jpmorgan. >> i'll come back to that. >> we will a level of consistency to jpmorgan frankly i just love it people are not borrowing as much as i'd like. trading less than expected and jamie spoke last nime, jamie, david -- >> go by first name. cher not the singer, steve cher of goldman. >> he's not a good singer. >> he's not? >> no, he's not. and doesn't spin either. consumers generally health fri jpmorgan and people will talk about the cpi and talk how it's running too hot. if i were jay powell i'm clearly not, what would happen, he wears white shirt, blue tie. what shehe does. maybe people are finally making money. not saying freight now, freight, conagra, pepsico able to pass on costs because they're doing so well in soda, carbonated, they like to call it carbonated beverages. >> you moved to cpi sealessly. viewers may not be keeping up, but i am. >> what am i supposed to do? >> like i said, it's a tense day. >> it's a tense day. trying to fit it all in, in one little place here. >> and goldman versus jpmorgan are those liabilities relative to what goldman printed? >> i thought they

he he's led jpmorgan to being the largest u.s. bank.ing to another all-time high today. worries about profit margins not a problem. ceo brian niccol saying the company has such good pricing power, they can keep raising prices to offset costs without worrying about loyalty netflix is potentially at a cr crossroads they're now adding gaming to the platform in an attempt to diversify their offerings to an ever more segmented and younger audience so three companies and three different industries who rely on strong leadership and vision let's break it all down now with rbc's gerard cassidy on the banks, kate rogers and alex sherman. so, everybody, let's begin with jamie dimon and jpmorgan's plan to keep him ceo for as long as possible what does this tell you? >> well, i think it's an award that really looks at what he has done for the jpmorgan shareholder, their employees and the communities in which they serve. as you may know, there's over 250,000 employees at jpmorgan that jamie dimon leads you look at his stock price since the merger at

goldman sachs as you said smashed their estimates for the second quarter jpmorgan beat but in large part due to a big reserve for lease of about $3 billion. capital markets was once again the key area for both banks. both saw fixed income trading down about 40% year over year, but that was expected. goldman had particularly strong performance in investment banking and suggested, by the way, on the call that m & a remains very strong. jpmorgan's equity trading performance stood out for them both overall were better than expected and showed the pandemic-induced party in terms of capital markets' activity has not altogether disappeared yet goldman's stellar numbers were also driven biasy asset managemt more than double what was expected in large part due to equity investments jpmorgan's net interest income did slightly disappoint but they were able to hold guidance in that area. on inflation, jamie dimon said he thinks it will be worse than what the fed thinks. he also said i don't think it's all going to be temporary but that doesn't matter if we have very strong growth of course we'll get

liz: but scott, last friday, we had david kelly, one of the best economists over at jpmorgan. he said 10% gdp for the quarter. that's the print he is looking at, so you know, you got dualing choices here, and we know what the economy is doing. it is roaring ahead, is it not? >> it absolutely is. they can print 8%, they can print 10%. the way the market is trading, it's going to take it in stride in my opinion. again, for the short run, for this week next week, it is those four heavyweights maybe a couple other names that sarge had mentioned as well. going forward, yes. interest rate policy, infrastructure, gdp economic reports, absolutely. that's what's going to drive us to the rest of the third and fourth quarter. for the immediate term especially for that trader, those are the names you gotta watch. liz: sarge, what do you hate here? i always like to hear that. go ahead. >> what do i hate? well, i hate actually david kelly's call because i am a professional economist and i've been writing that the economy is past peak for probably over a month now, so, i welcome goldman sach

i understand jpmorgan. i'm not as enthusiastic as listening to jamie dimon as karen is every time citibank gets down to about 85% of tangible when it traded at 66, that's been a bottom i think it trades there. blackstone which dan will correctly point out is not a bank but it is a financial stock made a new all time high today. they report next wendnesday, i believe. >> i'm going to look to my right because it's so nice to be here just more than six feet away, socially distant from dan. i'm going take this opportunity because i can look you right in the eye, and say do you like it? the asset managers were a big trade today. i investco made some moves today i take a little -- i disagree with guy there this stock has massively under performed. many of the banks are up between 24 and 45% or so there's something going on there. also when you talk about, i think karen laid out the set up pretty good. not great with some of the ones the investment bank have shown relative strength to the money center banks i thin

jpmorgan has an 18% r.o.e.ing at under 1.5 times price to book, but those are pretty good number to go on. are they going to repeat the first half of this year? probably not >> there was some differential today. it was pretty strong, as expected, where jpmorgan was up. so, again, we'll get an ink listen whether it's market share or cyclical. that's thursday. tomorrow is more of the retail banks so we'll get a pulse on the factors. those all traded down today. >> the cafe was very busy. >>but, of course they're also down a bit today >>> up next, we'll have a look at what message that's sending to investors >>> and largest monthly year over year. how renewed inflation fears could -- we're back in two minutes. as your broker, i've solved it. that's great, carl. but we need something better. that's easily adjustable has no penalties or advisory fee. and we can monitor to see that we're on track. like schwab intelligent income. schwab! introducing schwab intelligent income. a simple, modern way to pay yourself from

