an extraordinary interview with jamie dimon. take a quick look at the markets. we are at fresh session lows right now with the dow down about 308 points the s&p is down 57 its first decline of more than 1% or move of 1% in either direction in quite a while the nasdaq is down about 2%. >>> let's bring in brookings fellow, and fellow covering banks with oppenheimer and policy analyst and cnbc contributor. welcome, everybody to you first, let's start with what you heard jamie dimon say about the importance or lack thereof of fitch's downgrading of the u.s. credit >> look, i think he's right. i mean, credit rating agencies are overly relied on by investors, by government, by regulators they're just folks offering opinions this kind of comes out of left field and i don't think it has much value when i was at the treasury department in 2011 we got downgraded and s&p and treasuries rallied that same day. i think his optimism about the economy was my big takeaway. >> will there be implications from the downgrade that we're missing for, for instance, the major u.s. banks

its biggest down day since february let's get out to bozeman where jamie dimon is standing by with ournk you, jamie, for being here so you've got a big bus behind you. you are here on your annual bus tour this year it comprises what you have dubbed expansion rks

what w we are hearing from joe manchin. >> i don't think there is much difference with buffett and jamie dimon and joe manchin. i think if the three were in a room, they would agree on the points dimon and buffett can say the market will continue to operate as normal, but buffett and dimon wants washington to address the issues buffett does an agree with everything washington is doing right now. he made the comment that congress can only screw this up or the administration can screw it up if you push too hard he thinks sounder people will prevail in all of this because you ccan screw it up along the way. i don't think there is anybody who says you need to address the debt. >> warren buffett is saying i'm doing the same thing this week as i did last week and same thing next week. joe manchin is saying here is a chance to do something different. that is the action. >> i think buffett would applaud what joe manchin is saying here. let's take this seriously. >>> when we come back, it is a busy morning for earnings. central banks and economic data. we get you ready for the trading day ahead. that i

go ahead. >> so i am usually not so flattering of jamie dimon.lking beer a few minutes ago. i'm like the hispanic guy who used to advertise, i don't always prefer to agree with jamie dimon but when i do i also prefer it if he agrees with warren buffett who said this morning, ignore it. this is totally unimportant. stuart: unimportant completely. we have a selloff on wall street, big one yesterday that carries through today. is this the start of a big seller. >> years ago in one of my books, i wrote that 2% is what the stock market calls tuesday. this happened to be wednesday into thursday but a few days in the market never mean anything. stuart: the fundamentals are okay to book money into stocks at this point. >> let me make this point. a point about the unimportance of this is some people have gotten very excited by the fact that today, u.s. treasury bonds have gone up by 0.1%. a fair amount of movement for a few hours but they missed the point they have also gone up for every major country in the world. this is not about the us and fitch, this

"fast," fitch downgrades the u.s., but many investors including america's most influential ceo jamie dimon called the move ridiculous we saw the markets react rates spiked tech got hit hard today. we'll go inside the slide straight ahead. >>> plus, apple and amazon reporting tomorrow both stocks tumbling today not exactly sizzling this summer. >>> and later, we'll have the afterhours action, a host of earnings movers from qualcomm to robinhood to zillow and much more i'm melissa lee, this is "fast money," we're live at the nasdaq market site. we start off with the straw that might have finally broken the rally's back fitch's downgrade of the united states long-term credit rating sent the yield on the ten-year treasury to its highest level since last november and that took the wind out of the sails in the equity rally. the dow going negative for the week the s&p down 1.4% for its lowest close in more than two weeks the nasdaq shedding more than 2% take a look at the stocks that were particularly hard-hit data dog, crowd strike, all dropping more than 6%. semiconductors taking a leg lower. a

what jamie dimon told us in an interview coming up. >>> and earnings in high gear today with apple and amazon af reporting after the close today. >>> and the one central bank cutting interest rates despite inflation. this as we an wait the latest fm the bank of england. >>> first, amd and qualcomm coming up short and giving investors new reasons to worry it is thursday, august 3rd you are watching "worldwide exchange" here on cnbc >>> good morning welcome to the show. i'm dom chu in for frank holland. let's check in on stock futures. losing steam we are sitting at or near session lows for the futures market s&p is implied lower by 15 points dow jones industrial average lower by 100 nasdaq down by 60. you can see a sharp leg lower right around when europe just started trading and it has been drifting lower since here. we currently stand at 4,520 for the s&p. this was all after a rough day for wall street on the heels of the fitch downgrade. nasdaq posting the worst day since february right now, .50% to the downside. s&p down 1%. some conviction in the move lower based on volume. by the

