mike wilson making headlines. new price target, 5,400. old price target, 4,500. at morgan stanley. >> at a certain point you have to go to where the parkt -- market has gone. earnings have been better than expected. you are seeing earnings growth after the first quarter about on par to where they were in the fourth quarter. looking at 7% earnings per share growth, which is kind of in line or a little bit more than people thought. jonathan: do you think j.m. morgan is up next? >> i think so. 4,200. what gets us there? what weakness will we get that completely torpedoed the momentum? jonathan: bear in mind where we were in september, october. steve was with us from federated early this morning. we kicked off the morning with him. he said he had a price target of 5,200. 4,400 on the s&p 500. talking about upside of 15%, 20% back then. we have a very different story now. >> the idea that 5,200 is bearish now because it means the market has to go down at a time when you have to wonder what will tore torpedo it. the discussions we have had this morning, fed policy has n

mike wilson drew a line in the sand. know we don't want wish she wash she analysts but i sure wish he had. i wish he said if these things happen, i need to be more constructive, but he never did. and the things that needed to be more constructive didn't occur. and the fact that he didn't leave himself with that, the fact that they're going with three rate cuts, i've been doing this 40 years. the one thing you never want to say, let me tell you what's going to happen -- no, let me tell you factors that could happen. when i was in the industry, i was make the declaring things on cnbc, like this is going to happen. i learned my lesson because when it doesn't happen you get mike wilson. >> it's a tough business. >> it is. >> we have got nvidia due out later in the week, barclays baird and stiefel raised their targets over the took. up almost 90% for the year. b it's at 1200. >> this is the beginning of when you get the nvidia platform. what they're going to be doing is bringing out the new chip that can take video. it means

equity strategist mike wilson hiked his s&p target about day ago. he spoke about his outlook. >> are housecall, it is a soft landing goldilocks outcome. we are not that confident we want to make it fully. it is still late cycle, which means quality. large caps over small caps. we like staples over discretionary. we have two defensive sectors overweight utilities and stables because it protects against slowing growth risk. the main factor that has been working his quality. quality has been the most consistent factor and we don't see that changing. sonali: we will discuss the market now and outlooks with bloomberg's opinion columnist who watches it closely. interesting to see what was wall street's biggest bear, if not all of them, throw in the town. and set the bar higher for the s&p 500. was he right to do that? >> he's right to do that based on expectations at large. one of the things that should be highlighted is when you look at earning estimates for the s&p 500 for 20 tony four and 2025, it is bullish. there is no recession in sight in those est

one outlier is morgan's mike wilson says ai impacting the bottom line for nvidia. take a listen. ke: aia is everywhere except in the numbers. there have not been a lot of winners, lot of spending but it is not rising the tide. there are ai dollars out there but what is surprising is the overall i.t. spending is flat. haidi: brian is a senior portfolio manager and there are a few different ways look at this narrative. in terms of creating more breadth, you see a high concentration of flock thing the pullback in the rotation in value. >> that's created key indices. the big one in the u.s. is the s&p 500. top 10 names make up more than 50% and those are stocks you would imagine like alphabet, nvidia, alphabet microsoft. the exuberance begins to fade can you see a rotation in markets. maybe tomorrow after the earnings results but investors broaden exposure, rotate out of growth centric trend into value. maybe tomorrow is the day with big earnings coming up. haidi: what is the trigger for you? brian: we got here through exuberance through the trade of ai and the growth rate in the u.s.

equity strategist mike wilson on his change of heart around the forecast for the s&p and the broaderss equity markets. u.k. inflation could explode to 2.1% in the year to april. thanks to a foreign household energy bill, bank of england governor andrew bailey says he predicts quite a drop in the upcoming inflation print in less then 30 minutes. for a preview, let's bring in our cross asset strategist with our markets live team who has views on the pound, and everything else around the boe and central banks. how should investors read the cpi data, given that we are expecting a soft print that has been flagged by the boe governor. he doesn't have insight right now but he has his team forecasting 2.1% on the headline number. what are you looking at? >> good morning, it is a question of who has the last hurrah. core inflation was supposed to find a 3% tangoe services inflation risk up 5%. that is going to limit what the boe can be able to do in terms of policy later this year. it is possible if inflation comes below 2%. that would give them the ability to rally from here. what would be i