we think this is the opportunity just like getting into jpmorgan in 1871. is kind of touching on what kate just said now, you're getting square becoming more and more of a bank basically saying you've had jack dorsey saying we don't need banks anymore and this is the quintessential example of how square is getting into banks both on the commercial side on the b-to-b side and later down the road on the cash app side. >> as i was listening to kate, i was thinking about my husband who started his own company back in january and getting a business checking account was a nightmare. this was with one of the big banks but even trying to use a regional bank it wasn't a whole lot easier would square now be a viable option for -- you know, we talked about the ranks of people who have started their own companies over the past year and a half amid the pandemic is this a huge opportunity for square and again, i'll ask you the same thing i asked kate who does this push out the most as square increases its size in the market >> i think you nailed it i think it pushes out

jpmorgan raising its price target shares already up over 100% for a year that's another way of sayingxt a massive move higher for state auto financial up 190% today. liberty mutual agreeing to acquire -- that's the emu -- for $52 per share. liberty mutual saying the deal would add a network of 3,400 agencies and finally disney, the release of marvel's "black widow" snacking $80 million. get this, $60 million from dismi plus sales jpmorgan reiterating it's a top pick recovery in its legacy businesses, meaning theme parks and productions. theater chains all lower as this displays, as we were alluding, the power of disney and streaming and the threat it may present to viewing in theaters >> i just look at the amc share price, $43 and change. $60, well above that the bloom is off the rose. post-pandemic still a lot to be proven with the old theater model. >> you look at places a lot, right out on route 4, and you know where i'm talking about, used to be the sachs fifth avenue and is now a huge amc not perfect timing >> can they fill the seats >> sorry, not sorry. >> was that bieber >>> te

stuart: jpmorgan is up 25% this year. what are the other big movers you're looking at? nokia, it is on your screen right now. lauren: yeah, look at that gain. stuart: a meme stock? lauren: but they also have fundamentals. investors are impressed with the relatively new ceo. he is looking to regain the company's 5g potential and slashing costs. that is paying off. the company says it will raise full-year outlook when it reports at the end. month. stuart: tell me about pepsi, please. i'm sure the snack division did well. lauren: new high for the shares. it is doing well and snacks are doing well. even though we're going out around about, drinking at the bar and movie theater, we're putting frito-lay chips into the pantry. stuart: have you been in a bar recently? lauren: does a restaurant that has a bar count? i've been to a bar. i sat at the bar. stuart: was it packed, shoulder to shoulder? lauren: around the bar, it was packed. outside the seating it was not. it was my first outing. i won't lie it, was a little strange. st

to david kelly, chief global strategist at jpmorgan asset management.would you read jay powell's mind right now? will he and the fed announce they're ready to think about tapering, or have the developments regarding the delta variant over the past couple of days maybe changed their thinkingsome. >> i don't think the developments have changed their thinking, but i this what they're going to try and do is stall for time anyway. they were always going to because i think their plan is they may talk about tapering at the jackson hole retreat in august, but i think they would like to announce some sort of plan in september, and so they don't want to be showing their hands right now. they don't want to announce until september, so they'll be cautious. in terms of thinking, yes, there is a surge caused by the delta variant, and it's very dangerous for the unvaccinated in america. but 80% of americans over the age of 65 are now vaccinated. this is something that people are not focusing on. i mean, nationwide it's not great in terms of all adults, but the over 65

trb, the reformed broker >> jpmorgan. like this bank, that facilitates all the activity within it >> good stuff. thanks everybody "the exchange" starts now. >>> thank you, scott hi, everybody. i'm kelly evans. this is "the exchange" and we have inflation to talk about, coming in superhot for june, up 5.4%, the core reading up the most 30 years why are stocks rallying today? we'll discuss. plus we have the unrest in cuba, the latest from havana as analysts wonder if venezuela could be next and why our guest says the u.s. should not pursue more sanctions >>> and coming up in rapid fire,

disney, unh and jpmorgan i'm here with scott and mike santoli. sectors were higher financials were the best performers real estate up almost 1% staples and energy lagged and so did technology did did close higher and a record close on the nasdaq up 0.2% thanks to new highs in names like google, alphabet, facebook was higher. apple underperformed today and so did microsoft a mixed bag. the russell 2,000 flat on the day. coming up bill nygren on the sectors and stocks he thinks are ready to break out first up on this record closing high day, nancy tegler is still with us and tiffany mcgee. we will first send it to you, mike, to walk us through what happened bond yields were firmer. the dollar was firmer and the stock market continued to make new highs. >> i still think we're feeding off what happened late last week to some degree where it was another one of these mini scares each one seemed shallower than the one that came before, unless y until you said bond yels coming off the low were a big deal. we got through two treasury auctions today, signi

at you go, sully >> jpmorgan chase and morgan stanley.ns more home loans in america than anybody else we have to dissect the difference more carefully, do we not? >> you are right bank of america missed on revenue. got opipunished yesterday let's look at the sectors. the two worst sectors in 2020. energy and banks now in 2021, a theme approach makes sense. we're seeing banks come back look at 10-year at 1.31. we talk about the 10-year tethered at 1.5% we were right. we feel there is still a lot of opportunity owning the banks it is not because of the fixed income situation look at the investment banks you talk about the deals associated with that still a lot of deals to be done. >> okay. let's move outside of big banks and get to technology. a lot of attention on maybe, if not the most important stock in the world, certainly the widely owned. top ten holding in more than 200 etfs i'm talking apple. news yesterday about more iphones. stock quietly, don't tell anybody, grinding to new highs every day. are you at sanctuary wealth an owner of

