breaking news right now citigroup earnings cheryl casone. cheryl: first off a double beat on citi 1.52 not adjusted estimate was a buck 39, 152 not adjusted i will get that a to you if i can, as far as citigroup slight beat 21 -- 20.1 billion, 20.07 billion up 27 1/2% the repurchasing a billion dollars common stock this quarter, that is big news, also, outlook for fiscal 204 is getting a little bit of a boost not a big one but enough. average return on common equity 6.3%. again decent beat on citi that is nonadjusted number lawrence for credit losses 21.8 billion the end of the quarter, but, again, i think that common stock repurchase is a big story for citigroup. >> for sure higher as i mentioned banking revenue up 38% as well, that is something leon has been telling us about for months he has seen capital markets activity come back we see in earnings this morning, leon cal veri, we will break disarray democratic party after biden declared he will not drop out of the race last night's press conference fox news hillary vaughn live on capitol

jp morgan, citigroup and wells kicking off the earnings story.art showing the value of these s&p companies coming through with the earnings kicking off this week with a focus on the banking space. jp morgan, citigroup and wells. there is plenty more coming up. we will continue to scrutinize the french story. stay with us. this is bloomberg. ♪ food isn't just fuel to live. it's fuel to grow. my family relied on public assistance to help provide meals for us. these meals fueled my involvement in theater and the arts as a child, which fostered my love for acting. the feeding america network of food banks helps millions of people put food on the table. when people are fed, futures are nourished. join the movement to end hunger and together we can open endless possibilities for people to thrive. visit feedingamerica.org/actnow >> good morning from london. we are an hour away from the opening trade. the euro and french bond futures under pressure after a leftist alliance seizes a shock victory in france's election.

citigroup is one of the latest saying that ai stocks are now the most stretched going back five yearsat they are measuring is the basis of 60% of the market cap on such names have growth rates running above consensus. that indicates we could see a little rebalancing coming through in the sector. citigroup advises them to consider to take profit -- and to rebalance a little bit across the ai value chain. there are other beneficiaries. we talk about the infrastructure surrounding a guy, data center providers and utility stocks could all gain. it is worth pointing out that citigroup has that call out but we get more as nvidia trending higher overnight and ubs raising its price target on the stock from around 125 to around 150. there continues to be optimism especially for nvidia. tom: bloomberg's annabelle droulers, thank you for the update on the ai theme and the stretch valuations. the tsmc story as well. other stories making news. the hungarian prime minister has met with the chinese president during an unannounced visit to beijing. this was days after a similar surprise trip to mosco

i guess citigroup is out. everything stops, patrick. everything stops as citigroup is out.better be good. >> it's pretty good. slight toppling for citi of 20.7 billion dollars in revenue. net income, $3.2 billion up about 10% from last year and the firm reported eps of $1.52 per share. shares currently down about 1.42% on this release. expenses down 2%. then that's despite the $136 million fines, if you recall, announced earlier this week by the fed and occ over internal controls. the savings, though, came from the org simplification and stranded costs related to recent divestiture. it's within citi's five businesses, i want to highlight markets here. the firm's investors day last month, cfo mark mason said revenue would be down in that division, but business has clearly been strong over the last few weeks of 9 quarter, because markets revenue was up 6% thanks to equities. the firm also clocked a $400 million gain to that visa stake restructuring we saw with jpmorgan earlier this morning. banking jumped 38% to 1.6 billion dollars. thanks largely to debt capital markets, as

jp morgan, wells fargo and citigroup all reported on friday and there is more to come this week.dman goldman sachs will release their second—quarter earnings on monday — with revenues forecast to rise over 15% year—on—year. on tuesday — we'll hear from bank of america. first first quarter profits fell 18% due to rising expenses caused by high rates. also on tuesday — investment banking giant morgan stanley will release their financial report card — with revenues expected to rise. for a closer look at the us banking sector, — let's speak with cyrus darawala from idc financial insights. thank you forjoining me today. let's get your take on what to expect from the latest earnings from us banks when they are released. from us banks when they are released-— released. sure. good to be back. released. sure. good to be back- the _ released. sure. good to be back. the majority - released. sure. good to be back. the majority of - released. sure. good to be l back. the majority of reports so far have been lackluster, and reason for that, though the banks have posted slightly better than exp

