we have the exclusive interview with jamie dimon chairman and ceo of jpmorgan chase.his read on the health of the u.s. economy >> what is your read on the u.s. economy based on what you aring seeing at jpmorgan chase >> i think you have two things in mind. currently the u.s. economy is doing well consumers have money fiscal stimulus. they have more than they had before spending 10% more than last year 35% more than pre-covid. balance sheets are in great shape. debts have gone up even in recession, they will be in better shape than 2008 and 2009 you can't talk about the economy without talking about stuff in the future this is serious stuff. this is inflation which is changing the effect of the numbers. it is rates going up more than people expected already and probably more from here. it is qt which we never had before you see the bond markets around the world and sovereign markets and people selling u.s. treasury debt and the war these are serious things that will likely push the u.s. and the world -- europe is already in recession likely of putting u.s. in some kind

i like jpmorgan.there. then he reports the quarter and it's a slam dunk quarter. it is very good. liz: true. >> i still think you can buy one of the best financials on the street, less than nine times earnings. you get a very strong 3.6% dividend yield. i like jpmorgan right here. not saying that goldman may not be a good buy. liz: that is so crazy. the pe is nine. folks that is unbelievably cheap. >> i agree. i mean it is well below its historical averages. banks also trade on discounts or premiums to book value. liz: yes. >> i think book value going forward regardless how you slice it, nine times is pretty cheap. liz: just checking morgan stanley's pe is 11. i just want to check bank of america because they did beat on both the top and bottom line. they have a pe just over 10. what else do you like because there is the discussion about inflation? we had ken fisher at the top of the show. he says the fed needs to let the snake of the economy, snake of u.s. economy digest the squirrel of the nation. i

today, jpmorgan says, who stands to lose?verybody else paypal, square, traditional banks. >> oh, they've been doing that -- look, the buy now, not pay later, has been their mantra i will say that fintech is final set. i just think that fintech was loved for a while, but the banks, the core banks figured out, what we're going to hear when brian moynihan speaks next week is that they are the bank that all these other ones want to be. square's not delivering, and i keep -- i like the cfo, but i think that one of the things that were happening is that we saw from twitter, you can't have an absent ceo. i thought he was doing a good job at twitter, but i don't think he's the number one choice to be captain. >> probably not. >> i think that could be a clean your desk situation. but block's not run by anybody and that's always been a problem. it's kind of like the panthers, okay like, until they get a coach -- >> does that mean that there's less danger of upside expense guidance from traditional banks if there's less of a fintech ele

look at jpmorgan is up by 2.5%, wells fargo up 2.8% and citigroup up 1.2%. look at morgan stanley down almost 5% on an earnings report that went the opposite direction. leslie picker tells us why the divide, what the results tell us about the health of these banks and, i don't know, leslie, what does this say about the looming threat of recession? >> oh, yeah, the "r" word was on display today especially on the earnings calls, but as you mentioned, jpmorgan, citi and wells fargo, able to notch beats in the third quarter thanks in part to rate hikes driving boosts in so-called net interest income a profitability metric defined as revenue from loan making minus what banks pay out for deposits for the most part those ni, figures and guidance came in better than expected for firms more exposed to volatile markets and investment banking like morgan stanley the quarter was tougher because of their business mix morgan stanley posting a miss and declining top and bottom lines thanks in part to a slump in investment banking and muted equities trading in particular re

slight differences >> something i thought was interesting about jpmorgan chase.he ceo jamie dimon had an inn interview with cnbc. jpmorgan chase did not increase provisions to account for that how do you square the circle >> that was the question coming into the result. what would happen with the provisions i know they squared the circle they had provisions for bad scenarios. multiple scenarios in the assessment when they do the provisions they have been going to the down side they weighted more to the down side they are visiting recession with unemployment up 6% that is tucked away into the provisions i guess the main caveat it has is if we get to 6% unemployment in the middle of next year, this is a potential to go up to 8% that would be manageable the message was we are well provisioned. don't worry about the recession f.recession. to absorb, trust us as a large powerful bank. investors are happy with that message. >> john, let's me come back to the first question that so much of the upside surprise that we saw was from the fact they were making more money fro

chase >>> speaking of jpmorgan chase we will have more on the outlook for u.s. markets and the economy with jpmorgan chase's ceo jamie dimon tomorrow >>> coming up on the show, global markets gear up for a key week for data and earnings we will bring you a preview next my name is ashley cortez and i'm the founder of the stay beautiful foundation when i started in 2016 i would go to the post office and literally fill out each person's name on a label and now with shipstation we are shipping 500 beauty boxes a month it takes less than 5 minutes for me to get all of my labels and get beauty in the hands of women who are battling cancer so much quicker shipstation the #1 choice of online sellers go to shipstation.com/tv and get 2 months free we're told that success is all about making it on your own. the truth is... need some help? c,mon, get in. nothing great gets done alone. that's why there's shopify. with shopify, you can set up your online store; you can sell on social media; or, you can sell in person, with our point of sale system. it doesn't have to be lonel