. >> not talking 1,000 years jpmorgan shares bank of america calls, wells fargo calls, in xlf. right in the center here >> yep i am and i'm extremely overweight on the tech and energy plays as well, scott. so the banks -- i don't think you punt them out here with these yields down around 130 on that ten year we've been citing. i think you hold on to them. jpmorgan next week, tuesday, obviously, you get a lot of input from them on exactly how the consumer's doing how is their trading doing and so forth not just the lone portfolio, and today's fed number, that's -- today's fed release is going to be important, but jpmorgan's, to me is more important next week then we're in the earnings season so i think a lot of these companies that you named that i have, bank america, wells fargo, jpmorgan, capital one, i think they all perform well. i don't know that they really outperform, scott, but they're a little of a hedge to my portfolio, if we start running to the upside on rates i don't anticipate that. i think that rates stay lower and as i've already cited with that tlt, i think rate

they're the same for jpmorgan. >> this is unusual we're americans. we only know to spend. what happened? it's like a disease. >> and as a result, guys, at wells, consumer loans down 10, commercial loans down 22 do we ever need to borrow money ever again >> well, i mean, i think that brian moynihan would tell you we're about to have an explosion of loans jamie dimon thinks there's about to be an explosion of loans. do you know that travel loans are up 8% from 2019. that's a phil lebeau emergency number >> travel loans. i mean travel expenses travel expenses. up 8% from 2019. up 8%. people who have money will travel it's the millennials they feel so confident they've embraced delta and not just the airline. >> no, which we'll get to. and credit quality obviously has improved as you said we've got a lot of reserve releases investors don't really react to that. it helps profitability a great deal you can see what moynihan had to say. consumer spending he says has significantly surpassed pre-pandemic levels. deposit growth as we were just saying is very strong and even loan lev

goldman and jpmorgan and pepsi along with cpi, big macro week that does it for "techcheck. let's get to the judge >> carl, thanks so much. welcome to the "halftime report." at post nine today earnings, new records for stocks, where to put your money right now. we debate it with the investment committee. joining me for the hour, brynn it was a new record high for the nasdaq we're now in the green across the board. yields on the 10-year 1.37 tech, discretionary reits hitting new highs. cyclicals under pressure and it's that ten-year we're watching closely and we will be all week. cpi data coming out. powell is on the hill testifying and all of that could have an impact on the rate complex which could drive stocks that's been the story of late. i want to -- instead of going macro to start things off, i want to start by talking about some of the moves you all are making jim leventhal, you bought more disney what it says about your belief in that company's stock. >> well, look, i think the company is fabulous. i think i've said this for some time that if the hybrid, it's got the

we started off at 9:00 discussing what seemed to be quite strong numbers from jpmorgan and goldman sachs but both names as you can see are in the red fairly significantly. nothing from either one of the conference calls that would seem to be a reason for that decline. that will do it for us on "squawk on the street. "techcheck" starts now >>> happy tuesday. welcome to "techcheck. i'm jon fortt with carl quintanilla and deirdre bosa we're live outside the courthouse as elon musk's second day of testimony begins. tesla coming off a big day for the stock. and later president biden beefs up his security staff. we'll talk about the investment pieces for companies in the space. >>> we're watching the banks, both goldman sachs and jpmorgan kicking off earnings season with strong results, both stocks are currently in the red this morning. we're going to talk about methods in which the banks will try to get more competitive. >> yeah, and despite both of them beating expectations, but the question is that where the real growth is fintech is becoming a bigger and bigger threat to the big banks with

trb, the reformed broker >> jpmorgan. best is yet to come for the economy and for companies like this bank, that facilitates all the activity within it >> good stuff. thanks everybody "the exchange" starts now. >>> thank you, scott hi, everybody. i'm kelly evans. this is "the exchange" and we have inflation to talk about, coming in superhot for june, up 5.4%, the core reading up the most 30 years why are stocks rallying today? we'll discuss. plus we have the unrest in cuba, the latest from havana as analysts wonder if venezuela could be next and why our guest says the u.s. should not pursue more sanctions >>> and coming up in rapid fire, what elon musk gates, espn raises rates >> i know what you were saying and all the viewers and listeners know what you were saying it doesn't matter because we've got another record high for the markets again. it's not the spectacular, but it's still s&p 500 and nasdaq composite both hitting record levels the dow industrial is lagging a little bit because of some of the results you will t

let's get to our first guest he says that buying square today is like buying jpmorgan in 1871. dan joins us now dan, it's a big call and i will note that jamie dimon said a few years ago, he admitted to square envy, say they have abated where they have not, but square has just a fraction of the market in terms of active users. how do they get to the point to be bigger than jpm >> great being on the show look, it ties really well with everything that happened post-post yesterday with a tweet from jack. if you think about the way, if i can put myself in their head, they want to be this new-age next gen ultimate neo bank the work we have done, which was before they announced the tbd announcement, shows you the path to getting there from today to then the two questions here are, what is the average revenue per user that they can get long term, and how many users they can get. today, they have like 36 million users. no woone would have thought tha. the reason we think it's like buying jpmorgan in 1871 is the average revenue per user is much bigger than people are thinking about and