. >>> we are watching shares of citigroup which are under pressure now.his coming after a pair of banking regulators said they are fining the bank a combined $136 million for violating consent orders dating back to 2020 for problems of risk management. the regulators say citi has made insufficient progress remediation its problems. >>> the ftc is suing pbms over alleged questionable practices for drugs like insulin. the ftc will argue the three companies tactics contributed to inflated drug prices. in a statement to cnbc, cvs and express scripts say they stand by their work. >> looking at those stocks. not a lot of movement right now, but we will continue to watch. silvana, i know you are celebrating the copa. >> we made it to the finals. >> congrats. >>> coming up on "worldwide exchange," a closer read on consumer pressure and the bottom line pressure as my next guest is saying the portfoo liof products. the ceo coming up next. but it's not the critic who counts. with every swing and block, your game plan never changed. ♪♪ some still call it luck. let th

if they don't out perform significantly just as jpmorgan chase and citigroup, that would be disappointingvid solomon got flack with the failure of the consumer banking efforts. obscured by that, they had been making an lot of progress deepening their moat and the trading business they have or tightening relationships with hedge fund clients. if that is not shooting lights out on wall street, this is going to be a concern. >> you mentioned the banks. we have bank of america, a big consumer bang, k coming up this week. so many are looking for higher interest rate vehicles like cds and money market. what are you looking for with bank of america? obviously a key metric for them. >> we expect it to be compressed just like citi and jpmorgan chase. we see the funding on the banks and if your customers have a choice to be higher yielding options for cds or money markets, they will do so which increases the funding costs. it is showing up in the credit card business. the main side of the equation is under increased strain, frank. >> we are talking to a main street bank tomorrow. hugh son, thank yo

citigroup missed expectations. why is this important?n meaningfully. at citigroup, there has been a lot of change at the top ranks of these businesses. there are new investment banking heads, which they brought in from j.p. morgan, just really started a matter of weeks ago. his pay package crossed the line when he four hours ago. and so, a lot of questions about how jane fraser brings in those businesses at this market. yes, we have had a rebound so far this year but it has not been as robust as anybody would have expected. lisa: looking through some of the numbers, the adjusted earnings per share, they had a miss the fixed income sales and trading revenue. they had a slight mist on the investment banking revenue. loans came in stronger than expected. wealth management and revenue came in stronger than expected. we have the three banks to really kick off the earnings season. what are some of your takeaways? i understand it is early and you are parsing through the numbers. is there a thing that has emerged in these earnings reports? >> yo

that's the goal from citigroup.s but this is a different story from what we see over in japan. annabelle: a big story, you seen a run up over the chip names over the course of this year. use our record highs around april, may. from that point onward, though stocks have trended a little bit sideways. one of the reasons being noted for this is the amount of margin buying we see in japan. it's particularly coming through from retail investors. that chart behind he was looking at buying conditions going back to the levels we haven't seen since 2006. it points to that optimism, but when you have that much margin buying, it makes it more vulnerable. if you see weakness, investors might need to close out positions and that adds to further downbeat sentiment for those stocks david: is this just a chips story? annabelle: most margin buying is on tokyo electron. the most out of it. it's pretty broad-based, but the point about the value chain in japan has had a big part for ai. it's not just about the names, it's things like u

morgan chase, wells fargo later this hour in citigroup at 8:00 a.m.t do you think on the banks. >> no question, revenue for the full s&p 500 should be up for an half percent, earnings up 9%. the banks are going to be slightly below year on year, j.p. morgan flat to slightly down those numbers will improve as we get into the third and fourth quarter so the guidance may be as important if not more important than the actual numbers. maria: will watch the guidance, always good to check in, have a great weekend. phil orlando joining us, president biden going back and forth whether or not he'll speak with ottavio putin during the big boys nato speech yesterday, georgia congressman austin scott is here to break it down and what he's hearing on capitol hill over the 2024 race. we'll be right back. ♪ can i have another pancake? from full house... ...to empty nest... ...to free birds. vanguard personal advisor can help you prepare for every chapter. we got this. that's the value of ownership. (♪) your pain shouldn't be minimized or forgotten. (♪) when medicine

