morgan stanley is also more expensive. of these businesses are still very volatile and subject to the macro environment. tom: alison williams, looking at headcount. jp morgan $260,000, morgan stanley 78,000 now. who are they hiring? alison: i think in general the hiring we will see this quarter relates to some of the campus hires coming on. for morgan stanley, probably the bigger story which i think bloomberg has reported on his mortgage banking, a business where we expect to see headcount coming down. in general, you pointed to the big employee base of jp morgan versus morgan stanley. keep in mind the branches they have that really sort of fuel that higher staffing, the long-term story in terms of resizing those branches and becoming more digital and the like. i would say the one thing we are focused on as well this quarter with global investment banks is the compensation pressure and what's happening with the investment banking headcount because that's where we saw pressure coming into this year, record ipo's and mna las

now, all the houses outside of stanley will have 24-hour power.still, they don't get the degree of services that we get here, so they have to be a very much more self-reliant community. (sophie fouron) i didn't think i was going to feed a little lamb today. i'm enjoying this. (mallory barnes) guys! come on! school time! - school time! - come on! - bye guys! (tanya clarke) say bye! quick, quick, quick! (sophie fouron) how many sheep do you have? - we have about 5500. and we're a small farm. - 5500? i was expecting a hundred. - no. - 5500. (shane) shane. (sophie fouron) shane. nice to meet you! not your first time doing this. (shane) i've done one or two before. (tanya clarke) you have to stay back. (sophie fouron) living out here, you need a wind turbine, and then a generator. (shane) a backup, yeah. - backup generator? - yeah. - if the generator breaks down, you can't just call your local electrician to pop out, so these guys have taught themselves to maintain pretty much everything on the farm. - so you're electricians and plumbers, and carpenter

now, my charitable trust, you can say you hack, but morgan stanley was a good number. it's very different from jpmorgan because i believe gorman is not worried about a hurricane. he doesn't even talk about a rainstorm. >> i think he feels they're prepared for whatever comes their way. he's certainly not committed to the idea there will be a hurricane. wealth management is obviously a very important component of the overall to those kinds of fluctuations >> this is where we're at a disadvantage being on the set. i want to know how e-trade is doing because robinhood is not doing that well. >> i think e-trade is going okay we'll see. we don't have the call yet we may get more information on morgan stanley >> how did schwab get to be king >> they did buy ameritrade that helped. >> good deal >> yep >>> moving on to inflation, ppi up 11.3% on the year after cpi jumped to highs not seen since '81. the treasury secretary jumped in ahead of the meeting in indonesia. hear what she said >> inflation in the united states remains unacceptably high and it's our administration's top

stanley roman will not be able to cook ural dumplings in the stanley cup, but he is not alien to plans to organize a meeting with diseases. and when he leaves after an injury , the opportunity will play hockey with his fans. another nhl star alexander ovechkin has not lost his vacation since may. wasted time. he managed to play football for dynamo moscow, took part in the farewell match of his former washington capital partner with alexander semin and sang at the hands up concert this time alexander ovechkin , along with soviet hockey legends alexander yakushev, valery, kamensky and vladimir myshkin, took part in charity match in support of russian paralympic athletes. the russian slash hockey team, one of the strongest in the world , let me remind you that before the games in beijing it was one of the favorites, but literally the day before the opening of the paralympics, our team was suspended. the international water sports friendship games continue in kazan. the bronze medalist of the olympic games in tokyo alexander bondar ruslan chernova became the winners in synchronized diving

i'm fascinated to see how morgan stanley does.he wealth management margin is legendarily wonderful and it will be interesting to see if they sustain that. lisa: my take is that the big determinant of what makes able market or the bear market, gains versus losses is what margaret patel was talking about, there was a hope for the soft landing to be facilitated by a natural role over the inflation data which is not happening. how much are you going to see this be the pivot point for the downgrade visions and how much of the concern of the foreign outlooks for companies themselves? jonathan: i sent him a quick message he will join us and -- tom: his people spoke to him? jonathan: i've spoken his people. lisa: meeting him. jonathan: yes. tom: it is short, i can see mcdonald doing that. jonathan: we will see. tom: everyone here is wearing a patagonia. in london there dressing. jonathan: i can't speak for london in the weekend, everyone is naked because they have ever seen the sun before. i hated. tom: you go flip flops though? jonathan:

