in the case of jpmorgan, it's best in class quality. destruction here, and what's likely is we get through the first quarter. so, we're actually going to see a more optimisticscenario for banks for the rest of the year bank of america was very different and they're setting a lower bar where they're saying, the consumer is really going to slow down spending to really low single digit but at the same time, the results were pretty good i know jim cramer has a soft spot for wells fargo they were weaker than the top banks that we just mentioned and we would stay with quality we're just seeing in the traditional bank area healthy corporate lending. we're also seeing consumer loans and rising net interest income still benefit results. that's pretty good when you have bank stocks trading at discounts to the s&p 500 >> yeah. david, let's stick with wells fargo for a minute, down 4%. we knew there was going to be this $3.7 million settlement and charge the fact the stock is trading lower, the fact this restructuring we've been talking about for s

hugh, jpmorgan, a little distraction here on the eve of its big report with a report what happened at business they bought. what is going on here? >> yeah. set the scene. okay and we broke the story in 2021 broke the news that jpmorgan was acquiring student loan financial aid platform called frank. i hadn't heard tabout it before that time but spoke to the founder. reported, advertised to have a 4 million to 5 million users at the time and giap morgan touted it a platform that was around. a few moss after the acquisition learned from a lawsuit filed in federal court last month, jpmorgan is sending out a batch of about 400,000 emails to the reported frank customers starting the marketing ball rolling, monetize what they purchased for $175 million 70% of emails bounced back. >> wow. >> first time, took several more months to ascertain what happened when they purchased this start-up, think acquired also the ip and emails between the founder and other parties. what they had been able to reconstruct is the founder in order to get the deal done had actually hired data scientist to invent, c

that's jpmorgan and bank of america.ger hit right now among the banks that we've seen although, again, off the premarket lows down 2.5% we saw it down 3 to 4% earlier on again, some comparability issues with regard to the 67 cents that was reported it appears as though it could have been a beat but it does include 70 cents in terms of charges for the impact of the litigation that they announced pre back in december now, remember, the operating loss that they had estimated back then was around $3.5 billion if you factor in the big settlement with u.s. regulators over some of its business practices. that number, by the way, has been revised for wells fargo to $3.3 billion slightly better improvements than what it was they had estimated back in december as of overall net interest income at wells fargo was up 45% as we can see year over year the knowledge for the bad loans as pretty much every other bank is doing at wells fargo here has been raised $397 million sequentially, quarter over quarter, to a total of roughly $1.53

jpmorgan, can i say, david, if you had told me jpmorgan could make this much without any m&a, i would say it's impossible. jamie dimon is not capable of doing it that was a complete misjudgment by me. i am shocked at how well they were able to put together this quarter. this environment >> there have been these reports of goldman embarking on layoffs. not a surprise >> not true. >> what's true >> playoffs. >> aren't they going to? >> no, they're still hiring. >> they had to hire 3,000 younger people each year to replenish the ranks >> so great your mentioned that. >> they have 48,000 employees. these reports that they're laying some people off are not wrong, jim >> i think they're going to be net long employees by the way, back to office i know you care about them >> yeah. without a doubt. but also technology and engineering, where that's where they sort of have to update. they'll continue to spend. again, that gets back to noncomp expenses going up. >> yes, noncomp. i would tell you that bank of america has the least exposure to need to upgrade technology. they are very current. they

jpmorgan chase's credit card losses in 2022 were at record lows. so i think what you're seeing is they're building up the reserves, and they're doing it and they're able to do it and still beat on earnings because of the strength of revenue growth, and that's what we saw with jpmorgan today. liz: okay, keith, tech, we always have to talk about that because it is a favorite of many of our viewers. hay either love it or love to hate it. apple has been an interesting mover, up about 3% for the week. but they've had a bunch of news coming out where they are really making very, very ayes, sir we've moves to be -- aggressive moves to be the totally self-sufficient. hay don't want to buy their chips from broadcom or qualcomm. does that give you hope and belief that this is just sort of one of those, you know, one of the very best that really marches to the beat of a different drum and at $134 it's still a buy? >> i think it's not only a buy, but it's a bargain. here's the thing, history shows us, liz, and you you know this very, very well, that the strong

i want to emphasize jpmorgan chase is 135 at the open that's a huge move, a big move for jpmorgan openingere at the highs for the dayli right nw a lot of general investors, not bank investors, general investors were looking at the bank earnings as proxies for recession and what they wanted to look at was the loan loss reserves they wondered if the numbers were going to go up really, really high indicate concerns about deep recession these numbers are higher they have increased the provisions for loan loss, but not that dramatically. citi group a bill, a billion for bank of america. these numbers are not far from the normal numbers prior to covid, yes, they are elevated but not dramatically it supports to a certain extent the soft to mild recession story out there. i think that's what's going on the story for 2023 is going to be margin concerns and delta's a good example they said business is great. overall, business is great however, they are paying a lot more for costs, particularly for labor costs. so that's affecting their earnings and that's affecting their guidance and the stock is d