is jpmorgan, right?decade the best in class in terms of revenue generation and really outperforming their peers. i do think it is time for b of a to shine at this point and i do think while both banks and both stocks are well positioned in a rising rate environment, and certainly well prepared for recession, i do think b of a will take the mantel from jpmorgan as potentially the sector leader. and i think the simple reason i think that is b of a has to hold less capital than jpmorgan therefore, it's easier for them to earn a higher roe on a comparable basis now versus jpmorgan that doesn't mean jpmorgan isn't a good stock from here i just think the rate of change and the perception of b of a is going to change and they're going to take that mantel as the sector leader. >> finally, there's been a lot of macro analysis of what we come to call excess saving, covid saving, and looking at the runoff we recently got revised data one point of view shows that rolls off, tires out by the middle of next year. is i

so jpmorgan started a new share class on their money market called empower. so you you you're facing jpmorgan chase, they have the capacity to sort very large amounts of capital. so we're sitting usually in 100 and $50 million of cash. now, if we were to give that to jpmorgan that actually gets dispersed to select in the eyes that we pre select through the program. it doesn't create the regulatory burden of deposits, but it does provide operating budget to m. d. i. s. we think that's very helpful to those organizations. the second one and we're very focused on the transmission mechanism. i mean there's a deluge of dollars coming in the transmission mechanisms that we have in our system today. the plumbing, if i would be so crwasn't designed for this amount of money so there'll be some pain points in there that i think private sector could be really helpful and non profits as well. second project, there's a group called navajo power. it's a they do utility scale solar projects. so we ended up working in new mexico in the project with them. it involved grand ca

every now and then like a broken clock jpmorgan is up 6%. try to learn it or see in retrospect the moment you bring up some good examples. what do you look for? charles: my schooling was always in the bond market. i studied bonds and my best sources were bond guys. they literally lay off headlines and don't see that far in the future. the bond market foreshadows bad stuff. charles: interest rates going higher. bonds get weird at different times and that is what they look at. in late 2007 and sunday night, chuck prince got booted from citigroup, the guy from aig, mark sullivan, stanton meal got booted from merrill lynch, this is when we had a credit crunch and not a financial crisis, every one thought it was the end of it. the stock market, dow jones traded up to then historic high. then it plateaued and as soon as january came around, bond insurers, guaranteed the risky stuff, books and banks imploding, you then had bear stearns, tore the cover off, it went under because they underwrote all this garbage they couldn't sell enough of it and is

wells fargo is about 1.2 times price-to-tangible book jpmorgan, probably 1.6, 1.7., this valuation trade and again this -- call it a corporate governance recovery story, which continues and there's significant costs attached to the regulator's requirements but their ability to generate 15, 16% return on tangible equity is the story that's had this be a massive, not a small, but a massive outperformer and i think it still can be. i think all the moneys in our banks are concerned on some of the falloff and credit concerns as we talked about but i think wells fargo, at least has more opportunity on relative valuation here. and i think that's part of what works right now. >> i guess, leslie, we'll find out tomorrow if all's wells fargo. don't laugh at that. it's terrible. guys, thank you. appreciate it. >>> still ahead, delta airlines sounding really upbeat about not only the current quarter but the future of travel as well phil lebeau sat down with the future of avtrel shares soaring we'll dig into the story stick around le. and you'll get our best deal. nice, but i ca

>> look, jpmorgan is a leader in technology we talk about the industry in jpmorgan and bank of america transitioning to digital banking 2.0 when they offer products, relationships, experiences, connections, that were never possible in analog form. i think bank of america, though is showing greater financial discipline you know, going more incrementalist and showing greater distance between revenue growth and expense growth. so, yeah look, hour price target on jpmorgan is higher not recommending that now. we think bank of america is more in the sweet spot from deposits and showing scaleability of model without investing the windfall from higher rates it's not really a windfall they worked for this for a decade, but showing more financial discipline in letting the benefit fall to the benefit of investors >> you expect $55 target expect a doubling of stock even in the next few years you said >> yeah. that's over one year $55. we think over the next one to two years could see a doubling of bank of america stock by the way, not factoring in re-rating. when we talk about a re-rating of bank

big bias of jpmorgan stock twice in the past.m and one was in 2014 right near the bottom both mostly luck >> did he buy lately >> he didn't say, and i just bought some. he said see you in davos with a lot of american flags. 2008 and 2014. i can't wait an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. for 65 years, responsibility has been central to our client relationships and long-term perspective. it's part of our heritage. and it's the foundation for our future. pursue active investment strategies at federatedhermesinc.com (vo) get the new iphone 14 pro on us. right now t-mobile is including apple business essentials pursue active investment strategies so you can easily manage your team's devices. on the network with more 5g coverage. only from t-mobile for business. >>> welcome back squawk futures almost flat after being