. >> morgan stanley is fine.device thing i found a little discouraging. morgan stanley seems like it's fine our stock's been going down but we bought back a lot of stock and we think our stock is cheap. that's what i want to hear i didn't get anything about stock is cheap by dimon. i was not discouraged by morgan. what did shock me is that anyone on wall street thought there was any investment banking i'm with my colleague david faber every day and we talk honestly, there's no investment banking. i don't know why anyone would think there was investment banking. these analysts are so wrong about so many thing, andrew, i think they should donate their salaries to a really good cause, whatever they think is the right cause. >> well, most of -- >> that's how wrong they are. >> they work at the banks, makes it more surprising >> there's no investment banking. >> we will see you in just a couple of minutes. >> why where are we going >> unfortunately not, but we'll see you -- >> i have so much to conagra was -- >> you'l

i am peter akwaboah and we are morgan stanley. >>> welcome back this morning.a is america's top state for business in 2022, winning for its economy, technology and access to capital we do rank all 50 states, and scott cohn is with us from north carolina, with a look at the states that did not do so well scott? >> reporter: kelly, you missed it during the break, i rescued a swimmer. you missed it! anyway, here we are on wrightsville beach, thank you for the lifeguard who is on his way to make sure everybody is safe if there are top states, there must also be bottom states, and so this year, these are the states that bring up the rear. hawaii is a great place to live, although even that slipped a bit, because we considered child care among or metrics. tied with whole is 26, new mexico, one of the worst for education. one of highest crime rates it is cheap to live there. louisiana is leading the nation in targeted incentives, but it also has the least reliable power grid in the nation by far. state number 49 is alaska, a slight improve, but still dead last for inf

goldman wants to be more like morgan stanley. businesses are bigger consumer wealth management offsets in decline asset management. that is a part of their strategy, to expand to get the millennials early in the investment stage and then they move into the private banks. the asset management business was down significantly with the earnings of beat on a lower mark to market pricing, likely to come back in the second half of the year. i like the goldman roof work today, i think it's a good one. they do want to be more like morgan stanley to close the gap from 11 to 14 times pe multiple. responding for the trading in the routine you have to have recurrent repeatable success with stable income that comes really from wealth asset management. kailey: you like the report, clearly the market does, too, but let's talk about where they missed in the debt and equity where it reflected a decline in industrywide volume with a talk on mergers and acquisition transactions. how do you expect that environment to change in the second half in the

jpmorgan chase and morgan stanley stepping up first.tocks have been under pressure following back-to-back quarters of inflation results it could weigh on consumer spending and the banks' bottom lines. let's go to ken leon for the latest ken, this bank trade is a comeback trade for months and quarters and years now what will it take to get the trade going? >> good morning, dom you are right. the narrative has changed. we're at an inflection point where perhaps the economy is putting pressure on the banks. the question is for investors is where the bull is going over the next 6 to 12 months. not where we are we are going to shed light with jpmorgan chase and morgan stanley today on loan activity and capital markets. all of a sudden, instead of releasing reserves, banks are building up for credit losses potentially next year. >> okay. if that's the case, let's look at the big results coming out from jpmorgan chase and morgan stanley. you could argue beoth are bellwether in the business side of things. what are you looking for out of jpmorg

morgan stanley is down around 3%. jp morgan, we now know, temporarily suspending share buybacks the bank did report second-quarter results that fell short of estimates. it is also turning up the heat on scrutinizing the lending books. the cfo talked about on that issue earlier. >> this morning, we're going to scrutinize even more aggressively then we always do. we do that all the time anyway, but of course, we want to turn of the heat on that a little bit. guy: that brings up to our question of the day. what is the bottom line for the banks? what is the bottom line for the economy from the banks? let's try to address both of those questions. let's get a take on the banking side from a macro point of view. after digesting all of this, what's the bottom line, what's the take away? sonali: there's a lot of excitation on the banks making interest in the coming year. that expectation is already baked in. how do banks make money beyond that? the idea here is that trading revenue is a little weaker than expected at jp morgan

morgan stanley is not a huge lender, does not have that as a big risk item. i think that is what the market is telling us that it is worried about the liquid sees down the road and morgan stanley is much more immune to that phenomenon. kriti: stephen biggar and jane castor --stephen biggar and sonali basak, thank you. mark: in israel today, president biden committed to extending any agreement that provides billions for the israeli military. he signed a joint declaration with israeli prime minister -- the israeli prime minister. the two countries will also never allow iran to acquire a nuclear bomb, the document claims. in japan, the prime minister's asked for as many as nine nuclear reactors to be on this winter deal with -- to deal with an expected power crunch. this is following the fukushima nuclear disaster in 2011. 10 of the 33 have been restarted, though some are off-line for maintenance. in tokyo, the government raised the covid-19 infection alert to its highest level, almost 17,000 infections reported in the city wednesday. that's compared with 3500 j

lisa shalett joining us, morgan stanley wealth management. the recipe of data today working in favor of those who are bullish on stocks, but there are still so many wildcards. it is that leave you as a someone trying to position over the longer term? lisa: look, i don't think we really got a big change in direction here at all. my read of the data is that it continues to be extraordinarily mixed. with, you know, some things like the new york empire today saying, you know, maybe manufacturing is not quite yet falling out of bed, but retail is ok, being pressured by prices . then, of course, the suddenly-important university of michigan inflation expectations sentiment that the fed seems to be looking at. i don't put any weight in that whatsoever. we have so many other metrics that demonstrate what consumers are feeling and what they are saying. to me, the small business sentiment index and the concerns around inflation are what i am looking at. i don't think that suddenly consumers -- consumer inflation expectations have eased and it is all cl

