josh brought up the nii much higher for jpmorgan. i think it was over $2 billion worth of that was just thanks to the acquisition of first republic and so consolidation is something that when you base a series of regulatory actions, when you're facing, you know, margins that are compressing due to a variety of macro factor throughout, consolidation and getting scale could be a way to combat that, but the regulators have really signaled to this space that it's not something they want to see more of, especially for banks that have $100 billion or more in assets one saving grace to kind of bulk up in this current environment is kind of off the table for a lot of these banks i mean, we saw the pacwest, bank of california merger, but the question i think for a lot of investors in the sector, how many more of those are out there and how appealing, who are the natural buyers and how appealing right now given the overall regulatory environment. >> you had a great interview with james foreman a couple weeks ago, and he said at that time he th

, relative to where jpmorgan is, they didn't do nearly as good a job.ould think if one -- maybe they all get downgraded, i don't know, but i think the market will decide where they're able to issue debt but bank of america would be -- that's why i switched out of bank of america. >> dan >> yeah, we've been highlighting the underperformance of bank of america all year long. but you know, when you think about this, there was a report today, and you saw the graeat retail sales, but you're starting to see default rates on things that people need to get loans, right, on cars and this sort of thing. they're going up >> delinquencies on credit cards. >> going up to pre-pandemic levels so, some of the good data we have, we get the bad data. and layer in, we're going to have student debt that has to be repaid again so, households will have to start budgeting. this week, as we digest what the retailers have to say, it might be really instructive back to school and into the holiday season and -- >> debt repayment going to be a big influence? >> going to take awhil

. >> why don't you own jpmorgan? >> too expensive when i can get these others under one times book to me, nothing wrong with jpmorgan. i think it's a consensus loan and i will make more money in bank of america. >> joe, you own it >> i do. >> by far the best performing big bank stock this year >> it was the worst last year. >> what have you done for me lately >> i purchased jpmorgan in march. i thought they would be the beneficiary of deposit inflows and clearly that's what's happening. i also own bank of america i've struggled with that for the better part of the last 18 months you're not seeing the type of performance i thought you would get there. steph is on the point where the regional banks still remain no touch. moody's downgraded ten small and mid-sized banks last week. this is not unsurprising to the marketplace. i think you want to say high up in quality when you look at the banks. i think there's going to be a significant amount of consolidation with the regional banks and one bank if you want to look at f

jpmorgan denies wrong doing. in 2013 but this filing from monday, it challenges that timeline. keep in mind the bank conducted its own internal investigation mere months after he was arrested in 2019. the virgin islands is asked the judge to require jpmorgan to share all of its information and research that is tied to that specific company probe. so now we will see what happens over the next couple of days. chris? >> thank you for that. >>> that's going to do it for us this hour. join us for chris jansing reports every weekday from 1:00 to 3:00 p.m. eastern. our coverage continues after the break. 0 p.m. eastern our coverage continues after the break. one aleve works all day so i can keep working my magic. just one aleve. 12 hours of uninterrupted pain relief. aleve. who do you take it for? this is american infrastructure, a prime target for cyberattacks. but the same ai-powered security that protects all of google also defends these services for everyone who lives here. ♪ have fun, sis! ( ♪♪ ) ( ♪♪ ) can't stop

and jpmorgan, bank of america, citi and then wells in terms of -- but jpmorgan, again, 96% deposit growth over the last ten years. it's staggering in terms of the strong get stronger and the weak have gotten weaker. >> and their answer is always more capital you have to hold more capital. then they're going to lend even less. >> that's right. the capital -- the capital will force consolidation with the next banks that will be my next reporting, which banks have to consolidate. a lot of the banks that downgraded are good banks and would be good anchors for consolidation. the regulators have said none of the big banks can consolidate. as this report shows, they're all derisking massively. so, someone is going to gain from that, that's for clear. >> come back and name some names of where you see that happening. thank you so much. meredith whitney. >>> speaking of financials, the shares of the italian bank getting crushed on the back of this surprise wind fall profit tax that got announced today we'll get details on that. >> take a look at shares of no novonortis new testing shows wegovy cut

low in the spectrum of investment grade what happens if the likes of jpmorgan chase gets downgraded ander folks have to be looked at in terms of cuts does that push the insur instit? what is illustrative, after moody's last week, morgan said they were looking at the downgraded institutions. they would have to pay higher costs to issue debt which is more risky this could lose access to debt markets overall investors seek a high premium for the bonds and they would not afford issuing debt. that could potentially, dom, increase pressure on bank margins. that is really one of the themes that came out of the moody's downgrade. the pressures on the industry and an pprofit margins are increasing >> they are competing a lot for the yields and depositor money hugh son, thank you. for more on the story, it broke in the last three minutes. the story is fully on cnbc.com thanks to hugh son >>> let's check on the corporate stories outside of banking silvana henao. >> dom, good morning amazon devices chief david lyim is leaving the company he had been at the company for 13 years he added he is not su