morgan stanley and a bit of jpmorgan, but jpmorgan had an offset. what did you have on traveler? lauren: a travel recovery. have you looked at the stocks? delta called the by, as you heard yesterday, some are booming and should last, head into the final holiday, final travel season of the year. norwegian, also a yield play. stuart: you have been right on this. you have been right on this. cruise lines, airlines are recovering. susan: also on yields, and they look more cheap. stuart: crypto remains boring. susan: there was outperformance close to 20,000. when you have stocks down, crypto playing a hedge, they trade in tandem, that correlation slightly off today. stuart: a few people waiting for bitcoin to get back to 23,000. they are holding for a while. stuart: come back for friday feedback. new york city subway killings, 25 year high, despite ridership being down. joe borelli is a counsel minority leader. until it stops you won't get people back in these offices. >> reporter: the fear of being victim are crime is one of the primary reasons, but mid

you see jpmorgan and wells fargo higher by two-3% a piece here. the real strength for morgan and that be investment banking has steadily worsened this year, so that's the problem with morgan but remember, jpmorgan and wells fargo beat their profits did drop from the year ago period. why are the banks not capturing what should be the crest of a wave courtesy of higher interest rates to charge more on their loans? we have rbc top banking analyst gerard cassidy coming up but first let's show you rates. bond land is showing serious bend here folks the 10 year treasury yield look at this up six basis points at 4% right now if it closes here that be the first close above 4% in 14 years. flip it over to the two year. two year yield this is the shorter dated duration here two year yield hit 4.5% right there right now that is a fresh 15 year high and by the way, the yield curve inversion, that's the gap between the two and 10 year and what some see as a recession indicator 51 basis points. that's the widest in 22 years. let's put up some retail names. they

some mixed action today after reports from jpmorgan, citigroup, morgan stanley and wells fargo. morgan stanley is the loser today, down5%. wells fargo one of the winners, up 3%. we'll talk to the cfo in a first on cnbc interview in just a moment from now. also the man at the center of the big deal news. ceo rodney mcmullen is here to tell us about his $24.6 billion agreement to buy albertson let's break down the reversal in the markets are our senior markets commentator mike santoli and his dashboard. we're not giving back all the gains from yesterday. >> no. >> but still, it's an ugly turn. >> high compression and high emotion market and when you have the moves that shuttle from low to high in a hurry like we saw yesterday, it shows you it's kind of a quick money easy come and then, you know, kind of quick to discourse i'm not saying it's all mechanical and technical but that's a certain element of t.yesterday ehlo in the s&p 500 was 3500 so we're above 100 s&p points above where we were and 200 points from yesterday morning's low to this morning's high and now we've given back

s&p is down 23% from the year, so jpmorgan, citi group, key corp., u.s.he big banks are underperforming the overall s&p 500. i think the important thing is the earnings expectations seem very, very low if you want to look at the multiple, look at 2023-4 multiples. jpmorgan is at 8 these historically, you go back five, ten years, most of the multiples, the four multiples on banks is 11, 12, 13. it's even reached 14 or so but not 8 and not 6 on citi group. these are really, really low multiples. so, carl, overall, the kbe bank index, which is the bank etf, basketball, big bank stocks, that's got a multiple of 8, and for many, many years, that traded at a forward multiple o anywhere around 12 to 14, so my point here, carl, is, yeah, it's a tough time for pricing, but the expectations are very, very low for the banks for their 2023 earnings back to you. >> bob pisani, we'll talk in a little while before we go to break, let's check out bonds today. busy day for fed speak we'll get kashkari in a few minutes. fomc minutes at 2:00 p.m. eastern time we'll be right

why didn't jpmorgan build its own and is it too late to do so?ink from the side of my business we work with merchants from the very large to the very small and our goal is to bring to our customers as many payment options as well. whether it is credit card. whether it is wallets or anything else, and in addition to that there's many financing options as possible. zell is a payment method for banks. a realtime payment method. one of the many out there, and i think we've seen a lot of fast adoption in that overall space which moves quite quickly and evolves quite quick ly. >> fast adoption and all went to zell, the copy they developed it that could have gone towards jpmorgan did you not have the capacity or talent to build such a network something you think is in the future, would be possible? >> again, i think there are a lot of payment options today you know, venmo, paypal, square cash, bank payment options i think what venmo managed to do is create a new b2b network my side of business we structure well and creating new payment methods. my side

jpmorgan, a pretty good bank no, jim?t quarter's going to be good. the next quarter's going to be good very consistent. back to the oiled wells fargo except for this time it's real, not phony. i really like what wells has to say. i think that's when they pull off what people will be impressed with jpmorgan is solid. the only person who can hurt that is jamie by saying the wrong thing. i haven't done enough work on citi yet to make a conclusion, but it's wells it's wells charlie sharp is back. charlie sharp knows how to run a bank the interest market is terrific. stock's to buy people can sell it all they want they're wrong. >> what's the most important numbers in terms of earnings next week, jim you know what's coming >> you know, it's a lot. i was going to say goldman if you have some leadership, we are so in danger of having the leadership right now the banks are at the cusp if we get goldman to say the right thing, it would be incredible >> all right fantastic. that's the one we're missing we've got the other ones >> y