morgan stanley came in at a buck 44, the estimate was for $1.53.0% drop from last year. revenue, a miss. they came in at 13.1 billion, the street was looking for 13.48 billion. again, i'm doing fast math. that's about maybe an 11% drop as far as revenue goes. the stock as you can see heres is down about 3%. looking for commentary from jamie gorman, what he is saying is strong results in the quarter, equity and fixed income results helped partially counter weaker investment banking activity. that's probably not a surprise if anybody follows the banks as carefully as we all do, obviously. overall it was a solid quarter but volatile market environment has certainly affected the numbers and this is more volatility than we have seen for some time. they're also talking about institutional securities business, that came in 6.1 billion, that's not so bad. that's actually lower than last year. that business, the institutional securities which is huge at morgan stanley, they had 6.1 billion, it was 7.1 billion a year ago. so that's not good. investment banki

>> reporter: stanley. >> stanley who? >> reporter: cup. their cup runneth over. new york. >> jeanne moos, thank you. every player gets 24 hours with the stanley cup. if they just rolled with it, maybe they would have had it for a full day. >>> thank you so much for joining me, i'm ryan nobles in for fredericka whitfield. "cnn newsroom" will continue with jim acosta after a quicick break. have a happy fourth of july. it's easier to do more innovative things. [whistling] did i tell you i bought our car from carvana? yeah, ma. it was so easy! i found the perfect car, under budget too! and i get seven days toove it or my money back... i love i thought online meant no one to help me, but susan om carvana had all the answers. she didn't try to upll me. not once, because they're not salespeople! what are you...? guess who just checked in on me? mom... susan from carvana! [laughs] we'll drive you happy at carvana. announcer: type 2 diabetes? discover the power of 3 in the ozempic® tri-zone. in my ozempic® tri-zone, i lowered my a1c, cv risk, and lost some weight. announc

so i feel much, much better about my bank holdings, about a morgan stanley, about a bank of america.not happy i am disappointed in the earnings from jpmorgan i don't like the suspension of a buyback. i understand why jamie dimon and the team are doing that, but i don't like it. i don't feel good about it at all, and quite candidly, i'm going to be studying the regional bank earnings in the coming days because i think there's opportunity there, and i think from my perspective, i've missed out on what has been a significant outperformance from a lot of these companies like m&t, regents, cincinnati financial, but i'd be looking to get into one of these. >> that's the mayo play right now. coming into earnings, the play was main street over wall street in terms of financial institutions doing well at this particular moment. >> clearly being reflected in terms of performance loan growth is strong. now you're talking about nii, which is going to be strong as well i've missed the regional bank trade, not much longer i'm going to take a position in one of these soon enough. >> sarat, bank of

moran stanley up l at least from these forecasts, that negative growth for the powell. we don't have a framework. we'll have to wait until powell has a better inflation >> i think we need to know how it -- and whether the market has it right >>> steve, thank you so much we'll let you go take a listen. >> jerome powell can't fix everything but if he uses his one tool very aggressively, he runs the risk of having the fed push or economy into a recession. here now to response, charlie is vice chair of ariel investments and francis donald is chief economist and strategist welcome, everybody charlie, you want to respond to that and what do you think the fed should do here >> i hope you're sitting down, because i actually agree with fluorwarren, which may be a first for me. >> wow. >> she's absolutely right. the fed can't do anything to bring down inflation, but they can cause a recession. the reason we have this inflation is we had a massive in in increase in the money supply the did news is the money supply has stopped going up, so we are on a path to control inflation, but

jp morgan and morgan stanley posted a 50% plunge in investment banking revenue. so potentially souring loans and notably suspended buybacks. so there was a lot of bad or cautionary renews and earnings today, and tomorrow we will bring wells fargo and city, so we will have the banks that set the tone today. what's to come tomorrow should set the tone. shery: we will see what happens with shares plunging. our coverage of u.s. finance with the latest on earnings. we have a bigger interview. don't miss our exclusive conversation with the philippine central bank governor after they surprised market by delivering an off cycle for a basis point hike. for now, let's get this to keenan with the first word headlines. >> we begin with the federal reserve governor who has given his report for a 75 basis point hike after the latest inflation report. he says he could go even bigger if they add his vote will depend on upcoming retail sales and housing data do ahead of the meeting. >> based on the labor market, it is just inconceivable to have a recession with an unemployment ra

