spitzer goes from having won a landslide, having been the sheriff of wall street, where people stoppedstreet, to being a governor who's ordinary. ♪ and i think that must have been really, really difficult for him. paterson: when eliot spitzer was in the governor's mansion... ♪ ...he would walk around the mansion and look at the portraits and wonder what the former governors would wanna say to him. ♪ he definitely was looking for spiritual endorsement. there was so much acrimony involved. it was rocky. you ready for the grand finale? [laughs] tapper: march 9, 2008, governor spitzer-- what does he say? i got an email around 10:30 p.m, saying, "please be at my apartment at 7 a.m. tomorrow." this seems like an unusual request. this is--it's an amazing-- i knew something was wrong. so i didn't email him back. i just called him. and he said, "as early as tomorrow, 'the new york times' will reveal that i have been involved with prostitutes." ♪ so this guy who's a crusader against human sex trafficking is actually...a customer. right, a customer, yes. a john. and i immediately become relieved.

wall street wants it so badly and so desperately. let's be honest, wall street loves free money.tself cares where the money comes from. if the federal government is printing it, ultimately it will go to the bottom line of corporations. you don't get a lot of pushback but yesterday we had jamie dimon saying this is a sos. he put out an sos to the nation. wake up. this is it. inflation may spike up to 8% or more again. >> jamie dimon may be right. i don't see it that large but i don't see a lot of things but, there is no -- i would be surprised if there is a big drop in the inflation rate tomorrow, with oil prices higher, with spot commodity prices higher, with gold prices higher, with cryptocurrencies higher. all of these indicate that there should be, if anything, a little rise in the rate of inflation. this is not a time, given their model, i always say this, given their model they should be lowering interest rates it is just not. they espouse one story and dot second. charles: and i think the tell was that last fo 346789 c when somehow powell pivoted wanting to rescue the jobs

>> it's not just the big wall street trades that are sputtering.een talking about the ark of the customers and how they been scaling back because it's not really worked out. the wealth advisory channel is we know goldman sachs is really known for its prowess in advising the ultra-wealthy. this was away for them to reach out to the little guy, the retail investor. it's not quite worked out much like some of their other consumer products. goldman has been scaling back in with his deal they struck where they transfer over their clients and assets associated with them, they paid back their digital banking strategy was still remains the key part of that and that's the market savings account which they are still committed to but everything around that has fallen apart. sonali: what is the point of markets if it will not be bigger than a savings account? there was the first rate cut in anticipation of rate cuts. do you think they will still be up to drop money into markets to lower the goldman cost of funding if they don't have things like this product? >

anyway, wall street is excited.f you go back to earnings, we're essentially going back to talk to "the magnificent seven" and a few other stocks. the top 10 markets in the market according to bank of america are still going to do all the heavy lifting when it comes to earnings. again does this mean you keep buying the dip and no specific names and not broadening out our your portfolio. mr. cool breeze, phil blancato. >> i can try. charles: sounds to me wall street still wants to have its cake and eat it too. markets will keep going up. the economy will keep going up. we'll all live happily ever after. by the way the fed will cut. can all three coexist? >> no, they have cannot. we only hit 3% earnings growth in the fourth quarter. the stock mark credit is trading above its historical average, in fact significant letter depending where you look at it. my point, rates have not gone lower. i have been wrong on that. inflation is not out of the way, stock market is going to get hit for it. charles: to your point the firs

still below wall street estimates.e will discuss how it impacts the fed's interest rate path with michael mckee. when you look at the ppi and the softer pieces of information, how do you pair that with the hot inflation print we saw a day ago? >> it looks like some of the input prices are going down now after a jump for a month or 2. which is what we cannot say about cpi. markets seem to be taking it as well. it could have been worse. the statistic on the timing of the increase is for the year-over-year number. on a month over month basis, the numbers came in better than forecast. .2% rise for the headline and the koran a -- core on a year-over-year base. it was up by 2.4%. which is more than the 2.1% last month. 2.1% compared to 1.6% for headline, which is the timing statistic. u.s. about the relationship between the two. what we are looking at is a relationship among all of the free main inflation indicators people watch. cpi, ppi, pce. they broke down during the pandemic. we saw three of them running in tandem for y

