i like j.p. morgan y like j.p. ause since 2009, there has been some reason to dislike financials through the entire period and they have lapsed their competitors whether it's a period of loan growth down and they're see issing better deposits and r or deposits are down. they're so diversified as a leader their the best in all of these businesses and we've seen j.p. morgan out perform. >> do you think it's the only fina financial people should own right now? >> i heard joe in the last seg isment say something similar woe like black stone and apollo, who were more alternative asset managers when people talk about financial, they're usually talking about the yield curve, big banks. >> final question. do you have to have an answer for the recession question as you're looking through these businesses, especially one like a simon property or a wal green's? >> if you to, i don't want to listen to you because you're going to be wrong. anyone who says they know when the recession is coming, it's totally in timable they don't

not just j.p. morgan its rate-sensitive peers like citi and bank of america and wells fargo, and it will surpass $56 billion up from its prior forecast this is an important metric benefited by rates and investors have shunned those tailwinds over fears about a recession in recent weeks that's why even with today's gains, j.p. morgan is still down 20% year to date q and a just beginning with dimon with the first two questions about diminishing excess capital and its rationale around spending. dimon responded by saying he and other execs spent the whole day explaining why they are having the spending they're doing right now and the firm reiterated it would have $77 billion in expenses this year a number that caught the market by surprise earlier, but that number reiterated didn't go higher in today's slides, guys >> thank you very much, leslie picker >> financials, as leslie mentioned and so did as we did earlier in the broadcast in helping stocks across the board and inflation data in the week ahead and ke

j.p. morgan's investor day, decent comments about credit worries overstated given the strength of household and corporate balance sheets. >> one of the slides, as you mentioned, carl, saying it remains positive, for what that's worth returning to normalized rates will take time expect to return to pre-pandemic levels, but current economic conditions remain supported. you can see some of the things from that. we'll monitor anything that comes out of that analyst day. if there's anything that deviates from what the company told us most recently with the last earnings. >> everything seems like there's slowing working through the system but nothing really trips that wire that says you're on the path to an imminent recession. not nothing but very little does also, you talk about dollar being well off, high as the euro rallying here. yields have eased back i've seen a short-term peak at least. the things that everybody is justifiably worried about are not getting worse, at least in the last week. also

at the j.p. morgan china summit in hong kong, stephen engle will be speaking to a number of guests from the event in the coming hours. he joins us from the city. stephen: i think what andreea just ran through, some of the tech stories and what kathleen mentioned about the inflationary prospects and the fed tightening cycles are going to be prominent themes in our coverage of the j.p. morgan global china summit, day 2 in hong kong. we talked to the ceo of asia for j.p. morgan. he said he wasn't going to be distracted by the short-term shocks we are seeing. obviously, what i'm talking about is the lockdowns in china. he says they are long-term. let's hear from him. >> the long-term perspective of the region in general and china in particular, i think nobody has doubts about that. we try to stay away from short-term misery and focus on doing this for the next 25 years. stephen: we will flesh out those thoughts with his china ceo mark leung later this morning. and we will talk to paul uren, jp morgan head o

mark leung will be joining us, j.p. morgan china ceo. he will pick up in the conversation we had yesterday with asia pac ceo philip on gory -- mongorri. they said they will not be seduced by addressing the short-term shocks that are seen in the china market right now. they will be looking long-term. philip: the longtime perspective of the region in general and the china in particular, i think nobody has any doubts about that. therefore, we try to stay away from short-term -- and focus on we are doing this for the next 25 years. stephen: j.p. morgan with other wall street banks have big ambitions for the china market. last summer, j.p. morgan won 1% approval from their joint venture. we will also be joined later on in the morning by another guest. we will see how the pandemic has affected the priorities of the ultra high net worth individuals in the asia-pacific. and not to be outdone, we have - - will talk all things crypto. the unwinding, if you will. the impact in the future of blockchain as the market is seeing another crypto winter r

here's j.p. morgan managing director, joyce chang. >> one important thing about the aegsz american community is it's not a monolith there's diversity of asians not recognized i grew up in rural iowa and which isn't that typical i think growing up chinese, one major value is humility. and in the workforce, you need to be able to promote yourself and your achievements to others. it's a balance of achieving these ideals and really staying on the offense of cultures matching your job description. visit indeed.com/hire thanks, paul. matching ymy fellowescription. xfinity customers! the biggest week in entertainment is here! watchathon week presented by xfinity rewards! with free access to stranger things from netflix, the boys from prime video, starz, hbo max, and peacock. and we'll make this a national holiday. nay. holi-week. just say watchathon into your voice remote to watch now. >>> welcome back take a hook at some of the big bank stocks. all more than 25% off the 52-week high even with the supposed tai