>> it's just jpmorgan for all the reasons i stated for the last couple of shows.p function i know they have outperformed. as sedan just set, a lot of green from the years i think jpmorgan's outperformance maybe comes in a bit. if you look back to the financial crisis they have outperformed pretty much on every other metric that's my safer bet. then unitedhealth that got demolished i would like the year to start on january 6th where unh seems to have bottomed i think this one will do you well if the market decides to come in just a bit this is more of my safety trade in the space, or in my acronym, so the "j" and "u" are more value. then i jump to a spac. they've been dough mealished i think that's why stem inc. was hit so hard. now it's raising its head. they actually factor in a doubling of the stock, at least. so femme, for most people who don't know the name. this is artificial intelligence energy company they regulate whether you hit battery, on site, or if you're going to the grid. they do it automatically they switch back and forth it's very environmentally

all right, let's get to a mad dash with jim before the opening bell the health care theme given jpmorgan> want to put out the kinds of what happens out there, regeneron talks about how sales may not be as drug on their eye drug and monoclonal antibodies, all known variants of covid-19 when you're out there you got to take the good with the bad may have something new but may have something that's lacking of their old. it's a hard conference i've covered for a number of years and got to be very, very cognizant of what wall street is looking for and what the company says about the future because they're often very different, so i just -- i bring it up as something that tells you don't jump when you hear something new is something old may be faltering. >> a bunch of smaller health care deals coming out of that conference too, carl we'll get to that when we watch them trade this morning. >> yeah, news on moderna on this paxlovid china thing got a little bit of the needle moving some of those talks are broken down regarding insurance we talked about it friday. here's the opening bell and the c

what should be expected from the jpmorgan health care conference?ng into a conversation with terrific analyst lisa gill. then i've got some bad news for the perma bears and i'll reveal what that is and of course all your calls rapid-fire in tonight's edition of the "lightning round. so stay with cramer. welcome to the next level. this is the lexus nx with intuitive tech... (beeps) car: watch for traffic ...and our most advanced safety system ever. ♪ ♪ ♪♪ for skin as alive as you are... don't settle for silver. harness the power of 7 moisturizers & 3 vitamins to smooth, heal, and moisturize your dry skin. gold bond. champion your skin. [music - cover of blondie's “dreaming”] to smooth, heal, and moist[music playing]skin. ♪ imagine something of your very own. ♪ ♪ something you can have and hold. ♪ ♪ i'd build a road in gold just to have some dreaming, ♪ ♪ dreaming is free. ♪ accenture, let there be change. back when i had a working circulatory system, you had to give your right arm to find great talent. but with upwork, there's highly skilled talent f

with jpmorgan, bank of america, citi results due out before the bell tomorrow. how are we set up, guy >> that's what the bulls now have to prove themselves, right? in the form of earnings. okay so the cpi i think -- if you're bearish it gave you something, if you're bullish it gave you something if you think the fed genius. everybody got a little bit of something today. now they're in the rearview mirror and probably rightly so now it comes down to earnings. and we've been saying for a while, earnings are what matters. earnings are going to disappoint we'll hear from jamie dimon in the commentary what he thinks. as we saturday in earnest in earnings season this is what matters. again, more and more of these strategists are ratcheting down their earnings numbers more and more people are saying the multiple currently be being paled for the market is too high in this environment. so you can say all you want about a 6 1/2% cpi and what it me means. it always comes down to earnings and i think they're going to disappoint >> tim i asked you what you'd do you said uld

they don't have exposure hike jpmorgan, morgan stanley.egionals are going to win in this environment, stuart. stuart: i like that 5% dividend. thank you very much, david, see you again soon. it is a tuesday morning, we're coming back after a 3-day weekend with. small losses across the board. coming up, president biden appears to be this trouble even msnbc says it looks like biden tried to hide the doc scandal. watch this. >> these classified documents really arose and -- erodes and undermines not just the momentum, but the brand that the democrats have been building of being not only the competent party, but the decent, honest party. stuart: oh, that's msnbc. i i think biden's in, he's in trouble. he's vulnerable. a serious comeback, in my opinion, is highly unlikely. i'll talk more about that in my take at the top of the hour. >>> and then there's this, prices are too high. there's a shop orer's rebellion. i just paid $10 for a loaf of bread. the newest member of the fox business family, taylor riggs, takes that on. prices are just too hi

>> well, the j in my just trade, melissa, happens to be jpmorgan. >> shameless plug. >> we can have aacronym. we could also have a would you rather goldman sachs's chart doesn't look that appealing to me. when you look at the jpmorgan chart, it's bouncing right now or should be bouncing right around its 50-day moving average. it's 134-ish level as your support. you've heard me say it before. since the financial crisis, jpmorgan on every metric that you can overlay over a financial has beaten every other financial company. so i would stay with that one. >> so your acronym is at 21%, so you're leading the pack so far today, grasso. it has been speculated around that you've got a lot of children and maybe they're all out in the back behind that door that's behind you. just voting, voting, voting. is that what's happening >> he's putting his thumb on the scale. >> i have a huge sicilian family, melissa. i can't confirm or deny that people are treating this like a video game at this point so keleese i've got a bunch of people with vowels at the end of their name that don't like to lose. >>

