romaine bostick helping as well. right now, mike wilson joins us.e has been dead on with morgan stanley on small caps. let me just cut to the chase. how do you adapt and adjust to q2? mike: thanks, tom. i think q2 is going to be the actual reopening. the dream of reopening, the dream of restarting the economy, is always bullish. there's no proof at. now as we actually reopen the economy, we have to do it. execution risk goes up. at the stock level, we are expecting disappointment. we think it is going to be difficult for a lot of companies to manage this. some companies are going to take advantage of it, take share, and operate quite well. one of our recent calls is we did downgrade small caps, and it is kind of a lower quality area, and we are basically recommending that people do upgrade the portfolio a bit on the quality side as we go through this reopening period in q2 and q3. jonathan: is it fair to say this is a cell the news event -- a sell the news event? mike: i think it is more of a low-quality part of the trade has really worked. we have

. >> i am romaine bostick. romaine: this pushes the s&p 500 back near its record high. joe: the question is what did you miss? caroline: the global economic recovery, taking the biggest step yet by a major economy to reduce emerging levels of monetary stimulus. the loonie is loving it. the fed is saying they will scale back their purchase of government debt. they spent time discussing housing today. >> ezra made -- as romaine was saying. romaine: people apparently back into some of those more speculative areas of the markets that have really gotten beaten up lately. it has been a while since specs have done well. this i not a bad day, all around. >> you did see some of the more fundamental type stocks as people are betting on that reopening trade to continue. >> for more, let's bring in katie grunfeld. >> traders are being rewarded for holding through the difficult monday and tuesday. >> it was a rough 2 days. if you look at small caps, cruises, airlines, all leading gains today. norwegian krone resigns -- cruise lines was the second-leading performer in the s&p 500. yo

jonathan: let's say hello to romaine bostick. e: let's talk about buying the rumor and buying the news because that is what we are seeing in the ev space here. we talked about bidens plan and what might see the light of day. it does seem to be consensus out there that the per totals -- the proposals on ev are going to make it through. it is not just direct government spending come about what that spending could mean for private spending, whether that could be a catalyst for additional spending. you see that not only reflected in tesla and gm come of a keep an eye on the charging stations. charge point has already been out front on this, talking about how this is going to spur additional spending by private companies. quantum scape, which already had us -- which already has a deal with volkswagen, met one of the key milestones in a development of batteries. we saw a rally in these names up until they announced yesterday, but that really continuing in the premarket. another big development is going on in the chip space. we had some

romaine: i am romaine bostick for a little bit of a rally but not enough to finish the day higher. caroline: the rally, all-time high above $10,000 for copper, on my london metal exchange. bullish investors are swarming. vaccine rollouts, claimant pledges. a global recovery elsewhere from this pandemic bringing higher costs not just for copper but for all kinds of raw materials. this is also a high bar for earnings. certainly, when you look at the evaluations, where we have come from. alphabet being able to really jump over that are and of course share buybacks. joe: i am beginning to think that some of these companies have seen their stocks do really well because they are making a lot of money. alphabet surging over 4%. microsoft also making money. it has had a great run, down 3%. breast down 9 -- pinterest down 9%. amd chips continue to be on fire. romaine: almost everything we had today actually beat. it is interesting how the market reaction diverges based on the magnitude and what those forecasts look like. who joe: for more on this and the markets, i want to bring in bloomber

romaine: from bloomberg world headquarters in new york, i'm romaine bostick. joe: and i'm joe weisenthal. caroline hyde is off today. let's take a look at where we stand in financial markets after hitting record highs. the question is, what'd you miss ? romaine: it was a historic day for the markets, at least cryptocurrency. coinbase ushering a new era for cryptocurrencies on wall street. we are talking about an asset class that has been mocked from the start, but moved into mainstream acceptance. the shares did fall from its opening, but trading above its reference price. trading on a for -- fully diluted basis was where it was trading in private markets. and remember those guys -- goldman sachs, j.p. morgan, wells fargo all reported earnings today. are you going to put your money in goldman sachs or crypto? joe: 60/40, but i am not going to tell you which is the 60 end which is the 40. as you mentioned, coinbase going public. it did end up way on the highs. it got as high as $420, $328. romaine: and there is a lot of mocking and joking here, but this is a sig

romaine: and i'm romaine bostick.he s&p 500's weeks a record high. -- 500 squeaks to a record high. joe: the question is, "what'd you miss?" caroline: tesla growing production, but was that priced in? the u.s. also seems to be in the driver's seat when it comes to its economy with another manufacturing today beating forecasts and economists keeping an eye on inflation and maybe they should given that we have seen increasing prices today in wheat, soybeans, corn, what we all live off. before we dig into the economic side of the equation, let's start with tesla. what we anticipated? joe: more or less. i think the fed needs to cut rates, the average selling price of a tesla fell a bit this quarter and if that is our new inflation basket, maybe we should see some deflation there. despite the eps with a modest selloff. romaine: don't forget about the big bitcoin purchase that they made, saying that they made $100 million from selling some of that. joe: what are they doing? for more on tesla earnings, let's bring in our blo

