comments from jpmorgan chase jamie dimon on the coming hurricane for the u.s. the bank is gloom and doom. >>> plus, oil making a sharp move lower as one country says it is ready to step up if russia oil output falls further it is thursday, june 2nd you are watching "worldwide exchange" on cnbc. >>> welcome back to "worldwide exchange." i'm dominic chu in for brian sullivan it is 5:30 a.m. eastern time here is how the north markets ar money is looking here are some gains. dow implied higher by 135 points s&p higher by 20 the nasdaq higher by 91. nothing dramatic still the bulls may take it given the market narrative if you look at the sectors that matter most to the market. it has to be technology and communication services and k consumer discretionary technology and consumer discretionary over the last month are down due in large part with the win in tesla. if there is a sign of life, it has been the last couple of weeks with the buying stability in the sectors something to watch within that technology trade, there has been interest over the last week or so in

but if it's going to be a stability and dividend yield type story, with jpmorgan, its dividend yieldst 15 years than it is right now and when it has, it was in crash type scenarios in 2011 and 2020 so there's some safety margin being built into some of these stocks if you don't get that big economic backsliding that everyone is afraid of. >> jeff, does blockchain even matter anymore from a technology and investment perspective because i wonder if in a way this crypto story plays out like open source did, where the big players in industry ending up adapting it to their own needs and using it to succeed. is that part of the investment that scale players are going to make >> i think it is a part of it. when you talk about blockchain, there's two different pools you they think of. the pure blockchain technology i think will become more and more important and the banks will participate. the other side is cryptocurrencies and is it a new cash or not. that remains to be seen. that's where we're seeing a lot of the pain so far when you look out five or ten years, settlement, processing, i th

brought to you by jpmorgan asset management. to any challenge you face, let's solve it. give the default option of target date funds. maybe that wasn't such a great thing. >> target date funds underperformed in risk and returns over 3 decades history. it was -- set that and forget it and this is where works come put your money in and pick a fund with proposed retirement date and an investment committee changes the mix over time. the only thing is those don't seem to be as good as they should be at turning money into more money which is important. there are three things, too much money in non-us stocks, too much reliance on treasuries as a hedge and rebalancing rules. i don't set it and forget it with either the funds or rotisserie ovens. i must and over the grill and spoke it and smoke it guy. jack: that sounds like the jack i know. there's a lot of variation among different companies, tea rowand capital group have the same funds. it depends on who you got. let's move on to action ideas. carleton has a different target. carleton: i do. i want to highlight this cover by s

thanou >> abca10 sponsored by jpmorgan asset management. >> welcome to "barron's roundtable" where we get behind the headlines. the white house morning the semiconductor chip shortage will last through next year. i am asking cristiano amon about the impact to rebound faster than the competition in the future of chip technology, cars in the better versed. should government be looking to cut gas taxes to combat soaring prices at the pump? daniel jargon on what the us and the world could be doing right now. we begin with the most important things investors ought to be thinking about right now. investors wrestled with mixed signals about the economy and tech stocks face challenges, looking at where to invest and what to avoid. wall street on recession watch after dire comments from jamie dimon that an economic hurricane is coming. not just wall street, elon musk is buried too. game stop gaming the market, disappointing earnings not enough to take down the stock but beware of a new warning from the sec. ben levisohn, carleton english and jack hough. a lot of interesting conflicting signals

>> all right, over to you, i see you on bank of america, morgan stanley, and jpmorgan. >> i do. is that the balance sheet, the lesson that was learned from the great financial crisis would allow banks to be resilient and persevere through an economic contraction. but it's the kind of support what steve was just suggesting, let's not believe that the capital allocation strategies of the big banks is going to just automatically because they got the all clear on these stress tests be enacted in the environment. let's understand the stress tests, okay? you're talking about metrics that had the vix at 75, a 10% unemployment rate, gdp contracting 3.5%, and the equity market down 55%. well, that doesn't mean that banks are buying banks are looking at where did they start 2022 where unemployment was labor force is basically full, economic growth, higher equity market, and a vix at 20, so they look at that, and they see the environment has deteriorated i agree with steve i think buyback intentions, they're not going to be as energized as they were at the beginning of the year. if that's

jpmorgan cutting price targets on 26 companies. it includes google, metta, snap and twitter. justice o jp is bracing for a higher likelihood of recession saying they are at risk of slower consumer spending. they still see it the best value of amazon, booking.com >> turning to e-commerce some shipping companies playing a key role in those businesses frank holland spent time with the ceo of fedex and has more. frank. >> good morning to you, john fedex shares moving lower after the company released new financial targets through fiscal year 2025 to increase holder value. that includes increasing the company dividend pay out we spoke to ceo earlier today about the current e-commerce market he doesn't believe amazon is direct competitor and says the investment have set up the company to compete with ups for large retail and small and medium size business customers >> we are the critical infrastructure for e-commerce. we have a much more diversified portfolio than our direct competition. i think we're well positioned from a physical point of view and a digital infrastructure for thi

