leslie picker will look at the bang earnings. we'll begin with bob.d. as a stocks guy this is the most interesting day of the year. >> really? >> yes. i'm going to call this the revenge of diversification. everybody will look at this and say what the heck? the nasdaq is down big. amazon is down two. apple's down two. this is not a negative on technology stocks. it's a positive on diversification. the russell 2000 up 3.6% with the s&p down. do you know the last time that happened? october 2008. that's how rare that is to have the russell 2000 up 3% or more and the s&p 500 down. >> this is the biggest one-day gain of the year for the russell. >> for sure. here's why -- again, this is not negative on tech. this is positive on diversification. that's the way to look at this. >> you framed that owell. >> 6 to 1 with the s&p down. here's what everybody is asking me today. great, bob. is this a one-hit wonder? how does this continue? what do we need to get this to ten? obviously lower rates is the key here. small caps are very interest rate sensitive. that s

leslie picker follows the e'? can you draw a line between the fed chair on the hill and these wall street banks that are doing well? >> yeah, i think you can. bank investors have been watching very closely to see what happens. there's quite the boost, thanks to comments chair powell made about where regulators are at with basel game rules, they have been met with fierce the midst . >> statistic question we're continuing to try to make process is that have process. my view is the strongly held view of members of the board that we do need to put a revised proposal out for comment for some period. the reason is, you know, when there are broad and material changes, that's been our practice. >> one of the key challenges is getting three agencies -- the fed, the federal deposit insurance corporation and office of the comptroller of currency -- all on the same page. however, that would take some time, meaning the finalization wouldn't even take place until early next year potentially, powell said, scott. the overall wate

leslie picker, talk to us about the banks. >> yeah.scott, at least in terms of the story we saw with the three reporters today. jpmorgan, citigroup and wells fargo is the extent to which noninterest income is offsetting their net interest income. non-interest income encompasses line items like fees as opposed to net interest income which is largely driven from loan making. this was the point which was able to meet earnings estimates even as it met on net investment income. for jpmorgan investment banking fees jumped to $2.4 billion. that was something the cfo said may be attributable to some pull forward refinancings in the capital markets that took place in the first half of the year. citi was down 3% from last year while its markets had surprise growth to be the biggest market generator. now another snapshot, of course, of noninterest income when goldman reports on monday and tuesday with morgan stanley and bank of america stock. >> seema mody, nvidia gets some price target hikes. not much new on that end obviously, but it's enough t

leslie picker is here to explain. i mean, this is a big move, leslie. >> it's a really big move.out it, kelly. this was a sector that was all but left for dead just little more than a year ago with the regional banking turmoil. interestingly, if you look back to when that presidential debate happened at the end of june, that kre is outperforming the s&p 500 over that time period by more than 20 percentage points. a lot has to do with the prospect of deregulation amonk the banking system if president trump were elected -- all created this spur -- this spurred a rally in the sector. in the current administration, more active consumer financial protection bureau couple with proposed capital yrules limited up the side in many regional bank stocks analysts say. the kre gained more than 4% in the last two days since president biden took himself out of the race. although, that may have more to do with earnings than with politics. regional banks have largely put up stronger than expected numbers. particularly as it pertains to credit quality. those two areas have been in focus ever since

leslie picker and david faber, back to you. >> rick, thank you. be a lot of parsing of words over the next few days or so. as you mentioned the fed kicking off the two-day meeting as calls for policymakers to cut rates grow. our next guest isn't worried saying earnings season has been a, quote, tired goldilocks story. rbs markets head of u.s. equity strategy laurie carveseena joins us now an s&p target of 5700. laurie, so tell us about this tired goldilocks story and how that factors into what the fed does or doesn't do. >> sure. i think as we go through the earnings calls, right, my team and i we divide up the sectors and read and piece together the story. that's challenging early on, right, where all the data is still coming out. i think what we're seeing on the macro demand consumer has been an ongoing combination of resilience, managing through. we are acknowledging some pressures from interest rates, from inflation, so that's where tired goldilocks came out and ta goldilocks doing a whole lot of work right now, but we seem to be getting throu

