jpmorgan chase and wells fargo and citi opening up the books as the sectiotk sector faces a hea headwinds. >>> and not enough wortds from the fed head after the cooling. >>> and actors joining in hollywood in the first strike in decades. >>> and the ftc tries and tries again to get the legal upper hand in the microsoft's activision deal. it is friday, july 14th, 2023. you are watching "worldwide exchange" here on cnbc >>> good morning welcome to "worldwide exchange." i'm frank holland. let's kickoff with the check of the u.s. stock futures looking at the markets here with the mixed picture. s&p is flat. dow jones industrial average is lower. this comes as a rally trying for five straight days of gains. s&p and nasdaq at the highest level since april of 2022 and the best gains of the month. the upside here during the week with the dow up 2% s&p up 2.5%. nasdaq up 3.5% we are taking a look at the bond markets. yields are declining after the cpi report 3.79% oil is rallying. oil near the highest level since april. this morning, however, down frac fractionally wti at $76.50. brent crude down

banks reporting this week jpmorgan chase was solid across all lines of the business. >> jpmorgan chaseame out with a solid set of results in general, in the u.s. banking industry, you are seeing things pulled in two directions you have increasing interest rates despite the fact that depositors remained strong the big banks benefitted from that people want to leave their money in there they are getting cheap money to finance activity lending based on net interest margins, but the banking side are more muted even at jpmorgan chase. we saw that at drag the bank down with morgan the bread and butter lending is doing well, but investment trade not doing well i expect morgan stanley not to have impressive earnings, but bank of america to do well >> it seems like it is playing out in the earnings season over a couple of months ago to what extent to the larger banks benefitted from the turmoil in the regionals >> i expected to demand higher interest rates on checking and savings accounts that has not happened. we have seen the flight to safety the flight to safety, i thought we would see,would

. >>> and after this spring of discontent, jpmorgan chase and citi kickoff second quarter earnings seasonoday with the big six u.s. banks set to benefit from raising interest rates, but also a brunt of higher loan losses. >>> take a look behind me. most of the wall looks fairly red. we are marginally in the green when you look at the stocxx 600 we have been up this week led by the tech shares. we are seeing positivity still filtering through for a number of days in the green the stoxx 600 hit the fifth positive session in a row yesterday. we could be on track for a sixth positive week. we are up 3% as well on the week as well. the best weekly performance since the 31st of march. very having to look at the positivity to filter to next week if that is the case more earnings are anticipated and what it will mean for the equities picture on the european markets. a broadly positive picture across the board that filters through the possiblitivity on the stoxx 600 only the dax which is up 3.5%. still have a broadly positive week by the looks of things with the dax set for the fifth positive sess

solid results from jpmorgan chase.e get more from goldman sachs that is one to watch out for that bodes well for the european banks which are set to start reporting next week. on the flip side, we have real estate down .90% basic resources, commodities or any name with exposure to china is selling off that basket is down 1.3% luxury down 2.2% that is namely on the back r richemont. this is a picture across all of europe lvmh down 3.5. the owner of the boutique is down 1.4%. the one name we are watching out for is rich sdemont. that is down this morning. charlotte will talk about that on the show. again, we are seeing a dip in consumer spending in the u.s. and disappointment in the wearables department that is one reason why richemont dipped in trade. >>> as i said earlier on, china economic is stalling china's gdp grew by 0.8% on the quarterly basis. falling from 2.2% in the first quarter. monthly retail sales fell short sharply. >> the china economy missed expectations headline growth was better than the first quarter

big earnings are coming up jpmorgan chase and bank of america as adopters specifically how do we see.i. on financials and the rate hikes we expect change your thesis >> it is very interesting question i would say banks are looking at this as much more than a one or a two or three-to-five year trend. it is bigger and broader and strategic in stage if you look at the generative a.i. and use cases across various segments within the banking industry, it is quite significant. i do not necessarily believe the rates might influence the trajectory of generative a.i. adoption it is strategic. i think it will manifest itself across multiple use cases with banking and regional banking we talk about some of the use cases within the financials and fintech section. >> detailed note i want to get to the details in it you list a number of u.s. and international stocks with a transformational opportunity with a.i your definition meaning more than 20% of sales coming from a.i. related sales nvidia and microsoft listed in the note don't you believe or do you believe that the transformational opportunit

we begin with jpmorgan chase upgrading progressive rating from neutral to overweight the results werey don't alter the long-term view of the earning power looking at shares of progressive down 1%. goldman raising the rate from aggressive to buy for chewy. shares of chewy up 4.5%. and morgan stanley downgrading pepsi rating to equal weight after the strong second quarter means the company is valued. catalysts of the run now played out. shares of pepsi down 1% this morning. >>> time for the "global bri briefing." now looking at headlines around the trading desks this morning the agreement of ukrainian grain to allow the grain blocked by russia over the conflict to be exported the price of wheat jumping on that news. britain signing off on the brexit deal to date yoi the deal will receive parliament scrutiny in the uk and other members will complete their are you -- their review. and turkey's president is dealing with the cost of living crisis with the government hiking fuel taxes by 200% yesterday. >>> ahead on "worldwide exchange," the one word that every investor needs to know today.