we hear from jpmorgan chase and goldman sachs in the next 90 minutes.ion we get the june cpi data at 8:30 a.m. eastern expected to show a 5% gain year over year. that would match the may level which was the highest since august of 2008 for more, less bring in kari firestone. chairman of asset management and cnbc contributor kari, good morning >> mike, thanks for having me on the warm-up session for the major league baseball all-star an game. >> i thought you might have something to say the yankees can't lose today i'm happy. >> we're on the same team. >> your take on the market here in terms of the broad set up we have the inflation numbers coming out the market was on edge of the bond market doing with the yields sinking with many expected what is up with the yield and the market up 17% year over date with expected returns? >> huge market if you watched the action yesterday, the top of the leaderboard was financials we had sl greene and american express and charles schwab we had others like facebook and peloton next highest on the board there. it is sh

jpmorgan chase on edge. >>> and president biden readying new action on the beijing free speech crackdown in hong kong. >>> a new survey on how hard employees are working to get payrolls back to pre-pandemic levels. >>> and what happens when a ride share company gets knocked competitors swoop in >>> all this on tuesday, july 13th this is "worldwide exchange. >>> good morning, good afternoon or good evening. welcome from where every in the world you might be watching. i'm brian sullivan thanks for joining us. here is a check on your money this morning the 39th record close high of the year 39 dow futures are mixed. dow down a couple ticks. nasdaq up 33 the same thing we had yesterday, by the way keep an eye on the dow with 35,000 in sight. could happen today you never know all this, perhaps, as the most important quarterly earnings in years hitting today. growth expectations are very high markets expecting a 65% jump from last year a check on oil delta variant lockdowns and concern growing in asia. it is not hitting oil. the battle of lower inventory is overcoming concerns about slowdowns.

the market is up 40%, most big banks like jpmorgan and the bkx and vre are all above where they wereong with citi something must be. >> calling citi tragic, tony, caught my attention, that's for sure what do you make of mike's take on financials and the strategy >> yeah. so this is one that i'm somewhat conflicted on because when you look at the business itself, citigroup is one that i actually like you know, we're expecting 11% eps growth this year after what has opinion a flat year last year it trades at a fairly deep discount to its peers, but technicals, as carter showed you, they are very poor. there's no other way to put it you have that failed triple top at $80 that's concerning to me and the fact that it broke below the 100-day moving average is continuing and that it will continue down to the 150-day moving average but most importantly is the relative chart to the financial sector, the underperformance other for this is the reason why i do think mike's strategy of selling a cover call here is the right strategy i think citigroup should be trading back to 75, 80 but the strik

jpmorgan gets banged down 2 bucks at the open. if you bought it there you're up 5 almost instantly ca-ching, ca-ching, the pattern has been with us for months and each time it fools people. that's why i'm going through it so granularly, don't be misled by the downward pull of the futures. ulysses, put yourself on the mask, wrap yourself if you have the courage of your bullish traditions these are a gift. why does this method work? because i don't take my cue from the action like i said you need your own world view, one that doesn't change based on the market's day-to-day gyrations, i know that's hard to do but what you must do. i tell club members it's vital to have a six-month world view it's about as far as we can see like the 12 miles you can see from the beach before the horizon. you can treat these pullbacks like a buying opportunity. plain and simple so let's go back to my world view because it's the most essential piece of the puzzle. what makes me bullish? what makes me bullish? even though we're getting a lot of anti-busi

jpmorgan, the most bullish overweight ratings sounds ironic, i guess goldman sachs and deutsche bankk a more neutral stance a 13% upside saying the company's strategic plan will give the stock a boost the analyst pointing out the doughnut make certificate a widely admired brand that can fully participate in the recession resistant $650 billion. and i love this term, kelly. you can read more about the initiation at cnbc.com/pro >> don't put it that starkly to me it makes me feel bad if i invest in it. >>> ahead, bitcoin crashing and now climbing back dramatically to six week highs and tether is facing a criminal probe. a top investor about all of it next wall street expecting the ev maker to deliver record earnings we'll discuss that as "power lunch" continues i'm 53, but in my mind i'm still 35. that's why i take osteo bi-flex to keep my moving the way i was made to. it nourishes and strengthens my joints for the long term. osteo bi-flex. find our coupon in sunday's paper. osteo bi-flex. (sound of people returning to the workplace) (sound of a busy office) (phones ringing, people tal

stealey, cio fixed income, jpmorgan chase.e to have on the program as we see substantial moves in treasuries. right after the fed minutes, this morning's theme is ongoing buying of treasuries. the yields are all dropping. coming up, the world health organization is urging caution on reopening worldwide with most regions seeing rising case counts. the global death toll has topped 4 million. we will get the details next. this is bloomberg. ♪ anna: welcome back to the european market open, 10 minutes into our european trading session, and the equity market is ramping up. unwinding the gains of yesterday to make these losses on european equity markets. let's look at individual stocks on the move as the european stoxx 600 ticks down 0.6%. one of the companies new to the market listing yesterday, coming to market. an unusual entrance into the market, the tech startup, we saw it start trading yesterday with a direct listing. it isl>p down nearly 4%. the biggest gain on the stoxx 600, this is the systems company in germany, and it is

