biotech technology leader at goldman sachs.oming up, steel stocks open up higher after president trump announced tariffs targeting foreign imports within the sector. we will tell you what we know and how this compares to a similar move trump made in 2018. this is bloomberg. ♪ vonnie: this is bloomberg markets. more stocks moving today. nucor, steel dynamics, all trading much higher after president trump said he plans to impose 25% tariffs on all u.s. imports of steel and aluminum. for more we are joined by jojo who covers steel for bloomberg news. why is this a good thing for the united states? joe: it is a good thing for u.s. steelmakers who got off of their worst year since 2018. they were getting crushed by lower demand, largely construction because interest rates were so high. now they will get a nice boost. you are talking about a pretty low bottom for the stocks we have seen for the prices of steel as well, and by bringing in these tariffs it will add at least $150 per ton to price which is good for profitability for the

scarlet: chris shibutani with goldman sachs, thank you very much.g up, pepsico is seeing sluggish sales. the company gave guidance on how it plans to spice things up. that is next. this is bloomberg. ♪ scarlet: this is bloomberg markets. i'm scarlet fu. shares of pepsico tumble income of the worst one-day drop since october 2023 after sales missed estimates and the company forecasts sluggish full year growth. joining us now is deena shanker. is this a cost driven story or a growth story where they are trying to convince investors about the growth? >> probably the latter. the company needs to accelerate its sales. i think a lot of people would like to see some more price cuts but the company is saying they do not expect across the board they will be doing that. they are going to offer value in other ways, they say, basically going to offer a variety of package sizes so you can spend fewer dollars. on the other side, they will boost their healthy snacks, in line with a lot of consumer demand. scarlet: focusing on value, not cutting prices but may more

whether the rotation last it's remained to be seen but goldman sachs is a mention j.p.g well and other companies that are not tech companies that are doing well that says there's a broadening of the market and other things are doing well and that's when the dow outperformed. >> investors want direct investment the dow how would they do that. >> and etf called the diamond dia is the ticker is basically down version of the sp whiteboard qqq. >> thank you, jacob let's go to you for the first actionable idea. >> he makes power equipment that goes into a diversified set of things many customers throughout the globe not just a.i. but a little bit of a.i. in the stock is down because of the data centers but down this week a little bit but eaton had a good quarter and it showed growth and guided for 8% revenue growth has a nice cost discipline going in and profit margins their buying back stock because of tons of cash, you're getting really high evs growth for a stock that is down 10%, why not. >> what you have forced teresa. >> dow in general is down 70% from the 2022 peak but

and we're talking names like jp morgan chase, wells fargo and goldman sachs each up about one and a 1:45 percent in each of these gets a star. because each of these stocks at one point today hit record highs. so goldman, wells fargo, jp morgan chase, the financial at least near-term momentum continues in this market. we'll see if it can last. and then kelly mentioned amazon. maybe the main event if you want to look at it this way in terms of earnings for this entire week, amazon shares right now currently up about two thirds of 1%. we are not far away from record highs here and amazon. just to give you some perspective on just how volatile things could get, the options market is pricing right now, what could be a 6.5% roughly move up or down on the heels of earnings? and that sounds interesting because it is almost exactly what the move has been up or down in amazon shares for the past eight quarters. and by the way, five of the last six quarters amazon shares have been higher. so we'll see if those near-term trends play out. kelly for amazon i'll send things back over to you. >> all

goldman sachs says it's abandoning a four—year—old policy not to bring companies to the stock marketn, tariffs off. if you dial the clock back, you know, three, six months, about animal spirits. tempered because people are uncertain about they anticipate that coming. but if you're going to make a major acquisition the valuation if you're not sure, is it going to be a 10% chain going to be? when you talk about deregulation, the other area is sort of in workplace and hiring intentions, and we also absolutely are committed to getting the best talent from wherever we can get it. public companies that had all white male boards. two had to be not all white and male and at least one a woman. you have ditched that commitment. why is that? a change of behaviour, a change in focus. of views on that board. it's served its purpose. going for three centuries, but is now under threat. the midlands since the 1700s. many of the historic businesses struggle for survival. to call in administrators — with the loss of 83 jobs. of the ceramics industry and then continue to punish it from gas to electrici

and actually, before i get to that, i do want to follow up on the jp morgan and goldman sachs. they they were using data. they were basing what they said on data from the government. i know you said you don't want to believe that. you were saying, we're going to make these reciprocal. tariff judgments based on data. so i'm just pointing that out. but. automakers are saying you know, oh, okay. okay. um, so. >> so automakers what. >> are you saying? mark twain? huh? lies. damn lies and statistics. i mean, you know. >> excuse me, i'm recovering from a cold, but automakers say that they're concerned that this could lead to layoffs and so forth. now, several studies did show in the first term that tariffs did help create some jobs. but even more jobs were lost during the first term. so does the white house have any plans to support businesses impacted by potential retaliatory tariffs? as you know, there are businesses that are worried right now about that. >> those studies that you can't believe any of those studies because all of those studies predicted the apocalypse, the inflatio