sofi down 1% and jpmorgan chase saying it believes carvana is disconnected from the fundamentals.es down 2.5% and barclays downgrading coinbase which is likely a long-term winner in the ecosystem of crypto, but the fundamentals are challenged. that stock is down 1%. >>> and dow transports rising 19% compared to the 16% gain for the s&p. it has been a choppy run the freight recession in the spring, recession concerns for the broader economy and decreased spending on goods and inconvenient after is adding to the concerns trucking makes up 75% of the transport market has taken a step back from the highs last year rates falling 20% more year over year we are talking general trucking and industrial and flatbed trucking those rates are still double digits higher than pre-pandemic levels we are see a similar story with rail shipping of containers. those used for consumer goods and raw materials with prime day behind us and back-to-school shopping ahead of us, let's sp speak with the deutsche bank manager of shipping. ahmed, great to see you. >> frank, good morning >> we laid out the tran

now i'm trying to understand, the contract with jpmorgan chase that you mentioned. which is only inclusive, so i'm trying to understand, how, how is chase play a roll in this if item 3 which is specifically for the merchant processing service is going off rfp and yet we're still keeping the lock box piece for item 4, that the services locking in would be of a, it seems we're still tied that we're tying to the bank of america and yet, it looks like we already have a partnership with jpmorgan chase, how do we make sure that transition is happening and yet we're now going out for rfp. >> so the rfp that we issued for the banking services, is very broad. as you can imagine, we have a lot of different types of services and different scale. and we made a policy decision to really breakup the service areas because we find it beneficial to the city to really try to get the best price and products. given the varied amounts of banking services and just try to attract different stuff. so there is a few different things going on, i don't want to be labor this too much. but for

jpmorgan chase, citigroup and wells fargo. for more on the week ahead, let's bring in dan varu at palisade management capital. >> good morning. >> we have market movers cpi and ppi and bank earnings. how do you tell your clients how to prepare >> we will have volatility, frank. in the pre-earnings period where companies can't say a lot about the conditions in businesses analysts are free to lower price targets and change earnings gui guidance i expect we're in the period, i call it the pre-earnings kabuki dance where stocks move around, and the reality is set in when the company actually reports and talk about the conditions in the respective industries and busi businesses >> we see forecasts for the third straight quarter of earnings declines. how do you see that playing out in the market with very important earnings with the big banks coming up this week and a sense of the credit situation in the market >> liquidity conditions are changing and changing rapidly. i don't know if the market fully appreciates what is happening s

jpmorgan chase and wells fargo and morgan stanley all plan to hike payouts to investors. goldman with the largest boost from 250 per share to 275. citi, on the other hand, making the smallest raising the quarterly payout from 51 to 53 cents. >>> workers at the west coast ports picketing. announcing the start of the labor strike this weekend and both sides have issues with ouautomation and cost of living for workers. >>> movie goers not up for adventure. "indiana jones" film pulling in $60 million at the domestic box office that is on the low end of proje projections. tacking on the global box office, the final film in the franchise pulled in $130 million on the budget of nearly $250 million. contessa >> silvana henao, rough start for the movie weekend. >> i'm waiting for it to show up on disney plus >>> turning to the playbook for the second half of the year, the nasdaq wraps up the best first half in 40 years a 32% jump the rise fueled by nvidia up 190% year to date. on the big a.i. boom, meta up 35%. apple, amazon, microsoft and alphabet all up between 35% and 55%. can

equities. 10-year treasury at 3.793% we will hear from a number of banks reporting this morning jpmorgan chase and wells fargo and citi >> 4,510 is where the s&p closed it closed last friday at 4,398 tom was on monday morning and at 6:00 a.m tom said 100 points based on the cooler cpi then followed by somewhat cooler ppi. we all thought that it would be a cooler cpi you can't necessarily -- number one, you had to be right about that number two, you had to be right that the market which was already seeing a stretch or out over the skis by a lot of people at 4,400 will say no, we will get another 100. that is another leap to make that and make it definitively. pretty good. >> the other thing that people does not anticipate was the move in bond yields which underpins the move in equities the move in the 10-year treasury and highlighted the move in the 2-year treasury the last week. just stunning moves. bond markets don't move like this. >> that's a clear call that he was right on there is no way you can say oh, this or that you can't say that he went out on a limb and made that call. he was corre