jpmorgan down 1.5 or thereabout. investors also heard from pepsico, shares hitting a record high after raising profit forecasts. the company announced its plans to increase prices. >>> all right, to our traders we go. bring in scott forman and phil flynn. gentlemen, greetings to you both. look, everyone's talking about inflation, but the markets even though they are very modestly lower, still seem to be shrugging it off. scott, to you first. why do you think that is? >> well, first, the fed still remains very accommodative. you know, you take a look at a what's going, we still have historically low interest rates, the fed is still out there buying debt putting a lot of liquidity out there, and that's capital that can be spent. wherever you're going to put your money, the only place to put it is in equities. ashley: very good. phil, listen, continuing big hit to consumers' wallets because of rising prices of oil and gas prices. does that continue? and i ask because it's such a direct way of taking money out of people'

economist at jpmorgan. >>> investors are snapping up single family rental properties as homes rise to record levels we're speaking about who's buying what and where. that's next. lawmakers from coast to coast are looking for creative ways to help their high earnings to avoid the salt cap we're going to look at creative ways states are trying to side step it. we're back in a moment >> announcer: this is "the exchange" on cnbc. has plans built just for you.le switch now and get 2 unlimited lines and 2 free smartphones. and now get netflix on us. it's all included with 2 lines for only $70 bucks! only at t-mobile. this past year has felt like a long, long norwegian winter. but eventually, with spring comes rebirth. everything begins anew. and many of us realize a fundamental human need to connect with other like-minded people. welcome back to the world. viking. exploring the world in comfort... once again. if you're 55 and up, t-mobile has plans built just for you. switch now and get 2 unlimited lines and 2 free smartphones. and now get netflix on us. it's all included with 2 lines for o

tomorrow, jpmorgan, goldman sachs, they kickoff second quarter earnings season and then the june consumer price index will solidify how much more you're paying when you go to the store. wednesday, that shapes up to be the busiest day of the week. more bank earnings come in, bank of america, wells fargo, citigroup, blackrock and pnc reporting their results by the june producer price index and the fed base book are released and then fed chair, jerome powell will be delivering his semi-annual monetary policy testimony before the house financial services committee, he'll speak before the senate banking committee the following day. let's get straight to it, to our market experts this hour, kicking off the show, barry jamie spears, james advantage funds ceo and tom haze. barry, let me start with you, what are you watching closely this week is it the fed inflation or is it the banks? >> i think the big thing driving the market is going to be interest rates, to be honest. we look at the first quarter the play between value and growth it was higher interest rates and value dominated 11-1% comparis

jpmorgan downgraded masco. it faces a challenging environment.en, you like whirlpool for a very long time interesting that they've separated these two trades like that >> yes well, i don't know -- i don't know why it's so hated everyone thinks it's ugly. i think whirlpool is cute. i like it. there are a lot of things to like i think what it suffers from is pe multiple. peak auto, peak auto, gm just sat there. although the stock hasn't sat there, it's come in a little, rallied a lot last year. i think that we're in this peak washing machine kind of thing, but i don't think this is the peak in terms of they have pricing power. that was very apparent on the last earnings call, even with steel prices going higher, they had pricing power. one of the things this tease talked about, promotional activity on whirlpool brand. maintained their margin. also, in the last quarter they talked about increasing their share repurchase they were going to add another 2 billion. that's 17% of their flow all of those things together with a high i always come back to v

we'll break down today's earnings report with a top analyst from jpmorgan.data that came in hot and coming from fed chair jay powell he still thinks this is transitory, ten-year yielding around 1.35. we'll be right back. cynthia suarez needed to buy new laptops for her growing team. so she used her american express business card, which lets her earn extra membership rewards points on purchases for her business. now she's the office mvp. get the card built for business. by american express. that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it. >>> time for a cnbc news update with rahel solomon >> hello, here's what's happening at this hour the property where the collapsed condo once stood in surfside

jpmorgan's hot bond strategist says the ten-year is about 25 basis points too low we'll ask him why, next. >>> and bitcoin is not immune from today's sell-off down more than 5%. now flat over the past month "the exchange" back right after this >> this is "the exchange" on cnbc my retirement plan with voya keeps me moving forward. they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement. ♪ music ♪ ♪ dream, dream when you're feeling blue ♪ ♪ dream, dream that's the thing to do ♪ ♪ music ♪ when you see value in all directions, you add value in all directions. accenture. let there be change. [ "me and you" by barry louis polisar ] ♪ me and you just singing on the train ♪ ♪ me and you listening to the rain ♪ ♪ me and you we are the same ♪ ♪ me and you have all the fame we need ♪ ♪ indeed, you and me are we ♪ ♪ me and you singing in the park ♪ ♪ me and you, we're waiting for the dark ♪ >>> welcome

