you're dealing with below 9d multiple on a pnc.of liquidity they have, the risk averse cull cher they h -- culture they have when it comes to landing they will weather the storm. we can't help but be bullish on this. >> risk aversion is definitely coming in handy in the current environment. eli, appreciate it very much thank you. >> thanks for having me. >>> coming up after the break, morgan stanley upgrading boxed today. the stock is trying to stay positive on the year, nice 8% gain this morning. we'll get more on that call in i didn't even g finish m. technology lets you vacation in space, but to get work done on earth... you need more than technology. you need cdw. so with the cisco hybrid work environment, we can deliver the same network experience to all your offices. space spaghetti. no. securely connecting your team from anywhere. houston we... have a solution. we get it greg, you've been to space. cisco makes hybrid work possible. cdw makes it powerful. - yieldstreet presents: alternative investing cwith kal penn and older

we are live from pnc park in pittsburgh, and this is msnbc. what will you do?ill you create something entirely new? ♪ our dell technologies advisors provide you with the tools and expertise you need to do incredible things. because we believe there's an innovator in all of us. it's the subway series menu. 12 irresistible subs. the most epic sandwich roster ever created. ♪♪ it's subway's biggest refresh yet! i've never been healthier. ♪♪ shingles doesn't care. but shingrix protects. proven over 90% effective, shingrix is a vaccine used to prevent shingles in adults 50 years and older. shingrix does not protect everyone and is not for those with severe allergic reactions to its ingredients or to a previous dose. an increased risk of guillain-barré syndrome was observed after getting shingrix. fainting can also happen. the most common side effects are pain, redness and swelling at the injection site, muscle pain, tiredness, headache, shivering, fever, and upset stomach. ask your doctor or pharmacist about shingrix today. [sfx: stomach gurgling] it's nothing... sou

pnc hitting a new 52-week low in today's session. what do you think of the regionals?, i don't see a big reason to own regionals compared to large cap banks there's not a lot of out performance where there traditionally is so i don't see the risk. the reason hold. pnc, i held this in my portfolio. cut it in may. they're right at those lows that i mentioned. those july lows. so showing a lot of relative weakness it's got a 4% yield given so it's hard to argue against that. they're looking to make about 3.5 to 4 bucks a share there's concern about commercial industrial loans and the possibility of loan writeoffs. so loan defaults from private equity firms i've got to watch the report there. and they have a lot of consumer cash on deposit, which i think is going to leave possibly and look for a higher yield than what the banks are paying, which is not very much so there's risk there. watch that in the report >> such a key point. it's pretty incredible they're not paying more out to their consumers. todd gordon. thank you. >> up next, just because you're here, a space stoc

on may the nice on that day as is tradition. presidents were celebrating victory over fascism with pnc rios with with . ready in february 2014, mario po, please sided with the pro russian residence. the ukranian army used combat vehicles against them. most of the fighting took place around the cities police building. ah, does the child look. ready ready ready ready biting they just love. ready scalia, digital, what are you in the home? says, daniel, but they only get you with a she can, that's the sort of like that this will give you a little bit of a, you know, but i think he can get that question. what about the mckinney stone header? beckett that i could someone give me to send uniform, get my session with little bit more. he'd been up and hold it. so local combustion, it was done. you won't be in that clip on. i'm a point around those. you know, that was are but the lead to with with with what it was the, the ork family bug, i think a question, but need to speak with you because only the only situ, portable, say i didn't i, mr. gardenia go with it. we didn't issue the what you have

we will follow the pnc

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no matter your purpose, at pnc private bank, we will work with you every step of the way to help you so let us focus on the how. just tell us - what's your why? ♪♪ >>> what is wall street buzzing about? brazil, the country's exchange moving slightly higher while the ten year bond yield is rising, the currency is strengthening against the dollar as well the ewz that trades here in the u.s., is up. what happened, lula da silva won the runoff, beating jair bolsonaro by less than 2%. and marking a return to the presidency from lula who was leader from 2003 to 2010 two things invests are watching. first it's not clear if bolsonaro will bow out gracefully he hasn't spoken yet and he has talked about refusing to accept the results of the vote. so some uncertainty there. and then on policy, investors did like the pro-business pro-growth bolsonaro who many compared to president donald trump, lula on the other hand is leftist, yet to clarify the economic plans and pick his cabinet members. look at petrobras, bolsonaro has been moving to privatize it. lula is calling for the opposite, to take c