now i'm trying to understand, the contract with jpmorgan chase that you mentioned. which is only inclusive, so i'm trying to understand, how, how is chase play a roll in this if item 3 which is specifically for the merchant processing service is going off rfp and yet we're still keeping the lock box piece for item 4, that the services locking in would be of a, it seems we're still tied that we're tying to the bank of america and yet, it looks like we already have a partnership with jpmorgan chase, how do we make sure that transition is happening and yet we're now going out for rfp. >> so the rfp that we issued for the banking services, is very broad. as you can imagine, we have a lot of different types of services and different scale. and we made a policy decision to really breakup the service areas because we find it beneficial to the city to really try to get the best price and products. given the varied amounts of banking services and just try to attract different stuff. so there is a few different things going on, i don't want to be labor this too much. but for

jpmorgan chase made a profit of over $14 billion between april and june, with its rescue of failed first helping to boost its bottom line. elsewhere wells fargo's profit surged 57% during the same period, but citigroup not quite the same — it saw a 36% fall in profits due to a poor performance by its trading arm. philip toews, ceo, toews asset managementjoins us. good to see you. apart from citigroup, investors have got to be happy with these numbers. we are only talking about numbers after a period where we stop a banking crisis that we had not seen since 2008? it crisis that we had not seen since 2008? , , . ., 2008? it is such a diverging path we're are on- _ 2008? it is such a diverging path we're are on. three _ 2008? it is such a diverging path we're are on. three months - 2008? it is such a diverging path we're are on. three months we l 2008? it is such a diverging path - we're are on. three months we were waking _ we're are on. three months we were waking up _ we're are on. three months we were waking up to— we're are on. three months we were waking up to the possibility of a rea

jpmorgan chase pushing up 8% and bank of america over 11% to the good here is the tech count which weave been following. those have been the shining light, shall we say, for the u.s. markets some feel they have run a little bit hot. so far, apple still managing to gain 1% in that picture. microsoft and netflix losing a touch. down 3%. in fact, 13% gain so far for meta they did launch threads not so long ago more than 100 million users on the front. we have yet to get an update tesla is 1.9%. alpha bet is 10% to the good julianna >> what a month for u.s. equities defying so many bears one factor investors are putting weight into this morning is the latest from china activity has contracted with pmi at 41.3 for july it support fro-- is it up from . in june. the deputy director of the chinese state planner will improve to expand household consumption after new measures to promote auto and real estate sectors. the government iss expecting to improve ev charging a check on asia markets in response to the stimulus measures from the chinese government the shanghai trading .50% higher hang se

if you compared to chase, 1.9 billion dollars,, that compares with a point $6 billion for jpmorgan chase. charlie sharp intends to get some of the way there, bear in mind that wells, was told by the fed it had to keep a lid on its growth. until it is difficult for them to try and grow in those businesses where it would have to take more exposure, the fed has not allowed it to do that. charlie is excited about the quarter, it was a surprise. investors are becoming more sanguine about the banks. we saw the kbw up 7%. these evaluations are cheap, the banks have turned a page since march. shery: vonnie quinn with the latest in bank earnings, let's see how the markets in asia >> >>. we are focusing in on the boj, had a survey coming out, telling us what investors are expecting in terms of the timeline for any sort of change in policies. that has been pushed once again. it is more than 80% of respondents saying they are not expecting any changes in the upcoming meeting in july. compare that to the last meeting, one in three or expecting a pivot. the reaction we are seeing coming through in the

the year for chemical products analysts are divided about what that means some analysts like jpmorgan chase, for example, are putting the shares are buy now given that violent market reaction which we had already in the past i think the jury is still out whether wite have seen the bottm of the share price with basf with the cutting of guidance >> annette, thank you for the reporting. those numbers are ones to look out for in the second half of the year anticipated from basf. >>> let's get into economic data jeremy hunt, the uk chancellor, says economic growth is still hampered after gdp data showed falling 0.1% in may. that figure is better than the 0.3% contraction that analysts expected and the extra bank holiday to mark king charles' coronation on the other side, there will be fewer homes built over the year with the price pressures and mortgage pressures hitting demand it sees 400,000 completions this year which is down sharply from 17,000 over the last 12 months that development down 4.8% we will get into the discussion then and the deputy head of economics at kepler is joining us to u

jpmorgan chase. this is a g one. foundational nutrition to support whole body bring and gut health, vitamins. minerals probiotics adapted jen's functional mushrooms all that and this started drinking one .com i will never again lose to my brother decided esa because i've switched to consumer cellular. now i get the same coverage he's got perhaps the cost. i'm the one who wins. birds freedom calls. we're here to answer. what if you could whiten your teeth by simply brushing your teeth. now you can with smile actives, the teeth whitening breakthrough that safely gets your teeth white and keeps them white every day just by brushing your teeth. i never thought that whitening my teeth could be so easy. i just put the channel on the brush the toothpaste on it. brush. and i can see my white teeth simply add smile, actives to any toothpaste and our patented polly clean technology activates into a powerful microphone that penetrates into the enamel surface to safely lift and remove stains. you need a simple way to whiten your