. >> at goldman sachs for the group. >> that. helped small institutions and. >> individuals, now called private wealth management. i've been buying individual stocks for myself and others. >> for. >> a half. >> decade. >> before i got to goldman. >> in 1983 as a summer intern. >> at the time, i was watching. financial news network between classes at harvard law school. that was the predecessor to cnbc. whenever i could, i'd run over to the harvard business school library, where they had all these old research reports from long gone firms like based shearson lehman about stocks. >> totally on a catch. >> as catch can basis. those of you who grew up with. >> the. >> internet have no idea how hard it was to access information in the 80s. if i liked a company, i would have to ask the librarian for a microfiche of the firm's sec filings. i don't know, do they still have microfiche? these were little pieces of plastic that you stuck into a machine, and you read the filings, all of which were usually six months old by the time i got them

goldman sachs has "f'at'm ”cum” cachs�*w’ ,,, "h' m ,, ,,, there could "f'atc" rc'fma" sachst’ ' ”h'ks lathe coming as a slumped tastdcks lathe coming as a result of the map months as a result of the map tariff. berkeley is —: éieeeegffa. it leadto it 7 lead toa estimates it could lead to a drag on company earnings. 2.8% drag on cempany earnings. big ' 2.8% drag on cempany earnings. big concern here that a big concern here that companies will also have to these costs onto consumers oass these costs onto consumers the consumer a big and the consumer being a big part of making up america's gdp. yes, and the inflation issue very _ gdp. yes, and the inflation issue very true _ gdp. yes, and the inflation issue very true as - gdp. yes, and the inflation issue very true as well - gdp. yes, and the inflation | issue very true as well when gdp. yes, and the inflation i issue very true as well when it comes to oil, and we know oil rising again tariffs 7 7 tariffs 7 canada. tariffs 77 canada. all market people this leading market people wanting to say all these tariffs could tariffs eeetdee" ”

bofa says the company has an attractive valuation with a big pipeline year ahead in goldman sachs downgradingldings to neutral. goldman says while demand for domain momentum for the athletic shoe and apparel maker that seems to remain robust, its valuation appears full. all right. coming up here on the show, the one word that every investor has to hear today in the stock pick that every investor needs to know. plus president trump's agenda is facing some challenges, but it's not coming from democratic lawmakers. the gop infighting that could put the trump agenda at risk. we'll (woman 1) ma'am. it's your phone. ♪ (vo) with verizon, anyone can trade in any phone in any condition. (woman 2) pull flight info from notes. send to mom. (vo) and get the new samsung galaxy s25+, with ai. on us. only on verizon. 50%. >> off site wide. >> save on. >> favorites like. >> fork tender filet. >> mignon. >> juicy chicken. >> breast sides, desserts. >> and so. >> much more. >> order now. >> and you'll even get. >> our. >> famous burgers free! >> savor the taste of. >> the very best. >> from america's original

let's ask robert kaplan, vice chair of goldman sachs and former dallas fed president. it's good to see you again. and we have seen a steady drumbeat of layoff announcements. and that has some people kind of going too far down the hawkish, you know, road or the hawkish camp here. >> listen, inflation progress. >> has been stalled going sideways. that alone. >> would cause the fed. >> to want to pause. and then you've. got 4 or 5 big structural. >> changes going on in the economy. >> and the government level on fiscal spending, tariffs, labor force approach, regulation. the energy ecosystem is also going to be relooked at and then you've got ai, which is creating a lot of capital investment uncertainty need for more efficiency. so if you're at the fed i it's unclear how all these structural. >> changes are going to unfold. >> and i think the wisest thing to do will be to take it one meeting at a time. but but they're they're extremely unlikely to act in march. and i think it will be some extended period. >> of. >> time until things clarify. if you're a ceo of a company,

i did add to my blackrock and i'm wondering should i add more to goldman sachs? i really do like it. >> and i think goldman is incredible. the stock sells at 13 times earnings. it's doing amazingly well. i think it is a solid buy. so it down at one point today. so low 622 was terrific. blackrock might be down because vanguard cut its fees i trust larry fink i think it's a great opportunity to buy. and you saw it because your club member that we picked at some today. and thank you for being a member of the club. let's go to joe in new jersey. joe. >> hello. >> mr. cramer, thank you for taking my call always. >> joe, great to have you on the show and thank you for calling in. thank you for being consistent. how can i help you? >> on my way to on my way to work, about a mile and a half away from my house, i've been watching this beautiful warehouse go up about a year or so later. it's up and it's called vertiv. i never heard of it. i look it up and it manufactures digital infrastructure for data centers. do i buy this company? >> this is for. this is ford of fortive

