beijing greeted j.p. morgan and own its business in china and i asked jamie dimon how he does business in the country amid the risks and violations that you hear me talk about on this program, here is his response. >> i think the biggest issue you mentioned before, about 15 years ago the business community and the government should've started focusing on china and we didn't because people are happy and it would change over time and we should have focused on and now we are i think the right thing to do is a continued competitor in there using unfair subsidies and we share profit policy, we can do it unilaterally, i don't think you see decoupling the massive restructuring, the american public, i would keep in mind our gdp 65000, there's is ten we have wonderful neighbors in mexico and canada and in the pacific, we have japan, the koreans, philippines, pakistan, india, russia, it's a tough part of the world, they have huge corruption in the prices, they don't have all the energy that they need, we do, we have the g

j.p. morgan5 billion more b of a are buybacks part of what would make the stock attractive. b of a or jpm? which one is more attractive to you? >> on our work it's jpm, kelly and i think we've been making an argument that buybacks across all sectors have been putting a floor under the market and that seems to be the case. we're above pre-pandemic levels. but we also like the dividend increases. so, our commitments are j.p. morgan, goldman, morgan stanley. i go jpm >> steve >> steve >> here we go. and i agree 100% and when you look at the year-to-date performance, b of a is up 39% against i think middle 20s in j.p. morgan so, they've definitely outperformed and that would get to the point where they're a little bit more expensive. jpmorgan is definitely best in breed. you could ask 10 people and i bet knee-jerk reaction is 80%, 90% say j.p. morgan will be their bank of choice to that last comment on buybacks you can't reach across the market there's a lot of rules you can't shock the order. you ca

kelsey berro, fixed income portfolio manager at j.p. morgan joins us.t obvious and easy question is what do you expect that could change your strategy? what do you expect that could, you know, push you to make moves in the portfolios you manage? kelsey: we are certainly going to be listening very closely to everything chair powell has to say virtually tomorrow but the july minutes really stole the thunder as it relates to learning more about the asset purchase tapering, which we expect by january of next year. when i think about the taper there was a lot of consensus that seems to be forming and has already formed starting by the end of the year, cutting both treasuries and mortgage-backed securities. in my mind i am already looking forward to the september meeting. i think that could be even more informative because we are going to get the 2020 for dots. when people ask why our yields so low? i say, the market is very skeptical that nothing the fed can taper, they can, but can the fed actually raise rates? can they raise rates more than a few times? an

what we sow it's j.p. morganey're so fixated that they jumped somebody surprisingly is to win the improvement they do this pitch called a big pop where they pitch and said this is why you should choose us for this is how were going to pitch your visit to wall street investors. and it goldman sach's came in with a presentation to show slides and they are comparing we work with tings like mother theresa, and they were talking about it. >> only point out someone received $500,000 to work at we work event. [laughter] okay. [inaudible] he came to their summer camp and performed. this was after that. what we saw time and time again in the lead up to the ipo what they show to the world is mocked immediately. they often were competing against each other. especially goldman sach's and j.p. morgan to keep this holy role leading the ipo and it often came at the expense of giving good advice to them and saying investors are going to not want this company to go public with you getting more shares and more voting control. ther

tom: david level what's with a brief there from j.p. morgan -- david lebovitz with a brief there from j.p. morgan asset management. with all of this cautiousness, there's people measuring earnings, and then there's people looking at the mac. they are on two different planets. lisa: you can be pessimistic about the economic outlook and still positive on the equity market. arguably, you can be more positive on equities if you have perhaps a more tempered view of the economy because frankly, people say the biggest risk to equity markets right now is higher inflation, perhaps a more hawkish fed. that is not if you get a slower growth factor -- growth backdrop. tom: in chair powell's speech, you wonder if you will define inflation he's watching. kailey: they are also watching the labor market really closely. i wonder if that is what the fed is prioritizing. as the delta variant then become more concerning? i'm focused not just on this friday, but the following friday, and with the jobs report is going to look like because they want to see several c