banks coming off their best month in seven years jpmorgan and berkshire hathaway hitting new 52-weekhs. jim, you own both. >> i do. i'm bullish on the financial sector i'm overweight the financial sector i think this is an obvious play as we get into the next few years of infrastructure spending, which i mentioned before, as well as the supply chain onshoring mentioned earlier in the show. all of that will need financing. oh, by the way, as the markets come back, the ipo market gets going, m&a activity, this is a space that now that we're seeing the end of recession fears, and i think we are -- i think that's in the rear-view mirror now, a sector that can continue to perform. i will say this, i am not exposed to the regional bank sector i do think there may be more shoes to drop there. i don't think it will be systemic but certainly these higher interest rates are the problems that brought down silicon valley bank. you may see more tremors there >> the kbe and kre coming off monthly gains, liz what does it mean for the financials >> i sound like a broken record talking about yield cu

jpmorgan's point this morning was typically, you have the s&p down two plus maybe a dozen times since covid. couple of those were in the depths of covid but generally, it's when the vix was about 20 unless we get a shock, maybe the selling is going to end soon >> if you're looking for why today, there's a slew of reasons. started overnight in china with weaker economic data across the board even though we got a rate cut there, which should be supportive top data in the u.k. and in the u.s., the data was mixed retail sales, a lot stronger but markets quit trying to figure out whether good news is good or bad news is bad because it keeps the feds hiking rates higher for longer that 1% control group number that feeds into gdp, that's something people were talking about for a monthly gain that was double the expectation and signals the consumer is still in good shape even though we got new york manufacturing going back into negative territory and showing a lot of pain there >> you see goldman upping their tracking up to 2.2 >> which is still below atlanta fed, which is 4.1% we talked to s

is there money >> he's referring ruemmler to jpmorgan as a potential client >> a kickback?ou know, attempt to open up different -- >> they're trying to get new clients. >> extraordinarily well plugged in >> is he giving e ing him a kick is that what you're suggesting >> no, no. i've not seen any evidence of that, no >> i don't understand -- >> they decided -- >> if i introduce somebody to jpmorgan, i don't get -- nobody is giving me any money i don't understand >> right look, again, what it shows is this is a person who had enormous level of connections, a web of connections and was willing to leverage those to do business with everybody in that network. he was taken seriously well after his arrest, well after jpmorgan decided to stop doing business -- >> 2005. when is the first -- >> what i'm saying -- >> all this happened long after we knew exactly what this guy was all about. a lot of those relationships, with all the blue chip people, were well after -- it is unbelievable >> dying in prison in 2019 >> yeah. but when was the first one that -- what was the guy's name that

let's bring in jpmorgan chase business banking ceo ben walter in a fox business exclusive.ft off, with crime. small businesses, you know, we look at the big department stores that get hit by these retail crime mobs, but it's small businesses being affected too, right? >> absolutely. first of all, thank you for having me, ashley, it's great to be here. whatever affects big business affects small business. that's true just like anything, you know, whatever affects the society at large affects small businesses. it's certainlied had an impact, though it's been a bit different. most of the organized crime rings have targeted bigger business because that's where the large amount of merchandise is. we do hear small businesses in certain locations struggling with crime and, obviously, you know what makes this country great is the rule of law, and that's important, and it's important for business, for the rule of law to be enforced. equally though,ish say, when we survey small businesses while crime is always a concern, it doesn't rise to the top three. i think it's isolated to a fe

this is not stopping jpmorgan trading desk, s&p 500 is inevitable. they now reverse their call on recession. i will ask the market guests how to be best positioned in these choppy waters. my take on the american dream and why happiness is fleeing in america. all that and so much more on "making money." ♪. charles: all right, folks, u.s. credit rating history, the last time standard and poor east doesn't graded treasurys you remember what happened there. let's talk about what just happened in the last 24 hours. fitch now downgrading america. we're at aa-plus. here is the interesting thing. we were aaa for a long time and then we got the aaa but, but there was a negative outlook. they were a little bit concerned. they expressed these concerns. we were actually doing better. here recently we gapped back to stable outlook where we want to be. all of sudden free money started to cascade into the economy. all of that free money and other things. now fitch is talking about key drivers, erosion of governance, rising general government deficits. general gover

jpmorgan received the primary contract and transition for bank of america that's been provided to jpmorgan, many services and the product that supply payments will remain with bank of america so we're in negotiations for a new contract for these services but it will not be completed by the end of our term. so we're looking for time to complete the services. i know there is a bla report and i'm happy to taing any questions. thank you. >> good morning, chair chan, members of the committee dan with the budget and analyst office. item 3 is a proposed that authorizes the tax collector to enter into the third agreement with bank of america llc and bank of america n.a. to include the not to exceed amount, for total amount to ex sid 1,927,020 and extend the contract by one year from august 2023, to august 2024 for a total term of 11 years. the treasure tax collector entered into a an agreement with bank of america to provide merchant processing services for credit card payments, bank of america was selected through an rfp process and received the highest score. the agreement provides merchant proc