. >> i'm romaine bostick. let's get you caught up. that s&p 500 finishes out at a high. >> the question is, what'd you miss?? caroline: this week maybe the calm before the storm. next week, maybe things will change. investors concerned about inflation. we have ppi data, they shrugged it off today. what about cpi data? what about bank earnings? much to be digesting, but we start with volume. joe: it is notable and very disappointing. we are used to a lot of action. romaine: wonderful. volume was lower. we dropped every day this week. today, finished around -- get a little bit of sense of how though it has been. we are coming off a couple weeks, a lot of kids out of school, vacation, easter, passover, everything else. you may finally get the action you have been looking for. joe: joining us is katie, didn't you promised us the volume was going to pick up? it is just my recollection? >> i think i said something smart like it may come back. today was actually the lowest volume day across u.s. exchanges since christmas eve. tomorrow is not

caroline: romaine bostick is off today, but let's take a look at yields doing nothing, but the dollars set to go higher, joe. joe: the question is, what'd you miss? caroline: we were telling you about the strong economic recovery, the gdp number, and that number globally is uneven. the eurozone tipped into a double-dip recession in the first quarter and while the data highlighting the cost of the slow covid vaccination effort that has left britain lagging behind the united states, and things like lumber, semiconductors, we are hearing repeatedly of earnings calls. let's dig into technology a little more, with chips and big tech names. amazon at a record high at one point today. joe: i was joking earlier in the week that the analyst community seems to not have done a good job estimating how strong corporate earnings were going to be. i was right. there is no joke at all. massive's. the most record beats ever. 90% of s&p 500 firms beating their estimates. the flipside is, i guess a lot of the markets indicated [inaudible] this week. but huge beats all week. quite impressive. caroline: q

let's get you some movers with romaine bostick. romaine: it's going to be a busy week for earnings.ut 1/3 of the s&p 500 reporting this week. we already know what q1 delivery numbers were, 185. that's based off of those monthly updates. what the street really want to see is where the company's going to go for the full year. the company has already hinted at about 750,000 deliveries for the full year it however, analysts are tracking more above 800,000, so it will be interesting to see how that gets reconciled when we get those results in the conference call a little bit later. they are expecting gap earnings positive. it will be cash flow negative, at least based on what the street is expecting, but the balance sheet is expected to be relatively healthier. tom: this is unfair to you, but we've got a wall of apple. you are perfect to talk to on this. apple is going to add 20,000 jobs over the u.s. over the next five years. they have a commitment to fund a new north carolina campus. they are going to put a g ajillion dollars into the united states. the pr front for microsoft, google,

here's romaine bostick. romaine: let's start with travel, housing, and e-commerce.ue did report here. demand is picking up, and the company seems bullish about that demand persisting through the summer. the problem is those costs are rising. labor costs rising, as well as fuel costs, and company saying that is going to put a crimp in profitability going forward. there's also a bit of concern about revenue on a year-over-year basis. the forecast is still for a drop on revenue from the previous year, though still an improvement from the pandemic levels. pultegroup reporting. sales for homes continues to go higher. investors may be a little concerned about the persistence of some of this. you can find 19% revenue growth in the first quarter. they are still looking for 20% plus growth for the next three quarters. some investors are now starting to wonder whether that is going to be met. ups also having a great quarter as well. interesting number was what they made on international revenue. this actually rose about 12%, and this is a huge metric because that actually dro

romaine bostick spoke to the group cfo. take a listen. >> it's a good thing for the overall economy and the country. they have more money than they did pre-pandemic. it's impacting the short run long balances. you're seeing prepayment levels in the credit card business that are high. are seeing less need to borrow money on the consumer side but also the corporate side. as the economy starts to gain momentum you start to see a little more normality in life. >> the wells fargo cmo speaking about the health of the u.s. consumer. three down, more to come. beating estimates thing to a boom in investment banking. next up, bank of america and citi before the u.s. open today. joining me to discuss is dani burger. what caught my attention was a credits we sent analysts who said about goldman, wow. jp morgan shares drop yesterday. what is that all about? >> there were big numbers. part of the reason shares fell, there are two schools of thought i've heard from analyst i've spoke to. the market is weird and fickle. expectations were r