and goldman sachs has suggested that could wipe out 1% of european growth also adjust the trade deficit but let's not forget the u.s. runs a surplus on services so that could be another place they get hit back. they will have a major impact on europe. >> which parts of the european economy are most likely to be impacted? where will the pain be faced and felt most acutely? >> basically germany. more than half of that surplus europe runs with the u.s. is what germany. they run a surplus of about 85 billion euros with the u.s. and now the u.s. is the biggest trading partner of germany. they have pivoted away from china and moved to the u.s.. and they are going to get crushed by this. this is the biggest port in germany. this is where all the major trade happens in this port has been operational since 1189a.d so it's been a hub for european trade for a long time and let's not forget this idea of global trade and exporting to the rest of the world has been the catalyst that's created this huge amount of growth. that is currently drastically at risk. we have heard these tariffs could reduce e

goldman sachs cut the lowest 10% every year.on't think it is a bad thing and i applaud republicans for putting everything on the table. >> todd: government is the only entity that doesn't do this or did not, they are starting. go over cuts doge made. over one million saved by slashing federal dei programs. hhs contracts worth 182 million, including that anthony fauci facility. and central american gender c consultant services, 89 contracts worth a billion dollars, including 1.5 million contract for clerical operations. somebody is watching somebody fill out paperwork and send mail. the question i keep coming back to is this, will anyone miss these federal workers or will the government and our country continue on, carry on as normal with a lot less blow? >> taylor: i love that we're br bringing private sector speed and private sector efficiency to government, which goes slower and has more fat than private sector. i love that elon musk is saying, think what we could do with ai. think about the way we're productive withiia. if i'

jan hatzius from goldman sachs. >> after the break, we're going to have an exclusive with the ceo ofs up strongly on what were better than expected fourth quarter revenues and also posted strong user growth. and as we head to break, check out the biggest gainers on the s&p for the week. yeah look at palantir. we're talking $262 billion. that's not even on the fully diluted share number and followed by expedia. of course we talked about as well. and tapestry still strong after yesterday's earnings. we'll be right back. >> bitcoin is the best performing asset. but its volatility has kept many on the sidelines. >> until now. introducing the world's first suite of downside. protected bitcoin etfs capture. >> bitcoin's upside potential with downside protection. >> with 190 or. >> 80% protection levels. >> over the one year outcome period. asset management in a time of disruptive change. calamos i had the worst dream last night. you were in a car crash and the kids and i were on our own. that's awful, hon. my brother was saying he got life insurance from ethos. and he got $2 million in cov

anthony robbins money, you know where it came from and goldman sachs, i didn't know this, 10% of theirorce they let go, they just have to keep it going so people are offering payouts. what is wrong with that? >> there's nothing wrong with that but when you have people that are the status quo and used to power being in control, i have 114 companies, i started from nothing, we do 9 billion in business. if we didn't let go, we wouldn't be in business. i love people, i am a loyal guy they were loyal to the organization and that's in the government. people not loyal to the american people. forget parties, they are getting what they want out of the money from the government and that's our tax dollars so it's phenomenal it's happening and i'm sorry it's creating conflict but that's part of the process when you try to change something that's been around for so long and it's out of control. >> he wants to cut to trillion by exposing so let's do it. spearheading an effort, a place you used to call home, i can't believe it looks like he was shema, that's how much damage is done. many billions of

goldman sachs thinks we will see's .7%. morgan stanley, less than that.rg economics, .7%, that's what it's going to do to inflation. just these tariffs. gdp, there's a wide range of estimates in terms of hits to gdp and it depends on what you buy and when you buy it, going forward. jonathan: if it stays up, i've read the same notes, they'll say the same thing, this happens if they stay on it. goldman made the point over the weekend that it might be short-lived. continuing the conversation, the former senior white house trade advisor to trump saying it's a high risk high reward proposition and if it works it will be a new era of foreign policy where a broader set of economic tools are on the table. welcome to the program. going back to the first term, we all familiar set up -- familiarize ourselves with national security, 300 one, unfair trade. this was new over the weekend, using the international emergency economic powers act. what do people need to know about the use of that tool and how it might be challenged? >> thank you for having me back on. it's a

