statement on jpmorgan's $75 million settlement in the jeffrey epstein case from the u.s.ds attorney general jpmorgan has agreed to implement and maintain anti-trafficking measures to help prevent human trafficking in the future. this settlement is a victory for survive he was and for state enforcement and should sound the alarm on wall street about banks responsibilities under the law to detect and prevent human trafficking. the u.s. virgin islands say the commitments jpmorgan has agreed to include informing law enforcement when customers are identified involved in human trafficking, terminating customer accounts if jpmorgan has credible information it is engaged in trafficking activity. identifying and escalating clients associated with force ord child labor trafficking or slavery and the settlement will create a $10 million fund to provide mental health services for jeffrey epstein survivors. want to clarify because i spoke to jpmorgan who says these commitments that were outlined in the press release are previous and ongoing efforts and these processes are not new. the

. >>> and alarm bills are ringing for jpmorgan chase over the inflation and the federal reserve. jamie dimon's prediction for interest rates just ahead. >>> and federal trade commission and 17 states are suing amazon saying it stifles competition. but can they force a change here. we'll hear from a legal expert. >>> in a setback for new york's mayor, a judge has ordered the city to remove migrants from a shelter on staten island that was once a private school. the judge said the mayor violated local laws on zoning regulations. the decision comes after a lawsuit was filed by a local resident whose property is adjacent to this former school. >> and the order bans the use of the site to house migrants. the city started moving them there in august amid a record number of asylum seekers. and the surge is also affecting other countries. thousands desperate migrants stop at the border of venezuela on their journey to the u.s. >> but as david culver shows us, they must survive dire situations if any want to have a better life. >> reporter: as you touchdown in southern mexico, be ready to

jpmorgan upgrades global equities to overweight. says the upside risk could be $150 a barrel in the near to medium term. maybe $100 for longer term. hbc forecasting $90 in q4. regardless, the call is boosting brent after yesterday's dip and sets up futures for their first necktive week in four. joining us is our own pippa stevens. they also make the point that the equities haven't kept pace with what commodities have done. >> that's right. we've seen a decoupling how energy equities and oil itself have performed. when you look year-to-date that doesn't tell the whole story. last year we saw outperformance from the with equities while oil lagged. you do have to pick your starting day when you look at how they perform. jpmorgan is saying that underinvestment means we'll see massive supply deficit in coming years through 2030. essentially in prior decades, money was cheap and there was momentum behind hydrocarbons so capital was flowing into the space. they were seeing new production. that is no longer true. they say that is lifting th

sticking with jpmorgan stanley. first thing to note, it's quite remarkable.organ stanley is the same police it was in september of 2000. so, now, if you have a stock that's gone sideways for 23 years, that means adjusted for inflation, you've lost about half your money. 23-experience year, year over year, lose 2.5%. that's pretty unhappy. zeroing in closer, this is the trend line in effect since the covid low. we have converging trend lines, one could say your arrow is wrong, carter, it's going to break out. i think it's going to break down. let's go even shorter term and wrap here. what we have is that line is in play. do we breach? it is, to be fair, a series of higher lows since the lows of about a year ago. i think we're going to break. >> all right, so mike, do you agree with carter's assessment and what's a trade here? >> yeah, i mean, so let's just talk about the space first, i mean, what's kind of curious about the group, if we're just talking about the banks and brokers, big ones would be goldman, morgan, jpmorgan, so on. on a historical basis, the v

nevertheless, i'm long jpmorgan. >> of course you are. as you should be.in cheek to a point, but he chose to say it, as well. and he's saying a lot of the same things we've been saying for awhile. regulation is coming. you should not be paying a premium for a lot of these stocks. on top of that, you wonder, what is going to be demand for credit going forward? what does the environment look like? i don't think it's necessarily favorable for banks. >> well, that's -- i think this is a credit discussion on the consumer level. we're throwing around numbers, we do it all the time, and some numbers i was looking at this points, in terms of debt, essentially debt servicing as a percentage of household income is now at a level it's not been since june 2008. at 4.3% of the take home salary, it starts to become an issue where you wonder -- banks are always, let's sell first, ask questions later, and as it relates to the consumer, as it relates to credit. c citibank, the fourth largest money center in the world, it's trading as if there's a big, big problem. ja jamie

and jpmorgan chase has agreed to a $75 million settlement with the u.s. virgin islands in a lawsuit over the bank's role in financing jeffrey epstein's sex and human trafficking empire. epstein owned two private islands in the virgin islands. jpmorgan did not accept any liability in the settlement, which will be split between legal fees and funding efforts to combat human trafficking. the suit, filed last december by former u.s. virgin islands attorney general denise george, also accused jpmorgan of profiting from epstein's operations and failing to report suspicious activity. george was fired soon after she launched the lawsuit. she had recently secured a $105 million settlement from epstein's estate. this comes after jpmorgan chase in june agreed to pay $290 million to settle another lawsuit brought by epstein survivors who said the bank ignored warnings about abstain's abuses for years because he was bringing in wealthy clients. and those are some of the headlines. this is democracy now!, democracynow.org, the war and peace report. coming up, we go to