this is "the wall street journal." it is a shame. i am sitting here for days now from morning until night in that freezing room. freezing in there. all for this. this is your result. it is very unfair. very bad thing. the whole world is watching. you have a d.a. out of control. you have a judge that is highly conflicted. the whole thing is a mess and you have the leading candidate, leaving jill biden -- he is the one that should be on trial. we have a crooked president. he should be on trial, but he is the one in charge. his top people are here, working with the d.a.'s office to make sure everything goes right. it should be right because they have no case. it really is a shame, this country is developing into a third world country between having no orders, no justice, we have no justice, and having a press that doesn't want to cover the facts. thank you very much.

they were the highest on wall street.e've seen other firms like goldman sachs and bank of america in tandem revising their outlooks for the index. there is a concern that people have gotten on the same side of the boat. if you look at these targets, they are not implying much upside from here so it's not like everyone is predicting gains of 10-20%. sentiment apparently has not reached euphoria just yet. katie: it's only just april 1 and there is a lot of daylight left this year. thank you so much. let's run the conversation out with martin norton, the morningstar chief investment officer. let me pick up on the valuation talk. it seems that everyone agrees things look a little pricey when you look at the broad indexes but some disagreement over what that means. should we be worried about it? >> i still think there is dispersion and valuation. the point that it's been a long rally that's been pretty strong equity returns for the course of 2023 and in the first quarter. a lot of 2023 was really fueled by the ai narrative and

story rattling wall street, wall street instead betting on a possible federal reserve rate hike afteresident biden out with another whopper today struggling to win voters amid record inflation. more polls show people prefer former president trump on the issues facing america. wall street pro carol will break it down next on "the evening edit". ♪ ♪ looking good, guys! thanks! vacations are better with the credit gods are on your side. i'm coming up! rewards once available to the few are now accessible to the many. earn points for travel with credit one bank, and live large. elizabeth: joining us now wall street pro, author carol roth, we have news coming in. reaction to this sound from president biden in tampa. >> you know if i have my way, in the next 4 years i'm going to make kl community college free. and we'll grow the economy. it won't cost the taxpayers, in a sense i don't know why we're surprised by trump, how many times does we have to prove he can't be trusted? elizabeth: really. making college free won't cost the taxpayers, carol? what do you think. >> i feel that sounds like

and they found that there was many financial industry insiders who used their power on wall street to accumulate money to themselves, sometimes at the expense of their own investors. one of the people that congress, the senate, called to testify was charles mitchell. the the president of what was then the nation's largest bank, national city. and the subpoena of mitchell is right here under questioning, the bank president, mitchell admitted that he had acted irresponsibly with his investors money. he had sold securities as safe bets when he had not actually vetted them thoroughly to know whether or not they were safe bets. the committee also subpoenaed other wall street titans, like, for example, jpmorgan junior, who admitted under oath that he had paid no income taxes for several years and that he had given preferential stock deals to public figures. so the the great depression had impact. did more americans than any other economic event had in american history. and they those americans were paying close attention to this investigation in the senate about wall street, that the invest

still, wall street lapped it up.cause the packaged -- oh, tempting because the last few years the packaged food plays mostly got their growth from raising prices which is not a sustainable strategy we did speak with hormel ceo jim sneed later that night and he explained -- remember these glp-1 weight loss drugs cause people to lose muscle mass too. which is why doctors tell anyone who gets them to get as much protein as they can. by the way, i've been recommending tyson not the fighter but the foods. for the same reason. since last november. the stock's now given up a nearly 23% gain. holy cow, am i smart as for hormel i wouldn't be surprised if it's got more room to rupp. okay just trying to get my teriyaki next, on march 20th, generous mills as we used to call it on wall street. this is a darn good company, reported a darn good quarter and the stock rallied 1.2% in response while the market's rolled over since then mills has just hung in there tough! as the hormel general mills turned in a solid set of numbers in l