a digital platform acquired by jpmorgan chase in 2021 for 700 million pounds he suffered from a rareorm of bone cancer. last year, he and nancy set up the elizabeth smile charity to help the millions of children who will lose a parent to terminal illness inspired about their own daughter elizabeth 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. >>> welcome back to "street signs. let's check on the markets we see a green tinge to the market searching for a new chief executive after the current said he would step down from the board in the next 12 months for bt the board is consideringall appropriate candidates and expects to share an update over the summer markets are a little higher thus far. the ftse 100 is managing .20% gain on that front w

could catch a value of $6 billion if it decides to go public it is working with goldman sachs and jpmorgan chase on a possible listing, frank >> interesting i thought the birkenstock era was over i thought people moved on. do you own a pair? >> several pairs >> fancy or the regular ones >> all different styles. i love them. they are comfortable they are great for traveling you can wear them all day. >> i didn't know there were different styles >> you have to look them up. >> silvana, thank you. >>> more to come here on "worldwide exchange," and the one word investors need to know today and janet yellen prepares for more face-to-face meetings in beijing. >>> the second half playbook and if tesla can stay atop the ev price wars >>> and shares of denim for levi is opening lower there is one concern in the market findut wre ohe that is when "worldwide exchange" returns >> announcer: this cnbc program is sponsored by ibm. i ibm. let's create analyze data— from hvacs to elevators to lights. what if we use ai-driven insights to pinpoint inefficiency? yep. and act on it. saving energy, money... ... and

jpmorgan chase will attain a large footprint on 1 front st. -- retain a large footprint on one fronteadquarters. used-car prices are down for a third straight month. data shows prices fell 4% in june from the previous month. the biggest monthly drop since the start of the pandemic. used-car prices have been very high because of inflation and supply chain issues that caused temporary slowdowns in new-car production. you can see that we are up 127 points this morning. go ahead and tell them. kumasi: a professional ice hockey team is coming to lake tahoe. sports fans, you might recognize one of the owners. tim tebow is part of the ownership route. they will be playing at a new arena opening up this year. the team has not announced their name, logos, or even colors or if they will have any affiliation with the sharks but the team will start to play next year. reggie: a hole-in-one is usually a good thing but not when you are playing tennis. the crowd at wimbledon did not expected this. everyone was surprised when a tennis ball landed in this man's beer during a match. the incredible shot

cnbc learned jpmorgan chase uses a.i.lp select investments, and morgan stanley is rolling out an advanced chat bot to help the banks' army of financial advisers the question is will the a.i. tools replace financial advisers there are an estimated 330,000 much them in the u.s., or will it democratize access to their services >> that's what we are all wondering. >>> a new survey predicting that robo advice from a.i. services will boost returns and attract young investors. what does it mean for the asset managers the same survey says one-sixth will see a lot of big changes and consolidation coming out of the disruption and space >> the tech innovation and the demographic innovation, as the boomers retire and pass along whatever wealth they created in the massive wealth bubble. >> and a.i., incredible. >>> welcome to "halftime report." i am scott wapner. we will debate the road ahead with the markets with the investment city. joining me, bryn talkington and joe terranova. we have the dow in positive territory still, and s&p h

betsy: overweight is jpmorgan chase.ock has outperformed and i get a lot of corn -- questions about it. the reason we say yes is there is positive operating margins in that level. he told us he was going to slow the growth if not flatlined the i.t. spend. it's operating leverage, their. we are also owned by wells fargo. some of them have excess capital that's nice. particularly them. guy: in terms of the longer-term trajectory, betsy, if they get into recession, are the banks set up? the macro environment will be changing. what do you think the next 12 months look like? betsy: start with the assumption that we are going into recession, right. that's the assumption of the question you just asked me. in a recession we should have accelerating losses. i will say that the cecil accounting standard that came into place january 1 of 2020 has upped the banks to have less of a provision increase in the environment we get a recession with accelerating losses. if i'm running my numbers through a prior cycle recession, i think they

jpmorgan chase is down today, may be ahead of earnings season that kicks off next week.hink the earnings season can be topsy-turvy like today's change -- today's train. apples chart suggests there could be interesting trading ahead. we are looking at a multiyear chart of apple. here is this year is being run, up around 7%. this convergence suggests buyers are getting tired. if there is reason for sellers to sell, you can see a quick route to the 25 day moving average. we saw something similar not as dramatic as -- similar but not as dramatic in 2021. this pattern, if it works, and it is good right now, is typically pretty fast-moving. guy: today is quiet. the rest of the week, i don't think so. i hope. payrolls will provide something one way or the other. you never know. abigail, thank you very much. talking the rest of the day. janet yellen on a route for beijing. we are going to watch that. expectations low in terms of what the outcome will be. president biden with the swedish prime minister. tomorrow, we get the fed g minutes -- later today, we get the fed june minute