. >>> we are now in the "closing bell" market, leslie picker is here, julia boorstin looks ahead to, retty good day under after some of the big investment banks. >> don't let a double miss get in the way of another otherwise decent report. that's thanks to the capital deployment >> for you, it was a strong quarter, because we see a bunch of positive forward indicators, including this deployment of capital. we committed to more than $53 billion. we want to invest before the all clear sign >> executives on the call spoke about, quote, positive signs emerging in the overall real estate picture sentiment that needs to shift a bit. >> i get hopeful on the real estate side, leslie. though you would have to pair it with what are market expectations for ipos, so the realizations can be attractive there was a lot of talk, i know, about how the makings of a private equity investment are also maybe in place. >> that's right. >> david solomon said on their conference call earlier in the week, that they're basically expecting it will take a few quarters for the sponsor activity to really restart i

joining us to discuss these results the fco mark mason with leslie picker. welcome to both of you. , thank you so much. mark, thank you for doing this today. >> thank you. great to see you. >> good to see you, too. i want to start with citi's transformation. we're about two years in, and it's been met with a lot of street enthusiasm, as well as some skeptics. you reiterated your medium term targets of 10% to 12% within the next few years, but today's report suggests the bank is still about half of those levels. so i'm curious you see the key drivers to fill that gap? >> i'm glad you asked about the transformation. j jane and i describe it as our number one priority. we're focussed on transformation and driving performance. that speaks to the pathway of returns of 12%. the quarter, we generated $21.4 billion. i highlight that because the 4% revenue growth is the same level of growth that we're forecasting for that medium term period. quarter two is another proof point of our ability to do that. that comes from each of these businesses that we have, these five interconnected businesse

let's get to leslie picker with results. >> good morning, becky.rock reporting $9.99 per share. that's up 10% from last year and beating estimates as well. top line was a slight miss at $4.805 billion and ending uam came in below estimates, but $10.6 trillion. total net flows in the quarter were $82 billion with outflows offset by inflows in etfs. ceo larry fink saying in the release, this was the best start to the year with the etfs on record. those resulted in 3% organic fee growth. i got off the phone with cfo martin small. if they are weighting in cash, they are missing out on returns. that is a good environment for blackrock when money is moving around. the firm is on pace to close its acquisition of global infrastructure partners in the third quarter of 2024. it will double the private market base fees and add $100 billion of infrastructure aum. the deal announced a deal with preqim. we should expect to hear more on today's earnings call about those deals and organic growth or non-organic growth and the company's plans. guys. >> leslie, thank

let's get back to leslie picker for the latest. leslie?hares. the declines you're seeing in that stock price are largely centered around net interest income. it's something we talked about last hour as well. that's the profitability metric for loan making that came in below expectations. the firm reiterating guidance of declines between 7% to 9%. urged investors it will likely be steeper to the 8% to 9% of that guidance range. shares down 6.8%. however, the call is still under way. executives there say they believe nii should bottom toward the end of the year. cfo noting that calling the exact quarter of a trough is tough, but he noted funding costs are starting to moderate. >> happening now for a while, you know, from checking into savings or cds, it's still happening but at a slower pace. you can see that over the last couple of years as it's been, you know, pretty stable the last quarter or two. but it's definitely slowing as you look at the quarter. so, i'd anticipate you'd still see more migration, but continuing to slow as we look --