what was jpmorgan, $103 on wednesday at the close it's $116 now.g today. so, remember, guys, we were, what, 3,669 on the s&p 500 on the close, somewhere around thursday or so now, of course, we are above that thursday close. back to you. >> bob, thank you very much. let's go to the bond market now. stocks rise, money also moving into bonds, and that is sending yields lower the ten-year once again hanging around 4% after hitting that level several times last week and that is where the bonds sit right now. there you see it right at 4% on the button, the ten-year note. oil is closing for the day, and like most everything else, it too is higher. pip pipa stevens is at the commodity desk with more >> oil just now giving back its earlier gains, tumbling into negative territory earlier in the day, some optimism stemmed from china holding rates steady, which could boost demand for crude and petroleum products, but on the other side, recession fears remain front and center, and that is weighing on oil. but the much bigger mover is natural gas, tumbling more

we saw some fear when jpmorgan and others reported their second quarters the earnings, the first oneswhen the reports come out in the next few weeks. i think we see any whiff that it's not as bad as some people thought, these stocks are priemd f primed for going a lot higher. >> it's kind of hard to go back and cue the memory about this past summer. a lot of that was about the reversal in reserve flow and whether or not that was prepping us for a day when delinquencies would finally start to bite. there hasn't been, i would argue, huge evidence that's going to be a problem in the near-term anyway. >> we haven't seen it. you're seeing some of the news out of the low fico scores and what you're seeing for some of the credit card data some of the things that you're describing we just have not seen yet. i think jamie dimon likes to get ahead of the bad news so he can get ready for the good news. he hasn't spoken since that bad second quarter report. i wonder if that's a sign they've gotten their house in order and the bad news may not be over, but it's not as bad as he feared. >> that's a

>> i don't want to change jpmorgan up here, but on a pullback you're a buyer. >> we have goldman tomorrow, of course his andy. >> pro shares. >>> i'll see you in "the o.t." "the exchange" is now. >>> we're talking banks bonds and bottoms. first, the bank, the big driver for earnings season holding up better than expected we're going to drill down on the smaller ones that could be good bets for you now then bonds yields lower today, decade-highs last week. er we past the yield peak? the bond king of texas joins us. and the bottom -- could it finally kinda sorta be in for the stocks one says we're seeing the technical bottom he is here with why and what he's buying now. let us begin with today's markets. dom, more green on the screen. >> tilden toward session hides give you the idea of the trading range, he highs, we're up 93 points, call it up roughly 106 points, and up 55s at the lows so even the lows of the session still very much to the up side, but we have tilted toward the higher end the things. up 2.5%. the dow is the laggard right now, only up 541 points, or about 1.75%. and the nas

so why then do you have underweight jpmorgan you're underweight citi. not sure where you are on bank of america those banks benefit from it, too, don't they? >> so, most banks, not all, but most do benefit from rising rate the question is who benefits the most in addition, there's the question of where's your operating leverage and what is your liquidity profile look like so you have to consider all those things when we're thinking about gpm and citigroup where we are underweight, and by the way, it's an underweight on a relative basis here at morgan stanley. so i would just highlight the reason for that is that those two institutions are needing to increase their capital ratios. right? they're adequately capitalized for today, but as you know, the fed layered on 100 basis point increase in capital requirements and there is an incremental 50 basis point increase in the surcharge january 1st. so they have been having to reduce risk weighted assets. it's well-known by the group of us who cover the stocks. but there's really not incremental capital aside t

this year jpmorgan taken in 39 million so far. biden may be mad at the saudis. doesn't sound like wall street is. money talks. not just in golf, folks. at a time where the u.s. is bracing for economic headwinds because of biden's domestic policies. the banks are following the money. some of it is in saudi arabia. that does it for "fox business tonight." thanks for watching. "the evening edit" starts right now. ♪ >> out of touch democrats, house speaker nancy pelosi slammed for saying quote, we have to change the subject when she was asked about inflation. well, we have house judiciary's ranking member congressman jim jordan with us, congresswoman beth van duyne, former nypd lieutenant darren porcher, national border patrol council's chris cabrera, childrens scholarship funds darla run foe. "washington examiner" byron york and fox news contributor liz peek. video showing another pan pushed into on to new york city subway tracks, that reports that the nypd is on track to lose more than 4,000 officers this year alone. mayor eric adams says people should take out th

jpmorgan's jamie dimon, joins top economists mohammed el-erian and larry summers that the u.s.ill be in an avoidable recession next year. house republicans threaten to call in the fbi director to testify over delays in the hunter biden case. plus we've gotten new wrinkles there. the controversy, paypal, warning users could be penalized for misinformation and twitter flip-flops. it suspends, then restores the florida surgeon general's new health warning about kovacs scenes. new concerning warnses about electric cars, climate activists will not tell you about. i'm elizabeth macdonald. "the evening edit" starts right now. ♪. elizabeth: okay. welcome to the show. let's check your money. stocks again end to the downside, trading volatile on mixed economic data, plus interest rate hike fears. russia pounds ukraine with deadly airstrikes after a major supply bridge to "politico" more than 3/4 say violent crime is a major factor in their midterm vote. we have more on the drive-by shooting outside new york gop gubernatorial candidate lee zeldin home while his daughters were hiding insid

