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CNN —Former President Donald Trump said in a recent interview he would consider nominating JPMorgan Chase CEO Jamie Dimon as Treasury Secretary, but on Tuesday said he doesn’t know who said that or where that came from. In an interview with Bloomberg Businessweek published earlier this month, Trump said, “I have a lot of respect for Jamie Dimon.” He was then asked whether Dimon might be a future Trump administration Treasury secretary. Trump’s comments on Dimon in the Bloomberg interview were a sharp departure from his previous posture on the JPMorgan chief executive. Trump bashed Dimon in November as a “Highly overrated Globalist” in a Truth Social Post after Dimon praised Nikki Haley, who was at the time still running for president in the GOP primary. But Dimon then said earlier this year he thought Trump was right about key issues and that bashing his “Make America Great Again” movement would hurt President Joe Biden.
Persons: Donald Trump, Jamie Dimon, doesn’t, Trump, , ” Trump, Larry Fink, Fink, Trump’s, Dimon, Nikki Haley, Joe Biden Organizations: CNN, JPMorgan Chase, Bloomberg Businessweek, Treasury, Bloomberg, BlackRock, JPMorgan, Dimon, GOP
Trump says he's never considered Jamie Dimon for the role of Treasury Secretary in his cabinet. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDonald Trump says he has no idea who suggested JPMorgan Chase CEO Jamie Dimon for the role of his Treasury Secretary. It was Trump himself who brought it up just a month ago.
Persons: Trump, he's, Jamie Dimon, he'd, , Donald Trump, Larry Fink Organizations: Trump, GOP, JPMorgan Chase, Service, Treasury, Business
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan's Jordan Jackson: Market will end 2024 higher than where it is nowStrategas' Chris Verrone, NewEdge's Cameron Dawson, and JPMorgan's Jordan Jackson join 'Closing Bell' to discuss markets, earnings, and the rally's staying power.
Persons: JPMorgan's Jordan Jackson, Chris Verrone, NewEdge's Cameron Dawson
Read previewJPMorgan Asset Management strategist Michael Cembalest was right on the money when he predicted that President Joe Biden would drop out from the 2024 presidential race. Cembalest, who chairs the company's market and investment strategy, made the prediction in his list of "top 10 possible surprises for 2024." "President Biden withdraws sometime between Super Tuesday and the November election, citing health reasons. Biden passes the torch to a replacement candidate named by the Democratic National Committee," Cembalest wrote. For one, Cembalest wrote in his list that "the driverless car backlash is coming."
Persons: , Michael Cembalest, Joe Biden, Cembalest, Biden, Kamala Harris, Harris, Jake Sullivan, Christopher Cavoli, Cavoli Organizations: Service, Management, Business, Super, Biden, Democratic National Committee, Democratic Party, EV, Elon, Russia, US, Armed, Committee, Cembalest, JPMorgan Asset Management, BI Locations: Ukraine, Russia
Apple got a price target increase from Wells Fargo. As catalysts, Boss cited broad-based demand for Abercrombie, growth upside for Hollister and a ramp-up in Abercrombie's international brand momentum. Analyst James Faucette also lifted his price target to $175 from $154. Fidelity National Information Services stock closed at $75.25 on Friday afternoon, slightly below analyst James Faucette's $79 price target. — Lisa Kailai Han 5:51 a.m.: Wells Fargo raises Apple price target Wells Fargo is getting more bullish on Apple ahead of earnings.
Persons: Apple, Guggenheim, Fitch, Matthew Boss, Abercrombie, Boss, — Lisa Kailai Han, Morgan Stanley, James Faucette, Clover, Faucette, Raymond James, Estee Lauder, Olivia Tong, Tong, James Faucette's, Piper Sandler, Harsh Kumar, Kumar, NVDA, CrowdStrike, John DiFucci, DiFucci, Wells, Aaron Rakers, Fred Imbert Organizations: CNBC, Tech, Apple, JPMorgan, Abercrombie, Abercrombie & Fitch, Fitch, Fidelity National Information Services, Blackwell, Nvidia, Guggenheim, Apple Intelligence Locations: Wells Fargo, CrowdStrike, Hollister, Fiserv, U.S, China, CSPs
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Strategas' Chris Verrone, NewEdge's Cameron Dawson and JPMorgan's Jordan JacksonStrategas' Chris Verrone, NewEdge's Cameron Dawson, and JPMorgan's Jordan Jackson join 'Closing Bell' to discuss markets, earnings, and the rally's staying power.