i jokingly said, is that the stanley cup? and he says, yes >> that's when i went running out the door i said, can i see it he opened it up. he said, of course here's the only picture i got. >> reporter: lord stanley's cup right there in their own driveway. >> he opens it up and i did feel the rim right away i saw it was dented. it was all fixedt a feeling fort yeah i picked it up by the neck and got a feeling for it >> it's a little bigger than that. >> three feet. >> three feet, yes >> and it's bigger around than i thought. >> reporter: the cup keepers told them they were looking for another house in the neighborhood with a similar address number aves captain gabriel landeskog. >> they're only one digit off. because of that one digit, it was fortuitous for us. >> reporter: oops. well, what's one more stop >> we made sure it arrived safe. >> and we showed them where they were supposed to go. they were really nice people, and i imagine they had some sense of embarrassment because they got to the wrong address. but they also wo

obviously morgan stanley, jpmorgan are at the top of that list you buy them, hold on to them and make money as they recover the problem is that everybody is doing well everybody has no nonperformers, everybody has decent loan growth and the nonperformers are key. if nonperformers don't go up, the stocks won't go down to a point where actually you can build wealth owning them at the bottom so again, the money is made when there's blood in the water i'm hoping that we have blood in the water. i know that's not what you want to hear or what the market wants to hear, but that's what we need to get to to make these stocks attractive. >> rich, what was your takeaway from some of the bank earnings this morning as it relates to their performance, which is weaker again, and we do have that inverted yield curve and the broader market. >> sara, i think part of it is exactly what you said. it's a simple model of financial profitability and the better the margins on lending and activity. so that's not real good for the future of banking. number two, i would point out that if you're a devout monito

. >> morgan stanley -- >> i could talk about -- >> morgan stanley's mike wilson says we've got unfinished business for the bear, those are his words. whether we go into a recession or not, we still think the equity market is mispriced further current pmi backdrop we think fair value is 3,400 to 3,500 and maintain that as our tactical base case evercore cites slower growth, they go to 4,200 on the s&p. citi goes 4,200 on the s&p liz young, why don't you opine on all of this >> i dodged bullets until now. >> jim won't yell at you like he did me, but go ahead. >> okay. so i think we're talking about a couple different things here there's different speeds that this is going to happen at, and the market has already taken the lead on the speed of drawing down the economy, this is going to be a slow grind lower, and as we've mentioned already, the labor market is one of the last things to turn. however, jim, i want to respectfully disagree with you on one of your points. there are cracks in the labor market we've got challenger job cuts going forward. we've got a slow increase in initial jobless

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and note from morgan stanley that that that is about an 8% for s&p 500. does that sound right to you? >> it depends upon really the combination and the economic outlook. when we think about the dollar, typically the dollar is surging in periods of economic weakness or risk-off periods. it has been decreasing the expectation and at the same kind of the dollar is rising, the net result is analysts have shown some tendency to reduce expectations of the multi-national, growth segments, but it is really difficult to isolate one vs. the other. the result is expectations for second-quarter innings -- earnings, and just to the end of april. the biggest drag is again, growth earnings are actually supposed to decline year-over-year. guy: how many times am i going to hear the dollar mentioned? microsoft has already warned. >> i think it will be for the one third of companies actually have exposure, but 65% of companies are actually net beneficiaries of the dollar. when the dollar rises, generally, their earnings are positively correlated. but for those who have expe

morgan stanley and jp morgan. they don't have to do that, but the consumer really is stretched to get the most unaffordable houses over the last two quarters, while the recession is a problem for these banks. thomas: the underwriting has been extraordinarily sound. when non-performers go up, which they will, the surprise should not be that they've gone up. the surprise should be that they were zero for so long. it is a remarkable -- this is the most pristine i've seen the ratios in my career. it's inevitable that it will go up. where is the real big risk? i will say two quick points. shadow banking industry exploded in size during zero interest rate policy. i think it will be very keen to watch what happens in the shadow banking industry. it's four times the size of the banking industry, we think. number two is, the majority was really good. these banks have more capital, more liquidity, and they may have higher nonperformers, but i think they will churn through it. tom: jamie on park avenue just emailed in and sa

en that is morgan stanley. and you like it because of the pivot that the ceo made over time towards wealth management, asset management which are steady sort of annuity revenue streams. >> exactly 60% plus of their revenue now comes from the reoccurring revenue wealth management business what does that mean fmorgan stanley? 4% yield just announced that just a couple weeks ago and also only about 20% of their earnings are affected by international. this is a company using the balance sheet really well now. they're not really leveraging their balance sheet in areas that some of the other banks are going to get into trouble. so you are trading at ten times earnings with a reoccurring revenue business and a cash flow that provides a dividend that is greater than the ten year bond why would you want to own a five-year bond that is making 2.5% when you can own morgan stanley that is committed to the dividend and buying back shares? >> love it thank you very much. appreciate it. always great to see you, sir >> thank y

friday opening bell, we of course had morgan stanley and jp morgan as well yesterday.citigroup, wells fargo out. they're coming out as well. we mentioned the to morgan's they had a plunge in investment banking revenue particularly thinking revenue with morgan stanley -- banking revenue with morgan stanley. >> was get the details of this, any common themes, the big banks have reported so far? >> they are talking about recession, that appears to be the theme coming jp morgan with buybacks to build up capital reserves, 428 billion reserves -- million reserves. banking fees more on the plus side, big upturn in trading revenue. everyone is focused on outlook. let's hear what ceo jamie dimon had to say. >> there is a range of potential outcomes. from a soft landing to a hard landing driven by how much rates go up, effective quantitative tightening, effective volatile markets, will not change how we run the company. we minister a recession before and we will manage through a recession again. >> he is the one that said there is hurricane clouds and storm clouds on the horizon,

