i would prefer to see jpmorgan above 170, to break out to new highs as well. like at the kbw banking etf and the xbe was up more regional banks there. >> nadine, i see you nodding as well we had a guest earlier on "power lunch" that made this point, sort of leaning toward the mid-sized banks. do you buy that argument in banking as the stronger place to make money now >> you know, there's two things i think to what jeff said. we were laughing about it this morning because we were agreeing you want to rent this trade. you don't want to own it it's time horizon, number one, but then, two, for us. it's not images about the mid tiers. we're going international. we own european banks. you could use the eufn, that's been on a tear we're looking at other parts of the world that are opening up, that individual stricter rules, you know, they have a ton of catch on the balance sheet we think they'll have more value lovers versus the u.s. here, especially since the valuations only more recently have popped up we've seen the u.s. benefiting pretty much all year. >> are you

both jpmorgan and citi lower jpmorgan the loser down 6% underwhelmed when outlining the higher rates to deliver for them on the year ahead. down to two key factors. the forecast at 50 billion for the year ahead more importantly the forecasting of increase of expenses to $7 billion surprising the investor just here's jamie dimon. >> global competition is nonbank competition. there's fintech competition. paypal competition it is a lot of competition we intend to win and sometimes you got to spend a few bucks we want to be competitive in pay. there's compensation for top bankers and managers that did an extraordinary job and we will be competitive in pay if that squeezes margins so be it. >> citi gave numerous strategic updates including new reporting structure, details on the southeast asia sale and planned mexico sale. frazier confirmed there will be no further die vest churs. >> the vision is to be pre-eminent bank we'll be a leader in -- global leader in wealth >> their stock down about 1% following decent numbers her own word decent numbers without any major issues like jpmorgan ye

ja jamie dimon, chairman and ceo of jpmorgan from the jpmorgan health care conference back to you. >> thank you so much. you covered so much ground from the economy to efforts in health care i think everyone is rooting for them to stop surprise billing in hospitals, but we will have the headlines from that discussion thanks so much, bertha, jamie diamond as well. >>> we have stocks selling off the pressure continues even after those remarks. we will dig into what dimon had to say about rate he hikes, how many he expects this year and what it means for your portfolio. dow is down 1% nasdaq is down just under 1.5% we are back in a moment. icy - fe cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. your shipping

jpmorgan topping estimates but lowering guidance. citi beating revenue estimates but showing a decrease in profits. so, john, as we take a look at those stocks, jpmorgan chase up 5.5% first republic down over 5%. looks like wellsfargo is the one winner there up 3% >> times change. >>> after the break, a former spacex employee speaks out about the company culture which she is sexism join us next on her experience working at an elon musk company. we're back in two. new year, new start. and now comcast business is making it easy to get going with the ready. set. save. sale. get started with fast and reliable internet and voice for $64.99 a month with a 2-year price guarantee. it's easy... with flexible installation and backing from an expert team, 24/7. and for even more value, ask how to get up to a $500 prepaid card. get a great deal for your business with the ready. set. save. sale today. comcast business. powering possibilities. >>> welcome back microsoft pledging new transparency on sexual ha harassment and gender discrimination th

jpmorgan saw a huge drop in trading for the fourth quarter in 2021. wells fargo a big winner in his earnings cycle. shares were up 3% in friday's training, one of the few banks to perform well in the trading and that is because investors are trying to see a sense of the turnaround coming. a process improved because of regulatory issues. but huge indication the bank is poised to do well going forward. jack: goldman and morgan stanley, what are you looking for? carlton:goldman and morgan stanley are looking at trading revenue and the backlog but most excited to see bank of america. of the big banks they are in best position for rising rate environment and jamie dimon could see 7 rate hikes. don't know if that will happen. it would be huge. jack: i need you to explain to me the omicron variant is raging through the economy. what stocks are going up? travel stocks? airlines? cruises? i would think the opposite. jack: i have two theories. you can see this looking at us global jet etf off to a strong start and the s&p 500 is not. the omicron burnout 3, jpmo

. ♪ >>> jpmorgan's healthcare conference is underway meg is joining us with the ceo of bristol myersve a shareholder on the panel today so he will be listening intently >> all right, scott. thank you so much. from the virtual healthcare summit thanks for being with us one of the things you said this morning that i think made a lot of folks in the bio tech industry's ears perk up was that business development is a top priority for you guys even as you announce the $5 billion buyback for the first quarter, which we expect in terms of business development this year >> thanks for having me at a very important time. our strategy is based on combining the strength of our internal rnd with external valuation. that's what makes business development the core pillar of our strategy and we've done a number of deals over the last 18 to 24 months that are very representative of the type of focus we have. in they rapeutic areas we know well, transformative sciences. and these tend to be early science deals like the one we announced today with sentry. and in some cases, mid sized bolt ons like the