meg terrell joins us from the jpmorgan health care conference. meg? >> vasant is here.let's talk about the transformation of novartis tell us about what that means and where you are in the process? >> when you look at how novartis was created, we were a broad case we've done 100 million transactions to focus novartis down, to developing and launching medicines successfully what that positions us for in the future is one of the largest pure play innovative medicines company. we're doubling down on the r&d some of the new technology like radio and gene therapies that's going to be right path to generate sustained growth and profit growth for the future >> is that something that investors are looking for? they want a pure play investment we saw j&j spinning out the consumer group merck is not getting rid of its animal health division is that something that the investors are pushing for? >> if you look at how fast technology is moving if you look in the last five years. we've had rna editing, cell and gene editing it will be hard to allocate capital to those areas and be in

maria: lastier you said look worried about macrostory you say jpmorgan is going to be fine acting like a hurricane is coming behave going to do what we need to do to ensure that we are going to be fine what did you do? >> i mean, i think, i would change that we always were in company not knowing what future is that is is why i the balance sheets margins growth we know going to be in tough times what i want to do in tough times serve you good or bad to do that need capital liquidity to handle stress and environment we've always done that we are prepared for a hurricane we are prepared before i talked about it we were prepared before 70 one financial crisis bad things happen happen in a way you do not expect we do 100 stress tests a week doesn't mean i got the one that is going to happen next time that is going to surprise you catch you off gaird. maria: how many fed rate hikes will there be do you think how many more rate hikes. >> look, i -- yield curve get to 5%, i think probably 50% chance that is right i think 50% chance 6, i don't know. >> great to have you. >> thank you for having

you mentioned that forecast from jpmorgan about 110 for brent sometime in this year.for the forecast for wti. all over the board a little bit, but some less than we are right now. city bank says it's going to average wti $75 a barrel this year. jpmorgan says $83, eia says 87, goldman says wti will average $ 92 but yeah, what's the impact of china going to be? as you point out, gas prices have not gone up, well, they've gone up and then they've come down, but whatever, same as they were a year ago, but if you look at jet fuel, what was that compared to a year ago? that's up 42% compared to one year ago, and home heating oil which of course is big here in the northeast, in pennsylvania alone, up 36% from a year ago. so, you know, the economy giveth and the economy taketh away. in terms of oil, you know the thing is, eia says we will produce more oil this year than we ever have before, despite what we talk about in terms of being able to do more. that said though, oil producers say they could do a lot more even than they are doing right now. we'll see where the price goe

jpmorgan, biggest contributor, caterpillar and goldman sachs which reports earnings on tuesday.t with a gain and 2.5% gain for the week what's working today besides the banks, consumer discretionary. thank you, amazon, which is having a great week. health care, communication services also doing well and so is technology. big winner on the week, the nasdaq adding 0.75, now up 4.5% on the week. that does it for me on "closing bell." have a great week. i'll see you next week from davos, switzerland in the meantime, into "over"time"" with scott wapner >>> i'll speak to an investor who changed this market, kevin simpson, back with his latest trades and a strategy he says can be a winner for you. we begin with our talk of the tape with earnings which are really about to heat up. we'll extend this early year rally in stocks or derail it if today's bank reports and stock moves are any indication, it's going to be a volatile ride over the next few

joining us phil camporeale, jpmorgan asset management portfolio manager. see you. >> good to see you. >> why are you not convinced >> so we're still underweight right now because the fed last year did their quickest monetary tightening they've done. they moved by 450 before but never that quickly there remains uncertainty about what that lag defective policy does however the 60-40 portfolio that was so painful last year, last year was the first year since 1974 that 60-40 portfolio was down by the both stocks and bonds down it's so hard to manage risk in that environment. >> that you think changes. >> so the bonds work i think one of the things that was underestimated last year was the fact that there was no to hide unless you said i'm going into cash, nobody thinks about that now, what this sets us up for now is, we have the best forward looking return on the 60-40 of 7.2% we have had over the next decade since 2010. right. the cost benefit analysis for the fed here, all right, what's the benefit of them continuing to move so aggressively if the cost of th

wanted to see out of these reports and marrying that with the macro i would keep a close eye on jpmorgan and see if we can take out the lows from friday morning. that might signal any enthusiasm you had about near term headwinds, we have to overlook those and start positioning a portfolio for later on this year i think jpmorgan could be the leader we often say banks that report first set the tone for the whole earnings season. keep an eye on jpmorgan. >> for more on today's late-day sell-off, dan suzuki at richard bernstein advisers >> great to see you. >> in terms of we were just talking about what the markets believe in terms of not believing the fed, not believing the higher for longer. who is going to win? it feels like fed officials want to come out and say this is happening this is happening, and the market is not pricing that in >> yeah, i think it's been a confusing period for markets at times this massive cyclical rally, spreads have come in. off to the races we'll have the soft landing probably at about the same time. i don't know what the market is really trying to price in. i

