how many times did you reach out to wells fargo?t least three times that i escalated it, or had it escalated to an executive level complaint, and all three times they denied my complaint. meantime, he tried getting answers from the irs after being on hold for hours, getting transferred and disconnected again and again, he says he showed up to the irs field office in san jose twice to explain his situation. >> and that guy said, sorry, i can't help you. >> unfortunately for yates, wells fargo could only provide a blurry copy of the cash check, and the irs could not make out the locator number on it. to help. and to make matters worse, there is no signature like usually. >> i thought you're supposed to write your signature when you cash a check. >> yes. in fact, wells fargo requires that consumers depositing checks in store or via their mobile app must sign the back of the check before cashing in, according to the consumer financial protection bureau. generally, banks or credit unions will not accept a check that's not signed or at le

how many times did you reach out to wells fargo? >> at least three times that i escalated it or had it escalated to an executive level complaint, and all three times they denied my complaint. >> meantime, he tried getting answers from the irs after being on hold for hours, getting transferred and disconnected again and again. he says he showed up to the irs field office in san jose twice to explain his situation. >> and that guy said, sorry, i can't help you. >> unfortunately for yates, wells fargo could only provide a blurry copy of the cash check, and the irs could not make out the locator number on it to help. and to make matters worse, there is no signature. >> like usually. i thought you were supposed to write your signature when you cashed a check. >> yes. in fact, wells fargo requires that consumers depositing checks in store or via their mobile app must sign the back of the check before cashing in, according to the consumer financial protection bureau. generally, banks or credit unions will not accept a check that's not sign

i thought that was wells fargo. >> the core of wells fargo is what we do with consumer banking and lending, wealth management and corporate investment bank. part of the mission when i got here was to make sure we are focused on doing the things that matter most for the core customers of the company. a bunch of the things that we did were perfectly fine businesses. it just did not matter to the core customer base so they are better owned by other people. >> why did you close wealth management and open a different one? >> we did not those. what we said was we don't need to manufacture our own project. we don't need a manager. we love the business and we have the advisor so that makes sense to keep in the company. let other people run the asset management. we have the wealth advisory and we get to pick and choose the best products for our customers. >> you have a storied background. you worked at visa, j.p. morgan, investment banking, retail, you are reinventing the bank and some very competitive areas including investment banking. how are you going to do this as fast as you would like? you a

wells fargo up 4.3%.-quarter reports that beat estimates. jamie dimon said the bank will maintain buybacks with results strongly back by a balance sheet that is also strong. wells fargo reporting a miss on net interest income for the third quarter. the profit was boosted by a 37% jump in investment banking fees. food producer bruce paek recalled nearly 10 million pounds of poultry and meat items due to potential listeria contamination. the department of agriculture officials detected listeria in samples during a routine test. the company is ready that's company's -- company's ready-to-eat chicken is the source of the contamination. game 1 of the wnba finals was one for the ages after a stunning comeback for the minnesota lynx. minnesota valley back from a 14 point quarter deficit. they become the first team in history to come back from being down 15 points with under five minutes left in the game. game 2 tips off on sunday in brooklyn. that is your brief. jonathan: this league was given a gift and it does

wells fargo reported a good quarter last friday. hoping this is the beginning of a bank stock renaissance. as i said earlier, we will on tomorrow night on our show could be the leader. you need to understand, even though they bounced back, during the great recession, the big banks became wards of the state. obviously the industry brought this on itself. since the financial crisis they've been regulated and fully repeated by the overlords. they've been repeatedly embarrassed. there's a supervisory cycle that includes public floggings. it is too high for most investors to get to. the bank will start being regulated. many just a year and a half ago. they put up the good nums and the stock went up. i think this might be kicking off the first great bull market in the banks in 60 years. why? it got too cheap for the rest of the market. there are so many bank stocks, with good yields. that's enough to compensate for the heavy regulation. wells fargo, look at it. from six years ago, it includes a cap with a severe restriction. they had it c

