ken: a strong delta for goldman sachs.oldman sachs. 15% of total net revenue comes from net interest income. it is on face service revenues across all its businesses. i like the announcement where they are trying to get a front row seat for private credit. we will be speaking about that more this year. i like what goldman is. the rearview mirror was consumer banking. goldman will define. jonathan: we will talk on the numbers drop around 7:30 eastern time, 20 minutes away. stay close. ken leon. joining us to extend the conversation is edward yardeni. welcome back to the program. equity futures up on the s&p. does this give you the all clear on the economy. -- economy? edward: i think so. bull markets are not sustainable unless the banks are doing well. they seem to be doing very well. the economy is growing in loan demand is growing. as you have pointed out. -- pointed out, the new administration will be easier on regulations. as a result of deregulation the banks will benefit. the most obvious beneficiaries immediately fro

maria had a guest talk about goldman sachs, goldman sachs earnings-per-share is expected to jump 49%-year. i'm assuming that will be one of the stocks you will watch tomorrow but i'm curious your thoughts on walls forgot big of america we had guests come on let the loan under mortgage loan portfolio have a lot of california exposure in the going to have to come out give us some commentary may be on the conference call, what do you think. pete is also significant i don't get enough to bring down they have been under set strict regulatory scrutiny and dirt under tremendous diversification in a think there will obviously be insurance to supplement those people devastated by mortgage from the fire. i'm not looking at that as an event that the pop elected from a financial standpoint. it is a personal standpoint these are broad diversified or cautious on community banks and regional banks. i would be cautious about banks that are centered in california and overweight in a small community basis. maria: the other day a week ago ubs downgraded goldman sachs due to neutral having dependence on

. >> did you see ubs is downgrading goldman sachs this morning ubs downgrading goldman sachs to neutraly a strong well positioned franchise valuation downgrading gold fold to neutral business modeled leans heavily on gbm, 65% revenues your thoughts on this downgrade of goldman sachs this morning your pick? >> yes well it is trading at 13 -- 1/2 times next year's earnings and drops in 2026 obviously,. we think they are going to continue to leverage their business, i don't pay much attention to analysts upgrades and downgrades they tend after the fact we use them for factual research but for upgrades and down grazed usually you want to buy when wall street is pessimistic a fabulous year last year may stall out all in 12 best ideas portfolio outperformed market since inception in 2019. we don't need all of them to work all the time, we just need most of them to work so i still like the name despite the downgrade. maria: all right. just wanted to mention because this morning what ubs is telling clients nancy great to see you as always. >> a "fox business" exclusive 1789 capital partner dona

first, goldman sachs cohead of m&a. and after that, live to the annual jp morgan health care conference in san francisco where we are going to hear from gsk's ceo. first, a quick check on markets. >> the s&p 500 is moving lower, and then of course the biggest selloff now happening across big tech. meanwhile, we do see that some hedge funds put into prime brokerage data are buying the dip in some of those tech stocks. 10-year treasury yield's are moving slightly higher. we do see the 10 year is approaching this 5% level and finally crude. this is again a potentially inflationary pressure. oil is now trading around five months highs on concerns that supply will be really tight after u.s. treasury department issued more sanctions on russia. now let's talk about single stock movers. first, macy's. the stock is down after the company boosted -- posted disappointing outlook for sales for this current quarter. the stock is currently down by 7%. this is the lowest, the biggest drop since august. a big day for retailers overall.

despite the yee -- geopolitical headwinds, goldman sachs is not forecasting a big jump in 2025.his year with an average of about $76. joining me now in a fox business exclusive, goldman sachs' global commodities research co-head, don. it's great to see you. you've done a lot of research that you've released this week on that. let's first talk about the sanctions from the biden administration against russia. now that the concerns about inflation are over, the biden administration in their last days seems to put them, has put them in place. the question is, will donald trump enforce these sanctions? >> yeah. thanks a lot for having me. it's definitely a broad package affecting the full supply chain of the russian oil industry. producers, traders, export if terminals, insurance companies. i think the two big questions now are, as you pointed out, number one, will the trump administration continue these tighter sanctions on russia? and second, as russia has sort of built out this alternative supply chain, how much bite are these sanctions really going to have? or base case -- our ba

goldman sachs pushing back there forecast of $3000 per troy ounce until the middle of 2026. let's cross over to asia. avril hong standing by. what is standing out to you? >> it is how it's been fluctuating on the benchmark is what is standing out and this is a risk off day as the dominant themes for the year are expected to still be about these tensions between the u.s. and china. the greenback uncomfortable for asian equities, starting the trading year on the back foot despite the weakness in the japanese currency and helping to cap some of these declines, the chip stocks as microsoft talks about plans for $80 billion in spending on the ai data centers, reinvigorating the ai theme and the stock gauges outperforming. and china continues to struggle after what's been a difficult start to 2025 and also concern expressed about chinese economic weakness and if you look at what we are seeing today via the pboc it is providing some support for the chinese currency. but if you look at how it's been varying based on the renminbis basket it has actually been gaining against some of i