companies by market cap so now it's up there with like google and jpmorgan.on. that's the only legitimate thing you can say about whether or not to own nvidia. the problem is, if you have been saying that over the last eight years, it's routinely been one of the most expensive stocks in its category and it has continually gone substantially higher it's up about 12%. i tend not to look at the day-to-day i accept a lot of volatility from being a shareholder here. the software platform they've built for ai applications is probably the least known about part of the company that has the biggest implications for the next 5 to 10 years so we are all aware of the gpu business the data center business the cloud business on and on. i think the fact that they have built the de facto standard for ai software that every other company is going to have to build their stuff on is really the key here if you want to stay long the stock from here, which i do >> josh, one point that you just mentioned there, and i know anyone that's threatened too much about p/e multiples over t

you know how jpmorgan and bank of america bumped up against the 10% and couldn't do any more deals?yes the deposit rule, yes. >> i now feel that we might be in a moment where they might say no more deals for companies that are x. >> that would be odd because more likely you can expect if you are a big company and you are going to try and announce something that even as the tinge of antitrust concern that you have to get yourself ready for a very long review period and the possibility of having to go to court against the u.s. government. >> david, the lawyers -- >> the law is not going to change, the law may be on your side if the ftc or the doj is overreaching. >> but it doesn't matter but david, the lawyers should be saying, listen, guys, this used to be 80%. now it has to be 20% they have to do that >> well, i think it becomes more of a question as to time and how much time you want to take to get a deal done and the risk that you will have to go to court to try to force a deal through. the u.s. government of course doesn't want to be in a position as well going to court where the

we're going to hear from jpmorgan, goldman sachs. stocks ending last week higher with all three major averages closing in record territory on friday. and then taking a look at the global action right now, european stocks are pointing lower. there's a lot of talk about that global minimum tax, by the way, in europe. they're all in the red. investors are worried also about the economic recovery because i you've got that surge in the delta variant that is affecting european countries in particular. and then taking a look at asia, reverse story. green across the board. the nikkei and the hang -- shanghai really performing, up more than 2.25%. >>> and some of the headlines we are watching this morn, a denver hotel maid tipping off police, possibly foiling a mass shooting plot at the mlb all-star game. investigators say she found a stash of guns inside a hotel room just one block away from coors field. police arresting four people. the fbi does not believe they are connected to a terrorist organization. coors field will host the game tomor

in the next three-to-five years. >> phil, thank you very much for that we appreciate it phil with jpmorgan interview you with chevron's ceo with mike wirth today at 1:00 p.m. a must watch >>> coming up on the show, the bulls charging toward august with stocks near all-time highs. we'll talk about the biggest drivers and some of the worrisome risks coming up next. >>> if you haven't done so, follow our podcast if you missed "worldwide exchange" check us out on podcast apps we'll be right back. >> announcer: today's big number $30.8 billion. that's how much was raised by fintech companies in the second quarter of 2021 according to cb insights qit w2 was the largest funding quarter on record led by south american based startups. its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness. new chapter. wellness, well done. (sound of people returning to the workplace) (sound of a busy office) (phones ringing, people talking, meeting) the company we've trusted to keep us working remotely, is the same company we'l

sector there is a lot going on here not just because of the more positive results coming out of jpmorgan and goldman sachs, but also we had the bank of england announce the financial stability report that they are lifting some of the dividend restrictions so they now have the ability to pay out as many dividends as they want which is positive for the sector. hssc up 1/4. some of the other european banks traded lightly a little bit of green as far as that cyclical basket is concerned. however, another sector that is not doing well, travel continues to languish as we have these ongoing covid restrictions and things seem to be getting more onerous. i'll throw it back to you. >> thank you very much. >>> back on the home front, senate democrats unveiling a new multi-trillion dollar spending program. >> good morning to you senate democrats announcing late last night they reached a budget agreement amongst themselves that calls for 3.5 trillion in new spending over the next decade it will create a huge pool of resources all of which were in president biden's original infrastructure vision. pres

jpmorgan should give us excellent numbers, too, but trading and lending are not as high as they should be i would hold off from buying them before earnings reports and with i got to tell you, i w both goldman and jpmorgan went up more than 3% today, this conversation would be a lot easier and the cpi comes out tuesday morning. last time, we got a red-hot cpi, and the market sold off hard investors thought the fed would slam on the brakes, but they were dead wrong. if we get a hot cpi, and we probably will, the inflationistas will try to get you to sell off stocks wells fargo, bank of america, and citigroup will report monday if we hear a good tale, i think the stock can break away from the group, maybe even make new highs for the year bank of america, that is different. i'll say this, if you believe the economy will get stronger and interest rates will rise and maybe rapidly, you want to buy the stock of bank of america right here, right now. delta airlines reports, too. i want to know how much damage the delta covid strain is doing to delta and we need to know if travelers are coming

if you can come in and buy jpmorgan at 150 ahead of the quarter, that's kind of interesting.uying these, there's a couple day cooling off period where they're not going to come in and buy stock. a lot of times what's a good trade with jpmorgan, you wait until people see they're disappointed and then you buy. >> with that said, they were one of the best performers in the first half of the year energy in the banks, you're still -- jpmorgan's still up 20% for the year, bank of america up 30%, morgan stanley up 30% they've had great moves this year. >> i think american express has come down because of delta, and i think that that's a good opportunity, and people are going to -- people are betting, david, that there's going to be credit use finally, and that they want capital one cof, that's become the favorite of the banks. i don't know whether i'd want to buy cof. i prefer america's best capital one is the one they want to pile into now >> that's interesting, i want to come back to something you mentioned during the mad dash. it's worth mentioning, which is you seem to be warmin