see, j.p. morgane grow but the exact same time down the stock cutting the price target in the process two very different reactions to the same quarter fch we love the analyst face-off situations which can help you come to your own conclusions. the market seemed to be siding with the bulls at j.p. morgan yesterday. scots miracle grow jumped 10% and then closed down 6%. what are both sides saying here? who's right? scots miracle grow, sold fertilizer and seed. but then as the state started legalizing marijuana, scots broke down separate results about hydroponic equipment, and that helped fuel the stock's miraculous run the pandemic hit and we couldn't geanywhere and we had a lot more time for hobbies like gardening. over the last year, miracle grow has plunged back to earth. live by the bond, die by the bondb with i say and the end of last year, realized the company would be up comparisoneders. it's a pot stock and a covid stock. pots on stock. unlike so many others, scots miracle grow is not just a vic

and j.p. morgan one of the only in the green as its investor days continue.osition than its peers. joining me is financials analyst at bank of america are you supposed to say best of bank >> i am not allowed to comment but you can make your own choice >> where i work, speaks louder than who i cover he said j.p. morgan was the only financial name he'd own right now because he thought their franchise was sohere >> that's right. i think what the investor day did was it was a reminder in terms of the scale that the jpmorgan franchise has when you look at $4 trillion in assets, 66 million u.s. households, banking 90% plus of fortune 500 companies, i think when you marry that scale in terms of the clients and the innovation in terms of the investments of the franchise is undertaking. i think that makes jpmorgan from a medium to long-term a very hard competitor to beat, and it makes the bank extremely well-positioned when you think about what's happening with the banking industry in terms of digital innovation and change in customer preferences. >> yeah, i wonder ab

cohead of global research for j.p. morgan.up in the next hour, we talk about the possibility of finland joining nato. this is bloomberg. ♪ tom: welcome back to the open. 56 minutes into the european trading day, gains of one point 43%, coming up from what some have interpreted as a dovish height from the federal reserve. francine is in paris, doling out the compulsory espressos -- campari espressos. francine: [inaudible] a lot of conversations, we will speak to the head of research and talk to markets. this is bloomberg. ♪ >> we need to really see that have higher rates are required then we won't hesitate to deliver. >> even if we don't get close to the 2% target it's likely we will have some kind of economic slowdown well before we get the desired inflation target. >> we are always open to additional sanctions. >> i've never seen anyone guess the future well. but if ukraine gets worse

christian malek will join us from the 100-page opus from j.p. morgan. one of our great contributors to bloomberg, the german from the university of cambridge and queens college and all his work on the game theory of the global system, mohamed el-erian this morning. i loved your note because it is front and center right now. the dollar matters and a dollar too strong gets the way of a recovery. are yet the point where it's a problem? momahed: first, welcome to the u.k. had things for bringing us the weather. it is wonderful to have you here. we are near the point where the dollar is too strong for the rest of the world. not for the u.s., but the rest of the world. it is this phenomenon i call little fires everywhere. whether it is food prices for oil prices soar strong dollar, that contributes to the little prices everywhere -- little fires everywhere. the answer is in the hand of the other countries, not the u.s. there is not much the u.s. can do but there are things other countries can do. tom: at the panel yesterday in davos, sir lawrence friedman. in

dividends regulated by the fed and support we bought j.p. morgan after a financial crisis, four 100% then. whether loan growth is down or deposits or investment banking, different parts of their business struggling's and others doing well but they have such good diversity in their businesses, j.p. morgan has destroyed their competitors since the financial crisis. stuart: destroy -- stay with me, please. thanks a lot. we got red ink, the dow down 180, nasdaq down 200 but it doesn't cancel out all of yesterday's big gains. top of the next hour, former president donald trump joining us live. weeks before we get baby formula back on the shelves and the guy in charge, how via the sarah, he's nowhere to be found. greg murphy it's into that next. ♪♪ visit indeed.com/hire another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the