jpmorgan and wells fargo kickoff earnings today.citigroup and morgan stanley next week with the small portion of revenue coming from loans, the big banks may not get a boost from rate cuts, but benefit from a pick up in deal making and credit card spending if the fed sparks more economic activity. let's bring in nancy at essex investment management which owns jpmorgan and wells fargo. ever since september 10th, when the coo warned their net interest income guidance may be too optimistic, we have seen pressure on the banks. i want it ask do you think that is a read on all the banks or just jpmorgan? >> i think this is something we need to be concerned about this earnings season fairly broadly. investors have been optimistic about net interest margins holding firm and perhaps getting better as the yield curve st steepened. we haven't seen it yet. the third quarter numbers could be strained across the board. >> we had a hotter than expected cpi read yesterday and another read today. we talk about the reports moving the market. in your

just got some from wells fargo and jpmorgan.es off 20 points, nasdaq 57 points, the s&p off about 5 points. we're going to bring you more on the earning reports in just a minute. by the way, treasuries, two-year, sitting just under 4.3983 and 10-year at 4. >>> when we come back, this morning's top stocks to watch. don't go anywhere, "squawk box" is coming right back. when it comes to investing, we live in uncertain times. some assets can evaporate at the click of a button. others can deflate with a single policy change. savvy investors know that gold has stood the test of time as a reliable real asset. so how do you invest in gold? sandstorm gold royalties is a publicly traded company offering a diversified portfolio of mining royalties in one simple investment. learn more about a brighter way to invest in gold at sandstormgold.com. >>> all right, let's bring in stephanie link to talk the bank earnings so far this morning. steph, it looks like jpmorgan shares are up by 2% right now. we also heard from wells fargo and blackrock w

morgan and wells fargo let's start with j.p.trong one for 37 on earnings-per-share, the estimate was only for a one that came in at 437, as far as revenue 43.32 billion and the estimate was only 41.6 billion a strong report from j.p. morgan and also wells fargo at the same time speaking with chuck, it the bernie's preacher estimate was only a dollar 20 that's a really nice beaver wells fargo the stock is down more than 2% and will have to dig into the numbers as far as revenue wells fargo 20.37 billion that was a slight miss the estimate was 20.42 billion and, jumping on the big banks what are your expectations as we see these numbers start to crosses we could governing season. >> only worry for the credit quality of lower grade consumers and obviously that has yet to do much damage for their earnings performance of j.p. morgan i want to add the extent the investment bank with exposure to business funding, september was an extraordinarily strong month for high-yield loan issuance, it was almost off the charts and there was a lot

wells fargo also moving higher here. jp morgan is also up to close to 5% here. wells fargo, what you think about the metrics that came in stronger-than-expected. and of course, blackrock, records on the net basis with new york bank melon, not beating on the top line, down 1.5%. more is coming up next week the jp morgan, goldman sachs coming out next week. morgan stanley as well. scarlet: good stuff, thank you so much, jess, with the recap on midday movers. when you look at the latest fed decision to cut interest rates, markets have been more optimistic than not. but there is caution as geopolitical tensions flare in the u.s. election looms. should markets be more concerned that we are on the edge of a so-called black swan event? the original author of that phrase is here with sonali basak for an interview. sonali: i am sitting by with nassim here. good to see you. a couple of weeks ago, we spoke to your colleague at mark spitz naegele. he had been voicing concerns. how do you feel about where we stand right now? nassim: formally market line, let me say. we've go

clearly, investors liking what they are seeing in wells fargo. katie: abigail doolittle, thank you so much. a shakeup is brewing over at southwest airlines. elliott management has called for a special shareholder meeting at southwest officially kicking off the first u.s. to fight since 2017. it is calling the meeting so fell investors can vote on new board nominees. they have nominated eight directors to the southwest board seeking to replace eight incumbents. we are joined by crystal see. it seems aggressive. what is the southwest response? >> southwest put out a statement . this is hot off the press. they say they have made every effort they can to reach a constructive resolution with elliott. i am sure elliot would probably say the same thing. investors do not want to fight in the company does not want to fight. we have reached this point where there is going to be a vote. elliot called a meeting for december 10, which is an out of cycle meeting. they are trying to get eight directors on the board and replace eight existing directors. katie: i