jpmorgan's chief economist will join us with his read on the numbers. recruiter sentiment falling to a new low. we look at the most in demand industry and the top priorities for employees. and two big chip names reporting after the bell today. we'll preview results from broadcom and vm wear. and what's the trend, the trade? but we begin with today's market action. for that, we go to bob at the new york stock exchange. bob? >> we're trying to make it four days in a row, but a little weakness in the middle of the day, this is profit taking towards the end of the month. take a look at the major averages. we were positive until 15 minutes ago or so. the real weakness has been in the consumer staple names, coke, johnson & johnson, proctor and gamble. united health took a move down in the last hour or so. so a little bit of weakness going into the final day of the month. the real winner on the week is tech names. the nasdaq is up 3% this week. it's been tech, communication services, consumer discretionary have been the real winner. if you had a theme for the

they're fighting for relevance by coming to us and saying they're going to downgrade jpmorgan jpmorganemember morgan guarantee? remember the quarter the idea of downgrading jpmorgan -- it's the strongest bank on earth. who is the strongest bank in europe >> amazing >> every chinese bank is pathetic fitch comes after the strongest bank on earth? i come after fitch >> we've dealt with that now we don't have to talk about it later. >> the gold fitch. can you imagine, if you're jamie dimon right now, let's see how we're doing? >> quaking in his boots. >> jamie dimon is killing it >> wells fargo is having a great quarter. doesn't matter to fitch. hey, we're fitch, let's get our name out. >> it's working. anything you want to add on home depot? >> not yet what warren buffett is doing with the home builders, what home depot is doing about better-than-expected -- same store numbers. retail sales number we got this morning which includes autos, if i choose autos i've got a strong number what's going to be difficult is we're going to have the -- the fed at 5.5 the 20-year at 5.75. that's my pred

joining us is today's "halftime" headliner, dubravko lakos at the aforementioned jpmorgan. that wasn't your call, that was mark owe marko kolanovic >> you have a multiple hitting on gains at 20 turn ceiling. you have a cycle that is aging and not getting younger. now i think the boat has gotten filt up. you have monetary policy and the fed will not ease anytime soon fiscal, what people forget, this year has been a massive fiscal easing year, $1.8 trillion in government spending. next year it does get tighter. >> what about the economy? does that trump everything else or not >> i think the resilience is coming from this very strong fiscal tail wind we've been facing and the consumer spending above trend. you see increasing bifurcation and there's increasing levenlg now. i think it's pushing us more and more into a corner >> what do you think the chair is going to say at jackson hole this week and how do you think the market reacts? last time eight minutes was enough to sink the market down to its october lows after jackson hole >> i'm not even sure it will be that big of an

, fitch is nothing jpmorgan is king the idea -- they're the strongest bank in the world.he strongest bank in the world, and the regulators are going nuts morgan stanley, my trust owns it i wish gorman weren't leaving. charlie scharf doing such a good job at wells fargo i know people who have been with him of late, and he's very buoyant, but it doesn't matter 3.2% yield, lot of capital, buying back a lot of stock, but you just have this cloud over the group and no one wants to go there. i'm not going to go there. >> s&p outperforming kbw by 33%. >> oh my, that's a disaster. you look at yield, like, if you look at the yield for t, it yields 7.7, and key is considered a bank, but they did not have a good quarter. it was not a good quarter. a better quarter, i thought, was huntington bank shares, hbn. now, that is a 5.4% yield, and i would buy huntington bank, and then my favorite is first horizon, which got that takeover bid that was nixed 4.6% yield, still run by brian jordan and is in memphis where there is still tremendous -- his unit, he goes where the growth is and it's

you are. >>> meantime, jpmorgan says it's time to bet on burgers, chib chicken and coffee. we'll break down the restaurant name they think can rally 20% as a sea change takes hold of that country. >> now i'm hungry. we're also watching palo alto reporting after the bell on friday. many on the street thought they would be trying to hide bad news but the stock jumping today after an earnings beat and outlook. crowdstrike and z scale up on that news as well. my cpa told me i wouldn't qualify for the erc tax refund, so i called innovation refunds. their team of independent tax attorneys will work with your cpa to determine if your company is eligible. [whip sound] take the first step to see if your small business qualifies. from big cities, to small towns, take the first step to see if and on main streets across the us, you'll find pnc bank. helping businesses both large and small, communities and the people who live and work there grow and thrive. we're proud to call these places home too. they're where we put down roots, and where together, we work to help move everyone's fin