manus: can i add j.p. morgan to the headline story this morning -- goldman sachs, bank of america see the lost decade for emerging markets as having passed? do you want to join that, lucy, joined the roll call of the next swing in em? lucy: it is tempting as these -- at these valuations. you look at the discount of the emerging markets to the rest of the world. when you look at growth, commodity is helping at the moment. the thing which is the barrier is the fact that the vaccination program is less mature in the developing world and therefore, you have more uncertainty about growth there. the other thing is if you have dollar strength dropping and yields rising, it is difficult for emerging markets to differentiate themselves. i think yes, i would be tempted. i don't know if i would go all in until you got further through the covid. manus: and we are grappling with what that is as we have vaccinations and now we are talking about booster number three. lucy, stay with us. great to have you back on the show. j.p.

j.p. morgan said to be expanding the pay rises not just the first year hires, but across a rod or range of junior hires. aaa, under -- chipotle and under armour as well. shery: even at a time where we are seeing some companies having to really put off the return to office, given the delta variant against biking. we are talking not only low vaccinated space now suffering from another wave, it is all across the united states. we are talking about the highest number of cases and hospitalizations since february. so this crisis is really ongoing in the u.s. and of course around the world. haidi: you talk about a crisis, let's take a look at the longer-term crisis for the planet and the world. this is that incredible and incredibly depressing and alarming new report out from the intergovernmental panel on climate change from the united nations. the secretary general called this a code red for humidity. essentially -- for humanity. we are seeing the planet warm by 1.5 degrees celsius over the next two d

but what we saw whether it's a j.p. morgan or goldman they were so fixated on winning the businesses that they jumped, adam newman made them jump hoops in every imaginable way to try to win his business. one of the things we saw and we've written about this they say this is why you should choose us and how we are going to pitch to wall street investors. goldman sachs came in for this presentation with slides which we s have seen and they are comparing the work of adams to bob marley and mother teresa and have slides talking about it. >> miranda received $500,000 [inaudible] of hamilton.ght hee came to their summer camp ad performed. yes, so this is after that. we saw time and time again act one that they showed was sort of mocked s immediately. they often were competing against each other especially goldman sachs and j.p. morgan to keep this role and it often came at the expense of giving good advice to them. investors would not want them to go public with you getting more shares and moreet voting control on a board of all men

jonathan:jonathan: most of j.p. morgan share those feelings.isa: i think it is really interesting to see the push-pull here. he says people who are pessimistic about margins, the ability to avoid the inflationary pressures, aren't looking in this increase of technological changes. there's these two different factors, especially as we see some of the prices increase that much more in the wake of shipping disruptions, particularly from china. i think that is fascinating. how do you even begin to measure this? how do you game it out at a time when many people are saying this is unprecedented? tom: afterthought's got a new laptop computer required for school that was fancier than anything they took to the moon. jonathan: when does that get delivered, next year? tom: no, i've got it. we are playing "minecraft" on it. jonathan: i don't know what is going on this morning. coming up, we will talk about the federal reserve. tom: the one with the portrait. jonathan: equity futures down 21, down 0.5%. owing to d.c. next -- going to d.c. next. what was tha

what we saw with that whether it j.p. morgan they were fixated on winning the business in getting this that they jumped through hoops in every imaginable way, surprising ways to win his business. getting into the book, they feel this pitch, this is why this is how we picture business unit, goldman sachs came in with his presentation and facial slides which we've seen i may comparing the work and mother teresa, when manuel miranda, they have slides talking about it. >> $5000 to perform back. >> the height of hamilton, he came to their summer camp and performed so this was after that. what we saw time and time again, act i they show to the world was markedhe immediately they often were competing against each other except especially goldman sachs and j.p. morgan to get or keep this leading the ipo that became giving good advice to them, investors are going to not want them to go public getting more shares and voting control, a board of all men is jumped out of people, it's our mission driven company you don't have a single woman on

