sonali: the equities trading number is very important for morgan stanley. ected that to come in less than goldman sachs and jp morgan this quarter. in fact, they came in more than both of their peers. that miss on fixed income trading, remember, morgan stanley brought it close to $3 billion worth of fixed-income trading revenue just about a quarter ago. that was unheard of for morgan stanley just years ago. now, $1.6 billion. it is a solid print, more than what james gorman had been guiding for, but again, less than analysts expected. so what to make of this trading slowdown generally across the street? that return on equity did beat analyst expectations, but the comparative story is what analysts and investors will also be looking at. that compares to goldman sachs' return on equity of almost when he 4%. so this game -- almost 24%. so this game of efficiency continues to play out on wall street. tom: mr. gorman says this note was put together by people sitting in an office. that was a joke, folks. e*trade, eaton vance and the rest, are they a part of the ea

morgan stanley the last major u.s. formed -- firm to report and i am looking at the toggle between morgan stanley and goldman sachs. so far if you look at the share performance, goldman sachs is up 40% versus the 36 percent gain. morgan stanley shares a little bit lower and expect expectations to be very high when it comes to investment banking, revenues and profits and i am curious how much this will continue. 8:30 a.m., u.s. initial jobless claims and we expect the lowest rate of claims going back to the beginning of the pandemic, we hundred 50,000. and what clues as to fed chair was saying, that the headline unemployment rate belies this slack and weakness under that. do we get any signs of that from this otherwise noisy data? nine: 30 am, chairman powell presents day two of his testimony to the senate banking committee. i want to talk about the flattening yield curve, this is a market signaling that they are concerned about the policy error that will not react quickly enough to curtail the inflation you are seeing

morgan stanley, u.s.and revenue coming in stronger than expected you heard jeff talk about bank of america which missed analyst expectations let's talk more about the group and bring in r.j. grant at kbw r.j., good to have you back on wells fargo stock rose because they announced they will add to an $18 billion stock buyback overall, you guys dig into the numbers better than anybody. how have, under the hood, how have the numbers looked? >> good morning, brian thanks for having me on this morning. i do think the narrative coming into earnings is largely playing out with fees strong and positive trading results which we have seen from the bigger banks. the challenge remains on growth. i think bank of america did a good job of talking up positive outlook for the second half. i have to say i think investors feel like the group has had a really big one and they are very happy now to take some profits and see how things develop in the second half of the year. >> what are they waiting for is it really just an i

morgan stanley sees it as a downside risk. and sticking with the expectations that they will delay the taper plan. morgan stanley also seeing headwinds building on china's admission curve. >> a bipartisan senate group has reached a tentative agreement. it marks a significant breakthrough in the drive for massive spending and other critical projects. joe biden says he feels confident about the package which is smaller than he first proposed. nancy pelosi called it good news. >> we very much want it to pass. our chairman is saying we like to see it and perhaps we will have some discussion about it. i can't commit to passing something that i don't even know what it is yet but i am hoping for the best. >> gina raimondo says some tariffs on imported groups can be effective. she cited 2018 steel levees. she has previously defended levees but some rest manufacturers have said they are giving her their business. they're working toward having the u.s. lived the import tariffs by years end. chinese security regulars convened with invest

they are very important on wall street, morgan stanley is the biggest firm, ubs is about half morgan h net worth individuals and ubs is trying to poach brokers from puget sound, from jpmorgan, goldman does have high net worth brokers and they are saying listen if you don't want to come to the office we won't make you in like what james gorman is advocating or appears to be advocating everybody back in the office by labor day. we aren't going there unlike with jamie dimon over jpmorgan is advocating everybody get back now, we're not going to go there and with the opposite of what david solemon is doing at goldman and basically saying listen we think brokers are a large part of our workforce, can work-from-home, so why push you to come into the office and guess what? that's like, you know, it's like extra vacation days or something along those lines it's an incentive. i have not heard of anybody jumping ship other than anybody major teams. that's what you look, major teams that handle a lot of that have a lot of assets under management from rich people, haven't heard of any jumping ship

that should be a good sign for morgan stanley reporting on thursday.dman sachs is also giving investors another reason to expect margins getting better, more fee revenue coming in, less market dependent revenue. it looks like a wait and see story. at j.p. morgan, you see costs arising as they look to pay people competitively, dealing with elevated volumes. but where is that profitability going to come from in the second half of the year? kailey: you mentioned the potentially positive read through for morgan stanley. shares are in the green while others are under pressure. what is the readthrough for other companies we will see tomorrow? >> it will all be about market share, fixed income trading, equity trading revenues. morgan stanley is the number one equities trading shop on wall street. we saw goldman sachs bring in more than morgan stanley before, so can they bring themselves back up? citibank and bank of america, we know the investment numbers are less. can they bring in more money from equity underwriting, debt underwriting and m&a fees, while st