main street, wall street, k street pretty rosy. >> all right.do get your take on where specifically jobs are as we watch crude oil 8666, brent crude 90.89 a barrel as an investor which you are you've got to put money to work you see a jobs' report out like today, what is your next move? >> my next move is to really go -- to stock market going up is continuing to shed that is a strong jobs number you can't count object fed bailing you out with rate cuts you have to have for these companies so, that has become have been bigger focus in the week when we start to have the first set of earnings coming out, if you are missing numbers, you saw tesla delivery nebz how stock reacted when they missed even though already down 20 some odesantis% now down over 30%, you've got to get working telling a great story how life is going to be five years from now how you are going to do great, that is not going to cut it anymore you are going to have to show numbers make them good. maria: dan, where is the growth i mean talking about the tech sector, but you also ha

that is what wall street would like to know the most about and i would imagine that outside of puttingnumbers that please the street, any guidance they give on the ai story going forward is important as well. sonali: how do you think about the ai story for meta moving forward? what does it ultimately give them when it comes down to the bottom line? jon: i think that if microsoft is quickly implementing ai into their suite of products, meta has arguably had the same success in the early days of integration. think about search. if we were to compare meta to alphabet, who has been in the ai game for a while, one of the biggest concerns is whether they are seating search shares to people being able to do more searching, whether it is on a platform like the one that meta has, tiktok, or even a platform like amazon. arguably, alphabet has quarterly results coming up as well. if they can prove that their search business remains strong, that could cool some of the street concerns, opening up the opportunity that seems like the biggest one. but also being able to show that wall street disciplin

and before that, the occupy wall street wall street movement against the american government in bothsentences. in the past , he used different methods and techniques to silence the voices of the protestors . we may even have seen it in the past months in the united states. now , what is the policy of the security apparatus and the advertising system behind it? how do they want to deal with these protests? what are they doing? that the united states government and the united states government in general resolves and suppresses the movements in a way , there are various methods and techniques and they are generally effective, that is, we almost do not have a movement that wants serious protest and serious subversion in fact, not in the sense of subversion the government even subverts politics in the short term . for the examples you mentioned, we had the black light meter movement, which was the main figure of this movement, which of course was said to be a headless movement . they also sent a series of black people who were dependent on the government among them to speak for them, in

as the wall street journal says denying weapons to an ally time of war is a definition of the trail.what is. the second hour of varney just getting started. ♪. stuart: byron york with me now. in your opinion has the u.s. betrayed israel because of domestic political pressure. >> israel is a sovereign nation and he can do what it feels like it needs to do in response of the attack of october 7. on the other hand the united states is also sovereign nation and the idea that domestic politics would affect some of our foreign policy does not strike me as not surprising. if you look across the democratic party there is increasing skepticism and in some cases hostility toward israel's policy and gaza. the attack, the three-part attack on the convoy from the world central kitchen seems to be a turning point in you even have democratic lawmakers who have been longtime supporters of israel suggesting they would attached some conditions to aid for israel the fact that the political reality that you're talking about in the democratic party should have an influence on american foreign policy is n

according to wall street -- beating its targets on profit according to wall street expectations.s still on to decline near session lows. you can see the same thing all around as a lot of geopolitical risk is also being priced into the markets, as well as more bad news on the inflation front with consumer sentiment expectations helping drive those markets get lower again with the s&p 500 down 1% ending in the red. nasdaq 100, 1 .4% lower. small caps also taking a hit of 1.3% lower. that does it for bloomberg markets on the day. bloomberg technology is next. we have some love in the tech stocks. i know the ed ludlow and caroline hyde will be talking about it. i am sonali basak. this is bloomberg. ♪ [alarm beeping] amelia, turn off alarm. amelia, weather. 70 degrees and sunny today. amelia, unlock the door. i'm afraid i can't do that, jen. why not? did you forget something? my protein shake. the future isn't scary, not investing in it is. you're so dramatic amelia. bye jen. 100 innovative companies, one etf. before investing, carefully read and consider fund investment objectives, r