jamie dimon sat down with our leslie picker for an exclusive cnbc interview within the past hour leslie joins us live from montana with the highlights. >> you can potential see jamie behind me. he's on his annual bus tour, hosteling a luncheon with clients here in montana. it was a wide-ranging interview. it's a proposal at this stage, but he says the banking industry has so many rules, but very little calibration >> we need certainty, policy, the stress test clearly didn't work, so we do 100 a week, and i'm far more worried about cyber, and i just think -- we don't have -- we shouldly veg regular conversations about what we're worried about, what they're worried about, so lack of transparency with prael practitioners. a lot of ivory towers, they've never been in the real world i would like to see them get in the boxes ring someday. >> while fed officials would say that heightened capital requirements were important for stability, dimon believes the march and april turmoil would have been have prevented by higher capital rules, but he was critical of the regulators' handling of the sili

jamie dimon said there are too many revelations coming our way.the engine, you have to let us do that. guy: the other aspect is whether or not you do see consolidation. is there possible -- is it possible you could create another jp morgan or morgan stanley? there are many banks in the u.s., it is hard for jamie and whoever who takes over at morgan stanley to grow the business in a significant fashion from here. you put a bunch of other banks together, maybe there is potential. higher funding costs, tougher regulation and commercial real estate. the first 2.2 consolidation. so we see the bracknell bigger banks getting bigger? alix: what do you think. do you wait until we have another failure are do you need to play m&a in the regional space? ann: it is so much of -- about how banks are able to be successful is -- the cultural of the trading floor is different from the cultural -- culture and in the advisory arm -- culture in the advisory arm. i think your point on more natural share gains, whether the catalyst is a shock like svb or is it -- or wh

jamie dimon is right across the street from the roosevelt hotel.s down there, jamie dimon this is not a solution. if you let them work then others will see that, they all have smart phones and photo bombing one another. they say come to new york before they close the border. maria: how has new york change. you been in new york for how long, decades, how has the city changed. >> i'll tell you this we should been dealing with their own homeless to the emotionally disturbed and those addicted to drugs and alcohol, mostly african-american. they elected eric adams mayor and without him he would've never survived the democratic primary process that they feel betrayed, they feel like i have to get to the back of the line and for somebody we don't even know. maria: in terms of how new york has changed the new york said we are running out of room we have no room, then putting them in parks and hotels. >> east bull said he will put them in places where people write checks to his campaign that don't bounce. he will not put them in central park. i have a solut

what jamie dimon told us in an interview coming up. >>> and earnings in high g

jamie dimon and montana and leslie picker. >>> our "chart of the day.having its worth day in about a year pippa stevens with the move that leads to the down side >> the latest company to warn about weakness third quarter revenue guidance came up short of expectations. the ceo telling me, quote, in the u.s. there's a real slowdown the u.s. market is not growing this year and i don't see any resolution next year the picture is better in europe. it's not a demand side issue like in the u.s. residential market 80% of solaredge comes from outside the u.s. end phase is much more u.s. focused. the slowdown is thanks to higher rates which increases the payback period for solar systems but utility projects are less sensitive and demand is robust all higher, dom, the last three months, back to you. >> joe, you sold a renewable name take us through it >> this was in the portfolio based on strong momentum at the end of 2022. this is the worst performing technology name. >> end phase energy. >> i apologize the return on equity is strong, the revenue growth is strong

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includingjp morgan downgrade, including jp morgan chase downgrade, includingjp morgan chase ceo jamie dimonculous and said the decision ultimately did not really matter and he may not be wrong. us treasuries, government ious, remain the bedrock of the global financial system, despite this latest knock to its reputation. that is michelle fleury there. well, us stocks weren't the only ones affected by fitch's move. it was a sea of red on global stock markets on wednesday, including asia. japan's nikkei led losses in the region, closing 2% lower. analysts expect fitch's move will spark risk aversion flows, which could mean lower equities in asia, but said these should be short term moves. investors tend to be a bit reactive by nature, so it is not surprising if there is a short—term reaction. any time the foundation is shaken, which in a way something we are very used to is having the top rating, seeing any disruption like that is going to cause a reaction. that being said, the real underlying drivers of what determines the evaluation of companies stocks and how they do over time are not so mu