. >> nmike wilson, morgan stanley. >>> major moves in the market, josh is going to reveal those next you don't want to miss that. we're back after this. welcome to your world. your why. what drives you? what do you want to leave behind? that's your why. it's your purpose, and we will work with you every step of the way to achieve it. ♪ music ♪ and we will work with you every step of the way ♪ dream, dream when you're feeling blue ♪ ♪ dream, dream ♪ accenture. let there be change. there's a reason comcast business powers more businesses than any other provider. actually, there's a few. comcast business offers the fastest, reliable network... the protection of security edge... and the most reliable 5g network. want me to keep going? i can... whether your small business is starting or growing, you need comcast business. technology solutions that put you ahead. get a great offer on internet and security, now with more speed and more bandwidth. plus find out how to get up to a $650 prepaid card with a qualifying bundle. >>> still green across the board, let's do these majorish moves with

when it comes to the stanley cup, yeah, you may not have known this, but each player on stanley cups winning team gets to have the story trophy. for a day. the colorado avalanche won the cup and when it was the captain's gabriel landeskog turn for the cup. well, it was brought to the wrong address. it was actually delivered to the home of his neighbor kit car blur. fellow comes to the door. he's got long kind of gray hair parted and he's very friendly. hi how are you and i'm like, hi and he's he comes right in, and he they are looking to truck is backed up and they're looking to bring in the trophy. he opened it up. all the way and said, go ahead. i lifted it up. i couldn't believe how heavy it was. i ran my fingers over the engraving. although carver took a photo of the cap, he missed a golden opportunity. he did not take a picture of himself with the trophy before it was taken away. credible incredible experience that that's wild. alright another massive shift to tell you about it in the nba landscape, their request made today by former warrior and two time nba champ. kevin durant.

i am vince lumia and we are morgan stanley.ve been streaming all day from every room. cothe power and speed ofy. this super-sonic wifi from xfinity is incredible. mom! mass speeds was my idea, remember? get minion net, with speeds of up to one minion bite per hour. [ low screaming ] but that was an epic fail. with xfi we can stream, share, swipe, like... impress your mom with super-sonic wifi. it's unbeatable internet for a more unbeatable gru. i mean, you. wanna help kids get their homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community centers up with wifi? for kids like us, and all the amazing things we're gonna learn. through projectup, comcast is committing $1 billion so millions more students can continue to get the tools they need to build a future of unlimited possibilities. >>> the futures right now up 80 points it's up. it is not something you think at 4:00 will end higher joining us

stanley george always great to have you on.usly we are getting sort of these conflicting signals from our economy. we have record high inflation on the one hand, but but then, on the other hand, you have strong job growth and strong consumer spending. why is that going to make it difficult to determine if we have entered a recession? well right now, um, in any economy that we have, whether it's good times or bad times, there's always a probability of a recession. so right now at morgan stanley are quantum model. we're giving it about 39% chance of recession and the next 12 months. having said that? uh at the end of the first quarter , we had a negative gross domestic product growth, the gdp and at the end of this month we're going to an announcement of the second quarter gdp and that will probably slightly negative. so that means technically, we're in a recession. we have two negative quarters. but in reality, most economists look at the national bureau of economic research, and in that model, they also look at unemployment. i

officer stanley. we appreciate you taking the time joining us by phone this afternoon to talk about the situation in yosemite. let's let's talk first about the effort to protect these giant sequoias. we know the fire. has moved into the mariposa grove. we understand sprinklers are being used to try to dampen the ground around those trees. what are the other efforts that are being taken to trying to protect the create at the trees? and are you confident you can do that? yes i am feeling pretty confident. aside from the sprinklers that you mentioned which are around the clock. um they have also cleared off. adjacent fuels that are on the ground that would allow fire to climb the trees. and also there's increased manpower in that area as well, and the line has been strengthened as well. and so it's looking pretty good. we have to our advantage. um, of the three three trigger points that we worry about. in the wild land fire world increased temperatures, increased winds and when humidities dropped low rig

