jpmorgan earned nearly 20% of all u.s.ofits in the first three quarters of the year, taking in more than bac bank and citi combined. do we have to -- are we making this too complicated, just one bank to buy in the whole stratosphere of the financials? >> well, steve, it's interesting, because it was the stock to own this year, jpmorgan chase, it was the classic name, as tyler pointed out earlier, in the spring, when we had the bank failures, money flocked to the risk-off trade and jpmorgan was the direct beneficiary. if we are going to see a soft landing next year and the fed again is at the terminal rate. i think investors are going to start moving to risk-on, all of the names would do better in a risk-on environment versus what we saw this year. >> so, let's talk a little bit about credit risks. if you see a soft landing or no -- no recession, basically, there's not going to be much credit risk. they are not going to have to write off bad loans. >> tyler, you're absolutely right, and the interesting part is, we have new

. >> joe, jpmorgan, morgan stanley? >> jpmorgan is about to complete a record year for a bank.organ is going to earn this year. without question for me personally buying jpmorgan in march during the regional banking crisis was my trade of the year. and if you think about what jpmorgan was able to do in that environment, it's the same thing as in 2008. think about washington mutual, bear stearns. jamie dimon gets first republic in march. how does that look right now? it looks absolutely fantastic and an unbelievable acquisition no one else was able to compete with him at the time to acquire. >> we'll give you some love on that. selling morgan stanley and bank of america -- >> i'm back in morgan stanley. >> i know you are now. >> the destination is above 100. i'm not going to be bothered by the fact i got out of that. in the case of bank of america, i will get back in at some point. bank of america was a $50 stock in february of 2022. they just have to deal with the unrealized losses on the low interest to assets that they have. and that's the challenge for them. >> i think steve

i'm in jpmorgan, though. a 52-week high. a lot of financials have gotten that benefit of what's happening in rates. i don't think there's much more to it than that. >> jimmy, mayo over at wells fargo, names your city his top 2024 pick. his number one large cap pick, the stock is up near 30% since november 1st. >> i like the financials a lot here for a lot of the reasons josh just mentioned. i like citigroup in particular. people have to understand this is not jpmorgan, not the same company. just an investment banking company this is a security services and cash management company. and what jane fraser, who has been ceo for two and a half years, has done, she started out rationizing international businesses and getting rid of things noncore. that's done. now rationizing domestic business, cutting layers of management. the street is applauding. this is what mike mayo and others have wanted is to get the return on tangible equity up. you do that by cutting expenses. the stock is being bought back below book value. something jos

jpmorgan points out an uptick in game flow. the risk taking and then finally a lot of buying in tesla, scott. >> kate rooney, thank you. so money will come out of money market funds, will go into the market faang will do well but will be outdone by small caps. >> i agree with tom, no surprise there. if you think about the faang for a second, let's say they return 10% on the year and the year forward, the volatility will probably be breathtaking, a stock like nvidia went to 500 in august and dropped before climbing back to 500 last month. you can put up with that breathtaking volatility if you're getting 200% returns as you are this year in nvidia. can you do that if you're only getting 10% in faang names next year i think it will be hard pressed. you will shake out some of the tech investors now 10% is still fine the good earnings growth in a nonrecessionary environment combined with their valuations favors excellent returns in the industrials, small cams, materials. that's where i'm overweighted. >> to your nemesis to see if h

jpmorgan, we're ing jpmorgan to fund some of this, and i also think,oo, of our theme of everytng in moderation, own a little bit of everything, it's time to lo at regional banks we think are well positioned over the next o years. >> so you -- >> aside from that, the buying goldman, buying citi and selling jpmorgan, what's the thought process behind that? >> let's talk about banks and how jpmorgan trades relative to bank of america and berkshire. citigroup, the cheapest stock on a p/e basis, i love what james frazier is doing there in terms of reorganization. they brought in great management. i like that play. i think it's a contrarian bank. if you talk to the big institutions, they've invested in jamie. it's up 60% this year. citigroup is just up 2%. so you want to be able to go where the opportunity is and we're covered in the bank of america and berkshires. >> why did you buy disney? >> well, we've been on the network and talking about disney. we were early by buying disney. i still think bob is going to get this thing right. he will create a scarcity proposal, he's already talked about cutt

jpmorgan is up 2% of the year.lot of what is going on, and that flows through from the regional banking crisis, or the west coast banking crisis, we saw it earlier this year. that pressure on regional banks only meant the biggest banks got stronger. the concern, however, is what president biden referred to -- trying to put in place rules that are stronger. the set up heading into 2024 looks like everything would be great for banks, the consumer economy is still doing ok, wall street dealmaking will pick back up here that is good for these banks. if they go ahead with the plans to put on researchers, that could be a turnoff for investors. tom: i go back to 2007, when the banks had to sort themselves out. this is baloney. the bottom line is jpmorgan, as you mentioned, is up some 260% -- i am doing the math quickly, don't audit me on this --jpmorgan 2007 is up 260%. the others, eyeballing it, are up around 40%. when do they start getting scale so they can compete with fortress diamond -- dimon on park avenue? sri: it