rishaad: looking at what we have got going on, the j.p. morgan conference. two months after the misleading note that should have been edited but they said chinese equities were not investable, and it's now turning more positive, rating 15 companies. this off the background of a we had two months ago when they called chinese equities un- investable. it cause a lot of consternation. a bit of about-face. haslinda: it's a tough balancing act when you are expanding in china. let's bring in mark cranfield. our investors as optimistic about chinese equities right now? mark: they seem to be a little more optimistic. bear in mind, markets overshoot in both directions. we are seeing some good news coming from places like shanghai where there saying they have enough low cases that they can ease lockdown measures. there is also some positive steps in terms of helping the major property companies issued onshore shore as well, the mortgage rate reduction which we saw coming in yesterday from the central authorities. we are getting a few things pointing in the right direct

there is a chance that will be bad for j.p. morgan, but we will survive.re is a much bigger chance the blocks will negotiate strategic arrangement. we .5 trillion. the timeline will change. it will take time. we will change anything to do with national security. ai, penicillin -- those supply chains will be friendly source. it is going to be an ally. all nations are going to do that. china already does that. this is a unilateral thing. the rest of the trade will be fine. fundamentally fine. that will happen over time. it has surprised me how much the western world relied on china. not for trade, sneakers and shirts and stuff, but for rare earth. francine: but we don't. jamie: we do. national security, if i was in the white house, the only thing i will be doing now is white house -- is national security. i would be making a decision every day about how we secure or energy, rare earth, commodities, wheat. not against china, but to protect the western world. all this needs to be done. america needs to have an industrial policy. you have some kind of subsidies

j.p. morgan reduces its estimate for china's growth from 4.3% to 3.7%.sia's war against ukraine has made a global food crisis work but moscow is amongst the biggest winners of the nest. helping send weight prices to near record highs. russia keeps shipping it's wheat a higher price. -- an agreement could be reached in the coming weeks. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. ♪ don't like surprises? [ watch vibrates ] proactive notifications from fidelity keep you tuned in all day long. so when something happens that could affect your portfolio, you can act quickly. that's decision tech, only from fidelity. >> our approach as with everything in this relationship is to be strategic. we have to keep our eye on the ball in terms of how to affect the real line the u.s. china trade and economic relationship. tom: republicans and democrats, the acclaimed katherine tai. she's doing a great job with a really interesting political so

. >> coming up next, j.p. morgan investor day that the u.s.my remains strong, potential obstacles to growth are not set in stone. we will talk more about this next. this is bloomberg. ♪ >> strong economy. storm clouds. i'm calling them strong because because they are storm calls, they made dissipate, if there was a hurricane because it was a tsunami like 07, 08, we can handle all that. >> that was j.p. morgan seo, at the banks investor day, that's bring -- coo at the banks investor day, he was optimistic about the headwinds we see at the moment may not be permanent or at least long-term. what does he have to backup the view? >> he has been a big champion of how the u.s. economy is doing, he struck that note again today, he says how robust it is with all the stimulus pumped into the economy. he also recognize the unusual cocktail of inflation and quantitative tightening by the fed. he thinks that the -- strong credit quality. perhaps those two things, combined maybe allayed some of his concerns among investors that any recession is imminent. >>

j.p. morgan since russia's economy is performing better-than-expected. still the imf expects the economy to treat by 8.5% this year. russia's ability to limit the initial shock of sections has frustrated international leaders. russia doubled interest rates to 20% when sanctions picked to help increase demand for the ruble. most significantly, russia has had a steady flow of foreign currency for its vast oil and gas -- exports. all of that has seen the ruble not only recover, but a cheap higher value than before the sanctions. russia's president says europe is committing economic suicide with its sanctions. >> the rejection of russian energy resources means that europe will become the region with the highest cost of energy resources in the world and now as a result of the chaotic actions of our partners, in addition to the damage to the european economy itself, we are having an increase in the revenue of the russian oil and gas sector. hashem: mcdonald's is the latest western company to pull out russia. they opened their first restaurant 32 years ago as t

and silver at j.p. morgan is looking more short-term.ch timeframe is more valuable to you to analyze price change? lindsey: it has to be short-term. we expect this week's number to give us some reprieve. it takes months for supply chain disruption to work into the figure. the april figure likely reflects the start of the year, before russia invaded ukraine, before the second and third round of lockdowns overseas. while we will see more positive improvement in the numbers, i hesitate to say that means we have already reached peak levels. with these lockdowns coming into play, with ukrainian conflict moving into its third month, we could see prices peak backup as we move into the third quarter, really complicating the picture for the fed. the near term is what monetary policy in the markets will be focused on. lisa: that was what neel kashkari of the me apple is fed was addressing -- of the minneapolis fed was addressing. how basically the chinese disruptions may have a greater effect on the idea of recession then the u.s. -- anything they