and it must be said that the idea was from a conversation by another width and goldman sachs who came for the 1st time and talked about imagining economies, particularly the economist or need who talked about bricks to me in browse vill russia, india on china between the 200, the 2000, the 200112009. there are many activities with the fust measure meetings taking place in the 2009 and of costs. and the 12102011 south africa was admitted. and it was no longer brief but bricks and then i was off course of what was the reason behind this suggestion that there should be an economic broke or couldn't economic. but you know, not the brits. the reason must be understood in the context of history, in the context of history, to mean that many of african countries wide dominated by western institutions so that you had a government such as is a low man convention which was between the african countries on 03 in union, outside of below mich convention, you, i'd conventions i, to the quarter new convention. and aside from that, we also, so that the, i am i a mess and the log bunk. what very domina

morgan and goldman sachs removing one were cut from their forecast. the conversation is how close are we to that threshold to hikes? many economists think we need to see a resurgence in inflation, maybe core pce breaching 3% to get that kind of narrative change but if you flip and see what's been going on in the equity market, it is not pretty. we saw that 11 basis point rise in those front end to your yields and that's been sinking the equity market overnight, down .4% after that slide on friday. >> we have the inflation data out on wednesday. above and beyond the u.s. inflation story, what are the other risk events on the table? >> a close inauguration day for donald trump due to take place seven days from now. the market is bracing for any more leaks on the tariff story so watch out for how the dollar reacts. that's mainly been traded by the fx market in the dollar index hit fresh highs overnight and we have heard many other comments about terrorists, one of which being last week we heard from governor waller saying he does not think tariffs are in

goldman sachs joining a new group for facilitating finance deals.tock is up this morning, about two thirds of a percent. how does that all square for you in terms of the earnings given this move in rates? >> i'll tell you what, it's a little hard to make a square of all of that. there's a lot of edges going on. maria: yeah. >> it does seem overall positive and when we really leak at especially how jobs did last week and combine with all the other economic data we're getting i'm expecting the big banks to be pretty positive. the other reason we're up on those banks is because of the comments that we heard coming out of goldman just talking to chris a little before the segment about the fact that we are sort of going into a financing world where if we're going to settle at this higher level of prices, americans are just going to start breaking up their payments for items that are not typically finance worthy as we would say. so maybe something that is $1$100starting to be broken up, putting more transactions on the payment rails which benefit masterca

of the year, we've got a classic bull versus bear showdown on uber from the analyst community, goldman sachs.s. conviction list but jmp downgraded it. from outperform to market. now let's start with the bear case we got from andrew of jmp. there are two main reasons for his downgrade. the analyst believes waymo, the google offering, has a better service that will be able to take share from uber while tesla's robotaxi venture represents a risk. involving involving musk is a risk. basically jmp is arguing it's a real threat. waymo had 175,000 rides per week in november. that's up 15% from the month before. so i get why they're worried about this in theory but it seems like a bad reason to sell uber in practice. even when waymo quote, still too small to impact results, end quote. i'm surprised they have 135,000 rides a week. i think they should be doing better but the analyst argues that it's likely to be capped until uber transitions into avs. they're also worried about the trump administration. given elon musk's close relationship with the president. now i question this whole line of thinking

goldman sachs with investment banking record is one of the better banks to position for that. you want to take advantage of the banks here. they are trading at good value and will increase dividends. leslie brought up a great point, i would stay in the banks. >> financials are one of the better performing sectors day in a pretty mixed day. what do you think? >> it has been a mixed day. we got a reasonable producer price index report. hopefully the consumer price index comes in line with expectation tomorrow . the reality of all of this scott is that we had a market that was expecting lower rates, that had priced in a lot of rate cuts over the past years and had to back it out. we basically backed out the rate cuts, all but one. we had a pretty significant steepening. at some point, rates get too high and you start to slow things down. we have done all of that. and yet, the markets, the broad market peaked, down 5%, a bit worse. but we have dup that. so the question is how much more policy uncertainty are we going to get? i think the producer price report helps and the consumer

goldman sachs earnings crossed moments ago. let's get to cheryl with the numbers. it's good news, what do you want to tell us on goldman. >> a plea you blow out on gold. profits jumped up to 105% at goldman, earnings per share came in 11, 95, estimate was 822. talk about that jump. 13.87 billion on revenue and the estimate was 12.39 billion. revenues were 2 billion in this quarter a year ago, they declared a $3 per share dividend. they bought back 3.5 million shares. this stock is adding 80 points to the dow right now, maria. they're also talking about the outlook and it is bullish. based on the incoming administration change, m&a, deal making, trading, debt sales were strong for the quarter and investment banking fees up 24%. that stock gained 48% last year. can't wait to see what it's going to do today. maria: invotement banking was up so much in the fourth quarter. i wonder what 2025 looks like because you're getting rid of lena kahn at the ftc and putting in busy friendly people there. >> they're putting in a whole new division. maria: there you go. stay with u