with jpmorgan's ceo jamie dimon telling cnbc just this past week that a u.s.on is likely to come within the next six to nine months. all four banks, by the way, that are reporting this morning are down between 11 and 30%, just so far this year to date. for more on what to expect now, let's bring in steven bigger, the director of financial institutions research at argas research thank you very much for joining us this morning. this is a very big kickoff to big bank season. i remember the days when it was maybe just jpmorgan and/or wells fargo that would kick things off but now we have four of them what are you looking for this morning? >> yeah, good morning, dominic it is going to be a big day for bank earnings, just the way the calendar works we have a lot of big banks coming out today the headline results i think are going to be pretty scary, down, you know, as little as 10% for a name like bank of america, down close to 50% on headline earnings for goldman sachs so the important thing to remember here is that the -- the fundamentals for banks, the lending bu

financials today leading the turnaround jpmorgan, bank of americas and wells fargo rallying jpmorgan up almost 5.5%. bank of america up about the same levels. so are the regional banks, names like pnc, key bank, and fifth third all up even more than the big banks now. big tech also reversing course apple and microsoft leading the way along with meta. all of them reversing earlier declined tesla also bouncing back from a 4% decline, now up more than 1.5% right now let's get more on the market turnaround and what's driving it mike santoli is at the new york stock exchange a bit of a surprise rally at the cpi number >> yeah, absolutely. i don't think anybody could have been perfectlypositioned for something like this, but you can piece together perhaps why we did see such a violent reversal to the upside, which is how far down the market had come in a short period of time and the levels that we have reached. at this morning's lows, the s&p 500 was down 15% in a month. 27% from the highs and it had fully unwound half of the entire rally from the post-covid low to the january 2022 high. t

. >>> the jpmorgan chase ceo jamie dimon with a warning about the u.s. the three things he says are heading us right into a recession and when he says whoa could expect it to begin just look around... this digital age we're living in, it's pretty unbelievable. problem is, not everyone's fully living in it. nobody should have to take a class or fill out a medical form on public wifi with a screen the size of your hand. home internet shouldn't be a luxury. everyone should have it. and now a lot more people can. so let's go. the digital age is waiting. millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobile service. and now, introducing, the best price for two lines of unlimited. just $30 per line. there are millions of happy campers out there. and this is the perfect time to join them... see how easy it is to save hundreds a year on your wireless bill over t-mobile, verizon, and at&t. talk to our switch squad at your local xfinity store toda

jpmorgan came out positive on china.eah now's the time xi, you see the guy that got escorted out he was the problem >> it comes back typically >> you can buy all you want now. he was short-selling bido. >> he ran china for 8 years. excuse me, 10 years >> that guy, what is he doing >> we don't know where tao is. i'm sure he's around >> he and us >> i keep telling you, they're coming for you it's like. it's time. >> 1.2 billion versus me put the money on me. give me three. >> cramer's mad dash and countdown to the opening bell. look at the premarket on a busy day enis. 'rba in a moment the new iphone 14 pro is amazing. the camera is incredible. and you'll get our best deal. nice, but i can't accept it. unless every business gets the best deal. on every iphone. uh, actually... we already do that. the plumber with the ascot! big bjorn, little bjorn, too! the caterer who really cares. every business should get the deal! we make a good team. every business gets at&t's best deals on every iphone. including up to $800 off iphone

beat on estimate of 1.42, 18.5 billion revenue, estimate was 18 1/4 so, so far across the board jpmorgan very strong, citi very strong mixed when it came to morgan stanley we are going to talk about banks earnings all morning long going to set tone what is interesting dow up over 100 points futures indicated higher now turned negative here so we are going to dig into that a little bit more as we get this morning, going into 8:00 hour, of course, jpmorgan with double beat earnings per share revenue, wells fargo bacteria revenue missing on earnings, morgan stanley beating on earnings per share missing on revenue so a lot going on joining me now, chief financial strategist dick beauvais, dagen mcdowell was here, to ring the bell, i have jo, john by my side your reaction to mixed bag of earnings we've seen why you think futures turned negative on this last report. >> i think pretty clear that if you look at two critical numbers most important numbers you should be looking at banks earnings terribly negative, long-lost provisions exploding upside their expectation where they think earnings wi

liz: he said it wasn't they cannot do what jp, they don't have the infrastructure to do what jpmorganoes on a consumer side offering products. it is not that easy to create. they tried to do it through the marcus thing, online banking unit. that doesn't mean they will get of marcus. marcus will be like a slush fund for them. this is what they do. they offer you deposits. they pay you two. they lend out your deposits at four. they will do that. not a bad little racket. that is why it is crazy all these wall street investment banks that have banks fdic approved because they're not really, they're not really doing traditional banking stuff. they're doing stuff like that. liz: shipment solomon come on the show. >> i will ask him. i think he should. shows too much favoritism to those blokes -- liz: we're number one. >> we're number one. he has to get up early and look at joe kiernan's face. i'm only kidding, joe. joe is a friend of mine. we laugh at each other. we can rib each other. >> charlie, thank you. david, you're welcome on the number one -- >> that is friend of mine. he has such th