stanley cup as you know, each player on the stanley cup winning team gets to have the trophy for a day the turn of the team captain gabriel landeskog to have the stanley cup. it was accidentally delivered to the wrong address to the home of kit car blur. fellow comes to the door. he's got long kind of gray hair parted and he's very friendly. hi how are you and i'm like, hi and he's he comes right in, and he you're looking to truck is backed up and they're looking to bring in the trophy. he opened it up. all the way and said, go ahead. i lifted it up. i couldn't believe how heavy it was. i ran my fingers over the engraving. it was real now, although mr carbo took a photo of the stanley cup itself, he missed the big chance to take a selfie of himself with the trophy. time is 5 27 of bay area lawmaker has been arrested in washington d. c coming up, we'll tell you why pasadena congresswoman judy chu was detained along with 180 other people in the nation's capital. plus making the world a little greener program that has people digging in and planting trees around the bear. a sending out ser

morgan stanley continues to say they will pressure the profits of large u.s.ompanies, but at the same time, we are seeing treasury yields not raising anymore. what will that mean for the trajectory of the dollar and its subsequent impact on equities? mark: with inflation, it is interesting to ponder that there may not be too much juice that he could add to the dollar rally , per se. right now the rates markets, if it comes in hot, 75 basis point is already priced in, 73 basis points, so it is just a rounding error really, so how much more aggressively can traders price in hikes? part of what is driving the dollar now, something that the rate hike momentum got going in the first place, is what is going on with the yen and with the euro. that is something, a huge part of the fx market. the yuan is falling on you see the -- the yen is falling on you see the policy. the euro is falling due to the war and other issues crushing europe so if they wield. rising, the u.s. dollar faces a lot of upside because its two biggest facing major downsides. haidi: the idea that

delivery workers confirm it was the stanley cup. >> is that the stanley cup? he says yes. i said, well, can i see it? can i touch it? he said sure. first thing i did was feel the rim. >> the couple did have time to touch the trophy, take a photograph before the trophy went to its intended recipient, by the way, in the same neighborhood. it happens. the mail isn't perfect but would you open it up and check it out? would you be curious? >> absolutely! that's like a once-in-a-lifetime situation, of course. >> taking all the pictures. they obviously knew who it belonged to. that thing is huge. if that shows up at your door, what the heck did youorde onckag oh, no. >> that would have had to have had a signature. >> i would think so. >> or a little bit more care in the whole process of delivery. i don't know. interesting. glad it got home safely and congrants to the avalanche. >>> warriors fans, could kevin durant be heading back to the dubs, back to the bay? humors have been swirling since durant requested a trade from the brooklyn nets. reporter mark j. spears said they are in

, steph, in the banking sector >> well, after the capital tests, the stress tests, i think morgan stanleyer hands down in terms of them turning around and increasing their buy back and a dividend. the only company to do both, by the way, so they look like a shiepi shining star i like what they have done in terms of the m & a and diversifying away from the yield cou curve. you're going to see synergies there and they just continue to have excellent, flawless execution. and the stock trades at 11 times earnings and will yield 4% i like the turn-around in wells fargo and also i mentioned bank of america is the hidden fintech play. >> are there any banks that we're talking about right now, steph? institutional banks that could add a fintech company? we were just talking about fintech. is there sort of a, i don't know, a matchup that you see in the cards possibly >> i mean it's possible. but i still look at these valuations, melissa, and they're still pretty high and what do you get for them, right? you've got a declining subbase, if you will. so i think that these companies have all been inve

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and morgan stanley, same problem. they missed on earnings per share, they missed on revenue. this normally does not happen and one of the things i thought was interesting you talk about the that economic hurricane jamie dimon talked about he reiterated that on the conference call it is always about his outlook and commentary. he discussed all the headwinds. one of the first things he pointed at i thought was interesting, quantitative tightening. >> yes, absolutely. well quantitative tightening really amounts to some effective increase in the federal funds rate. the fed never really announced their estimate of what letting their balance sheet run off really amounts to in terms of the equivalence of a fed funds rate. i think it is 50, if not 100 basis points at least. so that is the bad news. the good news is that probably reduces the amount of tightening the fed has to do in terms of how high they will have to get the federal funds rate. i think they get to 3, 3.25% before now and end of the year. that should be about

morgan stanley and jp morgan, they have completely different views. sticky inflation will keep the fat on a hawkish path. they will hike right into a recession. you will not get a bullish stock signal. jp morgan sees inflation peaking now or soon, labor market softening. it can move to more bonds and a balanced path. they see a better chance in the second half of the year. what about u.s. recession risks? it is up 47.5%. moving up according to our latest bloomberg survey. according to the forecasters, these people determine the recession, they look at at incomes. you can see the net chart, some things are weaker, but no recession imminent. a big question in europe is after the 50 basis point rate hike last week, that debate continues. we see the hawk from the ecb. we see him saying that the frontloading from last week may not be over. he expects to see a significant september rate hike, not exactly a dove, but another individual from the ecp says it is step-by-step in a gradual way. the german business sentiment closely watched, it fell to the lowest