let's get to leslie picker with the headlines. leslie?h, you see up about 7% as the call is ongoing. ceo david solomon sharing some color on how he sees the current operating environment. >> on the one hand there's a high level geopolitical instability. elections across the globe could have significant implications for policy, and inflation has proven to be stickier than many had anticipated. on the other hand, the environment in the u.s. remains relatively constructive. markets forecast a soft landing as the expected economic growth trajectory improves and equity markets remain near all-time highs. >> solomon said he was, quote, particularly encouraged by the ongoing advancements in artificial intelligence, noting that the board spent a week in silicon valley meeting with the leading institutions at the cutting edge of this technology. he said they left with optimism that infrastructure and financing needs should fuel activity that supports gold man's franchise. in 2x earnings goldman beat on the top and bottom line and every division on

i'm david faber with leslie picker, and yes, that is will ferds frost.ing off. a quick look at markets half hour into trading and treasuries as well. you can see and mike santoli said, keep an eye on the 10-year. always does prove so important in terms of the action. we are up on all the -- we're up on the s&p but down on the nasdaq. we're closely watching for the supreme court decisions, final decisions, in fact, of the term including a -- one historic one on whether former president trump is immune from prosecution for his alleged role in the riot on capitol hill january 6th 2021. the court's highly anticipated ruling will determine whether the january 6th case will proceed and potentially, although that seems unlikely at this point, to go to trial before the november election. we will bring you all the headlines as they cross this hour. >> some economic data crossing the tape. to rick santelli who has the data for us as always. good morning to you, rick. >> good morning, wilf. construction spending for the month of may expected to be up a couple tents

i'm david faber with leslie picker and wilford frost. we're live.rkets a half hour into trading. we're up on the s&p and nasdaq. that's new territory when it comes to the nasdaq certainly, leslie. >> we are 30 minutes into the trading session. here are three big movers we're watching this hour starting with tesla aiming for its eight straight day of games up the last full month of trading trying to close in positive territory year to date. currently shares up are about a percent. bitcoin sharply lower down more than 20% over the last month hitting its lowest level since february. we'll do a dive on the crypto later this hour, but currently down about 4.3%. and macy's shares are rallying following a report that archouse and brigade have raised their takeout offer for the retailer to 24.80 per share. >>> more jobs than expected but the employment rate itticing hig higher steve liesman is here to break it down. >> it was a strong june jobs report thats came with signs of weakness under the hood. here are the numbers. we're at 206, around what was forec

i'm david faber with leslie picker, live from post nine. carl and sara have the morning off.s 30 minutes into trading. we are up on both the broader issues, the broader markets. nasdaq as you see almost a 1% again while the s&p at roughly hars a percent. >> 30 minutes into the trading session some movers we are watching. shares of on semi soaring on the back of its earnings beat. shares at 12.5%. the company seeing resilient demand for its automotive chips however revenue forecasts came in mostly below analyst estimates. tesla another rally here. shares up on morgan stanley's adam jonas naming tesla a top pick in u.s. autos replacing ford. jonas says cost cutting and restructuring has stemmed the downside risks to the ev business and that tesla may be cornering the market for ev credits. shares down about 3% today but tesla up more than 5%. and mcdonald's moving higher despite missing earnings estimates, same-store sales falling flat for the first time since the fourth quarter of 2020. we'll have much more on those results and where the stock goes from here, but currently up

now to leslie picker for a cnbc news update. >>> you mentioned the nato summit and showed joe biden joiningld leaders for the so-called family photo this afternoon. meanwhile, the u.s. and germany announced in a joint statement they would begin deploying long-range missiles in germany starting in 2026. the announcement comes as biden has worked to reassure nato of the united states' commitment to the alliance. >>> the israeli military has ordered palestinians in gaza city to evacuate and head south as it presses ahead with a fresh offensive that has killed dozens over the past 48 hours. it comes as mediators from the u.s., egypt, and qatar met in doe hoe for a push for a cease-fire and prisoner exchange. >>> amazon says it reached its goal of getting all of its electricity from clean energy seven years early. the tech giant said it invested billions into solar and wind projects to reach that goal, but some critics said how amazon made that determination was too lenient, because the solar and wind farms didn't directly power the company. amazon aims to reach net zero by 200. kelly, back to y

