morgan stanley has become one wealth management. that saying it was up 14% on the actual business up 9%. they kept expenses under control very nicely. while looking for 75. remember what the expense ratio lower is better. that is what we get. that translated into $0.29 earnings. it was 17.5. that was a major surprise. let's start with the wealth management division. the steady growth in asset management. this added $64 billion in the quarter. the total client assets reaching $6 trillion when you add under the investment management decision what do you get? morgan stanley is targeting 10 trillion in total assets and they are well on their way. they saw a big uptick in fee- based assets. those fees are why i love the embrace of wealth management. though i did say no to morgan stanley and went to goldman. as for the security side of things the ceo said, improved underwriting markets combined with increasing participation among sponsors across investment banking support, the broadening equity market are favorable backdrops for the marke

morgan stanley reported before the bell.hey do beat on earnings and revenue, posting strong numbers for wealth management. investment banking with a blowout number. >> yeah, i'm glad you mentioned all these because they were much stronger. my travel trust owns it. i was quite concerned. i thought i might get snookered on this one. i thought this could be a bad one for me because goldman had good numbers and i was fearful, that, well, hold it, can everyone be across the board good? cha charlie scharf yesterday, we'll get to that. wells, good. but this turned out to be a really terrific quarter. david, this is quite a change from the last two years of james gorman. i like gorman very much, but there's some sort of acceleration here that i didn't expect >> you do? as we pointed out, the stock price itself has underperformed many of its large cap peers. >> as it should have because it was not as good. >> not the greatest start for new ceo, ted pick, who's taken over as the ceo. >> not the greatest hand. >> i don't know. really?

a moment and focus, morgan stanley. morgan stanley up in the free market by 3%.ird-quarter wealth management revenue, $7.27 billion. equity trading, beach. investment banking, the. trying to make it easy. when did they at morgan stanley? >> it is only a little bit of a miss. not only is it a clean read, it is a soaring read. this is a real sweet spot for morgan stanley. wealth management revenue coming in not only above expectations, but those pretax margins handily beating. you also have equities trading coming in well above expectations, fixed income trading as well. even though the number beat expectations, it came in a little lighter than goldman sachs. that competition has been for the stunning to watch on wall street and it will be interesting to see what the ceo says about how competitive they want to get because it is a matter of how much risk they want to take on in these markets at record highs. very little to look down on here. the expense efficiency ratio is better than expected and better than it was a year ago, so they are making more by keeping a h

okay, we're talking about morgan stanley. in this situation, i'm guessing every brokerage, every financial analyst is either using ai or exploring the use of ai right now, right. morgan stanley has got it in something like 80% of its transactions. other brokerage firms are using it in 40, 50, 60%. it's really starting to find a niche. and we were wondering for a long time, all this valuation for companies like nvidia and openai, where is the money going to be made? well, maybe in transactions like this or again, coalescing big data in things like health care, as long as there's a human on the end of it to make a rational decision and again, have that personal relationship, it could really speed things up and maybe help you get what you need financially. yeah, someone's got to pay openai for this. and that would be a good example. thank you scott. you bet. if you haven't already, follow scott on twitter or x. he's always post really good stuff. breaks a lot of news about business and technology, specifically in the bay area an

morgan stanley soaring 6.5% to an all-time high. they had their earnings surge in dealmaking and trading activity, as investment banking revenues soaring more than 50 -- you heard that right, 5-0 percent. get her on that in a minute. utilities, materials, industrials, all higher today. all three sectors at new records. i feel like we just, tim, named every sector in the stock market. >> other than technology. and that's kind of the point, right? you don't necessarily need megacap text to take you -- >> it's nice to lead without nvidia, right? >> who is nvidia? i don't know. we didn't -- >> never heard of them. >> i think the point is that you have had essentially this barbell approach to the market. look at the 3.5% move in the dollar from the start of october. that's telling you something, not just about relative central bank differentials, but something about the economy that there's more confidence here. that's an economy -- these bank earnings have been -- they've been fine. they haven't been so extraordinary, but what they have

goldman sachs and morgan stanley closing at new highs. they're set to report tomorrow. bank of america and citi are also on deck in the morning. so, what do we expect here, karen? >> well, the -- jpmorgan really startled us off well, right? so, i think we're expecting -- well, citibank, which is my next largest position in banks, i expect good fee service, i think that card chargeoffs will remain, i mean, jpmorgan seemed firmly in the 3.4 camp. i would think they would be somewhere around there, and i think, you know, markets and bank activity was a positive there, so -- citibank has come a long way in the last three or four weeks, but i still think there's room to go there. it's undervalued. i know you always site price to tangible book. they do seem a little slow, being able to get out of the -- under this decree or that decree. but that will eventually happen. >> goldman sachs is interesting. historically, we've seen -- i don't know this, maybe ken knows this, if he still works for the firm -- >> the firm. >> you'll see goldman sell off after earnings. the levels tha