wait til you hear how high the jpmorgan chief thinks rates could actually go.int, much more than 5%. next, blackrock's -- is about to reveal what she says are the best etf ifs to give you some green in this sea of red. the dow still down 372 points, "the claman countdown" is coming right back. stay with us. ♪ ♪ ♪ explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. say goodbye to daily insulin injections with omnipod 5... a tubeless system that automatically adjusts insulin to help protect against highs and lows. try it today. go to omnipod.com for risk information and instructions for use. consult your doctor before starting on omnipod. the first time you made a sale online with godaddy was also the first time you heard of a town named dinosaur, col

we have robert joining us from the jpmorgan chase conference. robert, good morning to you.e talk about higher inflation on company's balance sheets for the foreseeable future. are credit investors compensated for the risk? >> thanks for having me on this morning. our view is the credit investors are not come ppensated for the risks in place at anthe markets. there is a stark difference with the public market and private ma markets. we see the tighter end of the range with the extraordinary qe and credit boom. the market is pricing in a very benign forward environment which doesn't sit easily with the lower growth outlook with higher for longer interest rates. we already see the start of the demise of the credit cyscycle. >> let's unpack that further. where are you seeing that? are you seeing dlelinquencies pick up? is this company specific cash flows? is this credit tightening that is beginning to have knock-on effect in the sector? where are you seeing the warning signs? >> that's a great question. i think we are seeing it in micro and macro factors at the moment. the defa

we begin with jpmorgan chase upgrading draft kings rating and target moving to overweight and 37 per has a strong product and brand to compete against the online gambling space shares up over 3.5% this morning. >>> morgan stanley raising rating on barclays now to overweight it expects shares to move higher shares up over 2%. >>> hsbc with pinterest of the buy rating it believes it has the right management team in place and different capital strategy to deliver on its foray into social commerce shares up fractionally right now. >>> it is time for the global briefing we start with the story we told you about earlier. shares of evergrande slipping for the second straight day after missing on the key bond payment yesterday. the ceo and cfo have been detained by chinese authorities. >>> and luxury brands downgraded by bank of america and citi and deutsche bank. bank of america said the boom for luxury retailers has peaked with the easing of covid restrictions. >>> we are watching shares of asm raising guidance for 2025. shares right now are down 4% the equipmentmaker expects revenue of $3

the only bank i own is jpmorgan.middle of an intense regional banking crisis. we sold all of our regional banking exposure in april in the financial sector. visa, mastercard, brown and brown, fleet core. these are not banks. you want to own a bank, go to the debt market. >> weiss? >> they have not been doing too well. i don't expect the banks to per perform. i'm holding because i have some gains in them, sort of like a call on an ipo market. i don't think there's a lot going on that's positive for the banks. they have slimmed down. they're just stuck in a rut. the management continues to be excellent and operating in efficient businesses, but that doesn't lead to a higher stock price, which, frankly, i don't see until some time next year. >> liz, financials? >> if you're coming at it from a valuation perspective, they look great. the second cheapest in the index. perfect. but that's not the reality. the fundamentals might be there for the big banks. big beneficiaries, but i think that has all but played itself out. t

jpmorgan upgrading to overweight, the energy sector. bryn, you own the xle. >> we own a bunch of energy names. i think their call this i agree with is really 80 is the new 60. 60 is where we treaded water around the price of wti. 80 for structural reasons. i will say that the price of oil has moved up much faster than the underlying stocks of the last month because, once again, you need oil to stay above that $80, $90 range for a period of time to embed themselves into the revenues of these companies. you can't just buy them all. i own diamondback and devon. there is dispersion of return. generally you will have a sector very chief. you have people underweight the asset class. i think most people rent the space rather than own the space. the ceos are looking to get the renters to become owners for the assess class. it's nice to see jpmorgan back on this trade, which they've been sitting out earlier this year. >> back in a big way. you look closer to that call, they say the potential to bring energy ownership for brent crude to go up $15

so, goldman pointed to names like chevron, phillips 66 and baker hughes jpmorgan also favoring bakershes due to its exposure to lng with exxon and marathon oil other top picks. carl, back to you. >> pippa, thank you for that >>> got a bull call on domino's catching the street's attention today. we'll discuss why one analyst says the stock can run up to mebahetrt""squawk on t see cos ck eats each year. that rate is increasing as more and more businesses move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in security. chip? at&t business. are you still struggling with your bra? it's time for you to try knix. makers of the world's comfiest wireless bras. for revolutionary support without underwires, and sizes up to a g-cup, find your new favorite bra today at knix.com >>> a lot of focus on the consumer costco will be an important read as it reports earnings after the bell the stock