nvidia is up today, boeing, walmart and goldman sachs, the s&p, supermicro, old dominion freight linehnique corporation. nasdaq, the winners of their, electronic arts, marvell technology. the interesting thing, the yield on the 10-year treasury coming down below 4.5%, price of gold interesting, new record high, $2,903 per ounce, bitcoin about one hundred grand, actually 98-2, $71 a barrel, not much action, 324. 312 for regular. but california will pay through the nose in the golden state, you're looking at $4.50 per gallon in california. there's a lot going on today and we will bring brian kilmeade to cover it. one thing we want to look at is the activity of doge and what the president is saying about taking over gaza. waiting for 10:50 wonder all around, you have ten seconds to wait and here we go, i will count it down. any minute now it will be brian kilmeade in the center of the screen. please do it for me. there he is. senate minority leader chuck schumer started chanting we will win. daily show host jon stewart didn't think much of that. >> i'm going to stand with you and this fi

i could easily have included goldman sachs, which number 11 there. they have 2.7 trillion. they have their a top management company. their people are heavily involved policy planning and all of but using ten is going be a sociological representative sample of elite capital management worldwide. the titans of delta part of this book are real people for whom capitalism provides a unique opportunity, bring either havoc or human betterment to world. unfortunately its havoc has become a global with global warming, world poverty and threats of war. it is currently being manifested more broadly. the titans are essentially trapped by a structural demands of capitalism that require continued growth and profitable returns on the 50 trillion they manage. so they're constantly looking for new places, invest or hoping to create them politically in some in in some cases. global inequality is never accidental. rather a deliberate circumstance encouraged to maintain owned and controlled by tiny elites via their capital decisions and policy organizations. funded by tightened capital. the ne

goldman sachs was out saying this is fully implemented and no agreement then etfs dropping 2-3% and maximum500 down 5%. i think the way to look at this is we're looking across our positions in the portfolio. things that we love before friday, we still love and we'll be slowly adding in over the next couple of days and we'll be looking for new opportunities. i mean, look, earnings have been phenomenal. you know, we're 77% beat rate and 13.2% earnings growth and positive january and if this is a prologue, s&p up 89% of the time. there's a lot to like here, and then we just saw ism manufacturing index coming in better than expected and coming out of two-year manufacturing depression in the united states. this is a positive thing. stuart: give me a name or two. what are you buying? >> well, one i've talked about with your viewers on the show, it's up about 10% since we started talking about it, etsy is the beneficiary of the exception that temu and shein talking advantage of. so etsy is up on the news and tremendous company, and billion dollar buy back and covering internationally and growing m

they are going to have like goldman sachs, j.p. morgan, bank of america, i think that the revenue that they will have from trading revenues are going to be absolutely incredible. michael mentioned m&a, who does not benefit, not just small caps that will benefit a lot of the financials as well. this is an area that i like both as a trader and as an investor longer-term somewhere that i want to belong. when you talked about the steel stock that scenario or one-off when the news is right there. >> let me jump in if you look at the last time president trump impose tariffs on foreign steel. one year february of 2018, one year later we can show you this on a chart four out of five of the big steelmakers were trading lower, the stocks were down. michael is not indicative of what can happen this time around. it's not last under necessarily a boom for stocks. >> trying to trade trump tariffs is a mistake by investors. that is a perfect point, 2018 they put in the tariffs, they did not even last year it was used as a negotiating tactic to ge

it is in the terminal, the goldman sachs most shorted index. it is rebalance monthly.f you look at that since the gamestop episode where everybody has basically said shortselling is dead, the risks are too high, then you simply shorted that index, but the s&p or related passive index, rebalance monthly -- that return has been spectacular. so there is still alpha on the short side. it is just nobody thinks it is there anymore. romaine: that is more on an index level. jim: that index is of individual stocks, the most shorted stocks. it is a representative portfolio of very dicey companies we will short. romaine: what is the risk out there? we have written all these headlines about the demise -- i know it is not completely dead. we talk about shorts are 70% down since the financial crisis. even activist campaigns -- it was a record low year for activist campaigns. is that a reflection of market dynamics are public and political dynamics? jim: i think both. market prices are people's opinions based on facts. people have gotten much more bullish over general political level

morgan, goldman sachs morgan stanley you'll see a lot more activity especially president trump leading the way, i also think the big tech stocks are super interesting and i would deploy my money into a.i. stocks, tech stocks and bank stocks. mcdonald's is a great company i go there once in a while but i would not apply capital at this moment. >> i'm glad you mentioned a.i. in the excitement around it i want to point out one name that is obviously missing from the euphoria that is intel this morning we learned nokia named intel data center justin how tired as its new ceo. intel is down 55% in the last year and stand for.5% year to date and this morning we get the news that nokia has hired one of the senior guys appointing justin a tech industry expert and a.i. as the new chief executive officer that reinforces nokia's ambition. why do you think intel is missing out on the aif warrior. >> i think intel has a lot of issues and if you look intel and be looking at traditional utility to utility that's not a utility. if you look at duke energy has a movement but if you look at constellation