you have the likes of j.p. morgang the equity markets are getting ahead of themselves in pricing in recession risks. they should stop and rethink that. when it comes to the dax, gains of .9%. ftse 100 up .3%, so not gaining as much. real wages coming down, again, but the labor tightness is still pronounced in the u.k.. let's see how things are going out on a sector by sector basis. a significant move out of some of the benchmark bonds, including the guilds. yields up on some of those. travel and leisure on the top of the list, reflecting the risk on move. energy up. banks also up, gaining 1.4%. one sector in the red, telecom. vodafone is a bit of a drag with earnings that missed. francine: the italian railway operator expects revenues to grow by 6.9% over a year over the next decade. it is expecting earnings to grow by more than 8% per year and sees tourism going to pre-covid levels by the end of 2025. it comes at a difficult time for european economies as they continue to face supply and infrastructure bottlenecks. j

j.p. morgant met interest income should rise, that is $3 billion more than the previous estimate. j.p. morgan's top execs are set to kick off a high-stakes invest today. i am could group do, this is bloomberg. ♪ >> raising interest rates is not going to stop the problem of inflation. we can do a lot more than we are doing. so at least trying to do everything we can locally to increase the supply is going to do more. tom: i said he was the most important person in this valley because people here are in shellshocked over the new globalization where that is popping around, deglobalization. i'm not sure about it but joe is the one whether you love him or hate him, who got this debate going. the john from gary, indiana won't let up. lisa: although he does see benefits to trade and looks to shore up some of those elements to avoid some of the inflationary spiral. pat toomey of the senate just coming on saying the exact opposite, that the fed needs to get this under control and the fed put is not going

this was a big call from j.p. morgan.. >> this is a case of the power of the written word here. this all began on march 14, 20 j.p. morgan analyst from his team labeled the chinese internet sector as uninvestable. they downgraded the number of companies -- a number of companies like alibaba and others. this triggered huge consequences, about 200 billion dollars were erased from the markets. jp morgan lost its lead on the position because of this. really what it signals is how complicated it can be, to navigate this sort of path, when banks want to make down because in their investment banking clients. as it turns out, the word uninvestable was never supposed to be in those reports. editors have gone through the 20 reports. they eliminated the word from their system. they replaced the word with unattractive. but the rest is history. >> it is really interesting that jp morgan in that segment said, you know, essentially that the half of the research, they stand by a few terms, but it interchangeably doesn't change that. >> t

lawmakers are pressing j.p. morgan and goldman sachs.e porter sent letters to ceos demanding lists of clients betting on russian government debt. they want to know if the bank's dealings could benefit vladimir putin. 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. i am vonnie quinn. this is bloomberg. haidi: the imf it remains committed to assisting sri lanka but the fund is concerned about rising tensions and violence. that is unrest continues despite a curfew. our managing editor joins us now with the latest. what are we seeing across the country given the huge amount of upheaval? reporter: the curfew has been extended until thursday morning, quiet on the streets. they have been given instructions to shoot. classes turned violent monday night. we have seen protests go on for weeks, you'll and food shortages, government supporters ended up attacking people camping out which set off a round of violence that coincided with the prime minister step

cap rilla santos -- gabriela santos, j.p. morgan asset management global market strategist, is joining us now. what will give you the confidence to say that this is the washout, we can go in and buy? gabriela: there's three things happening at the same time. there's this gross conundrum, trying to figure out is it a recession, a soft landing, stagflation. you add onto that the excesses we have built up over the last four years and amplified by a third factor, which is very low liquidity in both equities and fixed income markets, so i think at the moment we have seen a big correction in valuations. we have seen nearly a 20% contraction in the multiple with the s&p 500 now trading at average valuations, but you still have very low conviction from investors to truly believe this is the end because you still have all of these uncertainties. so what do we need to see? i think you especially need bigger conviction on that growth scenario front, so you do need to see peak housing cost, peak sanctions towards russia to feel more comfortable