take a look at this, it's an op-ed e in the wall street journal.ng ukraine, pike johnson mistakes -- mike johnson makes america great again. congressman chip roy joins me now. i'm dying to see the expression on his face. [laughter] there you go. what was your response to that "wall street journal" headline, make america great again, mike johnson? >> great to be on, stuart. that's what happens when "the wall street journal" editorial board sits up in their lofty offices in new york, hell and gone away from the people of texas who are dealing with this every single day. i'd love to see them the sit in the room with the parents obviously laken riley or the parents in the district in which i live in which six children died from fentanyl poisoning, how having 24,000 chinese foreign nationals be apprehended since october 1 alone which is more than all of 2023 and well more than just the simply 381 that we had in the first year of the biden administration, in '21, under the policies of president trump. our border's under assault. americans are suffering,

it's political is this is a wall street journal and it's a shame. it's a shame. >> and i'm sitting here for days now from morning until night. and that freezing room, freezing let me buddy was freezing in there at all for this and this is your result. each one had ever snow and is very unfair greg, bad thing. all right, man, they go world is watching this knows, you got to be the tadic control you have judges highly conflicted the whole thing is a mess and you have the leading candidate and leading proof viggo biden quite like he's the one that these are. you've got a group if president, you should be a drought with all the southeast done and his family, he should be a drought. but he's the one in charge. >> his top people are here working with the da's office to make sure everything goes right but it shouldn't go right because they have no case. and that's what this is. so it really is a shame this country is devolving into a third world country between having no borders having no justice. we have no but justice and having a press that doesn't want

wall street in the background of lower manhattan. noisy afternoon as we see, very, very difficult morning for commuters on the opposite coast. the golden gate bridge shut down now for almost 4 hours now. it continues to be a standoff with what i think we can clearly establish now who are protesters who have locked themselves in some way to people inside those vehicles. let's listen again for a second here. [indistinct] >> john: chanting "we are all palestinians." what we saw over the weekend, too, it was people cheering iran's attack against israel. you wonder what your perspective is when you are cheering sum of 300 explosive projectiles headed toward a very populous area. potential dangers at that if the u.s. air force, the israeli air force and jordanian air force hadn't shot down about 95%. we will keep watching this. we will be right back. is he? claritin clear? yeah. fast relief of your worst allergy symptoms, like nasal congestion. live claritin clear® every day, more dog people are deciding it's time for a fresh approach to p

even if you listen to wall street strategists, so we use the entire wall street community as a contrarianndicator. charles: when you go to lunch with yours peers you leave and do the exact opposite [laughter] >> i think what is interesting as a group wall street strategists are still pretty tepid in terms of their allocations to stocks. charles: i agree. >> i still thinkaway in a wall of worry. charles: even those raising their targets do not believe. do not believe. traditional manufacturing, buy beta and cyclicals we kind of talked about a moment ago. favorite sectors because you want tock selective. >> yes. charles: you like value and energy. >> large caps not necessarily small caps. i think the good news about energy and financials these are two sectors that were denied capital for the last 15 years and they have learned to survive when higher interest rates, higher cost of capital. these are sectors that benefit from a little bit of inflation. we're seeing real supply discipline for energy companies and, large cap regulated financial companies haven't really lent. they're the last le

wall street was only looking for 13, 16% revenue growth, 26%. at the same time, goldman had impressive control which translated to a gargantuan eat. at $11.58 per share. that is 32% earnings, from a bank. that is solid, meaningful, on the ball. what's driving these numbers? they strengthened global banking, which houses investment banking with revenue up 15%, 32%. that's extraordinary. commodities trading was up 10%. this was all substantially better than expected. they had asset and wealth management and the platform solution which is a small consumer business. both did well with double-digit revenue growth with investment banking. they explained that it's clear that we are in the early stages of the reopening, with the first few months of 2024 seeing a reinvigoration in new issue market access. maybe we are just getting started. ever since we heard from the investment banks, i've been telling you that we are witnessing a return of capital market activity and it would be very good for their numbers and that's exactly how it played out. they are

this is bloomberg. ♪ sonali: it is time now for the wall street beach we look at what is buzzing in walleet. we are looking at ken griffin's efforts to build a 62 story office tower on park avenue. turning us is natalie wong who has reported on this story. how did the news come out today? ? who was ken griffin resenting the plan to? -- pretending the plan to? >> this plan was announced with eric adams in a historic landmark building shows it is forward. they filed plans with the city and it will be ken griffin's personal investment into building one of the tallest new skyscrapers that will be in midtown manhattan alongside fort nato and routed to two developers in the city can alico this will be for cito and that ago securities was interesting about this and a term of ken griffin's own commitment to new york city, we know he has focused on miami, london in recent years. he has moved away from chicago in a lot of ways. what does new york mean in the scope of citadel and ken griffin's larger empire? dark it is a major commitment to remaining in new york city. about the scope of this buildi