and morgan stanley will be reporting this morning. the major banks. morgan should have a good quarter on investment banking numbers, that's for shush. federal reserve chair easing taper fears yesterday. dow was up 44, s&p was up 5. the nasdaq however was lower, dragged down by declines in financial as well as healthcare stocks. the nasdaq down 32. let's check global markets this morning, european stocks right now are showing losses, cac is down 57, dax lower by 167. one issue here is energy, lower crude prices dragging down stocks overseas. in asia, the big story was beijing's gdp, reporting the gdp slowed in the second quarter, get this, it slowed to 7.9%. of course this is coming from the chinese communist party so we always question the numbers but nonetheless the shanghai composite was up better than 1%. japan was down better than 1%. mississippi health officials warning about an increase in the number of children hospitalized with severe cases of covid-19. cheryl casone with the details, just when we thought we were coming out of

morgan, goldman sachs, and morgan stanley.liver better than expected numbers, but most of their stocks sold off in response partially foreshadowing the grim action, and it only got worse, not better to potential buyers today. before we get into the quarters, let me set the scene for you going into earnings season, the major banks were up substantially for the year, which matters. wells fargo has been the best performer, even though it's the worst operator in the group. cheap stock. travel trust, you can follow by joining the plus.com i'll be talking about it at a conference call on wednesday goldman sachs and morgan stanley have had a nice year booming ipo and m and a businesses, even if trading divisions fall off in recent months morgan sanley could handle it. there's been a lot of variation. wells up 45 for the year, citigroup 11%, that's important. most of the banks sold off in response a couple managed to rally. we're going to take them in descending order, you have to start with wells fargo which jumped 4% wednesday. well

we have been focused on the banks, morgan stanley the latest to report.ly positively to what otherwise seemed to be generally decent earnings. this morning is an exception it seems key to off the yield. >> treasury yields at ten-year, a few basis points off the lows, 134, something like that that's enough to create one of these mini rotations and banks are still down a couple percent as a group it is not necessarily a huge leadership move, but it shows you the market wants to move money from one pocket to the other on day to day basis, tech, banks, small caps, large, as opposed to exiting all at once when they get a little nervous about it. >> anything else you're keeping an eye on? >> it is the small caps, to see -- it has gotten really stretched. the nasdaq 100 versus small caps see if we get any kind of snapback. >> better rotation than the last few days, away from the high multiple software names should point out the likes of apple and facebook and google and amazon all down that's a bit of a change as well that will do it for us for "squawk on the st

plus, an investment banking boom builds profit at morgan stanley.o bank ramping up next week every good morning. happy friday. a lot to digest. the earnings picture is predicted to be the strongest in this postwar history, or our concerns emanating from the central bank and jay powell, who said to congress yesterday that inflation is surprising to the upside much more so, yet he still watching. he's still waiting. that led to a sloppy session yesterday that turned around slightly today. we are seeing a yield curve that's steepest since 2013. i flagged this because it is similar, or at least highlighting a very similar risk to something a larry and said, mohamed el-erian, bloomberg opinion columnist said. is fear is the facts on the ground calls for the world's most powerful central bank to start easing put off to stimulus accelerator, but by refusing to do so, they run the risk of having to slam policy breaks down the road. and that comes with the threat of the fed inadvertently engineering a recession. so are we concerned these markets, that we may

we are morgan stanley. >>> so this is in nashville. something i want to show you.fter years of demands, the bus of a confederate general and early kkk leader leaving the capitol building, sparking protest since it was installed in 1978. they agreed to move it to the tennessee state museum, just north of the state capitol, and a man stepped down after he threw out a racial slur in a city council meeting. ryan young has video of the meeting. what happened? >> yeah, good evening. this story has a lot of people talking across the country. they are surprised by the councilman making a gesture, the statement right in the middle of the meeting. there was an on going discussion about rational topics when it came to social media, and tommy bryant's wife had made claims on social media, and he stood up and made this statement. take a listen. >> do we have a house [ bleep ] in here? >> yeah. >> okay. >> do we? hey, do we? do we -- would she please stand up? >> the council meeting pretty much came to a stand still for a second. you can see veronica freeman started crying. that