morgan stanley with 4%. biggest banks are on track to post their best trading year since the onset of the dodd-frank era. retail sales likely grew moderately in september as consumers in the u.s. contended with high finance cost and elevated uncertainty ahead of that presidential election. valerie, we were listening to him talking about the relative strength of the u.s. economy. is that expected to be reiterated today with the data with the retail sales? >> it's been light on the data calendar but the big one is retail sales for that reason. he gives us a glimpse into the third-quarter gdp, mostly because of this control group segment of retail sales. that is a direct feeder into gdp so the markets will have their eyes on that today. it's expected to come in the same as prior months so have your eye on that. it will give us a better reflection of where third-quarter gdp for the u.s. is heading. the atlanta fed's gdp is a real-time indicator of four where gps tracking for the third quarter. it has crept highe

they collected the fourth highest fees globally at morgan stanley. very strong. the provision for credit losses, 79 million. and also they declared that dividend. but again, you know, the really -- stock is up 20 percent year to date right now, but again with wall street trading activity, m&a, ipos, maria, multiple ipo tos, morgan stanley doing very well. they're got $7.5 trillion in client assets right now, maria. maria: yeah. we're going the talk in a little while with leon -- from citi to to get a further if read on investment banking and capital markets business. obviously, we're seeing some good numbers out of mover began as well as gold goldman sachs. coming up, the word on wall street analysts with -- panelists, then how antitrust is booming. it's a booming business for the doj. we're going to get into it. you're watching "mornings with maria" live on fox business. stay with us. ♪ and the sky was a hazy shade of winter ♪ is it possible to be more capable? and more practical? be able to perform here. and here. make a statement while barely maki

that is good for morgan stanley.quity will benefit the largest manager. jonathan: good to see you. thank you for this morning. so far over the last few days a queen sleeper banking in america. lisa: across-the-board beats and you cannot find mrs.. the big question about whether this is just a positive rate for the financials or a broader positive rate on the consumer as well as the business sector that were struggling with how high benchmark rates were. seeing them come down and assets perform that were put into longer-term debt. jonathan: let's give you an update with the bloomberg brief. dani: unitedhealth shares down 3.4%. it lowered the top end of its forecast, a rarity for the insurance giant that usually withstands the pressure. higher medical costs and the rising impact of a cyberattack were a part of that. it is alstom seem -- -- it is often seen as a bellwether. oil prices tumbling 3.9%. reports that israel will avoid targeting iran's crude facilities and its expected retaliation. the report is easing invest

of america citigroup, goldman sachs charles schwab reporting third quarter tomorrow wednesday morgan stanleying out joining me gerard, great to see you. thank you so much for being here give your expectations for the third quarter reporting season what will you be waiting watching closely. >> thank you, maria. i would say the key area that people will focus on, similar to what we saw friday jpmorgan, wells announced months in is essentially the banks earn from assets funding costs this is going to be the big area for next 12 months maria because of the fed activity lowering short-term interest rates the second key area as always credit, what we saw on friday very good numbers on credit the quality remains very manageable for banks that will be another area people will focus in on for tomorrow >> okay. so when you look at what you've seen already, with regard to the consumer, i know that the level of debt is also an issue but would you have been able to glean what is going on with consumer from reports you've seen on friday? >> yes, we can. in fact the consumer remains very resilient. both ba

morgan stanley, goldman sachs. morgan stanley is about to break out of a four-year consolidation. goldman sachs looks like it's about to break out. >> and that's -- >> you buy them on any pull-back. >> tuesday/wednesday. >> you find them less the money centers. >> you like them, even though we don't have a big ipo market. the credit markets have been crazy strong. >> you buy them in anticipation. >> julie, what about you? >> yeah, dan stole my thunder. that's exactly how i feel. i'm much more interested to hear what's going on with the investment banks. >> i'm not really interested in banks broadly speaking, because there's not a lot of differentiation. we've been doing a lot more testing the waters meetings with private companies that are getting ready to go public. it's like their training wheels meeting as they get ready to talk to mean, nasty investors like me. and what i'm seeing that's encouraging is actually the quality of these companies is better. and they have a little bit more religion around profitability. but if they are touching anything with a.i., they've been given

we are looking at united airlines, morgan stanley jumping more than 7%. at one points it was rising f the most since about four years ago and mossnce morgan stanley's c.e.o. took over. the banking industry has floated the s&p 500 higher the last couple days after bank after bank report better results particularly trading as volatility has compounded. we are seeing also other stocks move higher with united airs take off to the tunef more than 11% over two da just a stunning move in an industry where supply has been a big question mark and now some of the companies are rebounding the highest level since 2020 and very importantly we are watchng the trump trade. they have been on the rise. chief among them median technology group. now we want to turn to that big interview. i want to welcome our bloomberg television and radio audience to the special episode of bloomberg markets with an exclusive spwaeu stanley tkrufrpblgen miller. in 2021 you wrote an opinion paper in the "wall street journal" that said the fed is playing with fire. a couple of weeks ago you w