morgan stanley, we saw it with really strong growth in equities in goldman sachs and morgan stanley and the leadership in the equities position so i think equities result is good for morgan stanley. you know, wells fargo modestly beat the wealth management revenue line item but overall, banking well in equities and should do pretty well. vonnie: if we look at the banks that are little bit smaller, fifth and third command do we anticipate any major moves between any of these banks? david: i think there are going to be positive results. keycorp is unique because they have investment from nova scotia bank. they are restructuring their balance sheet so expect a pretty good lift there. they do have a regional investment bank. we expect them to enjoy some of these benefits at a much lower rate that we see for the money center banks. when you look to the rest of the super regionals, it's going to be good. we would expect a little bit more positive optimism from the nii perspective. the issue is i don't think it will be quite is good as what we are seeing today. positive trends, maybe a little

morgan chase, wells fargo, citigroup and goldman sachs all reporting coming up this morning, bank of morgan stanley will report tomorrow. commonwealth financial network chief investment officer brad mcmillan, great to see you thank you so much for being here, what are you expecting from the banks this quarter. >> i think it's going to be a good quarter, there is a lot of worry about how the economy is falling apart and the jobs report that we just got in worries about the demise are premature at best. i think you will see reversal of loan-loss reserves. you will see relatively strong performance in going forward which is the real question, the guidance we are seeing the yield curve normalize so i think it is going to be a lot more optimistic looking forward than they have been. maria: now that were talking about the fourth-quarter likely more important part of the story is what they say about 2025 angela get a backdrop of trump policies coming in. a lot of deregulation which is major. maria: this is beneficiary the biggest beneficiary of deregulation is the bank. >> in the energy sec

jp morgan chase, wells fargo, citigroup and goldman sachs reporting on wednesday followed by bank ofrica and morgan stanley on thursday. joining me now is cfra director of equity research, ken leon. good to see you. thank you for being here. before we get into the banks earnings what is your take on yields here and the impact that spiking interest rates will have? >> great to be here, maria. i mean, mostly rates are going higher for the right reasons. we have a u.s. economy growing at 2 and-a-half percent or more, the best in the world and if we have that plus healthy job growth which we did noted on friday, that's a good picture to deal with the headwind of higher rates. you know, the bond market always likes to say when yields get to a certain level, equities are less attractive but the story i think for the market, for equities and for banks is having strong earnings and upward revisions which i think we'll see from the analysts. maria: yeah, but what about their bond portfolios? if you have a huge bond portfolio and interest rates have gone the right way are we going to hear some

goldman sachs, the bank, up nearly $30 a share, that's 5%. home depot, 3%.. amazon a gain of just over 2% there. the s&p 500, these are the winners -- [laughter] they're big winners. edison international. bank of new york. p if g and e corporation. -- pg and e corporation. builders first resources, etc., etc. they're all up 5% or better. maas nasdaq dinners -- nasdaq winners, costar, tesla up 4%, that's $16. constellation energy up another 3%. here's a big reason why the market's up so much, a huge decline in the yield on the 104-year treasury. -- 10-year treasury. that's pushed the price up and the yield down, and we've got a yield now at 4.666% on the 10-year treasury. the price of gold, that's going up along with just about a everything else in this rally. you're now hooking at $2, 700 per ounce. and bitcoin, well, has it hit $100,000? not quite. 99,2 is the latest quote. price of oil, that's up as well, $78 per barrel. nat gas, that's up over $4. the average price for a gallon of regular up just one cent overnight at $3.008. look at car, $4.39 per gallon

such as goldman sachs, comcast, citi group. the typical board member of these fortune 100 companies we know they are titans of their industry, they are highly qualifyed and well compensated, even though, hunteren biden was paid significantly more. this is how well he was compensated. hunter biden paid over 83 thousand dollars a month, while the average american family of 4 during that time each year made less than 54 thousand dollars. this is what has been recorded about his work on the board, the washington most said, what specific duty hunter biden carried out for burisma are not fully known. and new yorker reported, quote, once or twice a year he attended burisma board members and energy forums that took place in europe. end quote. and when speaking with aches abc news, he did not point to usual qualification of a board member. hunter biden had no experience in natural gas, no experience in energy sector, no experience with ukrainian regulatory affairs, as far as we know hehe does not speak ukraine ukrainian, media asked que