jpmorgan and caterpillar. start with cat, the dollar is getting stronger.y do a lot of business overseas. are you concerned the dollar being too strong for multinationals? i'm not. dividend trading at pe that is, below its five-year average. guesting a discount, getting a dividend, battening down your portfolio, creating balance in the portfolio do whether what comes in the next few months. charles: do the jpmorgan picks counter the theme of fed tightening even more? financial conditions getting tighter that doesn't help jpmorgan. >> still buying it at five-year discount as well. getting a 3% dividend. very diversified dividend. banking trading lending. at that point, doesn't hurt them as much. buying a great company cheap. charles: you're focus on great companies, strong companies, proven companies, with strong cash flow on sale, bottom line? >> exactly. that's it. charles: great stuff, my man. >> appreciate it. charles: folks want to hear from you. love hearing from you anytime you have a comment about the show, guest, topickings if you have a top pick su

jason hunter, jpmorgan. my eyes are playing tricks on me. embarrassing. i apologize for that. >> no problem. >>> up next, meta's developer conference officially kicking off today. the stock officially selling off. what's behind the move? we'll get a shareholder's reaction, too. after the break. "closing bell" will be right back. like the fairfield-suisun unified school district switched to google tools for education. so they can focus on teaching and 22,000 students can focus on learning, knowing that their data is secure. ( ♪♪ ) ♪ is it possible to fall in love with your home... ...before you even step inside? ♪ discover the magnolia home james hardie collection. available now in siding colors, styles and textures. curated by joanna gaines. ( ♪ ♪ ) ( ♪ ♪ ) ♪ (when the day that) ♪ ♪ (lies ahead of me) ♪ ♪ ( seems impossible to face) ♪ ♪ (a lovely day) ♪ ♪ (lovely day) ♪ ♪ (lovely day) ♪ ♪ (lovely day) ♪ a bank that knows your business grows your business. bmo. >>> we're back on "closing bell." meta shares is closing off dura during the developer conferenc

jpmorgan is thest bank.nto the digital world to compete with block and paypal and also to further provide for their 5 million small business customers that they already have. stuart: that makes sense. i gotta that, fair enough. thanks very much, lauren. >>> coming up on the show today, "the view" cohost sunny hostin issued a warning for president biden. watch this. >> 991% of african-american can -- 991% of african-americans voted for biden and will continue to vote for biden if kamala is his running mate. i would be very careful, president biden, about getting rid of kamala harris because we will not support you. stuart: whoa. the panel exploded over that comment. i want to hear from the newly-minted "fox & friends" cohost lauren. lawrence: jones about what they said on "the view." he's going to be here later. >>> 61% of voters do not think that joe biden has the mental a soundness needed for the job. concerns about his mental ability are are growing. sandra smith takes it on. >>> autoworkers trading their

that's how big jpmorgan says the market for weight loss drugs could be. just how much could that mean for the biggest players in the space? we'll debate that. >>> and later, are you ready for some football? and some sports betting. nbc's magic wall maestro steve kornacki will take us inside the numbers. i'm melissa lee, coming to you live from studio b at the nasdaq. on the desk tonight, tim sey seymour, karen finerman, steve grasso and bonawyn iceson. the biggest stock in the world has also been the dow's biggest loser two days in a row. the slide starting after a report china will expand its iphone ban to state-owned companies. semis tied to apple feeling the heat. qualcomm down 7%. taiwan semi down more than 2%. is this just giving us a taste how big the impact of a china crackdown could be, and what other companies could face the wrath of beijing next? we have been saying this again and again, it is just up to china to decide how big the restrictions will be. >> and i think we have to be careful not to overstate what has happened here. >> too late. >>

citigroup jpmorgan wells fargo when you had first republic getting ready to collapse, you really onlyitigroup and wells fargo or you know, dealing with some issues now. so it was really only jpmorgan that could and you have some people in the banking industry, saying we shouldn't have just four too big to fail. banks it should be maybe. i mean, if we're going to have to big to fail banks that should be maybe 12 15 so that that risk is spread out because there are going to be other catastrophes in the industry and you i mean, i hate to say it, but there will be. i'm not predicting anything soon. but you do want to have more banks that can step up to the plate if that should happen to have somebody to call besides jamie diamond, exactly, you know, one hedge fund guy i talked to thinks that with banks, not always treating their customers so well, half a percentage point when you know the treasury is at five years, whatever that somebody's fintech companies will do well, but i don't know they build some of those apps to share money. and then the banks come along with zell, and it's just a