new jpmorgan chase model showing odds of recession falling rapidly. don't at don't tell tech. >>> and places topping the list of the best places to buy a home this year. better load up on the sunscreen. it is monday, january 23rd this is "worldwide exchange. >>> good morning, good afternoon, good evening. welcome as always from wherever in the world you may be watching i'm brian sullivan thank you for joining us on monday morning let's get to it and see how we are kicking off the week futures are not giving us a lot of help. flat across the board. dow up a little bit. s&p down a bit we are just starting off the week we have a lot of earnings to roll out we are coming off what was a strong finish to an overall lack luster week for stocks nasdaq and s&p had the best day since november earnings and the fed still driving the macro market for sentiment. buyers overall have come back into stocks this year. i'll talk about that in the next couple minutes and throughout the show the next fed meeting is january 31st to february 1st bond yields are not moving a

jpmorgan upped the rating two notches.f layoffs and stock market rallies again, if they seem counterintuitive, think again. this is really amazing. when you get more than 8% unemployment the stock market on average brings you 25% returns. it is very exciting things, very exciting moment right now. i guess the question is, are we getting excited prematurely? are we just maybe moving a little bit too quickly? i have to bring in kaltbaum capital management president, gary kaltbaum. geir roy k, investors stiffing out a more reasonable fed maybe. here is the thing bugging me a little bit, as stocks gone up, bitcoin gone up, oil gone up, so has the 10-year yield. not a lot but bounced off the 3.40 number i wanted to see it go under. how do we engage ourselves, contain excitement but not miss the boat? >> two things, yields are down to 3.5 but hanging in there. i'm a big believer, two weeks ago i said something was up and i thought the market was ready to get going. the dow dropped 1200 points in three days. something happened la

find out why jpmorgan is getting bullish.>> finally, if you're trying to buy a car, well, if prices are anything to go by, you'll be waiting a whole lot longer more on that story this hour stbig show still ahead as we're ju south of 4k don't go anywhere. realtor.com (in a whisper) can we even afford this house? maybe jacob can finally get a job. the house whisperer! this house says use realtor.com to see homes in your budget. you're staying in school, jacob! realtor.com. to each their home. just look around. this digital age we're living in,r.com. 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. for business economics is out with their fourth quarter survey results. the economy is slowing, even on the hiring front senior economics reporter steve liesman joins

jpmorgan upgrading from overweight to neutral applying nearly 60% upside in wednesday's close.success of the new "avatar" motvie and a slate of upcoming films a gain today big bang set to kick off earnings season tomorrow top analyst up next on favorite names to own going into those reports. that story, plus semis surging and bitcoin bouncing back when we take you inside "the market zone." 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. redo the basement. hello home movie theater. (laughs) spare bedroom. why not both? use the u.s. bank mobile app to apply for a home improvement loan. it's easy! wonderful alex! hey, that's what u.s. bank is for. anything else? how about a loan for a bigger car? our family is growing. awe. yeah, my brother's moving in with his f

jpmorgan has been throwing out there, citigroup kind of looks like same kind of story quick before i send it back united health premium have gone up helps numbers we were talking yesterday about cpi report medical services that is inflationary story for american you know, consumer well rising, so you know interesting to see how all of this economic pieces of information that we're getting feeding into fourth quarter numbers for american companies, maria. maria: it is a great point, i am glad you raised lon loss provisions i think underlying sell-offs in the bank stocks cheryl, thank you so much want to get to liz and nicholas on this because liz you've got major banks putting money opinion aside for potential of o loan losses, that is one of the issues i think that investors are reacting to this morning, also, investment banking. investment banking was down sharply, and we know that, because it has been a dead year for investment banking this year i spoke with jamie dimon on monday, he couldn't really say with a kind of a recovery he was expecting, so we really don't know that is ano

it receives a default notice from jpmorgan. i want to give you a little more clarity on that.pmorgan determined it can exercise rights such as the all outstanding loans and credit facilities and other obligations of bed, bath, and beyond, payable immediately. the stock is falling further. you see the injured day picture. it is down 221/4%. investors are all abuzz about bo's feed. the stock is parabolic, up 131% for a couple reasons. wall street journal reporting digital media firm tapping chat, open ai, to create its popular quizes and person analyze content for its audiences. it has been an ugly time for this company, stock has been slammed down 74% the past year. the journal is reporting meta platforms is going to pay bo's feed millions of dollars to bring more creators to facebook and instagram. meta is reinstating donald trump's account on social media platforms after two years of suspensions following the january 6, 2021, attack on capitol hill. meta says it is bringing back the former president but, quote, knew guardrails to deter repeat offenses. checking the company ti

. >> jim, vmo raised targets on a number of banks including jpmorgan and citi. price target $165. a market perform. citi reiterated outperform it's their top large pick. >> yeah. well, that's interesting the stock has been a terrible laggard for the space for a few years now. jane frasier got no honeymoon when she came onboard. the first thing i think she needs to do is get the operations sold. that would be a feather in her cap. >> jpm, josh, you own the stock as well. >> i've been in the stock a long time i feel this could be the year where their prudence during the rising rate period starts to shine a little bit this is a company that didn't go crazy into crypto. i don't think they went crazy into tech investment banking the way they could have. it seems as though they played it safe as they normally do. and now the bank should be rewarded for that. higher rates are going to help f. we don't have a recession in europe as i mentioned in the a block, then probably there should be multiple expansion even this is a very cheap stock and i think it's going higher. >> you said at the