many on wall street leave they cannot get worse and pointed to the first quarter as an example. they lost a lot of money. the loss was less than expected but they still lost a lot of money. within that, there are some things boeing bowls, but if you just would look at and say free cash flow in the first quarter, the law smaller than expected and they are making progress on the faa review and the spirit fuselage issues appear to be declining. we spoke about that with dave calhoun this morning. >> it is more about whether it is low or not. wildly sporadic. we are trying to sync up our supply chain this will begin to steady as we get to the second quarter. and then it will be all about how many perfect uselages do we get from spirit. that will be the constraint an opportunity and i am confident we will get there. >> reporter: that raises the question, is this the ow for monthly production on the 737 max? not at 38 per month, well below that, wall street believes they will make progress and perhaps that starts in the second quarter. they are keeping free cash flow guide in terms of

overall biden has been in the back pocket of wall street. and when it comes to gaza you see crime against humanity, work . quit lying we are seeing these crimes against humanity every day. and then respond only when arab and muslim voters vote against the democratic policy. we want someone with the moral backbone. what are you going to do? create appear that it takes two months when you have an escalation? the motto of mlk you don't use as a slogan to enable genocide. you are a war criminal for enabling those actions. we have to create a context in which the palace to and equality we don't want genocide of the people but we have to be honest and recognize jewish security predicated on palestinian occupation and domination. how do jews and palestinians learn to live together in a context that is where you have to had. it is a maras, a subterfuge. it power and is really super receipt you reproduce the same domination in a different way. i amateur rumor. i believe a precious palestinian baby has the same value as a jewish baby. that's what it i

the "wall street journal" condemned the latest ruling.gershkovich will be held in pretrial detention until at least june 30th. >>> a luxury handbag designer is sentenced to prison, and there's a mistrial in the case of a rancher charged with murdering a igrant. those are some of the headlines on the "morning newsstand." >>> "the new york times" reports a mistrial was declared in the case of an arizona rancher accused of murdering a migrant. george kelly was charged with second-degree murder in the deaths of an unarmed migrant on his property last year. the mistrial was declared when jurors could not reach a uanimous verdict after more than two days of deliberation. prosecutors said the 75-year-old was recklessly firing nine shots toward a group of men including the one who died. no one else was hurt. kelly said he fired warning shots in the air but never directly at anyone. >>> the "los angeles times" says a man has been arrested in the fatal stabbing of a metro passenger. investigators say a woman was attacked unprovoked on a train monda

it is time for the wall street beat. we're looking at blackstone.ve set a goal to grow total credit assets to $1 trillion in the next decade. to do so, they have made sweeping changes atop the unit. sandy berger had an exclusive sit down with the new head of credit and insurance at blackstone. >> ultimately, what we do, we are always going to coexist with banks. we are great partners with them. we announced q1, a number of partnerships with barclays, keybank, win-win situations where what we brought to the table with highly complement three, solve the need for them. we will do more types of those partnerships. >> you are competing at the same time. >> there might be situations. for the most part, we borrow from them, pay them a lot of fees, we see opportunities and source risk for them at large. certain borrowers will come to us directly. that is what you will see. that is what i think ourselves and some of our competitors have gone through. we don't think this is a model where one needs to beat out the other. there is enough opportunity to finance,

we will look at banks today on today's wall street beat.omberg. ♪ ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlock support from the schwab trade desk, our team of passionate traders who live and breathe trading. and sharpen your skills with an immersive online education crafted just for traders. all so you can trade brilliantly. sonali: now for some news across wall street, viking global led by halverson raised $3.5 billion for its flagship hedge fund after opening it to new cash for the first time in a decade. that booze the firm's assets to nearly $49 billion. viking has a reputation as a solid performer even when peers are struggling very volatile funds. it started raising in january of 2023 to replace client -- client withdrawals and capitalize and market volatility. it will stop accepting new money on july 1 and will be closed for the foreseeable future according to an investor letter. time for the wall street beat