cloud infrastructure providers up sharply jpmorgan movedt stock to overweight, $165 price target andheir chief investment officer survey frank holland joins us frank, this is a stock down almost 60% this year, falling harder than some of the other cloud names. what is the bull case that jpmorgan is laying out >> here's what the upgrade is spelling out, that snow flange is the growthiest of these high growth names now, according to jpmorgan, right now snowflake's cloud data management business is a 67 to $87 billion total addressable market jpmorgan says it's lls laying the groundwork for something it sees as something bigger and better in data cloud that lets companies use one copy of their data across all networks so it has the ability to grow its revenue significantly under cloud data management and also move into that emerging business now, back to that survey, i want to make sure i'm quoting it right. jpmorgan calls it its massive scale read of chief information officers it also found almost two-thirds of companies that use snowflake expect to increase its spending, putting it ri

bruce and josh will back next week with more commentary on the >> "barron's roundtable" sponsored by jpmorgan asset management. jack: welcome to "barron's roundtable" where we got behind the headlines and prepare you for the week ahead. i am hough, coming up, inflation, our stock market recovery, we will ask our bank of america strategist about your money now. there is no miracle obesity cure, or is there? two drugmakers could see wild sales growth. we begin with three things investors should be thinking about right now. inflation is surging again and investors are tandraing don't look to them. barron shows who is squeezing drivers. apple getting into buy now pay later. what it could mean for big tech investors on "barron's roundtable". my colleagues been levisohn, carleton english and alex, why the stock market has been so sleepy and then the dow slipped on a banana peel. inflation is the culprit. what can you tell me? ben: inflation was the culprit. it went up to 8.6 in may from 8.2%. in april, inflation peaked, not quite and there isn't anyone thing, it was oil, food, shelter, you name it

thank you >> "barron's roundtable" sponsored by jpmorgan asset management. jack: welcome to "barron's roundtable" where we get behind the headlines and prepare you for the week ahead. the white house warning the semiconductor chip shortage will last through next year. i'm asking christianoh ramon about the impact and the future of chip technology of cars in the meta verse. should government be looking to cut gas taxes to combat storing prices at the pump. daniel jurgen on what the us and the world could be doing right now. we begin with what we think are the three most important things investors should be thinking about right now. investors wrestled with mixed signals about the economy as tech stocks face challenges. we are looking at where to invest and where to avoid. wall street on recession watch after dyer comments from jamie dimon that an economic hurricane is coming. elon musk is worried too. game stop gaming the market, disappointing earnings not enough to take down the stock but beware revenue warning from the sec. ben levisohn, carleton glitch and

. >>> up next, jpmorgan chief u.s.ichael feroli on how tomorrow's key inflation data could impact the fed and the market that story plus semiconductors slumpi wn te u si the market zone. hey businesses! you all deserve something epic! so we're giving every business, our best deals on every iphone - including the iphone 13 pro with 5g. that's the one with the amazing camera? yep! every business deserves it... like one's that re-opened! hi, we have an appointment. and every new business that just opened! like aromatherapy rugs! i'll take one in blue please! it's not complicated. at&t is giving new and existing business customers our best deals on every iphone. ♪ ♪ psst. girl. you can do better. ok. wow. i'm right here. and you can do better, too. at least with your big name wireless carrier. with xfinity mobile, you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill, over t-mobile, at&t and verizon. wow. i can do better. yes, you can.

that they'll wire the money to me now, see, if i have money with jpmorgan, i'm not as frightful about them wiring the money to me but they offer me no money, no interest i was getting interest galore, but i just want the money back now. >> you pointed it out all the time, but you still left your money there. >> a little piece to keep track of it. >> fine, so you're not going to see that money again >> david, if i don't see that money again, you're going to hear the firm's name that didn't send me the money. and that, talk about sup optimal. i don't think -- if they don't send me the money, that could be a clarion call >> yeah, we're rooting for you, jim. >> thank you >> as for things that might provide some support to bitcoin, or help it explode higher, mike noev agrats talked about the tie between the cryptocurrency and the fed. >> bitcoin will lead the markets back out of this fed tightening. the moment the fed flinches, the moment powell pauses because the economy is starting to roll over, you're going to see bitcoin explode north. >> that's interesting. is it a function of rates o