maria: chris hoyt from jpmorgan healthcare conference. we'll be right back. . .. i'm steve.aking release. golo saved my life. i was way overweight, and that's what sent me down the path, was i--i wanted to make sure and live for my kid. plain and simple. maria: time for the big buzz of the morning. police officers in los angeles pulling a pilot to safety after his plane crashed on railroad tracks. look at this video, they managed to see the moment before train crashed into the wreckage. all of this caught on body camera. what do you think? dagen: like those firefighters rescuing people from the burning building here in new york city, thank god they are on the job for all of us, putting our own lines on the line. >> on law-enforcement appreciation day, thank you to all of the firemen and fire women and firefighters and all law enforcement from doing the right thing. >> and they deserve total commitment and support. "varney and company" begins right now. stuart: good morning, everyone. there are big developments in both. put investors mind at rest after the big selloff of "the

jpmorgan has a cautious outlook and the stock has sold off a lot.e think once the dust settles it will do better as the year progresses we think there are opportunities in banks if you look at the last six quarters banks reported good earnings and sold off the weeks of the earnings report and this does better. we would not be buying banks in front of earnings but we do like them and would buy the dip >> that's what i was going to ask you. you answered the question before i could. let me read what jpmorgan said this morning they expect headwinds from higher expenses, moderating wall street revenue they are likely to miss the 17% target for return on capital this is now extending beyond one quarter situation, into the fullness of 2022 aren't those comments more alarming to you? >> well, in light of all of those comments they're still going to be earning a boat load of money they still will be earning a healthy roe and the poe of the stock is still a 12% earnings. it is a big headwind, but jamie dimon has tended to be conservative with guidance we thin

i didn't get to wish you that, we appreciate it, david kelly, jpmorgan. we've got this fox business alert. investors are fleeing take two interactive shares sending them to the very bottom of the s&p 500 after the video game publisher behind grand theft auto announced a deal to buy zinga best known for its video game farmville, yes that with the pixelated cows for $12.7 billion including debt works out to be about $9.86 a share. tell me where we are right now. don't see that chart at the moment. well zinga is up 32% and you're looking at take two swooning about 15%, zinga soaring 42% earlier, but investors selling take two because perhaps, zinga going back in public in 2011 at $10 a share, only went as high as $11 in 2012 and from then on showed just anemic growth. just want to check one thing about zinga. we do have zinga right now at $ 8.53 so it's not yet hitting that purchase price. all right, take two down 33% or so year-over-year, while rival activision blizzard has lost 31% and electronic arts down about 9 %. look at weed giant stock market it is l

jpmorgan, american express and goldman sachs all sharply lower. as we just noted, the dow and the s&p on track for their second down week many a row, but the nasdaq is on pace for three down weeks in a row. and if you look inside the nasdaq, so many stocks in correction territory. then you had early holiday shopping, it hammered holiday retail sales which surprisingly fell 3.9% -- 1.9% in december, the largest decline in 10 months. if you look on the year, however, retail sales did increase by 16.9%. if you look underneath that report, online retailers -- everybody shops online these days. guess what? in december they fell 8.7% from november. if you look at department store spending, it dropped 7%. clothing, over 3%. even sales at restaurants and bars, and let's face it, you cook less in december because, you know, you've got to cook so much for the holidays. even that fell by less than 1%. but, yes, omicron cases did keep people home. take a look at the retailers, underperforming on all in news. those include the mall stocks and some of the onlin

a big jpmorgan health care conference going on. s&p 500 bent and didn't break. at the lows this morning about 4.9% off the record high that seemed to create a little bit of a dip buying instinct the other level to watch here generally speaking this low 4500 area also the early december low in the s&p 500 right around 4500. one thing traders look back on is if the low of december is broken that could mean a more bearish tape for the year. pressure has been in place on boert stocks and bonds take a look at what that's meant for a typical portfolio. that's what this etf essentially mimics it is not that it's down so much but that bonds and stocks create a little bit of downside this is the mode stocks and bonds moving together when inflation is picture so perceived the threat this brings us back to early to mid-2021 levels. it creates that reverse effect of before and people felt wealthy because of equities. so this is probably one of the reasons for people starting the year on the back foot. credit markets a key piece of the puzzle to decide if it's macro stress,

does it have to be jpmorgan? are there other areas we should look at? >> absolutely.e think you need to look beyond those larger cap, wall street banks and look at some of of the smaller cap regional banks, community banks and even mortgage and thrift institutions. as these regional banks continue to adapt, as consolidation activity continues and if, in fact, we see a pick ifup in m m and m activity as we did in 2021, that's where the upside potentials exist. in these smaller cap regional banks. stuart: -- charles: i looked at your 2022 letter this morning. you mentionedded sub tech. what's the most attractive? >> yeah, there's certain areas of technology that we still likeful and that involves, first and foremost, cybersecurity. we also like blockchain. i'm not touching cryptocurrencies today by any means. and then last but not least, 5g. 5g, as we know, is a component of the infrastructure spending bill as our country tries to expand our coverage, 5g companies should benefit from that. and each callback that we see in these certain areas do lead to attractive potent