by the way, we can talk about wells fargo nii next quarter is what matters.hat's why wells -- one of the reasons why wells is looking up. i want to take the other side of the futures trade today. this is a big day. we had ppi was good. we have the futures looking a little soft. interest rates are obviously not cooperating yet, but so many times, we've been in this situation, carl, where we have had good banks, good numbers, and then people start selling them off as the day goes on. i say if we have that again, just buy them, because i am very impressed, blockackrock, not rey a bank, but in some ways it is. wells fargo, nice upside surprise when it comes to wealth management and investment banking. david, they are becoming an investment bank in a way that i didn't think they could do so fast, charlie scharf, with people like doug. >> yeah, doug bron stein, the vice chairman over there, long-time senior manager at jpmorgan before heading out briefly -- not briefly, for some period of time on his own, running an activist hedge fund for some period of time of tha

the assets of the banks, think of jpmorgan and wells fargo with the higher sensitivity.et's remember jp was the larger nationwide franchise so they pay less to deposits than the regional banks. the benefit they get from lower rates in terms of cost, it is morethan value than the gain of the assets yield. you would expect the natural decline. at the same time, banks like jpmorgan are very diversified. they don't have the commercial banks, but investment banks and they have the asset management. let's remember jp is almost $4 trillion asset management. they have a solution they can offer to clients in order to make up for the loss on the -- not the loss that they are earnings less on the net interest income. >> and filippo, looking at other trends we see in the space, it has been a broad market. do you think the recovery in investment banking, for example, is enough to offset other troubled areas like commercial lending, for example? >> yes, that's a very good point. we saw and observed that the fed stopped last year would put a break on animal spirits. now the expectation

jpmorgan and wells fargo since friday. jp up 4%. wells fargo up 8%. that's despite their net interest income reporting not being ideal. i'm looking at wells fargo, they lowered net interest income guidance. jpmorgan went on to say the third quarter out performance was a blip. are we possibly over indexing net interest income when we look at the banks? i look at jpmorgan with the investment banking exceeding and that's the reason why the stock is moving higher? >> the interesting thing is both of those are stories. they're good stories. wells fargo may have the cap lifted on assets. that's really important for future growth. people are looking at that. the earnings estimates came in better than expected although they lowered guidance. a lot of people were short both of those stocks. clearly, jpmorgan has, you know, under fpromised and over delivered. those two companies will have lower net interest income than they have today. their balance sheets are set up that way. they are good companies. you know, they're not very expensive, but people are short.

wells fargo sending shares 4% higher.s touched a new record after a 37% jump in investment banking fees helped offset the decline in interest earnings. the banks continue to report this week. let's get more on this with the senior vice president of the american financial institutions at morningstar. >> good morning. yes, results so far came in better than expected. you know, jpmorgan with a 16% return on equity which we will expect will lead the industry. wells fargo at 11.7%. we expect similar ruesults from the other banks this week. headlines suggest a soft landing is imminent. i think that's a bit premature given we're in a complicated operating environment. you know, we'll see how it all plays out. >> indeed. just speaking of the operating environment, what guidance did we get from the likes of jpmorgan and wells fargo regarding expectations for net interest income in the coming quarters as we see rates, perhaps, coming down in the united states moving forward. clearly this will have an impact on the sector. >> sure.

much more on big bank earnings, we talked about wells fargo, jpmorgan, blackrock came out. is charging higher we'll get that later in the show. the state of florida had a record breaking 34.2 million visitors in the second quarter but has the calculus changed after this , on your screen. two monster storms slamming into the sunshine state. the ceo of price line.com is here to discuss the impact mother nature could have on tourism. and mother may not always know best. steven wang's mom was furious when he told her he was dropping out of high school to run a business he had started and then when he later got into harvard, mom's happiness was back again because eight months into harvard he dropped o utility to out to starta new business but m changed her tune because steven ended up being co-founder of robinhood and it lets you copy the trades and mimic the portfolios of some of the world's best investors, politicians and celebrities, like the oracle of omaha, warren buffett, former speaker of the house nancy pelosi, former president donald trump. how did steven wang, a self-d