jpmorgan and other bankers didn't want that to happen again.anted welfare person to come in when they had problems. that is what we've seen. last year for example, rate hikes coming at aggressive paces. now we're going from stage one, stage two. jpmorgan chase, wells fargo, we have to stop buying back shares last year. guess what we'll do now. we'll get right back in with all the money we made. they win on any side of this equation. rate cuts, rate hikes. charles: win-win for banks, bottom line? >> that's right. charles: so they're in this area where you know you are talking about stage one eventually getting to stage three. the stock market rally. you have thoughts on that? there is real big debate on the street. everyone kind of believes either shallow recession, soft landing starting to grow but longer term, you know, ultimately i believe the fed will be accommodative to the stock market? >> i absolutely agree. i said the third mandate of the fed's dual mandate, inflation, jobs is the stock market. this has been an experiment to an extent of

. >>> also, regeneron, live from jpmorgan health care, with the dow up 70.is ge aerospace, advancing flight for future generations. ♪ welcome to a new era of flight. my ameriprise advisor has helped me navigate uncertain times before, now is no different. with his advice, i'm confident i'm on track. the plan we created is for the long term. no wonder clients rate us 4.9 out of 5 in overall satisfaction. ameriprise financial. >>> good tuesday morning welcome to another hour of "squawk on the street. i'm carl quintanilla with morgan brennan and david faber live at the new york stock exchange. we got through powell this morning at 9:00 a.m. without major waves. futures recovered, dow up 50 as we try to get back to 3900 getting some economic data across the tape and for that we turn to rick santelli. >> wholesale inventories, our final mid-month read is replaced by up 1% remains up 1%, which is the best level, meaning the biggest month-over-month change in august in terms of inventories we know inventories have taken a bit of a hit as many entities, of course, w

how about the nearly 400 $400 billion jpmorgan you probably heard of him. morgan, he was really rich a few weeks before bond yields peaked this stock was at $101. it then blasted to $143. i mean, come on! >> the house of pleasure >> i often think of that when i think of jamie dimon and let me tell you -- jpmorgan. somehow it now pulled back to just under 135 despite reporting an excellent quarter last friday and it was a great quarter it was garden variety profit taking and i know how to garden it's zen-like! then there's home depot, a $316 billion company. the despot, which is what i like to call it, bottomed at 266 in late september then moved up to $347 i mean, come on, i want that home depot semiconductor ooh. okay so pull back to 310 as of today. sure, we might have more rate hikes. the housing including the despot but we hear that every time there's a fed meeting. and it hasn't stopped home depot. we have all these people, by the way. let me save that for later travel's been pretty strong. there's only two companies on earth that make commercial aircr

the reason why i'm going to show you this, four big names reported today it was bank of america, jpmorgan, wells fargo and citi if you take a look at those names, the reason why it is important is each one of those is in the green right now. why? because at one point wells fargo was down 5% intraday, that was in positive territory, up by nearly 2%. all of these stocks right now have moved towards their highs of the session, and are green, they are again markedly red later on this morning. look at these commentaries out of the cfos, remember, the economic outlook is so heated, many of these discussions, check out jane frazer who says we continue to see the u.s. entering a mild recession the second half of the year. that is city's outlook wells fargo'splanning for it t get worse and we're preparing for a whole range of different scenarios. then you've got brian moynihan at bank of america, saying our baseline scenario, contemplates a mild recession and jamie dimon at jpmorgan, maybe a mild recession, maybe not, i'm pointing out there are geopolitical uncertainties which are real and we had

here is what jpmorgan had to say last thursday.hey believe the market is approaching a bifurcation point. the acceleration leg, more accelerating leg in a bear market will be associated with earnings expectations, right? so again moving the goal posts. all this time we're worried about the federal reserve, but now you maybe, just maybe worry about earnings coming down, not fast enough. you want to see how pessimistic folks are, this isers revision sentiment. look at this swoon, folks. in the past it has been associated with moves down to, this was the pandemic. this was 2009. so in a way it's a contrarian indicator. maybe people are too pessimistic about this i'm not sure. everyone is saying earnings have to come down a lot more. so speaking of earnings. we got a lot coming out this week, particularly the financials, this one caught my eye early this morning. abercrombie & fitch, listen, this used to be a really big player. they come out with the earnings. this is what blows me away. they beat the street but see strong momentum and

. >>> plus jpmorgan's ceo, jamie dimon, is still pointing to plenty of economic clouds, saying theres a lot of underlying inflation out there still. >>> and higher costs weigh on consumer giant procter & gamble. the shares are under pressure. we'll take a look at the numbers ahead of the open. >>> let's start with the markets on track to extend the losses from yesterday earlier this morning on "squawk box" in davos, jpmorgan chase's jamie dimon weighed in on the economy months after warning about what he called an economic hurricane. >> part of that storm cloud's hurt, rates went higher than people thought stock market's down 20%. the ipo market disappeared and the economy, of course, we all talk about it. it's like the weather. we don't really know, and i hate guessing about that. we should have a little humility but the real issue for the world is russia, war, ukraine, energy, trade, and that is serious that's still out there hopefully it will all mitigate and go away, but it may not. as a risk manager, you prepare for some of that >> talked about rates once again, jim, staying und