leslie picker joins us with details on the quarter. >> hey, mel. you're right. stock declining on a top line for visa as net revenue came in 10% higher on a constant dollar basis. that $8.9 billion in the company's third quarter was driven by growth in payments volume, cross border volume and process transactions. payments volume growth has been slowing though on a quarter-over-quarter basis coming in at 5% nominal in q3 compared with 7% in q2. and that trend was true in the u.s. as well as internationally. now the conference call is under way. the ceo touting the growth in partnerships including those with visa direct which allows customers to move money across the world and that plorm saw sizable growth in the quarter as well. the company also giving guidance for q4 with an expectation for, quote, low double-digit net revenue growth. fairly in line with expectations. >> thank you, leslie. how do you read this quarterer? >> fine. just fine. you know, in line for a company that trades at this multiple is, you know, a tiny bit disappointing. so, you know, 26, 27

leslie picker an important story.rowdstrike and the global outage in just a moment. >>> good friday morning. welcome to another hour of "squawk on the street." i'm sara eisen with carl quintanilla and david faber. we are live as always from post nine of the new york stock exchange. as for stocks this morning, a little changed. we are heading for an up week for the dow and the russell it,000 index of small caps, down week for the nasdaq. the s&p little changed right now, but you do have sectors that are working. health care, communication services, energy, utilities and industrials are higher. materials are giving some of the gaps back. consumer discretionary lower as well. s&p barely positive. netflix is a winner although barely compared to some of these outside moves we seen on earnings. microsoft under pressure and nvidia and amazon and crowdstrike which we will talk about. take a look at treasuries briefly here holding near the low end of the range even though they're firming up a little bit. 4.249% on the 10-year,

leslie picker has that for us. what do we know, leslie? >> that closed-end fund you and i have talked about several times now, pershing square is planning to withdraw the ipo of psus and that is the ticker symbol that would have been for the listed entity. bill ackman saying in a statement, quote, over the last seven weeks we've met with institutions and family offices, and while we have received enormous investor interest in psus, one question has remained would investors be better served in wait invest in the aftermarket than the ipo. this has caused us to reevaluate the structure to make the ipo investment decision a straightforward one and he goes on to say we will report back once we are ready to launch a revised transaction. of course, scott, the key issue is closed-end funds do tend to trade at a discount to net asset value. so there isn't really a benefit in buying in an ipo of one of these things because you want to see it trade higher otherwise you're just buying on the aftermarket and as we've been reporting in the past week or

plus leslie picker on moves in the regional banking space.eaking down the crucial final moments of the trading session. contessa, talk to us about what's behind these insurance moves. >> well, you know, travellers had a noteworthy earnings beat this morning, mike. in spite of a record breaking quarter for thunderstorms and catastrophe losses of 1.5 billion, it wasn't so much that the climate risk spooked investors. it's contagion concerns because a much smaller company posted losses in its earnings yesterday in part because of an unfavorable prior year casualty reserve development. turns out it didn't set enough money to play games in casualty. and that stock dropped about 18% now. let's show selective. other companies with exposure to business lines like travellers, wr berkeley, hartford, they all got lumped into the same boat. and of course there's concerns over the crowdstrike fallout that will likely hit cyber insurers. i mean, aig is down about 4 or 5% today and the impact still to be seen here. we'll keep an eye on our insurance stocks,

leslie picker sharing what to watch for tomorrow morning.own the crucial moments in these final minutes of the session. phil, what did gm have to say? >> make, for some time general moat toers has had guidance that by the end of '25, it will have capacity in north america to produce 1 million evs. that's been the guidance for some time. today mary barra at a cnbc event said huh-uh, they're not going to make it to 1 million. here is what she had to say. >> general motors moving the an almost all-electric future. the vehicle is really a software platform. we're seeing a slowdown. we won't get to the market just because the market is not developing, but we'll get there. we're going to be guided by the customer, but what i like to tell people is get in an electric vehicle and drive it. it's instant torque, opens up new design language for the vehicle. as the charging infrastructure gets more robust and evs become more affordable, i think we'll see that growth in the next 10, 11, 12 years is going to be pretty transformative in the way that peopl