jpmorgan raising the target, more than $50 higher than where it trades right now.ahead of earnings on the 19th. the firm expecting another beat from the ground shipping segment as well as a raise of the lower end of the company's guidance. key questions for investors, both involving its chief rival, u.p.s., is a parcel price war under way? how intense is the price for volume right now? shares up 50% right now. they're flattening up, down about 0.75%. >>> after black friday shopping numbers beat expectations, our next guest sees the big takeaway as consumers returning to pre-pandemic shopping trends. when it comes to where to find growth this holiday season, look to value names like tjx and macy's as well as gift beneficiaries from best in class brands like nike and birkenstock. the number one ranked analyst who was recently inducted into the all-america research hall of fame, jpmorgan's matt boss. how do you go from number one analyst to hall of famer, i think is the question people want to know? >> thanks for having me on, sara. >> it just means you win a lot, rig

jpmorgan and the likes would not lemdz lend to this.who raised a significant amount of capital who has taken over the market the last two years. >> and it's intertwined with private equity. >> correct. it's very symbiotic. and because you think about it a $10 trillion for private equity. as private equity grows, that needs to be lechveraged. so the banks will provide some of that leverage. the private credit will become increasingly important capital provider. >> and the most forward looking question, we heard analysts come out with big warnings about private credit, saying a lot of these are smaller, highly leveraged companies that have to pay floating rate debt. for now, it's been a good deal for the issuers. but that's going to come home to roost. is that where your attention is going to be? >> absolutely. we've been tracking interest coverage, which has been deteriorating of the last year. think about something like the 2021, with zero interest rates. now we're at 5% base rate. so we're just awaiting for it to see where the cycle en

dooidz dooidz we have to decide you whether worst branding decision or roll out of new, great point jpmorganen soind tag alarm for weakening situation a long time cheryl you've got information on that. cheryl: right, the jobs' report was coming out, jpmorgan releasing 2024 outlook, not good pretty pessimistic, basically dim outlook this is coming from chief economist the outlook for risk asset economic growth not looking good, cautious about risky assets in the broader macro outlook over the next 12 months. again this is marco, the achieve global market strategy there saying going to tend year 4200 a gain but not a very rosy picture from -- from jpmorgan the end of of the day. >> big question is anybody surprised that we haven't seen a big impact yet? joe how long have we been talking about economy slowing in risk, that risk for recession yet every month we look at all these measures consumer appears strong jobs appear to be continuing to get creative, even though when you peel back onion actually not as good agency what it seems i am still spliced we haven't seen a big impact from 11 rate h

>> we are talking black rock, jpmorgan chase, american airlines, they altered their they i policies,ges to things like scholarship programs, worker training and other company initiatives. according to the report, black rock describing a scholarship as designed for specific underrepresented groups and jpmorgan but the program described as advancing hispanics and latinos and advancing black pathways, those programs invite applications from all backgrounds but the changes come after conservative nonprofits including american first legal contacted companies and demanded they cease employment practices based on race or sex, demands were made to starbucks, morgan stanley and mcdonald's and others, jpmorgan chase, black rock and american airlines are among six companies that appear to have revised their they i policies after receiving those letters threatening lawsuits. after the supreme court struck down affirmative action in college admissions some expect challenges to they i policies to grow. >> now that fig leaf is gone and these company's are coming under fire some of which have starte

jpmorgan, up 26%.nd of course, the real big gainer, intel, nearly doubling in value, 91% gain overall for the dogs of the dow. if you take a look at some of the underperformers that we've seen as well, these are some of the names that have been cycled through, walgreens, you can put in there. chevron as well. some of those ones have really underperformed. you can see walgreens down 29%. chevron, down 15%. 3m, verizon, cisco, up 6:00. th 6%. the portfolio of ten happen roughly 6%, 7% so far this year, underperforming the broader dow. as for what it's going to look like in 2024, the general list of those ten have stayed the same with regard to the highest-yielding stocks on the dow. walgreens is still up there, 7% plus yields, same with verizon. five-plus percent yields for 3m and dow and ibm with a 4% yield there. and then you take a look at some of the other higher-yielding stocks in the dow as well. you take a look at chevron, amgen, cisco, jpmorgan, and intel, those are the current dogs of the dow. b

jpmorgan chase's ceo jamie dimon lashing out yesterday during the hearing on capitol hill suggesting bitcoin be banned. >> deeply opposed to crypto and bitcoin, et cetera. the true use case is criminals and drug traffickers and tax avoidance. if i was the government, i would close it down. >> in the past, dimon called bitcoin a hyped up fraud and likened it to a pet rock. other ceos testified and agreed the same companies should get the same regulations. we will talk to senator warren. she will join us. don't miss that interview in the 8:30 a.m. half hour of the broadcast. three hours from now. >> i don't know. >> two and a half hours from now. >> genie is out of the bottle. the horse is out of the barn. humpty dumpty -- that is obviously not a realistic. >> not as the s.e.c. was signing off. >> not a realistic thing to talk about. i have a lot of pushback on the notion. money lalaundering. we didn't come up with that when bitcoin was initialed. 99% of money laundering has been done without bitcoin. you don't want to get rid of the dollar. it is used for money laundering. maybe it is