i have to say, what more -- what jpmorgan said this morning i feel like you have been saying the last weeks. you are one to kind of buck the trends anyway, and maybe you come out a little bit before everyone else, but now it is starting to feel not just from what jpmorgan said, but for some of this other data, that maybe we might get something akin to a soft landing >> that's my take, i guess, charles. that's where i lean. i mean, certainly the recession probability are up. there's no doubt about that. but i think we're going to probably still have more likely will not have recession here. you know, i look at this whole episode as more like a mid-cycle correction rate hiccup than i do a cycle ending event. we have mid cycle hiccups rather regularly, and rates go up. the fed tightens. we worry about inflation, and then the economy slows down. and then inflation fears sort of ease. and when that happens, the fed eventually can turn more [inaudible] and the stock market takes off on a second leg. >> charles: right. >> i kind of think that's the play book for here, you know. to me -- >> c

wade, jpmorgan is bringing the abortion debate to wall street, and a bunch of tech companies and othersow. charlie gasparino's been talking to some of the big players. he has their stance next. with the closing bell ringing in 14 minutes, we are now at new session highs. look at the dow climbing up 761 points. the s&p, that is a new high as well for this session, up 103. you adopt want to miss un-- you don't want to miss one. ♪ ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. fishing helps ease my mind. it's kinda like having liberty mutual. they customize your car insurance, so you only pay for what you need. woah! look out! [submarine rising out of water] [minions making noise] minions are bitin' today. (sung) liberty. liberty. liberty. liberty. minions: the rise of gru, in theaters july 1st. ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina

of workers by now offing to pay for abortion travel expenses, including memos to employees from jpmorganney, assuring they will pay for those costs. amalgamated bank was one of the first companies to tell employees it would cover costs for those needing to travel out of state to seek an abortion the bank calling the ruling a devastating and dangerous blow for millions of americans, particularly undereveryoned communities, people of color, rural families, lgbtq individuals and immigrants joining us now the ceo of amalgamated bank, priscilla simms brown. thank you for joining us today why did you decide to be so vocal on it? >> for us it's pretty clear. it's a workplace equity issue. women make up half the workplace obviously. and when you have companies as varied as us, those you mentioned, the philadelphia eagles, all of us have one thing in common and that is we want to both hire and retain qualified women in particular and give them opportunities we want to deliver on our diversity and inclusion goals. we know that women who are involved in reproductive health issues use that, the poli

go back and look at jpmorgan, for example, it made a new all time high. the last one it made was in late october around the end of q3 i think they were signals, at least investors, that they did get expensive. they had a tailwind of reserve releases and now they're saying to guy's point, okay, where do you have exposure? if energy came back in credit situation in europe who knows what sort of exposure you have to asia so to me, they don't act particularly well. the other is the u.s. consumer you saw that jpmorgan laid off or is going to reassign and layoff people in their group i think their performance and ability to keep pace says something more about the broader macro backdrop >> i agree that everybody's going to be listening carefully to what the ceos say on the conference calls, particularly jamie dimon, to see if he's going to narrow it down to a range of one or two. we have seen extraordinary flattening just recently even with the spike higher in the two-year and the coming in of the ten-year >> but is the flat yield curve where i go here in circle

jpmorgan, target, microsoft, nvidia hitting new lows. utilities sector collapsing. by the way, all those power prices surge across america because well, we just don't have enough power and the hyg. biggest junk bond etf is trading below its net asset value. not a good sign. so a lot to do let's get after it on a huge pre fed show tim, what will the fed mean to the markets and our viewers tomorrow >> i think at this point, 50 basis points is behind the curve. i think that's something that's a credibility issue. we've asked this desk and talked ant what it would mean i look at fed fund features for the end of year. we're at 375, which means you priced in 375 for tomorrow you've priced in 375 for july. and i think there are a lot of people think that gives you to about 350 to 375 worth of hikes in 2022. how about four 450. how about a deep and harsh cut if that means that's the form of a recession, so bet. that's what the market wants >> karen, bill ackerman says why not just go a full percent does it matter how why not just two >> something like that would i think spo

economy is headed toward a recession, but jpmorgan strategist says no, the u.s.apse, and the federal reserve will deliver us to a soft landing. well, let's get a breakdown of what to expect when the fed makes its rate hike announcements tomorrow afternoon no better person to bring in a fox business exclusive wall street journal senior writer john hilsenrath. i don't know there's been such an anticipated announcement, john, in many a year, but the fact that this news came out of the 75 basis point hike was back on the table, is that where you think the fed is going? >> yes, absolutely, in fact, my colleague nick timaros broke that story yesterday and a lot of other organizations have been out since he broke that story, and it's fascinating. you know, on several levels. it looked back a few days ago like the fed was going to stick to 50 basis points and they changed, and so the question is what happened over the last few days to change their mind? one that we got more bad inflation numbers on friday and the other is that there have been surveys that have been comin