pnc was a good example, charge-offs were bad but the reserves are twice the rate of charge-offs pageou can see what the thinking is for banks looking into the next couple of quarters being more cautious. scarlet: i looked at jamie dimon's comments and he talked about consumer spending, solid balance sheet, job openings and businesses healthy. does this suggest banks are in a better position to ride out the uncertainty we can expect? stephen: i think so. his comments today were a bit different than a month or so when he talked about the hurricane coming. the consumer by and large is in good shape. the on up limit levels, until recently wet twice the number of job openings relative to number of unemployed. there is no better correlation in the banking than the net charge us in unemployment. i think the regional banks in particular are the place to be. there is just not a lot of visibility for when this improvement in capital market activities and training will take place. you need more liquidity and more favorable equity environment to see that. jon: there is a lot to watch. thank you

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names like pnc financial and truist, u.s., solid franchises here, good underwriting, good loan growth, and high single digit, low double digit pes, 4% yields, that's a pretty good valuation story. >> steven bigger, the call there, pnc financial, also u.s. bancorp and truist thank you very much. coming up on the show, gauging the state of small business in america, speaking of that bank trading loan growth, the key challenges facing these economic drivers and what they say is the biggest hurdle in keeping the lights on. and one of the biggest engines for economic dprogrowth in this country. first, some of your top trending stories, new reports elon musk's benevolence has an expiration date musk's spacex sent a letter to the pentagon saying it could no longer fund its free starling internet service in ukraine. the company asking the department of defense to pick up the tab, which spacex claims will cost more than $120 million for the rest of the year and closer to $400 million over the next 12 months >>> and talk about high pri

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well, plenty of to learn latoya from pnc latasha business and you have to hire so we should use a wallace. it will excuse more than we did you been local? yeah, no ship their quarters with us was to can me fucking interesting? well not i wanted to check my with the frozen digital instead of the van wrap it in the policy itself is in the store that you missed. i'm sure you, ah, a with ah, a key business shows which at that time. okay, here. mostly now we do have just in the community. i know declare it's a booth i use it. guy will drink nationality. woodland easy to up share when you manager. but i don't want to start watching the wires and i can talk a key piece in by york overcoat by this was and you might that's eager to for your stay, which but them could do the phone to just the sound didn't origin. you're with toilet noise, way only stop leaking. yeah. room all slightly us. let's do phase your project game . i'll go to view unknown. yes. they also not from only by me even yet to model the model number some a salesman, you buy them are good. you share a groom your shoes, machine mclau

that we've done with then of course with dish cuz it will show plenty of the loop or the ledge from pnc dealt austin, i should be there. and yeah, i just thought we should use the internet law previous on law. marketing is a wallace. it will excuse more than we did you been local? yeah, no shit there. coors with a swastika. me fucking interesting. well i don't wanna check with the initial instead of the real new price, it's up to them the store. so you missed m street. ah, a with i keep business as which at at them. okay. loosely now you have just in the community or no, you can do it at dental or boons obviously gobbled or drink national getty woodland is it. what share when you monitor by them like a star or g was and i can talk a key piece in by your cervical possessors, and you might that's eager to for your stay, which by them could do the phone to just in the sound in origin was a with toilet noise way on a mall, fly, the estimates do phase your project. demography unknown. yes. but i also know from only by me you wouldn't have to model the model number. some of sounds like you bi

