so, let's look at pnc first.the weak side, but they've already telegraphed that. and i think it's only going to be off 2 to 3%. a number like that would be well received by the street. so, we're pretty confident there that it should be a clean report. on the credit side, we're going to be looking, as it's saying, as you mentioned, the superregional. we're going to be looking at the commercial real estate book. we're not too afraid, but we're going to be listening for that on the call. it's setting up for a nice pnc report tomorrow. i like it. >> down 23% year to date. the action today is not helping sentiment into these results. the march crisis practically a blip for them. up over 40% from the market bottom a year ago. the bank is best positioned for higher for longer. they have strength for buy backs. i have to imagine you would be at least holding this one. >> yeah. we like this one. but of course you're saying all those good things, but tell us something we don't know. the problem with jpmorgan is that they'r

coming out of silicon valley bank looking at truist, pnc, and then they all shot back up all of those stocks are back to where it was a really serious second look it's interesting, too, steve, when you say you're going to short the banks, we have shares and some are reporting decent earnings the higher interest rate environment is benefiting them i think there's opportunity there. they're attractive right now >> there's a clip coming on the re-fi. number two, they haven't had to write down the portfolio though the office space isn't occupied -- jenny, please. though it isn't occupied, they're still current on the lease payments you can't write that down. you have this massive cliff, they also make money on lending, and, yes, net interest margins are higher it will be less of an appetite >> yeah, but if you listen to pnc's earnings call, they'll go through with you specifically here is our debt related to office buildings, and it's much, much smaller. >> that's a quasi money center, pnc. i'm talking about all the others >> if you parse through, the reality is a lot of them don't -- >>

where the most questions i'm fielding are on pnc. you can see pnc is under performing the group.ow or will happen in an hour, and i think management team is probably right to explain what you were saying earlier with those cost cuts actually mean, the layoffs mean for the bottom line. i think the slide wasn't very clear on the release. >> erica, a pretty nice beat across the board in investment banking and commentary about the m&a starting to heat up a bit. do you have big aspirations for what that might look like in the first half of next year? >> not really because i feel that trading seems resilient, but i feel like investment banking, while there are small green chutes in the pipeline in september and the pipeline is good, i think we're going back to sort of normal is going to be a little bit slower. think about how much uncertainty we just injected into the outlook over the past week, you know, and think about, you know, we're going to start to talk about the election in 2024 pretty soon, and, so i actually think that, while there are green chutes, all those components sugge

so the sfmta and pnc team are available for any questions. great if that concludes the presentation, we should open up public comment members of the public. this is your opportunity to address the commission on this matter. if you're in the chambers, please come forward. if you're calling in remotely, you need to press star three or raise your hand via webex. seeing no requests to speak, commissioners public comment is closed and this matter is now before you. this is a phenomenal, exciting project. as the imagery is very, very invoking a density which we really don't see in the city, particularly combining our high tech transportation facility with housing. i think the prospects for the future are exciting and i am just a little bit puzzled by why the variant, because the project two completely different futures, if i understand you correctly, is the variant just a precursor for housing to be intensified over the future because paratransit will be allocated someplace else? or is the variant basically one way of doing it? and and the 510 or 5

jpmorgan chase and citi and wells fargo and pnc. for investors is portfolios and net interest margins as higher rates weigh on loaning growth and deposit costs and customer real estate. joining me now is stephen biggar. >> good morning, frank. >> what banks do you have a buy rating on and what is most influ influential? >> i think jpmorgan chase sets the stage for the quarterly earnings here. you have a bit of an outlier with the acquisition of first republican. they acquired that on may 1st. we had a partial quarter in the second. this will be the first full quarter. as we look at the underlining trends, diversified banks had been the place to be. they held upper than the regional banks. at the same time, they are impacted by the higher interest rate environment. you will see more slow loan growth. >> jpmorgan chase is the most influ influential. can you run down the ones with a buy rating on? >> sure. in addition to jpmorgan chase, i would say bank of america. the large consumer franchise helping to benefit and offset the weakness