so, good for goldman sachs on this call.nd i think uber is one that's going to surprise, as well. >>> let's move onto another big call. sofi sinking 8% after kbw downgraded the stock to underperform. analysts saying the fin tech firm's valuation looks overstretched. also raising some concerns around whether the company can make its long-term growth targets. bonawyn, what do you think here on sofi? >> this is a name that i like. i like the fact, much like american express, they seem like they're catering to a younger cohort, and i think that's important that you get the pulse of what that consumer is doing. but the valuation, i think it's 70 something odd on a forward basis, like 127 on a trailing basis. it's hard to argue -- >> with the overvaluation. >> there you go. >> all right. we're going to take a quick break. come back, do some final trades in just a minute or so. we'll see you after the break. i've seen it. trust me, after 15 walks, it gets a little old. ugh. stop waiting. start investing. e*trade ® from morgan stanl

i always butcher -- chief investment officer at goldman sachs.ok for 2025 is titled "keep on trucking." so the risk-on situation is on. the question is will we really keep on trucking? >> so there are two messages from keep on trucking, one is the u.s. truck ahead. so we've had this u.s. preeminence view now since the global financial crisis when everybody was saying decline of the u.s., rise of china. we've took a very strong stand against that. and so the keep on trucking image with the u.s. ahead of everybody else by far. >> by far. >> and the gap is actually widening. it's really incredible. nobody is going to catch up. the idea that these other countries are going to catch up to the u.s. is just not going to happen. the math just doesn't work because the u.s. is starting from such a high base every year. whether it's gdp, whether it's gdp per capita, whether it's labor productivity. so that's one message from keep on trucking. >> what's the other? >> stay invested fully. >> fully. >> we have recommendation also since the global financial cri

fortune 100 companies such as goldman sachs, comcast, citigroup. the typical board member of these fortune 100 companies. we know titans of their industry. they're highly qualified. and as such, they're well compensated. even so, hunter biden was paid significantly more. this is how well he was compensated. did so. hunter biden is paid over $83,000 a month while the average american family of four during that time each year made less than $54,000. and that's according to u.s. census bureau during that time. and this is what's been reported about his work on the board. the washington post said, quote, what specific duties hunter biden carried out for burisma are not fully known. end quote. the new yorker. quote, once or twice a year, he attended burisma board meetings and energy forums that took place in europe. end quote. speaking with abc news about his qualified commissions to be on burisma's board. hunter biden didn't point to any of the usual qualifications of a board member. hunter biden had no experience. natural gas, no experience in the ene

goldman sachs promoted key executives in combined teams to form a capital solutions group, recognizing growing importance of private markets. the chief executive says the restructuring reflects goldman's desire to operate at the fulcrum of one of the most important structural trends taking place in finance. coming up, trump's economic team is said to be discussing a gradual approach to tariffs. the market reaction and. stay with let's go boys. the way that i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪ >> good mrs. bloomberg daybreak: europe i'm tom mackenzie in london these are the stories that site your agenda. donald trump is looking at a slow and steady approach to tariffs, stocks rally. our market moving scope. chinese officials are looking at elon musk to buy tiktok and a french speech to parliament

all comes as investors wait for earnings reports out this week from big banks like citigroup, goldman sachs morgan stanley and bank of america. the u.s. ban on tiktok is set to take effect on sunday. if the supreme court doesn't intervene and instagram is seemingly ready to step up its game. today, instagram said it will focus on original a and create content for its algorithm this year. the algorithm is the way it stories, reels and feeds are ranked for each particular user. now, instagram says it willmbrace new technology like ai so the users can post content more easily. it will also look for new opportunities to make recommending content more social and interactive. it is a new day on the today show. we're going to take you behind i told myself i was ok with my moderate to severe rheumatoid arthritis symptoms... ...with my psoriatic arthritis symptoms. but just ok isn't ok. and i was done settling. if you still have symptoms after trying a tnf blocker like humira or enbrel, rinvoq works differently. rinvoq is a once-daily pill that can rapidly relieve joint pain, stiffness, and swelling

it's exit follows similar decisions by c to group goldman sachs, wells fargo bank of america at the morgan stanley. the un sponsored alliance, led by major financial institutions, commits members to aligned our patients with cheating. net 0 greenhouse gas emission by for the $54.00, assume that the police to the group was among the founding members all the initiative. now donald trump has consistently expressed in part of skepticism towards green energy initiatives. in 2020 he read through the us from the powers clements agreement, arguing that it's unfair, it's unfair. they permitted countries like india and china to rely on fossil fuels while restricting american copland emissions. and that decision was made, it was a fine job. i did. something is recent presidential campaign sledge to eliminate spending on controversial environmental initiatives when he returns to the oval office. next, we will land the ridiculous and actually incredible waste of taxpayer dollars. that is purely the inflation crisis. they spent trillions of dollars on things having to do with the green new scam scam. an

it exits follows similar decisions, my city group, goldman sachs, wells fargo bank of america, and morgan stanley, the u. s. one. so the allies ledge by major financial institutions committee members to align their operations with the cheating net 0 greenhouse gas emissions by 2050 oh, sooner. notably citigroup was among the founding members of the initiative and on top has consistently express skepticism to was green and is the initiative in 2020 he with through the us from the powers climate and women, all you it on savvy permitted countries like india and china to rely on fossil fuels while restricting american carbon emissions. that decision was later reversed by joe biden. trump, and his reason for the essential campaign place to eliminate spending on controversial environmental initiative when he says the eval. next we will end the ridiculous and actually incredible waste of taxpayer dollars that is below like the inflation crisis. they spent trillions of dollars on things having to do with the green new scam scam. and that's caused tremendous inflationary pressures in addition to t

and it must be said that the idea was from a conversation by another west than a goldman sachs who came.

