finally, morgan stanley off the lows, .3. s the news ceo james gorman plans to retire in 12 months. guy: you wonder whether the gorman premium built into the stock. what's morgan without gorman? let's find out from sheila, senior fellow for the center for financial stability. great to see you. fantastic. much to talk about. morgan stanley, james gorman. we been waiting a while. massive impact on the bank, wall street. i'm sure you met him. what impact did he have on the banking world? sheila: good tenure. he moved quickly to de-risk morgan stanley. he recruited a strong board, strong senior management. they've been not public about succession planning. there are internal candidates. if you leave, you need to make sure your company is ready for the next round of leadership. overall, job well done. congratulations. on his own terms, also good. alix: 14 year run. a lot has happened. give me an idea of where the industry was when he started, now what it's become. sheila: less risky. he took over during the great crisis, goldman sa

more -- morgan stanley executive plans to step down. he is been ceo since 2010 and transformed the bank after a global financial crisis pretty will assume the role of executive chairman. there is no word on who will replace him in january. he said there were three finalist for the job in january. global news, 20 boroughs a day, and on bloomberg originals, powered by 20 senator journals and analyst and more than 120 countries. i'm john hyland. this is bloomberg. >> welcome to bloomberg markets. i'm am jon erlichman. >> i matt miller. let's get a look at the markets right now. after we heard that republicans are walking out of that ceiling negotiations, we've had a marked change in the trade. the s&p 500 is down. not by much. just 1/10 of 1%, and at a relatively high level. we are holding on to the gains we have made in the most recent surge, and really the rally from your today. 4190 two is where we sit on the s&p 500. we have a yield floating up right now at 366 and 367 on the 10 year. we saw a jump in yields at the beginning of the cur

morgan stanley's chief chinese economist joining us from morgan stanley chinese summit to discuss theutlook for growth. up next a closer look at the impact of the debt ceiling talks in the u.s. are having in global markets. we discuss that with k2 asset management. this is bloomberg. ♪ ♪ yvonne: checking u.s. futures this morning. markets are closed for memorial day, reopening on tuesday as debt ceiling talks reach a deal. it has to get through congress but stock futures are elevated. nasdaq 100 futures are half a percent higher. the ai trade, nvidia is fueling that one. watch when it comes to long data treasury futures rallying in the wake of the deal reached between biden and mccarthy, paul. paul: u.s. equity index futures are creeping higher, modestly so. after debt limit negotiators in washington reached a tentative agreement to raise the debt ceiling and avert a default. joining us is george, executive director and head of research at k2 asset management. u.s. futures are looking modest for the asia-pacific. looking flat. what are you expecting to see in u.s. markets when we get

morgan stanley meeting kicks off. i know that is one of the main issues and today for to speak, it is the big issue. no one cares speaking about fed governor at 11 a.m.. tom: this is a small matter. this panel is an honor of john williams, grade publishing colleague tragically dying of cancer in 55. german the commonness with great -- economists with great credit. jonathan: he was an advisor to powell as well. tom: this is the guy, i suggest lead the charge on this think we tossed around. jonathan: looking forward to the fed speak this morning. eric friedman joins us. always wonderful to catch up with you. are we had a risk of being sucked in to an equity market rally before the big fold? eric: we think there is a risk of people capitulating to the upside. our viewpoint has been what you shared earlier in program, we think variables work against both corporate profits and consumer. our strategy has been, despite concerns about were fed ponsetto out -- fed fund to sell out and consumer tracking area, we have done so wi

that's what you get from the morgan stanley client experience.tening more than talking, and a personalized plan built on insights and innovative technology. you get grit, vision, and the creativity to guide you through a changing world. ♪ ♪ ♪ ♪ ♪ ♪ the l'or barista coffee and espresso system. a masterpiece in taste a third kid. what if she likes playing golf? it's expensive. we're outlawing golf. wait. can i still play? since we work with emower, we don't have to worry about planning for a third kid. you can still play golf... sometimes. take control of your financial future to empower what's next. >>> welcome back to "the halftime report. i'm contessa brewer with your cnbc news update a top chinese commerce official will travel to the u.s. to participate in a rare trade talks. the u.s. and china have seldom held meetings in recent years but, of course, they're important economic partners and bilateral trade between the two superpowers hit a historic high of $760 billion last year. hyundai and kia have agreed to pay $200 million to settle a consu