this becoming a effective july 1st at jpmorgan.ying, we're focused on the health and wellbeing of our employees and want to ensure equitable access to all benefits. we're seeing companies like yelp and bumble also wading into this political mire, many may see, in offering benefits. these travel-related expenses, you know, if women need to go ahead and get abortions. you know, with this decision, it's interesting to see these companies wade into the political sphere. it's not easy. they have to sort of fend off those who are coming at them, but why shouldn't they? i mean, you think about women. they make up half of the american workforce. >> yeah, i mean, unless there are criminal consequences. it's complicated. which is why it's so interesting that they have already come out just in these past few hours and taken this position. thank you very much. >>> so, the house also just passed the bipartisan gun safety bill, so we're live on capitol hill with that development next. ♪ ♪ so whatever you've got to do ♪ ♪ you've got a lovely day

and stay with us, we have grace peters from jpmorgan private bank. we have stocks elevated and they are gaining across the board in europe. this is bloomberg. ♪ francine: welcome back to the open. we are 12 minutes into european trading day. where holding onto gains and we had a reversal a couple of hours into the trading session. the european stocks gaining 0.3%. overnight, asian stocks actually fluctuated and again, there is one story that everyone wants to know about, which is basically what is the scale of tightening given that elevated inflation and how do central banks react to that? we will have more on that, but first let's get the bloomberg business flash with laura wright. laura: dws group says that the ceo, asoka woehrmann, has resigned and will be replaced by stefan hoops. this comes hours after police raided deutsche bank and dws. prosecutors say the search was related to allegations that dws was inflating at csg credentials. dws says it is cooperating fully. fidelity has valuations for several companies including reddit and stripe. fide

jpmorgan one of them. morgan stanley pretty bearish. mike wilson coming into this week saying we could go down to 3400. he said that before. your market rally a few weeks ago can continue for a few more weeks until the fed makes it crystal clear they remain hawkish in earnings revision forward. he is looking for that 3400 number by mid-to-late august. tom: get out the calendar. ecb fed is definitive in june. but i love the idea -- and you have been good on this or that calendar has sped up, where we are doing media reviews the first week of june, second week of june. i like what oldman said, in that there is a narrow what if -- what goldman said, and that there is a narrow what if path. there is a narrow path of how we thread the needle through 2022. jonathan: narrow landing strip for a soft landing over at goldman. that is the hope. tom: to me, the uncertainties are so great, and i will look at the bloomberg, look up a terminal. i see a jump condition in copper. jonathan: equities picking up by more than 1% on the s&p 500, yields a lit

is queen >> a lot of people were watching fedex last night all the strategists, morgan stanley, jpmorgan, goldman sach sachs, say the earnings estimates have to come down. >> it's not derisked the software companies are being derisked before our eyes >> right it's happening in the market >> sara, my eyes >> i wanted to play some sound i'm glad you liked that interview, did you like it >> my daughter liked it, she never comments on anything, she said, i think sara has someone very smart on and i think i may have to do what he's saying. >> he pissed off a lot of the mean traders >> he was to good, i'm so glad you brought him back >> value is meta and amazon. >> yes >> and actually that's going to go into the rebalancing at the end of the day today meta, paypal, netflix. value stocks >> dan shulman, i think he feels like it's time, paypal's ceo, it's time to make a come back. i thought -- i don't know how you got him, i follow him on twitter. i was spellbound then you brought him back for seconds, that was brilliant. >> i had to get to the private equity bashing, i thought that was original

utilities 3% that was a strange group then you had this bizarre jpmorgan conference that just made it to you just -- that group came alive with pleasure >> being offset by charlie scharf this morning saying that a soft landing is going to be very difficult, loan deposits are high but coming down going to take another look at the mortgage business. >> charlie's hard to figure because when you talk to the bank, they're the ones you think could have the best numbers when it comes to deposits versus what they're going to pay you, and they have the fewest of all the banks listed, they have the best loan balances. >> charlie scharf, ceo of wells fargo, just in case you -- >> stagecoach, charlie scharf. i didn't know we had to point that out >> there are some viewers out there who aren't with us every day. >> true. >> we want them know what we're talking about. >> i think people had to watch us every day >> they do add cameras. >>> hi, chafrlie how is the quarter we'll get an answer soon. >> he'll never, ever come on with us. >> no, he won't because he doesn't like you >> is that what he sai

interest rate hike than before a growing list of banks predicting a .75% or 75-basis point increase jpmorgan chase and jefferies and barclays and goldman sachs all with the call. and joining me now is malcolm ethridge and ben emons gentlemen, thank you very much for being here with us malcolm, maybe we will start with you is 75 basis points your base expectation or do you think the fed sticks with the plan of 50 going forward? >> dom, i actually think the fed is probably going to go 75 here. wherever the story came from monday afternoon, i have to imagine it is probably based on insider information. that's probably the fed doing what it can to not come out and surprise everybody on wednesday and give a little bit ahead of the announcement i have to imagine 75 is it i have been one of the folks on the network the last few months saying 100 sis the number. we need to go hard and signal to the markets how serious we are i'll take 75 75 is putting your kid in time-out and we are getting ice cream after. it is a good start >> time-out and ice cream? that doesn't sound forceful at all, abouben. we