if i look at money centers i think wells fargo is fascinating because wells fargo had a lot of caps lifted them in the last couple of days. they were the one that rallied most on relief. bank of america which nobody wanted to own has probably outperformed all of the money center banks over the last three weeks other than wells fargo. it is interesting. >> i'm curious for regional banks coming up shortly after. with the fed starting to cut rates, they will be more sensitive to that, they'll benefit from that. we know the lower end consumer is in a tougher sport, but if te overall data is the consumer is okay, is that the catch-up trade? i have been skeptical but i wonder if we have enough data points it is time for that thing to move sustainably? >> there seems to be two economies in the u.s., on the lower end is jpmorgan said they're preparing for higher loan losses in the credit card number division. you think about the consumer confidence number and you say if bank deposits are drawing down, they also spoke to that. there's stuff to keep an eye on. we were talking last night about away f

wells fargo had earnings beat. the federal regulators might put -- i'm sorry, they're still reviewing wells fargo, which limits growth. cheryl: i want to bring in dennis into this, i want to get into the commentary from jp more gone in particular which is something i always zero in on when these reports happen. this is one of the things they , while inflation is slowing and u.s. economy is resilient, several critical issues remain. recent events show geopolitical conditions are treacherous and getting worse. what do you say about that, dennis? >> i think he's absolutely right, geopolitical circumstances are worrisome, getting more so by the day. one of the reasons why the gold market has been as strong as it has been over the curse of the past several months. we had a correction in gold but i think mr. -- i think the chairman of jp morgan is absolutely correct. the geopolitical circumstances are bad and getting worse and i think that it's going to be quite some period of time before they get any better so he's on t

wells fargo. >> ceo of wells fargo.a bit this morning in the early going. >> what an amazing quarter. >> and to b of a's point, they argue that you're starting to see signs of a tailwind from lower rates. and that got reflected in some financials. >> look, if you -- one of the reasons why wells did well is that they do better in a lower for longer but it doesn't matter. you're in a rate cut cycle and the crazy -- one of the great moments -- oh my god. there was a moment on a call on friday where jamie dimon, i mean, all these companies claim to be -- they're all hostage to net interest income, which is this obscure thing that only four hedge funds care about, and at one point, he said, to hell with it. to hell with the nii. he was at his queens best. >> we did use that clip of him getting frustrated with the analyst community and just, like, enough. everybody's trying to hone in on a number they can put in as an estimate. >> he obliterated the analyst community. he took a steam shovel. >> my god, do you know how many ea

wells fargo, j.p. morgan jamie dimon were needed by geopolitical risks calling them treacherous and getting worse, slatestone wealth chief market strategist kenny polcari, good to see you, thank you so much for being here, what you make of the market this week, any takeaways in terms of how things look for year-end? >> i think the markets have actually remained amazing to me considering all the headwinds that are in front of us, geopolitical as well as economic the cpi and ppi as you mentioned came in slightly hotter than the estatestimate but trended lowern you look at a plot under broad scale, the banks crashed it they believe the numbers out of the water, it is all very exciting and we saw the market responded i actually think what the fed has managed what appears to be a soft landing there is underlying concern of what the next move will be in november. 25 basis points twice of november and december, we see the short and, the yield on the ten year is around 4%, rates have gone up, they are going to

then there's wells fargo.otten a series of strong economic numbers of late which makes the fed watchers assume that we're looking at a series of slow and deliberate rate cuts nothing fast maybe won't even get one in november. what happens to wells fargo then? we own this for the charitable trust and if you really believe the rate cuts will slow to a crawl i think it's reason to be concerned. what if heaven fovd the ceo set up wells fash goh's portfolio for this moment? that's what the ceo told us on tuesday when we went up to see him. he figured this stuff out. this is what they -- when they talk the dot plot are they -- these things take your fillings out. i can't eat them. you're dealing with someone smarter than you are who has a view of the world that's spot on. there's nothing static about wells fargo. charlie bliek blackstone schwartzman and gray like alan snitzer at travelers really knows how to do business in any environment. if you own their stocks you don't need to obsess over the fed's next move. yo

