p. morgan said its alleged owner dmitri pump janski's own a lot of money. his assets were frozen by the u. k. and the e. u after the invasion. that's our show from our checkout d, w dot com slash business, and the d. w. news and youtube channel. thank you so much for watching. hunting down, we have smugglers in south africa and there are billions to be made that humans are highly protected. and in high demand throughout europe and asia, coaching has placed 80 percent of the species under threat of extinction. is there any hope left for the delicate ecosystem? 3 next on d, w. oh to oh, or not to own. what about a sharing economy instead of a change in thinking is changing the economy to create something new the economics magazine made in germany in 60 minutes on d, w. ah, in that is a journey across the entire continent with a variety of cars. so what on this, so the focus, the movers, shake of visionaries and made as when by the, the meaning of modern africa. this is, that's an egg on d, w o. d, up to date, don't miss our highlights. the d w program online

p. morgan said its alleged owner dmitri pump janski's own a lot of money. his assets were frozen by the u. k. and the e. u after the invasion. that's our show from our checkout d, w dot com slash business, and the d. w. news you to channel. thank you so much for watching the in good shape. the right perspective to carrots, hell, enter moment is bad for your eyes. thought can you do to improve your eyesight? look at modern therapies and everyday me a what about healthy eyes? a good shape? next, d, w. images that have been etched into memory. an unleashed moment gives free reign to its hatred of everything, for the 30th anniversary of the rostock riots and their legacy. how could it come to this, the biggest racist attack and toes through germany? foreigners out, close up in 60 minutes on d. w. o. nico, germany, to learn german pinnacle, why not learn with him? t w's e learning course, eco's fake. on this day it's been 6 months since russia started on the 1st of the talk on the summer and main, but on you crate. we are here. we talk to people on the ground, t

p. morgan said it's alleged owner. dmitri pompeian ski owed a lot of money. his assets were frozen by the u. k. and the e. u after the invasion. that's our show for march. i count d, w dot com slash business, and the d. w. news you to channel. thank you so much for watching. eco africa. clean drinking water. hard to come by. come odyssey in the slums of ne robi, a possible solution vending machine full time. they are designed to give people access to the precious resource in an easier and more affordable way. what it would be now with everybody is becoming more africa next on d, w with red alert for a just route. this is a red if occasion we're going to have some epic bar over water over the world or is becoming a scarce commodity. isn't worth dying of thirst. but global struggle for water. in 45 minutes on d, w o, you become a criminal pre climb aol already knows that kind of to take told me about hackers and paralyzing the tire societies. computers that out sure you and governments that go crazy for your data. we explain how these technologies work, how the

p. morgan said its alleged owner dmitri pump janski's own a lot of money. his assets were frozen by the u. k. and the e. u after the invasion. that's our show for march. i count d, w dot com slash business, and the d. w. news you to channel. thank you so much for watching images that have been etched into memory. an unleashed moment gives free rain to its hatred and everything for the 30th anniversary on the rostock riots and their legacy. how could it come to this, the biggest racist attack in postwar, germany, foreigners, out, close up next on dw, the 77 percent for young africans studying and northern cyprus. sounds like a dream of any who do are ostracized, because of everyday racism, including when they're looking for a place to live, you will find a place that's life full and you reach out to the agent in that person with taxi? is it? no, i think it was 77 percent with 60 minutes on w o. enjoying the view. sh. come take a look at this tv highlight school every week in your inbox. subscribe now. ah, on this day it's been 6 months since russia started f

p. morgan and bank of america are among the banks offering the move. the u. s. treasury department has said it would not be a violation of un sanctions for individuals to wind down their positions. bank of america has sent a note to investors saying the trades would be for those seeking to dispose of their russian holdings. the u. s. ramped up at sanctions against moscow after russia began its military campaign and ukraine in february, with many western banks withdrawing from russia and deals in the nation's assets being halted. jack ross moves and in economics and politics professor at st. mary's college in california says them move, exposes a loophole in the u. s. sanction regime. what it represents is that the sanctions are for holes and oftentimes even than the u. s. government as a lift and temporarily perhaps, but and unless lifts them law in notches, gas and natural gas in oil in europe. but they be surprised how much of the industrial commodities i have had the exemptions, especially for american corporations who need nickel and some of the other ra,