. >>> this comes despite gloomy comments from the jpmorgan chase ceo. jamie dimon warning of the economic hurricane with the war in ukraine and economic tig tigh tightening he said investors should prepare for tough times. >> big storm clouds. it's a hurricane right now it is sunny and things are doing fine everyone thinks the fed can handle this. that hurricane is right out there down the road coming our way. we just don't know if it is a minor one or super storm sandy or andrew or something like that you have to brace yourself >> if you were surprised by the comments from jamie dimon, you would certainly be well positioned just last monday, we heard different comments from the investor day last week he highlighted the strength of the u.s. economy he said will were storm clouds, but would dissipate. he added a recession was possible, but not like pre-dvio down turns rosanna, have things changed ors it is hard to know what to make of the comments. >> something shifted, giuljuliaa we are speaking to our guests about the dimon outlook. >> we have an econo

>> sam >> jpmorgan. >> a good question for frank to ask. >> don't you think the arrogance of this fella -- hey, you know what, i had two guys on, the pinterest guys on last night >> yes >> bill ready and ben silberman. ben's great and i felt bad for him, jim, here a billionaire, whatever, but pinterest is a question with 400 million users and the stock goes down all the time pinterest is a valuable company. i think they'll be able the figure out how to monetize -- you can't monetize anything. you can't buy things on pinterest. look at that >> you just talked about the global inventory glutz >> yes >> people feel they have enough stuff for now. >> they don't want to travel they don't want to shop. what are they doing? what are they doing? watching the boys? is everyone watching "the boys"? >> the old man >> maybe they've -- maybe they're reading books. that's why the justice department is blocking that simon shuster deal please people are just standing around. maybe that's what they're doing. people are standing around >> we'll see what happens what's happening to the excess savings and

here's what's ahead, the hawks are circling jpmorgan now calling for the fed to hike by 75 basis pointsng that the real surprise will be a 100 basis point, a full point. the economist behind that report is here, but bank of america's ethan harris who called for a more aggressive fed earlier this year says that 3/4 point hike won't happen tomorrow. he's also with us as we get set for tomorrow's big fed decision. kelly. >> looking very much forward to both of those discussions, tyler, thanks. hi, everybody, stocks little bit all over the place, mostly in a holding pattern ahead of tomorrow's fed decision at .m

. >> jim's referring to a note out of jpmorgan. cutting numbers on 26 internet companies. you know them all, airbnb, meta, google, netflix, 83% chance of recession in three years he says all the companies are at risk >> the research had all been like cutting my price target too but keeping it as buy. now we're starting to get the nitty-gritty where people want a downgrade. that will be part of a bottoming process. like i would love to see someone downgrade the home builders. that's what you need you need these analysts to put up the flag. it's kind of happened before we get a bottom they're not going to be right. they're not going to, like, cut -- not going to downgrade at the bottom they're at a downgrade now i've got to tell you, that was smart, the semi calls were smart, chris stanley, whom i like very much, citi, he is saying things about micron that basically say if you're long semiconductor in the next 48 hours, good luck >> right >> i just think these are very powerful calls >> yeah. jim's right. citi takes micron to 85. bofa takes nvidia to 220 the street is catchi

with the growth numbers coming down relative to when they went public, i can understand why jpmorgance where there are not very large barriers to entry. when starbucks first came out, it was novel, like a good cup of coffee in a nice cafe. you were willing to pay a little bit more now sort of everybody and their uncle with open a higher end coffee shop. i think it's more challenging in this area to maintain, emote, be able to charge high enough prices and get enough foot traffic you can expand over time a bit more of a challenge. >> i learned the difference between cold brew and iced coffee very interesting final name, pinduoduo, chinese tech company >> yeah, i mean, it's clearly one of the main players in e-commerce in china. there's a battle going on in e-commerce, more players there than in the u.s. where amazon is really dominant that will constrain them a little bit. they rely on others for that they're tied up with 10 cent and their payment system and that's a source of revenue for them more broadly when you look at china tech, what we're seeing and what moved stocks, china cle

that is jpmorgan. stuart: they will pay for the travel. anything else? lauren: two instances. up to $5000 in travel expenses for their employees respectively. also on this list citigroup, yelp, uber, left, apple, bumble, match group, levi straus, hewlett-packard. stuart: i find that extraordinary. major corporations would pay to have their employees who wish to have an abortion travel to a state which allows it. lauren: a very sensitive issue and always has been. stuart: it does sound like encouragement. lauren: sound like they are taking a political stance or a moral stance in some cases. stuart: a moral stance. it is coming up on 10:51. friday morning. that means brian kilmeade joins us. i'm looking at the response of the left to this ruling. nancy pelosi calls it cruel. senator schumer said is the result of extremist amaga court, the judiciary committee will hold hearings in july and attorney general garland will issue a statement. the left is mad as hell. brian: not surprising, very interesting speaker pelosi as a catholic and says she is a devout catholic, it is about the