we'll hear if citigroup at 8:00 a.m. eastern this morning.ou assess bank earnings so far. >> it's strange to have a double beat on both companies and have them trend to the down side. that means there's underlying guidance that's negative or some kind of number people weren't expecting. with jp we can see the 8 billion visa revenue may be a down side because we were expecting 45. we got 50. that's with an $8 billion accounting entry. as far as wells fargo go and jp morgan, all of their acquisitions, they really raised operational costs and obviously with higher cost of capital, that's more difficult to deal with. but i think what's really happening with these banks is their front end costs are higher, we have an inverted yield serve, the shored end of capital is higher than the long end. banks p don't make money on the shortened. had they make money on the long run. they have borrow higher, lend at a lower rate, they don't have as much net interest income. there is guidance that's negative and overall the market is seeing that it's going to b

big banks, jpmorgan, wells fargo, citigroup they're all expected to do fairly well.nt banks are the big winners. charles: go to lydia, she will get a more granular look for us. >> reporter: more what you're talking about. this is tough year for regional banks, differing from some larger banks. they started off here, similar path, but then the big banks really took off leaving the regional banks kind of in the dust here. we'll see soon whether big moves from the behemoths are justified, we start seeing earnings posted for many big banks, jpmorgan, wells fargo, citigroup coming tomorrow before the bell. it will give us a chance to see you who this environment, this higher for longer interest rate impacting the banking system. of course we'll look for signs how the consumer doing, are they under stress from the banking perspective. especially keep eye out for jpmorgan. they have been kind of an automatic money machine recently. i think you can call them that. look to last year, april, july of earnings, come out for the following day and week. we're well into the green f

citigroup reinstated coverage of birkenstock with a buy recommendation. birkenstock up only about 1%, but a recent ipo. we are watching chewy shares. it spiked after keith gill disclosed a 6.6% stake on the country -- company. he owns roughly 9 million shares, worth about $245 of course now you have chewy down almost 12%. we are talking about elections. shares we are closely watching. two elections we are watching closely around the world. thursday the u.k. holds a snap election and france and its allies dominated the first round of voting on sunday. how do you think about the most recent results and what it means moving forward? >> it has certainly been a big shock and france. it's the first time the national rally has really dominated a national election like this. this is about who's going to form the next government so it's been really extraordinary. there's another round to come this sunday. how much of a united front to the other parties try to put up against the national rally? that's going to really determine whether or not the national rally is a

morgan, citigroup, wells fargo are reported for the bell on friday.erall expected to be solid with consensus estimates calling for more than 9% jump in the s&p 500 eps growth from second quarter of last year. they get tech healthcare, financials, energy, utilities all expected to show strong earnings per share. lpl financial says good earnings news may delay the s&p 500 pullback that were probably overdue fo for. we'll be watching it all on foxbusiness. that was it for us here. thank you so much for joining us. have a won weekend, we will see you next time. >> barron's roundtable sponsored by global x. ♪ ♪ ♪

morgan chase, citigroup, goldman sachs.e is a fed. >> tech stocks have been carrying the market. >> is an interesting dynamic because jd vance has come out with an anti-big tech in a rare show of bipartisanship in washington and likes what lina khan has been doing at the ftc you might have more concerns about enforcement of the likes of amazon and also but but at the same token, a.i. is not going away, nvidia and chip stocks have already had their day you might start to see cavities like microsoft and apple in software and services side get some of the a.i. boost. jack: crypto, jd vance is a fan and trump is a revelation on the. >> crypto's and the gop party platform, forget about drill baby drill it is mine baby mine you might have right platforms a marathon digital with big mining companies get a benefit in companies litecoin base and don't forget blackrock as they run the largest pot bitcoin ptf they've actually held up pretty well in the recent market volatility to. >> blackrock non- geraldo with the rnc will see what h

morgan, citigroup, wells fargo are reported for the bell on friday. second quarter reports overall expected to be solid with consensus estimates calling for more than 9% jump in the s&p 500 eps growth from second quarter of last year. they get tech healthcare, financials, energy, utilities all expected to show strong earnings per share. lpl financial says good earnings news may delay the s&p 500 pullback that were probably overdue f for. we'll be watching it all on foxbusiness. that was it for us here. thank you so much for joining us. have a wonderful fourth of july weekend, we will see you next time. >> barron's roundtable sponsored by global x. ♪ ♪ ♪ ♪ ♪ welcome to barron's roundtable will we get behind the headlines and prepare you for the week ahead. i am jack hough important jack otter. coming up junior jobs coming in higher than expected we got hit with another wave of her visions. finance professor jeremy siegel has insight on health of the labor market what it all means for the economy and later cramming in the popcorn while watching for a si