p. morgan and bank of america are among the banks offering the move. the u. s. treasury department has said it would not be a violation of un sanctions for individuals to wind down their positions. bank of america has sent a note to investors saying the trades would be for those seeking to dispose of their russian holdings. the u. s. ramped up it sanctions against moscow. after russia began its military campaign in ukraine and february, with many western banks withdrawing from russia and deals in the nation's assets being halted. let's cross live to our guests jack, rasmus, and economics and politics professor at st. mary's college in california. major wall street banks are set to resume transactions with russian bonds, supposedly to allow sellers to dump their assets. what do you make of that statement? well, what it represents is that the sanctions are for holes. and oftentimes even u. s. government lifts them temporarily, perhaps put that on the less lifts than law in notches gas and natural gas and oil in europe. but they be surprised how much of the indu

p vs. e, jp morgan is relatively bullish as a strategist on wall street. pe on the nasdaq 100 in yellow, and yellow the line at 23.4, 10-year average. in purple, s&p 500 forward pe. marco klein average is making the point that it is below the 10-year average and it makes the valuations of the s&p 500 attractive. not so attractive is the dow transports, down 2.8% at this point, worst day in quite a few and the lowest level in seven weeks. masen down. the logistics company put up a very strong quarter, but it was downgraded for reasons i will be looking into, really weighing on shares. jetblue is down 6.1%. higher fuel costs weighing on the profits. wider loss than expected. investors not liking it. transportation sector truly underperforming. guy: absolutely. ii will bei speaking to the ceo jetblue later on. they are distracted by the spirit story. let's focus on what is happening in taiwan. you are looking at a live shot from taipei. we understand that nancy pelosi's jet -- we think it is nancy pelosi's jet -- it is now in taiwanese airspace. we are getting

if you look at mark: at jp morgan, sticking with the bu ll case, for 800 level on the s&p 500.n 18% rise from the close on friday for the s&p 500. he did mention that up to seasonality factors in the midterm elections, that will call some volatility. jp morgan they can we will see potentially a rebound in the second half. jon: thanks very much. let's go deeper. capital managing director joining us. what can you tell us about positioning? shaheen: --amy: we continue to expect volatility will rise from here. there are a lot of other reasons we think the end of the year will drive it. historically that doesn't tend to be good for stocks. if you look the vix, september and october is where you usually see it rise, at least for the last 10 years. katie: is at work -- worth -- is it worth hedging? amy: volatility has misbehaved. if you look today, even though we had a downdraft in the market, it is about the path taken to get there. i think that is why going back to question, you haven't really seen that many more hedges placed. that is not to say positioning will not be put aside as

lisa: ok, but you have a jp morgan model that said the s&p is currently implying a 50% probability ofecession, down from 91% if you months ago. and he saw the probability increase for the same model in the treasury market. perhaps they are talking to each other, perhaps they have different timings, but there is a different message in the short term being sent. jonathan: what about the case where you trade on lower yields and you start to realize and he don't make -- he don't take comfort from that at all? lisa: the benefit for a lot of these companies is they can still make money and are in some ways they are an inflation hedge. even if you get a downturn they are still making money on a basis. i think i could be something supporting earnings. jonathan: what a beautiful way to close out the week. it is lovely. lisa: keep watching the game. jonathan: he is totally distracted. futures unchanged on the s&p. the bond market unchanged too. payrolls two hours away. 250,000 is your estimate. from new york, this is bloomberg. ♪ jonathan: live from new york city this friday morning, good morni

morgan stanley. the call that we will not see a bottom for u.s. equities, the s&p in particular until september or december? >> exactly. that cross asset risk is really in play here for the month of august. stocks fell 4%. bonds and commodities also felt. it is trading in coronation, barclays notice. it is a key risk investing in -- investors are looking at coming the cross asset correlation between stocks, bonds, commodities at one of the highest levels in 17 years. as we look to september, that has historically been a tough month for stocks. now with correlations of this high traders are saying it could may be also be difficult for bonds and commodity then for any investor trying to use diversification for protection. they have a difficult road ahead. >> the last couple days, the asia trading week. we were watching equities closely. when you look at the move in the two-year the past several days, yesterday down around 3.2, 3.4. now it is 3.9. a big move at the short end. it does that reverberate to asia as well? >> definitely, that steepening of the yield curve i