hear this, i hear you, i know you're not saying it, you're asking it as what is the right number jpmorgan is assessing that question, too. hypothetical or not. they suggest that if you cut consensus estimates by 20% from 250 to 200, and they put 15 times multiple on that, you get 3,000 in the s&p does that make sense to you? >> well, i don't know if 15 is right, could be 14, could be 16. what i can say is if you look for some silver lining and markets react like this, once you've discounted this and said this is what earnings are going to be, what is going to happen after that for some of these companies that had so much of the demand pulled in because of covid and they had all these goods and so much demand, they had pricing, you'll see some bottoming that's where it is interesting to see where do you want to be we could be bumping around 3,000, 31, 3600, until we get estimates cut and reality sets in that we have a fed raising rates, companies cutting estimates, and at the same time we don't have a handle on inflation. >> so what's interesting to me is the contrast of all of you and so

. >> coming up, brace yourselves what jpmorgan's ceo jamie diamond is warning about the economy. first up, though, he said/they said. why the president is blaming his staff for not keeping him in the loop on the baby formula shortage. on the baby formula shortage to exercise more, to be more social, to just relax. and eating healthy every single meal? if only it was this easy for us. >> the day you get your clearchoice dental implants makes every day... a "let's dig in" day... >> mm. >> ...a "chow down" day... a "take a big bite" day... a "perfectly delicious" day... >> mm. [ chuckles ] >> ...a "love my new teeth" day. because your clearchoice day is the day everything is back on the menu. a clearchoice day changes every day. schedule a free consultation. think he's posting about all that ancient roman coinage? no, he's seizing the moment with merrill. moving his money into his investment account in real time and that's... how you collect coins. your money never stops working for you with merrill, a bank of america company. wow! it's been 38 years since we were here. back then we

they are going crazy on technology, morgan stanley, bank of america, citi, jpmorgan chase, they're notwn, sitting there eating glue while these companies build apps, they're building apps of their own that are extremely competitive. that makes stocks really tough to be longer term investor in. maybe there's a good trading opportunity. i don't see it based on technicals. >> weiss, i think i am looking to see what peak of the market cap was for this company >> 300 billion >> it was bigger than bank of america. to me it almost underscores the craziness of this particular market cycle that a company like paypal, not anything against paypal, but the way stocks like that just shot up, big valuations, had a bigger market cap than bank of america not that long ago. >> bank of america looks at them, jpmorgan, why do we need them in our backyard you have companies and josh is right, i spent time, can't tell you how many fin tech companies i look at with the same model. what these companies are doing, like toys r us they had diapers sold at a lost then they have other profitable products sold. bu

maybe these types of surprises were behind jpmorgan ceo jamie dimon's warning yesterday. let's listen. >> it's a hurricane. right now, it's kind of sunny, things are doing fine, everyone thinks the fed can handle this. that hurricane is right out there, down the road, coming our way. we just don't know if it's a minor one or superstorm sandy. liz: oh, but a rival banker, brian moynihan, the ceo of bank of america brushing off comments saying "we're based in north carolina, you've got hurricanes that come every year there" now keep in mind that both bac and j pm are down about 17% to 18% year-to-date, but you kind of keep with the weather theme, richmond fed president tom barkin told countdown here is what he sees on the horizon. >> you can't find a recession in the data and you can't tied it in the actions of executives, so i grew up in florida. i learned you always prepare for hurricanes, but a lot of them pass and don't hit you. liz: okay, you know, true. that was before though, microsoft which despite today's upside half a percent, well yeah , just under half a percent

it pleases jpmorgan and company. he knows he has to get things rolling on the deflation front we need it to kill inflation i bet we will find the conference is falling rapidly and that's what the fed doctor ordered to get from the scenario from an inflation one to one of full prices. so needed to preserve your purchasing power and your portfolio. david in florida david. >> booyah, cramer! >> booyah. what is up, man? >> i know how much you absolutely like stock that makes a lot of money question is based on their trend of earnings report, does proctor & gamble make the threshold? >> absolutely, 100%. i have to tell you something, this company is not getting respect, 145 with the dividend aristocrat and i think prices could be falling on kmoldities they buy i think it is a good one buying. travel trust buying, tried to buy more the other day, talked about it i'm looking at 143, 145 for entry stock. al in connecticut. al >> booyah, jim thank you for taking my call, man. >> what is going on? >> well, regeneron's acquisit