you know, i'm long jpmorgan.nd in a bad mark, but i love the first republic acquisition for them and some of the businesses that weren't working will work. he said he didn't care about whether m&a was up over time >> tim >> i think the banking sector oversaul, the regulation is going to be a lot less significant than people think, at least for the money center banks that have the fantastic balance sheets i think, you know, a lot of this is business as usual citi bank and bank of america need to get back to pre-svb dynamics i look at the credit dynamics out there right now, and these banks are not reflecting that environment. higher rates ultimately should be normalization, and i think this is something that you stay higher, you follow the banks into these higher rates. >> all right, coming up, from home buying to house cleaning, we've got lots of earnings action in housing. we'll have the results from zillow and clorox next. >>> plus, the countdown is on to one of the biggest -- to the biggest of the big tech ear

jpmorgan goes from 2.5 to 3.5 for the quarter. everyone is all over the map. >> morgan stanley, 1.9. >>> as we unpack the data, b of a predicting q2 will mark the trough in earnings. morgan stanley expecting positive flows as the pain of being underweight equities intensif intensifies. jpmorgan says this recent run for stocks can continue. fund strat says reason to believe s&p can add another 2% to 3% in september, go to 4600. joining us on set, mark lehmann, california president at citizens. good to have you. >> thanks. >> you are in the soft landing camp. >> yeah. i think the data is starting to prove that out. i think the economy continues to chug along nicely and the consumer seems to hold in there. what's what we want to see. >> have you seen enough progress in disinflation to soothe the hawks? >> i think enough. i mean, i think it's funny to watch the bond market have more volatility than stock market. you watch the ten-year moves, it feels like an equity index rather than a bond index. there's enough attention on it. we've

last fall, they were looking for negative payroll growth this year and jpmorgan, the end is not near, arguing that a recession in -- basically, people who have been calling for recession in '23 are running out of room, right? >> yeah. i think, you know, i think that a lot of economists underestimated the dynamic ability of companies to adjust quickly. you know, last year, the fed told every company to get ready for higher rates and companies prepared for that, so they weren't tripped up over building a bull whip effect, so we have had a pronounced slowdown, but then we don't have to have the contraction because there's no inventory to work off and no massive layoffs coming i think that's why, when rates begin to cool and mortgage rates fall and inflation cools, it could be a pretty vigorous upcycle too. >> that said, i wonder what your take has been, watching names that do miss on earnings, and how they've been significantly punished, i guess, and where that leads you in your playbook. i know you still like f.a.n.g. you look software. you like some elements of energy and i believe eve

. >> we have breaking news from jpmorgan and steve liesman has the story. >> yeah, just got jpmorgan's weekly economic report they are calling off their recession forecast for this year they are crediting the quicker than expected resolution of the debt ceiling, as well as less impact from bank credit tightening as a result of the fed's program put in place they're saying recession risk is still elevated for next year, but what's happened is, we reported on this monday, they had to boost their gdp forecast for the third quarter. they went up from a half a point to 2.5% along with others. they said fed overtightening is the major risk to the economy. i want to show you what we reported on monday, just to remind you we came out with our cnbc rapid update showing a host of other folks had boosted that third quarter growth forecast from what was really an anemic forecast to one that's just around tend, just the way the quarter has begun, especially now you had the vehicle sales out, mark zandi is at 4% so there you go, guys. it's hard to have a recession when you have three quarters of the

separately, fitch says it may be forced to downgrade dozens of banks including jpmorgan chase. investors don't like trouble at the banks or big trouble in china. the dow is down 200 points in "the opening bell," maybe 285. the s&p down 30, nasdaq down 80. interest rates rising again, that's not what investors want to see. the 10 year is close to 4% but look at the 2 year. moments ago it hit 5%. it backed off a little, 498. most investors don't like that. gas up, the average for regular, 306. diesel up another sent. the average is 432. on the show today, four indictment in five months and a string of trials in the middle of the potential election. is that fair? another scheme to change the ticket? the la times suggest removing kamala harris and making her senator to replace dianne feinstein. is that fair to harris? the cage match has descended into farce. musk says he will drive to zuckerberg's house for a fight, he says he's not home. he is traveling. tuesday, august 15, 2023. "varney and company" is about to begin. ♪ ♪ stuart: the fight song. that no doubt refers to trump figh

banks, including large lenders like jpmorgan and bank of america >>> and we're taking a deep dive into crack down on ai imagery used in campaign ads the final hour of "squawk box" begins right now. >>> good morning and welcome back to "squawk box" here on cnbc, live from the nasdaq market site on times square. i'm joe kernan along with andrew ross socrkin and mike santoli. becky is off today we asked for some suggestions of who we could have. did you see that picture i had you at mclovin >> you want to be mclovin? >> i want to be mclovin. do you want to be -- what's his name -- >> jonah hill. >> yeah, why not >> you don't want to be mclovin? >> i'm happy i'm happy to be,, you know -- i'm just happy to be here. >> all right all right. you're mclovin it. the u.s. equity futures are down, down but not out down about 260 points or so -- oh, now 295. home depot part of -- beginning to be part of the downward pressure the dow has been down all day, home depot reported. initially it was trading a little higher, because things weren't worse than what the company had already suggested. and actu