p 500 from the june low. you can take a look at that, jp morgan sees a chance to capitalize on where we go from here, jp morganicking with the risk, they see the prices of equities rising, because of this they are also underweight on fixed income and cash. shery: it is interesting to see the speculative part of the market come back. we are seeing that on trade. we hear about bitcoin, where is that going? annabelle: we did actually have an exclusive interview with the founder of galaxy digital holdings, very well-known crypto bull, hate lost half $1 billion due to the overall declines in crypto, his call is that bitcoin will stay in this price range for an hour for around 20-30,000 dollar range, bitcoin has been tight -- tied to the direction of the fed because they are looking for any move with bitcoin, look at the performance of bitcoin over the past 30 days, it is rising around 12%, a far cry from what we had in november of last year. heidi: let us get more on softbank, the ceo says he is planning to cut costs after a record $23 billion loss in the last quarter. our reporter has been covering softbank and sh

point is asked and they're trying to my make yvette and kevin morgan and slow processes because they have a m a g, the question of the i p p. and the one that private sector tend to, to, to establish is not going to have planned in the next 6 months or so it's going to take, maybe 12, i mean, 12 miles to the 6 months in dealing with those. so it's something that we have to, to live with it unless government, they promise they are going to look to their procurement process. because why don't the program and school management is saying that following the, the process is and in procuring and, and ask it takes one very, very long time. by the time you receive the, the parts that you want it mainly patch will be affected in dealing with those issues. so if government can come up, bring as common port and everybody on board and deal with this issue. i think we can mitigate some of these processes while we're trying to find the last thing solution, but is defense state. okay, jani, just want to finish with you briefly here on unemployment. obviously, you know, record highs. why can't the, for the kids economy match the demands

alto for a moment bunch of well-received notes today, increased price targets, morgan stanley talking about joining the s&p. >> david, $900 million buyback, mr. no buyback >> i didn't say that, buybacks are in full force, but it could be masking tepid demand for equities >> companies that are doing quite well like palo alto and companies that are doing poorly like zoom. when you listen to these calls, carl, what you're finding is there are companies doing poorly and they just put lipstick all over the whole -- when you have a lot of hogs, what's it detailed -- >> a group of pigs >> hippos. >> a group of hippos >> it's like a murder of close, -- murder of crows, parliament of owls. >> they cannot put zoom back together again >> why >> because they have very bad consumer and enterprise. there's this company called microsoft which if i put on your pc, teams comes up whether you like it or not remember the old days when microsoft got sued by justice? i think microsoft is lucky to have zoom so they're not sued by justice. >> webex as well, right? that's more enterprise >> yes, more enterprise. >> still got $5 b

morgan to the program. i'm kim vanelle and golden election commission said on thursday the ruling party m. p l a. had a strong lead over the opposition. the opposition unita had hoped to capitalize on young people's frustrations of poverty. the election is and goal is 4th, since the end of its civil war in 2002, the emperor lay has ruled angola, finelli, 5 decades. most of it's on the president shows a while don't those santos, who was in power from 979 until 2017. the opposition had pinned its hopes on mobilizing young people frustrated about high unemployment. the lack of basic public services in the country with great oil wealth. let's take a look at some of the key moments of uncalled is recent history. the country gained independence and $975.00. that marks the end of portugal, colonial congress, and goal that took place 7400 years. but also the start of civil war between the in p l. a and opposition movement. you need a former president shows a lot of samples, became president in 1979. he attempted to improve relations with the west, especially the united states. that didn't recognize the i

p down 10%. it is supposed to be momentum but it misses out on a lot of the games played. alix: morgannley entering the etf market. this has been a long time coming. katie: morgan stanley coined the term back in the 1990's when it was a sparkle in jack's eyes. they are known as a big wire house. this is the first time they filed for their own product. it raises eyebrows. look at the flows into esg products. hasn't been great. $4 billion into that sector this year. that was $30 billion the past two years but esg pretty much means tech. pretty back-and-forth for tech right now. guy: besides the scale morgan stanley is working with, what are we talking? katie: $1.4 trillion in assets under management. talking to people about what this means, we see new issuers come to market. that has been a trend. this year size of morgan stanley with their own products could mean a potential shakeup of the leaderboard, which is dominated by blackrock and vanguard right now. guy: great stuff. thank you. of course, you can get more. tune into etf iq each monday, 1 p.m. new york time. coming up, supply cha