i'll just, there is alexander with pnc, caught up with colombia as team at their last training session before flying to cancel. the these girls say growing up, wanting to play football. if you don't, the was rough voice chided them off in letting them on the dusty pictures of this down deep in the jungles of western columbia and played by drug trafficking armed groups any legal gold mining. but with the help of that foundation, they built a team and got a field and i've been chosen to participate in guitar. st. child world cup in the board. yeah. yeah. 17 years old, fewer ls pretty yes. and it minor as colombia, female football star, linda k, c and perry. it's from jer means killian's him, but they can hardly contain their emotions what it feels incredible. and 1st of all, i want to thank god for this opportunity to represent our country. but her father says the girls have mostly themselves to tank their level of dedication and sacrifice a spread to their relatives, family members in land, although i often used to go out and party, but i haven't and used to help her with what she needs

yeah, green pitches have been coming from a roads to the west of ki pnc in the car cave region. now this is on the border of territory, birdies, the gray zone of territory that russia, that the crane has recently taken back from russia. the scene that looks very similar to scenes that we saw coming out of the apparition region on friday, where a convoy a civilian vehicles with attacks. it looks like something similar happens near creepy ends. we're being told by ukraine's military, that's basically 24 civilians were killed. 13 of those children won pregnant women. they say that a russian reconnaissance unit basically opened fire on a group of 7 civilian vehicles. and this was the result that say that this hasn't been independently verified yet by gender. so there is a caveat there, but that's the see the west to it. we're seeing coming out of coupons. could perhaps yeah, this hasn't actually been discovered for a few days. it say it might have taken place as many as 6 days ago, but it's only in the last 24 hours or so. that's the gradient authorities managed to get to that. so,

sandra ron pnc reporting life from bullet colombian capital. thank you very much. delegates enduring this in beijing have witnessed an unusual scene of the chinese communist party congress foreign president, whose intel was escorted out of the closing ceremony. look at these pictures, he was seen being persuaded by 2 men to leave the hall. now he spoke briefly to president, she was sitting next to him in the front row. there was no official comments about the reason for who being taken out earlier members approved an amendment of the parties charter that could give more power to president. she on sunday, the governing party is expected to confirm him as party chief for an unprecedented 3rd term. of thousands of lives have changed in hong kong following mass pro democracy protests 3 years on beijing's influences. growing stronger to citizens with different experiences, share their perspectives with elses years. jessica washington, in hong kong, logical neighborhood home navigates the challenges of being a small business owner. the city that he s

the bat, earnings season, goldman sachs and schwab, on friday, which get jpmorgan, wells fargo, citi, pncwhat should we be looking for? will it be a shock, negative, or upside surprise? >> companies tend to gain earnings a little bit so they have upwards surprises. it is earnings trifecta, always is, top line, bottom line and guidance and i think of the three perhaps the most important is the guidance, liz. because markets are forward-looking. stock prices are forward-looking. the guidance is forward-looking. the message that liz: doug, talk to me about where you stapedius muscled as far as your sentiment on equities right now. >> we're still cautious. i mean, markets are down a lot, but from historic valuation highs, just six to nine months ago. we're nowhere near where we would begin to cover hedges on a valuation basis alone. that being said, there's been other reasons to cover just in the last four years a couple historic fed pivots. we're a little ways away and probably more optimistic on the inflation front than most because of the stock market wealth effect itself. in other words i

if you take a look at a bank like pnc financial, or even regions financial and compare it to citigroupf america or wells fargo, or would you see is -- you would see that their business models are not that different. their accounting techniques are different. the federal reserve will tighten regulations meaningfully on these banks. that will impact their earnings. the piggy bank of a bank is its net worth. if there are fewer dollars in the piggy bank, it cannot grow earnings as much. look at the possibility of increased loan losses, old money having to go into loan-loss reserves and number three, more money having to be put in the piggy bank. stress our earnings which i think means that there is a big increase and you are seeing bank stock prices and it is overdone. haidi: we continued to be riveted. by the developments at credit suisse. have begun the asset process management sale. do you think they can achieve this strategic turnaround? >> i have no doubt about their ability to turn around. i do not think it is difficult to turn around a troubled bank. it happens over and over again.