leslie picker. >>> coming up, kamala harris's vp list, the short list i should say, is stacked with contenders who her team is vetting and the potential impact on the race to the white house. and a dwglance at the markets. ckft ts.aq down 1.3%. ba aerhi ) i own a lot of businesses... so i wear a lot of hats. my restaurants, my tattoo shop... and i also have a non-profit. but no matter what business i'm in... my network and my tech need to keep up. thank you, verizon business. (kevin) now our businesses get fast and reliable internet from the same network that powers our phones. (woman) all with the security features we need. (aaron) because my businesses are my life. (kevin) man, the fish tacos are blowing up! (aaron) so whatever's next we're cooking with fire. let's make it happen! (vo) switch to the partner businesses rely on. (intercom) t minus 10... (janet) so much space! that open kitchen! (tanya) ...definitely the one! (ethan) but how can you sell your house when we're stuck on a space station for months???!!! (brian) opendoor gives you the flexibility to sell and buy on your timeline. (

leslie picker joining on the banks falling ahead of earnings next week. mike, we'll begin with you.with record highs for the s&p and the nasdaq, barring a dramatic turnaround in the next four-plus minutes. >> we can sort of hope for that, but i doubt it. it's one of those objects in motion tend to stay in motion stories, and it's also the manner in which it's doing it. today, everybody can point to the megacaps just kind of upward drift is enough for the indexes to be up, the s&p to be up 0.5%, but not only that, it's not just that they're hogging the upside, it's almost contra to the rest of the market. the low of the day this morning for the nasdaq 100 was the high of the day for the russell 2000. they're trading inversely, not just somewhat distinctly. and that just sort of tells you what's going on. when the market plays defense, it buys the seculargrowth stocks. lower highs in treasury yields, lower highs from the prior time in the dollar. clearly, the market is pricing in risk of a deeper slowdown, and maybe the fed is going to have to ease before long. in the meantime, it's s

leslie picker has financial services.lebeau is looking at the airlines affected by the outage. >> kelly, this is what we have so far. crowdstrike causing the windows pcs managed by crowdstrike security software to reboot and show the blue screen of death. it's taken down operations like tv networks, airlines, delta united, banks, 911 call centers, ups, fedex, so many more. but most importantly here, kelly, says this is not a hack or cyber attack. what really happened is crowdstrike pushed out an update that caused the outage, and the update has been rolled back since then and a fix has been deployed. some people are already seeing their systems recover. and crowdstrike ceo george hurts apologized for the outage earlier this morning on squauk on the street. >> i want to personally apologize to every organization, every group, and every person who's been impacted by this. >> now, kelly, it's unclear when everything's going to be back online. kurtz also told us that not everyone's system will fix automatically and you may ne

has been put on hold and it's not clear when we'll see a pricing, but again, source telling our leslie pickere of those funders has pulled out of the ipo deal. back over to you. >> bertha, thank you. >>> men tantime, let's get to marvel. disney's stock surging today. julia boorstin has more on what it means for disney. julia? >> well, melissa, shares of disney ending the day up about 2.5% on this huge opening weekend for the new deadpool and wolverine film. the film grossing $211 million domestically and $444 million globally. it marks the biggest opening of the year and the sixth biggest opening ever. it is a record for an r-rated release and gives disney five of the top six opening weekends of all time. it also makes marvel's cinematic universe the first franchise to cross $30 billion in box office receipts. this is a welcome reversal, after last year's marvel films fell short of expectations. now, theater stocks did end the day mixed. imax shares down 1%. cinemark up 2%. cinemark saying this was their best opening weekend box office of all time, with the highest concessions revenue since t