citi and jpmorgan chase, meantime, have been working to enforce their three days in office policies, frank. >> it's a thing. >> yeah. >> you and i, we're going to be here all week. >> we're here all week. >>> turning back to the broader markets which have been struggling during the dog days of august, the s&p 500 serves nearly 20% in the first seven months of the year, but it's down 4. 4% so far this month. all 11 s&p sectors also in the red this month. the last time that happeneding that was all the way back in december. let's get more insight and welcome in gina sanchez as well as vance howard of howard capital management, ceo. good morning to both of you. >> good morning. >> we're just laying out some of august. august known for less volume, less liquidity. the u.s. credit rating downgrade and the anticipation of jackson holm what do you both think? ginain gina, i'm going to start with you. do you see this continue from this past friday into september? >> i think all eyes will be on jackson hole. where we are right now, we've seen so much positive pricing in the market. so valuati

. >>> don't forget jpmorgan's jamie comin dimon, ceo, coming 1900 cte. >>> this is another one trump will have to fight he can pretty much still, you know, try to be president even from prison if this was to be the case but it seems when one considers the documents, the documents case where he held documents he wasn't supposed to, that case has now been moved to may 2024 and a case like this, even bigger than that one, chances of it being completed before the november 2024 election seemingly very, very difficult to think that that would be the case, meaning donald trump could really use this in his favor to try to become president saying it's just the democrats trying to go up against him here. >> it's certainly been his line so far take a step back and look at the reaction from trump's base to the previous indictment. this is the third indictment this year as you alluded the popularity remains strong. it's intact, growing average of opinion polls suggests that he's got a 37-point lead over his closest competitor ron desantis. from an election perspective, the question is would he st

virgin islands alleges to the federal judge that jpmorgan chase handled more than $1 million of payments jeffery epstein to girls for settlements. the lawyers from the u.s. virgin island attorney general's office detailed more than 9,000 transactions paid out to epstein accounts from 2005 and 2019 tha were not disclosed in the mandated evidence window in the statement to cnbc, jpmorgan chase said, quote, there is no proof this is accurate >>> it is the end of the road for the new "x" sign atop the headquarters norformerly known twitter. it was removed days after it was installed. the san francisco department of building and inspections received many complaints about the safety and illumination. it was strobie -- strobing did not please the neighbors >> i don't know what is going on with that. the name shift is interesting. a developing story we will have to continue to watch bertha, thank you. >>> turning back to earnings as we kickoff the busy week of the season more than three dozen names set to report today. it is all about chips, drinks and tractors seema mody and kristina partsineve

maria: a you are building a baby jpmorgan mere. >> not baby jpmorgan i have been accused of that peoplet want to delegate decision-making to new york, charlotte or san francisco there's people in texas, and around the country, that want local decision-making, and global products delivered locally by experts in the communities they live and work. maria: i want your take on plain vanilla banking then other areas incredible growth stories average loans up 36% in the last quarter? tell me about lending also average deposits what are you expecting there. >> so we -- our department grew 5% in second quarter, and we outperformed first quarter, high quality deposits, people that have a problem -- they talk about the deposits as if one deposits are very different, they have different values because you can invest deposits over different periods of term, based on quality of the deposit if that makes sense, our high quality deposits have grown 5%, we went into the first quarter of this year, with, if you looked assets tier one capital assets liquid, we were one, one and three compared to all subs,

jpmorgan's chief economist will join us with his read on the numbers.ent falling to a new low. we look at the most in demand industry and the top priorities for employees. and two big chip names reporting after the bell today

. >>> still to come this morning, jpmorgan's asset management on the two pads for the market here neither of which he says involves recession >>> plus, watching 3m, one of the top gainers on the s&p after reports it's close to reaching a settlement over potential faulty earplugs it sold to the military the stock is still yielding nearly 6%. no, it's up 4% right now stay with us at if my type 2 dias over? what if all i do isn't enough? or what if i can do diabetes differently? (vo) now you can with once-weekly mounjaro. mounjaro helps your body... ...regulate blood sugar... ...and mounjaro... ...can help decrease how much food you eat. 3 out of 4 people reached an a1c of less than 7%. plus people taking mounjaro... ...lost up to 25 pounds. mounjaro is not... ...for people with type 1 diabetes or children. don't take mounjaro if you're allergic to it,... ...you or your family have medullary thyroid cancer,... ...or multiple endocrine neoplasia syndrome type 2. stop mounjaro... ...and call your doctor right away... ...if you have an allergic reaction, a lump or swelling in your neck, severe