>> j.p. morgan, to their credit in april, may, june last year, was early to get out there and be bullish on the market and point out some of the dynamics that are not only in terms of ownership of the market but where they thought there was going to be opportunities. the great irony is this week we heard southwest talk about some of the impact on their third quarter numbers. the airlines have talked about delta variants yield drives on a day like today. there's some sense -- as yields fall, bonds rise you push back down on this growth headwind. you think a lot of the big industrial and resource names would be getting hit they're not. i think the biggest impediment for the stay at home stocks is that in most cases, the valuations don't make sense. delta variant, socially we're going through a difficult time, i think we are able to look past the third quarter and fourth quarter, and while uncertainty -- j.p. morgan talks about the unknowns that remain i think we have seen the worst of the interpretati

jonathan: j.p. morgan came out with the following line.entally we have learned the fomc tolerance for inflation overshoot is not as large as we had previously understood." would you agree with that statement? lara: that is absently right. that is a good example -- that is absolutely right. that is a good example of what we need to know. more clarity about their tolerance for higher inflation, their definition of transients. they have been talking about this being transient. i do not think markets appreciate some talking about into 22. i think we could get higher inflation for quarters, not for a couple of months. that is where the confusion is coming from. i do not think they ever expected their framework to be tested so quickly. it is really being put to the test now. jonathan: there are clearly temporary factors behind the higher rates of inflation and some of those temporary factors may fade. this was always about whether it would reshape the inflation process. the higher prices now would set the stage for higher prices in the future. a

jonathon: we have seen the forecast, j.p. morganman sachs, yet it is not shaping up in the fx market. do you think that is the key debate? the hopes and dreams that were fueled by the u.s. labor report that the supply-side story would heal. the news in china is less encouraging. tom: i have to go with 30 year bonds at two -- out to 1.5%. there are lots of nudges toward a more constructive space, including a strong dollar. 93 on dxy. that is a good number. sarah house with us of wells fargo. i want to go back to the core analysis of gdp. how would you tweak your gdp call out to the end of next year? what supply tasks that wells fargo sees of a boom economy becoming something else? sarah: we see some emerging downside risks to that outlook and that we are going to see a sharper slow than we anticipated , even only a month and a half ago. coming from a number of channels, one is that we have seen supply constraints remain intense and it does not let larry -- does not look like they are going away anytime soon. at the same time, we have

i wonder how many people agree with margo at j.p. morgan saying that we believe that bond yields bottomed and we are on an upward trajectory for the rest of the year, that is a call from j.p. morgan. tom: we heard that from david constant framing out of 4900 and john, 5000. john gallup will appear on another property of bloomberg this morning. tom: night -- jonathan: 9:20 eastern time. my property, our property, we all share in this. it is the multiple contraction that is really interesting. he called in for a bigger game -- again, but his real call, where the bullish is is in earnings, it is not on margins. tom: maybe the pe goes to 22 down to 20 level. we will talk to alicia levine on that, but that hinges off of the bond market and sustained lower yields and you get comfortable with equity multiples. lisa: that is part of it, the bond yield story, which a lot of people think they will. the other side of it is what we are talking about this week. if we will not be bullish is supply chain constraints. we are looking in the increase in delt

meera panned it, j.p. morgan asset management. greatly appreciated. at a shot of the east room at the white house. we are awaiting the president. he is going to be speaking on today's incredibly strong jobs report. obviously, i think he will probably talk about is happening over the weekend as well with the infrastructure and address a number of other issues as well. we will want to hear what he has to say. we will be doing that as soon as the president appears. we will bring you the president live. this is bloomberg. ♪ ♪ ritika: it is time for the bloomberg business flash. i'm ritika gupta. byron trott doesn't like being called the billionaire's banker. now it turns out he is a billionaire banker. the founder of adt capital partners is worth $3.6 billion. the firm now manages $28 billion and he has taken two companies public this year. bloomberg has learned that china's didi global may give up control of most of his style will data to resolve eight regulatory probe. the data is key to both the business of the ride-hailing giant and to china's economy