and jpmorgan chase is upgrading vale.t of the chinese reopening stalled and since peaking in february and vale lost a quarter of the value. shares up 1.25% pre-market. >>> time for the global briefing. shares of samsung rallying on the speculation the company will compete with a.i. chip provider to provide hardware to nvidia. it sealed the deal after the passage of the quality test. >>> more stimulus from the pboc. it will cut the amount of foreign reserves banks and other financial institutions need to boost the yuan. it frees up $16 billion of foreign deposits which stood at $822 billion at the end of july. >>> and softbank's a.r.m. holding will prepare for the ipo on september 13th with trading to begin the following day. a.r.m. is looking to raise $5 billion in the offering which would value the company between $60 billion and $70 billion this total. >>> today is day one of the invite only meeting on the shores of lake como. steve sedgwick got an invitation and skrojoins us with the story. steve, i'm jealous of the lo

we have asset management ceo from jpmorgan chase joining us. are you in the hawkish pause today?> after the leak that happened yesterday, i feel it will be more the dovish hike. i feel that is where the ecb is going. they weren't happy with the pricing on monday. it does feel they want to hike. you look at the economic data and it smells of a possibility of policy mistakes. i think they want to be clearer around the fact we are seeing weakness. >> it is extraordinary that the news report came out. if they end up hiking, it would be a surprising turn of events. before the article came out, the market was leaning too a hike. now the market re-priced on the back of the article. that is key. what does that tell you about the state of consensus building within the ecb and the fact they felt they had to take it to the hire last second. what could be quite an informative leak. >> we had a number of hawkish members of the ecb coming out saying there was still the opportunity to raise rates. the market was ignoring that, somewhat, as it was still more likely we were going to be on pause.

visa has a market with jpmorgan, they make so much money doing what?rcut them with a twitter payment system and make the money on the non-boughts like neil cavuto. i wonder how you monetize your user data. neil: this whole internet thing is going to be huge. charlie gasparino, best in the business, we've got mga entertainment talking about amazon, big hiring plans for a busy holiday season bots or no bots. people don't realize, that an 500 or so. under $10, big sellers and i imagine this holiday season they will be big sellers. >> thank you, 97 days left, and there's a big inclination, $7 a gallon so whether it was a year and 1/2 ago came up with $50,010 and this is one of them for example, one of the hottest selling toys, $10. so this is -- neil: how much is that? $10? you are like a dollar store for toys. >> $10, she looks great. we have new toys, hard selling. in other words you are saying these could be called impulse purchases, they get excited for christmas, holidays, those are perfect gifts and you are at the right price point. >> we are seeing

>> that jpmorgan chase call made the rounds on friday.solar stock performance, but there is more of a relationship with national gas. nat gas powers the grid. when oil gets high, we see fuel switching. that could boost nat gas to boost solar. solar has been under forperform here is utility bills are not rising fast enough. that is one reason we have seen a slowdown in the residential sector because utility bills are not rising fast enough to justify solar. however, yo utilities tend to spread the cost of higher nat gas prices over a longer period of time. solar companies say as utility bills continue to rise and everyone is forecasting they will rise, that will make solar a better investment. >> interesting that utility prices have not gone up enough to push people to solar. >> it is the spread between the cost of the utility bills and cost of the solar system is the metric to watch. in texas and florida, where solar is very popular, utility prices are going up, but have slowed. now systems cost more with higher rates because people tend

. >> apple commentary out of jpmorgan and the analyst team there, the headliner is outperformance is unlikely. the setup, they've cut their target price to $230. they think that second half is unlikely and mountaining china risk be despite a low bar heading into the new product launch we have coming up. the magnitude of the upside to shares on the remainder of the year will be limited by the outperformance already year to date as well as an earnings multiple at a 61% premium to the second half of 2019 when apple shares outperformed in a similar fashion, on the other side, i would point out morgan stanley, though, is framing this on a more positive side. more risk -- the china risk has more bark than bite. recent headlines may evolve into something broader. we believe that is unlikely. we see 4% revenue and 3% earnings per share down side suggesting the stock move is overdone at this point. so, with that in mind, bryn, i'll go to you because you own apple. when it comes down to this kind of debate we're having, if you're long the stock, what do you do? >> i think you have to ask yours