liz: that was jpmorgan chief jamie dimon speeching at the future investment initiative in saudi arabiaown as davos in the desert. tensions over oil production a very hot topic. charlie gasparino with exclusive details. >> listen, it was a fascinating conference i get from my sources. china was invested heavily there. we'll get to that. chinese government, chinese businesses were there, more than they were in the past. there is a reason for that. here is what on jamie dimon's mind. he didn't quite say it this way but you can read between the lines. it is not just his mind but david solomon there from goldman sachs, jpmorgan's bank, larry fink couldn't make it, sent representatives, big asset manager at blackrock. what is on their mind we're fumbling the relationship the saudis. they're not perfect, far from it. assassination of can showngy, khashoggi, but they are the best over there. liz: israel is. >> in the arab world. by the way supporter of israel, tacitly. liz: underneath the table. >> but they are not little lidge rent, and they're a divider, not divider a bulwark against iran's

stocks plunged on monday after the ceo of jpmorgan chase. we're bounding.sdaq entered the day around 8%. the s&p also closed out with a loss. >>> meanwhile, gas prices going up. the u.s. average is expected to rise to $4 a gallon for the first time in two months. cnn's alison kosik has details on that. those fears of a looming recession. >> reporter: hi, max. some down beat predictions coming from some of the biggest banks in the united states. jpmorgan ceo jamie dimon said though the u.s. economy is doing well, he predicts the u.s. will be in a recession six to nine months from now. economists from bank of america warned in a note that the u.s. labor market will start to show signs of cracking by the end of this year as they believe the pace of job growth will slow. the economist says the federal reserve's aggressive moves of hiking interest rates to fight inflation will cause the u.s. economy to start losing tens of thousands of jobs a month beginning early next year to the tune of 175,000 job losses a month. he's also making his own prediction saying it

as far as jpmorgan chase, i see your point.dimon is still running that bank and his comments about the economy, he has been very clear. the one thing i'm curious about is with wells fargo. wells fargo the biggest chunk of their business is mortgages. more west coast than east coast but we've seen a shift in housing. demand is down. wouldn't that hurt wells fargo's bottom line, just in a general sense? i'm not asking to you get too into the weeds but i think that is a theme we'll get with them? >> if you just want my general read, absolutely 100% agree. remember last quarter management came in and said our number one job is to shrink our mortgage department. we want to be less reliant. so again if you've got a good line on how that's going, then you need to invest accordingly. for me, i'm not sure how much lip service that is where they just want to tell wall street what we want to hear, which is less reliance on mortgages but i think we've come so quick so fast you've got to know the stock, forwards, backwards, you have to be o

. >>> jpmorgan chase's ceo jamie visit betterforthem.com y'all wayfairs has just what you need for yourt glitter? this table is on its last leg. y'all need this. you're kelly clarkson! a whole new look for a whole lot less. ahhh! -you're kelly clarkson! i am... and you need this. i love it! are we in a wayfair commercial? maybe. personal sauna. ok i need that. ahhhhh! ♪ wayfair, you've got just what i need ♪ ♪ what will you do? will you make something better? create something new? our dell technologies advisors can provide you with the tools and expertise you need to bring out the innovator in you. >>> jpmorgan chase's ceo jamie dimon says the u.s. economy is likely to be in a recession by next year, and thursday's higher than expected inflation data piles on the concerns. could we be headed to stagflation of the 1970s? joining me now is the author of "homecoming, the path to prosperity." welcome. let's first talk about the prospects for a recession. how likely do you think this is? >> i think it's pretty likely. and look, recessions are normal. this is the thing, we have sort of forgot

stuart: jpmorgan hired a new crypto policy executive. jamie line called cryptos a ponzi scheme?e has tapped aaron levine to fill a newly created position as head of digital assets regulatory policy. that's a mouthful but less than a month ago jamie diamond did tell lawmakers critical currencies are decentralized ponzi schemes. ironically levine left celsius in september 2nd months after the crypto currency in london platform filed for bankruptcy in new york. diamond is a self-described major skeptic of crypto but his bank is reported looking to build out its policy ranks with regular tory scrutiny increasing into the digital asset space. stuart: last time the stars of duck family treasure joined this program they told me about their stock market investments. watch this. >> when fear and panic happen that is when we move in and by. i'm really liking the selloff because you start seeing things that don't make sense. all of a sudden amazon has a 1-day quarter and they forgot how to make money? it is over? let's sell it off? i am buying. stuart: he should come back to new york, said