loan demand is low and even though j.p. morgand in their last quarter, you are looking at a situation where loan demand is actually lower the reason is people are not borrowing. they are, in fact, paying down debt. he believes after a year of this, there will be a lot of pent up demand and people are prime to go. savings rate is up. we seal a lot of spending and the economy comes back. and shows real growth in the coming year. but, i will say that many of my sources do believe that we have seen peak growth already for the next couple of years and from here things slow down but know that j.p. morgan is bullish. they are expecting a strong performance and they do want people to get back to the office. don't forget they are working in a $4.5 billion building headquarters and that's one issue that they want people back in the office. today we have got another big interview by the way. i'm going to be speaking with the chairman and ceo of m moder. we will get a lot from stephon bon zelle on the variant and where coronavirus goes from h

ahead, i am maria bartiromo one-on-one with jamie dimon coming up my exclusive interview with the j.p. morgann to get staff back in the office, concerns over the delta variant and i wanted to know about his big push to do more

over at j.p. morgan, they are saying bonds are still a good bet. this is in the mix right now.e do have question on whether this could stem the rally in china. as what we are seeing for the outlook for the u.s. and china. haidi: we do have some breaking news when it comes to alibaba. a manager accused of sexual harassment will be fired. this is according to a memo we have seen. we have seen this document. they were saying that they were investigating the incident. all of this coming as china is cracking down on various tech sectors. let's take a look at all of these moving pieces. let's start off with this. a lot of pressure on this company at the moment. >> absolutely. we got a story late friday about executive saying they will be seeing higher taxes. this takes a backseat. now they are facing this sexual misconduct allegation. alibaba working very quickly. we are learning that the manager who was accused has been fired. he was suspended along with four other managers as they were cooperating with these -- police . he said he was shocked and ashamed by these allegations. they

and specifically i look at the financials when i'm seeing names like j.p. morgan and goldman sachs trading two times books and barkleys trading a third of book or half a book, it makes me scratch my head a little bit. and i think there's a lot of different opportunities out there. yes the european banks did have a run but they have plenty of room to run further faster as we get into the second half of the year first half of the year was not so bad second half of the year i think they can accelerate more >> tim, are you looking internationally? >> i'm a dyed in the wool emerging markets guy i hate what's happening in china. fresh 11-year lows 11-year lows relative to the s&p. so, it's been a sad story especially because you had a breakout in february you got back to free all-time highs on the index in china you want india. etf inda india has the best demographics in em arguably they benefit from what's going on rates can only go so high in the near future. india benefits from that there's a major move to ev technology there's a major green move there's a major fint

when it comes to that export picture, j.p. morgan and hsbc warning that the electronic cycle may have peaked in asia. even with chips very much in high demand. it certainly has taken a hit as well, adding to the uncertain outlook. the recovery in malaysia, for example. we have seen hospitalization rates there. haidi: let's turn to vonnie quinn with the first word headlines. vonnie: the top u.s. infectious disease expert says state and local governments should require teachers to get vaccinations. dr. anthony fauci told them that he knows his decision will anger some people. hospitals run out of beds for covid patients, while hunting for doctors and nurses. data show covid-19 accounted for 4% of all deaths in the united kingdom and the final week of july. that is the highest rate in three months. the number has come after lockdown restrictions in england were scrapped in july. serious illness and hospitalizations remain low due to a high uptake in vaccinations. 70% of u.k. adults now fully inoculated. the hong kong government has exte