archer said this was like having the son of jpmorgan chase ceo jamie dimon put his father on the phone. democrats contend the speaker phone were innocuous. >> over the course of 10-year relationship, on terror may have put his father on the phone with any number of different people. they never once spoke about any business dealings as he described it. >> there was also a discussion of a $142,000 wire transfer to hunter biden. for an expensive car. >> i saw that. let me follow-up here. where there any other dollar figures discussed other than the one you just mentioned? >> that is one of the interesting things where they talk about some wire transfers. there were some specific dollar figures mentioned in there. there are some accompanying documents that go at that. we talked about this on the air on monday that coming next week -- this is what the committee has told me. we are going to get some bank records involving these transactions from russia, ukraine, and kazakhstan. we had not heard about kazakhstan until monday. >> thank you. i will let you dive onto that. we will bring you back

chairman ceo of jpmorgan i said why you are jamie dimon you should not -- you are making a statementinvesting, and doubling down in china he said we are going to follow law the law is the law, if we arelawed to vest try to sell wares to 1.4 billion people we are going to do it doesn't it start to at stop you have gina raimondo ad podium in became saying things got to change i am sure chinese shaking in boots after that speech, meantime, meta just announced it shut down what is called largest known only covert influence operation in the world meta announced removed more than 7700 facebook instagram accounts linked to chinese law enforcement the campaign aimed at advancing chooiven's interest discrediting adversaries impacted more than 50 acts dating back to 2019 how come not seeing response from the administration, does this not stop at does this not start at the top? >> it does. but biden, is trying to rerevives engagement with china as core pillar of strangle despite approach having failed over two decades perhaps to cool temperatures,going into the election, doesn't want to see eco

to ask him about the fitch downgrade, of course, we heard from a couple other executives, like jamie dimon, warren buffett breushing off concerns, and tim cook saying it's not something he's deeply concerned about melissa? >> steve, thank you. steve kovach let's trade this you know, it is important to keep in mind, apple in the afterhours session is about $10 away from a record high. so, we are very so close -- >> right >> to that high. >> but we have the call. wait for the call. they can say a lot of other things i think that -- it was a very good quarter, a lot to like. tiny miss in iphone. services great, as steve said. and obviously the margin there is, i don't know, triple, or, whatever, very much adds to the growth margin average. and greater china was actually, i think, a little bit stronger, i think. >> it was. it was up 6.7% and consensus, nearly 2 billion greater than what consensus was sorry to -- >> right so put all that together, though, and at this price, you had to have a very good quarter, so, is it good enough? i don't know it's okay, themarket is tellin you, well, we don'

many economists dismissed the downgrade, including jpmorgan chase ceo jamie dimon, who called it "ridiculousatter. and he may not be wrong. us treasuries, that is, government ious remain the bedrock of the global financial system, despite this latest knock to its reputation. michelle flory there. among the big names saying they are "puzzled" by the downgrade by fitch is mohamed el—erian, chief economic adviser to the insurance giant allianz. he told the bbc the move won't affect the us economy, but it will fuel the political debate over the country's finances so i don't think there'll be an economic or fiscal impact — by that, i mean that this announcement will not reduce investment, will not reduce the attractiveness of the us economy — so that's the economy side. and then on the fiscal side, this in itself will not increase the borrowing cost for the us — in fact, if you look at what they call credit default swaps, which measure credit worthiness, they hardly moved today. and you would expect them to move if the market was worried about that. so it will not impact the fiscal side or the ec

many economists dismissed the downgrade, including jpmorgan chase ceo jamie dimon, who called it "ridiculousreasuries, that is, government ious remain the bedrock of the global financial system, despite this latest knock to its reputation. earlier, my colleague, carl nasman, spoke to mohamed el—erian, chief economist at the financial services company allianz. in your mind? i'm curious, was this downgrade by fitch warranted? it was not warranted. i agree with secretary yellen, as do the vast majority of economists and market analysts and as does the market itself that has brushed off the fed's decision. both the content and the timing of the announcement were pick your words, strange, surprising, perplexing, whatever word you want to use. itjust doesn't seem right. what's behind it, then? why do you think fitch decided to make this downgrade now? no—one knows. 0ne one argument is that it was just an accumulation of factors. maybe they should have moved earlier and they didn't, but then they felt compelled to move. but that moved at the wrong time. they've moved at a time when economic growth

can you imagine, if you're jamie dimon right now, let's see how we're doing?> quaking in his boots. >> jamie dimon is killing it >> wells fargo is having a great quarter. doesn't matter to fitch. hey, we're fitch, let's get our name out. >> it's working. anything you want to add on home depot? >> not yet what warren buffett is doing with the home builders, what home depot is doing about better-than-expected -- same store numbers. retail sales number we got this morning which includes autos, if i choose autos i've got a strong number what's going to be difficult is we're going to have the -- the fed at 5.5 the 20-year at 5.75. that's my prediction >> sometimes silence is nice, don't you think, carl? >> refreshing. a reflection on the desk. >> -- >> -- what i'm really worried about is china >> now we come back to what i said i give you an answer and then i get -- now you come back -- >> what do you do? you suspend -- hey, the numbers are really bad let's just get rid of the numbers. we do this for the cpi in 1982 we decide to take housing out of the cpi, homes o

