market. >> we had two things happen last week that a lot of people thought would give direction to the market. nvidia earnings and jackson hole. still a lot of undcertainty. we are waiting for pce. that will give us some answer about september. what is the big theme you are seeing? >> i think the overarching theme for the last year and a half has been valuation as it relates to the aggressive monetary policy tightening cycle in history. the surge in yields on the short end and long end which brings the risk-free rate back into the picture with the higher disco

treat them as opportunities not as a panic i've got five good ones, five more let's start with charles schwab, the online brokerage firm with a stock down 12% in august i talk about this one a lot this year because schwab has a small bank within the company with some unrealized bond losses, so it always ends up being clobbered like the regional banks like it was this spring. it doesn't make a lot of sense whatsoever there's not a lot of tie in. i padded this one when the stock jumped down to 51 in may and sure enough jumped back up after highs this month after putting a great quarter. bond yields are up sharply this month which is bad news for the regional banks with distressed bond portfolios. again a group broker like schwab in with those banks, but traders keep doing it. then yesterday the stocks tumbled nearly 5% and schwab said they'd be closing some offices and laying off some people in order to save at least $500 million a year at the same time they announce a multibillion dollar bond offering i think that's nuts. schwab is still in the process of integrating td ameritrade which it acq

lauren: yeah, the downgrade and the banking sector is spooked and charles schwab down 12.25%.tuart: actor from hit show friday night lights left hollywood from montana. he says he's regained his sense of self and now he's using his time to help veterans. we have that story for you. the largest migrant shelter in new york city just opened and houses thousands of people and costs taxpayers $20 million a month. we have a report from the mega shelter. that's what we're calling it. the governor of oklahoma joining me and visited the southern boboard boarder and has an updae on the migrant surge right after this. ♪ i did have hearing aids from another company... i was just frustrated... i almost gave up. with miracle ear it's all about service. they're personable... they're friendly. i'm very happy with them. we provide you with a free lifetime of aftercare. meaning free checkups, cleanings, and adjustments. i see someone new... someone happy... it's really made a difference. call miracle ear at 1-800-miracle and schedule your free, no obligation hearing evaluation today. stuart: ne

so, steph, i turn to you bank of america, morgan stanley, charles schwab, what do you make of this? >> it's not good news but worse and more problematic for the regionals, the smaller banks the large banks are taking massive amounts of share from them and i think that will continue i think you want to pick your spots within the banks, within the financials, and i own bank of america i don't recall the last time it traded under .9 times book value. the company grew revenue twice of what expenses were. that's the story at bank of america, operating leverage. do you know they put $10 billion into technology investments over the last decade? they are seeing the benefits of that, and they had a very decent quarter. i think on weakness, it's a buying opportunity morgan stanley, to me, i like the wealth management piece. the ceo was on cnbc with leslie picker and basically said he thought based on activity and what he was seeing that capital markets bottomed a month prior to when they just reported earnings i think that is a nice theme at 15 times with a 3.7% yield and buying back a ton of

plus charles schwab scales bac its office footprint just the latest example of tenants signing smallermanhattan converting office space to homes we'll speak with one company that provides financing for some of those rather difficul

among the top holdings aside from tesla, mckussen, charles schwab, exon mobile and more.'s texas capitol's first etx. what was the first thesis behind this? you were born in raised in texas? >> born and raised in texas. thanks, liz. only seven economies in the world -- countries that have larger economies than texas. ninth largest in the world and second largest in the united states and gdp of $4.2 trillion and 10% of the u.s. economy. it grew faster the last four quarters of the u.s. economy and grew faster last year than the u.s. economy. it's highly diversified and only 9% is oil and gas and if you're not privileged enough to live and work in texas, you can now invest in one of the best robust economies in the world. liz: what types of requirements must the over 200 companies have to make it in the fund? >> it's weighted based on contribution and market cap and meet those requirements and we started tracking the fund -- index, sorry, in april till now, we've got about a 9% return and the mid cap russell is 3.7%. it's clearly outperforming in the short term and if you l

meanwhile charles schwab is planning to cut jobs and offices to achieve $500 million in annual cost savingsthe brokerage response to pressure. the company says redundancy and other costs will amount to four to 500 million dollars. schwab said earlier this month it is expecting -- experiencing temporarily lower inflows of client money as it sees attrition of some assets while it integrates te deum air to into its business. and elsewhere sbb, the center of sweden's commercial property crisis has been downgraded five notches by which ratings with a warning that more cuts could be on the way. the move to be minus puts sbb into junk status and follows a downgrade by s&p last month. fitch noted sbb's deteriorating cash position stemming from insufficient progress on asset sales as well as unfavorable real estate conditions. now chip designer arm has filed for an ipo on the nasdaq taking a step towards what is set to become the biggest u.s. offering of the year. we will have more details with bloomberg's alex webb. he joins me in the studio. just how big a deal is this? >> on several different lev