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. >> short-term interest rates are up, so the pnc guys, adp as well, we're thinking of lfloat, because they haven't had in i for years. johnson & johnson, only stock in the dow down, but again, one day. obviously they have some vaccine issues, some talc issues a couple years ago do you think the company has cleaned itself up? there's something you like. >> that's the thought, that it's stabilized itself, good dividends, probably increasing dividends, chance for shareholder enhancements along the way. do they split something out our split more out we're thinking of stabilization there. yeah, you're right, in a hot market, they're going to trail, just like they are today, but we're in it for the longer term. >>> another name, we talk about supply chains, john, there's not a lot of attention, but port strike issues in england, which you only care if you like english liquor they're having some issues with export because of that the stock is down 20-some percent this year, but based on the trends i see and at my home, people are drinking more these days, or have been for the last couple yea

no matter your purpose, at pnc private bank, we will work with you every step of the way to help youn the how. just tell us - what's your why? ♪♪ .. >>> all up more than 20% for october. weiss, though, you recently sold the airlines. >> airlines are always -- what's going to happen, and they have come out and said this, they're going to add lots of capacity going into the summer. that's what always kills these stocks it was a nice trade, one that actually made money on, so i took the profits off the table this is a trading market when you have big moves like united, and big moves in other stocks, you have to take some money off the table, unless you want to open it forever. >> fair enough and shares up 1.5%, but up off their highs. what's your take on what we saw. >> it was a different market, but i think there's an up side to it. given what was so it's the mo technologically advanced brokerage platform out there so let's see what happens i believe jenny owns it as well. >> one thing is when they preanowed, one of the things i thought was meaningful is they saw strength in september

no matter your purpose, at pnc private bank we will work with you every step of the way to help you achieve focus on the how. just tell us - what's your why? >> and then the lightning round is over. are you ready? the lightning round is coming up with chris in arizona. chris. >> i am chris from arizona, how are you doing? >> happy halloween, what's going on? >> no matter what those bozos on twitter say about you, you have got it from me. >> my friends and family will no longer be in my life and so they are done and i'm done with them. thank you very much. >> if they are hating on you, it's only because they are watching you. and i want to talk about a company am a little upside down in. should i keep or get rid of it? it is plcr . >> when they appear on tv, makes me feel like a big joke and i'm not in on it. let's go to the gym. >> it is halloween, what's going on. >> it's a beautiful thing and my question is about southwestern energy after a big blowout in earnings. >> i will tell you right now, we will take a hard look at it. let's go to greg in new jersey. >> a big halloween boo ya to yo

no matter your purpose, at pnc private bank we will work with you every step of the way to help you achieve let us focus on the how. just tell us - what's your why? - [narrator] if your business kept on employees through the pandemic, getrefunds.com can qualify you for a payroll tax refund of up to $26,000 per employee, even if you got ppp. and all it takes is eight minutes to find out. then we'll work with you to fill out your forms and submit the application. that easy. getrefunds.com has helped businesses like yours claim over $1 billion in payroll tax refunds. but it's only available for a limited time. go to getrefunds.com powered by innovation refunds. >>> if you live in an old home, you know it leaks air. and if you live in a new home, it can also leak air the energy inefficiency is at its height, but what if the answer is in the air diana olick has a look at a company that offers a sticky solution in this continuing series on climate startups. >> leaky air ducts and walls are the single largest reason for energy waste in our homes. they can lose between 25% and 40% of 9 heating or c

when the pnc walks on two legs out if they do they wubble from side to side.ut in humans we have evolved a pelvis. we evolved a pelvis with the muscle attachments here are on the side of the body. while being on the side they will counteract that tilt every time you take a step. so he find this part of the body and it looks like this you can tell you have something moving on two legs. here is lucy's a pelvis sure enough she has got those hip joints are arranged in a very humanlike way. so even if this was the only part of her wef found we would e able to tell she was able to balance on a single leggett. and why else do that unless you are moving around on two l legs? but from a biomechanical standpoint and really connecting it to the actual selection it is not a great way to move around your world. unstable underly two legs. we fall a lot. and that can be quite dangerous as 30,000 americans who die every year falling. in addition to that we are stunningly slow for a mammal. the fastest human is far as we know has ever lived. the fastest ever ran was 20 miles a