>> shares of aluminum jumping in the after hours session the company presenting right now at the jpmorgan health care conference the ceo will join us later >>> later, why this map shows it is game on for sports betting and the boon bear. i'm melissa lee. we start off with a major tech turn around on wall street the nasdaq down more than 2.7% at the lows of the session, climbed back to end the day in the green. tesla, alphabet, microsoft and apple reversing major losses at the open to eke out gains on the day. while the s&p and dow closed lower, both well off the lows of the session. does the late day action give you reason to be optimistic? like a test. we love these things how do you read these things >> welcome back, by the way. listen, i don't know what to make of it today i think you can look at this if you are the optimist, you say, listen, we tested the lows, we bounced, a meaningful bounce into jerome powell tomorrow. great news ahead all systems are go i look at it and say maybe the market was squaring up ahead of powell tomorrow, thinking potentially he could be more dovish than

now the one-year performance is up jpmorgan is up, berkshire is up. so there's a lot of stuff that's already in, so the risk/reward, i would agree with nadine, it's a fade >>> delta is on the runway, tim. what are we going to do? >> i'm going to trade it flying high. i think the premium brand in airlines i think they're more focused on premium. i think to the extent that this is the best balance sheet, i think this is a company that did not have to dilute effectively the equity base during covid i recognize there's been some headwinds around omicron, but ultimately delta, in terms of their capacity, as we look for efficiency out of the airlines, that's ultimately what had been driving a rerating back in 2016 through '18. i think delta is in the best position to be as conservative on capacity while their costs have been most sideways. airlines are moving higher i think the trade is still there. >> nadine, cleared for takeoff, or send it back to the gate? >> i think it's going back to the gate i think everybody is recommending delta that's when i want t

you said you thought jpmorgan would outlive the chinese communist party but you walked it back. who told you jamie dimon, chairman and ceo of one of the largest banks to walk that back, that is coming up but take a look at the top newsmakers on "mornings with maria". you were the first to file against controversial healthcare worker vaccine mandate. >> there is no statutory authority for osha which was charged, showered next to -- when you're working with chemicals to force a medical procedure on tens of millions of americans. maria: how important is it to get somebody like joe rogan to open the door to other big banks? >> we added the great tucker carlson, another massive boost to the platform but we are seeing this wholesale rejection of big tech, have to have alternative platforms. >> that is the biggest thing. >> i talked to ranchers in kansas city yesterday. i talk to fishermen, farmers, everybody talking about they can't get enough labor. maria: take a look at the markets and how they ended the week. we have new inflation numbers, the consumer price index, prices surged 7%

i mean, jpmorgan had credit card loan growth. citigroup is close to 7% that's important, but especially on the credit card side. if you're earning 15% revenue, that's important. >> i'm curious what you thought the wells fargo, given that it's the loan name in the green it's been such a turnaround story for year now >> to be fair, my associate covers wells fargo for us, but he upgraded it a couple days ago. that certainly didn't disappoint, i think the overall thinking is xhaerl has the boat in the right direction now, and they could about a stock pick that could outperform. it's hard for me to look long term, just with the franchises they have, i think the long-term outperformance is there, it's just it will be years you have to way or not. >> the stock is up 12% this month, but obviously a big underperformer last year just how do you characterize where they are in this process deciding how to prioritize, you know, kind of capital allocation what is the core franchise, it's almost like the old citi bank in the way it's being resh

what's your pick >> i don't like calling it dumpster diving it's a diamond in the dumpster, mine is jpmorganock is down from peak 14%, it's not like it had a frothy multiple and things weren't going well so they just really hit it hard, so it's the valuation i really like. of course i like their diamonds but that's not part of it, the other part is they're going to buy back their own stock plus they have a dividend, so right here, if i owned none i would buy it right here, which i did >> i was going to say and jamie diamond blew you a kiss on national tv. >> i watched that 68 times, yeah or 75 times. i don't know how many. >> maybe 175, who is counting? do you like j.p. morgan here >> yeah, especially after the sell off we talked about the bank trade a number of times and for me it's rent not own for entire year sort of situation. i do feel after the move lower there's a lot of value there certainly a very quality name and investors will price in rate hikes until they don't until that happens you will want to own the banks, jpmorgan is good as any. >> bonawyn what's your pick? >> i think it