. >>> jpmorgan chase ceo jamie dimon is urging caution and warning that despite the positive sentimenthe still high has major concerns of the american consumer. >> if you are spending like a drunken sailor, that is a big butt. >>> and european equities make a muted start despite strong gains on wall street and uk wage growth tops inflation in the three months to july. >>> warm welcome to "street signs." we will kickoff the show with smurfit kappa. the company is announcing the tieup with westrock. the company has a combined revenue of $34 billion in the 12 months to the end of june which says it will make it the world's largest packaging company. it will continue to be led by tony smurfit. westrock shareholders will receive one company share for the current shares and $5 in cash. let's look at westrock shares pre-market and where things stand this morning. we are looking at a nice bounce in westrock. quite a different story for smurfit. karen has stuck around from "squawk box." karen, what more can you tell us about the rationale for the deal? >> smurfit going from a medium box to a la

>> and jpmorgan chase ceo speaking to cnbc in india overnight. here is what he said about the economy and fed policy >> so, if you have higher for longer and good growth and inflation is contained, that's good you have more fighting for capital and payment for capital. the world needs it for the military and green economy and i.r.a. act and chips abs act an deficit spending right now, it feels good fiscal stimulation was extraordinary. that was a global phenomenon more in the united states than everywhere that is a little bit of a sugar high that will do away. -- that will go away you have ukraine, oil, gas, disruption of trade flows, wi winter good leadership on the part of america and india and china and europe could make sure the negatives don't happen i put myself in a cautious category >> the negative could happen if the government shuts down. we will talk about that in a bit. >> and what would happen if the world got to 7% interest rates the world is not prepared for it i don't think that is something he is anticipating, but that is the wor

it's the hold call on jpmorgan that got us thinking.old on jpmorgan, josh brown, your stock, the one stock of the big banks that you own and love. what do you think about this call? >> i get it if we're playing a relative valuation game. there may be lower priced stocks you can own in the group. outside of that i don't see the rationale of not wanting to own the book name. i would disagree with the conclusion of the research and i would probably just ignore it just as i have a million other down grades and neutral calls on the stock for years and years and years to come. >> jim, steph, initiated by hsbc. >> i agree with the call. it's a capital markets recovery call and banking fees are likely to recover. james gorman was on talking about how he thought capital markets bottomed two weeks ago. i think the valuations are pressed. if you think we're at a trough. that's why i like morgan stanley and the asset management bus business. >> are they consensus estimates, though, baking in a full-scale recovery? >> no. not even close this is the

jpmorgan chase will pay $75 million to the u.s. virgin islands to settle a lawsuit over its links with jeffrey epstein. the plaintiff had accused him of turning a blind eye to evidence epstein used it to facilitate drug trafficking activities and initially sought payment of $190 million. the money will go to supporting charitable organizations in the virgin islands as well as helping local police combat human trafficking. shares in china's evergrande fell 8% on tuesday following a 21% drop the day before. the market hammering came after the country's main domestic unit defaulted on its payment of 4 billion yuan's, slightly over 500,000 euros. multiple current and former executives of evergrande are reported to have been arrested, including the group's former ceo as well as the previous chief financial. here in france, around 60 members of the railway union stormed the ministry of ecological transition to protest against proposed reform of the national rail companies and freight unit. protesters made their way into the building and

jpmorgan's ceo last week, jamie dimon, he said the last round was over valued. that has been one of the main reasons why we have seen the drought over the last 18 months is companies said i was valued so much more in 2021, i can't go public now. these deals that we are seeing -- i will even put arm in that category because they did an internal private situation a month ago, and tech necnically was a down round as well. they are showing it's okay to go public and take your medicine, and all that matters is the after performance market from here. we will see if they can pull off a successful debut like arm did. that could be the catalyst that helps others companies say, i could go public too and that would open the ipo window further. >> a bit of a reality check, no doubt, for founders, and venture capitalists the like. thank you. >>> up next, mike seantoli will be here with his midday word. we're back after this. opportunity is using data to create a competitive advantage. ♪ ♪ it's raising capital that helps companies change the world. it's making complicated fin

jpmorgan and goldman sachs helping lead the dow higher today. along with several big industrial stocks like caterpillar and dow. we're closely watching the nasdaq today as well. arm's highly anticipated ipo off and running at a big way. priced at 51, opened above 56 and it's above 58, near 15% to gain on today. we'll discuss whether the biggest ipo of the year is a sign the market is thawing out. it does take us to our talk of the tape today. the market's unique ability to brush off almost anything thrown its way and how long that can last. let's ask gabriela santos, jpmorgan's global market strategist and cnbc contributor joe terranova, of vertis investment partners with me at post nine. it is a resilient market, is it not? >> it is quite resilient. through the end of may it was about the a.i. turbo charge of a handful of companies. since may more participation from cyclicals as the data has shifted the narrative, much more towards a soft landing. it has been surprising even though we've seen a back up in real rates closs to 200 basis points we