p 500. let's bring in annabelle for morning calls. one saying the worst of the selloff may be over. >> this is from j.p. morgan strategist.ys u.s. stocks could rebound to record highs. he is saying if you want to call yourself a true bull that timeframe needs to be in about three years. primarily looking at the inflation data, he says as long as we are continuing on this path to returning to 2% inflation in the u.s. than there is not a need to tip into a recession. the same time if companies can retain their profit margin that's also a supportive measure as well for stock prices. we are releasing the diversions reflected in the data. if you look at what we are seeing and positioning, professional investors are the most short since 2016. look at what we are seeing in sentiment indicators, it shows that pessimism is declining a little bit as well. >> what about the outlook for energy prices? >> goldman sachs has spoken to bloomberg about this. a lot of biggest use because we did see the iea raising their demented forecast while at the same time opec -- there are bullish bearish segments in the market. in terms of where we g

jim caron there of morgan stanley. the pmi's for s&p global, the team here at bloomberg breaking this down. if you strip out the pandemic, that is the worst read we have had on that number going all the way back in dated to 2009. will it be confirmed by the ism because it has been a diversions between those two things. i was surprised by how well we shook it up. lisa: especially since it is not just the manufacturing side which we have had for a while. it was also the services side even though we don't necessarily get headwinds from new covid rounds in the united states. what explains that if you are not seeing people go to as many restaurants and as many amusement parks as they previously did? if this is more evidence of the consumer reducing discretionary spending. jon: you know it will help out -- help out the hospitality business. lisa: yes i do. jon: you will be a busy man, won't you, tom? tom: we celebrate for you in jackson hole, eight degrees centigrade right now. jon: i'm familiar with that. tom: that's actually pretty warm. wh

been enjoying a nice run up since the june lows on june 16th, when we were about p 3600 joining us now, mike wilson from morganmaybe last appearance or before then, one of your main concerns was recession risk and we've had some data points since then, and i don't, we don't need to engage in a semantic argument about what constitutes a recession, back-to-back quarters, but you say if there were, could be a full-blown recession, that 3,000 was even possible as the worst case scenario on the s&p are we likely headed to a recession? and, as a result, is 3,000 still a possibility on the s&p >> yeah, good morning, joe i do think that a recession is still, you know, a 50/50 shot. we're not in the 80% camp like some others, but definitely the risk is elevated i think the main point over the last couple months has been that earnings are going to be at risk either way it's just magnitude of that risk and as we noted 35, 3600, sort of priced in that risk of an earnings recession without an economic one so it's a, you know, it's a 5% to 7% decline in forward earnings estimates as opposed to something more severe like is

morgan stanley, goldman sachs, citi, they're all up nearly 20% since the end of june beating the s&p13% gain. today's "countdown" closer, they had a nice run. how about this bank he has in mind that could make your portfolio greener than ever? to tell us the stock he loves right now, by biondo investment visor, joseph biondo. give us the name. it is not a huge one, is it? >> it's not. silicon valley bank. silicon valley bank is essentially the invest bank for the innovation economy. the company has front row seat to all startup, early stage companies in the technology and life sciences industry so they're very well-positioned for what we think are very, great future growth companies that are very well-positioned in the long run. liz: we know startups and technology stocks have really taken a beating. what makes you believe this company isn't in for pretty much the same thing? i mean as it is we have it down 32% year-to-date. why are you so encouraged at this very moment for svb financial? >> to be clear silicon valley bank is not a startup. they have been serving that marketplace --

p is saying the biggest one-day drop since june. with jackson hole around the corner at a new slate of earnings, how should you position your portfolio? a major meltdown, morgan stanley has big cuts today. where is the stock going out? we go to the chart master for answers. believe it or not, they were bright spots in the cloudy market. we will tell you what will pick up in footlocker. this is "fast money" . we are in the heart of times square. we start out tonight with what else we see on wall street. the major indices are taking on the chance. the nasdaq tumbles 2%. this is the biggest loss in retail. the central bank officials are convening in jackson hole next week. what you make of the move today? >> the way you print the market is, it's about inflation, the fed, and earnings. it is likely in that order that i want to bring the market. you have the ability to run in the market. we did. now it is time to take a pause. we got back most of the selloff. now, it is time to throw out the shorts again. you can see where we live. the middle of september, i think you will feel bullish to neutral. margins will come into play. we will get the back draft in the mark