wells fargo upping the price target to $294.t-case scenario, but flutter's track record makes this appeals. guy? >> this is something danny moses talked about. this one you can wrap your head around. if you don't want to go that route, i think draftkings had a huge selloff and it starting to bounce again. i'm looking at when they report -- sorry about that, mel, they report on november 1st, so, draftkings, into earnings over the next couple of weeks, can get momentum. >> i just have to say, draftkings was one of my stock picks with breanna stewart, you killed it yesterday, great job. >> yeah. >> yeah. >> take a look at shares of sofi. jumping more than 11% on news of a $2 billion agreement with fortress investment group for sofi to grow its loan platform business, dan. >> yeah, to partner with someone like fortress, to give them that kind of backing, that confidence to do it, it makes a lot of sense. the stock has been kind of stuck in the mud. gotten back now towards 52-week highs. still well off the multiyear highs. seems like

an emmy-nominated actress you know from "ted lasso" and "fargo."ly she's starring in "venom: the last dance," which is in theaters friday. juno temple is here on the show. [ cheers and applause ] had her here virtually, this is the first time she'll be here in person. can't wait. before we get to all that, donald trump staged a photo op at a mcdonald's and talked about the size of a dead golfer's penis. i'm not happy about it either. [ laughter ] for more on this it's time for "a closer look." ugh. [ cheers and applause ] ♪ >> seth: ever since kamala harris entered the race, trump supporters have repeated one specific criticism over and over again -- no one knows what she believes. >> everything about kamala harris and her campaign, it is fake, it is phony, it is fraudulent. her website only recently published a policy section, which was basically a cut and paste from the biden campaign. >> at the end of the day, she's not stood firm in front of the american people about what she's going to do. >> there's no real set of ideas. not really an agenda.

even wells fargo reporting later today up 17%.s is really going to hinge on whether or not they can successfully pivot to the slower rate environment. if they can take the hit from that interest income with making less on loans that may be to get more loans coming to the door. maybe they get more fees from investment banking. maybe the consumer is stronger so credit risk goes down. that will help keep these talks going forward. what could make them go backward, what could make them decline as if we see a gap. if we see a hit in the interest income, but not a speedy pivot to the lower interest rate environment. we don't see that pick up and off -- in activity. lizzy: charlie wells setting us up for a bank earnings that are coming out later today. but we have plenty else on the docket for you. 20 minutes time we will get the latest u.k. gdp numbers. crucial for ke tarmer, the new u.k. prime minister heading towards his fis100 days in office this weekend. the expectation is for a slower growth pace this quarter. we keep an eye on tha

morgan and wells fargo next edition for the index for the third quarter is about .talking about stocks that got hammered elizabeth what happened. elizabeth: rough week for humana had its worst day since the great financial crisis has passed we did not about 21 percent in the news the government downgraded one of its largest medicare advantage plans from public five source down to 3.5 stars even if it is going to appeal it if that's available have a huge revenue and earnings impact in 2026. jack: the government has gotten better in medicare's better at squeezing the supplements and is an investor you say that gotta figure out how to make money and as a taxpayer you say, maybe they don't need to make so much money. jack: good for taxpayers with about medicare recipients. elizabeth: plan design for 2025, rocket so if you or any humana plan to have any affect on your near term benefits and of the time to watch out for changes as this time next year as we approach open enrollment for 2026. so these government quality ratings are directly linked to revenue and he meditate

jpmorgan reports tomorrow as well as wells fargo.>>> coming up on "worldwide exchange," more on the breaking news. hurranice milton slamming into florida. we go live to orlando for latest on the path of destruction that storm has left across the state. stay with us. business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities. >>> welcome back to "worldwide exchange." we're taking a look at some of the insurance stocks as hurricane milton is making landfall. take a look at some of the moves. chubb progressive and travelers, three stocks expected to be impacted by the storm. a great write up on the stocks before and after a storm. real-time look at the names. chubb up .75% of 1%. progressive up 1%. same for travelers and