choosing jpmorgan chase bank in los angeles last year, that was a strategic choice.hese new fossil fuel projects -- let me say how insane it is that we are still building -- allowing new fossil fuel projects to be built. anyway, the financing of those new projects is crucial. no institution on the planet does more damage to the earth system, irreversible system, by financing fossil fuel projects that j.p. morgan. nermeen: could you elaborate on the role of the fossil fuel industry, not just contributing over 80% being responsible -- being responsible for over 80% of global heating, but what role, if any, if any, placed in the biden administration, despite what he said there's no question now denying the impact of the climate crisis, he is falling short, even though he said earlier this year he practically declared a climate emergency, is not done so. what would declaring a climate emergency enable? what role is the fossil fuel industry playing and preventing them from doing so? >> let me start out by saying the public needs to know the fossil fuel industry and its le

fitch warning of possible downgrades ahead, including jpmorgan we will debate that. and mortgage rates surging over 7% home builder sentiment dropping sharply. have buyers reached their limit on how much they're willing to pay for a home but we begin with the market >> john, bottom line, we're just off the lows for the day, down about 0.9% for the s&p and dow jones industrial average we've been down 9 out of 11 days on the s&p 500 if we close lower today. so that is very noticeable the dow industrials, being held up largely by defensive names. some of the other sectors like banks and energy are on the weak side the nasdaq down there, 0.8%. we're down about 5% off of the recent 52-week highs of the nasdaq when you get more than 5%, the technicians start noticing tech has been an underperformer. the dow movers here, take a look the good news is -- johnson & johnson holding up wells, defensive names merck, proctor and gamble holding up. caterpillar has been weak, energy stocks coming off of their highs after a terrific run. take a look. i think a key chart is the bank s

archer said this was like having the son of jpmorgan chase ceo jamie dimon put his father on the phone. democrats contend the speaker phone were innocuous. >> over the course of 10-year relationship, on terror may have put his father on the phone with any number of different people. they never once spoke about any business dealings as he described it. >> there was also a discussion of a $142,000 wire transfer to hunter biden. for an expensive car. >> i saw that. let me follow-up here. where there any other dollar figures discussed other than the one you just mentioned? >> that is one of the interesting things where they talk about some wire transfers. there were some specific dollar figures mentioned in there. there are some accompanying documents that go at that. we talked about this on the air on monday that coming next week -- this is what the committee has told me. we are going to get some bank records involving these transactions from russia, ukraine, and kazakhstan. we had not heard about kazakhstan until monday. >> thank you. i will let you dive onto that. we will bring you back

goldman sachs, jpmorgan, will split these evenly as the lead underwriters, assisted by 28 banks in total seeking a valuation for the offering of between 60 and $70 billion. instacart is reportedly planning to launch the long awaited ipo next week with a filing next week. the company is opting for a traditional listing on the nasdaq. instacart confidently filed last year, but delayed the offering in october due to poor market conditions, and the company slashed its internal valuation by nearly half to around $13 billion. and shares of applied materials rising this morning, up about 3 1/2% after the chip equipment makers third quarter revenue and profit beat estimates, aimed at also offering strong fourth quarter guidance, citing strong demand from chip makers setting up new production hubs. applied materials has benefits from subsidies, along with china's push to stock up on tools for making chips in the wake of u.s. exports, frank. >> applied materials shares up 3 1/2% right now. silvana henao, thank you very much, we'll see you letter in the show. >> a lot more to come on worldwide exch

jpmorgan is growth company.harles: sure. >> google, acceleration of earnings, they're still growing 20% year-over-year, when you look at technology names year-to-date. this has been the lag guard. from an affordability price standpoint -- charles: chatgpt threw a lot of people off. they thought google fumbled the ball but they're in the thick of it when it comes to a.i. nicole, always great stuff. appreciate it. coming up, i have nela richardson. they put out the adp report today. it was somewhat stunning. there are a couple areas i have to ask b also judy shelton says it is time to make zero inflation the target. can we do that? can we live in a zero inflation world? first we have a legend with us, folks, dennis gartman, precious metals, we've been hinting a gold break out a long time. is it finally here, should you be long oil next. ♪. (woman) what if my type 2 diabetes takes over? what if all i do isn't enough? or what if i can do diabetes differently? (vo) now you can with once-weekly mounjaro. mounjaro help

people that uplift community, jpmorgan chase is here to make it happen.nd now itpans the globe. you wanna take what was given you and you wanna build it. and you wanna pass it along. if i can do that, i would have done well. that's why we're here... to help make it happen. meet the team... behind the team. the coach. the manager. and the snack dad. all using chase to keep up with their finances. the coach helps save goals here, because she saved for soccer camp there. anddd check this out... the manager deposited a check. magic. and the snack dad? he's getting paid back. orange slicesss. because this team all has chase. smart bankers. convenient tools. one bank with the power of both. chase. make more of what's yours. i need it cool at night. you trying to ice me out of the bed? baby, only on game nights. you know you are retired right? am i? ya! save up to $500 on the new sleep number® smart bed. plus, free home delivery when you add an adjustable base. shop now only at sleep number®. what do we always say, son? liberty mutual customizes your car insuran