. >> goldman sachs up more than 50% over 12 months. what a good run for goldman.d potentially be derailed or reinforced by the earnings acrossed from today going forward. where are you going to be focused charlie in terms of the numbers? >> yeah, look, we're focusing on how investment banking revenue comes in for a lot to these banks. we know that because of it being cheaper there was an up tick in it. in the high teens and above at a lot of those banks. there has been so much volatility. because of the u.s. election a lot of these equities, trading desks, c.f.o., mark mason talked about markets revenue up in the high teams teens there. and also i think a really interesting question too is going to be net interest income which is the major source for revenues. that's been sort of trending downward. i think there's a question about rates as we go into this new year. and what that could mean for those higher rates tends to be better for that revenue source for these big banks. >> what about the guidance for 2025? what expect that we may hear from the executives on t

goldman sachs ceo david solomon warning that the battle is not over.ust over an hour ago. >> i think we are in a more fragile place. i am optimistic but we are in a more fragile place. there's no question that inflation has taken a toll and it has affected average consumers meaningfully. inflation is cumulative and things are more expensive. when you look at inflation, there's no question with respect to goods we have made progress. especially durable goods. services inflation is still quite high. >> let's get to sara eisen who has a special guest. >> reporter: i'm here with calvin mcdonald, the ceo of lululemon. we just did a fireside chat. it is nice to have you. >> great to be here. >> reporter: fresh off some big news. you just raise guidance for the holiday quarter. what did you see from consumers? >> we saw success and momentum in all of our markets around the world across both men's and women's, across the categories. similar to what i've been sharing the guest responded well to innovation and newness which we continue to get back to historical

fortune 100 companies such as goldman sachs, comcast, citigroup. the typical board member of these fortune 100 companies. we know titans of their industry. they're highly qualified. and as such, they're well compensated. even so, hunter biden was paid significantly more. this is how well he was compensated. did so. hunter biden is paid over $83,000 a month while the average american family of four during that time each year made less than $54,000. and that's according to u.s. census bureau during that time. and this is what's been reported about his work on the board. the washington post said, quote, what specific duties hunter biden carried out for burisma are not fully known. end quote. the new yorker. quote, once or twice a year, he attended burisma board meetings and energy forums that took place in europe. end quote. speaking with abc news about his qualified commissions to be on burisma's board. hunter biden didn't point to any of the usual qualifications of a board member. hunter biden had no experience. natural gas, no experience in the ene

coming up to travel, norwegian holdings climbing 2% or so after goldman sachs added the stock to the egian up. uber is higher after being named to the list as well, and goldman said uber will continue to see bookings growth and analysts as jmp say they want more clarity on how it will manage the trap transition to autonomous vehicles. meta shares higher after being named a top pick at jmp as well, and expecting investments and extended realities like glasses and for generative ai, so keep an eye on meta. for more analyst calls for the day, head over to cnbc.com. >> nasdaq doing a little better, and mega cap tech holding its own. other than apple shares which are down less than 2% perhaps on the fear about iphone price cutting and thli.e ke our live market coverage will continue right here after this. demodex blepharitis! and we're demodex mites. we're very common and super irritating to your eyelids... but we love making ourselves comfortable here! oh, yeah...steam time! if demodex mites are partying it up on your eyelids... it's time to eliminate the root of the problem with xdemvy.

jp morgan ,citi and goldman sachs reporting.ness but not much now. euro-dollar one point 249. lisa: how big of a potential movement could it be tomorrow when we get cpi even today with ppi, how much the market is on a knife's edge when it comes to inflation that gives a sense that maybe our rates not restrictive that they can keep climbing with the fed in a position to be on hold for the remainder of 2025. annmarie: a key nugget about this approach to tariffs is the fact that they could avoid a spike inflation. remember donald trump ran on this agenda and he could be the one to bring prices down whether it is grocery store or gasoline or everyday goods. that might be a concern that all of the bluster about big tariffs that you've heard from other members from his soon-to-be cabinet that inflation might be a northstar. jonathan: they talked about november where you could bathe in the hopes of dreams -- and dreams of the coming administration. inauguration on monday and then you think about policies and seeing glitzy and hopes aga