into the bounce in nvidia shares, plus mizuho's looking into semiconductors after the bell, and leslie pickernvidia, gets it back to where it was about four days ago. >> yeah, that's exactly right, and there's two bullish reports out this morning, mike, one from piper sandler, raising its price target to $140, suggesting around 13% upside from current levels, citing nvidia's upcoming blackwell we lease which is slated for fall of this year, and citi has opened a 30-day upside call on nvidia as analysts there eagerly await a fireside chat between ceo jensen huang and meta's ceo, mark zuckerberg. both leaders are expected to talk artificial intelligence and potential collaborations. analysts there also add that the geopolitical risk that weighed on chip stocks last week presents a good buying opportunity. now, with today's price action, stock is now less than 10% from its recent high, trading higher by about .6% in today's trade, mike. >> seema, thank you very much. vijay, semiconductor, different part of the industry. what's the set-up here as they try to contend with a cycle that's been a lit

leslie picker joins us with more. >> reporter: blackrockefe acquig prequin for $3.2 billion in cash. it informs how they raise capital and source deals and understand performance. for blackrock, the impetus is twofold. it delves it further in the private market. blackrock had infrastructure partners for $12.5 billion and last month, blackrock acquired a private equity capital. this is seen as a software portfolio management. long-term, blackrock will use the deal to build private market tools. reports of a competitive process and blackrock is paying more than 13 times prequin's revenue of $240 million. the data provider has grown 20% per year over the last three years according to the release. an investor call is slated for 8:30 a.m. the executives will discuss the deal and take questions. guys. >> how integrated does this get brought into blackrock or does it get sold? it is a subscription service. >> it's a good question, andrew. what they said so far in the release is basically there will be a prequin operating independently. they want to integrate it into the aladdin system as we

to leslie picker with a conference call under way. >> carl, yeah, morgan stanley rebounding as the conferenceents from ceo ted pick about the investment banking environment. the institutional security side revenue gained 23% year over year supported by a 51% jump in investment banking. the cfo told me by phone earlier their pipeline is building from here and then pick fielded a question about when we'll see a real rebound in investment banking which is still below historical levels. >> a number of folks have been calling for this, and it has been sort of a delayed chutes, if you will. but i think now we're seeing some tempering of the inflation prints and some normalization rates. we're also beginning along with that to see the market broaden out. you, of course, have seen that over the last number of weeks. >> pick said he thinks we're in the, quote, early stages of a multiyear investment banking led cycle saying his case is bolstered by the belief that the economy is going to hold up, plus some regulatory normalization. numbers from the other side of the business, that's kind of what initia

leslie picker. >>> we have some breaking news out of d.c. let's get to megan cosellah for that. "the new york times" is reporting that president biden has told a key ally that he knows he may not be able to salvage his candidacy, unless he can convince the public in the coming days that he is up for the job. this is following that debate performance last week. the white house and biden's campaign have been really dug in this week, saying that he's still up for it. this is the first indication as "the new york times" reports that the president is seriously considering that he might not be able to move forward. this ally emphasizes that he is still all in on his candidacy, as of now, but he's acknowledging that some of the appearances that he has coming up, he's hitting the campaign trail in wisconsin, he has an interview scheduled later this week with abc news. he's acknowledging that if those do not go well, that he might not be able to move forward. that's from the new "the ne times." >> over the last couple of days, there have been a number of democrats, some prominent, have c

i'm david faber with leslie pickering. you can see we are looking for a down open at this point.e'll keep an eye on the bond market. we begin with the world's central bankers, gathering at the ecb annual forum. sara eisen will be moderating. it's a panel that has jay powell, christine lagarde, the governor of brazil's national bank. last year i think it was japan's national bank. this year brazil. we'll bring you live coverage of that event. >> does sara get to pick the extra central banker to bolt on? let's be honest, most of the questions are going to go to poum and to lagarde. didn't you want to add that to your trip? >> to central portugal? thankfully i was there about a year ago, so i did get to see it. i'm not the central banker interviewer at this network. i think you knew that. >> a big fan of all areas in europe. >> i am indeed. >> good timing inflation coming in from the eurozone this morning, down from 2.6% in may. in line with expectations. service inflation ticking up to 4.1%. that's why the headlines crossing from the speech part of what laggard is saying, they're i