you're all wondering what's the first, it's jpmorgan chase. he lead as team of approximately 215,000 employees dedicated to making financial lives better for people, for companies of all sizes, for institutional investors across the u.s. and around the world. we're grateful to have him here today to get his perspective on the economy, the industry and global trends shaping both. if you're a part of our live stream audience, during the second half of the program, youu can get a question in by texting it. please join me in billion coming brian phoeupb -- me in welcoming break point moynihan. [applause] brian: it's a pleasure to be here in cleveland. i had a clans to be with my team earlier. it's great to be here. good to see the city. dan: welcome back to ohio. brian was born in marietta. so let's just start out talking about where the economy is right now. as you see it with a lot more data than the rest of us see it. brian: yeah. so we -- bank of america research team is the best in the world and they continue to look at the situation and they

stocks closed mixed, jpmorgan chase, wells fargo and stitt bank beating estimates after a week of economiche per reserve to hike interest rates. >>> a key inflation gauge has now declined for 12 consecutive months since march 2022, the fed has ruled out ten consecutive interest rate hikes. let's bring in john leer, chief economist at morning console. with the last at 3% at what point do you think the fed is ready to declare victory on inflation? >> thanks for having me i think the fed's quite a long way from declaring victory on inflation. there are two reasons for that. one is, while we got really positive news last week that the cpi started to fall. it's a bit of inside baseball here but the fed focuses on another rate of inflation called pce in we won't get in the end of the month. pce has been falling less dramatically. the third indicator of the fed is actually looking more flat than last week. i think on top of that, there's a lot of history sort of at stake right now so the fed certainly accident want to be known as the institution that eased on inflation prematurely and ultimately

keep said -- keep its investment and a high rise in the ce san francisco financial district or jpmorgan chase will retain a large footprint of 1 front st. first republic was the last tenant and chase took over that bank in may. it is unclear will happen with first republic's former headquarters at 111 pine st. we have told you this summer about hotels closing in san francisco due to elective business travel. in east they were the owners surrendered to banks. here is leslie brinkley with the story. >> ashford hospitality trust is adding lenders sees ownership of 19 hotels nationwide including the 249 room embassy suites hotel in one accrete across from the pleasant hill bart station. ashford said in a statement they are walking away from paying the mortgages on the hotels to save over 300 million in payouts and capital expenditures in the troubled waters of the current hospitality market. four of the hotels are in the east bay. >> we have not talked with ashford trust. have talked with the operator of the facility. they are naturally concerned because they all have jobs. our leaf is that becau

. >> reporter: jpmorgan chase ceo jamie dimon has said he'd be careful about bidenomics.ident's economic approach as industrial policy where the government supports certain industries for political reasons. dimon says he approves of government sport in certain areas relating to national security. he also says democrat spending billses have boosted inflation. massachusetts senator elizabeth warren tweeted, quote, well, boohoo. the whole point of bidenomics is to make our economy work for working people, not just wall street ceos. today the administration has sent out a couple of press releases highlighting what it figures is about $40 billion in student loan forgiveness and $163 billion in federal contracting money to small businesses. we've got some fox news polling on this, the most recent finding about 60% of americans disapprove of the way the president has been handling the economy. stuart? stuart: 60% is a big number. all right, rich, thank you very much, indeed. to get into the republican primary debates, there are certain requirements that you have to meet like hav

you wonder what is the first, it's jpmorgan chase. you lead a team of approximately 215,000 employees dedicated to making financial lives better for people, companies of all sizes, institutional investors across the us and around the world. we are grateful to have him here today to get his perspective on the economy, industry and global trends. if you are part of our live stream audience during the second half of the program you can get a question and by texting it to 330-540 one-fifty 794, you can tweak your question at the city club and we will work it into the program. please join me in welcoming brian moynihan. [applause] >> a pleasure to be here in cleveland. it is great to be here, good to see the city. welcome back to ohio. brian was born in marietta. let's start by talking about where the economy is right now. as you see it with a lot more data than the rest of us see it. >> bank of america research team run by candace brown is the best in the world and they continue to look at the situation and pretty consistent for year and

on the topside you've got jpmorgan chase, boeing leading the way wflt on the downside, a couple of financials let's take a look at the s&p, see where we are, down a hurd of a percent at 4398, and, again, let's take a look at the nasdaq. it had turned ever so slightly positive, and because i noticed that, it's down just slightly. let's take a look at the big tech names which have been a rah rather mixed bag this week. meta, amazon, alphabet all moving slightly higher, but then you have apple and microsoft moving lower. now, i want to get back to the meta issue, the drama surrounding the new app. what exactly is twitter accusing met that of doing wrong? lauren: so elon musk's lawyer sent meta a cease and desist letter accusing threads of copying twitter and building it with the help of former twitter employees. well, there are a lot of former twitter employees. he fired so many. [laughter] so meta, they've got to work somewhere. met that says 40 no one on our threads engineering team is an exe-twitter appropriation so we don't know what you're talking about. mark mahaney likes threads, he says