some comments by pnc's ceo.d he proposed regulatory changes, we heard j jamie dimon commenting on the regulatory changes. pnc hasn't been impacted in the same way. but look at where the stock is today and where it was 160 before, you know what is going on. >>> let's get to the latest now in israel, with the hamas war. israel told the united nations overnight that the entire population of northern gaza, which is more than a million people, should relocate to the south within 24 hours. nbc'skobeiella joins with more. what you tell us? >> good morning. that order came at about 7:00 early hours of the morning here local time. so it has been in effect now for several hours. and what you're seeing in gaza is families trying to find any way to get out of the north, get out of gaza city and other places in the north. and head south. the problem from what we understand from our people on the ground is that there simply aren't enough taxis to carry all of the population of gaza in the north down to the southern part of th

wells fargo and pnc had good numbers. the resiliency of the business models and the earnings stream and revenue stream of the banks is quite utility like in nature. we feel pretty good. matt: let's bring in david konrad, covers the large bank equities for the firm. the idea of resiliency. would you agree with that? david: i think is a true. thank you for having me on the show. we see that more of a market gap in the universal model. part of that benefit we see a lot of trading revenue flowing through. citigroup was up 14% year-over-year off of that last year. earnings are starting to show. i would point out the deposit side which is a big heights button with investors. so deteriorating. we are seeing shifts on earnings. the second derivative, the rate of deterioration is slowing. that created a beat in that interest income for all four banks that reported today. matt: are they having to pay more for deposits? they are charging more for loans. after svb, look like there's going to be a big competition for deposits. they're

pnc leading the way with $3.5 billion in offering.e the banks were expected to stay on the sidelines but instead flooded the market with real -- new deals, jp morgan, wells fargo, and goldman sachs all had big yields. october seeing a big drop with only $6.7 billion in sales so far. higher yields and the potential for horizon the loss was on top of mind we caught up with -- earlier this week. >> we are already seeing in particular on the consumer side a rise in rates and we are seeing things also going up. take lending is slowing down on weaker data. this will predict the economy will begin to slow down by reacting with more people falling behind on payments on the consumer side, were going bankrupt. that is what we are seeing in the data. sonali: joining us now is mike of rb advisors and smith of bernstein. when you take a look at spreads, you think nothing is wrong. but then you think perhaps things are starting to crack. at what point do spreads wide and meaningfully, particularly in riskier types of debt? >> you would think they w

or do we hear pnc rituals like these from a heavily biased euro central point of view? self funded mentally opposed our science and spirituality from each other actually spiritual basis of life. we're not just flesh walking around. there's very within and, you know, the one thing that a lot of people don't understand is no see off les, right? they don't see how far they're sierra and your energy. when we stop seeing color and start treating, you know, each other differently won't be fine. but so then we've our here we're here at the temple of price on phenomena straight on the other side of the plaza is a church. how do you feel about kind of the 2 religions meeting in, in this way, every constant, it has a piece of the street to spiritual enlightenment every try. it's a puzzle and it's been distributed through all the different tribes and we can figure it out until we bring that entire pause together. so until then we're all going to be like, my puzzle is the whole thing and another. 7 minus at the end of it all, we all have to come together. all of us, even the christ

so the resignation of the attorney general consuelo products i'm pnc corruption, prosecute to raphael critique, to vote for food have let it tends to cost down over the elect to process and both of whom are also in the us as list of corrupt, an anti democratic cactus. and the protests to cite, they'll be out in the streets in definitely don't home and i would 0. it means us hundreds of migraines and asylum seekers or continuing to arrive and buses and planes from the southern border to cities across the country. authorities in new york, denver and chicago are asking for more money to cover the costs on hand written reports from chicago, and they come by the bus float a dozen times a day, hundreds of them. it's a grueling bus track from texas to chicago in the american heart late 2000 kilometers from the southern border. he went over the name of it took us 24 hours to get here. we made a few stops where the bathroom in for food, but now we're here. critics say they are ponds in a political feud. republican texas governor gray garett has transported 50000 migrants on buses to sanctuary

another organization, they used to be in the past, but that it was difficult for them to go to another pnc and then come back to wagner. because the wagner was kind of a jealous organization and they could be blacklisted. but essentially they were free agents afterwards, and so i think but, but my regular thinking about control, what we have to look at is sort of the permanent staff and as far as the scene so far and have her come and in syria and the same faces have largely stuck around which, which implies that they're continuing to work and they will likely fall under whatever this new structure will be. john, let me just check with you. when you say pmc, you're talking about private military companies, right? that's correct. yes. all right, i'm john. let me also ask you about the fact that the president put in ordered andre troje. you have to take charge of volunteer unit in ukraine. um, how long do you think that process might take? i mean, what kind of timeline are we looking at and how much impact might that have on the ground and ukraine? i'm not sure exactly. on the timeline that