jpmorgan's ceo jamie dimon scary prediction followed up by elon musk's bad feeling about the economyd plans to cut 10% of tesla's work force. >> it's a hurricane, it's -- right now it's sunny, everything's doing fine, everyone thinks there's, they can handle this. that hurricane is right out there down the road coming our way. maria: coming up, the chem the accurate agenda and its impact -- democrat agenda, why leading ceos are expecting layoffs as recession looms after years of spending and inflation at 40-year highs. but this week joe biden said it's not something he can do anything about. >> the idea that we're going to be able to, you know, click a switch, bring down the cost of gasoline is not likely in the near term nor is it with regard to food. maria: coming up, wyoming senator jan barrasso on the economic -- john barrasso on the economic predictions ahead of janet yellen's testimony in front of his committee this week, on tuesday the. and with inflation already at a 40-year high, why is chuck schumer still negotiating a climate spending reconciliation package with joe manchi

jamie dimon, the ceo at jpmorgan, he was warning about hurricane on the horizon last week.d consumers have six to nine months of spending money in their pockets still. they're still kind of flush from all that covid aid. he said there's about $2 trillion still floating around. that's the cushion for now. the question is, is the peak in inflation overall in? a lot of people hope it is. but energy could still be the wild card because of russia. vladimir putin, of course, who blames the u.s. and europe on high energy prices, but it is that extra factor. about a third of the increase in gas prices has come since the invasion of ukraine. and i think that's important. as you start to peak in inflation areas, is energy still going to be a problem? >> it's going to be a challenging summer. >> cruel summer as jpmorgan said. >>> why police say a suspected killer didn't plan to stop there. >>> plus -- >> in three, two, one. >> the small change to "top gun" that could be a huge deal in china. >> good morning, aviators. this is your captain speaking. freeee cancellation on most bookings

could we be in for nasty surprises still, even with strong top-line growth >> sure, i think jpmorgan is a great example of that. yesterday they had the ability to increase their dividend, increase their buyback, et cetera. what they're really going through is some of that over build in departments where they likely, you know, got ahead of themselves and the mortgage department, the mortgage underwriting department is clearly one of those there's going to be some adjustments corporate america has to make. we're going to see a lot of that the environment is different this year. i think on balance when you look at the entirety of the s&p 500, we're likely to see earnings that are above estimates for the second quarter and second half, unless something draconian changes. the real question is what multiple should you ascribe to those earnings and a slowing economy with an interest rate that's likely to be closer to 3.5. >> right >> u.s. tenure at the end of the year versus what you would have last year when the yield on the ten-year was 50 basis points. >> that brings up there's two very

liz: scott you were trying to get in there. >> um, i saw that call too by jpmorgan and i'm like wait are you seeing rally last week or you're calling for another 7% rally. >> another 7% i think? >> yeah, but no, you were right , another 7%, so to me, i do think we could rally more and we are setup for a push like that. i think the only way we do get another 7% rally is if we hear something out of ukraine and russia where they come to get some talks going, because some things have russia stole enough, i'm not even calling what i want to call them but could be close to coming to the table to try and do some kind of cease-fire, and if that happens you'll see oil go lower and you'll see an emotional retire in the s&p and that could drive another 7% gain but i don't think without that i can only see another two to 3%. >> but that is the rumor just to be clear. that is the rumor that's happening. liz: yeah, and maybe that's by the ruble is up 5% but we haven't talked about the ruble for a while because of course, russia, what a disaster. all right, scott, kenny, great to see you both thank

it's bank of america followed by citi, of course jpmorgan chase, morgan stanley, up 2.5%, and then flip it to big tech folks, look at alphabet at the moment. we do have it higher by 4.7%. that gain by the way partly a leaf after anti-trust regulators agreed to accept google's promise it will reimburse news organizations for the use of content online but you have apple up 3.5%, microsoft showing muscle on tuesday up 2.6% and you could argue though, when it comes to tech the semiconductors are the boat upon which big tech is floating at this hour, but if you expand all of the sectors here to plays planes, trains, and automobiles, they too are flying higher. the jet eft which basically encompasses all of the u.s. airlines and travel booking sites is moving higher by 1.3% after kind of a horrific weekend where so many flights were canceled. we've got trains, canadian pacific up 3.25% that's an outperformer there and then automobiles tesla gaining 11.5%, but when you broaden that, we've got everybody from pure play ev, like lucid as well, lucid is up 9%, tesla up 11% but stelantis, general m

fundamentally the picture hasn't really shifted yet, at least as far as we know jpmorgan gave guidancee expecting a big boom in trading investment banking expected to be weak. it was weak in the first quarter and expected on in the second quarter as we navigate this situation. but interestingly there is an accounting work that impacts banks called cecil there are various models that the c-suite will input and basically that determines how much they need to set aside for loan losses. those models do incorporate a lot of the macro factors so what we saw, for example, in the first quarter, jpmorgan was forecasting a more dire situation, and had to set aside more in those loan loss reserves which do have an impact on their earnings directly. so it's not necessarily mark to market, it does affect them fundamentally, at least in the earnings they report. >> leslie, thank you for more, the fed which is very much front and center, bob diamond joins us ceo of atlas merchant capital. there's a new "wall street journal" report saying bad inflation report raises the odds of surprise 0.75 percentag