jpmorgan was at 150 on thursday.lity we know there are ipos if they would -- i just wish they were to drop today. if they drop today we're okay, but i can't say anything other than american express. i think american express is terrific. >> jim cramer, we're looking forward to seeing a lot -- >> that's it i missed the whole week with you, and you didn't tell me what was going on your family? >> i will call you during the commercial break to say hello. >> i want to know. you look great. >> i'm being told by my good friends in my ear that we have a guest that's waiting. >> all right, i just felt like a little conviviality was due. >> always conviviality you know we're convivial like crazy. >> i love conviviality i'll talk to you soon. >> i'll see you later, jim >> yep >> all right, let's talk more about the markets, what to expect this week as earnings season kicks off joining us now is jill kari hall, head of u.s. small and mid cap strategy at bank of america securities and managing partner at d.c. l.a., a cnbc contrib

jpmorgan is now doing the same as of tuesday.know a lot of folks really enjoy their hybrid work from home model. perhaps we can attacked and retain top talent saying that we are open to the work from home environment that we learn can be productive so who do you think is getting this right? >> we've been covering this a long time in "the wall street journal" decided to jump in today. it's two worlds in wall street, goldman sachs and jp stanley who are saying get your rear ends back to work, as the others like citigroup saying no. we should point out that citigroup was among the most bailed out banks in the world, its stock price has lagged the goldman and jpmorgan buy by football fields over the late years. this is not the place that you should be saying is the gold standard for investment banking and if you sat down and talked to morgan stanley and jpmorgan, speak to these folks from time to time, they will tell you this. every study shows our workers are more productive at the office. we are highly regulated businesses. no offe

goldman sachs, jpmorgan downgrading their growth estimate a touch. nonetheless, lower.topped out when it comes to growth. next week earnings will be "in focus" when it comes to supply chains and what we see when it comes to inflationary pressures. coming up, the focus turns to d.c. and investing in u.s. infrastructure. we'll discuss the executive of one of europe's top largest private equity ferms. aled lection darleden, joins us next. as it looks like the infrastructure bill may be moving a little bit over in d.c. where the opportunities are with a lot of around the time. he tim. -- with a lot around the table. ♪ [ "me and you" by barry louis polisar ] ♪ me and you just singing on the train ♪ ♪ me and you listening to the rain ♪ ♪ me and you we are the same ♪ ♪ me and you have all the fame we need ♪ ♪ indeed, you and me are we ♪ ♪ me and you singing in the park ♪ ♪ me and you, we're waiting for the dark ♪ so many people are overweight now and asking themselves, "why can't i lose weight?" for most, the reason is insulin resistance, and they don't even know they have it.

guys you dealt with when you were running the exchange, the big investments banks, goldman sachs, jpmorgan chases both out with numbers today better than expected. those two firms in particular are all but ordering their workers to return to their offices in person and have proof they have been adequately vaccinated. what do you think of that, the push, particularly on the part of the big wall street guys to get back to your offices? >> well i think it is an important element, neil, of what makes whether it is financial institutions in this country or american business in general, much more prosperous and global leaders. you know there is a synergy that develops when you have people in a conference room, when you have people kind of interacting with one another, bouncing ideas off one another. there is an energy. i think they're right to do it, neil. look, we all became enamoredded working in from our dining room tables and our p.j.s. that period is over. the pandemic has been defeated. it is time for americans and certainly those in the creative engines that drive this economy to get back

jpmorgan made it very, very lucrative for ceo jamie dimon to stay on the job.ly 21st, 2021, you're watching "worldwide exchange" right here on cnbc >>> welcome back i'm frank holland in for big papa, brian sullivan let's take a look at the markets. futures in the green across the board. the dow up 200 points. the blue chip and s&p up about a percent or so higher looking like it's going to -- excuse me, half a percent higher this morning the nasdaq just slightly higher. >>> now to two big stories out of asia this morning another headline for china cyber regulators cracking down on crime. our eunice yoon joins us live from beijing good morning, eunice >> reporter: good morning, frank. well, china's cyber regulators, as you mentioned, have ordered alibaba, tencent, waybo to clean up their information they want a clean summer vacation for tech and that means rectifying any videos, gifs or other meadia that could harm children not providing rigorous enough controls for parents now alibaba, tencent and waybo have been hit with unspecified fines. >>> in hong kong auth

jpmorgan now offering crypto funds to clients.g. you're watching "mornings with maria" live on fox business. ♪ you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it. [relaxed summer themed music playing] ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ summer is a state of mind, you can visit anytime. savor your summer with lincoln. maria: welcome back. from cash to crypto, jpmorgan is now the first bank allowing its advisers to offer cryptocurrencies to wealth management clients. elon musk saying earlier this week tesla will most likely start accepting bitcoin as payment again as well. joining me right now is the chamber of digital commerce founder and president terry ann boring. good to see you this morning, thanks very much for being here. when you hear these two thing, whether it's tesla or jpm, does this give you more confidence in terms