. >>> when we come back, a very busy week at the jpmorgan healthcare conversation. that kicks off today there's futures. more "squawk on the street" in a moment ♪♪ ♪♪ ♪♪ at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. wondering what actually goes into your multivitamin? at new chapter, its' innovation, organic ingredients, and fermentation. fermentation? yes. formulated to help you body really truly absorb the natural goodness. new chapter. wellness, well done. new year, new start. and now comcast business is making it easy to get going with the ready. set. save. sale. get started with fast and reliable internet and voice for $64.99 a month with a 2-year price guarantee. it's easy... with flexible installation and backing from an expert team, 24/7. and for even more value, ask how to get up to a $500 prepaid card. get a great deal for your business with the ready. set. save. sale today. comcast business. powering

morgan stanley is down 2.5% and look at jpmorgan down 5%.to persist over time and for the last couple weeks if not more banks have almost looked like the tech stocks of your. why? the bank robert who said why does he rub banks? that's where the money is and that's where the money is these days. globally banks are strong since they are benefiting from higher interest rates that have been going on and are likely to go on for net interest margins. banks to me look like new growth stocks, doesn't mean you should go all in but if you are looking for new ways to make money in a rising rate environment, and inflationary environment financials are the way to go. >> why do you say inflation needs to be forcibly removed? that's your word. how do you forcibly remove inflation? >> inflation is like the weather. it doesn't just pass and fly away. it has to be forcibly removed because it is created by government. think back to history, gerald ford famously inherited 9% inflation not far from where we are today and he and his words drew the line on governm

stuart: jpmorgan says to buy the dip. have you been buying the dip?sound like you have. >> facebook, amazon, microsoft absorbed the rising rates, should buy those dips in those names, so detached from reality, no. we have three themes this year, energy, financial and reasonable tech, those are areas you want to buy the dip and very profitable. stuart: not necessary to buy big tech on the dip. you want to rotate out of big tech. i'm trying to get to grips with this. not to buy the dip big tech but rotate out of big tech. is that right? >> exactly right. if i can give you one of those sectors, energy, omicron hopefully the worst is behind us, great for all of us as americans but if that is the case can you imagine what that will do for travel this year if international travel comes back? of corporate travel comes back? i think energy crisis -- prices, it $80 a barrel for the energy companies, straight profits. companies like exxon mobil, atf, those are the names, confidence by names, energy is a great sector. reasonable trading at 18 times earnings, tha

and finally, jpmorgan downgrading foot locker.s rating to underweight citing cost pressures and tougher competition. you can read more about the downgrade at cnbc.com/pro. >>> still to come, with covid strains the supply chain, chinese authorities announcing the partial closure of a major port following an outbreak at a factory tied to nike, adidas and other major brands >>> plus, how are companies doing with the growing supply chain issues caused by covid the ceo of hain celestial weighs in next. and there you have it. woah. wireless on the most reliable network nationwide. wow. big deal. we get unlimited for just 30 bucks. sweet, but mine has 5g included. relax people. my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one-upping itself. take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. stock facing aung inflation triple threat. let's begin with bob pis

jpmorgan an jamie dimon are reputable institution in the financial space.ity. other individuals will follow. other individuals will respect bitcoin, maybe it is time i should actually get into this. network effect. the second thing that will happen they will start to offer more products for their clients, not just wealthier clients which i believe they do right now. all of their clients. more people getting involved. more mass adoption. price goes up. charles: if you can't beat them, join them, that is the best business model. leia, always great talking to you. love your energy and knowledge. talk to you soon. we'll stay on the markets this, he have diverged dramatically. the dow, russell doing very well. nasdaq getting hammered. i have two best market watchers helping us with ideas. stay there. my daughter has type 2 diabetes and lately i've seen this change in her. once-weekly trulicity is proven to help lower a1c. it lowers blood sugar from the first dose. and you could lose up to ten pounds. trulicity is for type 2 diabetes. it isn't for people with typ

buy the regionals, and pepper with jpmorgan or goldman if they get cheaper.hey will win when rates rise because they get paid on the cash in their portfolios. regional banks have more, bigger banks have less. that is why they all win. buy them cheaper and i'm still in favor of that trade. charles: what is not winning, gary, 40% of the nasdaq is down 50%. are we near a buy point or do we wait for them to go another 50% and buy from scratch? because that what it means like. >> ouch. charles, all i can tell you how much weeks back when rivian was at the high, i said is a 160 billion-dollar market cap which is the equivalent of fm and ford even though they have 260 in billion in revenues and riff yawn none. down 60% and bill dollar market cap with accounts for risk going forward in a very competitive variety. there is a lot of that out. i think you have to be careful. there are chinese adrs down 90% from the highs because of china. there is great news, eventually there will be a ton of money to make in the growth arena but when liquidity has been taken out of the