june 1 also marks the official start of hurricane season, and jpmorgan chase ceo jamie dimon is bat oning down the hatches at his megabank, warning investors to brace themselves for a potential super store sandy to hit the economy. this as the federal reserve faces its own official started to. the central bank begins quantitative tightening, the shrinking of its massive balance sheet which ballooned during the pandemic as the fed works to stimulate the flailing economy. in a fox business exclusive we've got one of the most- respected economic minds in the country, richmond federal reserve president tom ba rkin, we're going to ask how many more interest rate hikes do he see , how big should they be, and whether the ugly truth might be that the fed needs to send the economy into a recession to break the back of soaring inflation. speaking of inflation, forget milk and gasoline for the moment prices of the favorite fruits of summer have jumped sky ward. we're headed for the strawberry patch. the president of berry giant dr iscoll is here on the price direction he sees now for the rest of the

here's what's ahead, the hawks are circling jpmorgan now calling for the fed to hike by 75 basis points, 3/4 of a percent tomorrow adding that the real surprise will be a 100 basis point, a full point. the economist behind that report is here, but bank of america's ethan harris who called for a more aggressive fed earlier this year says that 3/4 point hike won't happen tomorrow. he's also with us as we get set for tomorrow's big fed decision. kelly. >> looking very much forward to both of those discussions, tyler, thanks. hi, everybody, stocks little bit all over the place, mostly in a holding pattern ahead of tomorrow's fed decision at 2:00 p.m. eastern. the dow is down 250. we're down 194 we had been up as much as 170. the s&p's down 60 to 3733. the nasdaq hanging on to some green today, but it's back to 10820 as the fallout from the deep selloffs the past week continues. a lot of the action today is in the treasury market. the ten-year yield has reversed higher really climbing this afternoon, kind of what tyler said the speculation about a full point rate hike, 345, we even hit 346 a

here is jpmorgan chase ceo jamie diamond. >> right now it's kind of sunny, things are doing fine, youow, everyone thinks the fed can handle this. that hurricane is right out there down the road coming our way. we just don't know if it's a minor one or superstorm sandy -- yeah, sandy or andrew or something like that, and you better brace yourself. >> here now cnn chief business correspondent christine romans. category what hurricane? >> jamie dimon as meteorologist but a meteorologist for your money. let's unpack his metaphor. first he said that things right now are sunny and fine. i mean, he is right on that, american workers are in a i don't think position, the jobless rate a 50-year low, 3.6%. there are 11.4 million open jobs in the country, also near a record, and despite higher prices consumers are still spending like crazy. they are in a better position than after the financial crisis of '08 and '09, but dimon says that the economy is distorted by inflation. inflation is running hot, the fastest price increases in 40 years. airfares, by the way, up 33% when you look year over yea

earlier this week jpmorgan chase ceo jamie dimon issued a similar warning, tom. >> tom costello for us thank you for that. >>> in texas, the end of an intense manhunt. a convicted murderer who escaped from a prison transport bus was shot and killed in a shootout with police, but not before he allegedly broke into a home and killed four children and their grandfather in a town east of waco. police say the suspect, gonzalo lopez, was armed with an ar-15 rifle and pistol believed to be stolen from the home of the family. >>> and a new uproar in florida where the special olympics dropped a covid vaccine requirement for this weekend's games after the governor of florida threatened a huge fine here's sam brock >> reporter: tonight, controversy in florida with governor ron desantis threatening the special olympics with a $27 million fine over their vaccine mandate. >> to go after special olympians who all they wanted to do is compete was not consistent with florida law, and it's not the right thing to do let them compete >> reporter: the backlash swift one tweet noting what type of person do

although jpmorgan yesterday as well, jim, growth rotation to asia will happen sooner than we think.3. >> impossible. you can't have a lockdown end and then -- speaking of contour brands yesterday, david. i'm getting granular now. >> yes, you are. >> china not that bad, which is pretty interesting that means, you know, you'll get kind of low single-digit but high single-digit, it's not -- it's not possible that everything is bad. everything >> it's not. but rates keep going up. people talk about a recession, now a more deep one than diskugszed previously. we don't know the terminal rate on fed funds we think we do on this point but don't. >> fred funds? >> did i say fred? >> bam-bam >> bam-bam was right >> yeah. >> i really like that. >> yeah. >> i spend a lot of time thinking do you ever show that video on a day when everyone is getting hurt, and the answer is no, but there is a belief, i think, that it's preposterous that everything is going wrong everything that's just a highly unlikely scenario >> we do have kroger raising their guide. 385 to 395 >> i was thinking sara's home tea