stuart: wells fargo. >> wells fargo made a call on amazon and they cut it to neutral price target 183nough to overcome the headwinds and increasing competition and they called out walmart amazon versus walmart amazon stock is down 2.7%. >> kamala harris has a busy week she is sitting down with news outlets that many of them are calling the softball interviews, mark meredith at the white house, take us through this week of interviews. >> the harris campaign has spent millions of dollars to get them front and center but they're not doing the sitdown interviews but there's a lot of criticism and it appears their strategy is beginning to change, starting tomorrow we will see here on the airwaves a media blitz of the vice president gets ready to sit down with the ladies of the view in cbs stephen colbert and an interview with 60 minutes, cbs news they invited former president trump to participate in the 60 minutes interview for these presidential candidates but he declined, some democrats are applauding harris citing to talk to the media obama aide david axelrod posted this instead is impo

what was from wells fargo? this really hit the stock on monday.ording to wells fargo, amazon is facing a lot of competition from walmart's fulfillment business. their costs are 15% lower than amazon's. we're going into the holiday season. is that a concern for the stock going forward that the fact they might lose some of that business? >> you know, i think there's always going to be competition that arises. amazon was really a massive leader in shipping and what they've been able to do for their product. but let's not forget the aws and the behemoth that sits in there. i think it's much more than what we're looking at in the margins versus walmart, but i think this is going to start to show up over the next year. we're really undervalued here. >> i want to go to something else. very important when we're talking about amazon. their cloud business, they are a market leader. acoveredings the note, they believe amazon is going to come in below estimates. they believe it's going to be 18%. the general consensus is amazon is losing a little bit of marke

i think it was jeffries, and then wells fargo on apple.effries on amazon, or maybe i have them reversed but yeah, they both got downgraded. >> jeffries had apple and it was quite a blow, but let's use the same analysis for jeffries. i just think you have an extended apple scenario here. you do okay this quarter, the next quarter, better, so how do you get out and get back in? is anybody really that good, david? anybody? >> you typically said, don't trade it, just own it when it comes to apple. so, you're, i guess i'll answer for you. no. few are good enough to do that. >> thank you. that's really my feeling. i'm not trying to be -- look, carl, i'm not trying to be vindictive. i'm just saying for most of the people at home, these calls are too hard unless they're algorithm traders or guys with a huge amount of money at stake. just chill. chill on these. >> it's a great point, jim. lot of people making the point that given all the things we have had to worry about this year, wars, elections, inflation, the fed, we're up 34% over 12 months. >

morgan, and wells fargo. 185 to the $200 area. recently, upcoming earnings and potentially, it is going to resolve with lawsuit settlements that are coming up. my stock is johnson and johnson. wondering if it has been groped? >> it is very rare that i have seen the stock at a very low marketable point like it is right now. i can't imagine that you get hurt very badly. when the feds cut it, you want to stay away from the drug stocks and the food stocks, and go into something more that has more cyclicality. that is fine with me. charts from carley garner report a whole money madness, and if history is any guide for us, it looks like i could be making a big mistake. much more mad money ahead, including a family run company. could a possible spirit airlines baggage fee be possibly avoided if the money went through? i'm giving you my latest on fdc. all of your calls will be required for the lightning round. stay with cramer. (office chatter) is it me...or is work not working? at least, not the way it could work. your people are buried

the supports there were you service, you need to know what the brand number of dates of dance fargo? no, i just got here. oh is this my 1st time here? i actually did not know the area a couple. it's a symbol of germany's reunification though it is because so the ammonia is exactly . oh, very good. the one of the obligatory sites in berlin connected with its division in the fall off, the wall is obviously check point shortly. it can hardly be missed with all the tourists and how about the around it? the visa, large form of photos summarize the most important points about the form of border crossing or east and west faced off told to to under high attention i continue on our requests for traces of germany's divisions along the berlin wall . it's fall in 1989. what's the 1st big step toward reunification? an impressive frederick is the longest section of the berlin wall still standing in the east side gallery. a few weeks after the fall off the wall, $118.00 artists from $21.00 countries and gathered to paint this section. the pictures are expressions of a new era building and hint at t