romaine bostick, get tom out of trouble. i want to hear the end of that story at some point. tom: oh, with a bowtie today for radio. romaine: i'm wearing the tom keene memorial bowtie. lisa: memorial? [laughter] romaine: we are getting american express. they did miss on revenues, though they did beat on the bottom line. that was largely because of a pull forward of some of those loss reserves they set aside previously, about $1 billion there. the story today really about the chip sector. we get to intel earnings. those shares moving lower in the premarket by about 2%. it is really all about that datacenter business. year-over-year revenue dropped about 20%. it is like a castle out there really getting but parted on all sides. you've got taiwan semi, nvidia, amd all chipping away at intel's business. they continue to lose share. give them a little bit of time to try to turn the ship around. tom: what else do you have? romaine: skyworks solutions, huge apple supplier. about 70% of their revenue comes from apple. investors say

i want to bring in romaine bostick to get you up-to-date on the horse race in this market right now withce action. romaine: you made some great points on morgan stanley. we saw some of the same things out of bank of america. there was also stellar stock performance heading into this, both in terms of what they lost off of that trade, as well as the lingering losses after that. we did get our core earnings last night. there's a broader story about the reflation trade, about aluminum prices, and more important leave out china trying to tamp down production. that has been good for alcoa. the chief technology officer there since 2017, largely considered to be an architect of a lot of the good news out of that company, is moving on now. bring you your coinbase update for the day. down slightly in premarket after falling slightly yesterday. an exit event for a lot of investors. cathie wood did pick up another 300,000 plus shares in the overnight hours. certainly some people still doubling down on the longer-term growth story. and interesting story last night, the nfl creating three new partner

romaine bostick will have all that. right now, we go where we fear to go. 74,454 employees. marty schenker joins us. once again, taxis and extended because of the pandemic. i go back to a heated meeting i had with the imf commissioner during the bush administration. he promised nothing would happen. they would raise the budget, bring in more revenue, it did not happen. why doesn't happen? marty: when you get down to it, lawmakers are concerned about the issues of a very strict irs enforcement on the population and their constituents. they hear from them when the irs comes knocking on their door. tom: you and i are in a transitory tax bracket. jonathan: let's have that conversation. tom: larry summers $1 trillion. marty: this is not the first time an administration has said let's spend the money and we are going to get multiplier effects of returns. $80 billion will get you $800 billion is what the biden administration thinks. getting it through congress is another matter. tom: this is all about entrepreneurial business going to their politicians and saying, maybe not. jonath

romaine bostick. red and green on the screen. right now we reset.ne who has to explain to people where to find the courage. i really wanted to go right away to a wonderful phrase you have, which is duh, the cash is punitive. yet i know cash is punitive, i don't want to be in it, but i'm afraid to go. how do you move from this wall of cash and the fear of missing out to get into the market? >> it is so hard. i think the first step is looking at the data. the reason we have this association that cash is safe and where i when i don't know what to do predates the global financial crisis. if you look at pre-global financial crisis, if you were sitting in cash on a post inflationary bases you were earning about 3% for anyone. not knocking out of the park, but all right. holding onto cash is basically guaranteed to lose value over the next 12 months. tom: a real yield analysis other asset classes are inflated. you carry it right over to say -- i don't want to be inflammatory -- there is an equity bubble, but elements of the equity market are bubble isiciou

shery: the wells fargo cfo speaking to taylor riggs and romaine bostick. fargo bought -- as wells fargo profits go down, goldman sachs was lifted lab a lot of trading deals. the ceo offers a heavy outlook on conditions of the coming month, our next guest says big banks could be in trouble by year end. chris whalen joins us now. great to have you with us. we saw a huge revenue windfall from trading, dealmaking, and seed like a goldilocks moment. so why are you worried? >> investment banking was great for both goldman and jp morgan. that is what you would expect in this environment. the difficulty is, use chuckle jp morgan's earnings were reserves they had put aside last year they released. so, if you take that out, or at least normalize it, the quarter was flat. and might have even been down slightly. jp morgan expenses rose more than revenues, so if you take that for a half billion dollars out of earnings, take a look at it, that could be the run rate for the year. they could probably release more reserves in the second quarter but i -- but my guess is the

tom: at the apple show last night, romaine bostick and i were talking about it, i think remain looks a pink imac. jonathan: i'll stick with blue. romaine, take the floor. it's yours. romaine: apple shares not doing a lot this morning. netflix down 8.5%. we've been talking about it all morning, about lower subscriber growth in q1 and the forecast for q2. you have a growth stock that is not quite growing, but a balance sheet that is improving. keep in mind, net income did double year-over-year. furthermore, the company did say it is going to spend about $17 billion this year on new programming, and it won't actually have to borrow any of that money to spend on that. that should be relatively good news to investors, but keep in mind, you're talking about a company that, five or six quarters ago, we weren't talking about paramount+ or discovery or any of these others. roku getting dragged down and this as well. tonight we get earnings out of lam research. tom: what do they do? romaine: this is chip equipment. they have been a big beneficiary of the chip shortage. expected to be about 50%