virgin islands told a federal judge that jpmorgan chase handled more than $1 million in payments from jeffrey epstein to what they describe as girls or women after the bank terminated epstein as a client in a new letter filed this afternoon, lawyers from the office of the u.s. virgin islands attorney general detailed more than 9,000 transactions paid out to epstein-related accounts between 2005 and 2019 that were not disclosed during the court mandated evidence exchange window we have reached out to jpmorgan for comment and we'll bring you any response that they have, melissa. >> all right, contessa, thank you. >>> meanwhile, crude oil closing on its best month, dating all the way back to january 2022 wti surging by a percent and a half today, ending july up 16% to finish at almost 82 bucks a share. the move in the commodity pumpump ing energy stocks higher chevron got an upgrade today, that helped, exxon saying it's going to supply lithium to companies, battery companies, car companies, et cetera. >> that helped, too. >> yeah, i think for energy it's really right down the core of wha

a week of bank earnings kicks off tomorrow with jpmorgan chase, citi, and wells fargo up first. ng as the dust settles from the banking crisis and to await the fed's next move on interest rates. you just sold jpmorgan calls >> i sold some upside calls against that the only thing i don't like going into this earnings print is that it's up, like, ten bucks in the last two weeks. normally i like it to trade down and they'll do a little better i think the earnings will be good we'll get some sense of the first republic deal, how good that is for them i think it was a great deal for them so -- and we're starting to see some green chutes in underwriting and banking and capital markets, so -- i'm happy to be long jpmorgan. go jamie >> lori, do you like financials? >> we actually upgraded this week last time i was on the show, i was still pretty skeptical, but we feel like there's a bigger issue. the tech trade, the growth trade, i still like my tech stocks, but i feel like this market wants to rotate a bit we're seeing growth stall out and i feel like everyone's been so negative on fina

on the banking side of things we have shares of america's biggest ban, jpmorgan chase. his morning by analysts over at jeffries that upped the target price to 146 jpmorgan also up 9% here to date and another price target boost for nvidia shares are up just about a share or so. the price target was upped to $550 strong demand not only from artificial intelligence start ups, but also their traditional enterprise as well melissa, we are talking about the best performing stock in the s&p 500, so maybe no surprise folks are getting more bullish on this given that they may or may not have missed the move already. >> earning season is maybe a reason for analysts to hold off on changing ratings, but nvidia came in and reaffirmed their guidance, and that's a good sign >> because we are entering the earning season, often times we will see some of the estimates get a little more conservative heading into the earning season. it doesn't seem to be that way for any of the tech media and telecom services or technology, or consumer discretionary, and you wonder if there are a lot of fol

, will have little more difficult time because they're really not, goldman is not a bank like jpmorgan chasere more of a, broker, mergers acquisition. that is where i think they will have trouble trading. i think that's where they have trouble. charles: goldman became a bank when the government handed bailouts to banks. yeah, we're a bank too! i got less than, got less than a minute to go. i started the show saying the biggest news today bigger than ppi for me, oppenheimer going 330 to 410 on amazon. you owned these megacap names while everyone was selling them. what now? are you happy that wall street is it getting on the bandwagon? obviously gives it a little extra oomph but do you sell into the oomph? >> not me, i'm not selling it. i love amazon. i am glad they raised a target in amazon. buy some more. i own it at very nice levels. i love the write-up. same way in all the megacap stocks, tech names. even though they are stretched. i like all the names, i'm not selling them. also not buying them like apple and microsoft. amazon i certainly buy more than that i love the factual street jumpi

jpmorgan chase doing quite well, up 1.5%. jpmorgan, caterpillar. caterpillar's doing well.min technologies, hasbro, plc and adobe, which we just talked about as well. and the nasdaq winners, crowdstrike holdings, adobe, siriusxm and what is that? alation? what do they do? i don't know. [laughter] siriusxm is doing well and paypal also. check the 10 is-year yield, up a little bit, up close to 4%, 3.96%. let's check gold if we can, up about $6.50. over that 2,000 mark. very interesting, it's been kind of an indicator where inflation is going. bitcoin still below 30,000 but just so, 39,500. but oil is up, it is well over $80 a barrel, now trading at $81.50 a barrel. natural gas, well, natural gas has been riding a wave, but it's coming down a bit now. it's down ant, almost a percentage point, about two-thirds of a percentage point. the average price for a gallon of regular, by the way, is now $3.75. and, of course, california where things are so heavily regulated now trading at $4.99. that's the average for a gallon of gas in cali. >>> coming up, voters in four battleground st