inflation data and the kickoff of earnings season, couple days away we we're going to get cpi thursday, jpmorganwells fargo, morgan stanley, citi, they will all report results on friday but let's just start with this change i mean, you know, even when you look at the "journal" headline from this morning at 7:00 a.m., futures not looking so good. we're heading into another bad morning, potentially, as a result of the increase in hostilities in ukraine, unfortunately. continued goings-on in the bond market in the uk pick your poison what happened? >> well, first of all, it's a holiday. so, bonds can't hurt us. bonds have been hurting us second, friday's reaction to both amd's preannouncement -- i don't know, it was really lame on friday, and two, the jobs number was so negative as to almost build in, say, another 50 basis points so, people are now talking about 4.25, 4.5, maybe 5 the two-year tells you that it's going to be 5, because the two-year is going to continue to go down. so then, you start thinking, well, if it's only going to be, say, 5, then maybe it's not the end of the world if it's d

maria: business taking notice jamie dimon ceo jpmorgan saying bidened get emergency policy completelyms of bullying nature to climate change agenda or face consequences. >> absolutely can't convince me this is not calculated the democratic party want a socialist nation i feel they are trying to bankrupt the country to reestablish us as socialist country push greene new detail the inflation reduction act was ridiculous unnecessary poured fuel on fire not what we need when i look at this people telling me i am having trouble applying gas groceries paying rent. that is us what what leads me to believe we are going to have even bigger turnout even bigger majority in the house, this year are with republicans, than i even imagined before. maria: they are trying to distract, and come up with other things to talk about, todd , like abortion as if abortion number one issue on american families minds. >> my money guys tell me, me are excited for republican win in congress because they say if that happens a lot of these losses are going to be -- could tun into wins. maria: cheryl casone to have

jpmorgan chase ceo jamie dimon says the my way or the highway approach doesn't work.fossil fuels. >> there are a lot of people who have infrastructure that works. a lot of people are doing, both protecting oil and gas and they're doing solar and it works. so i have hope we'll do that. reporter: regardless of the economic pain americans have been feeling there has been no change in policies from the white house. david. david: edward lawrence thank you very much. we have house foreign affairs member, congressman greg stuebe. thank you for being here. the first foreign trip of president trump to saudi arabia. he developed a close relationship with them. he had problems with them. he had no illusions it was a democracy but he knew he had to work with them, we have to work with them on cooperation on oil. he got the historic abraham accords with their involvement, helping in dealing with iran who of course is an enemy of both sudden saud and the united states. now it looks like president biden is giving it all up, what do you make of it? >> yeah, because the saudis are not

jpmorgan did what it needed to filled in the gap back to november 2020 near 104 and when you think aboutthat, psychologically that's really important. a date in which we got the vaccine news right? round trip, that entire move here maybe the expectations are basically in line with what the company's going to be able to put up, and on that next friday, october 14th, we're going to have wells fargo, sciti, major components could we rally into that sure the big ones to keep an eye on come in the next couple of weeks and some are the major mega cap names we know the dollar's a huge issue china emands, also supply chains european demand, all of the above. >> all tech names for sure get to whatiegel had t say. tough words on "squawk box." >> the only thing to do now kill inflation no matter what the cost it disturbs me there's not more dissenting voices at the fed that's what the fed was designed to build with the bank presidents and members we're just not getting it. >> interesting, dan, when you talk to various market watchers, there are different opinions people think that the fed should pa

the jpmorgan chase ceo jamie dimon spoke with cnbc europe today at a conference in london.ys the u.s. economy is doing well right now, but that dark clouds are forming. dimon says inflation, rising rates and the war in ukraine will likely send the u.s. that recession by the middle of next year >> these are very, very serious things, which i think are likely to push the u.s. and world -- i mean, europe is in a recession, put the u.s. in some kind of recession in six months. >> six months from now, he said. the electric car maker rivian recalling all the vehicles ever made the company reports it needs to inspect the steering fastener that could come loose. it covers 12,000 vehicles. that's 80 percent of the total fleet rivian produced since last fall shares dropped 7% on the news, but year to date they are down about 70%. >>> and the rankings are in for the best fast-food drive-thrus qsr and in touch insight analyzed ten major fast food chains on their drive-through performance. see what you think they found that the fastest service was at kfc you will spend the longest parke

investors weighing comments from jpmorgan ceo jamie dimon who tells cnbc the u.s.l likely fall into recession over the next six to nine months. he says markets could drop another 20% depending whether the federal reserve can engineer a so-called soft or hard landing. dimon does say companies and consumers are in much better shape financially than during the financial crisis in 2008. >>> meta platforms is holding an event today where it's expected to show off new products including a high-end virtual and augmented reality headset. ceo mark zuckerberg will give the keynote address. the event comes at a critical time as the parent company of facebook and instagram has seen its stock fall. amazon's second prime day event of the year starts today, boosting sales which have declined for two great quarters after demand reached record levels and sales rose by 40% during the pandemic. analysts at jeffires estimate the second prime day could add $4 billion in sales to amazon's quarterly earnings. a survey of prime members found 82% plan to shop during the sale with most plan