>> i own a lot of jpmorgan chase. >> jpmorgan chase and more bitcoin? basically? jpmorgan chase. >> much more jpmorgan chase. >> you talk about problem little -- probabilities. >> some of the ones are bad. i just say it is really small. if it happens, what does it mean to sus we have to survive we do the stress test. we do 100 a week >> there are certain things you can't survive. you can't survive a nuclear event. >> war would be a whole different thing. >> i have a tiny one not something you are happy about. the issue about frank. the business you bought that was now fraud. what was the lesson of that? >> there are always lessons. we always will make mistakes it is okay to make mistakes. i don't want our people to be afraid to make a mistake it is a bad way to run a business. >> you can make a small mistake. that was a small mistake you can't make big -- >> we made big mistakes sometimes. >> do you have an opinion on goldman? if david called you and said jamie, i always admired you. could you just give me a little bit of advice? >> david and i are friends i know

and that has defaulted on its credit line with jpmorgan that news forced to pause in trading of the company's stockyesterday . it eventually closed down 22% that stock has lost 82% of its value over the last year. lawsuit filed in federal court claims many bottles of fireball whiskey have no whiskey. the 99 cent bottle sold at gas stations in small markets are actually multi beverages with whiskey flavor. they look a lot like fireballs. real whiskey sold in liquor stores. which the lawsuit says is deliberately misleading . nothing about this story, okay . the nfl's final four are getting ready for sunday's conference championship games. the 40 niners take a 12 game winning streak into their nfc showdown against the eagles in philly and ahead of the bengals chiefs. hfc clash kansas city quarterback patrick mahomes says he's feeling good about his recent ankle injury that could be trouble for the bengals. there. he's schedule 40 niners and eagles get things started sunday at three p.m. eastern, and that's followed by the bangles against the chiefs. this is it. this is really i mean, it's the pl

bbb has defaulted with the credit line with jpmorgan chase. warning of a potential bankruptcy that stock at $2.55. >>> still on deck, artificial intelligence making waves in a very big way from capitol hill to the favorite online quiz to what hopes to be a market beating investment strategy. it is all part of the top trending stories and it is next when "wex" returns >>> look at that hong kong. it is nearly sundown their weekend is beginning no doubt, reopening and a little fun being had there on the streets and in the bars of hong kong the world's longest escalators >>> we show you hong kong for a reason because there is trouble in the global economy. china is on the brink of a second wave of covid infections. all of that following the week long lunar celebrations. everybody out and getting together and there you go. this could be another test of the strained global supply chain. some insiders are sounding the alarm. we have lori ann larocco is here >> reporter: it is a mixed bag some executives tell me the biggest concern is the disruption o

don't make a decision that, oh, jpmorgan's good. citi's bad there's a plethora of bank earnings and banks tend to trade together, unless there's some sort of takeover, like, you know, first tennessee. >> i did want to get you on, for example, jim, bed bath up again today obviously, it's doubled over three days crypto, up eight straight days, back above $18,000, first time since december market is rewarding a lot of things you don't like. >> well, i mean, bed bath put out a note, and the note said that it might not be a going concern. and the stock's up big since then now, we did see, david, once hertz did, you know, kind of -- >> hertz filed, and then the stock traded higher after bankruptcy, which was one of the stranger things we've seen in some time. the company in a position to potentially have issued equity the s.e.c. quashed that at the last moment. but there was recovery value on hertz. >> there was, absolutely >> in part, because used car prices at that point were soaring as well. >> there's chapter 7 versus chapter 11 i thi

this comes after jpmorgan chase and bank of america reported last week.t, let's bring in christopher whalen if you weren't awake before, that animation probably woke you up it did me. i didn't know it was coming. what are you expecting from morgan stanley and goldman sachs? goldman has laid off more 3,000 people. >> goldman has gone through a process of remaking themselves to your earlier comment with respect to the bank said of the business i said for many years it would be a good idea for them to buy a bank get people in there to run the bank side of the business. their performance in terms of funding cost which are high and credit costs on the loan book which are high are just not impressive, brian. they need to get their act together i think the way you do that is go buy core deposits if you look at morgan stanley, he has achieved stability because of the big book of fun funding. he has assets to manage and he has the investment bank which is the cream on the top >> chris, are you talking about buying a big regional bank or mid major? i'll not ask you

well, oddly, it's jpmorgan it's bank of america it's morgan stanley.hey reported very good numbers. i like those numbers more than i like -- >> you see that microsoft will have a $1.2 billion charge as a result of severance? >> great >> okay. >> we'll get cramer's "mad dash." >> i want to be skeptical. >> and countdown to the opening bell in a moment obviously, watching that, by the way, while we're talking industrial production was a miss yields fall. ten-year now below 3.4% and the two-year, below 4.09%. back in a minute ♪♪ ♪ a bunch of dead guys made up work, way back when. ♪ ♪ it's our turn now we'll make it up again. ♪ ♪ we'll build freelance teams with more agility. ♪ ♪ the old way of working is deader than me. ♪ ♪ we'll scale up, and we'll scale down ♪ ♪ before you're six feet underground. ♪ ♪ yes, this is how, this is how we work now. ♪ dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones >>> about seven minutes before we g