i mean, the jpmorgans and the goldman sachs, i think when you look at jpmorgan's -- when you look at trading at nine times with a 2.6% dividend, we think that's a strong buy, and so, you know, we think they've been a bit unjustly punished by the regional bank story and a little bit of the fragility of the interest rate environment, but for us that's one area that we keep looking at. >> we'll leave it there, nicole, thank you, swrjoey as well, we' see you in the zone. let's get to our question of the day. will stocks resume their pullback in september or finish higher than today's close. you can head t tto @cnbcclosingbell to vote. >>> let's get a check on top stocks to watch with kristina partsinevelos as we head into the close. kristina. >> thanks, scott. let's talk about okta, having its best day of the year after earnings and guidance surpassed analysts' expectations. shares are up over 12%. there's a number of analysts on wall street right now raising their price targets on the software name including evercore. analysts over there upfwrading okta to inline from underperform sayin

plus, major wall street banks including the top economist at jpmorgan chase confirming what we found"the evening edit." what we reported to you. the government did inflate and overwith state the number of jobs created under biden. that's coming up next on "the evening edit." ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. the day you get your clearchoice dental implants makes every day... a "let's dig in" day... mm. ...a "chow down" day... a "take a big bite" day... a "perfectly delicious" day... - mm. [ chuckles ] - ...a "love my new teeth" day. because your clearchoice day is the day everything is back on the menu. a clearchoice day changes every day. schedule a free consultation. (josh allen) is this your plan to watch the game today? (hero fan) i have to watch my neighbors' nfl sunday ticket. (josh allen) it's not your best plan. but you know what is? myplan from v

. >>> up next, countdown to the crucial cpi number jpmorgan asset management's gabriela santos says theges on this data in a big way. "closing bell" will be right back good luck. td ameritrade, this is anna. hi anna, this position is all over the place, help! hey professor, subscriptions are down but that's only an estimated 15% of their valuation. do you think the market is overreacting? how'd you know that? the company profile tool, in thinkorswim®. yes, i love you!! please ignore that. td ameritrade. award-winning customer service that has your back. ♪ (upbeat music) ♪ ( ♪♪ ) constant contact's advanced automation lets you send the right message at the right time, every time. ( ♪♪ ) constant contact. helping the small stand tall. >>> stocks in the green across the board to start off the week of trading as investors await thursday's critical july cpi print. my next guest says she expects to see more disinflation, which could mean the end of the fed hiking cycle joining me now is gabriela santos of jpmorgan good to see you. >> good to see you >> certainly, the market is poised, i think

that's jpmorgan taking twice that time to get to the same milestone.tter is when you fire underperforming employees, they strike back with their own narratives. you know what in that's exactly what's going to happen in the federal government. i'm bringing a 75% heed count reduction plan to the u.s. federal government. and the fact of the matter is a lot of underperformers, they're not going to be happy with that. that's been the story of how i've gotten ahead in my career, reward overperformers -- neil: so you're dismissing what they're saying -- >> oh, it's laughable, yeah. neil: -- not a lot of thought was given to running your investment firm as an investment firm, that it was a pr mechanism for the presidential campaign. what do you say to that? >> i mean, it's another total lie from, you know, underperforming employees, they're going to try to, you know, hold a situation hostage when a guy's profile is rising, but it is total trash. it's exactly what we're going to see more of. i expect we're going to see much of this coming out over the course of

. >> reporter: the ceo of jpmorgan chase on cnbc reassuring investors the u.s. economy is very robust >> this is the most prosperous nation on the planet it's still the most prosperous nation on the planet. >> so, tom, clearly there's some good economic news, but a lot of people at home are still dealing with i guess what could be called everyday inflation. >> reporter: yeah, especially at the gas pump the national average for gas is now $3.80 a gallon that's up 27 cents in a month. analysts blame russian and opec cuts and extreme heat slowing refinery operations in the u.s., and, meanwhile, higher interest rates are making it more expensive to buy a home. 30-year rates are now averaging more than 7%, lester. >> all right, tom, thank you. >>> in 60 seconds, a kidnapped woman escapes from a makeshift cell in a man's garage police say the suspect is now under arrest and is being investigated for other alleged sexual assaults the disturbing details next >>> the fbi is asking for the public's help tonight after it says a woman who was kidnapped escaped from a cinder

jpmorgan's chief economist is back. to see you. >> you had a great chart last week looking at expectations for q3 and how atlanta fed has pulled away and no one can sort of understand what they're seeing but what do you think explains their tracker? >> it's very early in the quarter, right. we don't have much data yet for the third quarter. we did get a good retail sales report last week, so that does make it look like consumption will have a pretty good quarter here. invest inventories are lean. the restocking there will contribute to growth. i wouldn't put too much weight on the syestimates as they shak out. we'll have a better sense. it does seem like it's off to a good start. >> yeah. you did say maybe real consumer spend up 3 to 4 this quarter. >> i think that's possible. certainly after, again, after last week's number it looks like july is going to be a pretty good real consumption month and every reason to believe, given what we're seeing and things like jobless claims the labor market is holding in and no reaso