j.p. morgan warning prices will surpass $6 nationwide by august. get this. the gas station chain 76 now reprogramming its pumps in washington state to sell $10 gas. double digits. it's scary stuff. so the white house is responding to this by saying they released oil from the petroleum reserve already and then blaming president putin for the price hike on inflation and the stock market woes. the white house passing the buck to the fed. >> you know, the federal reserve is independent. we leave them to make their own policy decisions. we don't get involved in that. nothing has changed with the stock market. it's not something that we keep an eye on every day. >> that's not something that they keep an eye on every day but her happens they should, a new poll reveals that 55% of americans are extremely worried about the rising price of gas and goods. >> aishah, thanks very much. with that, we bring in lauren simonetti. the host of morning today on fox nation and fox business anchor david asman. great to have you with us. let's start with you, laura. the latest sta

i find this interesting because in order for j.p. morgano do well, you need a certain kind of recession, which jamie dimon says it might not be as bad given the economy i manus: this is "bloomberg daybreak: europe." these other the stories setting your agenda. dani: the rally snaps, after snap slashes its forecast. but jamie dimon says strong clouds over the u.s. economy may dissipate. >> strong economy, big storm clouds. i'm calling them storm clouds because they are storm clouds, they may disavow. it was a hurricane or a tsunami, i would tell you that. they may not dissipate, we are not wishful thinkers, and honestly wanted to turn out well so we can handle all of that. dani: hike first, ask questions later. fail bostick says a pause may be needed after two more increases. for us, roaming sin frankfurt, christine lagarde's plan irks colleagues wanting to hide faster. our interview with the ecb president later this morning. manus, it is a talk of ecb tightening getting to neutral by the third quarter that did its job. it put a peak in the

kriti: let us bring in the global head of cross assets at j.p. morgan. i want to dive into what the intel ceo said, the returns on the oil space. shifting to the tip space. eddie comes from the background of supply chains that are big under stress. that is being constrained by the markets right now -- it comes ? >> we see aspects of the supply chain being put back and do countries or regionalized back into that part of the world. you can have a shorter supply chain. semiconductors is a great example of that. we expect transit to dominate the 20 30's. it all has their own plan to bring semiconductor manufacturing back on shore. alongside some of the medical products as well that we saw during the covid pandemic, these are a collection of items or the supply chains are going to shrink. that is a minority of the things that are traded globally. a significant amount of today's globalization of the standard process. kriti: this brings me back to the dollar and deglobalization and cashless, you can use anything with it. how much of a ripple effect can we expec

analysts credit good news from j.p. morgan chase and a trade announcement from president biden them follows seven week of decline, and ryan, the s&p is come off its longest weekly losing streak since t the.com bubble burst in 2001. >>> a warning today from governor newsom. he says there may be mandatory water restrictions if people don't cut back on their own. he push for conservation and the state water resources board is considering moving to level two restrictions. if approved those will take effect next month. >>> let's give you a look outside. looks dry. >> brian hackney is here. brian, it looks like today, actually, might be the best case scenario for firefighterser or best conditions compared to tomorrow. >> compared to tomorrow for sure. we're going to be even warmer on tuesday and probably just as warm on wednesday, so the heat is on in the bay area the next few days. temperatures spike tomorrow. warmest in the east bay being mid 90s. thursday, things begin to cool off. right now, concord's 8 3 degree. cooler by the c

was and you get the tailwind of interest rates and that's really going to help companies like a j.p. morgant haven't performed in an environment just like this >> let me take you off into a straight corner if i might, sarat, and that's to ask you your thougail and over the past couple of weeks there have been conflicting profit reports out of different companies whether it's a best buy, target or walmart and yesterday a positive report or maybe the day before on nordstrom, macy's moving up higher today and where are you on retail, generally speaking? are there any opportunities there that you see i think tyler what happened, and when you look at the targets and the walmarts and the consumer wants the re-opening products, and they want to go out and they wanted to sit at home during covid and that's why you saw macy's and nordstroms like you mentioned and good numbers over there and at dick's not a good number in retail, you have to beware where the consumer wanted to be and they are spending money on apparel and they're spending money on services and the travel and i think if you have the r

that's j.p. morganxt. >> buying in the money long dated options. >> you bring us home, mike. >> use some of that capital to go into fall and dryden like home depot. >> we have joe home depot, d's disney, thank you. that does it for us on options action. we will be back next friday. don't go anywhere. mad money is coming up with jim cramer right now. >> following is a presentation sponsored by trusted luminess. - i have a lot of problem spots, redness, fine lines, dark spots. and now with the breeze, all that's changed. the breeze advanced foundation is amazing. it gives you skincare and makeup all in one. it's like a thin veil, but it has extraordinary coverage. at my age, all the other makeups made me look older. it was uneven, you'd have to layer them yourself. it never quite came out the way i wanted it to. the great thing about the breeze is it does your blending for you. i love the way the luminess smooths out my rough skin texture.