lauren: goldman sachs added them to their purchase list, promising growth, they basically own variety hailing a delivery market. if you go to the robo taxi idea they have a nice built-in base. and norwegian cruise lines. let me show you lift, will refund congestion pricing fee when it begins any day now, one dollar and $0.50 for ridesharing companies and reportedly will be crediting that back to users. lift is up 3%. meta-platforms. they are increasing their price target to $7.50 a share from $6.60 a share, 28% upside to the last close. the reason is major advancements in ai in 2025 and what they call x are, extended reality which is are you ready for? virtual-reality augmented reality and mixed reality put together. ashley: that is a reality check. thank you very much. manhunt, you never know anymore. now this was the manhunt continues for more suspects associated with the terror attack in new orleans. john kennedy promising to get the truth for the american people. >> i promise you this, you will find out what happened and who was responsible, or i will raise fresh hell. ashley: i d

goldman sachs, wells fargo.ng even higher on strong results with the treasury market trend playing a big role. gerard is a multiyear, top- ranked instiitutional. >> that's going to be a big boom for the banks? >> i think so. when you take a look back in time. first, we haven't seen a positively-sloped curve since 2022. then if you go back in time, whether it was back in 2001 or in '08 or '09, 2019. as net interest margins expanded. i think that is the story that is going to be the surprise to the upside in 2025. assuming the yield curve remains positively slow. so if the front end of the curve stays anchored. long end of the curve is around 475. maybe to 490. that is a nice slope to the curve. and the banks don't even need to aggressively blend in that environment. it's as as the earnings assets rollover. think about the yield that bank of america have in their portfolio, from purchases made in 2020, and 2021, when the 10- year was below 1%. those are going to roll over into higher yielding. they're going to loo

walmart and american express and goldman sachs and amazon. the laggards.a look at the other side of the coin with the dow in 2024. boeing, nike, amgen, merck and johnson & johnson. >>> now turning to washington as lawmakers get back to work on capitol hill. speaker mike johnson's tough fight to keep the job. we have emily wilkins with more on the speaker showdown. emily, happy new year. >> good morning, frank. the next session of congress will begin at noon. first order of business is electing the speaker. mike johnson has the small majority. he can really only lose one to three republicans before he is in trouble. even though trump gave johnson his complete and total endorsement, there is still opposition. we know at least one republican, thomas massie, who won't back johnson. in the x post explaining his decision, massie criticized johnson's leadership. johnson, quote demonstrated that he won't tell the president what is achievable and not achievable in the house. he looks situational awareness himself to know what can pass and what cannot. now about a d

we begin with goldman sachs. chip maker has under performed most of the peers in areas including data center gpus. bernstein ing they are rmo fisher. the bio-sector could face headwinds. piper sandler moving nike to overweight. the urgency to clean up the marketplace should translate to a more visible recovery. >>> coming up on "worldwide exchange," we have the one word that every investor has to hear today and the stock pick every investor needs to know. >>> plus, a possible player in the bio-bid for the parent company sending shares higher. seven & holdings up 5%. we will have details on the high profile asset manager may be throwing his hat in the ring. that's coming up. stay with us. >>> welcome back to "worldwide exchange." time for the big money movers. taiwan semiconductor fourth quarter revenue beating the forecast as it beats the strong demand for all things artificial intelligence. shares up 1.5% now. revenues rising 4%. the company will report next week. >>> tesla with the model y in join an today. it

administration it makes me feel confident in betting on more deal activity why we bought the stock of goldman sachsisory business that's been in hibernation for years. it should be bought by everybody. i'm happy to see so many companies going for deals that should improve their business. looking at the transactions we have seen this week, some likely would have been challenged by biden's regulators, most seem justifiable. all of them make great business sense. there's a streaming venture with fox and warner brothers. i'm not sure that will work. now they can try it. stryker doesn't do much in the specialized embolism space where inari operates getty images and shutterstock, generative ai can create images. they will be stronger together they will be in a better position to negotiate with software developers who want to license their photos there are benefits from widespread adoption of blackwell. paychex is gaining the biden administrators -- this could draw antitrust check i can't see why this could get blocked. paychex has stiff competition. payroll processing fight with adp. stock is flying. the

i was a goldman sachs for 18 years. a fair number of years ago now. i deeply believe in markets and i came into a role that there were some outsiders that said use the securities laws to promote an agenda, but we are just a securities regulator and i believe that. what we found is not just hundreds but over a thousand companies were already making disclosures to their investors about climate risks. and i am very proud of the work we did to bring consistency in those disclosures based in materiality, meaning the only thing that various investors need to look to -- the only thing the public companies we need to do is make disclosures about their material greenhouse gas emissions, not supply chain, just emissions and how they manage certain risk in that field. one interesting number of the top thousand companies in the u.s. and capital markets, what percentage do you think already make greenhouse gas disclosures? it is over 60%. so investors -- we heard from not just hundreds but thousands of investors that say they make decisions over those material dis