jpmorgan is a definitive surprise because they were been run darn well the last 15 years. sales growth is a big fat zero when earnings were down year-over-year. so that was a laggard. gang of america, schwab, a few others, regional banks acting great here. i think you stick with them. charles: a lot of them report this week. i will get to earnings more, last week on friday there was 672 new lows on nasdaq. for the week 1145. these are mind-boggling numbers. >> it is. charles: does that suggest investors should give up trying to bottom fish right now? >> you never give up. you always keep focus. i can promise you in the next five years the biggest winners come from the nasdaq. right now they're simply in a bear market. if there is anything i taught people about bear markets price will go lower than you would ever believe as valuations go from extreme to the upside in a bull market to the downside. i have to tell you, i'm surprised at some of the moves in things, peloton, what the heck happened there? and so many other growth names. but never lose focus. what i simply do on

jpmorgan beat estimates the last four or five quarters. they've still gone down.ack, karen, when the time comes but wells fargo is going higher. >> and guy adami >> just to end it with another zeppelin song, there clearly was a communication breakdown between you and the control room there, brian but that's okay, we got you to the finish line. i think pinterest reached a really interesting level here, sir. >> i'll see you 5:00 a.m. tomorrow morning thanks, >>> hi, i am sara eisen. welcome to special crypto night in america on cnbc >> tonight, crypto crash what you need to know as the digital markets get volume tim >>> plus, a little pin action. which stocks correlate to crypto and what does it mean for you. and crypto

by the way that's how jamie became ceo of jpmorgan.ght bank one and the whole thing was predicated on jamie taking bill harrisons place at some point which he did and the company has been better for it so again, flemming does not get a lot of press. he's a low key dude. just does his job, does it pretty well but the chatter among the wall street investment banking services circles is he's readying this thing for a sale at some point. can't say it's going to be tomorrow, a year from now, and he wants to do it because he's 57 and wants to doubt in a way that sets himself up to be that big bank's ceo so he gets that job he's longed cherished. back to you, lauren. lauren: well the banks are getting a lot of press and they will tomorrow morning when we hear from jpmorgan, wells fargo, and citigroup as they report their latest earnings, and you know, rising rates are good for the banks, although with the exception of citi, they're down today. it's a good point. charlie: i can make a case on both ends why they are good and bad. they are good

when that rolled around, goldman and jpmorgan both getting hurt post-results in fact, jpm down for thedman down 8%, almost 9% there is bank of america down 3.5% they're set to report in the morning and they've beaten estimates in ten straight quarters will their hot streak continue here to break down the story is our wilfred frost joined by todd gordon with our trades today welcome to both. i guess jefferies was a warning after all. it has been bad news after badder >> jefferies missed on fixed trading. the interesting thing for bank of america is whether they can do well on the two key issues that brought jpmorgan's stock down on friday, and that was guidance on income and on the cost front on the cost front we know that has been key at bank of america. they've been bad during the pandemic the last two quarters showed signs of improvement nothing over the last month or six weeks from brian moynihan and bank of america have suggested they're going to guide for bigger costs in the area maybe they will all of a sudden but that's not currently expected on net interest income, they are the

jpmorgan is, however, one of the beneficiaries of higher volatility in the form of what i would views a time that trading revenue is likely to go up, a disappointment in this prior quarter, and obviously rates rising, which is something that i think is also going to be a future of the markets going forward. netflix, a really interesting one. netflix is one of those where you wonder if correction is a great term i would rather be buying netflix here than peloton. frankly, the netflix chart looks like a good peloton workout whereas the peloton chart looks like a cool down >> yeah. >> netflix is valued similar to disney which seems more reasonable than trying to put a multiple on negative earnings. >> give us a couple of names or parts of the market you think are interesting here >> sure. at the end of the day it feels like the fed put wine in a box and called it champagne, and what we're trying to do is figure out how much of a headache we're going to get from that looking at apple as an example, not a name we really love. if that returns to multiples of the last decade, it is down 50

jp jpmorgan i think competition is outstanding and good for clients because it keeps all of us on ours and innovating and making sure to keep the costs as reasonable as they can be while providing great service and leave as much money in the client's pocket. it is their money and competition is fierce. but it's solid companies for the most part and we have great respect for each one of them. >> with the size and scale, walt, we put up the market cap, close to $200 billion and the ability to invest in tech and offer the same types in their hand services that the new fintech companies have, who will provide a longer lasting threat to you is it the bigger traditional banks opposed to the robinhoods of the world are finding it harder to keep that engagement going. >> again, i have great respect for the competitor just the greatest threat is ourselves we need to continue to be a company that innovates, that is willing to be disruptive to ourselves. whether you go back to the '90s when chuck schwab eliminated fees on iras or the mid-2000s eliminated nuance fees and zero commissions a couple