morgan and morgan stanley disappointing on earnings. the two year yield climbed back a little bit given the expectations of 100 basis point rate hikes were paired back. crude prices are seeing an upside. it is still below $100 per barrel. this is very important when it comes to the ppi numbers we got today. 11.3% gain year on year. we are seeing producers seeing a little bit of relief given that commodity prices have come down in the last few weeks. right now, we are seeing consumer inflation accelerating faster than ppi. households taking the brunt of these price pressures. haidi: let's take a look at the asian markets. we're looking muted given the uncertainty and headwinds. sydney futures looking at a drop. u.s. stocks closing will off session lows after a lot of fed speak. the aussie dollar is unchanged. we did see a boost for the aussie after the jobs data that was positive in australia. taking look at new zealand where we are saying modest gains early in the session. the dollar yen holding just over 1.39 handle. breaking news, wal

equity and capital markets fees were down 85% at morgan stanley.the impact of the market volatility there. there were mixed messages on the trading side, fixed income was definitely up but perhaps not as much as some people expected. the other thing you are seeing is the pause on the buyback from j.p. morgan which caught some by surprise. there is certainly an element of caution from these banks about the economy going forward. tom: caution from these banks and concern about the investment banking part of the business. our finance managing editor with some of the takeaways from the earnings from morgan stanley. markets in europe seeing gains of .6%. gina martin adams, thank you for your analysis. surveillance is up next. millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late

morgan stanley plummeted last quarter. capital market seized up. jp morgan extended share buybacks after reporting a miss on second court revenue. the two ceos sounded upbeat about the economic outlook. >> there's a range of potential outcomes, from a soft landing to a hard landing, driven by how much rates go up. the effect of volatile markets. it isn't going to change how we run the company. we've managed through recesses before and i'm comfortable we will do it while. >> we are frankly guessing at this stage. i think it's unlikely to be a deep and dramatic procession in the u.s.. the environment is very complicated. bought of uncertainty. frankly for our business model, we fare relatively well. manus: two titans of wall street there. optionality is a great word. diamond makes it clear, there's a hurricane coming but the consumer is stronger than it was in 2009. leverage, leverage, leverage. that's the point. you might have a slowdown but it's perhaps not going to be as aggressive as it was in 2009. it will certainly be different. dani: that's th

the first time i've seen anything like that was in stanley black & decker, which was a total disaster of a quarter. we don't have enough labor, but we unfortunately have inventory gluts across the board, which is going to make it so it's very hard to raise price and therefore i think jay powell can come back september, raise smaller. >> no longer behind the curve. >> jeffrey has been very good. >> now, those who wanted 100 basis points, those who wanted a hike intermeeting, are they now looking back and thinking that would have been a mistake? >> well, they have to -- they were doing suboptimal thinking and they've been ill-advised i think it's time that it's okay to be able to say you should be more data dependent. again, the one thing i don't want to do is say things that would elect the democrats over the republicans in the house i think there's a lot of subcurrents. the people who like the republicans are saying it's all bad. the people who like the democrats are saying it's good you have to get away from that because it doesn't make our viewers money. i don't want to be jim crame

a new analyst is covering apple for morgan stanley eric woodring we have called over to morgan stanley. we have asked if huberty has left the firm, we're wait to go hear back. interesting because she has been a star analyst and she has been the one on this name arguably more closely followed than anybody else a new analyst, reiteration overweight, 180 the price target 185 at ubs amazon reiterated top pick on and on and on and on and, by the way, we're going to get snap at overtime today and i don't want any of you to miss that, not just because i want you to watch "overtime," it matters. it's the first mover look at the digital advertising market if you want to have an idea of what meta, facebook, and alphabet will report next week, what the commentary will be around ad pricing and a slowdown in the digital ad environment, then you have to see what snap reports. remember, when they reported in april, they came back and they cut their own guidance in may. in may after they just reported in april they said they weren't going to meet their targets they would be at the lower end of the ran

morgan and morgan stanley.asically have these 2 wall st angst -- thanks calling for the time -- banks calling for the timing of the pivot. one saying inflation is coming, -- it is different this time around if you're waiting and getting ahead of this attentional pause by the fed, the problem this time as the pauses likely to come too late. david: talking to thomas, head of -- are you on team pivot, or team pause or we continue on this route? >> i knew you were going to ask me that. good morning, for us i think the issue is the fed and ecb are very concerned with inflation in the short-term and the longer-term. that basically means that we will have rate hikes up until probably q4. the problem for us, this is not really a demand driven inflation story. this is a supply driven inflation story. getting super aggressive on rate hikes will not actually solve the problem in terms of the inflation picture. because it comes from the supply side. the market is telling us we are getting 75 points tomorrow, the terminal r