you can see it's up about 2.33% at the moment followed by goldman sachs, mcdonald's, caterpillar, jpmorgan chase and walt disney. here's the news breaking today that has the a.i. chip maker and the data center names gaining. or stargate, the a.i. infrastructure venture led by openai's sam altman and oracle's larry ellison is close to deciding on locations in texas and more than 12 the other states for its data center projects. in january white house news conference they held with president trump the three announced they will invest $500 billion over the next four years on new a. i. infrastructure here in the u.s. chip architecture firm arm holdings is right in the sweet spot. coming up, ceo rene haas is here live. we'll ask what he's prepared to spend to ensure his chip designs are stargate's chosen ones. and the other major story we are watching at this hour, chairs of cal main, the largest egg producer in the u.s., up nearly 2% as egg prices skyrocket. waffle house cracking under the rising costs. the restaurant chain announcing it will implement a 50 cent surcharge per egg used in its r

: wells fargo, key bank, hsbc, bank of america, everybody looking in the green here, jpmorgan, goldman sachs. you're right, it may be important, as you both point out, to simply hunt and peck for the names that might be dodging all of these issues including earnings, negative surprises. jack, stuart, great to have you both. thank you. >> thank you. liz: cosmetic surgery might be in order forest today estee lauder's stock, badly in need of a corporate makeover after sinking to the bottom of the s&p 500. we will tell you what happened next. >>> is and later, pfizer needs a shot in the arm a despite reporting solid profit from cost cuts to vaccine sales. we talk to pfizer's ceo, albert borlaug, live about the news from capitol hill regarding rfk jr. today that's neutralizing pfizer's good news. "claman countdown" coming right back. dow jones industrials gaining 148 points. we're watching oil, gold and just about everything else for you, so don't move. ♪ ♪ where ya headed? susan: where am i headed? am i just gonna take what the markets gives me? no. i can do some research. ya know, that's backed

goldman sachs and costco, what do they have in common with the other two? >> the big thing he was in common is they're both making new all-time highs. so what i'm seeing is breakouts across the board. charles: new highs beget new highs. >> correct. one of the most bullish trend signals there is is a new, all-time price hike. goldman, new highs today. costco, new highs today. very bullish breakout toes. charles: larry, i love this stuff, i'm glad you come on. -- came on. open you come back. >> thank you. charles: all right, folks, the market keeps dancing around here, right if in but there's some wildcards out there that will sort of dictate how far we go. we're going to break them -- break them down for you. is it time the start getting out of some of these high fliers? bob doll says next. he's -- doll says yes. he's next. ♪ if. ♪ ♪ i'm barbara and i'm from st. joseph, michigan. i'm a retired school librarian. i'm also a library board trustee, a mother of two, and a grandmother of two. about five years ago, i was working full time, i had an awful lot of thi

goldman sachs as the stock market fall 5% on the news. that's not raaf. we are up 25% last year. that's it's middle class. and lower classes are going to be hurt the most the five-year travel year treasury probably not going to fall much more. it's round 4 and a half percent the short-term rates by the fed there definitely on hold. definitely on hold. in fact, trump reversed course and said defected to spark thing by lowering rates last week, which is weird over the weekend. oil is going to go higher. gas is going to go higher and short-term on supply fears, not riyadh. ease fears steals down on the idea that keep making fewer cars. holmes will go up in price as we get 25 person or materials from mexico and canada. there's lot of ripple effects. cars are expected cost about $3,000 more if it goes into effect, avocados, 80% are of a kind come from mexico to get your avocado toast. now i'm not panicking. get chipotle burrito now with avocado. because that extra tosses going to go up. i mean, if. >> if these tariffs go through in a month. >> yeah, my favorite pie chart is how how mu

charles: a real quick, goldman sachs is scrapping the diversity mandate for ipos.any public if you didn't have two folks on the board that met this criteria. whether it's well meaning or not, it's always a going to backfire, right in you want the best people. the it's a band-aid. ultimately, just a handful of people end up onen a bunch to boards. >> yeah. i do wonder with all the a dei things if some of these companies actually are a bit relieved that they don't have to follow the former policies. because they are seeing an increase in efficiency, and they can kind of hire whoever they want. charles: right. >> my new renewed fear is now having to give a legal analysis after a -- [laughter] 'em emily campagno. i just developed a new fear. charles: that's everyone's fear -- [laughter] >> she's so good at her job. charles: thank you both very much. watch a special edition of parks with abby hornacek right now on fox nation. you saw what's happening with inflation, folks, and we get retail steals on friday. as finally, the is the american consumer finally on their knee

goldman sachs, up 449. the s&p 500, where are the winners? expedia, a 17% gain.olithic power systems, 5%. palo alto networks, 5%. there's some winners there. the nasdaq composite, take two at the top, palo alto networks, booking holdings, 5% gain. airbnb is up 3.7%. zscaler up 2.3%. some big winners. >>> still ahead, senator ted cruz on the influence china has on the panama canal and what president trump's going to do about it. dr. marc siegel on the possibility that trump's tariffs could make it harder for people to get their prescriptions. the "wall street journal"'s kim strassel on trump's strategy of speaking loudly with a big stick. pennsylvania congressman dan meuser on whether trump will be able to get everything he wants on taxes. the 10:00 hour of "varney & company" is next. ♪ if. ♪ -- for this body of mine,. ♪ ♪ her lips are like a volcano that's hot. ♪ i'm proud to say that a she's my buttercup. ♪ i'm in love, i'm all shook up ♪ ♪ ♪ ..