zillow up 9.5% there a check on jpmorgan chase, america's biggest bank higher by fractionally, three ing help from analysts at jefferies who upgraded that stock to a buy the target to 165 from 149 they like jpmorgan's more stable earnings outlook, better revenue diversity and think it's the best position bank to navigate a world with rising capital requirements of course all eyes on that stock and others at the end of this week we get earnings reports from jpmorgan, citigroup and wells fargo, all on friday morning guys, before the opening bell. sara, big week for big banks i'll send things back over to you. >> more upgrades than downgrades lately does that signal something >> what's interesting. we always talk about this notion that sometimes analysts do ratchet do their expectations going into earnings season right now, we are seeing a bit more of that higher bar being set, so i'm not sure how much we get in terms of beat rate this time around, compared to other quarters, but the bar is typically lowered going into earnings season in the past. with the big banks maybe it will be a te

jpmorgan every so often, i started as aba banking reporter in 1987, and these were all the banks jpmorgan, chasemanny hanning, chemical, first chicago, and i'm sure i'm missing a few >> bank one. >> that is all jpmorgan. >> and in some cases, dimon himself. >> yes >> went back to chicago for sure >> but it's back to where jay pierpont morgan had a bank and everybody had to listen to what they did all these banks. united states bank failed. this is them, this is the closest i've seen to them being the jpmorgan that you just said, well, wait a second, let's understand the corner >> do we want to, carl, talk a little bit about dimon's comments lot of macro consumer balance sheets still healthy, still spending, albeit a little bit more slowly labor market softened somewhat, but job growth remained strong salient risk in the immediate view he's already talked about these many times >> yeah. yeah >> consumer slowly using up their cash buffers and core inflation has been stubbornly high, many of the things we know, but certainly hits them. >> you forgot ukraine. >> yeah, ukraine >> war in ukraine. >> i

jpmorgan chase, shares of 1.3% as they are raised from a hold to a buy.report earnings friday, everyone is expecting armageddon -- or some negative earnings results because of the inverted yield curve. the biggest are the take alls. jp morgan. ne-yo, the chinese based electric vehicle maker, those shares up 2.4 percent as morgan stanley says the showed big improvement next month. we have seen this from rivian and tesla, it is building, even at a time when we are seeing signs of a buildup of electric vehicles. we are seeing a lack of demand for production. the bifurcation is interesting. jonathan: is that jonas at morgan stanley? lisa: i believe so. no, it is tim. jonathan: well the whole stream on the auto industry is fantastic. when you go through the whole supply chain start to finish, how green are the? when do you start to break even? lisa: how much is it predicated on the idea of the parts will be recycled into future iterations when the technology is shifting? this is offered at a time when the governments are trying to push the vehicles. jonathan:

earnings season kicks off with pepsi and delta reporting on thursday and jpmorgan chase and wells fargoday president biden arrived in the uk yesterday he is meeting with king charles for the first time since his coronation he will conclude his trip in helsinki on thursday he will congratulate finland on becoming the newest member of nato >> is that what you do >> welcome to the bloc. >> in case we get attacked by russia >>> tom lee is here. he has a call of 100 points in the s&p in the next week it has to do with the lighter than expected cpi reading. tom lee is the cnbc contributor. he started the year more bullish than anyone. i saw the articles last week that i referenced. you were the one bull talking about 4,700 on the s&p this systisn't -- you are not l to the party i love analysts with netflix and neutral on netflix and price of 1 1 170. they act like it is early. this is not something you do a one-week call short-term for 2.5% to 3% move in the average >> that is right markets move a lot around the cpi report that's always a big market event. we thought a tactical opportunity wa

it's already up about 164% from year to date can continue we'll cap things off with a check on jpmorgan chasel, this morning analysts at citigroup have downgraded them to a neutral rating. it is a valuation call after the stock was a beneficiary of the banking turmoil interest spring. they want to move to the sidelines, melissa i'll send things back over to you. >> thank you joining us, head of technical cal and macro research, a bear company. i want to talk about one of the biggest stocks, alphabet it closed with the biggest moved yesterday since march. how important is that? >> i think it's important the subtle leadership change among us, we see it with alphabet a little softer, amazon a little softer, even apple the triple q is losing share or ceding some ground my suspicion is rates are driving us we have yields whohovering arou 4% i suspect these may become bigger stories >> in terms of the rates picture, though, we did cross those key thresholds and we gave them up. what makes you think they move higher >> let's think about the paradox for the moment a year ago today we printed 9 on ci