goldman sachs is extremely well positioned in that recovery.rong asset and wealth management business. it's still only trading at 13 times 25, so we're excited there. we also think travel data continues to be very positive in q4. we heard a lot of positive data points from the credit card companies, from airlines about consumers continue to spend on travel. we think the outlook for discretionary spending next year is still positive. and royal caribbean and the cruise line industry in general, we think, is well positioned. they've done a great job differentiating their products, appealing to more demographics. royal caribbean is only at 16 times. they restarted the dividend and returning capital back to shareholders. that's another name we think is attractive for 2025. >> the lots changed in four, five years for that business, returning capital to shareholders. kathy and jeremi, to leave it there. thanks so much. >> thanks a lot. >>> as we head to break, here's our road map for the rest of the hour. alcohol stocks falling after a major warning a

amd is the mad dash. >> a piece by goldman sachs. really, really good one.g both on capital equipment and regular semis. we reduced the 2025 revenue for amd by 10% to 11%. you know you can't own a semiconductor stock with hot numbers. >> revenue growth estimates. >> that's very, very negative. a lot of that is the u.s. they have not been able to accelerate what they're doing in the data center. [ bell ringing ] >> it's not good for anything. >> let's get the opening bell here on the exchange with the big board. delivering meals for those in need at the nasdaq and technology. a io-tech focused on heart valve replacement. focuses odd d on the ipo. not a surprise, jim? >> i'm looking for situations that remind me very much of what happened in the horrible hurricane andrew, carl. this was in 1992. incredibly vicious destruction. 63,000 homes. damaged 100,000. it was $27 billion back then. of course, this is 1992. i know you don't want to talk about it today. it was a major boost to the economy. it got so big, it was a major boost for the country. i know what has

neil mehta with goldman sachs. >>> let's talk about energy, gas, and america overall. natural gas prices have been soaring. europe facing big problems. we've got a huge polar vortex coming as much of america is going to get really, really cold. very soon. both of those things are popping natural gas and energy costs. you just heard neil mehta highlight these names. maybe the eqt s of the world. toby rice, president and ceo of eqt , who i think is down there in much warmer miami. toby, you are originally from boston and i bring that up because right now in the new england area we are seeing about 75% of all electricity production right now coming from natural gas, nuclear, energy that is mostly natural gas. only 7% of all electricity right now is being generated by wind and a couple of percent is being created by trash or burning trees. >> yikes. >> burning trees and trash to make energy. we talked about this before, toby. we have a new administration. do you think 2025 will finally be the year we get more pipelines built in the united states so we can stop burning tree

morgan chase, wells fargo, goldman sachs coming out wednesday bank of america, morgan stanley on thursdayuge moves at interest rates and wondering if this will be a major issue bank of america with the largest unrealized losses in the industry, that could be a big focus when bofa reports when you're expecting for the major banks when the fourth-quarter number start coming out. >> is going to be really for investors to get some learning banks and technology and away from tariffs and the headlines that were seen. the best in class is j.p. morgan and were growth managers we find a portfolio so we can get back to loan growth also like an oxymoron but jamie dimon the best in the class but as far as it will do munificent december 31 that will not be as important interest rates might come down but going forward the guidance can be key to these companies bankamerica and so forth. the rate at 4.7. and for new quarter that's a pretty big rise and there will be unrealized gains overall banks are in good shape then the stress test over and over and less regulation the bank is excited on so many diffe

goldman sachs estimates the targeted vesseles transported 1.7 million barrels per day in 2024 which is 25% of russia's exports. the firm said if russian production falls below 1 million barrels per day on a sustained basis and if iranian supplies also decline that could push brent to top $90 per barrel. energy is the top sector on the heels of oil's drum, with the xop which tracks the drillers pacing for its 13th positive sessions in the last 14 days. sdot? scott? >> pippa stevens. courtney reagan here. >> holiday quarter preannouncements to two major retail conferences running concurrent, macy's store, saw comparable sales growth, but the full portfolio did fall short of expect eggs and expectations and the retailers battling another activist. barrington capital suggests macy's separate the better performing bloomingdale's businesses and they enter the big show with all three of those ceos, i asked macy's ceo if the activists are right, should they be sold to recognize the value? >> we're not getting the recognition of the value of these two brands and we believe that there are synerg

there are concerns about the transition to a taunus, but then you have goldman sachs reportedly addingt to the u.s. conviction list. wall street predictions for the year ahead are typically defined by a number of economic indicators, but for 2025 the outlooks are dominated by one person, donald trump at his return to the white house. justina lee and her team report from over 50 financial institutions and adjusting the us now with more. what is different this time around is there is an unusual degree of consensus from the reports that you surveyed. walk us through the first point of consensus. >> usually you get a wide range of expectations but it is interesting that this year most strategist seem to be pretty sure that u.s. assets are still the place to be, and i think that is a particularly interesting call, given that they always complain about how concentrated the u.s. market is or how how the -- or how high valuations are. it seems like a lot of people are still putting their calls behind momentum, behind the idea that at the end of the day, the trouble america first policy will be