the problem is the property for pnc and malaysia and indonesia. these the very pro, by this the peak is that really there will be no politician who edwards there to justify the general side. this is what i be securing the gains. it's a most clean population. us versus us representative has loved busted washington for offending to reach an agreement on a cx 5 and gaza, causing increase to civilian suffering according to him. because of the purchase of it's, i want to ask the us representative a question. explain why you are against the ceasefire. this just means that the united states being a permanent member of the security council. suppose the doctrine of total retaliation and gather just what is your sympathy for civilians which you so eloquently expressed in every meeting of the concert long ukraine. and this, despite the fact that the lives of civilians and ukraine are not exposed to nearly the same threats as the palestinians and gas, i would do. you only think about those and that you were being continent and no one in washington cas about p

but we're also getting reports of bull fighting at places like back boots in to pnc, where battle has raged now for many months, according to the ukrainians. the russians once again, seeming to have adopted this attack, dick of sending waves of infantry accepting it seems very high casualties in return for very little being gain in terms of territory. as these push continues, president volume is a landscape of ukraine has met with his military commanders to discuss the situation across the country. also with getting reports with the increased fighting in the south around kennesaw. and i know that has now being given for the evacuation of 800 children from the front line several months that run mcbride. i'll just say era chief, well, they were 17000 people in the ukranian town of on a cave before the russian war. now the few 100 remaining residents spend the same days underground as inc is ravi reports. many cities have now been created inside, interconnected basements. in town, after war ravaged, towns, rubble filled the streets. people went, stroll. the homes bear the scars of war. g

i am curious about the pnc coming at 6:30. jonathan: also our top story all week is israel calling for an evacuation of roughly one million civilians in gaza city, indicating a ground invasion could be possible. they say it is impossible that such a thing could take place without devastating humanitarian consequences. thomas said it will begin killing hostages if a ground invasion comes. i'll difficult will the next couple weeks be? annmarie: it will be incredibly challenging. the u.n. says they cannot move this quickly in terms of moving palestinians and everyday civilians out of gossett. this will be challenging and the images will be horrific. lisa a: it is igniting so many passions around the world today. hamas is calling for a day of rage. when you talk about, is this contained? maybe in it has not escalated into a regional fracas but globally, this is percolating into every city around the world. jonathan: around the table this morning is greg vandal, head of u.s. equity and regional strategy at bnp paribas. this bond ma

or do we hear pnc rituals like these from a heavily biased euro central point of view? self funded mentally opposed our science and spirituality from each other actually spiritual basis of life. we're not just flesh walking around. there's very within and you know, the one thing that a lot of people don't understand is no, see all flesh, right? they don't see how far their caesar era and your energy. when we stop seeing color and start treating, you know, each other differently will be fine. but so then we have our here we're here at the temple of price on phenomena straight on the other side of the plaza is a church. how do you feel about kind of the 2 religions meeting in, in this way, every constant, it has a piece of the street just virtual in the lighting every try. it's a puzzle and it's been distributed to all the different tribes and we can figure it out until we bring that entire pause together. so until then we're all going to be like, my puzzle is the whole thing. and another person, i know mine is at the end of it all, we all have to come together. all of us

and jpmorgan, wells, citi, pnc, all reporting before the bell tomorrow.he third quarter bond novmoves do? >>> plus,how republicans nominating steve scali

pnc would be a top pick.e would throw in keycorp, key. they disappointed heavily this year, but we think that's behind them and their balance sheet is positioned to benefit over the next 18 months from a number of securities that wilma tour and they will have nice positive revenue growth in 2024 while the industry is going to be struggling with revenue growth. >> all right. couple of names, good snapshot. thank you. >> you're welcome. thank you. >>> still ahead, some on the street warning of headwinds ahead for the insurers as names like all state and travelers sit in the red today. find out why after the break. we're back in just a moment with e dow getting worse down 150 now. the break. we're back in just a moment with the dow getting a little worse. down 150 now. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/7 built-in s