he had a tenure of a decade at morgan stanley. after the financial crisis he tried to run the bank and now he seems to be going out on a high note, staying on his executive chairman. there's three contenders for his spot. we saw the stock at it differently than the bank indices so a little uncertainty as an overhang on the stock but overall it is in stride. jack otter: after the crisis morgan pivoted hard toward wealth management meaning financial advisors. the morgan stanley advisors have been gaining a bigger share and doing well. interestingly goldman sachs has been watching that, they bought an independent advisory and pivoting toward the consumer but it has been a rough road. what did you learn when you sat down with david solomon? carleton: this was before james gorman made the announcement. we questioned david solomon about the path goldman sachs is taking andrew comparisons to morgan stanley. he admires what james gorman has done very much. goldman is trying to get more into the asset and wealth management business. there

e*trade from morgan stanley., easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley identical twins bethany and stephanie both struggled with cpap for their sleep apnea. but stephanie got inspire, an implanted device that works inside the body. there's no reason to keep struggling. inspire. learn more and view important safety information at inspiresleep.com. >>> welcome back to "worldwide exchange." time for the morning call sheet where we look at the upgrades and downgrades by firms you know first up is citi dowgrading the rating from buy to neutral for coinbase. it says there were too many unknowns with regulatory pressures that are facing coinbase shares are down 1.5% in the pre-market morgan stanley upgrading the rating from dell from equal weight to overweight it says dell is the most preferred pc maker with the market

tom: headcount is being trimmed at morgan stanley, 3000 additional.oes it signal there are further cuts to come through? >> the most interesting thing from that story is that cuts will not be part of morgan stanley wealth management. that has been excluded, but it will be hitting their trade and banking arms. from the outside, the investment bank will be getting hard-hit. these are big numbers. it is interesting to hear noel quinn and the citi ceo. francine: adjusting is the new work. tom metcalf with the very latest on banks. ibm plans a future whereabouts takeover significant chunks of -- where bots takeover significant chunks of jobs. we will have more on that next. this is bloomberg. ♪ go. go green. go wind turbines. go gorgeous reliable grid. go emerson software. go science people. go breakthrough meds and safe science. go space age welds for super silent cars. go big. or go home. from software that delivers new cures at warp speed, to technology that makes clean energy reliable, emerson innovation helps make the world healthier, safer, smarter a

i got a job at morgan stanley in 1982 >> you didn't get a job at morgan stanley >> i did >> you got anffer. >> i got an offer. i thought it was, candidly, too snooty now, i look at the two, and i think, snooty? that's not a word that comes to mind with morgan stanley >> by the way, it's not as though they still don't do important business in fixed income currency and commodities and there are always setbacks. they were not in the kenvue ipo last week. very surprising. >> they were in the twitter. >> yes, they're still -- i think they're still sitting on a good amount of commitment there to the $13 billion that was raised from any number of banks >> they said to me, don't worry about it >> they have said consistently, do not worry about it. >> he mentioned "the princess bride. >> by the way, if you're just catching up on the news, this is what gorman said at the meeting. take a listen. >> the specific timing of the ceo transition has not been determined, but it is the board's and my expectation that it will occur at some point in the next 12 months that is the current expectation in the

i want to take a look at morgan stanley this morning. talking about succession. he is saying james gorman, that he will expect to leave the role as ceo within the next 12 months we've got pretty much a horse race underway. andy sapperstein is one of the senior guys running wealth management for some time before getting elevated. there's some expectation he could be one of those three candidates who could succeed him , but james gorman makes it official that board has identified three people to succeed james gorman and he will be in the job for about a year. the ceo of morgan stanley stepping down, retiring i guess. john, your thoughts? >> well i think morgan stanley is a financially strong company. i think there's no need to worry about it going forward. there's different price in the stock price you see right now will probably be short-lived it's there only because this announcement was obviously a surprise, but a longer term, i think the change in leadership will not have a negative impact if anything it may help. maria: and all the wh