if you're going to listen to jay berry at j.p. morgan, he says this is investors becoming more comfortable. the growth is happening in the u.s. and it is here to stay. that is the message from the jobs report. it is stagflation, the fears taken out of the picture of the real yield. manus: two comments. leon cooperman says the fed has overstayed its welcome in the bond market. also, we are in a everything bubble. i like it so much i listened to it again. dani: is the fed going to tighten and take away that everything bubble? that will be one of the questions not only for jackson hole but the next jobs report as well. manus: indeed. the dollar has repriced, dani. dani: it is at its highest in two weeks. let me show you where it stands this morning. not much movement, but we are seeing movement in response to the dollar, in response to a stronger jobs data in response to, commodities, gold, oil, all moving lower. there is some fears of the delta variant. all of these commodities down as much as 1.9% this morning. let's stick with the jobs p

time to sell j.p. morgan, maybe. you got enough cash for down payment, this is a fantastic time to buy real estate. any piece of property might be better than the bulk of stocks follow mid-priced in, high-priced earnings not -- not earnings but sales, those are the ones that people avoid hard turn turn turn, out of sync with everything else but market tired of absorbing the money losing ipos. we see this behavior when there's too much supply but only tends to be bad for everything taken down so many new offerings it's hard to remember from one day to another that's more of a reason to stick with the tried and true. six, regular big cap stocks with big dividends are deals versus bonds. johnson & johnson, texaco. substitute afghanistan, what does that have to do with bristol meyers nothing. but talk about taper, granular, okay not as good as this sauce, none better maybe not as important as taper tape maybe cucumbers and vinegar, kid you not. but more important than tantrum any day of the week. i can't get the recipe r

you have goldman sachs, j.p. morgan, downgrading the big chinese global growth.t can have a read through into the demand picture. commodities are down across the board. relief eating into the delta variant concerns. and other variants that are popping up. so how does this go through into the other asset classes, especially when you have the fed saying the commodity driven inflation is transitory? but the yields tell us something different. they move in tandem, until recently on the right side of the chart. but look at the correlation. on the intraday basis, moving in tandem. a lo of the bond market ist -- lot paying attention to the fed. so we will see how that plays out. guy: thank you. let's stay in the commodities space. barracks reporting second quarter results earlier than today, the world's largest bully on producer beating estimates. and joining us now is mark bristow, president and ceo of barrick gold corp. it is always a pleasure. talk about the price for a moment. every time i talk to you, you tell me that you are a long cycle business. you are in it fo

when do goldman sachs, j.p. morgan, start doing business with institutional clients in it bitcoin?of those you have mentioned has been exploring for the last two and half years. you have to look back to 2018. in 2021, things are looking a lot different. we are on the backstop of the pandemic, which has forced us to take a look at what does the u.s. have in terms of monetary policies and what will that look like for my portfolio? all of those questions are coming in and they're figuring it out right now. >> that seems to be on a path considered currency. i should stop thinking of cryptocurrency and bitcoin as a means of transacting and more of a store value, like gold. is that how you see it or that it is a transactional currency on its own? >> cryptocurrencies are going to transform everything that i've -- everything in the financial system. it is not a solution. frankly, you get paid in dollars and you want to make payments in dollars. i think bitcoin itself is not going to make a fantastic payment system. other technologies could emerge. bitcoin is of much more value than the sto

hard to socially distance when you have 14000 people in the building so a lot of mask wearing at j.p. morganon as far as delayed but they're making it a lot more stringent and there's going to be a lot more mask wearing indoors. neil: is interesting because the other financial place wells fargo which has more people across the country j.p. morgan chase where they have decided to push things back for in person return may be for various things you just raised and if you are going to maintain distancing provisions, you almost have to limit the number of people who would return in person. >> this could change, it will be interesting to see, they may delay it, who knows. we are not part of the scale in the delta variance we are in. i believe there are people like goldman saying if we are going to come back with masks, that's hard to do so keep an eye on it, will be on the news on the other stuff, wall street is just getting used to this stuff. neil: thank you. i want to get reaction from llc founding partner, this great return to work across the country but it's been staggered increasingly across