aishah hasnie is outside morgan stanley head quarters in new york city with the latest. hi, aishah. >> hi, sandra. yeah, you're right, this is a brand new world post covid. unchartered waters here right now. you're right, starting today, any employee or staff member, a client or visitor at morgan stanley will have to show proof of vaccination before they can enter any morgan stanley building, including the headquarters. according to the company, 95 of the workers are vaccinated. that's good news. those that are not must continue to work from home. the question is how long is that remote option going to last for them? you remember in june, a worker demanded that all of the workers returning to the office by labor day, after working in new york city, it's not clear yet if they will lose their jobs. goldman sachs and j.p. morgan are also asking workers now to return to the office and confirm that they've been vaccinated. goldman is us yoking an auto system. this is happening because they want people to be working in person. they want to go back to that culture. by getting v

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we are morgan stanley. >>> welcome to "the lead." i'm jake tapper.nuary 6th committee backed the big lie that led to the violence to begin with. is the house minority leader stacking the deck against the truth? >>> a west coast wildfire so huge and so intense, it's creating its own weather and causing hazy skies all the way in new york city. >>> and leading this hour cases among athletes are rising big time sponsors are bailing arenas will be empty. now with about two days before the opening ceremony, the tokyo 2020 ceo says he's not ruling out an 11th hour cancelation of the olympic games, as cnn's will ripley now reports. >> reporter: three days before the olympics are set to begin, details about the opening ceremony remains shrouded in mystery. it's already known no regular spectators will be in attendance. just how many athletes will participate? what sponsors and dignitaries will attend? all remain open questions. this as covid-19 cases are surging in tokyo, sparking the jaw-dropping statement by the head of the tokyo organizing committee that a

morgan stanley calling for most workers to return full time to the office.people. i feel like it's something that everyone is talking act. charlie, how long have you been back to work? what is ubs doing here? >> i can't wait to get back to work. i love telling stories through anecdotes. i was told to do that at the "wall street journal." this is interesting. it's much more typical. ubs is seeking to grow. they want to poach high producing brokers, people that handle rich people's money. another recruiting tool is guess what, guys? if you come to work for us, if you leave morgan stanley, the gold standard in the brokerage business, we'll let you work from home or do whatever you want. it's up to you. if you're a broke -- >> sandra: that's because morgan stanley doubled down on wanting employees back to work. james gorman said the way you develop your careers, by being mentors, experiencing the professional schools of those that came before us. he's huge on getting people back to the workplace. but is what ubs doing that evidence that these firms should be mor

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plus, morgan stanley is next on the docket for big bank earnings. how will it stack up against wall street rivals? warm welcome, 6:00 a.m. in london, just 9:00 a.m. here. substantial progress, three words i would say the bond market, the fx market were underprepared for. jay powell leans into the slack narrative. there is slack in the system and there is a ways to go before we are ready to do anything with policy. dani: good morning. that was a green light. for the first time this year, the nasdaq 100 is outperforming the small-cap index. small-cap index falls for a second consecutive day. it's worse -- its worst two-day performance since may. manus: there is one ceo who is all about wages. for 10 years, hoping that wages would rise. larry fink says that we will see an epic shift in inflation and he is giving pay rises. this is the wages number from the last. it is turning a little bit higher. our guest suggests that we could be at the start of a new regime in the wage dynamic. that could shift the fed more aggressively. that is a risk. dani: not on

the coo of morgan stanley today really try to make investors focus on the long-term.hile also investing in europe with acquisitions and technology to focus on the longer-term competitive story. haidi: when it comes to the broader economic story, how much uncertainty is over recovery? >> that's a great question. it's not that these long books are not recovering, the better question is, the consumer, how much are the actually borrowing to grow those loan books once again? bank of america, j.p. morgan, they have faced harder times in their net interest income so revenue related to lending, you do see divergence, and that is when it comes to high net worth loans versus the rest of the consumer book. we are seeing a really large jump at j.p. morgan, goldman sachs, and bank of america when it comes to global wealth management and u.s. wealth management, but not the same story when it comes to the broader consumer portfolios. haidi: our wall street correspondent there. the st. louis fed president thing's is time to taper. jay powell is not ready yet. will have more on those

schwab; the fairweather foundation; and by: corporate funding is provided by: stephens inc; and morgan stanley. >> nasa administrator bill nelson, welcome to firing line. >> thank you so much. i love to talk about space. >> you have said nasa is in your blood. you grew up on the space coast and became the second sitting member of congress to travel into space, aboard the space shuttle columbia, in 1986. but a decade ago, nasa seem to drift in space. the space shuttle program was ending, the u.s. had no means of reaching space. compared to ten years ago, senator, where does nasa stand today? >> well, it was specifically 11 years ago that kay bailey hutchinson of texas, and i, wrote a bill that put nasa on the course that it is on. a dual course. one course, commercial companies that nasa would hire, specifically the delivery of crew and cargo to the international space station. and then, the other course, nasa, to get out of low earth orbit and go explore the heavens. that is the course that we are on. in that period of time, the space shuttle was coming to an end, after the destruction of colu

wealth management for morgan stanley up $6.1 billion. the ceo was also asked on the earnings call about his fairly firm words in late in terms of wanting staff back in the office. >> the comment i made about the work place, you know, i fundamentally believe the way you and i and others sitting in this room, sharona, john, have developed our careers is being mentored by and watching and experiencing the professional skills of those who come before us it's certainly dramatically affected my career, i don't think you can do that sitting at home by yourself i think there's a limit to how far, as soon as the zoom technology is, how far that can take you so what i said was i wanted people to start coming back in the office, certainly by labor day, but i also said, which wasn't picked up in the media, that we would be flexibility where flexibility was called for. >> he said he expected to have 80% back in the office by september. the stock, actually, is down a little bit today, off its lows but the best performer week to date of the big six ban

>> most of the big banks in new york particularly the ones telling people to get back to work morgan stanley and morgan stanley saying come back we want most people back after labor day. are essentially prodding their workforces to get vaccinated i would say 90% is a number that these executives are telling at these firms of the workforce is particular in new york city have been vaccinated the whole notion of a mandate for masking is throwing them a ball into the reopening plan and why is that, the way they explain it to me if you have an office setting something like 15000 people, how many people i think are in j.p. morgan's office in midtown having an office experience where you having meetings and talking to people and constantly doing stuff trying to talk to clients behind the masks is almost impossible it almost defeats the purpose of having everybody together because the communication does not work so well. if we see an indoor mask mandate extend to new york and that's not what we have we have the federal government say places where they are hotspots, we are recommending, the cdc cente

joining us with what to watch, what to expect, betsy graseck, morgan stanley global head of banks andinance research. it was jp morgan's daniel pinto that said trading is back, that the trading slump is gone for good. do you agree with that? betsy: it depends on what your frame of reference is. trading will be down on a year on year basis, and a large part because last year was a banner year, and we all know what happened with spread compressions driving the bus on unusually higher earnings. we do expect trading is going to be down roughly 30% year on year, and that is what we are looking for. i think it is the forward look over the next several years. that is a different question relative to what we are looking for this quarter. guy: huge moves in the bond market this week. a flattening curve. we have obviously been watching what is happening in the impact coming through on the banks. what is the biggest driver? betsy: we expect to see some commentary around the bond market and with the impact is on the forward look. i think the quarter should be fine for most interests -- most insti

morgan stanley pushed back because the gloom. they were in front of the sharp recovery. i wonder if you remain committed to that story? daniel: great to see you jonathan and team. thank you for having me. yes, we are still committed to a longer-term secular bull trend. we think in the near term over the next three to four months as we get into the summer months that we are due for a pause or a pullback. the last six or seven weeks the market has struggled to break about this 4200 level on the s&p. i think with the market is starting to recognize is that all of the good news cannot be good in every way. as you called out earlier, we are seeing rising cost pressures. we are concerned in a way that the market is not that some of the labor costs and rising wages may be more sustained than people think. tom: your note is blistering. it is the most optimistic long-term note i have seen, the only thing close to deutsche bank. i want you to tell me what the 2026 looks like. we don't go out five years enough. what does your five year look like for equity markets and total return?

morgan stanley was a big name that was left out of this ipo underwriting process. there were many names on this, but goldman sachs, j.p. morgan, and morgan stanley compete very heavily in these tech listings. morgan stanley in particular has their e*trade business, which is a competitor to robinhood. fintech was a huge area for technology investment right now, for ipo's, for deals, so these banks are competing heavily on that front. there's a third element of this where the three banks are also trying to change the ipo model. the direct listings and other forms of going public that keep them on top, as more underwriters get taken out of the process, as new underwriters like robinhood start to come into the market. 5-10 years from now, the business of ipo's will be extraordinarily different, both by demand of retail investors and the vc's that on these companies. matt: what we learn here is whether they allow short shares to be sold for shorting, if they will also be -- if this is kind of an experiment. we will see how that works out. emily will have more coverage of

. -- joins us now, morgan stanley investment head of fixed income. allow me to start with bloomberg intelligence. they wrote back in may, quote, the fed owns a quarter of the tips market up from 10% at the end of 2019. brian, can you help us understand when people come on the program and talk about record low yields, how big is the role of the fed in this story? brian: they definitely help. they stay away from the tips market because the tips market is not that big. it is very easily moved. i think if you think about average inflation targeting, what does the fed tell you to do? we should own tips over regular treasuries. i think helping it not only with what they are buying but their language. tom: what does this large negative real yield mean to the real banking system? brian: you have to do anything you can to try and get money out or earn positive real yield. that is the point. it means the average dollar sitting there is going to lose money in real terms, so you can't leave things sitting around. it forces you out of the yield curve. i think hig

let's get to michael cushman, morgan -- michael kushma, morgan stanley cio. let's talk about goldman. "in the near term, a complete service sector recovery will likely overcome virus fears and return to work office patterns. both look likely to take longer than anticipated." both issue a downgrade to forecast growth. what is the view at the moment? michael: our view in investment management is that a slow down of some degree is not necessarily a terrible thing for the economy as a whole. we were growing very fast with almost double digit pace in the middle of this year. in terms of how much is inflationary, how much is permanent, modest downgrades in growth with a little bit longer time frame in terms of getting back to normal because of the rise of the delta variant and more uncertainty as to how people will behave with this uncertainty, and meaningfully in the near-term, with yields falling significantly from where they're worth -- where they were at the end of q1. tom: jon insisted i do some math to shut me up. i did a 20 year regression of the five-year r

i am vince lumia and we are morgan stanley.family. cynthia suarez needed to buy new laptops for her growing team. i am vince lumia and we are morgan stanley. so she used her american express business card, which lets her earn extra membership rewards points on purchases for her business. now she's the office mvp. get the card built for business. by american express. >>> welcome back let's get a check on the global headlines, including a very important update on the upcoming tokyo olympics there is a look at futures phillip mena is in new york with the latest >> brian, good morning breaking news at this hour the japanese prime minister just announced a covid reellated sta of emergency for tokyo lasting through august 22nd. it will impact the olympics to potentially keep fans out of the stands. >>> let's turn to tropical storm elsa it is slamming the carolinas with the torrential rain and power winds. 30,000 plus power outages hitting south carolina elsa hitting the u.s one person in florida was killed after a tree crushed a car

morgan stanley right now they're flexible.h's time, james gorman, the ceo says he wants everybody back in the office. the word is out there even brokers might have to come back. we know ubs is using this very flexible work, return to office policy to approach brokers from other places including morgan stanley. now i haven't heard of any major teams leaving just yet. it takes more than you can work from home wherever you want. there is money involved here to skip from another firm. there is a lot of hoops that you have to -- those clients technically belong to the other firm, so it is hard to bring them all over all at once. there are non-compete contracts but clearly being used out there from what i understand from my brokerage sources to get people to ubs. ubs again, it is very flexible. like you do what you want to do. if you want to come to the office, please come to the office. if you're a broker, state at home we don't care as long as you keep making money. morgan stanley is taking the opposite tact. i think this will be

morgan stanley's private wealth management senior vice president.et's talk about some individual names. apple delivering its first new high since early january. these are names that have not done much at all. today is a little bit different and i think it's worth explaining. we've had rotation on, rotation off. this morning, you have a broad-based decline in this market. you see the underperformance on the small caps, the downdraft in the nasdaq. romaine: this is significant. yesterday afternoon, we were talking a lot about the breadth of yesterday's rally and yesterday's closing high. when you come into a morning like today and you are seeing everything in the red, i mean, there is no large-cap stock right now in the green. levi strauss is pretty much it. you talk about the apples, the amazons, the microsofts, you talk about all those cyclical names, airlines, travel stocks, material stocks that had is at all-time highs, all of them down today. you wonder if this is that pullback, if this is a correction and it just ends up being a reset. jonathan:

and morgan stanley. stephens inc.stanley. ♪ ♪ -- captions by vitac -- www.vitac.com ♪ >>> hello, and welcome to "amanpour & co." here's what's coming up. let the games begin. i talked to legendary u.s. goalkeeper and two-time olympic gold medalist brianna scurry about how athletes will manage this very different olympics. >>> and -- >> i will not be lectured by sexism and misogyny by these men. >> famous for this fiery speech in parliament, julia gillard joins us with a call to focus on the pandemic's devasting impact on education, especially for young girls. then -- >> are you guys going to get the

and morgan stanley. stephens inc.stanley. ♪ ♪ -- captions by vitac -- www.vitac.com [announcer]: this program was made possible in part by contributions to your pbs station from viewers like you. thank you. [music] [tog: the brain is what makes humans human. it's central to everything about us. the ability to learn things new, to experience new things. it's all between my ears. [banfield]: e brain is our command center and it's imbued with an incredible gift. it can change its structure and function through a process called neuroplasticity. [moffett]: we used to think that the brain was set up the way it was set up. but it turns out, the brain can adapt also. and if it's given a different set of circumstances, it'll

and morgan stanley. stephens inc.stanley. ♪ ♪ -- captions by vitac -- www.vitac.com yamiche: a health crisis for the unvaccinated. >> these vaccines are saving lives. >> please take covid seriously. enough people have died. yamiche: as covid spikes across the country, more republicans find new enthusiasm for vaccines. >> we know that the majority of these deaths could be prevented with a simple, safe, available vaccine. yamiche: and the white house ramps up its own efforts to fight the the -- delta variant. >> we will not let their antics stand in the way. yamiche: house speaker nancy pelosi rejects minority leader kevin mccarthy's joyce -- choices for the january 6 select commte

and morgan stanley. stephens inc.stanley. ♪ ♪ -- captions by vitac -- www.vitac.com is your family ready for an emergency? you can prepare by mapping out two ways to escape your home, creating a supply kit, and including your whole family in practice drills. for help creating an emergency plan, visit safeactioncenter.pge.com a little preparation will make you and your family safer in an emergency. a week's worth of food and water, radio, flashlight, batteries and first aid kit are a good start to learn more, visit safetyactioncenter.pge.com captioning sponsored by wnet >> sreenivasan: on this edition for sunday, july 25: bipartisan infrastructure negotiations enter another week. >> sreenivasan: jeff greenfield with analysis. and singer-songwriter jackson browne. next on “pbs newshour weekend.” ♪ ♪ ♪ >> pbs newshour weekend is made possible by: sue and edgar wachenheim iii. bernard and denise schwartz. the cheryl and philip milstein family. the anderson family fund.

so i think the reality is this, yes, you're exactly right and morgan stanley is right about what they'res make sense but the reality is, and i challenge you to this one, anybody, any one on the panel, if we've flown, you are on full aircraft and planes that are over sold. so i know the business travel is not there but we are seeing the other travelers, whatever they may be doing, whether they're visiting florida or california or family or whatever, wherever they're going, every single flight has been busy so i think that is reason enough for me to say i could start getting more interested in the airlines than i have been a think there is much more upside. we've seen options in american airlines, in united airlines, in della airlines, in southwest all of them have been hitting. so i think that there is a return there as well as some of the hotel space as well, brian so i think there is a lot of reasons the airbnb have been trading the way they have been >> well said and it is about pricing power as well costs are up looking at the airlines, pete, thank you very much. >>> up next, why some

foundation, the family foundation, and by corporate funding is provided by stevens inc., and morgan stanley >> admiral william mc raven, welcome back to firing line for a special edition episode honoring independence day. thank you for your service. >> thank you, margaret, good to be with you. >> admiral, you've just written a book, the hero code, lessons learned from lives well lived. your father served in world war ii, and you share memories of him and his fellow servicemembers swapping stories about missions. did you have a sense that you would follow in your father's footsteps? >> i don't know, as a young boy, whether i thought i would follow following my father's footsteps. what i knew was i loved the camaraderie, i love the sense of patriotism, i loved the sense of duty, honor, and country that i saw in this greatest generation. of course that generation, they were children in the great depression, they were children of world war i, all the men went off to world war ii and then they came back and rebuild the country. so well i didn't know at a young age that i wanted to follow in my f

jpmorgan and goldman immediately, morgan stanley out a month after labor day.s masked up it just defeats the purpose, i'm told. so if we go for a mask mandate here in new york, which is possible, much more plausible, i think, than the closures, you could see all these firms delay their return to work until later in the year, you know, maybe -- after the fall, maybe a late fall. i mean, that's what they're talking about here. and, again, it's all dependent on what the public policy response is. there was a report today that the biden administration and the cdc may change the mask guidance for indoor even for vaccinated people, that indoors you should be wearing masks. there's talk in, you know, when cuomo might do that here in new york, follow the lead of what's going on in los angeles and maybe in the state of california. that's where this thing gets tricky, and that's why every major firm, liz, is looking at a con stipwent city -- contingency plan if we go this route. e personally, you know, follow the science. if you're vaccinated, i can't understand why you

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morgan stanley. a few others.ying listen, if we -- if this surges and we get guidance from new york state has to wear a mask indoors, is that the environment we want to foster because of what they want in bringing people back is a regular work environment. so you can have teamwork and productivity goes up. so watch those things. watch the surge in cases. that's important. the bigger thing is the mask mandates. now, i will say this, neil. you know, the ceos at the big banks follow the numbers like i do. new york state hospitalizations are still pretty damn low. i'm not saying that that will change. but they're pretty low. we should also point out that this -- that -- i would say 80 to 90% of the wall street workers in this area are vaccinated. i know that from talking to people at j.p. morgan and morgan stanley. highlyork force. the vaccinations are -- people that get the vaccinations, they're either asymptomatic or they don't get it. that's been borne out by the numbers. >> neil: they don't see the urgency to do w

but i think the investment banks are strong i like morgan stanley. i like goldman sachs here.ials. >> david solomon on "the closing bell," today we're looking forward to that interview. josh brown, jpmorgan, again, stock down that's yours >> okay. it's up 30% year-to-date so, you answered your own question these stocks have been anticipating strong results all year now you get the strong results, they don't also get credit after. stocks are anticipatory. they're not worried about looking back the thing on goldman, goldman doesn't get a lot of credit for things like booms in asset management their asset management business was up huge year-over-year but they don't get credit for that by investors or by analysts on the street because everyone knows that was a once in a lifetime year-over-year situation. it ain't going to repeat next quarter, let alone this quarter next year. so, it's not as though you should expect outsized gains as a result of a windfall of government created money flooding its mutual funds. the last part of that where goldman really excelled way better than jp

given the earnings from jpm, bank of america, citi, morgan stanley, and wells fargo leslie and mike, thanks to you both for joining us on this hour of "squawk on the street." "tech check" starts now. >> i saw it on tv. i saw it at the intro. but nothing strikes you until you see it in person >> good friday morning, and welcome to "tech check." i'm deirdre bosa with julia bosun. we have joanna stern of the "wall street journal" joining us for the hour as well today, we're going to be talking more chip consolidation as intel is more aggressive in semi-conductor manufacturing >> then, is it time to get bullish on square? our next guest says buying the stock today is like buying jpmorgan in 1871, and later, is an apple turnover coming employees are upset about tim cook's remote work crackdown >> shares of google after a high-profile cloud departure, and tesla, as elon musk admits the cybertruck may be a dud. >> all those stocks lower this morning. deirdre. >> and we are coming off a big week of bank earnings. we start with fintech pushing further into crypto services jack dorsey tweeted

morgan stanley and goldman sachs. that's the most diversified of the large investment banks and those are the two names that i own. >> okay. so brynn, back to goldman sachs. you own calls in goldman, as well as shares >> yeah, so i think that joe brought up about paying attention to technicals is really important as an investor, before you buy a stock, i think you want to look for three things know sentiment, fundamentals and technicals and i think from sentiment to scott what you just pulled out is sentiment is somewhat negative on the banks because of rates. i think sentiment is also negative because of the terrible loan growth. and i think that you go to the st. louis website, st. louis fed website and look at loan growth of the big banks and it's been terrible they're not lending, maybe because people don't need loans. whether you are a consumer or company you're so flush with cash thanks to the federal reserve and stimulus checks. that being said, that doesn't really apply to goldman. goldman is going to generate

mike wilson from morgan stanley says markets are likely to take a break in summer, because, yeah, the economy is booming but it a known known and the markets aren't reflecting it. if the markets aren't reflecting or buying the story any more, where does it come from? where does the upside come from. >> well, i think if you take a look at the rotation that we all have been talking about, i think the areas that had been lagging are probably the areas that still can have us moving to the upside there was a question last week about what do you think going into the second half of the year and are we going to be up, down? be as up as in the first half of the year all the questions were being asked. the reality was we gave the same answer, which was we think there is room to the upside. we don't know we see the same results as the first half of the year i stand by that. i think there is rotation, though and right now the rotation is back towards those fang names. that could change. but when you look at the first six months of the year and looking at apple and wondering when is it moving agai

. >> morgan stanley, they do cut their target to 4, 400 this is generally the time you buy amazon, you don't sell it. you look at what they are trying to do with square footage of warehousing. and thg all about the advertising. >> i suppose the leader in the megacap last year. it had grown up a lot. the expectations weren't the same the digital demand and that is 7% of total revenue. this comes down to online stores we are likely to see a deceleration there. >> we saw alphabet's earnings. this year, it has been outperforming it is tough and investors aren't responding well to this. >> we are hoping with the logistics and how aws continues to hold up against the advances of microsoft and google cloud that we saw this week. >> it does put a period on rgs morgan stanley's point and stocks have been flattish for more than a year our first guest remains long it has been a while good to have you back. >> you've seen a few investment cycles in amazon you've seen what it looks like on the other side. can you talk about the right mentality to have right now? >> we took a position in 2008. we ma

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we are morgan stanley. oroweat small slice.rains bread? great question, dad. and it does. it has all the same nutritious deliciousness as the original slice but only a little bit smaller. just like timmy here. my name's lucas. oroweat small slice. i wonder if this has the same quality ingredients as the original whole grains bread? great question, dad. and it does. it has all the same nutritious deliciousness as the original slice but only a little bit smaller. just like timmy here. my name's lucas. >>> d.c. metro police have just put out a tweet on the shooting in an especially well traveled neighborhood. shooting at 14 g9 street and riggs street northwest. lookout is for a black male wearing a lime green yellow hood sweater fleeing in older black honda civic with d.c. tags, last seen eastbound toward s street northwest. i'll go back to cnn's jim acosta who was just steps away when it hamid, has been reporting from the scene ever since. do we know what actually happened? >> reporter: anderson, i think we're st. louis trying to

morgan stanley global strategist, head of european energy.kdrop this earnings season is frankly colossal. the net income is expected to come in at just under $14 billion and the cash flow is mounting. how bountiful a quarter do you expect it to be on the equity side of the equation? >> this is a great top toik start off with. this earn season has been fantastic. the fact that we can present earnings forecast the way we have them is nothing short of remarkable. forecasting earnings that are on par with what the sector delivered in 2018 and 2019, prepandemic years. share prices were 30% to 40% higher in that period. we're looking at strong -- a balance sheet that will drive speculation about increases directions so altogether, this set of results that we will likely be looking at for the rest of the week is likely to be very strong. rishaad: we have brent at $75 a barrel here. more than doubled over the course roughly speaking. it can't help but make money. you have to repair the roof on a sunny day as well. >> the commodity prices are universa

. >> hi, jim, this is craig from kentucky microsoft, apple, chevron, skyworks solutions, and morgan stanley >> wow i know this is probably not as exciting for you, but for me, this is downright exciting morgan stanley, reporting a great quarter. this was the quarter of the group, okay? chevron yields more than 5%. microsoft, skyworks, i think they report thursday even though i own microsoft, i want to do skyworks here so, we'll have finance, apple, what am i going to say own it, don't trade it how about that but sell some microsoft, and we'll put in a health care company here and i would say sentine. i love these videos, by the way. and stick with cramer. >>> coming up, did an israeli automotive startup just reinvent the wheel? next rush hour will never feel the same. experience, thrilling performance from our entire line of vehicles at the lexus golden opportunity sales event. lease the 2021 is 300 for $379 a month for 36 months. experience amazing. for $379 a month for 36 months. ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all

you can see nice moves, particularly goldman and morgan stanley. a look at what to expect from a big week in earnings, the ceo of kbw tom, good to have you. we had you a month and a half ago, i guess you were positive on the banks as you have been has anything changed other than the fact that the stocks, obviously, have not performed that well over the last few weeks >> yes unfortunately -- well, the banks have under performed by 10% in the month of june because the macro pieces have changed some in the near term, which is a decline in the ten-year, i think, in particular but we still think the biggest forces that will play out over the coming year and two years will come back and remain in place, which is improving economy. we to think the stocks will react well to a higher yield than the ten-year. so the big picture is still the same i will tell you, the environment has shifted come over the past month with the changes in the yield curve. >> yeah. let's get specific here in terms of when we sit here and analyze the earnings coming out, listen to

wells fargo up 2.5% and so is morgan stanley gold was kind of flat by yesterday. are beaten and are up 30% to 40% pairing back some of those gains. surprised to see some of these numbers. >> was it par for the course i think the banking index was down more than 2%. just like you said we came into this on very high stock prices hard to jump all over expectations we've been saying it continues to be an investment banking not a retail banking year showing the decent beat similar to goldman sach which is a really good beat >>> still to come, jay powell is testifying before the senate banking committee today. senator pat toomey is among those questioning the fed chairman first he'll join us live stay tuned to "squawk box" on cnbc >>> welcome back, fed chairman jay powell will be testifying again today. this time in front of the banking committee. saying the economy could still use some improvement today, senator pat toomey. he will be there asking some questions of his own after what you saw yesterday with the fed chairman, what do you anticipate asking him today? >> b