event. 43% of tampa's gas stations are out of gas right now, the city's airport is closed, and wells fargo estimates the losses for some of florida's biggers insurers could total $145 billion in the tampa area as i alone. let's begin with nbc's dana griffin live on the ground where last minute preparations and evacuations are underway with everyone curious, dana, what these people are going to do if they can't leave on the highways and can't get out of the airports. >> reporter: well, they're going to have to hunker down, which is the worst case scenario, especially for people in evacuation zones like along the coast in naples. officials are warning people to leave now, prepare now, especially if you are in an evacuation zone because this is a life threatening storm. behind me, we have seen several residents show up at the beach. you've got surfers in the water. they say the waves are not usually this good. they are taking advantage. many of them say they are not evacuating because they're in areas where they feel they will be safe. they can hunker down. and they told me that they have a p

s&p 500 winners topped by wells fargo. uber is up $4. 5% today.merica and granger is on the list. nasdaq composite winners topped by fastenal, warner brothers, paypal, siriusxm radio. coming up, just for you, dhs secretary mayorkas refusing to answer questions about the afghan national charged with an election day terror plot. >> reporter: how was this man brought into the u.s.? what screening did he undergo? >> i'd be pleased to discuss this issue at a different time. stuart: okay. the suspect worked a security job is with the cia in afghanistan. california congressman darrell issa has more on this. >>> harris made her campaign about vibes and democrat strategist is david axlerod says she's now in hot water. >> i think the vibe right now isn't great. there's concern. but partly we have this plethora of polls, and they all say something slightly different. stuart: okay. how bad is this for haste? caylee mcgee on that. trump adding another promise to his grab bag of tax policies. now he wants to make car loan interest tax deductment economist -- ec

big moves friday off the back of what we saw from wells fargo and jp morgan.he board when it comes to net interest income and wealth management and it also has to do with trading revenues, i keep going back to the idea that the bar was lowered and they handily kicked over that line. is there something they were saying that changed or is it just that they were trying to gauge people's sentiments so that they could look good? jonathan: there is certainly a big dose of that. and it comes to net interest income 2025 is still a mystery. we spent the whole show discussing what will happen with federal reserve policy most days. you brought up a big issue. we heard this conversation with apollo a few weeks ago. mark made the point that fewer companies will go public. there are big structural headwinds to the story. private credit is a big piece of that. the regulatory headline is another big piece of the puzzle when it comes to m&a. do not think it will be too different versus what we have heard from one campaign to the other. annmarie: cannot if we look at how the ft

as an analyst, i think wells fargo downgraded the stock today, as well.got to be hard, because amazon seemingly can move the needle in terms of operating margins whenever they want. should we be looking more at aws growth? what's the one thing market is going to be focused on in terms of stock price? >> aws has always been mine. it's two-thirds of their operating income. you're seeing an acceleration in that business. so, first and foremost, aws growth continue to acceleration into the high teens, low 20s, and can they sustain that acceleration? and then on the flip side, on the margin, you know, how far will margins fall after they were unsustainably high in the front half of the year? so, we break into the high 20s or low 30s and they don't show acceleration in the u.s., then that's going to be the big issue that we're watching. advertising is number two. and then the consumer business is number three, which is a low margin business, and most of our xints are more focused on the high margin businesses. >> brent, great to speak with you. by the way, tomo

>> don't you think he left a lot of wells fargo when he sold wells fargo at the bottom?all right. i won't say anything. headstrong, maybe foolish. >> it happens. >> ulta beauty, david, is down. >> they got investor day today. it's ulta. every part of the cosmetic food chain is -- estee lauder doing badly. when you see, you know -- when you see that lcvmh, it's kind o jarring. almost like, are people not -- don't want to look as well as they used to? no. they still want to look good. they just don't want to pay it. e.l.f. is down. >> you did have a selfie thesis when it came to beauty coming out of the pandemic. >> you wanted to look your selfie best, but now, i don't know. maybe these new apple phones, david, they can touch up anything. they made me look like jason statham. >> i know him. >> i look just like him. >> i watched one of his movies on a plane called "the beekeeper." it may have been the single worst thing i've ever seen. >> wasn't it horrible? >> it was so beyond comprehension. >> wasn't it awful? >> you watched that too? you wasted -- >> watched it twice bec