jonathan: stephanie roth from jpmorgan chase is joining us shortly. hopefully what we will do is acknowledge there has been some softening on the part of inflation because that is factually correct but it's too early to call victory on inflation and after that what i think they should do is leave all the doors open so they can go again in november or this can be the end. jonathan: that's a decent description of what most people expect of chairman powell going into tomorrow. the two day meeting begins in d.c.. on the s&p 500, equities higher. gm looking the outlook. 3m is raising their outlook as well. tom: thank you for bringing us up. my mother grew up in minneapolis and we have a bias for minnesota manufacturing. 3m, such optimism. 16 holds, for cells. a blue-chip company, this one deeply troubled. there are no byes. there are zero byes on the bloomberg screen. jonathan: i was totally unaware of that. tom: that show you the nuance away from microsoft and google which you and i are guilty of. we are trying to give you earnings seasons earnings. jonat

positive with the slate of analysts out yesterday with comments and today with the coverage of jpmorgan chase the target to $93. it was 70. they like better international trends it is the positive effects on the operating metrics. united airlines shares down after the gain yesterday on the train side, csx getting derailed this is the second biggest publicly traded railroad operator by market value down 5% right now. thin pre-market volume earnings came in line with estimates. revenues below estimates with the lower volume with containers shipped with multiple vehicles intermodal transportation and lower pricing dynamics and we end on the automobile side carvana is stable in pre-market on 80,000 shares after dropping 16% yesterday. the used car retailer has been on fire as of late a debt restructuring and stock sale to raise capital. piper sandler is downgrading it to neutral after the overweight. they bumped the target price up 48 from 39 bucks they need more market share gain carvana is well off the peaks we saw during the pandemic. it has been a very lightning rod stock. joe. >> that's righ

it is jpmorgan chase. citigroup is on the right course.stable or healthy economy, is a pre-good picture for banks. jonathan: that is the view of ken leon following earnings from jp morgan, wells fargo, and citigroup. tomorrow you'll hear from morgan stanley and bank of america. tons of regional banks you've never heard of that lisa abramowicz has talked about a few times. in the equity market a bit softer. not going anywhere. a quiet sure in the equity market. in the bond market we just resumed this move lower. the 10 year at 3.78. euro is positive against the u.s. dollar. 1.1236. over the last couple of days do highs for the year, new euro strength for 2023. tom: bloomberg surveillance committed to giving you the best of the earnings season. lisa driving forward our coverage. we are thrilled with our coverage friday of the big banks and we'll have more coverage tomorrow. jonathan: looking forward to it. tom: wednesday, big banks. then we are done. our guest understands this american banking system like no one we speak to. off the march sh

but you look at jp -- ones to wap are jpmorgan chase.hers that are going in to china trying to have that holy grail of penetrating that market and selling services they do here which is restricted to date -- lack of reciprocity in every category in the financial sector i can tell you right now. but -- it seems to ming legislatively that -- faction can be taken there. for example, i would say that there could be a bill that would indicate that it's simply not going to be the case. that u.s. operations in china will have a communist party sell successfully implemented in their senior management structure. if that's the case then it's just over. period. and stop fooling around about this. because again there comes a point where the relationship is deteriorated so such an intengts and we are seeing the true colors of our foremost adversary so vividly that it's time to take a stand on these kinds of things. >> thank you my time is up i yield back. >> mr. banks. >> ambassador you've covered there but i want to ask simply should congress revote

delta expected to report this hour tomorrow, the banks will start lining up to report with jpmorgan chase first out of the gate let's see what we should expect from the corporate report. joining us now is sarat sethi. portfolio manager at dcla and a cnbc contributor do you watch in the mornings, sarat? >> i do. >> tom lee was bullish on the october lows and bullish at the beginning of the week. do you ever get evnvious and pound the table in calling for a new bull market? you are still cautious are you saying now there is no reason to get excited 20% later? >> i'm saying there are opportunities out there. just don't get too excited about the seven stocks running and caused the run-up. there were opportunities with companies like pepsi and delta is a legal ireally good one. there are a lot of companies trading below market multiples and haven't given them credit with the post-covid run-up you have to be careful you don't chase or get too innvolved in companies not too diversified. >> okay. you never will be a tops down guy, i guess, right? would you ever go out on a limb? are there times y

let me ask you another question about jpmorgan chase and their assumption later on in a different process. isn't it always the case that the biggest banks will seem to be the sturdiest and the best able to absorb another bank that is failing or in receivership? >> not necessarily. silicon valley bank and signature were assumed to be merged into smaller banks not nearly that size. but when the f. d. i see results a bank, it is required by law to take the best offer. >> the gentleman's time is expired. >> in this case, it was jpmorgan. >> i go back, madam secretary. >> the gentleman from missouri, miss wagner is recognized. >> thank you, mister chairman. but last month, the g7 leaders of which the united states is one, agreed in a joint statement on an economic approach to china that would focus on, and i quote, derisking and rebukes calls for decoupling from china's economy. however, i have to say that i think it is appropriate, and in fact essential that we de couple from chinese industries and entities that are actively participating in on think-able human rights abuses, including the cc