pnc, for example, had built a 7-8% reserve existence commercial real estate.l -- against commercial real estate. it's already been paid for. credit quality is much better than people expected. capital continues to build. companies are buying back stock and paying dividends, and they're relatively cheap to future earnings as well as current earnings. maria: yeah. i mean, coming into this quarterly number i believe jpmorgan was down about 2% from the last report, all these bank stocks have been down. but "the wall street journal" is writing that banks' deposit pressures could get worse as interest rates move higher, anton. it's been the issue around rates that have gone with spiking. so how do things get better if rates are staying elevated? >> well, at the end of the day, i don't expect rates to stay elevated. so my view is the fed's gotten way ahead of stuff and things are slowing down. not to a disastrous level, but thingses are slowing down, so i expect rates to become lower. loans are reprice on a fixed rate basis, so we're starting to be close to the botto

we know that the deposits are going to be rather poor, particularly at the regional banks like pnc. we know people have been taking money out and putting them into short term bank cds. so we'll know all that. but there is no real buyer interest and that disturbs me given how strong the reports were. >> bob, thank you very much. >>> let's get to the other market puzzle piece and that is bonds. yields are rising and it hasn't baby too much of a headwind this time. let's go to kick sani rick sant more. i see we're off session highs. >> yes, listen, i can't tell you how the stocks are always going to react to rising or higher interest rates, but what i can tell you is that the future probably holds higher interest rates. let's look since may. we're up 130 basis points since may in the ten year from 330 to 470. and if you open the chart up to when we made our historic lows in 2020, you see that this all started with literally 50 basis points, half of 1% is where it began in august of 2020. add in 30 year bonds whichtoric 2020 at 1%. if you look at both, it has been a wild ride. but here

pnc, shares are lower by almost 4% after missing on the top line.y beat earnings estimates, but, again, their loan loss provisions came in at half the estimates. by the way, it wasn't just them, the big banks did this, as well. and financials are where we kick it off today. my next guest says he's bullish on the big banks, especially goldman sachs. also with us, let's bring in frances donald, w. out with a recession call today. that won't help bank shares. >> no, but i get asked all the time, do i see a recession or not? yes, we have two negative quarters of gdp and uptick in unemployment, but i don't think this recession/no recession story is going to help investors over the next six months. even though i do think there will be a recession, for the next month or two, you could have a sanguine environment. inflation coming down, the fed backing up. >> it's fun that you can wear both hats. what has been the change for you? i know time when we've been revising up the last quarter gdp, why are you looking ahead and seeing more declines? >> it's the rat

charles: pnc laying off the a large chunk of people.nd, the maturity wall coming up, some of these other things, how much time is there before the economy would maybe need or desperately scream out for rate cuts? >> oh, well, the economy just going on its own? it cotake a while. it could take several more months. charles: really? >> you see business managers were -- they're hoarding labor, right? they had a real tough time hiring people back. they're very reticent to let people go. if you're a temp worker you're getting cut. if you want a lot of hours you don't get a lot of hours. they're pulling those levers down but actual outright firing several months of that, could take a little while. charles: getting refinancing at significantly higher levels. >> exactly. >> margins are squeezed. >> goldman sachs put out a seminal report last week, just under 50% of u.s. companies are not profitable. that is a hard environment. charles: i said that on the show. obviously it's -- i know biotech company been around 30 years, every 10 years they cha

morgan, city, blackrock, pnc this is the start of the earnings season. what you expecting it to you get the sense that financials will find their footing overall as we continue to watch people piled into bonds market you saw were they closed on friday the 30 year just below 5%. >> i think the third-quarter earnings are going to shape up directly like third-quarter earnings are little better than we would've expected, the economic data has been better than what we thought the consumer has been resilient and giving them credit for that is to keep margins elevated in margins rise and we expect them to rise. i think the equity market from the earnings perspective doing better than we could've guessed at the start of the year. when it comes to financials in particular that is an interesting story we can talk about the nuance in indie secrecy is that flow into bank stocks but at the end of the day and reporting later this week, the biggest source of revenue for these companies the biggest source of earnings is net interest margins borrowing low in lending out

economy is still under pressure and there's turmoil overseas let's discuss with chief economist at pncgus, welcome good to have you with us if we went back a year ago, many analysts, i don't know about you, were saying probably -- we're not going into recession now or soon, but maybe second half of '23 -- now most people are saying, '24 if we have a recession at all where are you on this recession, no recession in '24 question >> i think the most likely outcome is we do get a mild recession starting around the middle of 2024 there's no question but the labor market has been stronger than we were expecting, that household spending has held up better than we were expecting, but we do continue to feel the drag from higher interest rates. i think we'll feel more of that over the next six, nine months or so. and so given the inversion in the yield curve, given the fact that we have not felt the full impact of fed tightening, i do think we'll see that mild recession starting sometime around the middle of next year >> so, does that suggest to you -- does the fact that you and many others see