i played jpmorgan throughout the entirety of 2023. i want to be a seller of jpmorgan, go back into morgan stanley and goldman sachs. >> capital markets coming back? >> i like the fact that i think in an environment like we've witnessed, i think they can excel, they're better at it. i was disappointed to hear the citibank cfo talk about how -- because commodities and fixed income opportunities aren't there, that the revenue is down significantly. that's discouraging, one of the reasons i don't want to own citi. >> it's a good point. citi is really, their crown jewels are security and treasury. and the reason i bring this up is people a lot of times will compare citi to jpmorgan. i understand they're both big financials. they're doing different things. >> jason snipe, you own goldman. >> for me i think it's completely idiosyncratic as relates to financials. anastasia makes a really important point on credit quality of the consumer. for me, as rates do come on, i think it's a bellwether for financials but in particular it's going to be c

this morning jpmorgan published its 2024 outlook for the building products industry. in stanley black & decker. they downgraded the best tool company in the world to underweight the equivalent of a sell rating. full disclosure we own stanley black and decker for the charitable trust betting on a resurgence in both professional tool demand and also do-it-yourself demand from regular consumers. so when i saw the downgrade i said to myself i'm puzzled. quizzical. the research analyst says he believes the estimates on the street are too aggressive because he fears margin compression. in other words, he's predicting a shortfall caused by lower demand and higher supply. that's a deadly combination. nine times out of ten this kind of research would have crushed any stock. but not tid. today stanley black and decker saw its stock soar 5%. on a day when a major house urged to sell. the market is saying this jpmorgan analyst is dead wrong. dead wrong to use the prism he's doing. the analyst says we have, and i quote, a tale of two end markets, new residential rebounds while rep

the used car retailer surging nearly 14% on the back of a jpmorgan upgrade.m saying the company has improved productivity, cut costs and now has potential to establish a long-term competitive advantage. shares up 60%, but the one-time pandemic darling is still down nearly 90% from its all-time high hit in august 2021. don't get too excited. this upgrade is to a neutral, so, it's not like a pound the table sort of buy. >> no, it's not. went from underweight to neutral, $40 price target. a lot of analysts can't do that double dog dare. they can't go from underweight to buy, so -- i would wait for the next, you know, neutral to buy, which is coming to a theater near you at some point, maybe the price target is $46. we get there. then you pull the rip cord. there's still a lot of momentum. the fundamentals -- i don't think they've changed all that much, price has. i think there's still room to run on the upside. >> the view overall on the used car market out of jpmorgan is pretty anything. slow recovery, consumer balance sheets are depleted, affordability is not

liz: i know jpmorgan because jamie dimon of jpmorgan hates crypto, but -- and they are considered sortthe dad jeans of the crypto analysis. but they believe that ether might outpace bitcoin in 2023. and i think that's interesting. i'd love to know your thought. they've released a note this week saying that it had a good 2023 but could outperform bitcoin. do you think that's possible, and is there a reason for that? >> well, it's possible in that etherium has a broader sort of prop if decision in terms of -- proposition in terms of what can be built on it and how it can be used. though bitcoin has clearly marked its territory as an alternative asset class like a digital gold. the value proposition being much simpler, and i think it's here to stay at least for the foreseeable future. etherium has a lot of competition. you have a lot of other blockchains that are offering a similar value proposition. etherium, obviously, is the mark collieder in what it is that they offer -- leader. so i think their future is less certain, but the potential and promise that they offer in many ways is grea

. >> jamie dimon is a great ceo of jpmorgan chase not right about everything in this case i disagreehim vehemently, this is sometimes you stand where you sit. the banking industry is concerned about decentralized finance i think overwrought concern, jpmorgan chase has one of the largest digital tokenized payment plans in the world working on inside their company so i think statements were a little over the top, i wish him a happy new year hope can help get are the regulatory reform passed in the congress. thanks for being here you bret great to be with you and to you, french hill, a quick break markets lear ahead of november pce index inflation 10 minutes' time the number will be out we will let you know if a market mover nasdaq s&p 500 positive momentum there dow industrials down 92. we will be checking it ironsides macroeconomic managing partner barry knapp is back with us you are watching "mornings with maria" live on fox ♪ ♪ . . the best advice i ever got was to invest with vanguard for my retirement. the second best? stay healthy enough to enjoy it. so i started preparing physic

travel stocks are slipping as jpmorgan chase downgrades european airlines.> bitcoin is topping the level of $44,000. jamie dimon spoke in front of capitol hill yesterday. >> i have been opposed to crypto. it is pointed out for criminals and tax avoidance. if i was the government, i would close it down. >> harsh words from jamie dimon. >>> let's get a check on the corporate stories with silvana henao. silvana. >>> dom, apple facing a high-profile exit. steve poteling is retiring. he oversees the touchscreen technology and interface. his work included helping to integrate feature into the iphone and ipad and apple watch and vision pro head set. >>> meta announcing it has fully started encrypting messages. you had the option to turn on end-to-end encryption to be read only by the sender and recipient. with the change, it would be decrypted by default. it can help keep you safe from hackers. the enhancement could actually aid criminals. >>> and chevron announcing it is raising the cap ex budget next year from 14% to $16 billion. chevron plans to spend two-thirds

liz: these collective notes, we've got the same bearish note from jpmorgan talking about 2024. dan, let's go to your take on these numbers. you say i was with charles payne and maria, these numbers don't look as positive as first blush. you are in that camp as well. you say they stunk. >> i do think the numbers do stink. when you pool back what's happening in these numbers on the surface, one hundred 99,000, solid number but right off the bat, 25% is related to the government. that's not good news. that's socialism. 20% related to the hospitality industry those are generally lower paying positions. when i look at this i am not impressed. i believe that we are seeing the beginning of a potentially significant slow down. does that mean recession? not necessarily. but it is not positive news economically. liz: you are not calling for a recession but you are not jumping up and down about the numbers. >> i'm not separating these numbers at all. liz: let's move to the other issue, the fed meeting next week and the big expectation we are getting up. the question is march. the initial

stace, morgan stally, jamie dimon of jpmorgan chase.e is not more in this case. ironically the proposal to mitigate risk will create even more risk in the financial system. now, while republican lawmakers told me they plan to ask the bank ce oss about the trickle-down effect, democrats are defending the proposed standards as gar goils of the industries need that to make more money in risky trades than small loans to businesses. chairman brown will stay to the executives whose banking failed this spring have lobbied for watered down rules to make it easier to chase profits at all cost and we should be concerned when the executives of even bigger banks are doing the same thing against capital. senators could ask about consumer protections, how banks are adapgt to climate. the hearing is expected to begin at 9:30 a.m. and expected to go past noon. we'll be there to cover it all. >> emily, there are a plethora of issues na will be part of the election cycle of 2024. how much or how important do you think the financial services willpart of t

liz: when jpmorgan's ceo says he's not a fan. >> i appreciate it and respect him for it.on't agree with him on it. he does not have anything the bank provided a return on. liz: here's how he put it. let's listen. >> i'm a poster crypto and bitcoin. a true use case for it as criminals, drug traffickers, tax avoidance, that's a huge case, because it is somewhat anonymous, not fully, because you can move money. instantaneously. it doesn't go through all the systems built up over many years. didn't get bypassed all that. i would close it down. >> i disagree with him. when you transfer digital assets, digital payment systems, you knew the ftx story. in the uae they've launched a new one but it is compliant over there and owned by sovereign wealth, would they get involved in trafficking, drug money, they don't do that. they say this is a compliant exchange. i flew over there to get shares in it. imagine if you bought a piece of the stock exchange when it was founded. this is the future of digital payment systems. jamie is right to be concerned. it will kill his margins. if i op

. >> let's bring in michael from jpmorgan. thank you for being here at post 9. >> good to be here. >> what was your take? he said it's too premature. it looks like the fed is talking about it. >> i don't think he's pouring cold water on the idea of rate cuts. march is probably premature. that's two meetings from now, only three payroll reports between now and then. unlike i don't think nip of us are expecting to get to a march cut. the vast majority of the committee is looking for a number of cuts. i don't think the idea of cutting in '24 is at odds with what williams is saying. i do think he's trying to pump the brakes. >> speaking of morgan stanley's chief economist, he believes it's june. we'll show the variety of different times that people believe a cut will come. when is an appropriate time? when is it premature and how do you see the market reacting until we get the cut? >> we could see it earlier only if the labor market deteriorates. i think it's close enough to what the fed is looking for to start to, as chair powell

morning wall street executives will warn lawmaker about new proposed regulations, obama, ending jpmorganrepared remarked says this rule will make services to uneconomical you will see two outcomes many will stop offering services you will have to charge more to make it worth the service. senator you are on senate banking committee key heard from another ceo, citizens financial ceo in studio a few minutes ago he said the regulations,are cuting into growth, what are your plans what are you going to ask these ceos? >> well maria i am going to focus right on those issues i don't know how you require greater capital you make mayor capital requirements without affecting, the capital available for lending, if you do that, clearly you are going to push, you know, a lot of activity outside of the regulated banking committee means, of course, higher cost of money all that is negon economy, can't afford more negative news negative policies. in you know, we have a very strong banking system i mean in may of this year, the federal reserve's regulation regulatory report -- said that thing a banks capi

jpmorgan is also rocketing higher. jpmorgan moving up one. 7% % to $163.85. that is close to a two year hi, shares of the big bank which had quite a year wondering which it scooped up in the wake of the march retail bank prices, that seems so long ago, doing quite well. s&p, back to the broader market, 2% away from an all-time record, the nasdaq opened up with a cheer. it is still at 11, let's call it 12 points, the nasdaq has been dipping in and out of negative territory in part due to adobe which is sitting at the near bottom or bottom of both the s&p and the nasdaq. investors mull a weaker than excited forecast for its february quarter and fiscal first year. we have for school full year, we've got adobe down 6.8%. the company did say it seems strong. early adoption for firefly gum it's sweet of content creation tools. wall street was helping that to translate to a bigger boost in near-term revenue. energy anything but down a day after jay powell gave the first sign in months that the higher for longer interest rate scenario makeshift to cutting rates earli

here. >> after think jpmorgan stock had a big move. it yields 2.6% and not expensive for nine times earnings. i'm used to 12 times earnings. i agree with you. let's go to ryan and illinois. ryan. >> hello jim. i'm thinking about netflix, borrowing a chapter from the disney playbook. contest marketing merchandising and new releases to a new level by acquiring six flags. six flags, 2017 semen waterpark and the two billion-dollar market cap. what you think? >> i think they are in different businesses actually. they are not really in the experiential entertainment business. really in the film business and i think the fact that they are focused, actually makes me like them more and not less. i say, it is good. let's go to henrique in texas. >> how are you doing, mr. cramer? >> i'm fine. how are you? >> thank you for taking my call. and for all you do. happy holidays. >> i know there is a small rally right now. but it has been sitting in the horizontal pattern for the last year between 8-$13. can it finally break out of this pattern? >> i wi

jpmorgan names it its top pick.hink jenny has trimmed a little bit, i think josh brown trimmed a tiny bit because the stock has been on a run. what about you? >> same. i'm probably going to trim it in the earlier part of the year for tax reasons. it's been a home run, momentum investors like joe are in it now. they have to execute and if they have one misstep, that stock is coming back to the 40s. >> did you not like that? >> i have to correct sarat on this one. >> i saw your face. i saw your face. >> that's not why i bought uber. i bought it at 36. let me explain why. i bought uber at 36 and i bought it on the belief that they just are mobility. they reach this moment they have the inflection point and signaled that we are your mobility. i actually trimmed a little bit on friday, and that's just portfolio management. >> totally. >> as the stock moves higher, it just grows in terms of what your overall portfolio is. i still think when i hear 70s, i think it can go into the 70s easily. >> there's a catalyst. >> they'

jpmorgan's top internet analyst naming his top picks for 2024.res, subs, and search are all part of those picks. doug, it's good to see you. welcome. >> thanks for having me, kelly. >> amazon's number one. how much upside, and why do they in particular come out on top here? >> yeah, absolutely. look, amazon's been our favorite name in the group for a long time now. certainly in 2023, we saw very good improvement on the retail business, really in terms of execution. really digging out of the challenges that they had during the covid pandemic and saw some real progress with re regionalization in the u.s. and significant margin expansion. so we think that's a big part of the story that that continues in 2024. the other key component is aws, which has clearly been a little challenging over the last several quarters with optimizations, and corporates looking to find ways to save costs. we think that's kind of easing now, and we'll start to see new workload deployment in a bigger way in '24. that drives reacceleration in the cloud next year, in our vie

i think you heard the frustration in jpmorgan ceo jamie dimon's voice, that they were not consulted or thought out, as far as the implications on the economy. of course, those basel 3 end game rules don't go into effect yet, but nearly unanimously, from the bankers, unanimously, they think that it's going to impact all osorts of thing, and hurt the economy. >> going to try to make that case for a while. and of course, the stocks are not moving on that testimony, except for the general idea that we have a very well capitalized banking sector. if the economy holds together, those stocks, perhaps, look relatively cheap. and in general, i think aside from walmart, what you heard from doug mcmillan, the conference slate this week and investor meetings have generally not had any nasty surprises about demand. >> right. that there's softness, but it's not like a marked slowdown. km in the meantime, you continue to have this rally in treasuries. we're now at 4.1%. that's helping things like banks. >> they need lower long-term rates for sure. it's almost like a buying panic in treasuries at this

looking at financials broadly here, we own bank of america, jpmorgan as well as morgan stanley. if you see bank of america overlay with a 10-year treasury yield or cut your presh ris. i h'd like to work with regiona. bank of ock, it's performed well. take a look at a name like citizen's, it has underperformed greatly. do we see a reversion of that and some of the underperforming ones outperform next year. you're missing it. i like leaning into the big names now. bank of america is on top of my risk. if i don't take a risk on a bank i can capitalize on, i would look to morgan stanley or adding a name like goldman sachs. again, in 2024 we'll see the financials have a solid zbleer good update. now to dom chu. what are you watching? >> walgreens boots alliance. it's due to a bloomberg story that came out in the last few moments or so saying walgreens is looking to revive discussions on a possible 7 billion pound exit from its boots has a division and talked about a possible deal for a division. they said the company is holding early talks about ways to separate the u.k.-based boots

jpmorgan says nearly everyone will be worse off financially next year than they were pre-pandemic.ybody? lauren: except the top 1%. because the cushion that we built during or because of lockdown is completely empty. so all those stimulus checks, whatever you had saved, you went true it. jpmorgan, they say everyone except the top 1% will fall below the level of liquid assets that they had adjusted for inflation in march of 2020. stuart: wow. lauren: yep. >> how about that, all the government cash runs out, and and guess who are the ones who benefited? the top 1%. they always tell you that government's going to spend money to make the working class better, and here's your data. not true, actually. the 1, great. everyone else, working two jobs, borrow rowing. stuart: but what happened was all this money calm into the economy, and a lot of it went to the stock market, and the top 1% has a big with chunk of the stock market. lauren: and they have real estate. those values have gone straight the up. yeah. stuart: the rich are getting richer. lauren: and 66% of people if you had a surpri

. >>> plus, jpmorgan naming its top pick in the oil space for next year. llhe"sawonhetrwn that call as we wn quk t seet" comes back icy hot. ice works fast. ♪♪ heat makes it last. feel the power of contrast therapy. ♪♪ so you can rise from pain. icy hot. olukai slippers are so comfortable, you won't want to take them off. and with that outdoor worthy sole, you don't have to. the all around best slippers by olukai. you're probably not easily persuaded to switch mobile providers for your business. but what if we told you it's possible that comcast business mobile can save you up to 75% a year on your wireless bill versus the big three carriers? did we peak your interest? you can get two unlimited lines for just $30 each a month. there are no term contracts or line activation fees. and you can bring your own device. oh, and all on the most reliable 5g mobile network nationwide. wireless that works for you. it's not just possible, it's happening. is exxon got an overweight on the stock saying it has the most attractive valuation among its american peers and mo

>> so, when i look at the jpmorgan or bank of america, i look at, one part of their business. to me, there's a couple of things that are a little more -- have a little more reason for optimism, which, i think, is the m&a activity, which is -- was more of -- it was just dead, this was a terrible year for the first, i don't know however many months. that would be nice to see a little gain there, because it's really been terrible. and then they could start to maybe get a little more momentum and have it be -- i think next year will be stronger. as long as rates find a level. whatever that level may be. >> even at this level. >> even at this level. >> what if it's a level that's even lower, but for other reasons? we talk about that all the time. maybe rates are fgoing to go lower because the economy is in terrible shape. james gorman said when the flood gates will open when -- >> he's jealous of the next ceo, because m and a will come back. >> his timing was good. think about -- think where we came into office and think about when he left, i mean, he timed it really well. i'll say

fifth the dangerous world warned by jamie dimon, the ceo of jpmorgan, did not appear to be a good reasonmon was right it's a dangerous world, no doubt but the stock market only cares about earnings and those weren't threatened. sixth just when techs seemed to be rolling over generative ai burst on the scene and changed everything. turned tech from a pariah into a golden child that could do no long while allowing nvidia to join the trillionaire club. seventh the fed mostly managed to tame inflation and while it can roar back right now jay powell has left himself enough room to delay rate cuts if he has top eighth i always tell you not to listen to billionaires when it comes to money management because the super rich are super risk averse. this year was a perfect example. they love to come on tv and preach endless negativity scaring many out of the market because we assume anyone that's wealthy must know what they're talking about. they do actually know what they're talking about but their advice is useless unless you happen to have a similar net worth. ninth the bears didn't pay attention

jpmorgan, that's one i'm comfortable owning here. i think -- there's -- i like the iwm here even though it's had a big run could it pull back yes. but i think there's still a lot of room between where the iwm historically has traded and where the s&p 500 has traded on a price to earnings basis and over time in the 25 years since the iwm's been around, it's outperformed lagged recently, until the very last push that we've had, so, i'm staying long that. >> tim, where would you be putting money now? >> well, i think there's a couple parts of the economy that we don't spend a ton of time talking about that are also working. we had that u.s. steel news last night, but you look at integrated miners, bhp, rio tinto, and the ones that are specialized in copper and gold like freeport. they've had an outsized move to the market since the cpi number in november. easing inflation is very good for the resources community. if you have the kind of demand, and i think oil suffers more from demand concerns, but a weaker dollar, a dollar that's down

i think it's still karen's favorite name, jpmorgan, still outperforms everybody. chart is definitely different. i agree with dan. i don't think there's tremendous upside to owning banks. >>> here's what's coming up next on "fast money." >> a real drag. a massive write off. the details on the eye-popping charge the company is taking. >>> plus, walmart weighing in on the state of the consumer. thoughts from the head of the lee tail giant, as we head into the holiday shopping spree. you're watching "fast money," live from the nasdaq market site in times square. we're back right after this. (sfx: stone wheel crafting) ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ >>> welcome back to "fast money." shares of british american tobacco getting burned today. down 9%, touching its lowest levels since 2010. taking a $31.5 billion charge from writing down the value of its u.s. cigarette brands, which include newport and camel. the company says its traditi

to be able to buy watches they don't have it it took them by rprise >> some calls this morning, jpmorganer opportunity with coke and dr pepper, which don't have the negative overhang >> i know, you look at -- one has frito lay, and frito lays attacked directly by gop 1 coca-cola doesn't have that. i still thought this was heresy. this was a tough pick, a very good company i don't think that we are ready yet to see frito lay franchise shak >> is there going to come a point where are going to be concerned about that >> absolutely, absolutely. >> it's weird, given that snacks drove so much operating leverage and you have the multiple bucket story unlike other beverage now it's a liability. >> remember, pple want them. they just don't want as ma of them bet you can't eat just one, i don't know, i might take the bet. >> that was lays, in fact? >> yeah. i might take the bet there we did alcohol last night and talked about the browns, talked about brown foreman. their stuff is very fattening. what would happen if jack daniels tasted like water? would you then buy jack daniels know you could get

jpmorgan asset management global head of fixed income strategy bob nichelle joins us here at post ninenced. they don't want to be too dovish and create too loose financial conditions, but they also don't want to be too hawkish and create too much downside here. they're going to try to thread the needle. >> that was the message we got from powell before the blackout period, right, that there are risks to doing, you know -- the riskses are more balanced to over tightening or under tightening, lags, and that we haven't felt the full effect of monetary policy tightening. you expect a similar message or benign? would that be a green light to keep buying everything, bonds and stocks? >> look, the long and variable lags are always questionable when they'll hit. what we do know is that we're in nirvana right now. this is as good a soft landing as the fed could have taken us into, so i, for one, am going to enjoy it. if bonds back up in yield i'm out buying. i think this could be a good week for this. you get cpi and auctions and the fed. maybe we'll be able to buy bonds a bit cheaper. >> you'r

jpmorgan home depot, goldman, intel, all new highs. so the market is very overbought. of the stocks in the s&p are above the 50-day moving average, very unusual, really, really broad rally here. relative strength indicator is at 78 for the s&p. anything over 70 is considered over bought. it's hard to keep the market advancing every day when the market keeps going up by that much that quickly. it's very expensive. you get towards 20 times forward earnings, 19.2 now, the market gets a very picky. they don't like paying that much. normally the historic average is about 17 here. so there's a game that everybody is going to play now when you have a big up year. that's the january mean reversion trade. that is, let's pick at the edges of stuff that didn't do well in 2023. small cap value, value doing well, small cap under performing still. better recently. you got to believe interest rates are going to come down really big. consumer staples we saw smucker's and hersheys down here. that's not a big play if the market is going to be stabilizing around the soft landing. energy

get help with jpmorgan personal advisors. hey, david. ready to get started?> i work with advisors who create a plan with you who create a plan with you and help you finat your d the rt investments. so great getting to know you. let's takein the rig a look at e new investment plan. okay, great. this should have you moving this should have you moving in the right direction me app. >> thanks, john. get ongoing advice and manage your investments in the chase mobile app. >> mom, why? just out here, man. >> say, hey, can't stay here, okay? be crazy. >> why do you have too much body fat? >> it tends to accumulate on stomach, hips and thighs. are you struggling to lose weight? does it seem like no matter what you do, you just can't get rid of excess body fat? body fat builds our midsection. body fat increases for lack of exercise, poor diet. the obesity research institute has found the solution. it's called limousine. limousine is proven to help reduce your body fat and weight and. to raise awareness about this weight loss breakthrough. the company is letting people

jpmorgan chase is more profitable than ever under jamie dimon who has been there for 18 years.s up 23% and hit a high for the year on friday. su keenan new york, bloomberg. kriti: sticking with those banks stricter capital requirements may get in the way of climate finance. j.p. morgan and goldman sachs say the increase in capital they would need to set aside would make projects harder to fund. the rules are part of the endgame regulations created after the crisis of 2008. sticking with the east coast a powerful storm works its way up the east coast. south carolina seeing nine inches of rain as new york, new jersey and connecticut brace for heavy wind. concerns over flooding and power failures mount. the storm in the second day in recent days to hit the east coast. pay attention to the storm. what does that mean for oil demand in commodities? hurricanes hitting new york a couple of years ago you did see this into the markets. there was this idea that you saw that storms don't have as much of an effect in the winter because not many people do road trips in the winter. some are d

a soft landing could be the like, but a new note by jpmorgan chase advises caution of the second halfcks if consumption slows and tailwind peters off especially off the back of quality and commercial real estate. lower rates could provide a boost to loan activity, but it could jump start more m&a and buyout. there is a current environment of higher rates and multiples which are not conducive. they hope for a big shift in 2024. there is no guarantee they will see a difference. lastly, regulation is in focus as the banks battle the capital rules which would require buffers on the biggest balance sheets and the more anti-trust administration has created a deterrent effect on the big deals. that isa big question in the ecosystem in the coming year. frank. >> let's talk about the banking sector for 2024 is the head of the u.s. bank research at kbw. chris, thank you for joining us. let's pick up where leslie left it off. give us a sense of how you see that playing out? >> 2024 has a lot of themes which are uncertainty. 2023 was about interest rates and solvency and earnings reinves revi rev

david: jpmorgan -- >> famously responded. how is it you became so rich, you sold so soon. neil: what about the magnificent seven, even more magnificent. they are disproportionately weighted in them. >> microsoft did sell half the position. i bought it a year and 1/2 ago, almost doubled my money on that so i should sell half the position. neil: a lot of people look at stocks with endless potential or long-term societal -- so you don't subscribe, microsoft comes to mind. >> you are getting at the difference between a value investor and a broke investor. r-value investor would say it's trading more value. it is fully valued at -- they are playing that range, a growth investor but not look at bank of america but sophia technology, first ever bank that was created to be an online bank and this could be really big. not just where that is but how are they growing every year, or growing gdp but 30% because -- neil: what about the background noise, the higher energy prices spreading, houthi rebel attacks, it could rattle everyone's cages here. >> the world is well supplied with oil

. >>> and jpmorgan chase boosting the prices estimate for spotify after they announced reductions.s remains healthy. >>> time for the global briefing. moody's cutting china's outlook from stable to negative with the concerns over the country's level of debt and reliance on stimulus on borrowing for the economy and deepening property crisis as beijing is issuing a record number of bonds. china is showing signs of strength in the recent months. services sector expanding at the fastest pace in three months in november with the increase in new orders. this is following the better than expected pmi last week which showed steady growth and spending and instrumendustrial prod production. >>> in japan, softbank is buying 51% of irish telecom firm for $513 million. it is expected to close in the first half of next year as softbank bets on driverless tech technology. >>> coming up on "worldwide exchange," one word that every investor needs to owkn today and december may be a month long hangover for stocks. we'll be right back. >>> welcome back to "worldwide exchange." time for the wex wrap-u

. >> all these stories about jpmorgan after that first republic. >> what was the headline yesterday,ear for banks unless your name has morgan in it. >> jpmorgan, yeah. >> not morgan stanley. >> morgan stanley had a decent year, but jpmorgan kind of was at a different level. >> jamie dimon. >> in terms of just -- their ability to capitalize on the events in march, and then really drive things home, benefit of scale, of course, because they had as janet yellen would say the highest bid and they were able to get the deal done. >> regional bank etf is up 50% off the lows. it is down 10% on a year to date basis. >> amazing. >> just a nick. >> openai firing back at "the new york times" after the paper accused it and microsoft of scraping millions of articles to train large language models. in a statement, openai spokesperson said the company respects the rights of content creators and owners. it says, quote, our ongoing conversations with "the new york times" have been productive in moving forward constructively so we're surprised and disappointed with this development. we're hopeful we wi

boeing, nike, jpmorgan chase, coca-cola, all sit on the u. u.s.-china council board of directors. >> some people, though, have been hyping up so-called china threats, slapping new sanctions, and forcing a china investment agriculture company with over 50 years of presence in the united states to sell its farmland. all these stand in stark contrast to the statements to the u.s. side willing to keep growing trade with china. >> laura: surely janet yellen pushed back, right? yeah, right. she used the opportunity to attack trump for actually having stood up to china. >> the trump administration failed to make new mexico state at home while also neglecting -- to make investments at home while neglecting our partners and allies, damaging our global standing, and meant significant missed economic opportunities for american firms and workers. the biden administration has course-corrected. >> laura: in a sense she's right. the biden administration has course-corrected away from trump's policies of putting america first and back to the old regime of giving

jamie dimon of jpmorgan chase is not a fan of it. others aren't as well.you respond to that? >> when your livelihood depends on not understanding something, you won't. jamie understands it. he's a smart person. he and other people in the financial services industry are afraid, honestly. this technology, blockchain technology, will do to financial services what the internet did to media and commerce. it changes the landscape. you and i can now exchange value without an inter imintermediary. the banking system and finance system and accounting and auditing. all of those things are less valuable in the new world with new technology. >> that debate is still ongoing. mark, thank you very much. happy holidays. >> thanks, dom. talk to you soon. >>> let's get a check of the top headlines with nbc's frances rivera in new york. >> dom, good morning. >>> we are learning more about the destruction and loss after tornadoes ripped across tennessee saturday night. at least six lives were lost, including two young children. two victims were a toddler and his mother. more

. >> the new ai model called gemini, vf -- well received, jpmorgan says it scored higher than chat gpt 4, really for investors, not far behind. stuart: it's a huge gain for stock of that size. 5%. c3 ai. lauren: they make ai software, up one hundred% this year. they are forecasting an annual loss because developing ai costs money. they have pilot programs, drive profitability and free cash flow, stock is down 11%. stuart: we have an airline i pledge never to invest in, up 11%. lauren: after this airline is forecasting an annual loss. lauren: wise up? lauren: resilient demand. the customers saving money, pennypinching are not cutting back. traveler sticking with us a little longer. stuart: from new york to florida is what they do, every jetblue flight new york to florida is jampacked for all time. i thought you would like to know that. meta-just announced personal calls and chats for every user on message will be automatically encrypted. why? lauren: it is what they already do on what's apps and people like it. they are expanding automatic encryption on their platforms. in the digital a

also from unlikely source, perhaps, jpmorgan chase ceo jamie dimon. he wants donors to jump in for haley. that's the kind of momentum i think the desantis campaign probably would like to see. does it concern you that it's not coming his way? >> no, not at all. matter of fact, that's kind of her lane. her lane would be more the george w. bush lane, mitt romney lane, the chamber of commerce lane. but when i take a look at it and i think, the never back down, the superpac supporting governor desantis, and they're hitting every door, door knocking, they're putting out flyers of governor reynolds and the other endorsements for governor desantis. you see governor reynolds on the airwaves with governor desantis as well. i think what this is, is iowa will -- i really do believe iowa will rise up. i think desantis has a great, great shot at upending the former president and making this a two-person race. >> one more note on governor haley. here's what she said about the florida governor today, listen. >> i think he went after my record as governor because he's

december 13 what is going on with bitcoin crypto, on the move trading up critic prices down after jpmorganmie dimon told lawmakers at senate banking hearing yesterday he would ban digital currency if in government. >> i have been deeply opposed to crypto, bitcoin et cetera, true use case is criminals drug tradition of i can arns tax worthiness because somewhat anonymous not fully, because you can move money it doesn't go through as you mentioned all different built up over many years customers sanctions, it by passes all that if i was in government convoy close it down. maria: how do you like that he would close it down pete? >> i would say pretty clevon his thoughts although i think jamie has been in that position for a very long period of time, i don't necessarily disagree with him that being said, bitcoin here i don't know for how long it is hear at least right now, the fact that they are trying so a hard right now to push themselves into a better position, people are talking etfs trying to get sec approval that certainly would be adoption, that i think you would start to see even more

jpmorgan is a stock that i own. they are on pace to finish 2023 when we get their q4 earnings with the largest single year profit for any bank in american history. it only got bigger. i think there were reasons for that. they didn't have to worry about that. there are reasons to remain in the place you want to be very simply put, a lot of people are going on television saying all the gains are seven stocks. the implication is that when those seven stocks take a break the market is in trouble or when the stocks fall every other stock will fall. the other possibility, the other way this could go is a resolution where the smaller stocks catch up. that's, in fact, what actually happened. the backdrop is a vix that's remained under 25 for 202 straight trading days, the longest streak going back to 2019, which was also a great year for the stock market. so you've got declining rates, the u.s. dollar falling, earnings uncertainty starting to fade. you have all those pieces in place. there's no reason not to believe right n