regional community bank we use our tech platform to be the number two bank this year, ahead of j.p. morganca. it's this view that let us know they need to be upgraded and through the use of activities, we now have an ability to effect realtime payments. >> so, only $20 billion does not give you the type of scale that a j.p. morgan or another big bank would have to get into the crypto services space. what allows you to make these kind of tech investments >> you hit the nail on the head. we are big enough but small enough we're a top hundred bank in the country. out of 6,000 plus institutions so, we are a tech forward bank we started thin tech and challenger banks within our company. we are oriented like a technology company, as opposed to the way a bank is oriented. it's understanding that risk of compliance as well as the strategic vision to serve customers that are underserved it's how we built our company. >> tell us what you're hearing from consumers what do they want and do they have to pay extra for it >> to be clear, we're banking commercial customers many are focusing on the consume

flipping the board, j.p. morgane there is regulatory reform headwinds providing a drive, they're looking for a policy shift towards stimulus that will be a catalyst for a china growth rebound. unlikely to show a balance. they are stabilizing credit growth that suggests that the macro policy wheels are in motion. haidi: let us get you a quick check of the business flash headlines. -- flash headlines. they are reporting a loss of $16 billion revealing their result for 2025 months late they booked 18 billion on impairments but it returned to profit in the first half of 2021. the bad debt manager plans to shed all of its non-core subsidiaries and that should ensure operations for the next 12 months. property giant is an exclusive talks to buy the airport and logistics hub near perth pending a review. deal could be worth one billion aussie dollars and that talks are in and an advanced stage. this is one of australia's busiest and has more than 50 pennants on site according to the current owner. candyman, universal chair

the billionaire ceo of j.p. morganhase told foxbusiness he sees himself staying in the job for another five years, but not 10. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. -- global news 24 hours a day. i'm ritika gupta. this is bloomberg. ♪ jonathan: big downside surprise on the adp report this morning. good morning. here's the price action. 1.13 to 4% the yield on the 10 year -- 1.1324% the yield on the 10 year. we are just about to break through 1.13% now. your dollar is weaker. as tom pointed outcome of the dollar index briefly through a 92 handle, advancing by 0.06%. equity futures a bit softer, down nine points on the s&p 500, down by 0.2%. it is a downside surprise on the adp report. 330,000 is the number. 690,000 was the estimate. tom: we go granular. only michael mckee can do that because beneath the headline data is other data. is there a veracity to this granular data of adp? michael: the conclusion is the same,

david stubbs in london with j.p. morgan is brilliant on the technological overlay in our underestimation of productivity. you have studied this with the former vice chairman of the fed. how do you take in the technology overlay right now and what it will do to wage growth? do we grossly worry about wage growth where we should not? mark: that is a great point. wage growth has held up well during the pandemic. i expected to continue to accelerate. i'm not concerned this is inflationary because productivity growth has also accelerated. part of that is cyclical, related to the pandemic. extracting from all of that, it feels like productivity growth is accelerating and there are many reasons for that. one is technology. there are a lot of technologies taking time for businesses and business practices. i think they are and we are seeing productivity improvement. if that is the case, that is weed-when. -- that is win-win. it is a win for workers, reason to feel more confident about our long-term fiscal situation, this will mean mo

david stubbs i thought was brilliant on this with j.p. morgan, frankly pushing against the caution we heard from oslo. jonathan: have a look at some of the e-commerce numbers out of target. some really tidy performance from target, and that is really reflected in the stock. tom: i would suggest fossils like me are out of touch with the technological wallop that is out there, including the technology of the new york yankees to deliver power in the middle of the lineup. jonathan: was that another baseball reference? was that for lisa? lisa: thanks. tom: the mets are going the other way. lisa: we don't need to talk about them. tom: steve cohen will spend $1 trillion today on the mets. jonathan: let's not talk about baseball. 1.2734% on tens. futures down 0.1%. what i show this morning. all that energy is overwhelming. it is too much. [laughter] from new york, this is bloomberg. ♪ laura: with the first word news, i'm la wright. a group of congressional democrats and republicans and president biden to delay full u.s. troop withdrawal from afghanistan

we will get insight on currencies from j.p. morgancutive director of macro sales, laura fitzsimmons. "daybreak australia that is it for"daybreak australia." -- that is it for "daybreak australia." "daybreak asia" is next. this is bloomberg. ♪ shery: hello and welcome to "daybreak asia." sophie: i am sophie in hong kong . we are counting down to asia's major market opens. shery: good evening. our top stories this hour. asian equities may come under pressure after u.s. stocks suffered their worst drop in a month. beijing's new regulations way on chinese adrs.