but first, gasoline prices continue to climb with j.p. morgan now warning will see an average of over $6 a gallon by the end of the summer. americans are now spending $5000 a household, a year on gasoline for the administration looking to make a deal with venezuela to tap venezuela's oil oil supply instead of ours here in the u.s. here's reaction from florida senator marco rubio. >> officer they sympathize with these people for they hated the sanctions and they just thought oil was a good excuse they could get people to support them on for this is nothing to do with oil because venezuela cannot provide the oil per the oil we need we have it's in america. nay allows to export and they are not. maria: joined me too join and talk about that former sucker chuck and governor of texas. governor rick perry. good to see if we think some being here. give us your reaction to the administration now going to venezuela rather than to our own u.s. drillers? well, senator rubio was spot on there with his remarks. the idea we are going to a dictator in south am

affected in part by comments that biden is reducing tariffs on china and j.p. morgana focus today. data and home sales from best buy, the average agency on the road edged higher last year. they hit a record of 12.2 years as americans challenged by higher sticker prices and few vehicles on dealer lots are holding onto current cars longer. it's the average vehicle age increasing. the trend has accelerated during the pandemic due to the global -- global chip shortage. tik-tok announcing a new program to let viewers subscribe to specific live streamers they want to support. live subscriptions gives fans access to perks such as exclusive chats and badges that set them apart from nonsubscribers. it launches in beta format on thursday and packages will reportedly start at $4.99 per month. >> start. 2 years now, it will be $17.99. exactly. >>> fighting fires using artificial intelligence. how 21st-century technologies helping battle a climate in crisis. and the long-term impact the developers say it will have on future generations. we will be right back. ♪ pop it like it's ho

in fact, j.p. morganates that if current trends continue, we could see nationwide averages above $6 per gallon by august. those very steep prices, norah, already being paid by drivers in california. >> o'donnell: that's expensive. errol, thank you. from record-high gas prices to record-high temperatures. a blast of summer-like heat is moving over the eastern seaboard with advisories in effect for boston, new york city, and philadelphia. let's bring in meteorologist mike bettes from our partners at the weather channel. it's going to be hot. good evening, mike. >> oh, good evening to you, norah. indeed, it will be. intense heat from the deep south all the way through new england. showing you all the locations wi locations with these red dots, where we'll set record highs going into saturday, from deep south texas all the way into northern vermont. look at some of these places. from nashville, all the way to burlington, to places like hartford, connecticut. the numbers, pretty insane, no question about it. p

j.p. morganes to overweight less than two months after calling them on investable. so a very binary market. any indication there is flexibility when it comes to lockdowns in large cities like shanghai or that covid zero is being applied more practically will be an optimistic sign for the market so we are watching for that. this is the third straight day in a row for no community spread cases in shanghai and that is one step towards it but the economy is still very restricted and you saw that in massive declines in retail sales yesterday and that jobless number for youth hitting a record. extremely worrying for investors. haidi: the jp morgan about-face on chinese tech. >> a lot of people are talking about it. nothing has changed that dramatically for the industry in such a short time. what happened is we know the word on investable was published by accident and went through editing and it was missed. j.p. morgan lost their underwriting job because of it. they are saying the speed of what is happe

investor yesterday, should have heard the comments they were talking about stanley, black & decker, j.p. morganm them they would quit and find another job. that's zealotry here we have thousands of customers online and sign-up for trainings is at record level we're excited about that world needs to upscale, we want to help. what's graeat working on alteryx impact on thousands using us every day, impact on the lives >> it's a big tech plunge, everybody knows it, but keep eye on the prize when things get better mark anderson, thanks for coming on. >> really appreciate it. >> it is a very tough market, and very tough for tech. when it gets better, companies like this bounce back faster "mad money" is back after this >> announcer: stick around >> stay with cramer. >> announcer: the lightning round is coming up next. (vo) everyone knows to get wireless savings, you need to be on a family pla- ...oh... (jane) with visible, i get unlimited data for as low as $25 a month. no family needed. (vo) i guess i spoke too soon. visible. single-line, unlimited data as low as $25 a month. trading isn't just a ho