also earnings season kicking off on tuesday with results from jpmorgan chase, goldman sachs and pepsi. nordstrom announcing a deal today with british online fashion repailer asos. it will sell top shop apparel at nordstrom stores. shoppers will be able to pick up and return items. the deal secures a physical foothold in the u.s. and will help nordstrom improve its >>> virgin galactic is offering you a chanc to take the same trip to the edge of space in billionaire founder richard branson did this weekend partnering with a fund-raising site and the winner will send you and a friend. space for humanity, the minimum donation is $10. the more you donate, the more entries you get. the winner will be announced at the end of that month. the flight expected to take place early next year. with your cnbc morning business report, i'm brian sullivan. >> get the flight jacket ready. let's go on over to kari and check the forecast for this monday. >> i'm so ready for cooler temperatures. heading out the door in dublin. we have some mid-50s to start. cloudy skies and a lot of sunshine as we head to

. >>> as we head to break, jpmorgan reiterating disney as the top pick in media in 2021.t one, the firm reiterating its overweight rating on netflix. the streaming giant could have its strongest six month content slate ever "techcheck" is back in a moment. - [announcer] dearest pizzerias, oh, guardians of the pie. - ooh! - [announcer] thanks for making every slice worth torching the roof of our mouths. - hiya there- - [announcer] if you're a serving late, so are we. (pleasant orchestral music) (bike rattling) >>> the price of bitcount created big wealth but also big tax bills. one company is helping people skip out of potential capital gains taxes by getting a passport to a new low-tax country. go to cnbc.com more "techcheck" after this. ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by taking on repetitive tasks for us. unleash your potential. uipath. reboot work. >>> quick programming note tomorrow, big interview here on "techcheck." san francisco fed president mary dal

the main underwriters on this deal, the bankers, goldman sachs, jpmorgan, barclays and citigroup.here, robinhood did report a loss in net income in the court. $1.4 billion last quarter. revenue, though, about $522 million. for the quarter, some user numbers here a lot of interest in that. it now has 18 million net funded accounts that's up from 7 million a year ago. so about 150% increase there assets rnd management also a massive jump $80 billion in assets under management for robinhood that's up from $19 billion a year ago and kelly, interesting note on customer allocation. robinhood says they expect underwriters to reserve approximately 20 to 35% of shares for retail traders. for robinhood customers specifically and still diving into risks and financials here. we'll bring you more headlines >> let's go over this for a moment the numbers are pretty bad in terms of the quarter we're talking about a loss of $1.4 billion versus $53 million a year earlier are there special one-off fctors in that, do you think? >> a lot of spending they've spent a ton on customer acquisition. we'll g

you see that clearly in jpmorgan's numbers. goldman i thought had a good quarter. i think investment banking will continue. they're a major player in banking and moving into crypto. if i would have to be in one financial name right now that is probably the leader for me. charles: really? folks, we'll seeing bond yields turn higher. this probably in reaction not to this morning's inflation data but a pretty sloppy 30 year bond auction. i will stick with financials for a moment. what about fintech? you know, erin, i think eventually they overtake these sort of lumbering giants, these dinosaurs, even when they post these great numbers. they have gotten away from traditional lending. they create these products. sometimes they excel at them. they have to have the great trading numbers. are there other names in finance other than big banks? >> yes. we've seen a few just are recently, soft bank with release of ipos. there is lot of opportunities for new players coming into the markets. as you know some banks feel a little bit out of touch with their employees remote optio

. >> jpmorgan says the peak in uk cases may be behind us speaking of which the judge has timely let's get to "the half." >> i'm scott wapner. front and center, what might be the biggest, most important week of the summer as the fed meets and mega tech companies begin reporting their earnings tomorrow we'll debate what's really at stake for your money and tom lee who will be along in a few minutes. joining me today, brenda vangelo, jim leventhal and steve weiss. we look at the markets there is the dow good for about 28. s&p 500, a fractional mover higher nasdaq higher by about 14 points yield sitting on the ten-year at 1.27 pete, apple, microsoft, google they kick it all off tomorrow. gdp later on the fed meeting this week. how much is riding on what we'll learn? >> yeah, it's a monster week as we talked about last friday when i was on with you, we were talking about, what am i looking at most that's the most influential of that group? i think it's apple because of the diversification of what apple is and what tim cook created there. they've got the services, the wearables. obviously t

jpmorgan chase down about 2% these two stocks make up 70 to 80 points on the drop. pnc financial on the regional bank side as well. so, keep banks in the open chinese internet, if you take a look at the overall market, we have seen a move lower but these two etfs, this one in particular, the orange line, ticker kwed tracked some of the biggest names in chinese big tech and internet. and by the way, since the high is over here earlier this year, kelly we are now down roughly 40% from those levels from those big chinese internet stocks. so, certainly something to watch as well. >> down 40%. we're speaking to the ceo in just a moment. dom action thank you very much >>> let's pick things up with shares of didi dropping sharply. cyber security review includes banning new downloads of the app. the stock is plunging 20%. it's at 12 and change, well below its offering price it's down 30% from the recent intraday high. deirdre bosun is here with the bolder implications. high deirdre >> hey, kelly. for didi those risks should have been well known. 15 pages in the prospectus r