goldman and j.p. morgan have already cut their growth forecasts for the country.n prime minister has called an election for next month. polls show his liberal polity -- party has enough support to take the lead. half of canadians believe he has done a good job of managing the pandemic. nearly 1300 people have now died as a result of a massive earthquake off the coast of haiti on saturday. the u.s. has deployed search and rescue teams to help find survivors among the debris of collapsed homes, churches and hospitals. tropical storm grace is set to hit the nation today. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. manus? manus: thank you very much, juliette saly in singapore. coming up, luxury cars. we will talk to a shipping analyst on the impact of china's poor shutdown. this is bloomberg. ♪ manus: it is "daybreak: europe." to the shipping market, and covid outbreak and china has partially closed one of the world's busiest container ports. it is shut

that certainly seems to have showed up to get what i thought was interesting was that j.p. morgan had a negative number, and they scraped tons of data. they have huge exposure to the consumer. they thought this summer was going to be worse, which makes me wonder whether the data from here is going to continue to show this slowdown. alix: let's get to the market action. ever since the open, it has been a slow roll to the downside. the s&p right around the lows of the session, despite the fact that industrial production data came in relatively stronger than estimated. this also feeds into that home depot story. consumer discretionary down by over 2%, the worst performing sector within the s&p. all of that leading into a safe haven bid kind of into the tenure -- the 10 year. yields down by about one basis point. they were down by three basis points earlier. crude continues its slide now. do we see a buy the dip, that slow rally into the close? guy: that is certainly the muscle memory, isn't it? that is what markets for quite a long time have come to expect will happen. we are in the

j.p. morgan's note out is priced -- saving the world but priced like saving the universe. think that's the story here. it's very difficult. you almost have to dcf this. you can come up with any number you want throw heavy discounts and give them ten products they have in their pipeline beyond this and it's tough to get a number much above 300. look, i'm long merck i believe in what they do long-term. it's a very different story, of course >> coming up, digging into some options ahead of the earnings report detas aewilin f ten-x is the's largest online commercial real estate exchange. and it's fast. if i could, i'd ten-x everything. like our lunch. (laughs) amazing! see it. want it. ten-x it. i'm dad's greatest sandcastle - and greatest memory! but even i'm not as memorable as eating turkey hill chocolate peanut butter cup ice cream with real cocoa. well, that's the way the sandcastle crumbles. you can't beat turkey hill memories. comcast nbcuniversal is investing in entrepreneurs to bring what's next for sports technology to athletes, teams, and fans. that's why we created

taking a positive view on the outlook for reflation is someone from j.p. morgan.ond yields and cyclicals bottomed last week and are now on an upward trajectory. we are joined now by martin malone, chief economic advisor at alphabook. thank you for joining us. do you agree? is the reflation trade back? pres. biden: well -- martin: well, i don't think the reflation trade ever went away. clearly, it was a problem in 2021. we are fundamentally and structure -- clearly, it was a problem in 2020, not in 2021. that would be 9 billion by the end of the. -- the end of the year. america can probably enjoy another 5 million worth of jobs between now and the end of the year at a pace of one million a month. we are very bullish. we expect 5000 is potentially the upper bound that we can reach before christmas. >> martin, how do you look to the delta variant then? it's not just china where we are seeing the impacts. the impact on the port, but also in the u.s. bloomberg has a story on this, hospitalizations, the desperate search for hospital staff. how do you look through the de