no matter your purpose, at pnc private bank, we will work with you every step of the way to help youn the how. just tell us - what's your why? ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. ™ ♪. [evil laughter] >> [screaming. no. no. no! no! >> here's johnny. stuart: why would anyone pay good money to go see that? i simply don't understand it. we're showing you that because a new study says scary movies and haunted houses could reduce stress. ashley, help me understand this. ashley: i'll try. according to an associate professor of clinical psychology, the neurological response to being scared can be beneficial. why? michelle cutler s

no matter your purpose, at pnc private bank, we will work with you every step of the way to help youo let us focus on the how. just tell us - what's your why? ♪ >> john: republican new york state assemblyman colin schmidt is running for the 18th congressional district, running against pat ryan who represents new york's 19th district. this is fox news power rankings showing the race is a toss-up. a little bit confusing, complicated, pat ryan won the 19th congressional district in a special election back in august but now that the districts has been redrawn, he's running against you in 18. when he won, he won on a message of abortion, but now it seemed to me, mr. schmidt, the message is turning toward crime. >> absolutely. the message is crime and the economy. we also have a lot of concern with border security issues, fentanyl and secret migrant flights from the biden administration and pat ryan is wrong on every issue impacting hudson valley residents. we have made over 250,000 voter contacts in the campaign since june and the hudson valley is tired of the biden administration, tired

no matter your purpose, at pnc private bank we will work with you every step of the way to help you achievethe how. just tell us - what's your why? ♪ >>> right now the supreme court is hearing arguments as it decides the fate of affirmative action. challengers in two cases say such policies violate equal protection principles by using race as a factor in college admissions. >> they center around the university of north carolina and harvard. both schools say banning affirmative action would have a negative impact on diversity at their campuses. >> jessica schneider is following this. are we hearing anything in these opening arguments to give us a sense of how the justices are leaning here? >> reporter: we are. we're seeing this really clear clash between the six conservative justices and the three liberal justices. on the liberal side of things the newest justice ketanji brown jackson has really been leading the questioning here, asking why colleges shouldn't be able to continue considering race when it comes to admissions? and also saying that race for many students is core to their own ide

no matter your purpose, at pnc private bank we will step of the way to help you achieve it.let us focus on the how. just tell us - what's your why? ♪ [christmas music] ♪ ♪ ♪ weathertech gift cards have the power to wow everyone on your holiday list. offering a variety of american made products. weathertech! nice! like floorliners... cargo liner... tablet holder... boot tray... cupfone... sink mat... pet feeding system... anti-fatigue comfortmat and more. order the weathertech gift card instantly for the perfect gift at weathertech.com >> bill: on the board here want to show you a state you'll hear a lot about. virginia. the house races. hotly contested. go back a year ago, education was the big issue. youngkin won that state. here we go with 2 and 7 and 10, washington, d.c. right here. in virginia two you have a republican candidate by the name of kiggans, military veteran. over here in the center part of the state virginia seven, spaing berger the democrat taking on vega. has a law enforcement background. come up further to virginia ten. this is where you find hung cao. wha

no matter your purpose, at pnc private bank, we will work with you every step of the way to help you ♪ vo: climate change is fueling a wildfire crisis. destroying our forests. threatening our communities. polluting our air. prop 30 taxes the wealthiest 0.2% to reduce the tailpipe emissions that drive climate change. and prevent wildfires and toxic smoke. so we have clean air to breathe. some say we shouldn't act. tell that to our kids. this is about their future. kevin: calfire firefighters, the american lung association, and the coalition for clean air support prop 30. yes on 30. >>> good monday morning, i'm erica hill. it is a very busy start to the week today, we are following a number of major stories