chris harvey of wells fargo.p by more than 1/10 of 1% with an update on stories elsewhere is your bloomberg brief with dani burger. >> goldman sachs upgrading its forecast for china's economic growth in 24 and 25 spurred by the announcement of measures to shore up growth including plans for greater public spending. they expect china gdp to expand this year. they did see it at 4.7 previously. it lifted its growth prediction to 4.7 from 4.3%. taiwan semiconductor is expanding its global footprint and eyeing europe for its next chipmaking plants. a senior official said construction is underway in a facility in germany. the speculation of another plant could be announced in the czech republic. tsmc has spent billions in recent years to develop plans and allied countries like the u.s., japan and germany with risks looming over tensions in china. the harris campaign is trying to draw attention to the health of the candidates. harris released a detailed medical record that claims the vice president is in excellent healt

we're off to a very good start with jpmorgan and wells fargo.ed wells fargo into my portfolio on friday -- >> you did? >> yeah, because the banks are set up really well. they had really good credit quality. wells fargo saw a decline in commercial real estate and net charge offs. that gets me excited. that's the thing that has been bothering me about the regional banks in general. they had good credit quality and so did jpmorgan. they are talking about a trough in the net interest income. we have to wait to see the results in net interest income in 2025. in the meantime, non interest income, investment banking, wealth management and credit card and capital markets are doing better than expected. both companies are taking share which i think is positive. wells fargo trades at 1.3 times book and we have the asset cap removal potentially coming in the next couple, i think, couple of months. it's been since 2017 that they've had the asset cap restriction on asset cap for a while. so, i think you will start to see a resolution there and that's going t

and rob, this wells fargo bank off elm avenue. 2 male subjects.nd her name with demanded everyone get on the ground. i demanded money and they took an unknown dollar amount. star jenelle meta with auburn pd says nobody was hurt in the robbery. but right now he can't confirm if the suspects got away on foot or by car. >>meta says this banks proximity to the freeway makes it a target. we're close to the freeway. so a lot ingress and egress that is accessible here. so when they do make a robbery, they can get away a lot quicker. >>starting on meta says this was an isolated incident and now his department is working with the fbi to scrub through video to get any suspect information. they can. they're also working with the bank to figure out how much money the suspects got away with. and if the suspects are locals. >>or are from out of town that does not signify how our community is. our community is safe. if you see something, please give us a call. police have increased security at the big since the robbery, but it was closed while they investigated.

you have wells fargo and citi in there. are often companies that keep things on-premise how do you play a part there >> we allow organizations to rethink their applications so they can move ones to the cloud that aren't able to be moved there's still a tremendous number of applications in organizations that need to be rethought and re-platformed. pega is a perfect platform in doing that, particularly with the blueprint capability which brings the power of the internet to rethink the business. we leverage a lot of back-end systems, but we pull out the processes that candidly a lot of those systems don't do well and really don't meet the needs or do a lot of hard coding and programming languages. we plreplace that with work flos >> we're highlighting customers. financial customers, telecoms like t-mobile or verizon >> we see a.i. has the opportunity to democratize we have taken for 40 years the automated work flows in critical enterprises and to do them with the business and i.t. teams really collaborating and working togethe

morgan and wells fargo. both of those shares up over 4%o the highest it has been in over two years. to come on tuesday.bank earning e is still some angst in the bond market. reasury market volatility, it is at an elevated level, showing us that repricing that happened over fed c doubts is taking market.e to shake out in th wall the equity market is on a good here, there is underlying angst in the treasury market as we reprice the fed's path. tom: almost a 20% chance that they do nothing in november. 82% chance that they will cut, but only by about 20 basis points currently priced in. talk to us about the ecb. to what extent is their lack of doubt about what the ecb does? to what extent do we assume they go with a third cut. >> it's funny, the in between meeting, it's only been five weeks which is sort of an average for the ecb but quite the head spin when it comes to expectations of what they will do this meeting. most on the street expect them to cut 25 basis points. it's all been down to the ecb fficials abandoning this recent caution they have given on lingering inflation pressur