and all these bank stocks at new highs with jpmorgan and wells fargo. stocks opened at new highs like wells far fargo, but they had not contributed to the raleigh. in fact you had argument they were a source of funds tyler, this is a interesting development. can you say do i have strong feelings that this is the bottom no, that doesn't feel that way, but it's certainly a good sign somebody is attempting to take advantage of the declines. don't know if it's the bottom, but it's encouraging for tech bulls. bob, thank you very much let's move on to a check on yields as investors turn their focus to inflation data. fed chair powell's senate testimony later this week. there you see the ten-year note, little change from where it was at the end of last week, but certainly much changed from where it was before we heard the minutes from the fed meeting last wednesday there you see the two-year note. it's been moving up as well, right now 0.898% oil is closing for the day in what's been a volatile session pippa stevens has the numbers for us. >> that's right. thi

pulling down jpmorgan and goldman. similar story for oil.he stocks which have been a place investors are going still off the session highs but have some gains and we begin this hour with the fed. the markets are pricing in five rate hikes but a regime lacks forward guidance and could lead to more volatility steve lies marn is here to explain. steve? >> speeding up and increasing the outlook for fed rate hikes where the fed yesterday signaled a rate increase in march while the market had priced in four quarterly hikes this year fed funds futures see a probability of three in march, a fourth one in september. a fifth one priced in for december based on that pricing the funds rate rising from 0 in march, spend the summer around 90 and end up in 1.25 to 1.5 by december and still below the 1.5 to 1.75 raeng before the pandemic the big change is the withdrawal of forward guidance offering the markets assurances of low rates since the pandemic started how much the fed does now likely tied to the data than long term guidance and likely means volatil

they says i want jpmorgan, bank of america, i want rate sensitivity. that would also show that goldman's earnings are not episodic now, they may say the government won't let us, but put out a schedule of what they would do wells fargo is doing better. wells fargo. >>> axios with a piece out today on buy now, pay later, putting affirm on notice, we have had to see more good data. >> paypal is bigger than affirm or buy now/pay letater max says we need to see the losses these are not black boxes. they will tell us. good to be back lloyd, not unlike the overlook hotel, critical scenes in "the shining. but the applecart, it's like fight club, they do this apple card, which, by the way, a lot of -- is it good is it bad? what does it do? i don't know you can't do that anymore. i'll take capital one. >> as for financials as a sector, and energy as well some are arguing the reason you would expect a leg lower is those two sectors are facing a resistance >> i think that's wrong. the mobiles are very low, but more important, the discipline these companies are sho

. >> karen >> jpmorgan for fundamental reasons not sentimental reasons. >> mills? >> as"fast" "mad money" with jim cramer starts now >>> my mission is simple, to make you money i'm here to level the playing field for all investors. there's always a bull market somewhere and i promise to help you find it. "mad money" starts now hey, i'm cramer. welcome to "mad money. welcome to cramerica other people want to make friends, i'm just trying to make you money. my job isn't just to help you make money but it's to educate you. call me or tweet me. in retrospect were we paying too much for everything? that's wall street's conclusion on a day where the averages cut again. do you finishing off nasdaq, forget about it. i'm not satisfied with that too expensive explanation as people are trying to dump microsoft as if it is a bag of red hot charcoal you understand making a little less emotional for years i've warned you that nothing is more dangerous to a bull market, nothing than supply a stock market is like any other market if you get too much inventory, prices will plummet.

joining us from the jpmorgan health care conference is chairman and ceo joe almeida along with cnbc'sreporter: thanks so much. joe, thank you for being with us out of the jpmorgan virtual conference i want to start out by asking you about the sight line you have into hospitals through businesses supplying and working with them, with the massive omicron surge we are going through right now. what are you seeing in terms of the impact it is having on hospitals? >> first of all, meg, thank you for having me today. hospitals are very stressed, as we can see omicron has put a significant amount of burden on hospitals. we are doing the best we can we are supplying products from all corners of the world we tend to be more localized with our manufacturing facilities, but we have seen tremendous increase in demand for specific products, primarily the ones to treat the patients with covid so it is a tough time right now. our gratitude to all of the health care workers who are today working so hard to treat the patients across the u.s. and the globe. >> now, with that increase in demand, of cours

jpmorgan had a note out about how they were losing in d phi. as an ethereum holder, are you concerned about that there are other coins, independent block chains that are not built on the ethereum network, layer one network that ethereum provides that are competitors at this point. >> no question part of ethereum's success was it was the deep vine platform to build on with the recent upgrade, this was only going to cement their position let's see, i am a shareholder. i do think that part of the trade in the entire crypto space is trying to understand where some of these trades are going to broaden and where you're going to find adoption and follow through so i think there are a ton of institutions that are waiting for pull backs here and the pull backs that we've seen so far, i'm not even sure i'd link them to the fed i think they are somewhat more related to rotation and asset flows we've seen here. there's a lot of people. what we've seen, the last two big pull backs there's a lot of institutional absorption and i think we're going to see it a