. >> michael farr, pnc is yours. last i checked that stock was down they beat.he stock down on a day when a lot of these revenues are up >> i'm not sure. are they all still up? i was just checking my other ones, too. >> don't pretend you didn't see it >> it's down 1%. we're in line, it's down 1% year to day i've got it. i like the stock i never know what drives it up or down, you know, in a day, scott, but the regional banks i think are insulated from a lot of the other risks, so i mean i think they can continue to grow reasonably well, maybe 8% in terms of their earnings. they're 1.6, 1.7 times book, a reasonable value with higher yields these folks can earn more money and so it's staying in my portfolio. >> do you take a read from today and think what might be next week you have these -- you've reduced the size of the positions. you hold them still for a reason are you going to be happy or sad next week? >> that's a great question i don't know the answer to it right now. goldman is sort of a unique business model because they are more heavy in investment banki

no matter your purpose, at pnc private bank we will work with you every step of the way to help you achieve so let us focus on the how. just tell us - what's your why? neil: all right. i wonder what charles payne was doing in 1976. because he will have to go back to that time to look at a dow doing what it has been doing this month. hey, charles. charles: i think i was going into high school then. yeah. time flies. neil: you and my both. kind of the same. how come you look younger? ticking me off. charles: i got a better makeup crew that's all. neil: you got it. charles: this is "making money." i'm charles payne. this has been an amazing october. kneel kind of referred to that but this is the start of a fourth quarter rally? what happens if the rally fizzles like all the other bear market rallies. shah gilani, eddie ghabour all on deck. this could be the economic fall of rome, is this the last days of tech supremacy? the fed rate hikes are even more unfair to middle class than fed rate cuts, folks. how jay powell and company are destroying the middle class. we'll go into this with smart det

reliably blue state facing republican candidate christine trusts and as well as independent candidate pnc johnson. the side of the importance of this race, that's what's the presidents second visit to the state in the last six months or so. we will keep an eye on the sean and bring you the presidents remarks when they. soon as we get that adds up we're gonna go to. it mike, i will start to the control room for second. we think the president is coming out now. all right. got it, as soon as he comes out it to. we do in a move on to the general six hearings. this hour we're taking an in-depth look at this weeks generous committee hearing. potentially the final one. members made it clear in this hearing, in case it wasn't, before this all boils down to one individual. >> the central cause of january 6th was one man. donald trump. who many others followed. that none of this would've happened without him. he was personally substantially vault in all of it they laid out in meticulous detail a plan for the former president began long before january six, even long before election day 2020. . in th

pnc 9. is that enough to get you excited about these names. >> i do like how much cheaper they've become recently and your banks do tend to be your category that tend to rebound the fastest. i do think your banks have been very smart here to keep balance sheets very strong this is probably one of those if we go into recession one of the most anticipated and i think they're prepping for that. i would definitely look at some of these as opportunity. they pay a good dividend and have a good value. especially if you're an investor you want to have a piece of these. >> wells fargo, bank of america you call this super friday >> it is super friday because you throw in citi group and jp morgan they report on friday as well the positives are going to be net interest income, and nest ininterest margin. those are higher interest rates especially at the low end, those companies that have exposure on the low end. you're going to have really good expense control and you're going to have great capital posi

we are live from pnc park this pittsburgh. the main event is tonight when john fetterman faces off against trump-backed republican, dr. oz with fetterman trying to lower expectations for his performance due to his continuing recovery from a stroke. >>> in the home stretch, pennsylvania is crucial. if democrats are going to keep control of the senate. even have a chance of keeping control of the house. as momentum shifts to the republicans over concerns about inflation. we will get the latest from the political reports' david wasserman. >>> adidas ending their ties with kanye. >>> new reaction from brittney griner's teammates after the russian court today rejected her emotional plea, pleading from jail for a shorter sentence. she now faces eight more years in jail. unless vladimir putin agrees to a prisoner swap. >>> we begin this hour with politics right here in pennsylvania. that big senate debate tonight with two weeks until the midterms. joining us, dasha burns in harrisburg, michael nutter and pennsylvania democratic congr

no matter your purpose, at pnc private bank we will work with you every step of the way to help you achievew. just tell us - what's your why? neil: all right. i wonder what charles payne was doing in 1976. because he will have to go back to that time to look at a dow doing what it has been doing this month. hey, charles. charles: i think i was going into high school then. yeah. time flies.