december. >> 58% off the highs and 57% off the lows to give you a picture. >>> let's hit retail jpmorgan'sne retail analyst on wall street raised his price on nike from 156 to 128 boss saying the overarching takeaway from a management road show is it has emerged from the pandemic as a strong direct to consumer brand with a full product pipeline he raised targets for foot locker over its nike ties but kept a neutral rating. matt joins us now. you had a bunch of meetings with management here at nike. what did you learn that made you feel more confident? >> thanks for having me on, sara we spent the last two days with nike like you said, the overarching message here was this company's exiting the pandemic in a stronger position than they entered. very robust product pipeline they talked about basketball, running, and women's, all impacted during the pandemic and all with a pent-up pipeline, the best that they've seen in years. they're resetting the marketplace. full price selling is strong you have 20% of revenues that have historically come from china. i think there's a micro story in china

likes of goldman sachs and jpmorgan chase reporting and let me tell you the consensus is really low the consensus view is goldman earnings will be down 45% year on year. morgan stanley is similar. capital market activity has dried up we have autos down 1.9%. one story we have been talking about more on the show is the fact that tesla, the ev maker, has started introducing price cuts not just in china which we talked about last week, but europe and in the u.s. as well setting the stage for further price cuts in that area, too >>> let's talk about european yields we saw a fall in u.s. bond yields after the cpi number. the 2-year treasury continuing to rally the theme in europe is continuation of the rally we experienced over the last week you see all of the bonds are about 3 to 4 basis points lower in yield today. >>> reallyi'm really excited abe next guest because i share her name joumanna, very nice to have another joumanna with us let's talk about your expectations for 2023. 2022 was the year where central banks normal eized interest rat and it happened quickly. that was the focus of t

headlines 6 1/2% jump year-over-year, flat number minito month, bank earnings, on friday for you jpmorgan chase wells fargo bofa blackrock on friday, stocks finishing up more than 2% this past friday. after employment fell to 3 1/2% economy 23,000 nonfarm payroll jobs for december european markets kicking off as well mixed, ftse lower cac 40 dax higher asia overnight green across the board china reopening borders with hong kong japan for a coming of age day "mornings with maria" is live right now. >> we will new cbs news poll finding 64% americans say the condition of the economy is bad. just 31% saying it is good. so pessimistic about goods and services, 43% say family worse off financially than a year ago, as congress gets to work, 76% americans want first priority to be lowering inflation, joining me now for the hot topics lee carter david nelson i will start with you the question mark for 118th congress, can you actually deal with inflation and do not pass another inflation reduction act because that didn't do anything to help. >> start with energy oil prices 43% above where we were p

ali morano, head of jpmorgan's apprentice program, says firms need to think decades of diploma drivenareas because of a socioeconomic background or because of how somebody grew up, you get people who are thinking differently. that's when you need in a firm. >> reporter: a recent study showing the number of job postings requiring a college degree began dropping even before the pandemic. a trend that could unlock more than a million jobs to workers without a college degree over the next five years. at delta airlines, around 85% of corporate jobs, including pilots, will no longer require a college degree. >> for us, it's really about what you learn and what you know, not where you learned it. >> i'm not in a class, learning the work. i'm actually d when you humble yourself under the mighty hand of god, in due time he will exalt you. hi, i'm joel osteen. i'm excited about being with you every week. i hope you'll tune in. you'll be inspired, you'll be encouraged. i'm looking forward to seeing you right here. you are fully loaded and completely equipped for the race that's been designed for

look at jpmorgan jpmorgan's recent results.hings hold up pretty well as far as corporate and consumers are concerned. i think the worst fears are sidelined. some people say it will be absolutely terrible but it is okay. lauren: the head of u.s. equity at bank of america, saying anything can happen. my bull case scenario for 4600 for the s&p 500 which is a nice rise for the year. but the parent case is 3,000, which is a huge fall, octavio. she says this is one of the most telegraphed recessions. that might infer that everyone's prepared for it. it won't be that bad. your thoughts. >> she is gives us enormous range where the s&p 500 will be. lauren: i know. >> she will be spot on, somewhere in that range. lauren: 4,000 where we are right now. >> up 25%, down 25% somewhere between those two outside markers. i think that is forecast -- lauren: that is where you make the money, octavio, right? if you jump looking really good or looking really bad. otherwise we could end the year, likely will, right where we are? >> i don't want to c