jpmorgan saying the emerging of obesity and diabetes drug market could grow to $100 billion just in theich could mean big gains for eli lilly diabetes drug, which is expected to be approved by regulars soon to treat obesity. that's why shares are up over 2%. shares of hard drive provider seagate going in the opposite direction, down over 10% right now. barclays downgrading the name, blaming poor fundamentals and recovery that could take longer than expected. separately, seagate just yesterday also announced plans to sell up to $1.5 billion in convertible notes in order to pay down debt. both of those contributing to the 10.5% drop. >> thank you. kristina partsinevelos. >>> the question of the day, we asked is apple's current valuation of 29 times forward earnings justified or not? yes, it is, or no, it's too expensive. the results after this break. >>> do not miss a cnbc exclusive interview, goldman sachs ceo david solomon sitting down with david faber 4:15 eastern during "overtime." "closing bell" right back. your shipping manager left to “find themself.” leaving you lost. you need to

jpmorgan predicting 150-dollar oil. larry: in a couple years. >> a couple years.tion. almost just accepted now we're back at 100. larry: interest rates very high. >> we didn't have to be at 100-dollar oil. larry: you're dead right. it is hurting the bond market and also damaging the stock market. >> there is no faith in the future. not as if you had times are tough, but better days are here again, happy days are here again, the great roosevelt magician at work. people have no faith in the future. that is deadly. they want to be optimistic. larry: this is a great point, a kudlow point, jack kemp, point, reagan point many years ago, shouldn't republicans in this debate try to get that message out? in other words we have an agenda? >> don't just say go to my website to see my tax plan. lead with it out loud. larry: that is a great point. really this kind of optimism in the future, here is some big picture points that they make. that is really what is missing from the debates. >> not just details. feeling you have the right principles, right direction, right character

we're still optimistic the fourth quarter will be strong for equities. >> jpmorgan's phil sat here onrys. really quickly, ryan, small cap, russell 2000, the worst month to date performer. well, actually, it looks pretty bad. it is down 3% for the month, nasdaq down two, s&p down one, you still like small and mid-caps here? >> further, let's say remainder of this year out a couple quarters we do. similar theme we don't see a recession. smaller cap will do better, more alpha to play catchup to their big brothers. something cheap out there? small caps are historically cheap relative to large caps. we're looking for stuff cheap. small cap is an area we like. we think it is a good place. [closing bell rings] liz: buy low, ryan, thanks so much. don't miss our all-star lineup, jeremy siegel and kyle bass. ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so the federal reserve meeting is, held today and tomorrow and there's an fomc an

jpmorgan noting the market has a lot to digest, including how this changes the company's big mix. says it stretches the balance sheet too far. moody's also changing the outlook from stable to negative. >> how will this affect users and customers, will this raise prices across the industry? >> so there are major infrastructure company. they own pipelines across north america and canada and the u.s. this is another move to get into these areas of the market called local distribution companies. so in ohio, north carolina, and utah. i was talking earlier, and these are fairly nice regulatory environments for the utilities. of course, what this does for enbridge is it gives it more insight into future cash flows, since they will be under that regulated utility model where they earn a rate of return on upgrades and things like that. someone was telling me they raised their dividend for 26 straight years, so this is a way to ensure cash flow looking out. >> and investors want to make sure they raise it for 27, 28, 29 and 30. >> have to keep the winning streaks going. >>> let's get to tyl

citigroup says they're a buy, gives them a $36 price target, jpmorgan going to 32.ar weight loss drug. why are they suing -- lauren: so the clarification would be it's a diabetes drug that people use for weight loss. they're suing ten clinics, spas, wellness centers for trademark infringement by sharing the fake version. so they used one of the compounds in it, made their own version of it and then sold that for a cheaper or price. stuart: that's not right. lauren: yeah. and it could be dangerous which is exactly what a eli lilly is saying. they're seeking injunctive orders and undisclosed damages. stuart: okay, next case. instacart, they ipo'd yesterday. they zoomed, and they were up 12% by the close. they're now down $1.87. lauren: they ipo field at 30 -- ipo'd opened at 30 and and went to 42. their enthusiasm is being challenged by, a, the competition and the difficulty of expanding their margins at a time when food prices are so high. food inflation, lots of competition. investors are evaluating that huge pop that they saw on day one, coming back down to earth.

. >> you own jpmorgan and black rock. concerned about rates and the financials?s like a harder story, especially with the yield curve. we talked about potentially lack of demand for capital and loans at this current level, and then capital markets, which were showing signs of life but now it's uncertain whether there will be follow through in the fourth quarter. so we are happy to stick with jpmorgan, which is the highest quality name, and black rock benefits from flows going into fixed income. >> as we said, banks moving higher today. >>> coming up, "final trades" from the committee. stay with us. a competitive advantage. ♪ it's raising capital to help companies change the world. ♪ opportunity is making the dream of home ownership a reality. ♪ ...and driving the world forward to a greener energy future. [applause] sometimes the only thing standing between you and opportunity is someone who can make the connection. at ice, we connect people to opportunity. ♪ ♪ a every day, businessesone wh everywhere are asking:on. is it possible? with comcast business... it is.