wall street looking for earnings to go higher and higher and higher.a caveat, there is a caveat. it won't be the mag-7, folks. look at this. the mag-7 are supposed to be going down. they're looking for the mag-7 to go down. if you think you're going to be up 1% in the fourth quarter, that means -- 17% in the fourth quarter, that means 493 have to step up. can they? let's bring in belpointe chief strategist david nelson. let's look the mag-7 surprised this earnings season. three of four did extraordinarily well. at least the reaction were. are you surprised by their earnings? >> i'm not surprised. they're very good at talking down the street and getting a number they can beat. i would say it is even worse than some of the charts you put up there. when you have an earnings miss out there be prepared to see your stock down 15, 20% because that is usually what happens and generally your first trade out, the opening trade is the best way to get out that day. charles: again the trick is, management talks are down and then wall street too, right? i guess if y

wall street economists, what have all the wall street economists and experts been smoking?y didn't see inflation. you saw it. you felt it. they didn't know. consumers are smoking of course they are. they are smoking and they are upset because these high prices keep getting higher and higher. again the stock market getting hammered. maybe off the lows a little bit. this was of course, i want you to take a look at the initial reaction in the stock market. this is 8:35, right? that is your heat map. everyone was frustrated. everyone was upset. the stock market takes it better than the bond market. the bond market really breaking out big time here. this is not what we want to see. above 4.5. starts to get a little bit antsy there. one thing we don't talk about a lot, i don't think we do but we should is the dollar. the dollar has so much innoons over the economy and the stock market. look at that spike. that is a parabolic move by the u.s. dollar. i expect right now there is a fair amount of soul-searching at the federal reserve and this to me is sort of what you would call the

it was deregulation, tax cuts, privatized and to what's good for wall street it was you know steve an ocean it was. jay powell it was a kind of weird pact of wall republicanism and populist rhetoric but the rhetoric was national list. it was racist. it was authoritarian it wasn't populist in the economic sense of how do i help people buy a house or how do i help people get a decent job? trump didn't do that. it fell to biden to do that. the if joe didn't run. for a second term, how history regard him. oh, so i've gone back and forth on this. i think after the state of the union address, i'm pretty convinced that biden is going be the guy and i think all this talk about biden step down in favor of somebody else, that's that's going to dissipate. biden is going to be the candidate. now, if biden had gone the other way, say, six months ago, as he hinted that he might do in 2020 when he called himself a transitional figure. and were just a one term president. presidents don't do this, by the way. they don't the only guy in history who did this was calvin coolidge, who stepped down after o

wall street wrote them off and said that it is done in the thing with meta versus dump.d called it efficiency. it was all about running a business like a business. that's what they want to hear from tesla today. maturation of elon musk as a business operator, not visi visionary. >> do think that's what they will here? is that your judgment? >> i think that's what he needs to do today. >> testified out before the market gets the numbers, $145 a share, would you consider buying it? >> i don't like the risk reward. the last four times they reported, a week later stock was down 10%, the quarter before that 13%, portable for that 10% of the portable for the 16%. work orders are double digit declines, i like risk reward even though stock looks cheap, sometimes it will be a by tomorrow you got the townhall called unbreakable investor. that's the name of your book as i recall. what can we expect? >> you've never seen a business show like this before. it's going to be -- can't give it away. >> i feel the same but no one has ever done business show, it's going to be entertaining,

lauren: remember the "wall street journal" poll we've been talking about?s 68% of black support. that number is usually 90 plus percent. 48% for hispanics. that's it. >> he's floundering. lar lauren they're bad. stuart: he won't win if he as hose numbers. can't do it. >>> coming up, folks, transportation secretary pete buttigieg belittled people who don't want to be forced into electric vehicles. roll it. enter let's be clear that the automotive sector is moving toward evs, and we can't prevented tend -- pretend otherwise. i feel like i'm talking to some people who think we can just have land line phones forever. stuart: oh, dear. why can't the market decide? why do we have to be forced into a product that many of us don't want? we've got a report. >>> gas prices are up 20 cents from a month if ago and aaa thinks prices are going to keep going up. jeff flock breaks it all down next. ♪ ♪ pump it, loud orer, pump it, louder! ♪ if -- turn up the radio, blast your stereo ♪ ( ♪ ) i got injured, um, my back got injured very bad. i was off work for about a year. d