keeping the big banks safe picking sure they can take some risk and jamie dimon did come out and sayhere are too many regulations coming away right now. if you want us to be the engine, you have to let us go do that. guy: that was earlier talking about the issue of what is happening with u.s. banks. one in the united states then the story over here with the maloney government in rome imposing a tax on italian banks. banks are getting banged up as a result and we are seeing that replicated across europe. it adds to the confusion we are seeing more broadly we are struggling to understand the macro story and now further volatility around the banking sector. our banks a good investment in europe? it's tricky to understand. our guest with barclays is joining us. i'm confused. they're so many diversion sets of information at the moment i'm trying to fathom. will we get a soft landing? how hydrates go? what deficits mean for the markets? what does china look like going forward? now we have extra volatility around the banking sector. is it easy to determine if anything is a good investment a

but this fitch thing with jamie dimon sounds like a lot of nothing. covid, we may not be doing great. but we're the tallest building in schenectady, at least for now. >> that, we are, joe. and for that reason, almost alone, i don't think you can take anything immediate or technical away from what fitch has said here. the bond market folks, whether it's warren buffett, jamie diamond, we talked to joe manchin this morning. everybody recognizes, it's not -- the report is not going to change anything. there's reasonable questions why they put out this report and the downgrade when they did, given that the own models show that things are actually getting better. if they were going to put this out before, you would think they would do it two or three years ago. if they're going to downgrade our debt and you want the ratings to have semblance of accuracy or anything, you have to go to every other country. when the united states sneezes everybody else sneezes. there's that. having said that, there's something valuable that fitch is raising this issue. i'm not

jamie dimon lost his job over it. this is not what you are seeing a goldman sachs.ng loyal. if you are keeping the number two, is always a bridesmaid in everbright? if you're gary cohen, you never make it to the top. john is only 54 years old and has been considered for a lot of other ceo jobs. carlisle, for example. the question is, why hasn't he left? he's always been the clear successor to david. he's been a key part of the strategy change in the strategy fixing you are seeing in the consumer business. this year is a real test of the two of them in terms of how they navigate both morale and these difficult business decisions. alix: does he like being the guy to have to execute the strategy know he likes? sonali: if you watch the way he's been doing it, he doesn't put emotion around it. he's very focused on the facts. the way he's been doing it is piece by piece. he had a television interview with us. he has a plan. he focuses on getting rid of that consumer business and doubling down on asset and wealth. you have seen him consistently execute, execute, execute. w

will be on "squawk on the street" and an interview at 9:00asm eastern and then jpmorgan chase's jamie dimonle host of other issues when he joins "power lunch" with leslie p picker. >>> we're seeing the dow jones down the s&p down almost 1% but still off their lows this morning. and we're also paying close attention to the s&p futures over the last six hours. take a look at this. right now you're seeing a smart decline. s&p right now, the futures down just under 1% off of its lows. early this morning you're seeing the slight upturn in the last hour or so. >>> we also want to take a look at treasuries on o the back of fitch's downgrade from aaa to a a-plus the ten-eer benchmark at 0.02 off of the tide of yesterday we'll continue to watch the yeeds yesterday. let's talk more about this with brooke maine here in the house thank you for being here. >> thank you for having me. >> we oop've got to start with the top story. fitch downgrading. do you see it impacting the rest of this trading day, the rest of the trading week what's the long-temp impact? >> it's disappointing to see the downgrade. it

the surprise announcement out of fitch investors without aaa credit rating, jamie dimon commenting one was ridiculous and in the end it doesn't matter, but would it matter to the federal reserve? what is saying about our system where we limp along with these settlements to keep the doors open for the united states government but fall back into another shut down or fear of another one. that is already on the table right now. esther george is kansas city fed president. good to have you. do you think this reaction is justified? people say what were you thinking, all the same factors you alluded to, raised back in may, they have been part of our history for years, what has changed? >> i think the sustainability of our fiscal trajectory is terribly important and fitch isn't the first to raise this the, the congressional budget office brought this up, going back earlier this summer. it is a very critical issue to the long-term health of our economy and our standard of living. neil: i could be the crazy one, why didn't this happen before? the s&p downgraded us in 2011 and that was after a go