jpmorgan, they beat, i don't know the street hated numbers so much.was the worst session on earnings day in 20 years. what about the notion now all of these funds loaded up on these kind of stocks? is this a contrarian indicator? three more big banks are reporting tomorrow. what are your thoughts? >> you know, maybe. look i can't speak to goldman because i'm involved today but jpmorgan really didn't give investors much reason to buy the dip. guidance was mixed. it seemed consumers have actually gotten religion. any benefit we'll see from the steeper yield curve, that was offset by lower card balances. i think, even though investment banking fees are expected to be flat, i think that is likely going to pick up as the year unfolds put right now i think the set-up is good for banks but no compelling reason to buy some more expensive names. look down the valuation curve. we still haven't seen anything from some smaller banks, credit card companies, even insurance companies. charles: ton of regional banks later. credit card companies are buy now, pay later

jpmorgan, up 6% over the past two sessions bank of america, up 6% wells up 10% over the past two dayshe best two-day start to a year ever look at those figures behind me. it is not all green out there. big tech is dragging down the nasdaq nvidia, tesla, microsoft, amazon and apple, some marquee names all lower. nvidia is down 5%. apple is down 1% after briefly surpassing the $3 trillion in market cap about 24 hours ago. let's get to rahel solomon for a cnbc news update rahel. >> heel, kelly >>> here is what is happening at this hour. joe manchin says there's no current discussions under way on president biden's build back better plan. talks collapsed last year. a new poll finding sharp differences between how democrats and republicans view the january 6th riot on capitol hill 4 in 10 republicans say that the insurrection was very or extremely violent versus about 90% of democrats who hold the same view. several people died as a result of the riot and scores were injured including more than 100 police officers. >>> british prime minister boris johnson says there's a good chance more co

buying the dip back to you. >> kind of a split on the analyst take on this downgraded the stock jpmorgan stuck with it thank you. mike, what does this do to netflix's very premium valuation after a sell-off like today? >> we have to see where the forecast go for earnings, revenue. it's been at a massive premium 30, 35 times enterprise value to cash flow before yesterday's report mostly because it's a simple model and when you get enough subs in the model the scales really works well and a question of that point when aufll of a sudden the content costs are spread o the base. mentioned yesterday the consensus before the report for 24 million net adds in global subs this year and next year. starting this year at a 10 million annual run rate of 2.5 million and expect it to pick up and the difference of what we valued the company based on before the guidance and where we are right now. netflix had the massive draw downs in the past. so it's not game over. it is going to have to convince people that the overall progress of the model is still intact. >> nancy, your take on netflix >> yeah. we h

i think what's going to happen is as you know the banks start to report a week from today with jpmorganciti and wells kicking it off they can review from the policy to tightening and if that happens obviously with them raising short term interest rates that's positive for the banks. price targets and earnings revisions in 2022 could be increased. >> how much when you make the picks which we want to get to particularly let's say amongst the big cap six bamgs how much do you look at multiple versus fundamental exposure for the bank >> it's a combination of both. you bring up a really good point because the valuations for the banks are to the point to reach the cyclical highs of 2016, '17. you might recall in that time period that was the last tightening period that the banks spi experienced and the bank stocks had a great move no 2016 and '17 to outperform the markets in that period. 2018 and second half of the year they didn't do as well but the valuations did get up to about 1.6 times book and almost 2 times tangible book and we have to determine this year if the profitability of the gr

higher and game creators are already getting analyst attention, french maker ubisoft is up 3.7%, jpmorgan and ubs mentioned ubisoft as a valuable player while atlantic equities hiked ea to overweight, and madden and apex legends game is attractive as a standalone company ea moving higher by 2.7% and by the way, i know it's huge but could take two soon be a target? in the wake of its announcement, one week ago, that it's buying zinga for $12.7 billion, take two is suddenly moving higher by 6.7%, when last week, people did not like the idea of this deal of it buying zinga. okay, here we go. airlines and telecoms taking a 5g fight right down to the wireless wire. folks, is this an airline issue, an aircraft issue, or just plain old d.c. politics holding up today's rollout? why wasn't this resolved years ago, or was it? former fcc chair ajit pai is about to answer that straight ahead on the "clayman countdown" , with the closing bell ringing in 48 minutes the dow is down 113, we are coming right back. don't go away. (naj) at fisher investments, our clients know we have their backs. (other mon

they went to jpmorgan chase. usually the bank has too notify the customer that someone has served a subpoenato. but knowing that they hadun loretta lynch as their counsel, they said don't telldo him untii the very last second theyt worked it out on purpose of the bank. agree to give the committee his banking records on december 20 , christmas eve when all the courts were closed, they notified them two days before, the date theynge gave them. they gavete the committee the records and he had no judicial review possible. he was only able to go after the fact and obama appointed judge said sorry, you're too late. they already gave them this committee needs a lot of attention to. they are exceedingpe so many of their boundaries come to complete a piece of government authority and we've seen this act before. we know how it ends. glenn, thank you for that reporting. and now everyg night on angle, what do we do? will we aim to inform and entertain you? and you know, i'm a populist conservative. i don't pull any punches.