last november, there was a report done by the "wall street journal" showing that the federal reserveto some issues as to how morgan stanley was vetting clients who were at risk of money laundering. and today's headlines show and they cite people familiar with the matter that that probe has been expanded to encompass the s.e.c., the office of the comptroller of the currency and other treasury department officials. the issue, according to the "wall street journal" sources that regulators are looking at boil down to whether morgan stanley has been sufficiently investigating the identities of perspective clients and where their wealth comes from as well as how it monitors its clients' financial activity. some of those probes are focused on the bank's international clients, according to the "wall street journal." i have put out a call tocomment. i have not yet heard back. their shares down now about 4.6% on this news. >> leslie, thank you for that. let's get back to the big story of the day, this morning's read on inflation which seems to be sending different signals than yesterday's cons

iran at the end of last year wall street players took turns predicting a slowdown after a record hallllion dollars on expectations the fed would start adding interest rates. three months later, it has not happened. economists are reducing the amount of expected rate cut. so when it comes to net interest income, jp morgan is set to win big, partly because of the size compared to peers. earnings of 20 $3 billion in the first quarter, seven times more than the estimated average. investment banking has benefited from strengthening u.s. equities and dealmaking and jp morgan has the edge again with a projected $1.8 billion, up 10% from a year before. bank of america is a rival likely to report 1.3 billion dollars from investment banking, up 14% from a year ago. for updates on how big banks plan to counter exposure, wells fargo is the one to watch as the share of lending is the highest versus the largest peers. a 2% right down of cre loans would reduce by 13% before accounting for reserves that have already been satisfied. haidi: from wall street banks to india's lenders we are scouring for

this is what the wall street journal is writing this morning.it was president biden who had all these opinions about the fed and a seems to be publicly egging on jay powell to cut interest rates. here's joe biden just a couple weeks ago. watch this. >>> i do stand by my prediction that before the year is out there will be a rate cut, it may be delayed a month or some i'm not sure of we don't know what the fed will do for certain. >> would you reappoint jay powell? >> no, i wouldn't do that. >> you wouldn't reappoint him? >> no, no. >> because he missed inflation? >> he did miss. he did miss. but no, i wouldn't be inclined -- maria: so there you have president trump back in february telling me that he would not reappoint jay powell. we all knew that already. the journal is trying to suggest that his allies are trying to come up with some plan to make the fed not independent even in the face of joe biden publicly egging on jay powell to cut rates. your thoughts, john? >> what's new here? my goodness, i'm really surprised that the wall street journ

a big disappointment to wall street. a disappointment to the fed. the fed has not moved its target rate since july of 2023. the inflation rate has stalled out. we have not seen inflation rise since then it has stayed roughly in the same place. it hasn't gone down and that is keeping the fed and investors unhappy even though the fed follows the pce numbers, these numbers matter to the market which banners to the fed. this means a big change in expectations. the market has priced out a june, july and september price cut and now we are back to a september rate cut but only to this year. will the fed ratify that? they don't produce a new dot plot until then but the may meeting is off the table. katie: were talking about a potential rate cut close to the november election when you think about the political implications hobbled the fed be thinking about that stock and mike: it will be looking at the implications but avoiding them because they don't want to get involved. but the president has to hope that they do. inflation itself keeps going up. the rate

now "the wall street journal," get the headline and this is from "the wall street journal" and says the stock market's magnificent seven is the fab four and nvidia, meta, microsoft and amazon. is the market really concentrating on four stocks now? >> well, it has been. i mean, i've cited the statistics countless times in terms of heavy lifting that those constituents have brought to the table and they're not doing the heavy lift on a growing basis and look at industrials where there's a renaissance here in the united states and there's a problem with it now and ceos and political leaders know they realize you can't be reliant on the enemies for semiconductors and coming to food and energy, we're still relying and beholden to others that really don't have our best interest at heart. so i would invest in the mag 7. i wouldn't divest but not where you're going to make your money but making it in the modernization of the infrastructure and blackrock spends $13 billion building with supply chains and economically independent and don't go with the school of what's worked and go with what hasn