a week from today, we're going to have citi, wells, jpmorgan, pnc, delta the day before that on tuesdayay. >> but you can't take your eyes off this morning the ability of the market to rebound after the jobs number came in hot. back at 4,300. >> next will be cpi, the inflation report that matters most to the fed. we've seen inflation come down, but is it enough for them to stop raising interest rates? that's the question. today's jobs report, the gut reaction was that's super strong and increases the probability that the fed hikes in november. then the settling reaction was, well, wage growth has smaller increase, and that's what's important to the fed. maybe we'll get this goldilocks of inflation coming down and the economy remaining stron. >> as somebody said, if you're worried about the economy being too hot, today's number helped, or too cold, today's number helped. have a great weekend. >>> welcome in to "the halftime report." i'm scott wapner. what a jobs report today. hotter than expected, so rates rip, stocks move lower, but what a different story it is at 12:00 noon in the east

. >>> well, speaking of earnings, third quarter bank earnings kicking off jpmorgan, wells fargo and pnce the bell. reserve-building is more important for the group than earnings beating for this quarter, with investors worried about credit quality and how banks would fare in a potential recession. chris, you expect banks to put aside more reserves for credit losses? >> i do, sarah. i think that's the right thing for them to do this quarter and i think it's a better part of valor to miss earnings estimates and build reserves in this period. >> is that -- that is good, is that clarity for investors that want to own these stocks for them to do that or not? >> sure. recognizing credit risk is exactly what banks have to do right now. i think the concern is that banks are not inves vestable bee of credit concerns and worse economic activity next year. the solution, the vaccine, if you will, is building reserves, creating new confidence and reminding investors that banks are going to continue to lend and take deposits as they move through the next couple of quarters. >> what about the banking

but we're also getting reports of bull fight to places like back boots into pnc web back. thoughts has raged now for many months, according to the ukrainians. the russians once again, seeming to have adopted this attack, dick of sending waves of infantry accepting it seems very high casualties in return for very little being gain in terms of territory. as these push continues, president brought him is a landscape of ukraine, has met with his military commanders to discuss the situation across the country. also with getting reports with the increased fighting in the south around the sun. i know that has now being given for the evacuation of 800 children from the front line settlements that rob mcbride. i'll just say era chief. but before russia invaded the 17000 people lived in the ukrainian town of ari key. now, the few 100 people remaining spend their days underground and interconnected basements as in bus route. the reports from the southern sap, a regional region. many cities have been created just under the surface. in town, after war ravaged, health rubble fill the streets. people

but we're also getting reports of bull fighting places like back boots into pnc web back thoughts has raged. now for many months, according to the craig nunes, the russians, once again, seeming to have adopted this attack, dick of sending waves of infantry accepting it seems very high casualties in return for very little being gain in terms of territory. as these push continues, president funding is a landscape of ukraine has met with his military commanders to discuss the situation across the country. also with getting reports with the increased flights and getting the south around the sun. i know that has now being given for the evacuation of 800 children from the front line settlements that run mcbride, i'll just say era keith before rush or invaded 17000 people lived in the ukrainian town of oak eve. now the few 100 people remaining and spend the days underground and into connected basements, same as robbie reports from the southern separate region region. in town, after war ravaged, health rubble filled the streets. people once strong homes bear the scars of war. ghost towns near

pnc did not. it was down 2% to 3%. what do you think of the regional banks?get the smaller banks repo reporting. it will be challenging. net interest income will be down leading all banks. many in fact third and all in the fourth quarter. as the deposits re-price higher and regional banks are more exposed to that. it is not going to be absolute sailing from here. it is certainly the group under performing significantly. >> the banks have been paying more to keep deposits there. it is not the same as buying a treasury. they have started paying up more in terms of what you get for a savings account or beyond. is that good or bad? >> certainly banks are grappling with higher deposit costs. one thing you saw with the banks reporting on friday is the increase of that is beginning to slow. it is pressuring the net interest margins, but the deposit costs peak a quarter after the fed stops hiking. >> jason, thank you for coming in. >> thank you. >>> before head to break, shares of lululemon will replace activision. the change is set to take effect on wednesday before