>>> yes, jpmorgan reached a settle with the u.s. virgin in the jeffrey epstein sex trafficking case, $75 million settle will go to local charities and victims assistance, the nation's largest bank was accused of facilitating and benefitting from sex trafficking of young women by its longtime customer epstein. it admitted no wrongdoing. >>> ford is pumping the brakes on the construction of a multibillion-dollar battlery plant in michigan, as the company is in midst of national contract talks with united auto workers union. >>> walmart is expanding its options for prepaid phone plans. an exclusive partner to mobilex, unlimited plans start at around 15 bucks a month or customers can use an a.i.-powered tool that anticipatings their data usage. a.i. to customize your phone plans. >> a.i. is doing everything. >> i don't think there's an hour, a day we're not talking about a.i. >> bertha, thank you so much. >>> coming up, new details on the new study that will help parents understand what they're teens are actually doing with all that tim

liz: wow, okay. >> jpmorgan and blackrock both are the financial advisers s. and here's what they're going to do, as important as it is to get u.s. money, taxpayer aid flowing to the ukrainians so they can fight, fight vladimir putin's aggression, private money is how the ukraine is going to survive and thrive in the future. and in order to get private money, reconstruction money that builds stuff, builds hotels, hopefully, makes ukraine a thrive thing economy -- thriving economy, you have to do stuff that essentially gives someone hope whether it's one of those guys or anybody else, hope of return on investment at some point. there's two things that stop the return on investment for the ukraine right now. number one is the war. we all to know about that. the war is at a stalemate right now. you know, maybe it remains as a stalemate. the eastern side of the country -- the western side of the country, by the way, is very war-free very peaceful. so there's places to invest in western ukraine -- liz: that in and of itself is a miracle. >> miracle. but the other p

jackmanly, global strategist for jpmorgan asset management. of october i think we'll get one more interest rate hike. what is nice about the timing of our discussion today we don't have to speculate much longer. next week we have the summary of new economic projections. we'll have the new scott plot out of the federal reserve. we'll have more clarity on what the fed is seeking. i assume they will not do anything with this dot-plot. they will maintain the notion we get 25 basis-point hike to close out the year and hold rates steady. that clarity will come imminently. everybody needs to pay attention to, the dot plot of economic projections next week. liz: sometimes that means equities will have too much risk premium built in there. so do you go to treasurys what kind of fixed income do you look at? >> for the first time in a long time, liz, i'm genuinely excited about fixed income as an asset class and there are couple different ways you can talk about this. from a purely valuation perspective fixed income is quite attractive because stocks are

charles: jpmorgan has a little bit of a different view than goldman.the most optimistic. they say there are three potential scenarios. the global economy, a chance which wreck everything. before the year is over global economy goes into deep recession or 40% chance of goldilocks. we keep hearing about gold goldilocks. 50% chance, boil the frog. we have to stay where we are right now. chris, which one do you like best? >> i'm in the round two, boil the frog scenario because almost everything pushing inflation down right now is the transitory junk that came on during the pandemic which is now unwinding. it is not going to unwind forever. when it is done, the cyclical pressure comes to may have, and cyclical pressures, are already beginning to mount. so they will push inflation up. i think the fed can pause, pause soon. charles: right. >> will they be able to stay paused? probably toward the end of 24, beginning of 25 they will have to hike again. charles: inflation sticky. further tightening at some point maybe and a hard landing? >> a hard landing. not

we'll hear from the ceo of a brazilian fintech start-up with dreams of becoming the jpmorgan of southrica. that's when "power lunch" comes right back. ♪♪ it's time to bring balance to business travel. and discover the equilibrium that works for you. at national, you're in control. skip the counter, choose any car in the aisle... and manage your rental right from the app. so you can mix work... with leisure. or leisure... with work. giving you the control to find the perfect balance. go national. go like a pro. the first time you connected your godaddy website and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com my name is caron and i'm from brooklyn. i work for the city of new york as a police administrator. i oversee approximately 20 people and my memory just has to be sharp. i always hear people say, you know, when you get older, you know, people lose memory. i didn't want to be that person. i decided to g