the debate is intriguing because according to goldman sachs, right now this is the prime book that a follows hedge funds. the largest hedge funds right now are betting bigtime, buying more than they have in the last three years in terms of individual stocks. it's 10 to the 1 -- 10 to 1 versus shorts. hedge funds, the smearts guys in the room buying more than they bought since 2001. then consider this, retail investors, they're pumping tons of cash, records amount of cash. you see that blue rhine? that he's nasdaq 1000, that's where all the -- 100, that's where all the hot stocks are. the hedge funds buying as much as they've ever bought and retail buying as much as they've ever bought. according to morgan stanley, the favorite names among these retail investors, you may have if guessed it, nvidia. palantir, broadcom, micro strategies, these are names that are making huge amounts of money. and this crypts a conundrum for the sophisticated investor, right, that still sort of holds on to this belief that retail is the dumb money. they've been buying these stocks from the beginning of th

goldman sachs. >> estimates that the. >> chinese levies. >> cover $14. >> billion. >> of u.s.to china. >> so that's. >> only about 10% of the overall amount of. goods that. >> the u.s. >> shipped to china. >> last year. but what we. >> do need to. >> watch is. >> any signs. >> that china. >> is willing. >> to retaliate in very different ways. unlike president trump's first term, the chinese have. already been signaling that they're willing to single. out individual companies. >> over a week. ago as part of. >> these countermeasures. china announced that it's investigating. google on. >> antitrust allegations. >> also, blacklisting illumina. as well as pvh. >> and then last december, it. >> also launched an antitrust. >> investigation into nvidia. >> and then, of course. >> late last week. >> there were some. reports that the antitrust watchdog was considering investigating apple as. well on. >> those antitrust grounds. >> so the in addition to that, now, the. >> wall street journal has. >> been reporting. that that strategy by china. >> could be expanded to include broadcom. >

iag is down after goldman sachs downgraded its rating on the stock to neutral from buy.the telco space, nokia has named justin hotard as its new ceo, replacing pekka lundmark. hotard is currently at intel and leads the data center and ai unit, and will take up the new position in april. outgoing ceo pekka lundmark spoke to squawk box just a few weeks ago, and was asked about nokia's succession plans. >> we are doing succession planning pretty much for, for continuously for all board roles and management team roles as well. and in that succession planning, we are identifying both internal and external candidates. and we are doing some. >> of that. >> work with external partners as well. i don't know if, if any of that would be behind those. those rumors, but what is important is that all of this is done is done in. >> full cooperation. >> between the board and management. >> tsmc says it expects to see its first quarter revenue closer to the lower end of its guidance, but reiterated its full year guidance. the chip maker also said it is making every effort to recover lost

goldman sachs is telling clients that these tariffs are going to be largely passed through to u.s.s. what does jerome powell say about that and the other tariff proposals out there. what does he say about inflation expectations. because there's new surveys out in recent days that show americans are bracing for higher and higher prices, in part because of the trump tariffs. the jobs report this is his first chance to weigh in on that kind of mixed january jobs report. what does he say about that? and then there's a lot on deregulation, specifically the recent efforts to dismantle the consumer financial protection bureau. is powell in favor of these efforts to essentially pull the cop on the street, off the street here when it comes to trying to fight financial crime? and then i think the elephant in the room. right. it's the fact that two of the most powerful people in the world, jerome powell and donald trump at times have not gotten along. you remember after the fed kept interest rates steady at the last minute, at the last meeting in january, trump came out and he essentially att

goldman sachs ending its policy of not taking, based public that have all white male boards. they would only if it included two diverse board member's include one woman. goldman the latest of many companies rethinking di -- d.e.i. policies of the trump election victory. that's your brief. >> appreciated. up next on the program. elon musk in the oval office. >> transparency is what builds trust. not somebody just asserting trust. not summary saying they are trustworthy. you can see what's going on. and you can see it doing something the benefits when my companies were not. it's totally obvious. >> terry haines a pangea policy live from new york city this morning, good morning. ♪ ♪♪ only servicenow connects every corner of your business, putting ai to work for people. pfft ... every corner? every corner, nick. ow! so kate in hr ... hey kate. can focus on people, not process. oh actually, i have a question ... keep up, nick. do you have to be sick to take a sick day? patty in it is using ai agents to deal with the small stuff, so she can work on the big stuff. agents like secret