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that's essentially the party line for a while meanwhile, jpmorgan ceo, jamie diamond gave his rates during a cnbc interview in davos. >> i think rates will go higher than 5%. there's a lot of underlying inflation that won't go away so quick. >> joining us now is warren pies, co-founder of 314 research weighing in on a macro, warren, and how it plays into how markets are set up for this year our investors correct in feeling as if a fed pause is a potential all-clear for this market? >> well, great being here. thanks for having me i think that's what history tells us history tells us when the fed pauses, it's this goldilocks period across assets stocks have rallied across every fed pause except for 2000. that has key similarities for today. bonds rallied also during every fed pause going back to 1978 i think it makes sense to get revved up for it but you got to put this whole move in context. i think that we might be front running a little prematurely here >> you think the equity market has gotten ahead of itself in raising the probability that, first of all, going to get a pause, and that t

wells, b of a, jpmorgan. remind us which of these you own. is the bar high or low going into this do you think >> i think the bar is low, kelly. i don't think it's going to be great. i think you want to be very careful and company specific in terms of what you own. the big themes, though, i think for super friday, going to be strong net interest income and strong net interpretest margins. it bodes well for those sensitive to the fed funds rate, that's wells fargo, bank of america and to a less ser extent jpmorgan on the flip side, higher provisions, higher reserve builds and higher expenses and fees that will be weak i wrap it all up and thinking 1.2 times book with good dividends and good capital i think the bar is set low enough >> which of your group are your favorite maybe not wells with those can we lump them all together and separate them out from what we'll hear from morgan stanley and goldman after that >> yeah. i think wells is definitely -- it's my biggest position for sure i do own bank of america to be clear. wells is a special si

surprise there financials getting a big boost bank of america, number one company, truist financial, jpmorgan in the top ten. all of that really led by the fact that these companies are disclosing a minimum wage, a new metric that just tracks this year bank of america has been climbing the ranks year after year they were 105 in to 18 climbing up to within -- climbing up, yeah, and then all the way to number one this year >> and pnc number 15 how are they weighted in terms of the issues? you mentioned the wages factor in climate also >> climate goes into it. what is happening is they're doing research with the american population asking them what issues matter to you most. once they have those issues, they say, okay, in order of importance, how important are these to you a lot of worker issues are the top most priority. about 44% of the just capital score is made up of the issues that pertain to the worker stake holders. >> and paul tudor jones mentioned they pay more div didind dividends than other companies they do better. >> they do within the just 100 index we track, we see they're outpaci

and when compared to other big tech names like amazon and alphabet, both jpmorgan and barclays prefer and barclays expects ad revenue to recover by the second half of this year. but carl, this metaverse pending. i just wonder, does any of that matter as long as facebook/meta keeps piling money, billions, into the metaverse or is it really more about does zuckerberg pull back on that spending a little bit and let that ad benefit show is that what ends up mattering to investors >> i think that's always been sort of the creeping bull case, dee, even when they gave that operating expense guidance last year, that eventually those numbers might be trimmed a little bit it might not be as dramatic as it was when first announced. certainly we've seen some names in media that performed well this year. >> none of those four notes talking about the metaverse as the driver as to why they're getting more bullish on the company. ai increasingly important. wells fargo calling out one data point. a single ai advancement led to a 15% increase in reels watch time that's pretty incredible and maybe it te

jpmorgan says 83.the outlyer at 92. 92 on average, if we're $80 for half the year, we're at 100 for the other half so there you go. gas prices about what they were this time a year ago, not just about what they were, exactly what they were, $3.30 a year ago and $3.30 right now. but other oil-based products, not so good. take a look at numbers on jet fuel. yeah, you wonder why your airline ticket is so much? 42% more than it was this time last year for jet fuel and 36% more for home heating oil which as you know a the lo of homes here in the northeast, pennsylvanias. i checked other states they are similarly up. oil has big tentacles. it appears they will reach deeper into your pocketbook. lauren: as we're going to be using more than ever perhaps with the government saying, they're producing more, despite all their attempts to wane us off. jeff flock, good to see you. thank you. >> reporter: not working. >> not working. let's talk how it is not working with rftv, the cowboy, i just been watching too muc

. >> and jpmorgan in front of earnings on friday >> all right, thank you, everybody. i'll see you in overtime "the exchange" begins right now. >>> thank you, scott i'm kelly evans. here is what is ahead. ftx is back in bankruptcy court today. lawyers say they have recovered over $5 billion worth of liquid assets, but it still leaves them about $3 billion short of what customers are owed congressman jim himes will be back to weigh in on what needs to happen. >>> and remember when they wanted a bailout apollo was a firm they turned to david sambur is here and we'll ask him about that and where he sees most opportunities. >>> and another airline mess, this time an faa outage grounding flights. we'll check in with a veteran pilot who says what we saw today is simply extraordinary. but first dom chu is glad who is not flying >> glad i'm right here in new york city and i'll be here for a while. so what we do have is a market that is generally higher and tilting toward the higher end of the session right now. it is green across the board for the three major indices. the dow

jpmorgan released released a pof stocks.amazon, top name was farfetched. what is going on with the company? why all of sudden r people jumping on the band bandwagon? >> farfetched, on your show last year, number one pick to double this year. farfetched is a leader. they're taking a multibillion-dollar luxury industry that hasn't really scratched the surface of online sales. just like amazon did, they are building trust with their customers. people are not buying fake goods. they trust far fetched to get louis vuitton, off white, all the high-end brands. they will monopolize that space. remember who is the biggest purchaser of luxury goods? china. china etf is back to life. they're waking up. that i believe will give a tailwind to far fetch stock this year. charles: i was raving two weeks ago how much money the chinese consumer is sitting on and they're ready to go. louis vuitton closed at all-time high yesterday. wow. rob, always great to see you. >> thanks, charles. charles: my take on economic toll powell and company is ta