let's acknowledge when people do amazing things had jamie dimon say things that i thought were very instructiveobviously, does not care about the regulatory environment right now, even though he's winning in it look, when i look at -- at the magnificent seven, they are linked, hand in hand, with the 20-year, and i wish they weren't because that means that they're not going to have a good time. >> if you missed leslie with dimon yesterday, take a listen to what he said about fitch. >> it doesn't really matter that much you know, the markets decide number two, they point out some issues which we all knew about, about our debt ceiling crisis, things like that number three, the american public, this is the most prosperous nation on the planet. it's still the most prosperous nation on the planet it's the most secure nation on the planet there are a bunch of countries rated higher than us, like aaa, but they live under the american enterprise military system to have them be aaa and not america is kind of ridiculous. >> jamie says his bigger concern lies with some of the geopolitical stuff going on, n

so, you know, look out when jamie dimon speaks. what a change. the loan loss has been half the level the past few decades but i guess it's not enough so sit back and watch the big debate about to unfold. >> i asked about the new rules when i spoke with him earlier this month he said they were hugely disappointing. you obviously seem to believe they go too far. and one of the interesting things in your note is that you believe the feds have basically said we're going to increase capital about 19% at the high end for the largest banks. you think the internal models show it's higher, maybe even as much as 5, 6 basis points for what the government is telling the market why is that? what do you think that means in terms of the overall estimates for credit, for buybacks for capital buffers and so forth >> i think numbers could be higher than what the averages were as stated by the fed. first of all, you have data year to date. second of all the banks have more data. but the impact is marginalizing the banking system more than you had. after the financi

but long term i think would have zero impact on what jamie dimon and his team are doing.ancial impact? >> the selloff, of course. we never expect the markets to go straight up and, yes, you get something like that. it's going to be a temporary negative on the banks sector as a whole and the overall market and then we get past that and we start talking about earning ands start talking about growth and start talking about upside. go higher. stuart: got it, mike murphy, thank you indeed. residents of green charter township in michigan celebrating after chinese-owned firm backed out of buying local farmland and the company pledges alleges to the chinese communist party and withdrew the offer to purr kasae the land. however, it's moving forward with an ev battery factory with land in that county. that sale was approved in june. all right. now this, hear's what's coming at you, hollywood film makers reportedly made a new offer to striking screen writers. it includes assurances that humans will not be replaced by ai. we have the story. a farmer that lives off the grid in virgini

. >>> in a programming note, don't miss it, it's an exclusive with jamie dimon tomorrow, 2:00 p.m.ill sit down with our leslie picker they'll be in bozeman, montana, a stop on what is his annual tour somewhere on a bus this time in the northwest >> do you think he travels the whole way on the bus >> i don't know if he goes the whole waonhey t bus. >> we'll have to ask. >> another important question. >> rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone k

is a great point that you make, wages in the employment story has been so tight, even a year ago jamie dimonronment where worker wages are so tight and moving higher and consistently, you have the labor issue and the price of oil also keep inflation elevated. do you see any chance that the fed cuts rates anytime soon this year or early next year. >> no i think they're going to have to wait and see how the economy responds to the wage increases because objectively right now we are not headed towards any type of landing at all, the economy is chugging along just fine. maria: let me switching gears about the fannie mae and freddie. >> , federal jury awarded fannie mae freddie. >> $612 million ruling that the federal housing finance authority acted improperly when it transferred ownership of shares to the u.s. for public benefit. we lived this out as fannie and freddie were being taken over by government. obviously years later released, what is your reaction to the settlement and give us your sense of went down with what happened with fannie mae and freddie. >> i think more importantly than the

for a long time was bloomburg and would love to see bezos and anybody that operated a business, jamie dimonblem, either one of the parties is not that interested in a banker for example. i mean everybody around here agrees dimon would be wonderful. it's hard really to look forward and figure out when san francisco extricates itself from that mentality. let's hope it's sooner rather than later. i wanted to ask you because you mentioned mark zuckerberg as well in the same sentence as elon musk. meta, mark zuckerberg's company of course formerly facebook, still has facebook. they are, today, i believe, launching a web version of the twitter x competitor threads. i know you're on threads. are you seeing adoption here? what do you think? does it have a shot at beating twitter by any chance? >> no, you know, and to be clear, if you're comparing the two entrepreneurs is night and day. zuckerberg is incredible at copying other people's innovations. that's what he's done his whole career. done nothing unique but steal other people's ideas and execute at them faster than the original folks. if you lo