what can we do. >> the jpmorgan robinhood conference october 11th and 12th for 10 straight years, jpmorgan's the first time back in person since the pandemic. it will allow you to get real actual investment in sights. two, to know every dollar you spend is going to help clothe, feed, educate new yorkers. we have an incredible lineup folks like ken griffin, ben bernanke nike novogratz talking about crypto larry fink, larry summers and others one of the things we're doing this year for the first time, we have four master classes paul jones talking about macro john gray talking about real estate john griffin talking about lessons from the late great jordan robertson and paul singer talking about risk it is almost sold out. it is a great place to give back and learn. go to robinhood.org/investors- conference learn more, help new york fight poverty through good >> richard, berry, mike, thank all of you >>> news is out this morning micron plans to spend as much as $100 billion the next 20 years to build a huge computer chip factory complex in upstate new york it will be built in clay >> klay, ne

next week big friday, banks, morgan stanley, citi, jpmorgan, wells fargo. what do you think in a phrase or two? >> i'm calling it super friday i think we know that all of these companies are going to benefit from higher net interest income, net interest margin, that's because of interest rates but then you're going to see very mixed results in investment banking and sales and trading and mortgages. so i think the companies that will benefit from higher rates plus a good expense management, i think they are going to act better out of the four names, morgan stanley, citi, jpmorgan, and wells, i prefer wells into the print s print. >> thanks very much, stephanie link. >>> shares of credit suisse have rebounded after falling sharply on word the company is trying to reassure investors and employees about its financial position leslie picker has been following this story very closely. she joins us now with the latest leslie >> hey, tyler. quite a volatility name, credit suisse executives seeking to dispel this notion that took fire on social plat fforms over the

dutch bros, big upgrade from jpmorgan i think this stock has been completely washed out.w where it was the last time they reported earnings this is a company that's going to grow from 600 stores to thousands of stores in the next few years. i like it here in the low 30s. >> okay, steve weiss, wrap it up what have you got for us >> i've got deere. deere, if i owned it, i would be a seller stocks have had a major bounce back i think it bounced back too much i'm not suggesting short it, but i would take profits if i were an owner >> you think, josh, jpmorgan, we may get -- it hasn't done well after these earnings the last couple of quarters will this be any different >> i don't think so, but i think they're being appropriately conservative i think loan loss reserves will represent a drag on their earnings, but that's what a big systemically important financial institution should be doing right now. so i'm confident >> we are hanging on to a big gain, really, after that rebound has been remarkable. we'll see how it all shakes out for the rest of the day. i'll see you in o.t.

joining the ranks of foot locker, vogue, his own talent agency, and even jpmorgan. some california shoe stores are still selling kanye's shoes. >> we deal all. >> reporter: employees at the cool shoe store on melrose say they were not surprised adidas canceled their $250 million. following anti-semitic remarks he recently made. the rapper seemingly taunts the shoe company in this video. >> i can say it and they can't drop me. i can say antisemitic things and adidas cannot drop me. >> reporter: the recent comments and actions have been unacceptable, hateful, and dangerous. they violate the company's values of diversity and inclusion and mutual respect and fairness. not only did the shoe giant release it, do did the agency -- it's a huge blow to whatever legacy he's trying to create. >> reporter: many of ye's associates are from the jewish community. the resale store says they got calls from customers inquiring about yeezy's. >> he's losing a lot of fans because of remarks. but i think his support will come from his outgoing personality. he does work hard. last weeken

retail investors are bailing on stocks according to jpmorgan, they haven't sold this much in individual companies since march of 2020. we'll tell you what they are selling, what they are buying and what they are getting rid of and it includes well-known names. plus rolling the dice, corporate america binged on cheap debt and now a recession may be looming. which companies are most at risk you know who will tackle that, con contessa >> and hello, everybody. stocks moving lower, the dow down 283 at the lows right now sitting down 223 points, 0.75 percentage. and s&p off half a percent, nasdaq roughly flat. the only positive sector right now is energy. the energy etf on pace for its best week since late 2020. marathon, occidental, apa leading the sector higher today. occidental up 4.5% utility stocks are under pressure though, a number of names hitting new 52 week lows, including duke energy, dominion and eversource dominion off by 4% on the day. >> and the volatility in the market centered around what the fed may or may not do in the past hour, fed governor lisa cook said restrictive poli

big bank ceos, jpmorgan's jamie dimon, goldman sachs david solomon, blackstone steve schwarzman are in loosely known as davos in the desert. despite tensions between the saudis and widen administration over opec's decision to cut oil production. edward lawrence is at the white house. edward, the biden administration did not send anyone to the conference, correct? reporter: that is out of protest by design the administration didn't send anyone but as you mentioned american interests were we'll represented, ceo of jpmorgan chase, "imus in the morning," goldman sachs ceo, david salomon and blackstone group stephen schwartzman were there. in the roundtable discussion they talked about everything from energy to inflation. very interesting on the u.s. economy. listen to david solomon who says we will likely be in a resession. listen. >> i think generally when you find yourself in an economic scenario like this where inflation is embedded it is very hard to get out of it without a real economic slowdown. i too am in the camp we likely have a recession in the u.s., going to have i think most l