we want to get to leslie picker. are you sad, leslie, that it's kind of over?t. so not to worry. >> that's my consolation prize, joe. i know you're sad, too. >> i mean does it show? you're right. what, with it -- now that we've seen everything, what did we learn about, let's say, the u.s. economy, consumers, et cetera? >> yeah. honestly, joe, the banks are all right. major concerns about credit quality amid last year's regional bank turmoil and historic rise in interest rates they not playing out so far. the q2 earnings from the biggest banks suggests their weathering this economy just fine and in ways actually even thriving. average quarter return on tangible equity amongst this cohort among the best quarterly performance in at least a year. rote is a measure of profitability and efficiency. the broader higher rates seems to be turning a corner. declining percentage of banks are tightening lending standards. you can see there in that graph right there. the charge operate on commercial real estate loans levelling off. one bank credit hash fund manager we spoke

leslie picker joins us now with more. how so, leslie? >> hey, joe, good morning.alances over the last year and a 40% rise in the delinquency rates were partially to blame. fed data out this week showed credit cards were a key driver of u.s. consumer borrowing in may with so-called revolving credit up $7 billion month over month. data from wallet hub showed credit card debt in may was up, although adjusting for inflation, it's below the record from just before the financial crisis. the rising credit card debt may be in part responsible for some of the muted retail sales we've seen lately, especially as higher for longer rates have kept interest rates on credit cards elevated as well. that showed rates were at 22.7% in may, up more than six percentage points since 2021, and we should also get another snapshot of credit card debt and the state of the consumer with the big bank earnings on friday, specifically from jpmorgan, wells fargo, and citigroup right here on "squawk box." >> doesn't sound very nice. 22 point what? >> 22.76% for credit cards that do charge inter

let's get to leslie picker. you are not a subway hopper? >> i'm a subway user. >> i know you are.ou pay your freight. it is cheaper than an uber. >> we will get a read on the consumer with the bank of america earnings. shares are moving higher this morning up more than 1 percentage point. the top and there's a beat you . shares are moving higher this morning, up more than a percentage point. both top and bottom line beat analysts estimates. the news line here to focus on is net interest income. it was down 3%, and b of a guidance, and bank of america says q4 will be up from $39.5 billion, and that's for the fourth quarter of the year. remember, nii is the profit loan generated. it's going to be put in the higher yielding areas. it's rolling off at a rate of about $10 billion a quarter, which also supports nii moving higher in the second half of the year as well. on the consumer side, credit card loss rate, that rose to 3.88%, and net chargeoffs of about $1.5 billion were unchanged from the prior quarter. income generated from fee-based work was across the board, and the $4.7 billi

l leslie picker is here with the latest. >> i see the beat on the top and bottom line for >> i see athe top and bottom line here for wells. but the stock is declining pretty significantly, down about 5.6%. and i believe it is due to this net interest income number. that came in at a miss. 11.9 billion, down 9% year over year, below expectations for the street. there is also some net nii guidance as well where they reiterated the guidance. the full year guidance they had previously given was for net interest income to be down 7% to 9% year over year and now the firm says they expect that to be closer to the 8% to 9%. so more of a steeper side, steeper declines of that prior range that was given. now, how they got to the beat on the bottom line was from noninterest income. this is 8.8 billion, up 19% in a beat on expectations. so that overcompensated for the miss on nii here. that is driven by investment banking fees. those were up 70% to 265 million, though last year, you'll see this a lot is my guess, across the banking system, because last year was such a low bar in terms of investm