exclusive interview tomorrow right here on this program, jpmorgan's ceo jamie dimon. >> we will discuss state of the economy, america's banks and much more. i think it comes from bowsman, montana. nice place to do an interview. >> gorgeous. >> thank you for watching "power lunch." >> "closing bell" starts right now. >>> welcome to "closing bell." i'm mike santoli here at the new york stock exchange. this make-or-break hour, stocks are taking a well earned breather as treasury yields rise toward their highest for the year and investors see confirmation of the economic soft landing story still intact. we ask, what scenario has the near 20% gain in the broad market so far this year priced in, and is that is plausible scenario here to discuss that is adam

jpmorgan's ceo jamie dimon. >> we will discuss the state of the economy, america's banks and much more. i think it comes from bowsman, montana. nice place to do an interview. >> gorgeous. >> thank you for watching "power lunch." >> "closing bell" starts right now. >>> welcome to "closing bell." i'm mike santoli here at the new york stock exchange. this make-or-break hour, stocks are taking a well earned breather as treasury yields rise toward their highest for the year and investors see confirmation of the economic soft landing story still intact. we ask, what scenario has the near 20% gain in the broad market so far this year priced in, and is that is plausible scenario here to discuss that is adam parker adam, its one of these times where if you look at the message of the market and try to figure out how it's behaving, you give a lot of credit to saying that we have a pretty bright outlook, right, in terms of the broadening out of the market, the fact that we haven't went down in a while. it feels like we're scaling the wall of worry. volatility has dropped if you try to figure out t

jamie dimon said he thought it was ridiculous. what is your take?n we had a debt ceiling standoff? we don't know how to do budgets in this country. we haven't for a very long time. if i'm fitch, i am thinking what took you so long. we have too much debt and nobody can figure out how to fix it. what is most telling, fitch down grades us today. what does the administration say? it's trump's fault. you want to know why fitch down graded us? because we have an administration that says that instead of saying maybe we'll get our act together. >> martha: let's look at that statement. the white house blaming the gop for this fitch decision. more than two years in to the biden presidency. it's clear that extremism by republicans is a continued threat to our economy. parse that for us. >> what fitch said is that we're down grading the u.s. because of deteriorating governance. that means the people that lead can't get together and take responsible action. they make that determination in part based on statements like that, which always seek to blame somebody el

if jamie dimon ran for president, imagine all the stuff they would bring up that he said?kota, businessman. >> businessman have been out there. doug burgum is not a household name but if you're like vivek, you did business with china, that is going to come out. your hedge fund or your fund, strive is it called or thrive? liz: i don't even know what you're -- >> he has an answer to blackrock. this is important. you should know this. liz: i'm sorry, because -- >> listen to me, this is what made vivek a big thing. he, besides after he made his gazillions he created an alternative to blackrock and esg, an anti-esg fund. it is called strive or thrive. someone should whisper it in my ear please. liz: not going to be me. >> that fun by the way charges fees i understand higher than any esg fund. that is going to come out. strive it is called i'm told. they told me to wrap. how nice. >> wrap. >> strive wrap. liz: shkreli, ramaswamy. >> what an amazing thing the the claman countdown is. we don't just give you politics but "farmer bro." did you see the story me and ellie did on fox b

jamie dimon of jpmorgan chase, larry fink of black rock and jane frazier of citigroup are among those more firefighting planes and helicopter are being sent to greece to help fight the biggest wildfires ever recorded in the eu. strong winds and hot dry summer conditions fueled flames in the northeast informforest region. at least 19 people have been killed and an area larger than new york city seems scorched. seems like everywhere we look on the globe we see events like this. >>> so we are learning new details about the suspect police say shot and killed a faculty member at unc chapel hill. he is a 34-year-old doctoral student who has been charged with first-degree murder. the shooting in a chemistry lab sent students scrambling for safety. video captured students jumps out of classroom windows during the lockdown. the campus was only in its send w oig week of classes of the fall semester. nick valencia has the latest on the investigation. and the suspect just made his first court appearance. police have just identified the victim. what can you tell us? remember the that's right. tie

. >>> i'm contessa brewer in for brian sullivan tonight jamie dimon sounding off of fitch. >> it doesn'tot the ray names that make the big decisions. >> that's just the start of what we heard under the hood what has day traders day selling robin shareholder shares right now? >>> move over, a new potential phase has captivated some tech investors. well, we've seen it with soccer and baseball and now apple is reportedly looking to add college football to its

so, we are in a situation where, i think, you know, i -- not that i don't like to give jamie dimon credit, but when he said a few months ago, be prepared for 6%, 7% interest rates -- i don't think he said that particularly too lightly and i was not in that camp. i'm not an economist or a ceo of a major bank, but we better be prepared to what the fed has to say on friday, and i don't expect it to be particularly dovish. >> how much, kris, do you think rising interest rates are hurting consumers? you've got -- i mean, people ar part because they don't want to trade their 2%, 3% interest rate for a 7% interest rate. but there are a lot of loans that aren't mortgage loans that people have. they have lines of credit, they have home equity lines of credit, they may have auto loans, and those things are -- have drifted up, which is probably why you're seeing more delinquencies. >> exactly. when you break apart the consumer and you say, what is thanning within the housing market? heave heard a lot about that today in terms of existing home sales. people feeling trapped in their homes, because the