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and there is sandra on pnc call, columbia as team last training session. just for science council. the these girls said growing up wanting to play football in the rough voice, chided them off in letting them on the dusty pictures of this down deep in the jungles of western columbia and played by drug trafficking arm groups, any legal gold mining with the help that foundation, they built a team and got a field and i've been chosen to participate in guitar. st. child world cup in the board. yeah. yeah. 17 years old fiorella and minor of columbia female football star, linda k, say the imperial center means killian's in pe can hardly contain their emotions what it feels incredible. and 1st of all, i want to thank god for this opportunity to represent our country. but her father says the girls have mostly themselves to tank their level of dedication and sacrifice a spread to the relative family to obtain the maintenance of land. although i often need to go out and party, but i haven't and used to help her with what she needs. boots told at trees trivia, which means i need to have money

so are the regional banks, names like pnc, key bank, and fifth third all up even more than the big banks now. big tech also reversing course apple and microsoft leading the way along with meta. all of them reversing earlier declined tesla also bouncing back from a 4% decline, now up more than 1.5% right now let's get more on the market turnaround and what's driving it mike santoli is at the new york stock exchange a bit of a surprise rally at the cpi number >> yeah, absolutely. i don't think anybody could have been perfectlypositioned for something like this, but you can piece together perhaps why we did see such a violent reversal to the upside, which is how far down the market had come in a short period of time and the levels that we have reached. at this morning's lows, the s&p 500 was down 15% in a month. 27% from the highs and it had fully unwound half of the entire rally from the post-covid low to the january 2022 high. that was a level a lot of traders were stalking for quite a while. the 27% loss is basically the median bear market decline if you get -- if you go through history.

thanks for staying with us for this special two-hour edition of "andrea mitchell reports" live from pncrman

the relation to strategic professor and in november, the european pnc by national oil will take effecth, then opec plus with includes russa county production and supply and demand. >> we need to be less dependent on opec plus, and for producers of resources like oil. and that's why the president did increase the drones from the strategic patrol. to try and help stabilize this, this is a global market. it is also why the president is working so hard and clean energy sources, because that is really the future. >> but no mention of increasing oil production in the u.s. and that is a problem according to the head of the american petroleum institute. >> unfortunately right now, the united states is about a million belly of production down from where we were in 2019. it was a choice, their policies that are being made right now in washington there are underlying americans leadership and energy, we can reverse those policies. >> and we said that that u.s. can produce enough oil to help the world if the administration with single long term or support for the industry to allow investment martha

reliably blue state facing republican candidate christine trusts and as well as independent candidate pncs second visit to the state in the last six months or so. we will keep an eye on the sean and bring you the presidents remarks

we saw before the big banks, citigroup as well as jpmorgan chase, we started with wells fargo, and pncrp , you didn't see it with morgan stanley, but the big start to the banks is the rise in short-term interest rates, and the impact that's having on their net interest margins. these margins are growing very rapidly, because the banks are able to reprice their assets faster than their funding costs, and it was quite striking at wells fargo because the mix of their deposits is geared to the consumer, whereas the citigroup on the other hand has more wholesale deposits so they didn't benefit on the margin expansion as somebody at wells fargo did so what we have been recommending to investors is to look at the banks with the high concentration of consumer deposits because the margin expansion for those banks will be better and we saw that again in wells, so in today's names, p nc is the name we recommend investors look at, because of their high concentration of consumer deposits but also commercial loans on the asset side of the balance sheet. liz: well, i get that and then i would think a

also be spending some time with a place in their home countries, including columbia is alessandra rom, pnc with that report. these girls say growing up, wanting to play football, and couldn't. daughter was rough boys chided them off in letting them on the dusty pitchers of this town. deep in the jungles of western columbia, and plague by drug trafficking armed groups, any legal gold mining. but with the help of that foundation, they built a team and got a field audio in la jolla. 17 years old. you're a less pretty year and admirer of cologne as female football star. linda can say the imperial center means killian's him, but pay can hardly contain our emotions what it feels incredible. and 1st of all, i want to thank god for this opportunity to represent our country. but her father says the girls have mostly themselves to tank their level of dedication and sacrifice a spread to their relatives and family members. and why? and i often used to go out and party, but i haven't in years to help her with what she needs. boots towed at trees, a trip, which means i needs have money available to hel