. >> so yesterday, jp morgan said, you have the second biggest rerating of the s&p in terms of 30 years. you're getting the relief on cpi. we saw ism prices paid. do you think -- >> things are weaker. >> at this point, your risk appetite has to go up in the second half? >> i think so. i mean, look. i, wages are the last. wages could be the last scene that goes down. we have layoffs coming. i mean, when you stop hiring, the next thing you hear is layoffs. you don't hash, we're rehiring. for instance, oracle, we hear, there could be very big layoffs. we know that almost every company in the titan computing businesses, i have annette on tonight, which is arista, and these companies are not, jcyah will tell us, while business is good. they're not hiring the titans, cloud titan as she calls them. i don't know. i think we got it backward. look, if all those numbers were going off the way they were in november, i would have thought there could have been right away inflation. but every commodity is pointing down. and china is not buying. europe is getting progressively weaker. they will not be

michelson and morgan stanley have been warning about that. jonathan: features down 1% on the s&phe nasdaq, down one full percentage point. yield higher by six basis points on a 10 year. euro-dollar negative 21.0059. -- negative to 1.0059. kailey: cap much bout the central bank story. there are a number of risks europe is taken. and in the u.k., there is risk in the form of labor. it is a some of the strikes that continues on the london underground. all of our colleagues will have difficulty getting home today. easyjet on strike for the next three days, pushing labor to push for higher labor. we will hear from one fed speaker and where he comes down in the course of voices we have heard this week. is he more with jim bullard who said let's go 75 or take it easy and not overdo it. we will wait to hear from him. in commodities related to energy prices, a read on shale and supply and how much they are drilling. we have been focusing on demand in the oil market but about supply, are we still underestimated the constraints in the oil market? jonathan: i have a great video of us trying

. >> jp morgan -- >> 3.4 we're going to get crushed if it's 3.4. >> the s&p did go red briefly for at and markets have lost some steam from the opening. let's get to bob pisani. >> on warren buffett's birthday, the essays of warren buffett, one of the top five books. take a look at the major movers. cathy woods ark fund doing a little bit, they're going for the slightly growth here parts of the market. that's a good sign that's a reversal of what's happened as carl referenced, you see energy down about 2.5% i want to point out what a big decline these energy stocks are. they've had a big run. occidental, new high yesterday, down 4%. hess was 2% from the new high. down 2%. exxon is down. chevron is down. and nat gas-oriented stocks. apa, that stock went from 30 to 40 in a couple of weeks. it was 42 yesterday. so big, big runs in these nat gas stocks all getting down -- all down a little bit more than the market as always, the issue is the fed, we need confirmation, inflation is peaking and commodities haven't been helpful this month. oil is flat, down 3%, maybe, right now. we're seein

p 500. fading just a little bit, though. about your .6%. morgannley yesterday absolute scathing about the idea of making a call of new highs. i will bring those comments a little later. i want to bring the bond markets we mentioned it a few times, lisa talking about it through the week. climbing back toward 340 in yesterday session, backed away a couple basis points this morning, down to 337. looking to foreign exchange, this is how we started the program this morning. euro-dollar at about 99.85. a stronger euro today, but this is got to be a problem for the ecb, a problem for the bank of england, who are grappling with much higher inflation then they would like. on the core inflation side, certainly a weaker euro is not going tom: to help them. tom:the great thing we have done on radio, it really works. the data point, to your point, is yen. that has moved. certainly 140 is manageable. [crosstalking] jonathon: that is the difference between the ecb, the boe,, and that is really different. coming down this week with a forecast to 18% cpi in the u.

p. what a rally through the month of july. tom: it really is. ben laidler is going to give us tone against the bears, and as you know, reaffirming. i thought mike wilson's note with morgan stanley was fascinating. he reaffirms in a slowdown, guess what? at some point the earnings you declines. jonathan: the downgrades should come through fast in a recession. that is his point of view at the moment. we are dreaming, aren't we, going into the data? payrolls this week. tom: it will be a data-dependent fed. forward guidance out the window. we will see payrolls. you've got to pay attention. will the labor economy break? jonathan: over the weekend, neel kashkari of the minneapolis fed spoke twice, pushed back against the euphoria that somehow this fed paul's is coming soon -- fed pause is coming soon. lisa: this really is the key pushback, that fed chair jay powell said we are close to neutral, getting close to getting that rate where it needs to be for this economy. looking at the real yield on two-year bonds right now, it is -0.3%. we still have negative real yields in the united states at the front end at a time when you have the fastest pace of inflation going back 40 yea