was overdone when i talk about high flyer names, this is low flyers, low multiple and they asked jamie dimon thought about the fitch downgrade of the u.s. government, and he said, well, the market is going to decide what the downgrade is or not, and i think the same thing is true for jpmorgan credit in the bank space the absolute place to go so, to the extent this was about the downgrade, i want to own it here >> are there others in that class of large banks who might be at risk of downgrade? >> well, to dan's point about who handles -- who has some maturity issues, jpmorgan, no, bank of america, relative to where jpmorgan is, they didn't do nearly as good a job. so, i would think if one -- maybe they all get downgraded, i don't know, but i think the market will decide where they're able to issue debt but bank of america would be -- that's why i switched out of bank of america. >> dan >> yeah, we've been highlighting the underperformance of bank of america all year long. but you know, when you think about this, there was a report today, and you saw the graeat retail sales, but you're startin

higher yield in order to get bonds through >> you won't want to miss lesli picker's interview with jamie dimonhing to new highs. caterpillar plowing through earnings estimates. >>> and later, check up on pharma stocks. diving into results from pfizer and merck, reported this morning. much more "fast money" right after this (vo) sail through the heart of historic cities and unforgettable scenery with viking. unpack once and get closer to iconic landmarks, local life and cultural treasures. because when you experience europe on a viking longship, you'll spend less time getting there and more time being there. viking. exploring the world in comfort. >>> our sales were up 22%. we -- all three of our primary segments were up between 19% and 27% on the top line. $5.55 per share. first time we've ever broken $5. showing up in the bottom line. >> that was caterpillar's ceo earlier today on "squawk on the street." the industrial giant climbing to an all-time high on the back of a better than expected second quarter. the company sees strong demand for construction products. raised its full-year outlook

eastern time in the meantime, what we heard from jamie dimon, which is what steve was referencing there is the idea it doesn't change the opinion and what they think of u.s. treasuries. warren buffett says he buys $10 billion in short-term t-bills every week yesterday, we told you about bill ackman's call on shorting 30-year there's reasury bonds. he does use that strategy from warren buffett yesterday afternoon, elon musk signed on to the strategy. he tweeted, short-term t-bills are a no-brainer this is ackman saying it doesn't matter if you buy short-term if you want to say you are confident, long-term treasury. >> i have a lot of respect for steve. i don't think the numbers justify the downgrade. if you think of the cr creditworthiness of the united states and how much wealth relative to debt very high. we have the ability to levy taxes to pay for it if we need i believe the last debt ceiling debate showed the willingness of the body politics to step up and pay the debt the politics are messy i think maybe there is justification to the downgrade, it comes from that let's throw out a

also getting pressure from more than 100 new york city business leaders, the likes of jpmorgan ceo jamie dimonr calling on president biden to, quote, take immediate action to better control the border and speed up the asylum and work authorization process for migrants. liz, we expect to hear more out of this afternoon's meeting between governor hochul and the white house, we'll bring you updates. elizabeth: lydia, that was great reporting. thank you so much for bringing us the story. let's stay on it with house homeland security congressman, texas congressman toni think gonzalez. your -- tony gonzalez. what do you think? >> yeah, no, i think anyone that touches this border crisis has the same opinion, and this isn't a democrat or republican issue. all americans should be furious. i've seen it. you know, my district, i represent two-thirds of the texas-mexico border. the only way this stops is when you enforce the law. if you remember the haitians under the bridge in del rio in my district about a year and a half ago, the only reason that stopped is they started, border poll started sending --

environment particularly since march when we started what maybe we shouldn't call a crisis, i think jamie dimon call it an incident but whatever we want to call it, you've seen the significant underperformance on the a part of the financials. and it's often the case that we look to the technology sector to see if leadership resides there, and that a usually gives a sense of whether a rally or a bull market has legs. i think unique in this environment is that i think to some degree necessity of financials just start to participate because if it was some brand new, booming bull market that began last october, the absence of participation by the financials would make it the only time you have seen something like that. is so clearly a second downgrade is, matters. and i think we're now dealing with the whole concept of long and variable lags and the ripple effects into the lending environment. and i think that we'll start to see that this some weak weaker economic growth which, by the way, may not be a bad thing from the fed's perspective in terms of an ingredient to continue to bring inflation dow