you have mike wilson reversing calls yesterday. he is now targeting around 5000 400. is there's barely any more upside to come through for the s&p. but they are still there expecting that 20%. he got it wrong last year and he got her on year before as well. he was overly bullish last year and overly bearer the year prior to that. but nonetheless, that's his view in the stand out. nvidia in the ai effect. he said geopolitics concern, risk around the consumer being freed. those are all on his list of concerns. plenty more coming up. we will speak with the cfo of astrazeneca on the companies once in a decade capital market today. that is next on markets today. plus, the president of the european people's party is going to speak to the polls ahead of those upcoming european parliamentary elections. up next it is markets today. this is bloomberg. ♪ and they're all coming? those who are still with us, yes. grandpa! what's this? your wings. light 'em up! gentlemen, it's a beautiful... ...day to fly. how am i going to find a doctor when i'm hallucinating? what about zocdoc? s

looking through research this morning, you had a note from mike wilson saying you did look at the broader market. the place you should be is defensive sectors such as consumer staples and the economic data we are getting is mixed from the fed perspective. i would be curious to hear your take on it if you look at your portfolio now. how are you thinking about your sector allocation? nancy: we thought the economy was slowing down before we got the gdp number and we thought the labor market was softening. one of the things you have to do is know how to pivot and we think i would rather own a technology company that has continued to deliver reliable earnings growth in 2022 and 2020 for than a consumer staple trading at a similar multiple and growing in the low single digits, so i think some of the technology names are the new defensive's and the consumer staple names are expensive. we do on walmart and pepsi. we own these stocks for the next three to seven years. walmart has demonstrated inability to embrace digitization to their -- demonstrate an ability to embrace digitization to their adva

unlike mike wilson, of course, morgan stanley, who is finally blinked, you have got some firms down thereeally looking for this market to stay way down and turn back down. so it is true, panic works in both ways, right? those who throw in the towel because the parade passed them by, those who remain steadfast to an incorrect call and can only hope maybe the parade hits a speed bump and all the wheels come off. for all the hoopla about the slam-dunk with nvidia tomorrow, i really think anxiety, maybe palpable fear. you're right, nobody is selling. look at the screen. it remains green but it is weird it is such a sure thing yet the stock is unchanged. when we talk about the broad market it is about the 10-year bond yield which had the most significant influence on this market for a long time. even more so than nvidia. for that let's bring in yardeni research president ed yardeni. you wrote an excellent report on bond yields yesterday. and if i understand you're saying hey we should all be looking for a new trading range with respect to that 10-year yield? >> yeah, i think everybody's been t

mike wilson, welcome to the party, my friend. he sees the s&p 500 going do 5400. although that is not much higher than where we are right now. it is higher than his prior target. 20% in fact higher than his prior target. parade of fed speakers continues folks. i'm sorry i can't stop them. continues message high for longer. the fed is beginning to soft sell the message higher forever, at least for a long time. i will bring in b. riley wealth management chief market strategist art hogan. art, i find it interesting after an avalanche of harmful economic data, right, look i'm showing on the screen right now the economic surprise chart. on the right-hand side is a cliff, falling off the cliff are economic date f all of them have missed. all of sudden that makes wall street bullish. which camp are you in? >> i'm in the bullish camp and i will tell you why. i think when you weed it out everything we've seen so far in 2024 in terms of economic data the biggest surprises have come arguably in earnings, right? so what really matters to us at the end of the day are earnings