morgan, thank you for joining us. plenty more ahead. this is bloomberg. ♪ rishaad: u.s. markets on a tear. we also have support for futures contracts on the nasdaq and s&pt's have a look at the business flash headlines. softbank is expecting to gain more than $34 billion from selling its taken alibaba, cashing it on its investment to shore up finances as global markets deteriorate. its stake in alibaba was 15% -- will fall to 13% from 24%. samsung is unveiling the latest generation of its devices. the new phones have a 45% more durable display, with minimized bezels, and upgraded cameras. the z slip 4 has up to 104 gigabytes and upgraded battery. take a look at apple's biggest assembly partner, hon hai. it posted quarterly profits that beat estimates, demand for its products helping it weather supply chain snarls. the company which also makes dell desktops negotiated better deals with customers and suppliers. david: let's have a look at markets. we are one hour into the chinese session and it is an up arrow story. mainland china, hstech leading the gains, a proxy of other markets like the kospi for example. similar gains there. and for the taiex. 1% hig

. >>> up next, morgan stanley's jim lecamp explains why this summer strength is all the hallmarks of a bear market rally. >>> plus much more on nvidia and pe take you inside the market zone, next. this? this is supersonic wifi from xfinity. it's fast. so gaming with your niece has never felt more intense. incoming! hey, what does this button do? no, don't! welcome to the fastest internet on the largest gig speed network. are you crying uncle ed? no! a little. only from xfinity. unbeatable internet made to do anything so you can do anything. at cdw, we get that your world is always changing and you need to adapt to support your digital transformation. we can help you achieve your business goals by streamlining your data across cloud environments with netapp cloud services orchestrated by cdw. with greater accessibility and control, you'll be able to accelerate innovation, bring the flexibility of the cloud to your environment, and reduce your infrastructure footprint to contain costs so you can be prepared for whatever is headed your way. >>> we are now in the "closing bell" market zone. jim lecamp is here to break down these crucial momen

p and nasdaq. you see it in the bond market, yields lower by a couple of basis points. a stronger japanese yen. joining us now is mike wilson, the chief u.s. equity strategist over at morgan stanley. over the weekend, you used the word dream. why is that dream misplaced? >> i don't know exactly if it is dreaming, but the phrase we used was really just trying to imply that we have this window of opportunity for equity investors, where rates are coming down and you can interpret that couple different ways. as if the fed is close to being done, and they are going to be able to pick up the for the next recession arrives, and that window is always positive for stocks. i think it is premature to say the least. i also believe that when they do. or pause, that is on the growth side, and we don't get dogmatic with these, but then we get back to the framework which suggests it is pretty full given everyone growth. tom: when you have been leaning on is a divide between service sector equities and goods kind of equities. how sharp is the divide between caterpillar and apple computer. >> well, you make a point that there are potential goods, that some are more extendable than others.

mike wilson of morgan stanley saying risk is attractive. four weeks of gains on the s&pest week so far, taking out about 50% of the drawdown in 2022 and i believe we are close to 17% of the lows or so. the message from the fed is we have more work to do and it looks like this. two year yield, 10 year yield, still negative, tom, by 40 basis points. tom: looking at the drawdown that you mentioned, looking at the draw up, the math is well-done. the dow doesn't do quite as well and the nasdaq from the bottom of june is up 22%. jonathan: you call it the media gloom, but it's the downside with the exception of mr. con of its. -- mr. jp morgan. tom: you know, there have been a couple of -- jonathan: it won't come until the beginning of 2023. tom: it was published moments ago, they made it clear that this is a market for the bears, skeptics, and nervous. jonathan: that's a good way of putting it. i remember that and over the last couple of weeks we saw people getting the itch. the edge? price shapes sentiment, sentiment doesn't shape price. that's the bond market, not my line, t

morgan stanley. >>> time for today's market dashboard. mike santoli is here with a closer look at this sell-off >> yeah, salesforce is the biggest drag on the s&p. also happening at a time with lowered guidance where there is a lot of pressure on the cloud from high heights, though. here's a good look at the changing taste and fortunes of parts of this market so you have the virtual economy ascendant 2018 into '19 and then the real economy, the real asset stuff like exxonmobil. you had a complete run away from it now we've come all the way back. actually exxonmobil more than doubled the market cap of sales force. so it does show you how things have turned. now, since it became a public company, salesforce, the better part of two decades ago, it has been very expensive on all traditional metrics. take i look at what's happened here relative to microsoft over the last decade. this is in terms of free cash flow yield and you see a higher free cash flow yield at the moment for crm meaning it's less expensive than microsoft. look how cheap microsoft was a decade ago it has massively outperformed salesforce during this time period you can argue both

we're live at post 9 carl has the morning off morgan brennan is on maternity leave. on a week when we come into is the s&pfour days of trading we are getting breaking economic data we'll go to rick san telei for that. >> we're getting our august preliminary university of michigan sentiment it's important to say preliminary. these things can change in a couple weeks 55.1 is the headline, stronger than expected, sequentially following a final read of 51.5 do remember, in june at 50.0, the lowest read ever since recordkeeping. if we look at what's going on in current conditions, 55.5, it's a disappointment and sequentially it's lower than 58.1 55.5, well -- 53.8 in june was the all-time record low, so at least it's above that. if we look at expectations, 54.9, better than expectations, and blows away 47.3 in the rear-view mirror 47.3, the last look was the lowest level since 1980, so a nice improvement on the one-year inflation, 5.0, 5.0, that fools 5.2 high water mark there was in march, and that was 5.4, the miest since '81. five to ten-year inflation outlook, 3.0, higher than we were looking for, higher t

p 500 , done by 1.5% on the nasdaq 100. two reports out this morning, one from j.p. morgan.be the last big outsized rate hike from this federal reserve at the september meeting. max kettner of hsbc say and focus on the economic weakness still to come in the second half of this year. max underweight this equity market and starting to thick about buying this bond market. last week your two-year, even with all the news come of the noise, nothing. flat on the week. anchored at the front end. the 10 year starting to come up a little bit. we started to narrow the difference between twos and tens, and this morning, two-year back out basis points. perhaps contributing to this move lower in risk assets. your tenure, 2.97% in unchanged on the day. the weakness still to come in europe. how problematic is this? nord stream 1 shutting down for maintenance at the end of this month. the big question, will it reopen? gas prices absolutely flying, euro-dollar rolling over, negative to just about parity this morning. tom: it is different than what we saw at the end of july. today it is a nice

p. on the nasdaq up -- nasdaq 100, up .2%. in the next segment, we catch up with morganom: he was at brown university. jonathan: i do not know how we got onto this conversation. kailey: i want a pumpkin spice latte. ♪ when people come, they say they've tried lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the diets, all the diets. before golo, i was barely eating but the weight wasn't going anywhere. the secret to losing weight and keeping it off is managing insulin and glucose. golo takes a systematic approach to eating that focuses on optimizing insulin levels. we tackle the cause of weight gain, not just the symptom. when you have good metabolic health, weight loss is easy. i always thought it would be so difficult to lose weight, but with golo, it wasn't. the weight just fell off. i have people come up to me all the time and ask me, "does it really work?" and all i have to

meanwhile w p my mom doesn't rey know her and sees her disappearing of parties my mom is very close to her nanny and her mom's mom who is traveling with them are grandmother morganher grandmother morgan and go to the nurse had toen plt to get m my mom taken away from her mother, the grandmother from her own daughter and to live with the vanderbilts and be raised in america and be r of a vanderbilt. they hatched this plot, they convince my mom to go along with it so my mom can always live with dodo and be safe and they take her back to new york they get richard entering group gerte and they decide to sue for custody how my mom's mom declared unfit. a huge court case ensues in the circuit court is the trial of the century ats the time. it pitted my mom's mom who didn't have money of her own when he was portrayed in the press either as the woman -- the poor lady who wanted to keep hold of her baby in the pledges of the rich vanderbilt or the lesbian partygoer who doesn't deserve to have the child in gertrude who didn't really know my mom but felt some obligation that my mom was not being cared for in vanderbilt whitney had all the money and was followed in newspape

p a. t a in cooper lane . so it must have been said that we should have. oh, how much? how would you say it? mckelly heidi masika alamo, don ellerby, walker and our club. hi morgan in cuba, her name. hum. my doctor will have them call soon. okay. ah. so the attorney has a little been n i d masika r e f. sham. yeah, the other can hack n o a co robin is actually in a c for their sophie sobar. pharaohs. oh, what a oh, soba am she and her, and her shed are get bill nato. a. mckee let any if he miss ruby, how old is a thin film wash etiquette bee? and martha logan, any late am dean masika, lady a fetal glen jani, a mother pan. oh. 7 with the lyrics of air of music tendon to have more substance than a lot of western pop up, the time. polite miss ward, fanny patty lynn for her not been in the whole beliefs. tatiana lilac had been to the ship allotted out a few years silent. a dish can t o, dinah. hi, shirley. bessler may fly like michelle. offended that halim i will moderate i. b l b is hurt. and a muslim bay logan. yeah. a lot as any say you lose a friend even went to hm. oh, yeah, i let anyone that bed with a sim, hacked in agony, yemen, and a boiler. i'm well hey, i

and p and the nasdaq also suffered steep losses, with both of those indexes logging their biggest one day drop since mid june. for more we're joined now by george torchetti, wealth advisor at morgan stanley, george. always great to have you on here. let's let's start with what we saw on wall street today, the fed, obviously signaling it's going to keep interest rates high and keep those rate hikes going for a longer period of time to try to cool inflation. how did investors interpret the message from the central bank? well, let me bring you back to yesterday. yesterday the market was euphoric because they thought that j people, um at jackson hole, wyoming, where the whole world is really watching was going to be a little bit lighter in his comments about raising the interest rates. um and so the market was way up today, though, um, he was he was just saying what he's always said. we're going to increase the interest rates were going to make them aggressive until we can hold inflation down. and for that reason, the stock market tank today, and the dow was down about 1000 points and 3% overall and all the indexes and that just showed shows how the stock market and individual invest

morgan stanley. >>> welcome back to "squawk box. the futures have turned negative the nasdaq down 30 and the s&p down phil lebeau joins us with the latest. the 787 dreamliner is once again closer to being delivered to customers. remember, since may of last year, boeing has not delivered any 787 dreamliners while the faa was scrutinizing the inspection protocols that boeing goes through when it is manufacturing one of these planes and right before it's delivered. in the process of going back and forth with the faaover the last y the year and a half, they have literally gone over every single area where you have two pieces coming toechlt you're talking 1/1,000 of a separation. is it within what the parameters should be? they have done this front to become of the airplane and they now have a protocol in place that the faa is saying, yeah, that works for us. so what happens now? the faa still has to sign off on each individual dream line e before it's delivered, but now that it's comfortable with the protocols, it will, as boeing says, we're ready to deliver this particular dreamliner, they'll say, okay, let's check this one, likely do some

p since june 28th. don't go away. >>> good monday morning. welcome to another hour of "squawk on the street. live at post nine of the new york stock exchange. morganty leave. busy week ahead. jackson hole on friday we're going to get software earnings and pmis, but the sellers are out early. dow's down 416 >> we're about 30 minutes into the trading session. here are the big movers starting with signify health. along with united health group more on that story later this hour, but currently shares are up about 38% plus netflix downgraded saying netflix is likely to underperform the s&p after surging 40% from its mid july lows shares down about 5.5% and we'll end with none other than the meme stocks. volatile once again after amc launches its special ape preferred share to holders of amc stock today. those shares down about 32%. but the economics are kind of dif divied up. you've got what was once amc now divided between amc and ape so the economic exposure is divided by those two things. so you would expect to see the stock decline today. >> add them together i think we got the ape somewhere, too, right? 12.31. eight bucks. you're actually better o

p not happened but he did follow that up with this line, we will find you. that was his comment on that. let's get a bit more context now. we can go to our correspondent, tomos morganid throughout this entire investigation from day one, which is they are appealing again to the public in liverpool, appealing for people to come forward, accordingly killer a palace individual. they have not turned themselves in for the pain they have inflicted on this family. killing her in the process of trying to get the intended target. they want more information onjoseph nee. they will be trying to get more information about the killer and trying to find out why he was being targeted by the gunman because when they get the information on him, they can finally track down who was responsible for this horrific tragedy early this week. :, :,, this horrific tragedy early this week. ., . . ,, this horrific tragedy early this week. ., . . ~ , week. tomos morgan, thank you very much for running _ week. tomos morgan, thank you very much for running us _ week. tomos morgan, thank you very much for running us through - week. tomos morgan, thank you very much for running us through those i mu