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and that's why they turn american ceos from jamie dimon to tim cook to larry fink into the ccp's circus monkeys. the reason i'm so vocal actually our from china is somebody from my own views not been in state government my whole life but actually has been in business, understands how this game is played. china wants to turn u.s. companies into pawns. to do their bidding. that is why they require airbnb, for example, to hand over american user data as a condition for doing business in china. that is not capitalism. that is chinese member can't tilism. that's why everybody the most aggressive in race based on my personal understanding of it that we have to say unless china plays by the same set of rules we are out. >> laura: you made a lot of money in china. >> i actually did not. the made money i made money five fda approved drugs in the united states. >> laura: are they made in china? are any of those drugs made in china. >> no. they are not made in china, thankfully. actually. and in my late days, in my late days as ceo, i began to pull out from china and so biotech company i founded a

we also know that at bank of america right now jamie dimon's jp morgan also things are being held closed no one is talking about their successors. no one knows. haidi: vonnie quinn. that is it for "bloomberg daybreak: asia." our markets coverage continues as we look ahead to the start of trading in hong kong, shanghai and shenzhen. the china opener is next. ♪ an do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com did you know you can get someone to shop for you? with stitch fix, it couldn't be easier. i share my style, size and budget. and they shop just for me. my shopper sends me stuff i feel good in. i keep what works, and send back the rest. stitch fix. 76% of 23andme health customers surveyed reported taking healthier actions. i keep what works, and send back the rest. because they know health isn't just a future state. health happens now. start your dna-powered health journey today with personalized insights from 23andme. so, you've got the power of xfinity at home. now

. >>> don't forget jpmorgan's jamie comin dimon, ceo, coming 1900 cte. >>> this is another one trump will have to fight he can pretty much still, you know, try to be president even from prison if this was to be the case but it seems when one considers the documents, the documents case where he held documents he wasn't supposed to, that case has now been moved to may 2024 and a case like this, even bigger than that one, chances of it being completed before the november 2024 election seemingly very, very difficult to think that that would be the case, meaning donald trump could really use this in his favor to try to become president saying it's just the democrats trying to go up against him here. >> it's certainly been his line so far take a step back and look at the reaction from trump's base to the previous indictment. this is the third indictment this year as you alluded the popularity remains strong. it's intact, growing average of opinion polls suggests that he's got a 37-point lead over his closest competitor ron desantis. from an election perspective, the question is would he st

and a quick programming note, tomorrow don't miss it, a cnbc exclusive with that man right there, jamie dimonnomy and reaction to recent regulation, i guess, and everything else. >> so much. >> so much comes to mind. >> exactly. >> for jamie donim that's tomorrow at 2:00 p.m. eastern. stay with us e our focus is to always support the people who live and work there. because you call these communities home, and we do too. pnc bank. this is your moment. critics declare oppenheimer is magnificent. the new york times calls it staggering. it's utterly enthralling and one of the best movies of the century. >>> welcome back to "squawk on the street." i'm dominic chu. a close eye on several key earnings reports out of the health care sector this morning. still marlee to the downside off about one quarter of 1%. we will start with shares of merck. it reported a smaller than expected loss, thanks in large parts to keytruda cancer treatment and gardasil vaccine for hpv. merck rival pfizer higher as better than expected profits, revenue figure came in below analyst expects due to covid vaccines and treatm

fundamentally change anything, in fact that has been echoed by the likes of warren buffett and jpmorgan, jamie dimonerscore some realities that frankly we have known for a while now. for example, the debt in the united states is $31 million and going and said to of the economy in short order and in washington and the deterioration of governance that is highlighted by events like january 6, on the repeat standouts over the debt limit, it isn't blaming a single political party here, instead they are concerned about the political polarization in the will to do something about this growing debt. so what is the economic consequence of this? at this point other than the stock market that isn't one. in fact many economists still believe the united states is the strongest and best investment in the world george? >> presence at the border, as a body is found along the buoy. we have the story with mireya villarreal. >> overnight two people were found dead in the southern part of the grand river, one of the bodies were found stuck in the barrios installed last month by texas governor great at that. while autho

housing market discuss that and a programming note as we go to break do not miss an exclusive with jamie dimonk on the banks and the reaction to the downgrade from fitch stay with us ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. from big cities, to small towns, and on main streets across the us, you'll find pnc bank. helping businesses both large and small, communities and the people who live and work there grow and thrive. we're proud to call these places home too. they're where we put down roots, and where together, we work to help move everyone's financial goals forward. pnc bank. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidate