earnings are seen falling at both jpmorgan and wells fargo with jpmorgan expected to see a double digitecline on the year. that expected decline is, of course, being driven by concerns of net interest income which has fallen in recent quarters in competition for saving deposdep. more growth is expected this quarter with investors closely watching any guidance for what lower fed rates could mean for the sector as well. filipo is here with us. welcome to the program. as we come into the u.s. open, all eyes are the bank earnings. what should we look out for in the net interest income margin impression and what do you expect the tone to be on the earnings calls, particularly after the most recent fed move. >> hi, dan. that's what we see a lot of caution from the management team and to be fair, some of the management team with the investment bank of jpmorgan and chief executive at goldman sachs are putting a bit of water on the expectations from the fed that the street got ahead of itself especially in terms of 2025. i think is the undertone on the earnings. they will, of course, call for ca

jpmorgan and wells fargo and blackrock reporting. jpmorgan chase down fractionally. it was when we checked it earlier. we are also checking the bond market following yesterday's hotter than expected cpi print. ppi this morning, the benchmark 4.09. the two-year back below 4%. that long bond is gaining in recent gadays at 4.39. we say this is a read on inflation expectation. >>> that is the money read right now. let's get a check on the corc corporate stories with silvana henao. >> boeing filing a charge against the union representing striking west coast factory workers. according to reuters, the filing with the national labor relations board accuses union leaders of not bargaining in good faith. >>> berkshire hathaway once again trimming its position in bank of america unloading another 13.6 million shares this week. now that brings the conglomerate stake in the bank to below 10%, mention berkshire will no longer have to report its stock moves within days of any transaction. bank of america is still b berk berkshire's third largest holding at $31 billion. >>> the u.s.

jpmorgan's up 700%.ter of a bank they are than the second, third, fourth best banks in the world. the dividend was 20 the cents a year in 2009. it's $5 5 aa year now -- $5 a year now. so i picked this stock, and i'm talking so long about it because it's an opportunity to to explain the my friend, stuart varney, the benefit if -- [laughter] stuart: i know what's coming. >> -- how capital gains come from the if dividend growth. the dave dividend growth indicates the -- of the company. and jpmorgan has been an incredible success story of dividend growth. stuart: and you're telling me that the value of jpmorgan chase has gob up more than microsoft in the -- gone up more than microsoft in the same period? i'm a fool to have invested in microsoft and not -- >> no, no, no. microsoft's been a huge success too. i'm trying to explain that microsoft went 16 years that it didn't go up at all a from 2000 to 2016 -- stuart: i know that. i remember. >> jpmorgan had to go through a financial crisis, they did better than

a stock upgrade from jpmorgan chase. the eo will join us later in the hour. >> and hims and hers, it's up. but it does not get the edge it would enjoy. >> something else we've got our collective eye on, trading bots. yep, bots. when we talk about advances in artificial intelligence, we often forget to mention the growth in automated traded today we're going to talk about it obviously we've got a lot to do this hour. start with your macro money. nasdaq, down 0.2%. kind of like yesterday and the day before that. we've got the monthly jobs number tomorrow morning, but it's also safe to say without editorializing it's possible the market's in the holding pattern ahead of the election, right >> we'll see. >> the real focus should be on the middle east. obviously tensions are high and they're growing hotter, and oil is popping again today, 4.5, on concern that israel could soon strike iranian oil facilities. that's said to be off the table until today because earlier today president biden made some off-the-cuff comments that s

blackrock, up 8%, jpmorgan up 15%.double the expectations, up 31% versus up 15%. so, we have a conference, a couple of weeks ago, from barclays, and all the banks spoke there. and so i wasn't expecting anything new. for the earnings. but these are really pretty impressive numbers i'm seeing so far. even wells fargo, by the way, net interest income, it is a 2025 story because, you know, we -- they're not benefitting from the steeper yield curve and fed cuts. but the noninterest income at wells fargo, they're gaining market share across the board. so, very encouraging on both stocks this morning. >> do you like the banks in general, steph? >> well, i do. i have for a while. i am overweight the banks. i don't own wells or jp, but i do own morgan stanley, bank of america and truist. i think that you are going to see a 2025 story of net interest income returning and growing. and then also fees being better than expected. and aum also being pretty good. credit is normalizing. and here's the big thing, when bazell 3 endgame g

>> we think we really like jpmorgan of all the big banks. but we think they let the bad news lead and 2025 they will have a great year for fee income we would buy the shares here we do own them >> so we have doug up against carter worth and we'll see who prevails in this fight about which way jpm goes fedex, following the port strike should you be an owner, doug >> this one, if you have it, you might as well hold on to it. it's down 13% or so in the last month. it's a pretty messy -- they reported a pretty messy quarter. we would sort of hold off on getting into this. if you're in and you have it, we don't think now is the time to sell if the economy soft lands next year, they should really be back at the 300 level but there's enough messiness within their production and some of their freight volumes that we're not sure we'd get in just yet. >> too messy that's what he says. doug, thanks doug butler. >>> thanks for watching "power lunch" and thanks for having me. tyler will be back monday. >> do you want to issue a correction >> it was jeff

jpmorgan and wells fargo since friday. jp up 4%. wells fargo up 8%. that's despite their net interest income reporting not being ideal. i'm looking at wells fargo, they lowered net interest income guidance. jpmorgan went on to say the third quarter out performance was a blip. are we possibly over indexing net interest income when we look at the banks? i look at jpmorgan with the investment banking exceeding and that's the reason why the stock is moving higher? >> the interesting thing is both of those are stories. they're good stories. wells fargo may have the cap lifted on assets. that's really important for future growth. people are looking at that. the earnings estimates came in better than expected although they lowered guidance. a lot of people were short both of those stocks. clearly, jpmorgan has, you know, under fpromised and over delivered. those two companies will have lower net interest income than they have today. their balance sheets are set up that way. they are good companies. you know, they're not very expensive, but people are short.

both banks wells fargo, jpmorgan, as you know, big consumer lenders especially jpmorgan they pointed the consumer is healthy in good shape, granted cohort the lower score fluid cohort living paycheck to paycheck you are struggle but overall picture on the consumer we see this in national numbers as well, the consumers in good shape as you know, unemployment very low, and jobs are still plentiful not as plentiful in 2022 having built still plentiful when you look at credit card charge-offs the losses both wells fargo, and jpmorgan lower charge-offs this quarter than prior quarter we would expect to see similar trends from bank of america, citigroup other big banks this week. >> capital markets? what are you expecting if you look at third quarter what do you think it meant for the lieksz of the morgan stanleys and goldmans of the world? a good question, capital markets very important to the diversified revenue banks jpmorgan, bank of america very povshg to goldman sachs and morgan stanley what was interesting better than expected up year-over-year we thought double digits it was higher

jpmorgan is the booster rocket. it is gaining 5% at the moment after the nations biggest bank earned more than expected in the third quarter thanks to lending profits. it also raised full year guidance, and if you pan right, you can see blue chip financials, goldman sachs and american express in the top four here getting a lift from jpmorgan's news. and then if you look at the s&p, its been fitting from both jpmorgan and wells fargo's earnings beats. the broader index is at an all-time high right now. we've got it up 36 points, and the wells numbers. the wells stock, a best performer out of the 500 companies on the index. i believe it's about the third or fourth best performer. it is gaining a hefty 6% posting a wide profit beat and ceo charlie sharf told analysts today the us economy is strong and labor market supports consumer spending. let's look at the nasdaq right now. nasdaq in the green. not at a record at the moment but it's gaining 74 points or about just under half a percent to clock its fifth week of gain

it was even more impressive than jpmorgan.le the revenue was in line and it was down year over year, 12%, well ahead of expectations. the comes came down which allowed wells to post the earnings beat off the 1.28 basis. it actually walked down its four-year forecast. they reiterated that it will document this year before rebounding. they spent so much time hounding jpmorgan about next year's numbers. it is really couraging to see it. it tells you wells has found success in some obscure ventures. this is now much more of an investment bank than anyone imagined. i hope they keep winning and there's room to keep winning. overall, they had a lot of positive things to say about the economy. they're lack for changes in consumer health but we have not seen meaningful changes in trends when looking at delinquency statistics across our consumer credit portfolios. given that banks so often trade on how investors feel about the economy, these were some very encouraging comments from wells fargo. that brings me to the last point i want to

you know, jpmorgan with a 16% return on equity which we will expect will lead the industry.go at 11.7%. we expect similar ruesults from the other banks this week. headlines suggest a soft landing is imminent. i think that's a bit premature given we're in a complicated operating environment. you know, we'll see how it all plays out. >> indeed. just speaking of the operating environment, what guidance did we get from the likes of jpmorgan and wells fargo regarding expectations for net interest income in the coming quarters as we see rates, perhaps, coming down in the united states moving forward. clearly this will have an impact on the sector. >> sure. net interest income dominated the conversation as the equity analysts are trying to model out the numbers. we're not as fixated on that. you know, jpmorgan continues to perform well, you know, on the capital ratios over 15% which is over 300 basis points of regulatory requirement. as a credit rating agency, we like to see that conservatism to save their dry powder if the markets turn. jamie dimon echoed that on the call. again,

jpmorgan reaped the benefit of most of that trouble.do you think that in the mind of the investor, banks have a lid? where do banks go? what multiple are you willing to pay for the banks at a certain point? >> well, jpmorgan obviously trades expensive to its group. if i look at money centers i think wells fargo is fascinating because wells fargo had a lot of caps lifted off them in the last couple of days. they were the one that rallied most on relief. bank of america which nobody wanted to own has probably outperformed all of the money center banks over the last three weeks other than wells fargo. it is interesting. >> i'm curious for regional banks coming up shortly after. with the fed starting to cut rates, they will be more sensitive to that, they'll benefit from that. we know the lower end consumer is in a tougher sport, but if te overall data is the consumer is okay, is that the catch-up trade? i have been skeptical but i wonder if we have enough data points it is time for that thing to move sustainably? >> there seems to be two e

but jpmorgan did put out a statement that he is not endorsing any candidate.behind the scenes what i'm hearing from inside jpmorgan if, you know, if there was one or the other to, he's leaning towards kamala harris. and as you know, i think he's said that he would step down as see quo over the next three years. but at the top of the list is ken che announcement i don't know if you know him -- liz: yeah. sat on -- >> yes. classy guy. liz: -- buffett's board. >> the negative on to him would be he would annoy the very progressive wing of the democratic party which has a say, someone like elizabeth warren who's anti-banker. ken che chenault worked something like 40 years at american express, the last 17 as ceo. no scandals. i think you could make a business case that at the end of marley the last five years, american express lost some of its luster. other credit card companies were essentially encroaching on its market share. but, you know, he did a good job. and, again, the country could do worse than ken chenault. we should point out that while he was the ceo of

jpmorgan reports tomorrow as well as wells fargo.>>> coming up on "worldwide exchange," more on the breaking news. hurranice milton slamming into florida. we go live to orlando for latest on the path of destruction that storm has left across the state. stay with us. business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities. >>> welcome back to "worldwide exchange." we're taking a look at some of the insurance stocks as hurricane milton is making landfall. take a look at some of the moves. chubb progressive and travelers, three stocks expected to be impacted by the storm. a great write up on the stocks before and after a storm. real-time look at the names. chubb up .75% of 1%. progressive up 1%. same for travelers and

jpmorgan kicking off its big bank earnings alongside wells fargo next week.nley jumping on the back of this week's jobs reports. what are you seeing there? >> now for actually a whole month we've seen bullish calls outpacing puts right now the options markets implying a move of about 4% we were seeing upside call buying some institutional buyers were buying the december 230 calls, a little over $2.40 a contract so, risking just a little bit more than 1% to make a bullish bet that this thing could continue higher through the end of the year. >> the -- master weighed in yesterday with a note saying jpmorgan's chart didn't look too good how are you feeling, tim >> what doesn't look too good to me is the valuation. i care less about the chart. carter's work on that stuff is usually right on i think if you look at the consensus on the streets at $2.14, that's usually a lagging number that doesn't mean a lot you look at the price to book, this thing is hardly cheap the one thing i'll say is why it's very expensive is that it's a very diversified model in the enviro

what we have monday is more fed with hearing from jpmorgan c.e.o. on tuesday and more fed speak and wednesday the latest fomc minutes. we will see how this changes the calculus. and we speak to the security leaders at the macro forum in new york city. much more people to weigh in on the fed rate cuts. jobless claims in the pipeline and the new york fed president and more data on friday. big banks kicking off earnings. we will get results from jpmorgan and wells fargo. see if they hold on to that. and well see the final c.p.i. because you speck the challenging of the date the year over year is 2.3%. from new york that is it. same time, same place next week. this is "real yield" on bloomberg. ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh ♪ ♪ with so much great entertainment out there... wouldn't it be easier if you could find what you want, all in one place? my favorites. get xfinity streamsaver with netflix, apple tv+, and peacock included,

let's begin with jpmorgan.m, but but the jpmorgan has not, higher by 2.22%. the september jobs report point toss the a still-strong economy. that's means employed americans may be less likely to default on debt. that's good for the banks. also treasury yield withs completely surging to the. -- yields surging today. if you're looking at the 22 or 10-year note, it's up 20, 30 points from where it was just last week. norwegian cruise lines, also a winner. we're constantly talking about how the consumer? not slowing down according to stifel. they say strong bookings and also strong onboard spend. so you book your cruise and then you spend a lot of money on that cruise. they're lifting norwegian's price target to 2. the stock's at 20 the now -- 29. carnival also higher. ashley: turn to politics, michigan governor gretchen whitmer set the sign a bill that will take money from family care caretakers and give it to the union leaders. how does that work, lauren in. lauren: okay. he is expected to sign this bill that wou

we expected 15% for both companies, and jpmorgan came in at 31%.y, goldman coming in at a 202% increase -- 20% increase. this goes to show you that the capital markets are ready for m&a, ready for liquidity-based events and transactionses with these, what they see, maria, maybe not necessarily with one 50 basis points cut, but with what they see coming. remember, the fed has projected two additional cuts in 2024 even though i know we have some governors and some pushback in these haas couple of days. but -- last couple of days. 2025 the already will have four more cuts, that they said, so they see the cost of capital's coming down, and there's a lot more dell mic -- keel making for these investment banking fees. maria: yeah. finally, after a huge year plus where we actually had a freeze in lots of activity. ryan, how about tech? i mean, nvidia at another all-time high. it is now valued at nearly $3.4 trillion. the company continues the ride this massive wave of demand if for its a.i. chips. alone in its category, seemingly. the stock is lower this

. >>> coming up, could jpmorgan be headed for a drop?what the chart master is seeing as we get ready for the big bank's earnings next week. we're back in two. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. ♪ i wanna hold you forever ♪ hey little bear bear. ♪ ♪ ♪ i'm gonna love you forever ♪ ♪ ♪ c'mon, bear. ♪ ♪ ♪ you don't...you don't have to worry... ♪ ♪ be by your side... i'll be there... ♪ ♪ with my arms wrapped around... ♪ >>> welcome back to "fast money. shares of jpmorgan are trading poorly, this according to the chart master in a note out today, carter worth points out that the stock has been far underperforming the broader banking index over the last one, three, and six months, and he ad

jpmorgan chase, covering loan defaults. goldman sachs, bank of america, jpmorgan chase albeit revenue estimates. >> we expected 15% for both companies and jpmorgan came in at 31% and obviously goldman coming and added 20% increase and they see that these costs of capital coming down. a lot more dealmaking for this investment making peace. >> that is where they are making the money so this does not change the fact that prices are still 20% higher than the day president biden advice president harris came into office. that fact added to the race in the dead heat especially as you see in battleground states. >> she has for the last four years as vice president cast a tie-breaking vote on 2. $5 trillion worth of inflationary spending. president obama's own economic adviser said you are going to send prices through the roof. gasoline prices 50% higher, grocery prices 20% higher, housing prices 20% higher. kamala harris has said she would double down on every single bit of what she's done the last four years, she would change noth

jpmorgan, the perfect trifecta, they beat on top line, bottom line and raised guidance higher meaningmportant banks do well for the markets? they like that because what? >> great question. the reason we want banks to do well as they are the backbone of the economy, backbone of america. if you go to a bank as a business owner to take out a loan, everything is like the center organism. and that will do well for the rest of america and investors, normal mom and pop, bank earnings, the state of the economy, how healthy the consumer is and the results between jpmorgan which did fantastic, trading at all-time highs and i on that company. i owned it for years. i love jamie dimon. jamie dimon. i think he's a great ceo. his diplomatic. neil: can i get your gauge, a lot of people say this rally, and with all that it's a rich market. it's very rich. >> historically the stock market trades at 18 p, price to earnings ratio. that's the barometer of something is expensive or cheap, we are at frothy are levels, the biggest -- not like the dot.com, we are not building contact lenss for chickens in sou

stuart: a ton of green including jpmorgan, guarantee they are up today.ren: this is the bank's first report card since the rate cut and management said consumers are doing fine on strong footing. that's the state of the consumer. the ceo, jamie dimon says his chances of being asked to serve in government almost nil. so he will be treasury secretary. stuart: which government are we talking about? lauren: didn't specify. stuart: trump will hold a rally in aurora, colorado, seeing an influx in gang activity. is trump's focus on gang activity in that state? >> he will try to call out the democrats who are trying to downplay the issue. this is a campaign promise he made that he was going to come to aurora and talk about the immigration crisis coming to this blue state, storing up quite a bit of opinion. a lot of responses from the mayor all the way to the governor. here's the former president talking about it. >> they came from places all over the world coming into your cities and small towns, changing them forever and i would say ruining them, ruining your ci

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, youtube videos, websites, slides, oar in the example we'll show you an analyst report like the jpmorganone survey we've been talking about on air today. hit the create button, and here's the output. take a listen. >> all right so we're diving deep into iphone territory today. but not just any iphone chitchat, but why people are showing out for the new apple phones luckily, we have some clues to work with. we have this juicy jpmorgan survey, over 500 people gave their insights on smartphones and buying decisions >> that's a pretty good sample size >> yeah. gives a good snapshot of what's going on >> that sounds like something you would hear on cnbc, but those were two ai general ted podcast posts. students are use thing tool to make their textbooks into podcasts lawyers can upload legal briefs. scientists can upload research papers and get these succinct, pretty good summaries. judging by the reaction among us, among the twitter verse or x verse, this could be the next killer app in generative ai. you need multimodal, but you also need a killer use case. and this one is pretty amazing i

>> well, jpmorgan is always the long-term go-to. look at that stock, and it looks a little expensive near term. if you look at it over five years, it typically does reward you well. it's really the best, well-run bank out there with excess capital. in terms of, you know, sticking with today, wells fargo has been an underearning franchise. it is well documented with a lot of regulatory risk and the asset cap. that one, you know, the bold-case thesis would be the asset cap was lifted sometime next year. they're close to trough niis, move through the first half of next year. and an unearning franchise could, you know, have much more value out two years. >> shares are up 6%, as well, on some of these -- on the excitement, really, around that. mike santoli, fold this in, give us a preview of your column this weekend. the most bullish commentary i'm seeing from analysts, broadly speaking, is they see both earnings and multiples growing, and even at a moment when the third year of a bull market, which we're entering, is typically a little

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the new economic warning from jpmorgan ceo jamie dimon that you need to hear. economist don luskin is going to break down the details on that. and this story too. >> -- told me my grammar's not always correct. and i'm a knucklehead at times. i will own up to being a knucklehead at times. elizabeth: the self-described knucklehead is back at it. find out what kamala harris' running mate, tim walz, is doing and why reportedly, democrats are rethinking the decision to put him on the ticket. but first, this -- >> how many cases have you tried? can you tell us? how many -- have you tried? >> [inaudible] >> why does your information, which is still published, say that you tried hundreds of serious felonies? elizabeth: that was kamala harris confronted for inflating, overstating her record as a courtroom trial prosecutor in 2003. her rival for d.a., bill fazio, said back then harris cannot be trusted. he joins us to explain what's going op. he's coming up. we've got a lot of angst this hour. stay right there. >> she's gone from 50 to 30 which is a far cry from hundreds

jpmorgan up four as everyone gets excited.hen they listen to the call, and jamie, historically, like jamie does, these guys from queens, they come on and they're just downers. i don't know what that's about. >> it's interesting. i've never thought that we all sort of -- we unite around -- yeah, we unite around some pessimism. >> negativity. >> because we've been mets fans all our lives. >> time to change your tune, partner. >> that tends you towards periods of brief euphoria followed by despair. >> he recalls queens. >> yeah, he does. no, he fully acknowledges. queens guy. i followed in his footsteps. >> i do think that this is so typical, that someone jumps the gun. you can't jump the gun because jamie dimon's not a hype artist and he's going to say something that makes you feel the world is uncertain. >> by the way, we should point out, jim -- >> what? >> -- that the stock is still performing better than it has the last couple times it reported earnings because our viewers certainly may recall, it dropped significantly >> we

>> well, the -- jpmorgan really startled us off well, right? so, i think we're expecting -- well, citibank, which is my next largest position in banks, i expect good fee service, i think that card chargeoffs will remain, i mean, jpmorgan seemed firmly in the 3.4 camp. i would think they would be somewhere around there, and i think, you know, markets and bank activity was a positive there, so -- citibank has come a long way in the last three or four weeks, but i still think there's room to go there. it's undervalued. i know you always site price to tangible book. they do seem a little slow, being able to get out of the -- under this decree or that decree. but that will eventually happen. >> goldman sachs is interesting. historically, we've seen -- i don't know this, maybe ken knows this, if he still works for the firm -- >> the firm. >> you'll see goldman sell off after earnings. the levels that we're trading up to, the fact this has been resistance a couple times leads me to believe, you know, maybe we're sort of at the upper end of the short-t

jpmorgan and bank of america are my two favorites. we saw what jamie dimon did a couple of weeks ago. he came out ahead of the earnings season telling analysts to pullback on because he thought they were being a little bit too upbeat on net interest income. so he wanted to alert the market that he thought they should come back and in fact they took a little bit out of the stock on that. which i think is the right thing to do because investors hate when companies miss the number and they know they are going to miss the number and they don't for warn to give kind of the market a heads up. in this case, i think even if jpmorgan numbers if they come in a little bit light and it's because of net interest income i don't think it's nearly going to have as negative reaction as it would have had he not forewarned, right? so in my case i like the big names. i told you those two are my favorites and i remain invested in them and will look to buy more if it pulls back. taylor: sam, what about you? >> well, typically we see the global banks which

today jpmorgan says things a little more in line.cal buy saying expectations are so good enough it may work causing the stock to jump. basically saying, it ain't that bad so buy the stock. i would like more than that. i would say apple, own it, trade it. i'm for the elongated cycle. they don't have to have the 16 be perfect. they have to have demand over time, when you get the a.i., people will want to upgrade. there are other stuff they have planned that i've been working on as a reporter that i think is incredibly impressive. i think stay long. >> one thing we diplomat get to was crude. back below $75. opec cutting their demand forecast for the third time. >> china just doesn't -- they just don't have it. meanwhile, saudis are pumping. who knows what the russians are doing. the russians, david, not our friend. >> russians lost 1200 men a day in september in ukraine. that's what the journal reported. 1,200 men a day. >> germans were losing 5,500 a month in june of '44. >> you mentioned micron earlier. >> and adobe. i think these are

and america's largest bank — jpmorgan chase — has begun suing us customers for cheque fraud — sayingvantage of a temporary technical glitch that went viral on tiktok. the glitch in late august let customers deposit big checks in atms and withdraw funds immediately before the checks could clear, even if the checks later bounced. apple has released an update that enables artificial intelligence features in some of its latest iphones. the new apple intelligence will help users to proof—read text and remove unwanted objects from photos. the release is a big milestone for apple, whose ai strategy has come under scrutiny for lagging behind competitors like samsung and google. us coffee chain starbucks has threatened to fire corporate staff who fail to work at least three days a week in the office, according to reports from bloomberg. last year, dozens of staff signed a petition protesting against the call for a return to office working. starbucks ceo bryan niccol says the office is the best place for staff collaboration, as he tries to reverse falling sales. you are up—to—date, that his bu

i don't think any voter in pennsylvania was waiting for the jpmorgan ceo to sway their vote. but like trump clearly was presented with information probably through social media if you sort of look at the way the diamond endorsement on truth social was rolled out, so to speak that that jamie dimon had endorsed him and trump pressed send up to untruth social and blasted that out to have tons of people. and then of course, he had to know that within minutes jamie dimon and jpmorgan who have a very highly paid communication shop, would disabuse the public of this notion that he endorsed. but like trump clearly did anyway, right? and it just shows like to me timmy the big takeaway here is it sort of shows the information ecosystem that we saw during four years of the trump presidency where, you know, random people are showing him half true things from right-wing websites and it wouldn't be a big deal if there were just kind of a crank who you know, was fed bad info, but he was the president. i'd states and then he could then broadcast that that info to hundreds of millions of peop

jpmorgan upgrading ally financial. outlook on credit and margins, the stock already discounts most of that. >>> time for the global briefing. rio tinto confirms it is in talks to buy arcadium lithium. rio and arcadium were in discussions and arcadium could be worth 4 to $6 billion. that would make arcadium the largest lithium producer with the sharp slide in the metal. >>> ubisoft is reviewing options which it does on a regular basis. on friday, bloomberg reported the founding family and tencent were considering a buyout. the french company is the publisher of the popular game assassin's creek. >>> and shell warns of q3 refining margins which are under pressure due to slowing economic activity especially in china as new refineries come online. last week, exxonmobil warned a slump of oil would impact its results. >>> coming up on the show, one word every investor needs to know today and diving doeeper into the election. what a trump loss to mean for america's future. we'll have more on that is story when we come back. i

. >> let's take a look at those scenarios jpmorgan wealth management has advisors and chase branches and tools like wealth plan to help keep you on track when you're planning for it. >> all the answer is jpmorgan wealth management introducing hallmark series, you can't see anywhere else. this can be huge for us plus exclusive, this benefits and more we need is snow everything you love about hallmark in one place, we're going to make something special here. the all-new hallmark plus stream joy cher loved. >> start your free trial today at hallmark plus.com if you have chronic kidney disease you can reduce the risk of kidney failure with parsi because they are places you'd like to be for secret can cause serious side effects, including ketoacidosis that may be fatal hydration, urinary tract, or genital yeast infections and low blood sugar a rare life-threatening bacterial infection in the skin of the perineum could occur. stopped taking for sika and call your doctor right away if you have symptoms of this disinfection and allergic reaction or ketoacidosis deliver is exceptional custome

strong earnings from jpmorgan and wells fargo. earnings season this week with 40 companies reporting. earnings growth is expected to be 5% for the third quarter according to lseg data. joining me now is kelly. good morning, kelly. kelly, we were just showing the earnings estimates for q2. that was the actual for q2. the estimates for q3 at 5% and it pops back up for q4. reading your notes for q3, is that a concerning sign or raising the possibility for beats that lead to stock gains for investors? >> the positive side for the market, frank, even though cutting estimates is theoretically a bad sign for the economy. i think wall street has gotten it wrong here. we have seen earnings estimates come down as we have gotten a few bad jobs reports and a growth scare. at the same time, you know, these -- corporate america has consistently proven wall street wrong. earnings estimates have been about four percentage points lower than what actual earnings have been over the past few quarters. i expect wall street to hurdle this bar easily. i

. >> there's a note from jpmorgan out a few weeks ago talking about erp software moved to the cloud. of the back office stuff being ouautomated and moved to e cloud. you have wells fargo and citi in there. those are often companies that keep things on-premise how do you play a part there >> we allow organizations to rethink their applications so they can move ones to the cloud that aren't able to be moved there's still a tremendous number of applications in organizations that need to be rethought and re-platformed. pega is a perfect platform in doing that, particularly with the blueprint capability which brings the power of the internet to rethink the business. we leverage a lot of back-end systems, but we pull out the processes that candidly a lot of those systems don't do well and really don't meet the needs or do a lot of hard coding and programming languages. we plreplace that with work flos >> we're highlighting customers. financial customers, telecoms like t-mobile or verizon >> we see a.i. has the opportunity to democratize we have taken for 40 years the automated work flows i

. >> it was a big theme of jpmorgan, citi and bank of america.ement businesses have done well, and you get interest rates coming down, so more allocations into equities, alternatives, et cetera, and you've got earnings growth and great balance sheets with high dividends. you have all of that and i think a much more diversified business. not to say the regionals are bad. i think the opportunity in the bigger banks, that's where the capital will flow. >> quickly, do you own the regional banks? >> i do not. >>> deirdre, ty, there's a case to be made for some. >> mackenzie's senior manner has a w okutnebo o. after the break, we will get his take on what makes an excellent ceo. "power lunch" is right back. (cheerful music) (phone ringing) [narrator] not all multi-millionaires built their wealth the same way, you have... the fearless investor. the type a cpa. the bootstrapper. the bootmaker. yeehaw [narrator] but many do have something in common. we all trust schwab with our wealth. [narrator] thanks to our award-winning service, low costs and transpar

we have the international cio with us at jpmorgan asset management.he third rate cut for the year, not only for 13 years, we haven't seen a back-to-back from the ecb. what is important for you today to get some messaging from the ecb? >> i think it is going to be interesting how the press conference plays out. if we step back three weeks ago, we wouldn't thought we would talk about a cut today. like you said, it is not for them to go norm for meeting and it is likely to skip this meeting and moving on to december. the question as toiv to make this cut. obviously, we have seen weaker pmi and the inflation data be soggy than they like and euro up around 2%. the issue is what does the future look like? we will go into the realms of what happened earlier this year where the ecb did pre-announce a cut and it the wrong decision. we just seen a 50 bps from the fed. maybe a question mark if that was right with the data we sc seen since. that is interesting what sort of commitment we get going forward from lagarde. >> the interesting comments from the members.

steven parker of jpmorgan private back ahead of specialized strategies. right now, and i mean, earnings are if you back out special items, they are up, what, 7%? >> this quarter will get us 7 or 8% earnings growth, and we think about how much the markets have run and we are close to fair value and rather than looking to own the market broadly, we want to target. >> where the s&p right now is in the center or maybe just at the low point of -- your midpoint is where we are almost there. >> yeah, and i think it's important to recognize just because we are at our target, and that doesn't mean we are looking to significantly reduce risks in our portfolio, and we are creating our shopping list because we are looking at the volatility. >> long-term, you don't think elections matter that much? >> i think, one, elections are incredibly difficult to predict more so and policy matters more than politics and that hard to predict and at the end of the day we think it's a mistake to allow elections to make changes to your long-term portfolio strategy. >> do you think t

wells fargo, revenue was different but crushed by jpmorgan.estment organicing side it is a tale of two different cities watching what is playing outright in front of us with cpi and ppi a market seems resilient. cheryl: it has been resilient john your reaction to this what they are saying they are saying 3% increase, in index per deposit services a major factor in september advance prices for final demand services, machinery vehicle wholesale severe airline passenger services rotes procure prices. john: very important, because, you know the modern day version of the ppi, 67%, two-thirds of the ppi consist of services, that was at any time case, 1020, years ago it was mostly com if finally going to tame inflation, we need to have a slower increases by service sector prices, services tend to be labor-intensive, the fact that we've had a renewed upturn by the average wage average hourly earnings, warns we may encounter difficulty at slowing service sector inflation and consumer price inflation, in general by the way, you know in optimistic view e

from 2007 til now and the difference between these stocks, jpmorgan's at the top.our note, and you mentioned the the mag 7 is beginning to wane -- >> it's not the mag 7 anymore, there's only the 2left, nvidia and meta, up 67%. the other 5, the other 5 are underperforming the broad market. so if the market's at all-time highs, then something's going on underneath the surface that many investors have missed. charles: but the nvidia and meta, you stay with them,? >> they're still top positions for me. meta's probably my second biggest position. charles: what's the the next big move for this market? i thought we'd come back and test the former resistance of support, that didn't happen. so it's up, up and away. i know new highs beget new highs, do you see any more momentum here? >> well, the catalyst right now is, of course, earnings. and we've only had a couple of days of earnings, so it's hard to the say on that. the next big catalyst is the election. you're going to see lawyers with parachutes. we're not going to know who is president on election night, so you're goi

. >>> in the new note, jpmorgan laying out what could happened to the two-year and ten-year treasurieshere say blue or red wave in the elections suggesting jumps of 50 to 40 basis points for more, let's bring in joanna. >> good morning. >> i want to get your take on that note from jpmorgan first. when you look at the outlook, they are saying this election has a big impact on bond yields. the biggest impact comes from the trump election and republicans taking one or both chambers of congress >> yeah, so both candidates once they're in office, there's a potential for higher fiscal spendingiented agenda this would put upward pressure on prices and, of course, inflation. the market is reacting to potentially a little bit more of uncertainty and volatility until we get to the election it's also reacting to the sense that, you know, rates may not be coming down quite as fast as earlier predicted in september so, you are seeing something like a ten-year treasury going as high as 4.25 yesterday. there's a mix of things in here and there's a couple of ways you can think about it over the next t

. >> jpmorgan chase wants the money behalf after thousands of customers withdrew funds.alleges they stole cash in the money glitch. the biggest examples of fraud with pop ties to organized crime organizations. among the biggest cases involving the texas man who owed more than $240,000, and a florida man who owes more than $400,000. this is different from the potential criminal case that they're pursuing. >> tell me what happened here, were people depositing bog news checks, drawing the funds before jpmorgan chase had time to clear the check or find out it was fraught lent? >> that's exactly what happens. normally what happens, you deposit the check and it's tranched, you get a couple backs of access and later -- >> on a big check. if it's a check of $75, they adopt tranche it that way. >> and it's different for every person, but for a glorious few days in august, a person could deposit a check. in one case it was $330,000 check, and the whole thing cleared. >> the whole thing cleared. the perpetrators here then withdrew money against that cleared check. they weren't goin

. >> let's take a look at those scenarios jpmorgan wealth management has advisors and chase branches and tools like wealth plan to help keep you on track when you're planning for at all, the answer is jpmorgan wealth manager? what are you talk about? >> the news sports, a little family, gaza, maybe now, you don't do that, right? >> here's another topic for you. >> as they get older, their risk of getting really sick from a respiratory virus like flu covid-19 or rsv goes up a lot so talk to them about getting the season's vaccines because you've still gets so much to talk about. closed captioning is bronchi by eu core help maintain a healthy urinary tract with you, cora, having utis for ten years, you cora, we make uti relief products. >> we also make proactive urinary tract health products. >> you cora is a lifesaver hi, today, at your core.com one year captive. it's frankly impossible for any of us to comprehend the heartbreak that families of october 7 hostages after killing 1,200 people during the barbaric assault on israel, hamas terrorists took more than 250 people as hostages 1

jpmorgan chase is suing those who withdrew the highest amounts directly. has filed these lawsuits, what exactly are they seeking here. >> reporter: they're going after individuals they alleged committed check fraud through this trend that was going viral on tiktok, infinite money trend. they were depositing a check for $300,000 but then before the company and the bank recognized that money and that check wasn't legit they would try to withdraw it from the atm before the check bounce. now, the nation's largest financial institution it's not about the money but sending a statement, don't commit check fraud it's illegal and violates their term of service. >> civil suit going, could there be criminal charges and can we expect to see people maybe who participated in this facing those. >> kate, you know, this is going through the court system, but in atent the company did add they're also cooperating with law enforcement as they look into this matter, they want to hold people accountable on that front, it's possible that criminal charges could be there as well.