romaine bostick and the team in the afternoon with a lot of coverage of apple.ight now, ben laidler has done it three times in a row. he has made a major bull market call and been right. holding court at hsbc for years and then onto different projects, we are thrilled ben laidler gives us the first interview with etoro israeli operation, it is big and digital and moving to the equity markets. he will provide global market strategy for etoro. can you reaffirm your very lonely double digit equity return for 2021? ben: i think so. i do not think it is a forecast anymore. i think it is a question of hanging onto what we have got, which is going to be pretty historic. we have had only twice in the last 50 years have we had this three in a row strong equity market. i think we do. valuations are high. earnings will keep surprising. i still think with these topline growth numbers being revised up and all of this operating leverage, the zoning story will keep delivering. that is the foundation. tom: given the bull market, what is your guesstimate of what they will do wit

romaine bostick alongside caroline hyde in london and taylor riggs in new york.essage from the president before, reiterating the general idea that the rollout is paramount. >> we have been hearing that, especially yesterday and monday when that reopening trade was in question.

romaine bostick joining us now. only one story in this equity market at the moment, and it is the banks. guy: in addition to what --romaine: in addition to what you guys are talking about with jp morgan, with goldman sachs, a lot of people are looking to these numbers to define the direction of the economy, consumer spending, and business spending and capex spending. we got a little bit of a taste out of this jp morgan numbers and goldman numbers as well. wells fargo numbers should provide a little more of an interesting story, particularly on the loan side. of course, wells fargo still dealing with loan-loss reserves that are running at a much higher rate than what we have seen for the other banks here. we are going to get those this morning. we will have to get the info later on on bloomberg markets: the close. bed, bath & beyond did report earnings here. their expectations were pretty high. they did beat on eps come about revenue numbers came in a little bit worse them but the street was expecting. it was down ab

romaine bostick will jump in and just a moment and give you some of the numbers to look at.get to the bond market -- why do i do that every morning at 7:30? can i start again, tom? tom: you're a little rattled. it is hard to focus given the football in europe. you've been off your game for three days. jonathan: i appreciate that. i don't know if that is an insult or support. yields up on the 10 year to 1.5 680% -- on the 10 year to 1.5680%. what happens to yield? will it be consistent with the outlook, or will the ecb stop that move higher? tom: i thought you were talking about the super league in germany. germany largely avoided that, right? jonathan: they did. i'm not talking about that. i'm talking about bunds. tom: i lost my head. jonathan: clearly. deutsche bank talking about the quarter for europe. this is what goldman was talking about. rate differentials in europe's favor. flows in europe's favor. the euro-dollar, a move towards $1.25 perhaps. you can hear the bulls, starting to sound a little bit louder around a stronger euro. tom: i agree, but when did they start a

shery: scott minerd speaking with caroline hyde and romaine bostick.have more information when it comes to the archegos related losses. it could be up to $5 billion. we had heard earlier credit suisse could be detailing those losses on tuesday. reuters reporting they could be up to $5 billion. credit suisse has been hit hard by the collapse of archegos. sources have told bloomberg the losses could account to billions of dollars. credit suisse is planning a review of their prime brokerage business. the financial time is reporting the chief risk officer will be leaving. the investment bank chief could be leaving as well according to sources speaking to bloomberg. haidi: a keenly awaited update from credit suisse. the bank starting to unload some of those stocks related to the big luck trades that did so much damage to the related parties. don't miss a big interview coming up. dell technology's aipac president. we will be speaking with the renew power management director about the renewable energy space in india and his plans to list on the nasdaq thrace

bostick. romaine: tesla had those numbers over the weekend, 185 thousand vehicles worldwide.p in europe and china. dan ives of wedbush has been bullish on this for a while, raising his outlook, saying we could see 900,000 plus cars delivered this year loan. that is well above what most other analysts are expecting. we are going to get their analyst day tomorrow. a lot of attention is going to be on the chip shortage, and what type of spending we could see out of them. an interesting story on this genetic testing company. a convertible offering, and one of the biggest investors in this is softbank. that is why the shares are up 9.5 percent. softbank has been dipping its toe in the water of a lot of these genetic testing and biotech companies. we've got to talk about gamestop, down in the premarket. that will happen when you throw 3.5 million shares onto the market. down 16%. if you were looking for an entry point, that might just be it for you today, tom. ro -- roblox, another in the gaming space, doing well today. if you are into traditional gaming, while you were cramming in