companies like wells fargo, goldman sachs and more. and the truth is, people are really worried about high credit card interest rates, how they're going to pay their mortgage. we don't want to see their pocket picked. and by telling people the investigations are over, no more oversight. it just feels like a free pass to some of these big corporations to do whatever they please. >> there are partisan differences historically in cfpb is pretty new, but there are differences of what cfpb's role should be. opinions on the agency. why is this different than just that? >> well, you know, i would say that there isn't so much partisan difference when you look at the actual work. medical bills, junk fees, protecting our personal data, it really enjoys broad support. the only place it's controversial is in washington, and especially with the lobbyists representing wall street and these big companies. so, you know, here's what's different. this is in some ways a defund the police movement that they're pushing when it comes to big corporations. th

lindsay rosner of goldman sachs asset management. yields have backed down much lower.le are looking at potential disinflationary impacts of tariffs. people are worried maybe they got over their skis with the idea of rate hikes this year, especially as the fed seems to still talk about a rate cutting paradigm down the path. jonathan: i totally agree with you. it's about whether the policy changes, if they constrain, we will see. lisa: or they delay them further which could constrain longer yields on the gross site. jonathan: in the second hour of "bloomberg surveillance," tom barkin, mike wirth, and mike wirth tom barkin tom barkin ---- and tom barkin. that is up next. ♪ ere ya headed? susan: where am i headed? am i just gonna take what the markets gives me? no. i can do some research. ya know, that's backed by j.p. morgan's leading strategists like us. when you want to invest with more confidence... the answer is j.p. morgan wealth management you go to sandals to get really, really close, (giggling) to the caribbean. we should do this every morning. sandals valentine's

i could have called out jp morgan or goldman sachs, but hamilton lane is tactical.ent high. it's corrected right into the bullish slope of its 200 day average. what we see as a near-term opportunity to buy long term strength. there's a nice false breakdown there. you fell below that level. it came right back above it. that's a sign of selling fatigue. plus it was recently upgraded by the fundamental analyst that covers it at oppenheimer. you add it up. and i think hamilton hamilton lane is at a bullish point. >> another major name that we talk about every day i'm kidding is mueller or mueller. mueller water products. they're one of the largest manufacturers of fire hydrants. and i assume water products i know nothing about mueller water products. who are they and what's your take. >> sure. >> so this. >> is they. >> fall into the capital goods and infrastructure theme, which is an established leader through the cycle. we initially upgraded the group back in september of 2022, and it has become a little bit more mixed. but we're seeing strength in these mid-cap names

first off, i want to say thank you for initiating the buy in goldman sachs. and my question today is about crowdstrike. i recently trimmed half my position in palo alto networks, been in it for a couple of years, and used that profit to get into crowdstrike. but i'm wondering, because the palo alto networks has been in the doghouse for a while. >> palo. >> alto should be fine. yeah, there's a three analysts who downgraded it now in the aurora believe it. he's the ceo. he will tell you he's going to confound those haters. there's no way that guy is going to take sitting down. the three different guys took it to a sell that straight. how about this crowdstrike. i mean it burst out today. it's now past where it was when they had that outage. and i say george kurtz is the real deal. i want to go all the way down to james in texas. james. >> hey cramer a big hello from texas man. hey all the guys. that hashtag green room love your show. got a question regarding soundhound. is it a. meme stock or is it something more. >> and also are. >> you talking about this? i w

goldman sachs robin hood by the way with a new 52 week high today in the etf.hy is momentum do you think performing so well i. >> think there's. >> a lot of reasons. one is that these are the companies. they're not all the mag seven right. and i think there is. >> far from it. there's it's so dispersed. i mean, insurance retail finance. >> and that's what i think. like there's actually still capital that can rotate into these names. and that's why the momentum has been going. i also think that there's part of the market that just that's how they invest. what's going up will continue to go up. and a lot of these names have had really good earnings and are hitting on some specific needs, like a consumer that needs cheaper products. for example, in walmart, you know, banks are probably not going to get as much regulation as they maybe once were going to expect. and then also, you know, the spread between tens and twos are going to continue to support their businesses. >> what do you think about that from the quant perspective? like we've studied momentum. yeah. ev

so now all wall street is left with is temporary tariffs i know like you know goldman sachs. they're still expecting these terrorists to be temporary. but i don't think that's an assumption we can necessarily hold to. i would love to hear from the treasury secretary right now. what is his current theory of the game. what is the end game for these tariffs? because if i was if i was an american business person, i'd be thinking, is this my life for the next four years. tariffs even if these tariffs get negotiated, what's to prevent the president six months from now, a year from now saying guess what, i don't like that negotiation. we're doing it all over again. >> so, jimmy, what you're really talking about is uncertainty specifically for business leaders and even for governments in your mind, what does that do for investments, even for the companies that want to invest here in the us? does that change their outlook? and certainly when it comes to investments outside the us that are designed for companies that want to get into the us market, how does that impact things? >> yeah.