required citigroup to address deficiencies in its risk and control issues.addition to the $400 million citigroup previously paid as part of the 2020 order. meta is introducing a new parent managed virtual reality interactive world for preteens. kids aged 10 to 12 will soon be able to interact with others on their meta quest vr headsets. the new feature is being added where young users can chat with call and send or accept invites from parent approved vr experiences. parents can manage approved contacts by adding them to their child's following and followers list. they also have the option to delete an approved contact at any time. amazon is facing scrutiny over its treatment of grocery chain suppliers in the uk. grocery regulators in great britain are threatening to investigate the retailer if it fails to improve its compliance with an industry code designed to protect suppliers. now the code is in place to ensure britain's 14 largest grocery retailers treat suppliers fairly. >> our time is now. 647 the familiar voice with oakland a's baseball will not follo

second-quarter earnings kicks identify pepsico delta thursday, then banks on friday, morgan stanley, chase, citigroupials a lot third allocate sector this year up over 10%,, the financial sector on average when up has been around 25 years up 15, out of 25 years, up 1%, streaks we're up 10% room to run jpmorgan made new hires last six earnings jamie dimon likes to be conservative with guidance always a storm brewing with jamie dimon watch jpmorgan, guidance citi wells fargo blackrock to next week when some other big ones goldman morgan report going to be fun to watch cheryl: fun to be, as person going to be breaking numbers for viewers an friday mike this is, mark tepper here last week made point under trump presidency financials energy sector are going to be big winks. >> i don't know about energy energy got smoked last trump administration ironic would by the opposite, where spectacular under biden administration but pro drilling, lowering price of oil not always the best for energy stocks. financials really interesting i was having a long conversation a few weeks ago trying to figure out why financ

citigroup saying it is time to take profit on ai winners and semi conductors and spread your bets, do view? janet: we are positive on semi conductors for quite a while, not taking a positive view because in a lot of the focus is on the tailwind on semi conductors. according to analysts we track semi conductors and we are in the middle of an uptrend so we do not think it is time for us to take that positive view away, let alone benefits of ai. unless the theme matures, i do not think we should start to take away the positive view, but i understand the technicals so that could be a pullback but at the same time it may be a good time to add to these positions when markets have a pullback. tom: buy the dip but there is a significant pullback. six straight days of gains. janet at rbc brewin dolphin, indeed. plenty more coming up. this is bloomberg. ♪ (♪♪) (♪♪) (♪♪) (♪♪) sandals rhythm and blues caribbean sale is now on. visit sandals.com or call 1-800-sandals. i can't believe you corporate types are still calling each other rock stars. you're a rock star. we're all rock stars. oooo look lo

lauren: citigroup cut them to neutral, they have credit card data they look at in the activewear categorydown 9% in the quarter. jpmorgan came out and remove lululemon from their analyst focus list, shares at a new low. stuart: harley-davidson holding off on buying expensive bikes during the summer. lauren: many riders had waited to buy this bike that came out, stocking 8. 4% on solid earnings. we went if you've got money are doing okay. in 2019, kamala harris was voted the most liberal senator, more liberal and bernie sanders. hillary vaughan on capitol hill. what liberal policies did harris support during that time in the senate? >> reporter: president biden has been the most progressive president in us history with historic spending on things from climate to student loan forgiveness. as vice president kamala harris is more progressive, fighting for a chance to put those progressive policies in action. here's some of what she has pledged to do last time she ran for the top office. >> we got to critically re-examine ice, thing about starting from scratch. i am prepared to get rid of the

citigroup fell with ex-pence as a concern.organ's steady guns failed to impress the market. plenty more ahead. this is bloomberg. ♪ paul: he will be attending a bitcoin conference in nashville. we will wait and see whether that event happens or not. bitcoin rising above 60,000. fierce chance for mark -- first chance for markets in the u.s. to react to the dramatic events over the weekend. horizons: middle east and africa is up next. this is bloomberg. ♪ ♪