. >> we started yesterday's show talking morgue's mike wilson removing the downside. now the stories are about marco delon vic, the last prominent bear. >> making sure his hokas are underneath the soil there. i don't know. i think that yesterday he must have felt good the dow was down, maybe he was looking at jpmorgan being down nine. being down nine at your own company -- >> he does say valuation is high, geopolitical risk, highest in a decade. he's not saying it's time to get in. >> he has to look at history. this is what the great marty swied told us, don't fight the fed, don't fight the tape. when the fed switches, you have to switch with it. when the facts change, you have to change, too. look, i love a guy who has got some rigor, but at the same time you kept people -- i'm doing a piece right now -- this has been maybe the greatest rally i've ever seen. >> you mean since october? >> people looking, how did you do. i bought biotech. how did you do? brilliant. i bought semis. fantastic job. there's a lot of high fives. communication of course is boosted by alphabe

first story, one big bear is left on wall street after mike wilson capitulated, j.p.irm and the gloomy outlook on the new, urging clients not to buy stocks while acknowledging that his outlook has hurt portfolio performance, citing a number of reasons like high valuations, rates, and inflation. jp morgan has the lowest year end target for the s&p. 4200. the index this year is up 11%. elsewhere, shares of palo alto networks trading higher, beating estimates with a downbeat forecast. a cap outlook following a disappointing february when palo alto shares suffered their worst single data run ever when they said the customers were facing spending 50 in cybersecurity. this one right here is on the brink of creepy actress scarlett johansson said that she was forced to hire legal counsel in order to remove the ai voice from the openai chatbot feature that closely resembled hers. the ai voice known as skye was part of the latest update that has since been replaced. in a statement she revealed that she received an offer from sam altman to use her voice in an audio feature but h

mike wilson of morgan stanley was around this table.come more constructive on the equity market. one is the risk is in the bond market. let's fast-forward into november. bill gross speaking over the weekend saying donald trump is the big risk for the market, not joe biden, which is a different way of looking at his administration given how market friendly he was initially at the start of trump volume one. bill gross saying for the deficit that is the number one issue. annmarie: the quote is "trump is the more bearish because his programs advocate continued tax cuts and more expensive things which would add to the continued burgeoning we see in the u.s. deficit. trump's election would be more disruptive." lisa: i would argue immigration is a big part of this because that has been such a huge part of why we see the employment picture turned better and wages. increased that much or as much as people expect. before we get there i want to understand how sensitive the market is to policy. you can talk about it. here is steve eisman saying it

jonathan: mike wilson of morgan stanley talked about this. equities are little bit fragile reginald says relative to the stability over the last week. with an update on stories elsewhere with your bloomberg brief is show ali bassett. sonali: shares are falling in the premarket and the chip design company gave a lackluster revenue forecast for the year raising concerns that the tech industries ai spending spree might be slowing. an upbeat forecast set arm shares slowing and turn the company into an ai darling on wall street. the stock was up 41% this year through wednesday's close. living in manhattan is getting even more expensive. apartment rents rose to a new high for april and leases were signed at a medium of 4200 and $50. that's up from a year ago. rents have climbed annually in three months in the past four months suggesting a record shattering summer to come. msaga between the first trump affiliated account on the chinese own social media app. attacked president biden's own record and labeled independent presidential candidate rfk as a

it was morgan stanley's mike wilson who said the ai is everywhere but in the numbers., but this is an example. it is not in the profits yet. lisa: if you strip nvidia out it is in the profits. what i find fascinating is nvidia holds all the cards, or all the chips, in terms of what they decide to charge and who they decide to ship to. it is their profits, not necessarily everyone else's. jonathan: nvidia is still positive in the premarket. the broader equity market, erasing this morning's losses. pce data is just around the corner. michael mckee is with us in the studio ready to break that down. what should we be looking for in about seven minutes? michael: one thing economists think will happen is that core will come in at a slightly lower basis for april. while that will really not affect the year-over-year trajectory, it will reignite the idea that inflation is going down and the fed can at least start thinking about thinking about cuts. we have heard over the last 72 hours or so a lot of people at the fed say higher for longer, we will stay where we are. i don't th

finally say, even mike wilson, i don't know what's happening in the economy, i'm still going up at myt the same time, you have a question of how much the fed could curtail the party versus continue to fuel it. goldman sachs saw the first fed rate cut now and september versus the previous call of july. this speaks to the momentum of the market, the fed will not have justification to cut rates like people thought. annmarie: we heard a lot of fed speak and we heard from raphael bostic talking about in the first quarter of 2024, inflation went sideways. this was supposed to be a disinflationary story but it didn't go the same way. they need more time. when i take away at the end of this week is not just adam pozen our guest in the last hour talking about a potential serious tail risk of a of 2025. dani: you saw that in the minutes they said, look, if the data warrants it, arius members said they would look at a hike. one of the striking things listening to bostick, there is a growing divergence between what regional bank governors are saying, more hawkish, then the fed and governors in d.

it is my pleasure to turn the floor over to someone who is no stranger to the wilson center, mike forster ceo of brown capital management. he is well known to everyone here at wilson and has led us in so many ways for so■ long. today he is playing a different role, representing brown capital management. michael, thank you for all you have done for wilson and now in this new rule -- new role, thank you for being here. [applause] michael:ha on behalf of eddiekeithley and n capital enterprise i want to thank all who have joined us in person and online for today's event. as mentioned, this program is a relaunch of the brown capital management africa forumwould ale wilson center africa program for their support in organizing and hosting today's event. as ambassador green mentioned, for substituting -- substantive su in africa. brown capital management is proud to support and partner with the wilson center to shine a development. the challenges and the for stronger mutually beneficial u.s.-africa engagement. this forum has dedicated itself to unpacking the drivers of africa's ongoing transforma

i would like to give a special thanks california congressman mike thompson, jimmy panetta, doug lamalfa, as well as congresswoman joe wilson tokuda of hawaii for their leadership on this effort. i'd like to congressman bill johnson who played an important role with this bill dci thanks to ways and means committee chairman jason smith for passing this bill out of the commi. the constituents in my district and the districts each of you represent are in n oelp. and today i urge swift passage of this bill on the house floors consideration in the senate so that americans all across america can get much-needed relief. i yield back. the speaker pro tempore: the gentleman from florida yields back.n from missouri reserves. the gentleman from california is recognized. >> mr. speaker, i'd like to yield two minutes to the gentlelady from hawaii, ms. to w knows firsthand the tragedy of wildfires, her constituents experienced a horrific, horrific disaster in her district, in her home state. and she has been there with thes here on their behalf again tonight. thank you for your support and i yield. the speaker pro tempore: the gentlelady

. >> at the film's premiere, founding member brian wilson earned a standing ovation from fans, beach boys bandmates al jardine and mikenal ride. >> to tell you the truth, it made me choke up because in two of my cousins are no longer with us and brian's had his problems. you know, all along, but recently as well. but you know, you these are family members. these are guys who grew up with i think it really comes across that there still is that love and will always be. and that's what gave rise to this world class harmony, action. be nice. >> i enjoyed watching the early the vintage film uh- the stuff you find in a shoebox under somebody's bed. yeah, just good stuff in there. this is us star story told of a very gentle boy it's all about the. the performances are the reward for the hard work we put in on the recordings. so to see some of that vintage film, it's really, really wonderful in los angeles. >> george pennacchio, abc seven news abc seven news is streaming 24 seven. >> get the abc seven bay area streaming tv app and join us whenever you want, wherever you are. that's it for abc seven news at four. abc seven new

would like to give a special thanks to california congressman mike thompson, jimmy panetta, doug lamalfa, as well as congresswoman joe wilson tokuda of hawaii for their leadership on this effort. i'd like to thank congressman bill johnson who played an important role with this bill and a special thanks to ways and means committee chairman jason smith for passing this bill out of the committee. the constituents in my district and the districts each of you represent are in need of help. and today i urge swift passage of this bill on the house floor and urge expeditious consideration in the senate so that americans all across america can get much-needed relief. i yield back. the speaker pro tempore: the gentleman from florida yields back. the gentleman from missouri reserves. the gentleman from california is recognized. >> mr. speaker, i'd like to yield two minutes to the gentlelady from hawaii, ms. tokuda, who knows firsthand the tragedy of wildfires, her constituents experienced a horrific, horrific disaster in her district, in her home state. and she has been there with them every step of the way and she's here on their beh