. >> according to goldman. >> sachs, with. >> potential upside from expanding growth in evs in china, >> a theory or. >> a. theme we. >> saw with texas instruments. >> just last week. >> oh for sure. and we will get those numbers in just a few minutes. christina. thank you. warren. seems like you came into 2025 feeling like, you know, the bull market is still intact, but maybe expectations were high via tougher to please market. and i know you've reduced your recommended equity allocation just today. so what's driving that move? >> yeah. thank you for having me. >> i mean. >> number one. >> once we saw that the. the. tariff on mexico had been delayed for a month and the market started rallying. we thought, you know, this is a good place to, to, to take our equity exposure down. and just to be clear, we're taking it from an overweight to benchmark rate. so we just wanted to remove our excess long positioning that gets us in line with some of our main models. and the real reason is i just think that this tariff news is going to be around. the market for a bit. there's no way to. >> pred

i think it's in the book, whether it was goldman sachs or i don't think it was. anyway, they wrote a white saying this housing is insanely cheap right now and this is the next big investment opportunity that the banks and the hedge funds should jump on. and they did they jumped in with both feet and. so from 2009 until today, what we have seen is in community after community after community, big banks, big hedge funds coming in, buying properties, you see these signs, lampposts and telephone poles say we'll buy your house for cash right. there's a substantial discount. we'll give you a cat. we'll write a check right now. these are hedge funds out of new york and big banks and they literally own millions of american homes. what do they do? they take them out of the housing. it's no longer a house you can buy and live in and turn them into rental properties and. they're not going to get caught when the market goes because they're billionaires, you know, whereas the average person got caught in 2008. so now we've got this real crisis here. other countries deal with

. >> at goldman sachs. >> strategists say. >> are more. >> vulnerable, vulnerable. >> to trade.sions. and frank, while china's. >> retaliatory tariffs do include farm equipment, analysts. >> point. >> out that. >> about 6% of. >> john deere sales go to. >> asia, africa and middle east, so not. >> a huge hit. however. >> if china does add agriculture to. >> its list of. >> tariffs. >> that would be more harmful to deere and some of. >> the other. farm equipment names. >> so in response to all this tariff tensions, i'm not sure if this was discussed on any of these earnings calls, but these companies considering moving even more production here in the us. we've seen kind of a wave of foreign direct investment, specifically in mexico, to try to get around china tensions. but is there are there any concrete plans to actually build more things here in the us? >> you know, it's interesting, frank, from. the recent. >> earnings calls this. >> the expectation. >> is that ceos. >> will sort of. >> take a. >> little bit. >> of a mini. >> break and. >> reduce capital spending in. recent in

i took a job at goldman sachs, the firm everyone wanted to work at, and i made good money right out ofte, but not enough to pay all that interest and be able to afford the biggest boom box in the world, which is, of course, my first priority. so i paid down the debt pronto and got my dream box a few months later. i'll never forget how proud i was with that box of my shoulder swaying in the breeze as i worked my way from 46th street to my studio 72nd. the point is, credit card debt is owners. even if you're hitting it out of the park with your paycheck as i was, they are the house. they win, you lose. now let's get to my three lessons for young investors. first, this advice is really for everyone out there, regardless of age or education level. but it's especially applies to fresh college grads. you need to save money. i recognize that not everyone has an inherent predisposition to save. we can't all be natural cheapskates, and nobody likes being nagged about this stuff, so i'm sorry. however, the stock market is a great way to trick yourself into saving a part of your paycheck that you

david kostin over at goldman sachs saying 5% pullback on the s&p and the tariff impact just in terms of dollar, not in terms. >> of. >> the impact on consumer confidence, not in terms of the impact on financial conditions, but just mathematically speaking, those tariffs could mean a 2 to 3% reduction in s&p 500 earnings for this year. >> yeah. >> that's the key right? i mean it's all predicated on earnings and earnings growth. and i think listen coming into this year i think the market was expecting 14.5% or so earnings growth. i never thought we'd get anywhere close. >> but to. >> your point, if these were sort of being protracted, you know you're knocking that down. i think a couple handles a couple standard deviations lower on top of a market. >> that's probably. >> already expensive on the back. >> of that. so it. >> is concerning without question and quickly, the price action. karen made a great point there that she always makes great points. but on thursday when apple reported the stock was trading 234, she said wait for the conference call. that happened. she was right. the st