delta airlines with quarterly numbers tomorrow followed by major banks jpmorgan chase wells fargo citigroupay piper sandler chief investment are strategist michael can't wisconsin thank you so much for being here your are take second-quarter earnings season most recent report was great highlighted which companies will likely miss earnings expectations second quarter walk us through it. >> every quarter beginning of the quarter we publish a list of stocks ranked by likelihood going to miss earnings from highest most likely to miss down to lowest what we look at is three things that we found to be, helpful in determining find inning out companies likely to miss one, being how estimates dispersions certainty of wall street analysts around the quarter earnings are we find them more dispersed more likely company going to miss more uncertainty there second is how cyclical a company is sensitive toen and flows of the business cycle the third one just their actual history of missing, in this case, many cases, past performance is indicative of future performance companies that miss often continue to

season is kicking off in the us — with the major banks reporting first. jp morgan, wells fargo and citigroup

citigroup said the quarter could see a 50% growth of fees from investment banking.hey have a low bar because lester was so bad, but if they do not meet those expectations that could spell trouble for them. tom: if we get a cut in september, where does it lend in terms of this is good news or bad news, net interest margins not great, but in terms of activity and generating, and you link it to the consumer. what would a cut in september mean for these banks? >> for net interest, it could take some of the pressure off these banks who have had to increase the amount that they pay for deposits. it could take pressure off the consumer that we were talking about, and that further bolsters the environment where companies feel like they want to do deals and that keeps investment banking fees healthy. tom: charlie wells with a fantastic set up. we will be bringing all of the details when the numbers drop. coming up, switching focus, because kenya's president has fired most of his cabinet element deadly protest in nairobi against his tax plans. we will get the latest in terms

we will hear from jp morgan and wells fargo and citigroup before the opening bell. is friday, july 12th, 2024. sunshine right next to me today. "squawk box" begins right now. >>> good morning. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm melissa lee along with joe kernen. becky and andrew are off today. nice to be back on this friday. >> nice to have you. >> let's start off with the markets. tech stocks down. nasdaq in yesterday's session closed 2% lower. s&p 500 fell .9%. breaking that seven-day win streak. the dow closing slightly higher here. among the big tech decliners, tesla down 8.5%. nvidia down as well. the drop

jpmorgan chase, citigroup, wells fargo will be taking off results for big banks. power momentum in the second half of the year will be a focal point. i want to bring in sonali basak and katherine doherty for more. let's start with the bank earnings and when you are looking for in terms of the capital markets business, investment banking, fees, trading, commodities. >> a lot of people were expecting for investment banking to seriously jump back, underwriting in particular. debt underwriting has been superhot. mna has been a massive question mark. what does that mean for the banks? their businesses sustain themselves into the end of the year. we have an election cycle coming up. there is a lot of question around the numbers you see this current quarter, third quarter, second-quarter, meeting up to what you mean by the end of the year. what they say in their calls about that growth will be important. scarlet: let's bring in cap into the conversation. i bring up capital markets and trading because we look at that to get a sense of capital markets. you have been coveri

we are going to hear from citigroup and jpmorgan chase and wells fargo.do you think will be the main message from u.s. lenders at this stage of the economic cycle? >> you pointed out the declining markets and bigger concerns. increasing in the m&a and dealmaking revenue. at the same time, you are going to see increasing risks and more positions made to increase the capital position. the prices in the u.s. combined with the uk is we are more exposed in the banking sector to newer risks and i think that will mean leaders will have to more cautious of the risks. >> arturo, it hasn't been that long since we have been digesting the collapse of svb and we had credit suisse here in europe. what do you think the banking industry has learned overall in the wake of those two events? >> we will see the economic risks. the risks with the information. if you think back to what happened last year, credit suisse had the spread of information or rumors led the bank to default. that is a concern because to what extent banks managing the information out there beyond the st

jpmorgan, citigroup and wells fargo is the extent to which noninterest income is offsetting their netst income encompasses line items like fees as opposed to net interest income which is largely driven from loan making. this was the point which was able to meet earnings estimates even as it met on net investment income. for jpmorgan investment banking fees jumped to $2.4 billion. that was something the cfo said may be attributable to some pull forward refinancings in the capital markets that took place in the first half of the year. citi was down 3% from last year while its markets had surprise growth to be the biggest market generator. now another snapshot, of course, of noninterest income when goldman reports on monday and tuesday with morgan stanley and bank of america stock. >> seema mody, nvidia gets some price target hikes. not much new on that end obviously, but it's enough to get the stock rebounding. >> it is, scott. the stock is moving here right around $130 a share following two more price target raises, this time from benchmark and oppenheimer. oppenheimer is pointing to s