look at companies like advocate express, arch capital, property and casualty insurance company, charles schwabhe fitch downgrade acted as a trigger for people to digest the games that we've seen year to date you would be putting money to work at this market even if we are approaching a rocky. >> i think the market got ahead of itself. i think it is in need of a digestion, what they say a correction in time or price. and that will set us up for a good end of year raleigh once we get past this easily week. maria: good to see you, thank you so much. >> sam stovall joint industry look at qualcomm, the stock of the premarket is down 8.5% after the company be on earnings but missed on revenue expectation. qualcomm reported a 25% decline in smart phone chip sales and expects a new round of layoffs to cut cost. the stock is up 20% year to date but this morning a real haircut of fate .5% pre-blackrock facing congressional heat for the esg investing in chinese company. we will get into that. the show might go on, the latest development in the sag strike next. stay with us. ♪ your record label is taking

you like ge and charles schwab. great stuff. and we'll talk to you again real soon. >> thanks, charles. charles: hey, coming up, folks, oppenheimer's greatest fear is staring us right not face. we're not paying attention. a lot are weighing in on the bear, most of you a agree with me, it is a dude in a costume. we'll be right back. ♪ the chase ink business premier card is made for people like sam, who make- everyday products, designed smarter. like a smart coffee grinder, that orders fresh beans for you. oh, genius! for more breakthroughs like that- i need a breakthrough card. like ours! with 2.5% cash back on purchases of $5,000 or more. plus unlimited 2% cash back on all other purchases. and with greater spending potential, sam can keep making smart ideas- a brilliant reality! the ink business premier card from chase for business. make more of what's yours. after advil dual action back pain... yo! uh! ha! ha! [dog bark] what? my back feels better. before advil... new advil dual action back pain fights back pain two ways. for 8

can you fund retirement when you're spending a thousand dollars on pencils a new survey from charles schwabrement savers think inflation is an obstacle to being financially comfortable, and more than a third say they'll delay retirement in order to save more >> you see this more and more, people want to stay in the workforce longer, both for financial reasons and also personal reasons >>> thank you for watching "power lunch." we appreciate your being with us today. >> dow is just off session highs but it's the outperformer today. "closing bell" starts right now. >>> welcome to "closing bell," i'm mike santoli in for scott wapner here at post nine at the new york stock exchange. we begin with a reversal of the reversal the broad indexes recapturing the ground loss in friday's sharp afternoon selloff even as the retreat in apple shares continues to another session the s&p 500 again pushing above that 4,500 level as another rush of earnings and a key inflation report await in coming days, which brings us to the talk of the tape, where we ask the a stealthpullback can be enough to refresh the s

with financials for all of the reasons that you've been hearing about, some downgrade problems, charles schwabions services are in thgrn e eeas long term rates moderate. we'll be back after this. you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. bridgett is here. investment objectives, risks, charges, expenses she has no clue that i'm here. she has no clue who's in the helmet. are you ready? -i'm ready! alright. xfinity rewards creates experiences big and small, and once-in-a-lifetime. ♪ >>> welcome to "the exchange." the transition to clean energy has impacted industries from autos to oil and even now garbage or waste. public services is the second

msci and charles schwab are financial names in our long model. 're not necessarily picking one sector versus the other. it is looking to attributes investors move toward as earnings continue to slow. charles: all right. michael, good stuff. always appreciate starting off the show with you. thanks a lot. >> take care, charles. charles: coming up my takeaway on the energy policy that may be too late. we may have lost the advantage of having all the fossil fuel beneath our feet and the result will be economic suicide. meanwhile my next guest has been very bullish and now he sees opportunities to broaden out your portfolio. i want to bring in stock market mentor founder, ceo, dan fitzpatrick. dan, you're starting everyone is starting to see, right, a little bit of weakness in these juggernaut names. here's the thing, michael kantrowitz was saying maybe sell the high beta names into strength and we've been hearing that from a lot of people right now. if you do own these names, you recommended some of them, does it mean close them out or ride any kind o

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stock brokerage charles schwab warned investors it will spend a half a billion cutting staff and dumping unneeded commercial real estate, but in the end they say they'll be a stronger company. >>> speaking of strong, we gave you a heads up on nvidia before the bell yesterday. the company reports profits on wednesday. look at this performance. monday's performance so good, nvidia helped lift the entire nasdaq to the best day of the month. >>> the owners of subway sandwich corporation are putting it up for sale. it's still owned by the extended family that created it, though it brought in an outside ceo about four years ago. the asking price, $9.6 billion. you want to add chips? the chip company called arm filed paperwork to go public, to have an ipo. arm is an interesting company. i interviewed the then-ceo on our program quite a few years ago. i'll post that to my social media if you would like to know more about arm. the thing to know now is it's going to be a big ipo. we don't know prices yet, but big. and it's been a long time since i've said big ipo. should come in september. >>> new

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liz ann sonders of charles schwab.es we have heard from retail, walmart and target talking about resuming payments later on this year. macy's, sales are down. delinquencies, theft at dick's sporting goods. that stock hammered. people are walking out of the store with goods. tom: it speaks to what we will see in milwaukee tonight. there is part of america that is booming. jackson hole is the end to this this of dix goods -- of dick's sporting goods. jonathan: i wonder if chairman powell comes up and it is federal reserve. -- comes up and the federal reserve. they have been playing to that. tom: i thought what greg said about ukraine was fascinating. do they sit on ukraine? jonathan: all of that is coming this evening. are people who think this report is more important than jackson hole and chairman powell. on nvidia, next. ♪ >> what is really important is less what we are going to hear from nvidia, less from chair powell, less what we hear overnight. obviously we had some moves from china and more of the price action in