. >> jpmorgan note this morning, with jackson hole behind us, where do yields go from here. over the next month, we see yields moving lower. this is driven by a series of data prints that are disinflationary from the labor markets and official inflation data. we'll see. the jobs number on friday, estimates are in the 170 range, which would put the three-month average at about a two-year low going back to the beginning of 2021. that's kind of -- those are the incremental steps you would imagine the fomc is going to want to see. >> right. and i'm sitting in jim's chair so i can play him. are we going to see slackening in terms of wage inflation? and/or as a result of weaker employment numbers, will we start to see that truly calm down. there had been a bit of a trend. you follow it more closely than i did, but we come back to the wageflation and how much that matters and how much it figures into what the fed is thinking about. >> cramer was very much hawkish on job hopping and what that was doing to incremental wages on the new hire front. we certainly had data in the last cou

jpmorgan cuts to neutral. they go from $15 $6. key also cuts.ng sign about luxury or something else? >> well, china was a part of the story here. macro pressure there. this is the online retailer that sells a lot of luxury goods, so i think there are cracks in the luxury story, but some are handling it better than others. >> yeah. >> and farfetch clearly is not. it was that outlook that really spooked the street and has analysts downgrading the stock today. look at that move. down 38%. >> yeah, this is a -- kind of a give-up. it's 80% off its highs at this point. although i was surprised to see still more than a billion dollar market cap, even after this drop. >> yeah, i mean, oliver chen says maybe the wholesale trends or the weaker trends at farfetch could be a read-through to luxury department stores, wholesale, like nordstrom, which reports next week. we'll see. but overall, i think just weak on the china story and the overall -- you know, we got a lot of retail results, and there are a lot of confusing signals. i was going back and looking

many economists dismissed the downgrade, including jpmorgan chase ceo jamie dimon, who called it "ridiculousatter. and he may not be wrong. us treasuries, that is, government ious remain the bedrock of the global financial system, despite this latest knock to its reputation. michelle flory there. among the big names saying they are "puzzled" by the downgrade by fitch is mohamed el—erian, chief economic adviser to the insurance giant allianz. he told the bbc the move won't affect the us economy, but it will fuel the political debate over the country's finances so i don't think there'll be an economic or fiscal impact — by that, i mean that this announcement will not reduce investment, will not reduce the attractiveness of the us economy — so that's the economy side. and then on the fiscal side, this in itself will not increase the borrowing cost for the us — in fact, if you look at what they call credit default swaps, which measure credit worthiness, they hardly moved today. and you would expect them to move if the market was worried about that. so it will not impact the fiscal side or the ec

many economists dismissed the downgrade, including jpmorgan chase ceo jamie dimon, who called it "ridiculousreasuries, that is, government ious remain the bedrock of the global financial system, despite this latest knock to its reputation. earlier, my colleague, carl nasman, spoke to mohamed el—erian, chief economist at the financial services company allianz. in your mind? i'm curious, was this downgrade by fitch warranted? it was not warranted. i agree with secretary yellen, as do the vast majority of economists and market analysts and as does the market itself that has brushed off the fed's decision. both the content and the timing of the announcement were pick your words, strange, surprising, perplexing, whatever word you want to use. itjust doesn't seem right. what's behind it, then? why do you think fitch decided to make this downgrade now? no—one knows. 0ne one argument is that it was just an accumulation of factors. maybe they should have moved earlier and they didn't, but then they felt compelled to move. but that moved at the wrong time. they've moved at a time when economic growth

she also has held important roles in the private sector in court logic at jpmorgan chase. from 2000 2-2012, she worked at fannie mae, focusing on secondary mortgage market programs and policy while there, she played a critical role executing on the housing and economic recovery act of 2008 including implementation of new programs to promote mortgage servicing reforms, foreclosure prevention and loss mitigation solutions. again, thank you for joining us in before we start our conversation, let me remind our virtual audience that if you have questions for our guest, you can post them to eric twitterx account thatbpc _bipartisan. you can use the#bpclive on view can submit your questions and the youtube chat. we will say sometime at the end to take questions from our in person audience and our virtual audience. let me just begin -- i think alayna, ginnie mae is certainly one of the most important financial agencies in washington but i think it's also one of the least understood. for those in the virtual world and here in the room, might not be as familiar with the critical rol