citigroup hitting its highest level in almost 2 1/2 years. bang of america at its best since 2022, while goldman sachs hitting a record-high. ahead of the kickoff of q2 earning season. jpmorgan, citi, an wells fargo reporting friday morning. so what do you make of this positive price action ahead of the results? not the best setup, karen. i know you don't love this kind of run-up in earnings. >> i don't, i don't, because the bar just gets higher and higher, and then it's harder to jump over the bar. if we look particularly at citi, which has had the strongest run, its price earnings turned higher. still, though, if you just came to it today, it is not expensive, and i think of the money-setter banks, and, of course, i love jpmorgan positioned there, but citi is more upside. it's still, even after this run, trading at this astounding discount of about 80% of tangible book value. and, you know, if you look at jpmorgan, it's trading at 2 -- >> 2.1, 2.2? >> a little higher maybe. yeah, around there. tangible book value. so i feel like this has th

question is, we know that is probably going to be very strong, what we saw in previous reports from citigroupom j.p. morgan, that investment banking revenue beat expectations significantly. but i think gold men, do they have momentum going into the second half? we have been talking about how the deal pipeline is stronger, but does management give better guidance than we have expected? tom: is this going to be one and done? or is the momentum there for more? how is it going to be stacking up for you and the team as you try to get a grip of the story? charlie: we are in the eye of the stories. we are about halfway through. we've got bank of america coming on tuesday. management has said net income could be in a trough for the second quarter, so let's see how that plays out, if that hurts their share price. for morgan stanley, speaking of share prices, they have been underperforming relative to a lot of their peers. let's see if investment banking gives them a boost. also if markets, which have been on a tear, if that helps their trading and asset and wealth management divisions. tom: wells farg

at this point, citigroup's forecasting about a 2% year on year growth for the first quarter. 4% growth. that's very low compared to the 11% year on year growth that we saw in the last quarter of the previous financial year which was until the march quarter for indian companies. at this point in time, it seems like earnings will not be able to support the run-up that we have seen in the market. that could raise questions about the price of valuations that indian equities have. haidi: could tech already set -- offset some of that pressure? minmin: -- >> the one sector that analysts are respecting to help as technology sector. i know that tcs is going to report on it today. expectations are low for the company. they recently came out with a bullish call on the sector, saying that they expect the first quarter earnings growth or revenue growth. the slowdown that we have been seeing could bottom out in the first quarter. then we can start seeing a recovery in the coming quarters. they also upgraded the sector from underweight to slight overweight, indicating that they are quite op

seeing major averages and major sectors, not going along get financial, jpmorgan chase, wells fargo, citigroupe under selling pressure. wells fargo was opening down 7% but the issue had more to do with guidance and head winds, jpmorgan chase talking about interest rates staying higher longer. it has not helped these guys. in that environment a gets to be dicier. they are not following this big market rally. the global chief market strategists on the banks, what do you make of the market reaction to what would otherwise be i think good news. >> these banks reported in line, the sector has been up 11% and the stocks rise going into earnings, they have to beat them. the issues were narrow. it came around net interest income for these banks and wells fargo in particular. they met expectations and maintain their guidance. wells did not get net interest income and guidance was the lower end and that's why you are seeing a large pool back in. the regional can turn that around. jack: customer activity and lending activity, don't know what to make of that, these might be isolated cases. when you get to

they found that citigroup's continued to have ongoing deficiencies in data quality management.ust note that, because it's not an insignificant combination of fines, and they continue, at least, to apparently not, you know, toward the implementation, we so far, the fed says that has not been adequate, and we all know that has been a big issue for citi in terms of just overall data, and of course, you go back to when they wired all that money to one -- unknowingly to a creditor. >> we watch the expense side on a lot of these, which appeared -- for citi, it was a good story. this is a bank that eliminated, what, 7,000 positions in this restructuring. they were expected to generate $1.5 $1.5 billion of annualized run rate expenses as a result of the transformation, according to frazier a few months ago, so that's been a positive story. obviously, the regulatory setback, just a reminder of what kind of regime these banks are still facing, i think, all of them. it's not just wells fargo. clearly, citi and a lot of them. as we debate what's ahead for basil iii. >> it's very specific t