in the wall street journal. you wrote a column entitled i'm revisiting the books of my youth. why are you doing that. well, peter, i'm revisiting the books of my youth, basically based on my rediscovery of my norton anthology of american literature. that i used as a college freshman college student in 1982. and as you can see, it's really born the year. it's now held together with some duct tape and basically, in the course of cleaning out my house and tidying things up, i decided i'm going to take this old book from the shelf and i'm going to repair it in the course of repairing it. i reconnected with some of the wisdom that was and it wisdom that, to be frank, was not well received when i was a freshman college student because quite frankly, i was too young to really appreciate what writers like henry david thoreau or ralph waldo emerson or emily dickinson had to tell me. so in reconnecting with that as an older person, i realized that a lot of the literature really resonates. as you add more birthdays, as i have and as everybody adds, that's what really reignited my desire

profile wall street and d.c.ans to be treasury secretary if he wins in november. as you reported, billionaire hedge fund manager is on the list along with robert light lit hiser. if trumps takes back the white house, the treasury and a federal reserve posts will be very important to wall street. well, at&t acknowledging a massive data breach of customer information, dating back to 2019. the company acknowledging 73 million users were affected. 7.6 million current at&t customers and 65.4 million former account holders caught up with this breach, e-mails, addresses, names, phone numbers, dates of birth, social security numbers, all in this hack. taking a look at the stock in the premarket, it's down 2 and a quarter percent this morning. the news just a week after the company denied any breach of its systems. and finally, there's this, maria. fdny firefighters were forced to remove the thin red line flag honoring 9/11 heroes because one council woman said her constituent called o it out as a political symbol. the st

i would say wall street is looking, the sell side is higher than the buy side.-digit revenue growth 13 to 15% and the buy side is down to the nine, 10% level. next couple years -- kelly: okay we'll be hooking for that. out in the next couple seconds here. laura martin, thank you so much for your time today. down, for the second session in a row, 373 points. [closing bell rings] wee have israel on the protests and sponges this. we'll dig into the pec report, see how the markets react to that. that will do it for "the claman countdown." "kudlow" is next ♪. larry: hello, folks, welcome to "kudlow," i'm larry kudlow. so the latest gdp report is out, slower growth, highe

message to wall street, no rate cuts.enator kevin cramer won a big one to keep gas-powered cars but what is he doing for us lately? 330,000 illegal immigrants flown into florida. we have florida house member anna pa lena luna, pennsylvania member scott perry. will iran retaliate against israel? we'll ask former israeli ambassador david friedman about that and more. first up the edward lawrence at the white house with all the latest. edward, what you got? >> reporter: the white house trying to remessage the economy here. the president trying to turn around sagging poll numb brothers. the fact prices remain 19% higher from the month president biden took office. there is what the president said about inflation in the rose garden yesterday. listen to this. president biden: we have dramatically reduced inflation from 9% close to down to 3%. we're in a situation we're better situated than we were when we took office, inflation was skyrocketing. we have a plan to deal with it. >> reporter: but the president was wrong. in fact, l

wall street was looking for less than six million.r additions since covid first hit in the first quarter of 2020. revenue came in higher than expected, up nearly 15% year-over-year. and an acceleration versus the previous quarter. [ applause ] seems to be converting past users. their advertising keeps improving ♪ hallelujah ♪ and they keep putting out great content that resonates all over the world. >> house of pleasure. >> best of all, netflix earns 5:28 per share, up 83% year-over-year when the analysts were only looking for $4.52. much higher than expected. that's the number we really care about on the show. on top, management gave excellent guidance for the quarter quarter. so why the heck did the stock sell off like crazy on friday? there were a couple of real culprits here. first, even though the second quarter guidance looked great, the four-year revenue growth forecast might have seen a bit lacking. the mid point of implied was a tiny bit below what wall street was looking for. i think wall street would have been fine with it