we heard from mike wilson at morgan stanley this morgan. lisa: just wait.nt rally. lisa: if you are late you are wrong. tom: i think fomo is to simplistic. jonathan: alexa people said in the first six months we dipped and then we will rip. tom: you have a bear market when you get intermediate bow market trends. is this intermediate within a long-term bear market? lab different opinions on that. -- a lot of different opinions on that. christopher marinac jones -- joins us. we saw the oak hill this morning. you live by augusta. give us a picture of your augusta. christopher: it is the prettiest place on earth and it also gets taken down for four months in the summer and they will redo the greens and fix up some trees that fell back in a role. it is an incredible piece of property. tom: a place to relax when you are dealing with the bank stocks as well. are you at any point at masters relaxation about the banking crisis or is it vivid? christopher: it is early innings. we have a recession to find and real estate to work through. the banks continue to make mone

>> well i think morgan stanley is a financially strong company. i think there's no need to worry about it going forward. there's different price in the stock price you see right now will probably be short-lived it's there only because this announcement was obviously a surprise, but a longer term, i think the change in leadership will not have a negative impact if anything it may help. maria: and all the while, the news last week around morgan stanley was that it is considering job cuts, which we've seen so much across corporate america. guys its been great having you this morning michael balboni, john lonski have a great weekend thanks i'll see you tonight on wall street join us for a big show and stay with fox business. "varney" & company picks it up now. stu take it away. stuart: good morning, maria, good morning, everyone. where is the big sell-off so many market watchers predicted? the bank crisis, debt default, rate hikes are supposed to produce a major stock slide. not this friday morning, at least not so far. dow jones industrial is up to c

e*trade from morgan stanley.h powerful, easy-to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley dolly varden silver is advancing their high-grade undeveloped asset in bc's prolific golden triangle. the property includes two past producing mines, and over 135 million ounces of silver equivalent. dolly varden. (bobby) my store and my design business? we're exploding. but my old internet, was not letting me run the show. so, we switched to verizon business internet. they have business grade internet, nationwide. (vo) make the switch. it's your business. it's your verizon. >>> the retail industry has a crime problem and more companies are starting to speak openly about the issue of shrink of inventory because of shoplifting and organized theft. courtney reagan joins us with more court, this is a serious issue which has been happeni

you have a consultant running morgan stanley. he is going to fail.ere we are, 13 years later, saying what a great job he has done. it has been one of the best-performing bank stocks since he took over as ceo. there is an issue now, we see a two-person horse race coming up. we see the head of wealth, andy saperstein, and that is a strong business. that has been the engine. gather client assets. -- they gather client assets. we estimate that business is two thirds of morgan stanley's alleyways in. on the other hand, you have ted pick, who helped structure that complicated capital markets business. there's really three big banks globally in investment bank trading, that would include morgan stanley. you have ted pick versus andy saperstein. we have, i guess, a little match over the next 12 months to see who gets the rings of morgan stanley. alix: reminds me a little of goldman sachs a few years ago when feinstein said he was going to leave. jamie dimon, does he give us the five-year stick on monday? mike: maybe 75 is the new 65 when it comes to bank ceo

e*trade from morgan stanley.t is 5:30 a.m. in new york city we are just getting started on "worldwide exchange. hitting the pause on the debt ceiling talks. the white house and congressional leaders punting the face-to-face meeting until next week. the clock ticking closer to default deadline. >>> and fresh fed speak as other chief jumps on the more rates needed bandwagon >>> and elon musk says he will shift into a new role at the social media platform. it is friday, may 12th you are watching "worldwide exchange" here on cnbc >>> welcome back i'm frank holland. thanks for watching "worldwide exchange." let's check on u.s. stock futures. solidly in the green across the board. the dow opening up 150 at the open the s&p and nasdaq also higher >>> we are looking at the bond market the 10-year treasury is 10 basis points lower than it was to start the week at 3.40 the 2-year treasury is similar story, but also yield below 4% something we continue to watch when it comes to that. we are looking at the energy market let'

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manus: noel quinn was just with us and he did not tag onto jane fraser and morgan stanley. he said they have been diligent in terms of cost being under control for the past number of years and going to restructuring. stefania bianchi, our team leader for finance in dubai. the aussie dollar is surging. the price hike hit the market hard. garfield reynolds in sydney. the message is clear and loud. the rba it will not be left behind. they want to re-anchor inflation. your first take? >> this is a real shock for the market, which i struggle to require -- recall land a occasion when the market was this unprepared for an rba move for any central bank move. the market was unprepared and so certain they would hold because they were convinced that the softer inflation numbers than expected for the quarterly cpi report meant to rba having paused last month would pause again this month. instead, what got is another in a series of got punches to bond markets in particular but also equities. when investors get too complacent about the idea that central banks are close to the end of hiki

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what do you get from the morgan stanley client experience? more than talking, and a personalized plan ♪ to guide you through a changing world. ♪ >>> let's do "grade my trade." amy, pat bought costco at $468 if i bought this in a good environment, it's up 7% or so. but is this a good environment to own costco? >> i think it is a good environment to own costco. i think the consumers are hanging in there to the extent some of the paint is being felt with the higher end consumer, people who go to costco and look for a deal the company will put through their membership increase soon the stock is not cheap, but i think it continues to do well. >> bobby owns 950 shares of abbvie at $120 does he hold the stock here? >> so in the short run, i would unload the stock when i looked at the call this quarter, you know, they've been trying to diversify away from humara, which is 30% of sales. it will take them to 2025 for robust sales growth, so i would grab it. >> fooin is next ♪♪ i don't accept this. i can't do this anymore. impossible odds, save the worl

by the way morgan stanley is down 2.25. might be taken outside hit because ceo james gorman said he's going to step away from the big seat in the next 12 months and yes we've got charlie gasparino going to have more on the real story there later in the show. we've got retail wreckage this hour to show you foot locker absolutely horrific right now, it is plunging 27% on an earnings miss and weak guidance. the shoe retailer collateral damage hitting vf corp. hard, shares, this is the sportswear conglomerate which owns vans shoes and timberland, hitting a 12 year low dropping 8% at the moment, adidas down 3.5% of course the european shoe company , you know, those are the ones getting hit hard, under armour is down three and three- quarters percent, nike down 3.6% and aside from the foot locker effect, nike may face more than a $530 million fine for miss classifying thousands of independent contracts. so, on this freaky friday let's get to the floor show joining me now global x etf cio john mayer. in studio, john what do you in

haslinda: morgan stanley planning a fresh round of job cuts. >> bloomberg has learned that morgan stanley's senior managers are discussing plans to eliminate about 3000 jobs from the global workforce. this would take place by the end of the first quarter. that would be about 5% of staff. it would exclude financial advisors and personnel supporting them within the wealth management division. so they want to keep that division strong. we are told the banking and trading group is expected to be hit the hardest. the cuts come after the firm trimmed about 2% of its workforce at the beginning of the year. the mna really a weak point for many of these banks, and definitely for morgan stanley. banks looking at ways to cover the gap in -- and a reduction in workforce appears to be a way to do that. haslinda: let's bring in daniel murray from efg private bank. she joins us here. -- he joins us here. it was not supposed to play out this way for first republic, but here we are with jp morgan buying the bank. is there reason to think there could still be systemic risk? >> there could be, but i think the

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e*trade from morgan stanley.e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley >>> netflix rallying bigtime today, better than 9%. the company saying its ad supported subscriptions is more than 5 million monthly active users worldwide. josh brown, you previously owned this stock sold it, i don't know, six, eight months ago >> i think what's notable here is that they also said one out of four new plans are in the ad supported tier so bringing on 5 million paying customers who are willing to watch advertising in the first six months is -- i don't know what the expectations were, but i feel like that's really promising, and maybe it's cannibalizing from system to have people that were paying a full-price plan. maybe they traded down, but so what it's not people leaving like what disney plus has going on. so if you throw up a two-year chart, this is n

morgan stanley has been on one of the best-performing bank stocks since he took over as ceo.t is seen as having been in good hands and it appears to be handed off to three very capable managers, fascinating to see which one emerges. >> bloomberg's su keenan there. let's take a look at the bets that the fed will make -- meet its 2% inflation target. we see asset managers saying that this could be a pipe dream. animal joins us now for the morning call. why do we see increasing doubt? >> this has been an interesting debate going on on wall street because you can take a look at some wombats out there saying that inflation will get close to that 2% inflation target in the next year taking the break index as a guide. but asset managers on wall street say that this is simply unlikely, and one of them says we will seek cpi's stock within a range of 3-5% for many years to come. that is if the u.s. falls into a procession, invesco says that the market is being overly optimistic and a contraction will put a lid on price gains in citigroup says that you can't really bring down inflation

what are you hearing about the morgan stanley job cuts in asia?n't seem that long ago that western banks, wall street banks were clamoring to expand their footprint in shanghai and beijing. stefania: just a couple of years ago everyone we used to speak to was expanding their, but already now it seems they are retreating. as you say, morgan stanley cutting 7% of their workforce. the represents 14 -- 40 positions. it will mean the effect of the capital markets units. also those looking particularly at china deals. they have already asked about 50 jobs in that region last year's are really it is just a case of more bad news coming after that. what is particular interesting about morgan stanley is a seem to have a bigger team focusing on china, there rival. they are more impacted by any plunge in dealmaking than their competitors. francine: what is ubs doing in the u.s.? stefania: ubs are going through this deal with credit suisse and it looks like they're getting ready to bulk up in the u.s.. already they had bankers last month i think it was from ba

that is likely to continue according to morgan stanley.w notes from a few other houses as well. it will come down to the economic. that decision is likely to be made soon. they don't want to wait. foreign invaders -- foreign investors are on edge. who will lead the economic team? that is the billion dollar question. there is speculation. one is well known to many investors. whether he will make the comeback given the tension on a few policy issues is what needs to be figured out in the coming hours. manus: how can president erdogan convince the markets? how does he calm the situation? yousef: it does look like that is the top priority. if anything he will feel emboldened by the thought that his policies are working. with that being said, credit swaps -- that tells you the story of nervousness among foreign investors. the equity market, a lot left and have not come back in forest. -- in forcce. our fee back from investors has been that there is not going to be a major repricing in the stock market though there may be some weakness in the bo

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this is bloomberg. ♪ what do you get from the morgan stanley client experience?alized plan ♪ to guide you through a changing world. ♪ >> from the heart of where innovation, money power collide in silicon valley and beyond, this is bloomberg technology with caroline hyde and ed ludlow. caroline: i'm caroline hyde out bloomberg world headquarters in new york written. ed: and i'm ed ludlow, this is "bloomberg technology". caroline: chip makers struggle with the

e*trade from morgan stanley. >>> welcome back to "worldwide exchange." you know we have positive momentum with the growing list of worries from the banking crisis let me move the microphone sorry about that from the banking crisis to recession fears. the s&p 500 is stuck in the trading range for months strategists at wells fargo say we are in the early innings of the bull market super cycle. cl check this out this is the invesco index tracking energy, metals and food up 70% since march of 2020 john laforge is the author of the report john, great to have you here. >> frank, good morning >> john, break out the thesis. you believe we are in the early innings of the cycle how much longer does this super cycle have to last what commodities benefit >> all of them is the answer to number two the way super cycles work is they typically last at a minimum a decade we are three years into this one. the shortest bull super cycle on record is about nine years you can see we're in thirding in -- third inning to use the baseball analogy super cycles lift with the tide

e*trade from morgan stanley.de makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley >>> we're now in the "closing bell" market zone. mike santoli here to break down the crucial moments of the training day leslie picker shares mark lazry's latest calls on rates julia boorstin on netflix's challenges mike santoli, only utilities and staples are in the red today the vix is 16, down about 6.5% >> little bit of tension release. i don't know if it was headline driven we were coiled pretty tightly in this range a lot of talk heading into options expiration, there was this clustering of positioning in this areas. it's not about the debt ceiling. i think you removed that as a real overhang negative worst-case scenario playing out. all of that is one fewer reason to lean against the market regional banks, looking squeezy, but it's a high or low on that chart. maybe t

georgian chetia morgan stanley we appreciate your time this afternoon. thank you.ther. okay we want to get back and talk about our weather and bring in roxbury and i were talking about whether to call this morning rain or drizzle. i had to use my umbrella and my windshield wipers to me that that's right. sure yeah, definitely. what? enough that i avoided my morning. run so, yes , we saw it pass through, thankfully and we are left with some drive beautiful weather this afternoon. and these temperatures that we have with us this afternoon running a little bit cool. tomorrow maybe a near repeat before we begin to see a rebound later in the week. here's a look over san francisco and nice blue sky out there. we have the giants plan later today. it should be a cool, breezy one out of the ballpark. if you're going that direction, be prepared with a thicker jacket. here's a look at some of the rainfall amounts will call it whether it was drizzle or light rain in your neighborhood. san francisco didn't pick up a whole lot just to 100 reported there but oakland 1/10 of an in

e*trade from morgan stanley.ex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley - [announcer] do you have an invention idea but don't know what to do next? call invent help today. they can help you get started with your idea. call now 800-710-0020. ♪ ♪ >>> now to some of the top stories we're following today on cnn "news central." >> the biden administration is celebrating a robust april job's report. employers added 253,000 jobs last month. that is significantly more than analysts had expected, and it shows the labor market is heating back up when other indicators pointed to a slowdown. the unemployment rate dropped from 3.5% to 3.4%, and that's tied for the lowest level since 1969. there are also signs of growing dissension in russia's military ranks. the head of the wagner group, the private military company leading the russian siege in balk bakhmut has been creit

coming up, the race to replace the morgan stanley ceo. there are three key contenders emerging.e will bring you the state of play next. this is bloomberg. ♪ dani: james gorman's plan to step down as the morgan stanley ceo in the next 12 months that's up a battle -- sets up a battle for the top job at the bank. su: this is a trio of top execs at a top wall street bank. who emerges as the one to succeed the ceo? who has expressed confidence about his succession plan but did not announce names when seeing would step down. the key contenders are ted pick, in trading and dealmaking, and credited with fixed income trading. dan simcoe it's, with expense on both sides of the firm. and andy saperstein, who manages wealthy for the -- manages for the wealthy. he is seen as -- james gorman is seen as transforming the bank after it nearly collapsed when he took over in 2010. he plans to step down as ceo within 12 months. he was previously at merrill lynch. in his statement on friday, he said it is the board and my expectations that the transition will occur at some point in the next 12 month

wilson of morgan stanley is pointing out the flaws of this. describe. he set in your seat yesterday at bank of america and said it was not that important. is it? darrell: it is important from a technical standpoint, technicals versus fundamentals, but i think it is a good fingers on the pulse of liquidity. what people miss in this year to date back-and-forth of the market is we know what the banking crisis, the balance sheet expanded $400 billion. we have now taken 300 of the 400 back out and through the summer months, assuming you don't get another crisis that forces an emergency injection of liquidity, you keep drying up liquidity. when you dry up liquidity, you drive breath, support. the technical indices roll over on themselves. lisa: how much more difficult is a getting from a psychological perspective to stay cautious of? darrell: we talked about this all the time. we win perish february 22. it is now may 23. our clients are tired. they want to put -- bear markets are exhausting. but it would be just like a market heading into a recessio

jonathan: morgan stanley. we can see that. e rightsizing of first republic i jp morgan is you right size and the solution is in financial difficulties to cut costs. jonathan: let's talk about the difficulty for people trying to make a call on the fed. so many headlines like that 1, 3000 morgan stanley, pick a tech firm and put a number. you haven't seen the sharp decline in a major way. the payrolls on friday, here's the median estimate, 180,000. with unemployment in and around 3.5%, looks like a decent jobs market. tom: the three months moving average, it is way above. economist that calculate the optimal nonfarm payrolls, it is shockingly low. some people are even under 100,000. they look at the data and say this is a boom -- boone labor economy. jonathan: overwhelmingly but consensus is the fed will not commit to anything and it will be a pause. as the bar higher for a cut or another hike? tom: you can dive into this all you want. i'm going to go with the economic data and frankly, there's a lot of data including today. i do

e*trade from morgan stanley. ♪ imagine, a car that goes as far as it does fast.art as it is beautiful. introducing lucid air. experience the best. ♪ ♪ our customers don't do what they do for likes or followers. their path isn't for the casually curious. and that's what makes it matter the most when they find it. the exact thing that can change the world. some say it's what they were born to do... it's what they live to do... trinet serves small and medium sized businesses... so they can do more of what matters. benefits. payroll. compliance. trinet. people matter. >>> one of the big bright spots this earning season but expectations can get ahead of themselves i think that's what happens to brinker international, parent company of little italy and favorite of the show higher than expected revenue, 10.8% same store sales growth, a terrific quarter but the expectations ran all the way up, key numbers, only some in line. same store sales growth for chili's. everything went down near the end of the day could this be the buying opportunity for an amazingly well run res

e*trade from morgan stanley. complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley >>> welcome back three minutes left in the show so much more news you need to know cnbc reporting that bowlero is a subject into a federal investigation into age discrimination claims from more than 70 employees allege a pattern of mistreatment attorneys for bowlero call the claims meritless. >> stock was a good perform, but down 4%. >>> robin hood announcing plans to let traders trade 24 hours a day. they'll feature 40 different assets including names like apple and tesla. you wake up in the middle of the night and can't sleep, go buy a few shares the stock up 15% for the year. >> unclear how this works. imagine if this came out 18 months ago there would have been a frenzy >> yeah. >>> big tech cost cutting continues. microsoft is skipping salary increases for full time employees t

e*trade from morgan stanley.o-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley >>> we're now in the "closing bell" market zone. mike santoli here to break down the crucial moments. plus marcie mcgregor on why defense is the best strategy steve kovach looking at the plunge in peloton today. first, mike santoli, let's talk about tesla. take a look. a few moments ago that stock, there it is, the spike why? perhaps because elon musk has tweeted moments ago, quote, excited to announce that i have a new ceo for x and twitter. she will be starting in six weeks. unnamed person my role will transition to being executive chair and cto overseeing products, software. >> i believe it's systems operations, not psychological operations >> look, i mean, people have been making the argument have can he have his attention in all these different p

it also sounds like you are pushing back on the wilson of morgan stanley view that we face and earnings recession down the pipe and that we need to start pricing it in. do you agree or push back on that? aoiffinn: i pushed back in the loop. it is all about telegraphing and market expectations. even though we did see earnings weakening already in line with expert nations, there was generally a beating of expectations. it is all about what the market expects. we will seem margins compressing, that in placing pricing power will not -- inflation pricing power will not last forever. and we are already seeing some wins below the surface of distress entering in as something interest payments become unsustainable. that weakness suggests pressure on earnings. also, the consumer will run out of steam if they do other spending this summer. i push on the recession point it will be weaker but will it manifest in weaker stockmarkets? i do not think so. tom: how do you play the ai rally? aoiffinn: large caps text cannot get enough of ai. that is where investors are afraid to bet against right now. the

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e*trade from morgan stanley.to-use tools, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley >>> big story this earnings season is we are finally able to appreciate companies with advance numbers. this weekend might be put on hold as wall street advances wednesday. i am concerned a quarter point and no weight. but it means we have to be on the look out either way for great american companies that sur vise the upset finally i eidentify what you know and when you are confused able something. my mantra is buy and home work, i always look for anything to alou me to at lost narrow down a list of stocks worth looking into and patrick, a technician that is a founder of mentor and it turned out to be incredible cost, because everybody hated them the charts can't tell you how a company is doing, but it can tell you how the big money is doing, and you

rio tinto upgraded by morgan stanley railing 3.6%.gan stanley pointing to its koppers holdings being underappreciated. glencore getting 2.8% on news that the grain trading business viterra is in talks potentially to merge with bunche. plenty more coming up. this is bloomberg. ♪ tom: welcome back to the open. here are your top stories. negotiators inched closer to a deal on raising the debt ceiling said to include capital spending for two years. cathie wood's flagship arkk fund dumped nvidia stock right before the chipmaker's blistering $560 billion rally. plus tech stocks propel asian , markets higher as u.s. futures stall before key u.s. inflation data today. 2-year treasury yields snapped 10 days of gains. we will check in on markets as we way up the expectations that the inflation print pce from the u.s. will inform deals around the fed as markets price and 25 basis points. that is fully raised in between i. it comes through june or july. paul's narrative is starting to crumble in terms of the fed. you had job claims being revised

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