morgan stanley, j.p. morgan, taking risk off the table, putting aside more losses for charge ups and for loans. two year yield is where you will see the reaction to the comments and still standing firm. that spread between the two in the 10, and now you're looking at something like 26 basis points today. a huge spread and the dollar story is a euro weakness story. it is also a stronger dollar story and you can see that reflected in the cable rate and in dollar-yen. its highest level since 1998. the ripple effects that will have all over emerging markets as well is in europe. >> it is like the rate hike is on steroids prayed let's get back to italian politics. the prime minister mario draghi, the government is currently on the brakes. this is as we potentially work our way towards a confidence vote. potentially withdrawing support from that government. the euro chief there, we understand that draghi has went premonition of the president prayed what is he going to do? >> we do not know. as far as we underst

morgan stanley, another contender downgrading growth. atlanta now gdp cast, negative.ngs are not looking great on the data front. lisa: if you look at the economics of price index, it has been negative for a while. yesterday, personal spending numbers did put a damper on the economic growth expectations. simply because, people are pulling back. a safe sign prices have gotten to a level people are spending less on a real term. jonathan: there has been this conversation about a potential for cuts in 2023. that is not the forecast, they acknowledged the potential. cuts potentially coming as growth falls further below potential. that is the development in the conversation. lisa: crystallizing it is michael burry where he said, next up is earnings compression. maybe halfway there with respect to how much the stock market has sold off, given we had the worst first half going back to 1970. we could get gloom persisting in the second half. tom: i went back to 1947. i looked back at the smiles we gave to one another for the things -- for the way things were. jonathan: i disagre

i am vince lumia and we are morgan stanley.siness powers more could businesses thanmily. any other provider. actually, there's a few. comcast business offers the fastest, reliable network... the protection of security edge... and the most reliable 5g network. want me to keep going? i can... whether your small business is starting or growing, you need comcast business. technology solutions that put you ahead. get a great offer on internet and security, now with more speed and more bandwidth. plus find out how to get up to a $650 prepaid card with a qualifying bundle. >>> travel demand continues to soar, despite what are higher prices for gas and, therefore, airfare as well. seema mody joins us now and she's got a special guest. >> thank you we're sitting down with the ceo of marriott, tony capuano. >> welcome to the new ritz-carlton nomad. >> 10,000 square feet of space for business travel, this is an exciting moment. does this reflective of where marriott sees the opportunity going forward, the luxury segment? >> well, certainl

george machete wealth advisor at morgan stanley stanley always appreciate you joining us, sir.the increased cost of living is hitting women, the hardest, the world economic forum reporting today that because of the widening gender gap, women will be more affected by higher fuel and the higher food prices. the forum says that gender parity will take 132 years to achieve unless equal salaries and economic opportunity, education , health and political empowerment are seriously addressed. a leaked memo at facebook shows the company is looking to weed out quote low performers. mark zuckerberg is apparently getting tough on staff as managers are ordered to oust so called coasting employees. according to that internal memo, engineering managers are being told to report anyone who needs support to human resources. it's a big change of tone for the silicon valley company what's known for its laid back and relaxed attitude. but facebook's value has plummeted, declining nearly 52% since the start of the year. this is questions are being asked of the company's privacy policies that has ess

are weak numbers from jpmorgan chase and morgan stanley a sign of trouble in the sector what it meansour money and the markets when "worldwide exchange" returns. >>> welcome or welcome back. earnings season rolling on big banks. citigroup and wells fargo reporting before the bell. investors hoping for better results after numbers from jpmorgan chase and morgan stanley worse than expected declines and second quarter numbers and dividends and profits are a concern. let's bring in jestephen biggar i feel like jpmorgan chase's numbers were like a punch in the gut. it woke everybody up what are you expecting today and going forward with the big banks? >> good morning, brian yeah, you know, i would characterize it different. this was 4% on consensus not a terrible miss. virtually all was investment banking which we aknew would be weak we saw $56 billion to $58 billion on income side that bodes well for the regional bank earnings in particular that the fed will help that interest income for the regional banks. i think that is a good situation going forward. >> how much of a difference -- we

was not -- stanley was the worst quarter.m surprised that amd is not up more since intel basically told you that the road map, the italian road map of different cities is getting there a lot faster than their jewelry of sapphire this is just -- people don't understand this is the fastest growing market in the world. high performance computing chips is the fastest growing chip market in the world and i think when lisa sue reports, you will say, why didn't i listen i didn't know that they -- that what's happened is that pat gelsinger turns out to be the ultimate share donor which is a curse. august 2nd you're going to find out that intel was a share donor to lisa sue at amd. >> amd, about a five-week high today going back to june 10th. >> makes sense i was going to say nvidia is a share gainer but every time you mention nvidia it gets its head handed to it >> although, jim, if you look at the top ten market caps, nvidia is back on the list and meta is out. meta moves to number 11. >> spending a lot of time thinking about meta a