we heard from j.p. morgan, talking about a strong u.s.conomy that has some bullish sentiment, but it is not holding up good roosting downside pressure which is also really weighing on at the fact that we are seeing skepticism on at the eu's ban on russian oil, especially as eu eaters move next week. we continue to watch the treasuries based could we saw the decline in the new york session with leading the declines. but of course we start with geopolitics, because that is the big story right now. what is affecting markets. president biden set to meet his counterpart to discuss the regional security in asia a day after the white house was forced to walk back comments after defending taiwan militarily. more we are joined by joby schneider in new york. and susan ingle in hong kong. jody, let me start with you, what would you expect from president biden in these meetings today? >> this was supposed to be the centerpiece of president biden's trip to asia, along with those meetings with the individual leaders. and also, that trade framework. of

tom: an interesting call from j.p. morgan upgrading some china internet stocks to overweight. this is the same team that put out the note saying chinese tech was essentially on investable, -- uninvestable, which we then found out was a mistake in terms of publication. significant uncertainties remain, but they should start to abate on the back of certain regulatory announcements. francine: u.s. futures also with a downward trend. the g7 wednesday will give us an indication of what could go right or wrong in the economies. on the u.s. board, the futures are down .6%. telecoms are advancing, bono phone climbed after an emirate firm bought 10% of the company. and the 10 year u.s. yield dropping. tom: we continue to watch for parity on the euro-dollar. essentially range bound. and starlink, this is part of our survey today, the forecast of 1.15 on pound-dollar at some point this year. 1.22 is where we are now. the u.k. front and center when it comes to concerns about stagflation. francine: that's it for the european market open.

this sounds ominous to me, j.p. morgans were not even close to a peak gas price. >> they think it can go up 37% by august. that would mean $6.20 a gallon on average nationally. i've been thinking about this. is that even possible? if prices go up that high, you will reduce demand. there's no way they can charge that but i think they can. there's so much pent-up demand. look at california, they're still paying it. i cannot imagine $6.20 but i cannot say right now that is not possible. stuart: by the summer if you have an average of $6.20. if you have a 6-dollar gasoline, national average, politically that sinks the democrats, i would've thought it sinks them completely. >> i think you are right, do we get there? it's a refinery issue right now, that is the major problem. no fix that anyone has suggested except for telling the drillers to start drilling again and bring the oil to market. there is no fix that will bring it down how much can we stop it from rising. stuart: in the immediate future there is no fix. that is the s

plus, why j.p. morgan does not see a 75 basis point fed hike coming in the near term. this is bloomberg. ♪ >> we have seen the beginnings of a scare. >> are fragile global recovery. >> time for inflation to come down. >> and increase in airfares. >> the shift between goods and services. >> this is outrageous. >> we will have to see the fed react. >> 50 basis points in june and july. >> we step back and look at the whole picture. >> we are fighting and inflation battle on two fronts. on the other hand, we have continued limitations of supply. >> you have a growth scare happening. >> a lot of conflicting signals. shery: some of our experts on the growth scare inflict in the markets. haidi: joining us now is joyce chang of jp morgan. what do we need to see before's come down a bit? >> inflation in the u.s. could be close to peeking, but it has been going up and the rest of the world. the question is, where does this level? we are seeing the inflationary pressures on the supply side for the wage inflation and also the commodity side. even if we have seen the peak, the fed

participation and resilience you could go on with credit card delinquencies at record low w in 2021 j.p. morgan weekly checking account is strong the new york fed equifax data credit card balances are strong in these all suggest something that is underappreciated looking at the current economy which is a strong degree of resilience in addition to the equity and values in a recovery plan to bring everyone along. i would love to follow up and what the lessons have been about ensuring of the enduring recovery? because unexpected things happen gas prices go up we have a supply chain due to the fukushima meltdown in the scare and we saw gdp growth and no funds are in there to keep things strong and now we have a plan to ensure even dealing with all micron and delta with the unexpected war not just the balance sheets of american families state and local governments who contracted deeply and hurt the economy several years after the great recession are in relatively strong places i have heard people say maybe over learned those lessons from the great recession. i don't believeie that there have been th