tom: goldman sachs chief economist speaking to bloomberg there.through yesterday that provided that jolt to the treasury market. strong data out of the u.s.. ism services gauge firmly in expansionary territory. the number coming in at the white line you see on the screen , 54 .1. services in expansionary territory. here's what stood out. it was the price is paid, 64 is the highest level, the biggest print in terms of that number since march. you have to go back to march of 2023 is the price is increasing that much within the gauge of the ism services. bloomberg economic said this is partly due to activity picking up and being pulled forward in anticipation of trump tariffs. bloomberg economic says that will be the key driver of services going forward. it was this data point that led to expectations from markets that maybe the fed will have to push back its next cut into the second half of next year. let's look the board and have a look because today we get the minutes of the december meeting of the fed's 7:00 p.m. u.k. time. hopefully more details

goldman sachs, american express, caterpillar, microsoft, home depot are all dow stocks, add them together are all up adding 480 points to the dow industrials. the santa ana wi winds gusts expected to reach 70 miles per hour and firefighters worry the wind spreads embers from the palisades fires. max gorden joins us from malibu. what are firefighters trying to do to stop the spread? reporter: hey there, stu. it's all about suring up those containment lines around the fire. we've seen an increase in containment on both the palisades and eaton fires and over the past day and a half we haven't seen any additional acreage added to these fires, so this is very good news, but we are dealing with a very dangerous situation down here in southern border with extreme fire weather very dry conditions and very strong winds. winds of between 45 to 70 miles per hour, and the winds have been picking up over the past hour and a half or so. now, i do want to show you this , because this is ongoing here, along the pacific coast highway. there's construction going on at all hours as workers now try to get ga

that's the take today from former dallas fed president robert kaplan now vice chairman at goldman sachs joins us live. happy new year. >> happy new year. >> you make that case? singularly the most important thing. the trump administration and its policies. why? i think monetary policy, it will take a little bit of a seat offstage, and fiscal policy and other structural shifts are now center stage. that includes what we do on fiscal policy what we do on tariffs, immigration. regulatory review, energy transition, and the rate, ironically, as we approach january 20th, i'm much more interested where the ten-year treasury rate is than i am the fed funds rate. in that people haven't focused as much on this. the ten-year treasury, since mid-december backed up from about 415 to now 462, 463. i think that has a lot more to do with conserves about fiscal policy and supply and demand of treasuries than it does about inflation or what the fed's going to do. i think we have to be aware of that. >> how much more do you think the ten year could back up? >> i don't know. i think what the ten year backu

stuart: i think goldman sachs had something nasty to say about amd and it is down.n: they say there's a new challenge for amd, the personal computer and server market so they cut them to neutral and took the price target down from 175 to 129. stuart: tell me about mercury insurance company. lauren: one of the few remaining home insurance companies that cover for wildfires in the state of california and perhaps the most exposed. mercury general topple the list down 17%, their headquarters are up. stuart: vice president-elect j.d. vance has resigned, republicans are down one seat. aishah hasnie joins me now, who becomes his replacement? >> reporter: good morning. i'm hearing a lot of names including vivek ramaswamy but the thing is there's no official shortlist. i wouldn't put money on any of these names. governor mike dewine of ohio has the authority to pick vance's replacement and he has been keeping his options close to the vest. he was down in mar-a-lago when donald trump last night as trump held this big governor's dinner and here is what he said about the proces

jp morgan, morgan stanley, citigroup, bank of america, wells fargo and goldman sachs. could add blackrock today. they're staying away from all this climate change woke and zero. what do they call it. zero net something or other. now you're on the street at least occasionally. what do you make of this? is it true? so it sure sounds to me like elections matter, larry. that's perfect. it sounds like there might be a two way door on the climate group. and that's a good news. it was a two way door. they all flocked together, but after the election, it's a two way door. and they've decided that they're going to make their own policy and their own interests. this wouldn't be the first multilateral organization that's been created whose interests aren't exactly in alignment with the interests of their members. glad to see independent, independent members, independent ceos making their own decisions. i mean, i you know, there were reports i don't want to obsess about this, but there were reports that they were debunking people. if they found out that such people were not involv

the chief investment officer for public investing at goldman sachs asset management.reat to see you. we don't want good news to be bad news. we want good news. it's odd. even this morning you got better news on the ppi and battlefields go up. nothing is what you want it to be. >> it's not as bad as it sounds. but what we're hearing and what those fed presidents are telling us is that the labor market is robust, they are seeing kind of good outlook on growth. so the cuts that have been made probably don't need any more in the near term until the economy slows further. >> is that good news? people say we were supposed to get seven rate kidults last year and got two or three and the market did incredibly well. >> it could be good news but it probably changes the outlook versus spechting 100 or 150 basis points of cuts. it's one of the reasons we are focused in our bond strategy, being dynamic, taking advantage of relative value opportunities there, but in our stock strategies being more about income and the question, how do you generate income from your equity portfolio.