morgan chase, citigroup all reporting tomorrow morning and that kicks off the whole streak of bank earnings jointed is portfolio wealth advisor chief investment officer lee munson. great to see you. give us your assessment of the pepsico earnings are what you expected for the second quarter earnings reporting season. >> the main thing consumers are having problems of the 25% increase in the cost of potato chips. it is great pepsi cut cost and they will continue doing it but you will people acclimate to this. when i talked to the guy on the street come outside of our ivory tower of wall street the average person down there than average prices are going to start going down versus my concern not how prices are going back up and we saw earlier this week helen of troy which is exactly about whether there down 30% on bell earnings on consumer staples this is very much because the big red flag for the economy and pepsi is another five today. maria: mark, jumping on how important the cpi today we've all watched inflation cut into wages but now it's cutting into profits. >> without a doubt, the infl

other climate news, police in new york city on saturday arrested 59 protesters outside the home of citigroup jane fraser. the protest was part of summer of heat, a series of nonviolent direct action protests to end fossil fuel financing. police have rated and cleared a pro-palestinian encampment outside the home of secretary of state tony blinken in mclean, virginia. the encampment had been set up for 183 days to demand an end to u.s. support for israel's war on gaza. in news from the paris olympics, waseem abu sal received thunderous applause on sunday as he became the first palestinian boxer to participate in the olympics. during the olympic opening ceremony on friday, abu sal wore a shirt showing children being bombed, in defiance of strict rules against making so-called political statements. after losing his match on sunday, abu sal said, "the olympic games are already a victory for palestine." and those are some of the headlines. this is democracy now!, democracynow.org. this is war, peace, and the presidency. i'm amy goodman. republican presidential nominee donald trump's running mate

friday, we've got jp morgan chase, wells fargo citigroup. we're kicking off those numbers. journal is writing this, companies are expected to report the biggest quarterly profit jump since early 2022 as earnings will test investor faith in big tech stocks. let's bring in pro chain capital president, david tal. we have a lot on tap this week, the first full trading week for the month of july. what are your expectations? >> my expectations is that the market will trade flat to sideways until we start to get a real feel for earnings season. it could very well be that this will be a successful earnings season. if so, i expect the entire market to be lifted higher and if earnings start to come in disappointing, we'll see some of the highest fliers give up some ground. i think that -- and those that have beaten, not necessarily succeeded, because we haven't seen the scope of market breadth to the upside as people may think from watching the averages, nevertheless, i think the stocks that haven't gained as much won't pull back as much but high fliers will pull back. cheryl: we've

thursday and the major banks really kick things off in a big you way with jp morgan chase, wells fargo, citigrouping second quarter numbers on friday. oil giant bp expects to book an impairment of up to $2 billion for the second q they're warning that weak oil trading and lower refining margins could hurt earnings. i don't know if that's an industry thing. that's what we're hearing from bp. take a look at oil this morning. still elevated at $81.25 a barrel on crude oil, ryan. so assess from your standpoint. >> yeah, well, i think earnings is the biggest bright spot. we're going to see probably close to 9% earnings this quarter for the whole year it's going to be something like 11% growth and next year looking at 15% growth in earnings and remember employment follows earnings. if your company's making more money what do you do, you hire more people. i think the soft patch in employment, 4.1% which is historically very low by the way, is going to keep the lay pour market very strong and look, we've all talked about this morning, sounds like all signs point to the fed's going to cut rates probably s

sector hitting an all-time high today despite declines in big banks reporting today like jpmorgan and citigroupestment banking revenue but still trading lower. and wells fargo faring the worst after reporting a 9% drop in net interest income. let's look at the results now with david conrad, managing director at kbw. let's look at those big banks, mr. conrad. it would seem based on how they're performing today, the fact that you call them all market perform and they are all close to what i see to be your price target, that you don't think these big banks are the place to put fresh money and they may be fully valued. am i right or wrong? >> i think that's fair. i think when you look at banks overall, in terms of the banks that reported today, bank of new york is a little different animal but gsib is up over 5%. we do like that name. but it is a different animal here. in terms of these large banks, jpmorgan had a very solid quarter. they had very strong investment banking, up almost 50% year over year. but it is trading near 13 times 2025 numbers. that is above its historical valuation and most fi