season ramps up today as some of the largest banks report results including blackrock, citigroup, jpmorgand wells fargo. >>> a decline in technology stocks dragged the stock down yesterday. the dow lost 176 points. the nasdaq fell 381 points, and the s&p 500 dropped 67. >>> more than 400,000 people with student loans will get some debt relief. one of the largest student loan companies, navient reached a multistate settlement for $1.8 billion. some students will get their entire debts wiped out. others will get $260 checks. the company was accused of pushing students into long-term debt instead of offering less costly payment plans. navient denied acting illegally and did not admit to any wrongdoing under the settlement. >>> the federal government is enrolling the help of teenagers to help with the supply chain backlog. it's moving forward with a program to let younger people drive big rigs from state to state. currently you must be 21 years old, but the initiative would allow 18 to 20-year-old truckers drive outside their home states. safety advocates are concerned that younger drivers get

so jpmorgan calling 2022 the year that crypto gains are going to be really respectful, i mean, respectedrvices companies, but that's not stopping bitcoin from falling apart. i've got jim bianco, probably one of the smartest dudes on wall street, if not the smartest , he's next. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq i'm greg, i'm 68 years old. i do motivational speaking yeah... oh. don't worry i got it! in addition to the substitute teaching. i honestly feel that that's my calling-- to give back to younger people. i think most adults will start realizing that they don't recall things as quickly as they used to or they don't remember things as vividly as they once did. i've been taking prevagen for about three years now. people say to me periodically, "man, you've got a memory like an elephant." it's really, really helped me tremendously. pr

jpmorgan says it's still hopeful to get employees back in person. by february, 1st.o the announcement. many of cities us employees were working and what they call a hybrid model. they went to the office at least twice a week. the news comes as a host of major us companies have altered their plans to return to the office. well a new law that takes effect tomorrow in california bans police from using a type of restraint. restraint hole that has killed people. the new law is called the angelo kentaro act, named after the 30 year old man in antioch. who died after police handcuffed him behind his back while he was lying on his stomach. the new law prevents officers from using restraint techniques that could lead to a substantial risk of preventing someone from breathing. another new law ends mandatory minimum prison or jail sentences for nonviolent drug offenses. it gives judges more discretion to impose probation or other alternative sentences. well, you could see a big jump in your utility bills in the new year as pg and e is raising rates by more than 9% the bay area

jpmorgan chase, citigroup, goldman sacks continuing some of the negativity with regard to those banksuring earning season look at this particular stock, one of the worst performer if not the worst performer in the s&p 500 so far today it is ford taking it a bit on the chin, down 7% right now. we got some news early in the day with regard to recall of vehicles due to a brake light issue. we have concerns about traders and investors over rising costs affecting some of their bottom line prospects going forward ford motor's down about 7% here, as you see over a one-year basis nearly doubling, up 125% we talk about the electric vehicle moves traders are making between that and tesla and others ford has outpaced tesla with regard to performance over the last year. maybe no surprise, a 7% pull back on some concern, some negative news. we will see how it plays out in the afternoon session. >> that's a big drop, dom. thank you very much. >>> meantime, the fed is stuck between a rock and hard place as they try to raise rates without derailing the economy. steve liesman is here with more. steve.

citigroup, bank of america, jpmorgan, morgan stanley up today, goldman down a little bit.backed off 79, 77. i have to believe that will mean higher gas prices fairly soon. you want to take us through this? 172. >> the yield keeps rising and that is why we see a shift into value stocks, they do better on a higher rate, continues to sell off. 16,644, struggling to that level and continues to sell. we have a rising rate environment. what is so shocking is how did they tell us what they didn't know already. they combat inflation but the surprise is most members said it is going to happen starting in march. stuart: not a big surprise. thanks very much. dow is down 100, down 31. mercedes schlapp, florida, son byron donald, nigel farage and mayor of miami francis suarez. that is next. ♪♪ it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have th

tomorrow earnings season really gets rolling with results from financial giants jpmorgan chase and citigroup. >>> nearly 500,000 acres of ocean off coast of new york and new jersey is going up torr auction. biden administration is holding first offshore wind auction next month looking forbidders who want to build wind farms. energy produced is expected to power nearly 2 million homes. >>> dawn out with a new bottle designed to make dish washing easier especially as the bottle is running out. the bottle is inverted and has paternity no flip cap technology. proctor and gamble said it spent more than five years developing the bottle making it one of the most researched products in the company's history. that's your cbs money watch report. for more head to cbsmoneywatch.com. i am diane king hall. >>> incredible new video of crews battling a massive fire in southern california. this is in san bernardino county. you see the commercial building engulfed in flames. firefighters think it started in a nursery and spread. several explosions were heard possibly from exploding propane tanks. no injuries