plunging, the company reported a bigger than expected loss, cut its revenue and it signed a deal with j.p. morganse and goldman sachs to borrow $750 million in debt. it is still a long way from taking hold. the big transaction in the drug industry, pfizer has agreed to buy bio haven to gain an approved treatment for migraine headaches. they will get one half of new bio haven, the company will retain some. tom brady is not retiring but he will join analysts, the timing of his retirement is up to him. in march he said he would return to tampa bay after previously saying he would retire. he has seven zero championships. that is your latest business flash. guy: thank you, kailey leinz is delighted. cap spaces in the united states hitting an all-time high, we will hear what president biden might do about that. gasoline prices front and center. as we had to break, talking of an story, janet yellen is speaking for the senate banking committee, and number of headlines coming out of the treasury sector --secretary. she's being asked about russell, a senator is asking questions and janet yellen -- russia.

partner for grubhub, and expectations are now as low as 1 billion pounds amid slumping valuations >>> j.p. morgan has downgraded saying it sees limited performance. and they also have the price target for the food delivery giant to 94. and jpmorgan cut the target price to 34 euros to 51. we're trading right around 35 euros at the moment. >>> coming up on the show, germany's economy minister warning unity over a russian embargo is crumbling we'll take a look at the implications for the crude market, next this is xfinity rewards. our way of saying thanks, with rewards for the whole family! from epic trips... to jurassic-themed at-home activities. join over 3 million members and start enjoying rewards like these, and so much more in the xfinity app! and don't miss jurassic world:dominion in theaters june 10th. when it comes to cybersecurity, the biggest threats don't always strike the biggest targets. so help safeguard your small business with comcast business securityedge™ it's advanced security that continuously scans for threats and helps protect every connected device. the choice is clear. get u

bidenannounced his candidacy for president , this grand jury or the us attorney in delaware subpoenaed j.p. morgan chase bank for bank transactions to do with hunter biden, jim aydin and two of his business partners. specifically they ask for anything to do with the bank of china . i know from the laptop and bobulinski's records a lot of that money is lost through chinese dollars . they'rewgetting that now . one of the names on one of these suspicious activity reports from j.p. smorgan chase that i've seen is a woman called zoe keston. she's a woman who spent a long time at chcteau marmont in hollywood when he went on one of his months long crack vendors in 2018 after he got a big payout from china so she was there and she was in a lot ofphotographs and videos . they had as he always had with the women in his life a rocky relationship but she had named on one of those suspicious activity reports the cause quite a lot of money had gone into her bank account. and she testified before the grand jury and apparently talked about his wild spending spree because that 2018 in particular, he was staying at

in the gilded age, j.p. morgan was his own fed and rescued the monetary system a couple of times. but is the fed too powerful? yes. right now, it is. the most troubling part of the fed to me is it has lost sight of its principal mission, which is to keep the currency sound and the price levels stable. nowadays, with all of this talk of woke culture and woke economics, the fed and some of its appointees talking more about climate change and price stability, diversity -- i'm not opposed to diversity, but i don't think that is the mission of the fed. the fed should manage its own human resources properly without any prejudices at all. but the fact that it wants to equalize the economy, that it takes this left-wing socialist view that we should all be equal at the finish line, when in fact, at a free society like ours, what we want is equal opportunity at the starting line and the finish line we will exercise our god-given talents in many different ways. i think the fed is way too much geared toward something called equity and climate change, which i'm not a climate denier, i'm just s

in the gilded age, j.p. morgan was his own fed and rescued the monetary system a couple of times. but is the fed too powerful? yes. right now, it is. the most troubling part of the fed to me is it has lost sight of its principal mission, which is to keep the currency sound and the price levels stable. nowadays, with all of this talk of woke culture and woke economics, the fed and some of its appointees talking more about climate change and price stability, diversity -- i'm not opposed to diversity, but i don't think that is the mission of the fed. the fed should manage its own human resources properly without any prejudices at all. but the fact that it wants to equalize the economy, that it takes this left-wing socialist view that we should all be equal at the finish line, when in fact, at a free society like ours, what we want is equal opportunity at the starting line and the finish line we will exercise our god-given talents in many different ways. i think the fed is way too much geared toward something called equity and climate change, which i'm not a climate denier, i'm just s