jpmorgan says all of the excess savings, gone.ust talking, charles, this is all the fun we had spending all the savings on the taylor swift tickets, going out playing golf when we worked from heem. we made good memories but we have nothing left. consumers are complaining louder how hard it is to access credit. this came out in yesterday's report. approaching 60% of people saying it is harder and harder to get credit. what is really troubling here the credit consumers do have, they will not save that anymore for that last day of yolo, you only live once type of experience. they're just not spending as much anymore. they're starting to feel a little nervous probably. the problem is getting more and more clear. higher rates, higher interest rates that is, higher debt, they're eating into the household budgets and they're doing it very fast, more and more of that monthly take home, yearly take home, it is going to pay the bills but still the overarching opinion on wall street, charles, is that the consumer is fine, nothing to worry, n

if it gets to 160, you want to buy it we had 185, 182, we sold calls on visa, sold calls on jpmorgan, just because there has been a little bit of a hiccup in volatility recently. cisco, to us, the catalyst was this purchase of splunk because now they're able to look at their software, their cybersecurity, their cloud, really synergistically put that together cisco stays there, prints money, prints money pe is around 17. very manageable. you get a 3% dividend. the increase is like clock work 5% every year, it is a stock you can look at here, little more boring tech, but in the tech space. conocophillips and energy, there is thematics there they're printing money they have special dividends that pay out like unbelievable rate they have been increasing that special dividend by over 30% a year for the past five years 13 pe, over 3% dividend, probably somewhere between 3 and 5 and break it all out with the special dividend whether energy is priced at $80, wti or 110, these companies are making money, focusing on shareholders, also buying back stock and that's how we want to position our po

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introducing jpmorgan personal advisors. hey, david connect with an advisor to create your personalized plan. let's find the right investments for your goals. >> okay, great. jpmorgan wealth management. he was only 47 aneurism. did he have life insurance. do you know you got to get on it. >> check out selectquote trust me the peace of mind. >> it's worth it. life insurance is important to put off another day. that's why selectquote, getting coverage you need easy for less than a dollar a day. now get up to a $2 million policy with no medical exam, same day coverage. >> this it's like qualcomm. we shop, you save. hi, friend. i'm pat boone and i'm having kind of a typical day for me. i started the day about 7:00. i got up. i took some vital factors, which is a vital way to start my day because it's filled with all kinds of minerals, vitamins and anti-aging. now, i came out, i played 18 holes. i'm going to go to the gym workout, and i'm going to take a shower, going to a big event tonight and dance half the night away, get and

from what i understand, jpmorgan's head of wealth management, her number two put together a meeting with zelenskyy. now, remember, they've been zelenskyy's financial add a slidesser now for months, trying to raise private capital or at least talk about a $20 the-30 billion private capital fund to rebuild the country. he went to the u.n. basically to ask for more military aid. this is the second par, or getting private capital in there. liz: wow. for rebuilding. >> right, for the rebuilding. so jp morgan has been their financial advise iser. from what we understand, they put together a meeting, should be held together at 4:to. again, if it doesn't get rescheduled. that does happen. some of these people may not show up. but here's the list of people on that, that are at least scheduled to go, and it is a who's who. bill ackman, jose andres is going to be there -- liz: he's making the food? >> we should point out he's been helping with food aid. henry kissinger. jonathan graves -- liz: blackstone. >> under steve schwarzman, might be the number one guy at some point. liz: very smart guy. >>

got some reactions here on where it's headed from goldman, jpmorgan, and of course cramer last nighte'll get to comments from the b of f ceo on the consumer, general mills and cody, and calls on disney, pins, and dollar general every day, businesses everywhere are asking: is it possible? with comcast business... it is. is it possible to use predictive monitoring to address operations issues? we can help with that. can we provide health care virtually anywhere? we can help with that, too. is it possible to survey foot traffic across all of our locations? yeah! absolutely. with the advanced connectivity and intelligence of global secure networking from comcast business. it's not just possible. it's happening. you know doug, ever since switching to workday you've been a real rock star. rock star? what do you know about rock stars? billy idol? i mean where's the skin-tight leather? my shoes are leather. where's the unnecessary zippers? that thing! billy, rock star is just how doug feels when he uses workday. thanks, rory. i'll show you rock star! be a finance and hr rock star. workday. f

jpmorgan remaining overweight but $136 price target.he price target to 110. there's concern about what's going on in the wholesale environment for nike. of course there's still focusing on direct to consumer and wholesale an important part of their business. they're actually giving back inventory and rebuilding the relationship with dsw and macy's. that could take time especially as a number of these retailers have worked hard on getting their inventories under control. lorain hutchinson of bank of america points out athletic sports wear companies, at least the data points she's seeing are suggesting promotions remain and a number of surveys from jefferies says if consumers have new student loan repayments they didn't have previously say they're going to cut back the most on apparel and footwear. >> i was going to say you get to a point in the cycle where companies start to come into focus for how discretionary their products are. there was a time you say people buy more shoes per year than they did before, as opposed to the ability to