the focus switching to morgan stanley. 12:30 p.m. u.k. time today.ill morgan stanley repeat the beads from the likes of jp morgan and goldman? will it be a similar story when it comes to the investment banking and trading parts of the business? at 7:40 pm u.k. time, the ecb president christine lagarde will be speaking. as markets increasingly lock in a more aggressive cutting cycle from the ecb. that decision coming on thursday from the european central bank. there is plenty more coming u. this is bloomberg. ♪ tom: welcome back to "bloomberg daybreak europe." she is the ceo of the world's largest environmental services company, veolia. she has been at veolia two decades helping guide the company's global growth. she told francine lacqua on "leaders with lacqua" goes green about their ai prospects. >> ai can be part of the solution and is a problem of the same time. if i start with the problem, ai data centers consume a lot of energy and need a lot of water. actually we are providing services to the companies doing ai and it is a growing market. on th

e*trade from morgan stanley >>> stocks higher on a better than expected jobs report for september.e's roger altman to discuss. welcome back it's always good to have you on our program. >> scott, thanks for having me >> what's your takeaway for today? >> unadulterated good news think about it growth is strong the commerce department reported 3% over the past year. that's amazing four years into the recovery inflation headed straight to the fed's target job creation strong. corporate profit outlook, as you just discussed a minute ago, strong dock workers strike over gasoline prices down hard to imagine a better macro environment than here and a lot of implications of it. >> sure, but people would listen to what you just said as you went down the list, why in the world did the fed do 50 and then why would they think they need to continue cutting rates on the schedule they seem to be on? i know you know larry summers well he said 50 was a mistake >> well, i was on here, this network, just before the fed made that decision and after, and my own view was it was an extremely close call an

. >> there was morgan stanley -- >> the fed will too. >> morgan stanley friday night, could our callor a string of 25s get derailed? couple more months of undiminished spending might cause us to reconsider. >> i don't care. we're in a rate cut cycle. it doesn't have to be aggressive. in the meantime, earnings have been unbelievable. american express was not bad, by the way. that was nonsense. american express ran into the quarter. i find that last week, the bank earnings were so extraordinary, including bank of america, by the way. i think that they were extraordinary numbers. and what that said -- it set us up for a very good period. i like banks doing well. >> nice note out of mike mayo today at wells, the era of three-year eps inflection is happening now. >> this is a good moment. and we haven't had any, obviously, mag seven, but we did have that taiwan semi number, which was extraordinary, and the asml -- by the way, asml, on tuesday, nobody heard of. then wednesday, they reported bad numbers and suddenly asml is the most important semiconductor company in the world. it's dutch.

morgan stanley downgrades it to underweight. i will say this.he biggest run that i've seen of a major now? it's been weaker of late, but i will tell you that jim umpelbee has reinvented caterpillar. this guy is just -- like cat's the old cat. some levered company. and by the way, if it is the old cat, you think what stock do you want to buy on rate cuts? caterpillar. not only do i want to emphatically disagree with this downgrade. i say to myself, angel castillo. >> we'll see. morgan stanley's about 10% below consensus. let's get the opening bell. at the big board, markets media group women in finance celebrating the tenth anniversary of its women in finance awards and at the nasdaq, it is micron. new logo and 15 years. jim, you're going to be talk to them very soon. >> sanjay mehrotra, there are people in the business that are so loved and you want -- when you ask them, what do people think of sanjay mehrotra? finest. if you look at what he's done with the company, it's been amazing. it has a little cyclicality versus some of the others, but i

andrew of morgan stanley in the soft landing camp. soft landings don't have to play out in a straight line. risks around growth are skewed to the downside a few false negatives could lead to belts of volatility. andrew joins us for more. let's start with that phrase soft landing braid what does it mean to you? >> it's great to be here. for us it means inflation coming down. the fed easing and no recession. is very much what morgan stanley has been forecasting and what we continue to forecast. that's what fortunately we've been seeing from the data. i think we were in a critical window over september and still in october where the market will be more vulnerable to weaker data because the fed and the ecb haven't really gotten underway yet with rate cuts but i think so far that data is coming in solid and that support the soft landing view. >> you referred some of the data is a few false negatives. can we talk about the data through the summer. which one was the head fake, the deceleration and jobs through the summer or the re-accelerati

e*trade from morgan stanley >>> market zone.oli here to break down the crucial moments of the trading day. angelica peebles on how eli lilly is holding in the world of glp 1s. phil lebeau will have the reaction for us. mike, what's on your mind? >> still a bull market. looks like it and acts like it in every significant respect. it really has slowed down. it's come across this leadership shift. been absorbing the retreat on a relative basis in megacap tech. we're up since mid july 2 1/2 months. less than 1% in the s&p 500. the average stock has done better. all of that is context as the bull market gets ready to enter the third year. more of a sober plotting type of a tone to a bull market. everything else is clicking together. i think the fact that it can wea wait and see near the highs is not a negative. >> time flies. it's hard to believe -- >> two years. >> -- it's been two years for this bull market. >> in a couple of weeks. >> see what happens on friday with the jobs report where this next step goes, i suppose. angelica pe

e*trade from morgan stanley >>> mike santoli is here to break down the crucial moments of the trading is here on taiwan semi. and netflix reporting in overtime tonight. alex kantrowitz on what he's watching more than anything else. first, to what mike santoli is watching more than anything else today, that's what? >> tough to quibble with the market action itself obviously. most stocks are kind of consolidating today. you have more stocks down than up, able to rotate away and you have the nvidia jolt that helps the indexes. i think big picture, we now have a very tight embrace and broad recognition that the economy is better than we thought it was two months ago. i'm in the mode of the rally has carried to a certain point where you have to ask, are we building extremes, is sentiment getting too complacent, have we stretched ourselves in terms of expectations for earnings. it is not clear to me you would answer yes to all those things just yet, but i feel as if you just go to the market and say, hey, you know what, the economy is pretty good, earnings are going to be up, the fed is cut

e*trade from morgan stanley - it's something about having that piece of paper.ople think that's worth more than my skills. - i've run this place for 20 years, but i still need to prove that i'm more than what you see on paper. - you gotta be so good they can't ignore you. - it's the way my mind works. i have a very mechanical brain. - analytics and empathy. that's how i gain clients. - i am more... - i'm more... ...than who i am on paper. >>> tech and software stocks taking a back seat today with investors bracing for the hyper scalers reports next week. vista equity partners, a private equity firm investing exclusively in enterprise software with portfolio companies across various industries ashley macneill the head of equity capital markets at vista joins us at post 9 good to see you. >> you, too. >> you take a lot of companies private and then you sometimes re-ipo them. the market for ipos has been really, really slow. why? >> well, for the ipo asset class to really be functioning well you kind of need three things all working together, one, you need a stable

e*trade from morgan stanley >>> we're now at closing bell markets. here to break down the crucial moments of this trading day. plus, boeing the worst performer on the trading day. phil lebeau will tell us what's going on. leslie picker with her story. mike, we're pushing 5800 on the s&p 500. we'll have a new record close for that and the dow today. >> yeah. the it seems like we're burning up some of that caution that really did set in place coming into october, this idea that so many people were braced for potentially more down side. i feel as if we're dealing with all of the known positives. an economy that seems like it's percier than we thought it was. fed might slow down the easing path, but so what. cpi tomorrow. yeah, there's some stakes involved there. since we've already gone into a place of listening to a potentially less dovish fed message, it doesn't seem like it's that dangerous. all that being said, we still have the vix at 21. people are still saying it's pre-election time. we can't just assume that it's going to be cutting loose to the

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e*trade from morgan stanley >>> we're in the market zone.c senior markets commentator mike santoli here to break down the crucial moments of the trading day. we're going to have record highs again. >> the market has struggled to find anything to really worry about in the new data, in obviously banks. people were maybe not giving them enough credit for the data, at least initially. there was also a breakout to the two-year high in the bank sector that i think has this chase mode. so many people, and look, i understand why, were entering october saying there is no rush to do much here because you're going to expect some downside chop. you have a lot of hedging going on, and the market is not making people feel comfortable with being underinvested. i don't think a lot of people are underinvested but they might feel as if the market could get away from them a little bit. some of the weakest stocks on a year to date basis up substantially this week. it feels like the market is searching for hated stuff or things where people are underexposed, wal

morgan stanley will round out earnings oll street. in p recent what --in a pretty decent way. lisa: look at equity traders. 27% increase. we have repeated this number many times because it's rather incredible. $92.5 billion up from the inspected $91 billion. you see net interest income up and easy credit provisions with some dire statements from jamie dimon. he has been known to make tired predictions. what is interesting is the stock pile of cash ahead of that. is that going to be a theme for the other banks as well. jonathan: evercore calling blackrock lord of the flows. $11.5 trillion. we will talk about them into the opening bell. the tension starts to shift and drift back to the economic data once again. a toxic make it -- mixed yesterday. see -- a toxic mix yesterday. lisa: the almost that it was a toxic brew. it had the question of whether you care more about the inflation ticking up or potentially the number that was the biggest jump in initial jobless claims we have seen going back for a full year. whether that was telling you

ed: there is the morgan stanley case study. bank of america has talked about how many patterns it has in machine learning and artificial intelligence. do you have a sense of what those into two shins are doing -- those institutions are doing? sarah: morgan stanley is using our models to help wealth advisors be more productive. they are using it to create better financial advice and outcomes for customers. we are seeing folks like lorna -- klarna using it. that is another great case study in terms of productivity improvements. then we have banks using it across their business. that is our message. just get started. get it rolled out to the organization and see what people do and help them get started, whether they are marketing, finance. ed: can you help our audience understand how meaningful contribution the financial services sector makes openai's revenue? sarah: if you look at her largest verticals, areas like health care, but financials is probably third because they are typically early adopters. they are often willing to ta

and more with morgan stanley as well.rsday, ecb rate decision with a double dose of jobless claims. building permits in china, gdp, that's friday. thank earnings come bank stocks have been on a tear since the jp morgan results. investment banks are writing higher on promising results from the biggest of the investment banks out today. we will get a better read on the consumer from bank of america and citigroup. those large credit card businesses. let's see if we can keep it going with less rate cuts than expected. after the first, this is the first set of results. from new york, that does it for me. same time, same place next week. this was "bloomberg real yield," this is bloomberg. ♪ it's our son, he is always up in our business. it's the verizon 5g home internet i got us. oh... he used to be a competitive gamer but with the higher lag, he can't keep up with his squad. so now we're his “squad”. what are kevin's plans for the fall? he's going to college. out of state, yeah. -yeah in the fall. change of plans, i've decided

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goldman sachs and morgan stanley, morgan stanley generates half of the wealth. morgan stanley again and goldman sachs to report returns on equity at least 10% or higher. so, you know, we'll see how you it all plays out. as it gets back to the credit rating agency, fundamentals are strong with lots of liquidity and capital. asset quality remains credible. we expect more of the same despite a ckconfusing and complicated time. >> right. right. michael, i appreciate your analysis. thank you for joining us. >>> stay with us here onnb cc. "worldwide exchange" starts right now. has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you ho

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e*trade from morgan stanley >>> welcome back to "worldwide exchange."call sheet. goldman sachs hiking nvidia price target after the meeting with executives and jensen huang. >>> bank of america is well positioned to capitalize on broadcom. >>> another top pick call is morgan stanley on atlassian with a broader product portfolio and derisk of 2025 estimates. >>> time for the global briefing. bang of korea cutting for the first time in four years. in a statement, the bank said domestic demand is slowing down. it says there is room for additional cuts as it is showing signs of stabilizing and the housing market is slows down. >>> uk returning to growth in august. gdp rising by .2%. brin >>> the chinese finance minister is hold ageing a briefing tomor an announce a stimulus plan. china will deploy $200 billion to shore up the second biggest economy. >>> coming up on the show, one word that every investor needs know today and a pair of big banks are set to report this morning. the key sectors set this morning. we'll be right back after this break. at ameripr

bancorp up, morgan stanley and discovery, flat. >>> take a look at crude.ti, close to 70 bucks a barrel, pretty much flat this morning. brent, back below 75 bucks a barrel. essentially flat this morning. that is your morning money setup. >>> now we want to turn back to equities. we want to start with some big "money movers." united airlines coming up. signs that the airlines are bouncing back over discounts. you can see shares in the premarket down just about half a percent. united announcing plans for a buyback program. shares of united are up more than 20% year to date. united's ceeo scott kirby will have more on the results when he speaks exclusively. >>> this morning we're watching shares of apple. up very fractionally after hitting a fresh intraday all-time high yesterday. analysts at morgan stanley, bernstein, and isa all maintaining their stock in the last 24 hours. shares of apple up, 40% over six months. up fractionally after hitting an intraday all-time high yesterday. >>> trump media and technology, take a look at shares this morning. they're up

morgan stanley results are also due around 7:30 a.m.ater the company's ceo ted pick will be in "squawk on the street" in a first on cnbc interview at 10:00 a.m. eastern. >>> joining us now is silvia, co-founder, and a lot of people thought we had another new high yesterday. i was watching some of the other news networks. it didn't happen yesterday, but you probably couldn't be criticized for thinking of another new high. is that going to continue, silvia? is there any waning or momentum that you're seeing or full steam ahead? >> good morning, joe. i do think eventually the momentum and the velocity of the number of highs is going to wane, but i do expect we're going to end the year up strong. i do think the market will inch up a little bit over the next couple of months. monetary policy is favorable to the markets. earnings are looking good so far. consumers are spending, the sentiment is good. i think it's all go for a pretty good year here. >> do you think we continue to sigh tech leadership and semiconductor leadership? >> yeah, so t

and morgan stanley, a big surge in investment bankings there.morgan stanley, ual, two of the best performers in the s&p. >> dom, thank you very much. big banks in the books in terms of earnings. but that means earnings season is just getting started. that's where we get started talking chips, commercial real estate and manufacturing. steve grasso joins us for his trades. he's the ceo of grasso global and a cnbc contributor. good to see you. first up, taiwan semiconductor shares are nearly flat right now, heading into the print. but up 80% this year. they're also a street favorite. no sells, one hold, 43 buys. sima is here with what to watch ahead of the results. >> taiwan semiconductor manufactures 90% of the world's chips, seen as a bellwether for the sector, and a barometer on artificial intelligence. nvidia, amd, even intel depend on them to build their ai chips. if anyone disrupted the production, the backup options are very limited at this time. last quarter, the ceo hinted at supply constraints. investors want to know if inventory remains

are too high i always remember morgan stanley, katie huberty, apple, very close i think morgan stanley has a beat on the apple news look, i care about the deficit, but the deficit is one of these things it's so ephemeral. i don't know okay, what do we do? then you get, like yesterday, i thought interest rates, wow, it's all over. i come in today, and rates are down the stock futures are down somebody is wrong. i bet that the stock futures are wrong. >> you're never a fan of the stock futures. >> they're so idiotic. i got up at 3:15 and the futures were down. i went to go back to bed, but why? >> the drama king. >> call me at 3:00 when you get numbers like that, i don't want to wait until 6:00. >> we will get cramer's mad dash in countdown to this morning's bell by the way, tomorrow, don't miss an exclusive with boeing's new chief, kelly ortberg >> very, very big. >> on everything from earnings to this new tentative with the iam. >> if everything comes together for boeing, that's going to be one of those moments where you say, i can't believe we got a chance to buy it on the secondary a

bank corp., morgan stanley, a new high, by the way., airbnb, siriusxm, micron tech and walgreens boots alliance. ah, the all-important 10-year treasury yield just above 4%, 4.01. the price of gold very close to a record, $2701 per ounce. i think that's the new high. bitcoin, $67,7. the price of oil, $70 a barrel, 70.7 7 a 4. nat gas at $2. 43. the average price for a gallon of regular is $3.20, and in california, you lucky people, you will pay $4.67 for regular. >>> coming up, harris pushing back on criticism over her record as a california prosecutor. >> i was the most progressive prosecutor in california on marijuana cases and would not send people to jail for simple possession of weed -- stuart: well, the critics say that harris a targeted black men for marijuana. any truth to that? jenelle king has the full story. >>> democratic congresswoman in swing state michigan says harris has a recognition problem. >> i don't think people know kamala harris yet. i do. i know how great she is. they need to, you know, they need to feel her. we

e*trade ® from morgan stanley. >>> we are in "the closing bell" "market zone."moments of the trading day plus pippa stevens with the details on toeday's energy slump and why 3m shares are leading. pippa, oil is having its worst day in two years. tell us more. >>> that's right, scott. oil sinking 5.5% with the market viewing israel's attack on iran, which april voipded nuclear and oil facilities, de-escalate ory. now the geopolitical risk premium is shifting the focus back to fundamentals, an oversupplied market. the weakness is spilling over into nat gas as well. the front month tumbling 11%. a december contract about 60 cents higher but down 8%. the commodity drop is hitting energy stocks which are the only negative group on the day with the upstream drillers leading those declines. scott? >> pippa, thank you. pippa stevens. >>> to seema mody, a stock that's doing quite well, right? >> the stock was upgraded in spring but raising from 160. the company has gone through a massive transformation, multibillion dollar settlements, restructuring, spinning off health

. >> biggest fan to you by e trade from morgan stanley, trade commission free today with no account minimums to see see is saying that trust to 15 walks. it's a little old it really should be retired by now pushing investment and a chance to the moon at e-trade from morgan stanley can the reeva's support your brain health night? >> janet, hey eddy, know, fraser, frank, frank bred. how are you for? >> up to seven brain health indicators, including memory when you need to remember, remember nerivan medicare plan feel like it's kind of confusing it's so complicated. it's a pain, it's really, it's really difficult. >> it's strong. >> ehealth is a less stressful way to find health insurance to prove it, we feel people looking for new medicare plan and we monitored everyone's stress. your mission today is to find a medicare advantage plan that fits. you, have did it by searching the usual way on this side, you get to use everything on the whole internet, except you can't use ehealth. the other half did it by matching with ehealth, the people on this side, you guys all get to use ehealth dot com. y

investors are selling caterpillar because morgan stanley basically told them to. the bears are tearing at the heavy machinery maker after morgan stanley downgraded the stocker analysts worried cat has reached peak earnings. and after a 3 33% runup, shares could be ready to take a breather. cat is down 22%. and the bad -- 2%. boeing is down $8.35 or more than 22 if after the embattled air are prospace giant said it's going to cut 17,000 jobs. that equals 10 percent of its work force, further delay the launch of the 777x, and they issued a profit warning as the machinist strike drags on. bond market's closed percent if holiday, but with stocks raring to go, so is the floor show and john corpina from the floor of the new york stock exchange and kenny polcari. john, normally this federal holiday would be a snoozer for the markets. volume might be thin, but the bulls are wide awake. what's got them running? >> hey, or liz. yeah, that's exactly it. we've got a quiet market with not a lot of participation, not a lot of volume. that's going to add to the a big influx in v

e*trade from morgan stanley >>> all right. here we go, we're in the "closing bell" market zone.o break down the crucial moments of trading day. seema mody on the big moves in the chips space. and phil lebeau looking forward to united airlines. michael, what's on your mind? what's the standout for you? >> well, scott, a proper shakeout at least at the index level and especially from the interday highs. it seems a few things moving together. one is this kind of re-inflation trade, the china revitalization trade did have a little switch-back and seemed to upset short-term crowded positioning. we do also as we're going to discuss, you know, semis looked like they were on the come back, and they were heavyweight on the in index. you have the overlay-up, and i mentioned this yesterday, what's a sloppy initial earnings reaction even though numbers have been good, outside the banks it seems like there's a little more room for disappointment or a reflex sell the news than not. all that coming together, i think after five straight weeks higher, and the market looking just a little bit sho

morgan stanley's head of global market says the fed is ahead of the curve. where he's seeing opportunity, and whether china's rally is here to stay. >>> gm's first investor day is underway. wall street awaiting the auto maker's plans amid growing ev competition. we'll hear from ceo mary barra ahead on "the exchange". >> announcer: this is "the exchange" on cnbc. income suite,me-testedd backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today. nate jones... lines things up... checks his fidelity app... looks to outside analysts to get a second opinion. nate likes what he sees... and he places the trade... talk about easier investing. >>> welcome back, friday's block buster jobs report has forecasters more updbeat about the economic's outlook. steve liesman has more about the rapid outlook. what do we know? >> i want to pick up on your last conversation about the hurricane. the double hits of hurricane helene and possibility milton could have significant impacts over the next three to six months. w

i want to hear from morgan stanley. it's so important that we get some information about the u.s.me of the other reports that will come out this week, i want to see confirmation. i think it's less about how the banks are b increasing their loan books and how much they see consumer spending continuing going forward. we've got netflix on thursday. we don'tthink of netflix as a bg consumer bellwether per se but i'm interested in light of them hiking their prices what management thinks about the u.s. consumer and whether they they n creally continue subscriber growth with higher prices. by the end of the week we'll know more about the consumer more than anything else. maria: we'll get a good window into the macro story. we heard a little about it from from jp morgan. i want to know more about the capital markets in the third quarter. that will inform me on, what, morgan stanley and gold b man sacks, chris mchad man, your mc. >> we were talking about a hard landing. some people are saying soft landing. a few are saying no landing at all. i was worrie w worried about in. new car invento

james of morgan stanley taking on a closer look at the company. iger would become the chairman in early 2025. january 2 to be precise. the executive chairman of morgan stanley. that particular position ends at the end of this year. taking on the chairman role at the walt disney company. we were waiting for an announcement, divorce the plan. we expect to make an announcement in early 2020 six to find a replacement to bob iger. lisa: bob iger gets to stay at the helm of this company for another year. but james gorman what i love is when he was retiring from morgan stanley he was talking about he does not know the next thing for him is maybe i will take more time. more time is to head over to disney. jonathan: the walt disney, p premarket positive by 1/10 of 1%. we recap the details in a moment. a week full of economic data. but the one to watch is the next few weeks after that. we get a payroll support and a few -- week after that the u.s. election in america two days after november 5 you've got a november 7 federal reserve interest rate decision. w

adam jonas at morgan stanley, the title is, "that's it?"> we're working on a piece today about it for "mad." you can't sell the guy short. you can't get out, but we didn't have the details. the robo van is not really that attractive to people. we didn't get enough about the next new iteration of just the regular tesla, but david, one of the things that struck me is that uber's up a lot this morning. >> it is. >> one of the reasons i think is because his car has two and you can put fathour in a waymo. you can put five but that person has to be in the trunk and they catch you. >> uber is uber for now, is what some of the investors are saying. >> what did you say? >> i said uber is the uber for now. >> wow. the forecast is the forecast. >> the forecast is the forecast. but your point is well taken. you can take a look. uber shares up almost as much as 6%. before we get started with trading 20 minutes or less from now. yeah, generally speaking, not a particularly positive set of reviews. again, given the lack of specifics that some had been hop

morgan stanley, why does that stand out above the rest? >> good chart.oldman sachs, great earnings. morgan stanley, a little pullback today but longer term 6:to just look at the trend. it's also coming out of a base. a high base. we love these high bases because the stocks just tend to keep to going higher. how's that, 10 seconds? chart s charles 9.5. dan, thank you so much, you're a consummate professional, appreciate it. >>> all right, folks, you may have noticed the mag 7 these days seems more like the drag 7. ava ottos is here, she's got a new product out she wants to share with you, and i can't wait for her to tell that story. she's next. ♪ ♪ how long, how long will i slide? ♪ ♪ when you're looking for answers, it's good to have help. because the right information, at the right time, may make all the difference. at humana, we know that's especially true when you're looking for a medicare supplement insurance plan. that's why we're offering "seven things every medicare supplement should have". it's your free, just for calling the number on your scree

morgan stanley the standout. nvidia making another run at its all-time intraday high, above $1.40 a share. the semis more broadly are mixed. we'll go deep in a bit. first our "talk of the tape." have markets sidestepped the pre-election weakness we were promised? has the tenacious rally made investors too optimistic by now, or are the bull market fundamentals just that good? here to discuss all of it, gabriela santos, jpmorgan global market strategist and encore crawford portfolio manager at alger. thank you so much for being here. it's hard to find too much fault, gabriela, with how the market's behaving in terms of cirque likal leadership and banks being rewarded for new numbers. it sends a good macro message. the question is we felt like this before, we've had grote scares that followed this. so how do you think the setup is going into earnings season at a high? >> i think we need to clarify what we mean by good economy. and what we mean in terms of how we should express that in the stock market. so in terms o

e*trade from morgan stanley >> announcer: the market zone is sponsored by e-trade by morgan stanley.s. >>> all right. we are now at the "closing bell" market zone. mike santoli here to break down the crucial moments this have trading day plus two earnings reports we are watching closely. kate rodgers on chipotle, seema mody on amd. mike santoli, let's pick up where we left off, this new record high for the nasdaq heading into these big reports. >> you know, it's been a long wait which i think is a net positive, it hasn't been click to go new highs as the broader market has been. the nasdaq 100 which is really the kind of mega cap concentrated version is half a percent below the july peak. again, it basically means it has reset lower, cooled off smard to the overall market. it's coming back into some kind of an equilibrium. you probably have mostly reasonable expectations for companies going in. alphabet you were talking about it, on a relative valuation basis it's never been cheaper versus the s&p. if we're going to anchor to something like that. but it's all probably a constructive

e*trade from morgan stanley >>> welcome back. as we're red across the board, stocks are struggling to keep momentum from friday's record setting rally. russell 2000 down a percent. my next guest says now is the time to strategically add to small caps. >> be more specific, strategically. what does it mean when we talk about small caps? because i think it's a good point of debate right now. >> thank you again for having me. that's why i wanted to lead off talking a little bit about small cap because technically when the cost of capital gets cheaper which with the fed sort of pumping the brakes at 50, we saw that pop in small caps. we're still in a slowing economy, albeit not slowing as quickly as people may have anticipated. so the trend for small caps is still getting teased out because they're so dependent on domestic consumption. although from a selective standpoint, they appear to be pretty ripe for m&a. >> i can't help but think of higher for longer and as we talk about rates ultimately going down because of what the fed is do

this year. >> and maybe morgan stanley turns on the jets. >> what about the goldman quarter? >> the goldman quarter was beautiful. look, goldman is a money machine. they've added, what is it, $100 billion in market cap? i mean, this thing is extraordinary. it's a juggernaut. >> it got through a turn on equity in double digits. >> maybe you said it would never be north of the mid single digits? >> i did, and you always remind me of it. i didn't say never, but i did question whether it might ever happen. >> maybe just as impressive is operating expense down 8%, and comp down almost 2%. >> let's fire people and make more money. that's the ticket. use ai. >> you think this is a reflection of ai re-writing the cost structure? >> david is trying to. >> early, early. >> i'll give an example. i think he would say, let's say that a client asks wealth management, would you please tell me which is a better buy, coca-cola or pepsi? in the old days you would have to go to the library, it's five months old. now you just chatgpt, and coca-cola's growth is 4%, and you're using chatgpt. it's

and morgan stanley had been terrible. now look at morgan stanley.ncredibly well. >> i know, and it had been a laggard. >> aarde is what i call it. do you know that chelsea closes for chelsea? nfl is going to dublin. oh my god. there's just -- >> you can't -- this time of year, now for the next i don't know how many more months, carl, and you're not far behind him, by the way, in terms of your obsession with the nfl. >> bo nix. >> you can't say seven sentences without referencing football. >> bo nix. >> unbelievable. >> this is just -- as remarkable, david, as air products. >> i don't talk about football for obvious reasons. i'm a jets fan. >> we have a, you know, the assau subway series. we have the "squawk" series. >> schefter said rodgers is clear for this weekend. is that good or bad? >> that's great. it's going to adjust go great. >> your wide receiver went off this weekend. >> yeah, yeah, it's fine. >> how about that air products? >> you want to talk air products now? >> no, i want to talk football but i wanted to throw you a bone here. >> let'

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