spending some time with the players in their home countries, including columbia is alessandra rom, pnc with that report, these girls say growing up, wanting to play footballing can daughter was rough voice chided them off in the, letting them on the dusty pitches of this town deep in the jungles of western columbia and played by drug trafficking armed groups, any legal gold mining. with the help of a foundation, they built a team and got a field and have been chosen to participate in katara st child world cup and our project in la jolla. 17 years old fiorella pretty young and minor as columbia female football star, linda k c. and periods from germane killian's in but pay can hardly contain our emotions and what it feels incredible. and 1st of all, i want to thank god for this opportunity to represent our country. but her father says the girls have mostly themselves to tank their level of dedication and sacrifice a spread to their relatives, family members and i often used to go out and party, but i haven't in years to help her with what she needs. boots told at trees a trip, which mean

the next three months or so as the big money centers do the regionals, including m&t bank in buffalo, pnclid commercial loan books which will benefit from this higher rate environment as well. >> gerard, as for the big guys, a lot of the discussions has centered around expenses, but not in a shrinking way an aggressive playing offense, highing more engineers how do you do that in the face of what we're seeing as softening economic activity. >> carl, you're right. the text spending has been very large. when you look at relative to their asset size they're all spending anywhere from 35 to 40 basis points of assets on tech they continue the need to do that in hiring those engineers that you've just described as well as buying the software and hardware to execute. this has been around for a number of years and not something they can afford to cut back on as the digital age grows bigger and bigger in the banking system they can partially offset that with downsizing of branches, maybe personnel as well as partial offset of the continued strong tech spending that we expect over the next couple y

didn't really touch on pnc or u.s. bank corp >> no.t i'm going to stay extra attentive. >> okay. >> they never let me do that we got a lot of chairs today's a big day. >> we don't lack for chairs. some of the opening ganlz gaines fading here. dow is up 145. as a reminder, you can get in on the cnbc club with jim sign up at cnbc.com. we like to provide this qr code on the screen, give you two seconds to use that. takes you straight there as we go to break, watch bonds today, little bit of relief as the tape back to 389 or so and the two-year back to 4.43 after approaching 4.5 earlier in the week be right back. ♪ in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there. >>> dow's up 200. some laggered on the nasdaq 100, some tech checks and we talked about the semis. lam research and amd will be on the top fiv

no matter your purpose, at pnc private bank we will work with you every step of the way to help you achieveat's your why? what if “just an idea” could become a family tradition? this is financial security. and lincoln financial solutions will help you get there. as you plan, protect and retire. ♪ >>> still to come, the world's largest crypto exchange, investing in elon musk's buyout of twitter binance ceo zhao is going to join us next later, mohammed el eri quk x"s coming right back ♪ >>> welcome back to "squawk. elon musk tweeting out an unfounded conspiracy theory yesterday morning about the attack on the husband of nancy pelosi the tweet has been deleted that tweet was in response to a tweet from hillary clinton, it linked to a story from a santa monica observer newspaper website that has a history of publishing false information the publication claimed that hillary clinton died in the september 11th attacks and has been replaced by a body double he makes unfounded accusations conflict that with the san francisco police department. >>> separately, elon musk denying reports he's planning

if you look at regional banks, names like pnc are names to own.ng consumer franchises and very strong loan books as well. and then on -- staying on the sidelines, i think the capital markets area is still a real struggle you have to stay on the sidelines with goldman and morgan stanley. >> where do you put the big ones >> good question i would say bank of america, since they have an incredibly strong consumer banking franchise in the united states, that will benefit them -- >> and that will outweigh any of the capital market pieces? >> exactly that's the critical part there absolutely. >> okay. appreciate your time and perspective this morning we'll see what the numbers look like tomorrow, thank you. >> you're very welcome, thank you. >>> coming up next, delta ceo ed bastian is going to join us in an exclusive interview straight ahead. that stock getng bstti aoo after some upbeat guidance for the quarter. "squawk box" coming right back ♪♪ ♪♪ be ready for any market with a liquid etf. get in and out with dia. >>> good morning queue the countdown cl