Persons: Strategas, Chris Verrone, NewEdge's Cameron Dawson, JPMorgan's Jordan Jackson Strategas, JPMorgan's Jordan Jackson
Verizon : Shares dropped 6% after the telecom giant's quarterly revenue missed Wall Street estimates. "Buy T-Mobile ," Jim Cramer said. Buy T-Mobile." Lennar : Shares fell more than 1% after Goldman Sachs downgraded the homebuilder to a neutral rating following the stock's recent outperformance. "That's a big run, but if you think the Fed is doing a soft landing, you should just stay long this stock," Cramer said.
Persons: Jim Cramer's, Jim Cramer, Abercrombie, Cramer, Goldman Sachs Organizations: CNBC, Club, Verizon, Fitch, JPMorgan, Micron, Citigroup, Stifel
Goldman Sachs initiates Talos Energy as buy Goldman said the energy company has a "strong oil mix and free cash flow." Goldman Sachs downgrades Lennar to neutral from buy Goldman downgraded the homebuilder stock mainly on valuation. Goldman Sachs initiates Webtoon as buy Goldman said it's bullish on shares of the digital storytelling company. TD Cowen initiates Berkshire Hathaway as hold TD Cowen said it likes the stock but valuation is full right now. " "We upgrade CHRW to Buy from Underperform and raise our PO to $99 from $76, on 22.5x our 2025e EPS."
Persons: Wells, Piper Sandler, Piper, Goldman Sachs, Goldman, Guggenheim, CrowdStrike, Lennar, it's, TD Cowen, Berkshire Hathaway, Raymond James downgrades Estee Lauder, Raymond James, Fitch, JMP, it's bullish, Jefferies, Baird, Henry Schein, Bernstein, Stifel, BURL, Morgan Stanley, Robinson, Oppenheimer, Coinbase's Organizations: Apple, Nvidia, Energy, Talos Energy, Guggenheim, Webtoon Entertainment, Inc, JPMorgan, Abercrombie, Citi, Tamboran Resources, Resources, Nvidia Citi, Amazon, ramping, Airlines, AAL, opp, Jefferies, Genomics, Micron Citi, MU, Samsung, " Bank of America, Underperform Locations: Berkshire, China, U.S, Wells Fargo, Burlington, 3Q24
Bank of America — The bank stock dipped more than 1% in premarket trading after a filing revealed that Warren Buffett 's Berkshire Hathaway sold 33.9 million Bank of America shares for almost $1.5 billion last week. Berkshire remains Bank of America's largest shareholder with a 10.8% stake after the sale. Berkshire may be taking some profits with the bank stock up 27.4% so far this year. Verizon — The telecommunications stock slid 3% after Verizon posted quarterly revenue that disappointed estimates. Apple — Shares gained 1% after Wells Fargo raised its price target on Apple to $275 from $225, implying more than 20% upside, ahead of the company's earnings results.
Persons: Guggenheim, Blackwell, Warren Buffett, Berkshire Hathaway, Fitch, Wells Fargo, , Alex Harring, Yun Li Organizations: Nvidia —, Reuters, Nvidia, Bank of America, Berkshire, of America, Bank, America's, Verizon, Abercrombie, JPMorgan, Truist, Apple —, Apple, Apple Intelligence Locations: CrowdStrike, Berkshire
Investment banking was the rock star of big bank earnings this season. For Club stock Morgan Stanley, investment banking revenues surged 51% year over year with equity underwriting fees jumping over 56%, and advisory fees increasing over 30% from the year-ago period. Wells Fargo's investment banking revenues, which fall underneath its corporate and investment banking (CIB) division, jumped 38% year over year. "The investments we have been making allowed us to take advantage of the market activity in the quarter with strong performance in investment advisory, trading and investment banking fees." And good news for investors, it doesn't look like the rebound in investment banking is slowing anytime soon.
Persons: Morgan Stanley, Wells, JPMorgan Chase, Goldman Sachs, Goldman, Morgan, We've, Morgan Stanley's, NII, Charlie Scharf, Ted Pick, we're, David Solomon, Donald Trump, Jim Cramer's, Jim Cramer, Jim, JPMorgan Organizations: JPMorgan, Bank of America, Citigroup, Citi, Investment, IB, Federal Reserve, Wells, CNBC, CIB, Morgan, Wall, Citibank, JPMorgan Chase, Reuters Locations: Wells Fargo, Wells, U.S
The exterior of a Bank of America on July 16, 2024 in Austin, Texas. Berkshire Hathaway sold about 33.9 million shares of Bank of America for around $1.48 billion over multiple transactions this week, a regulatory filing showed. After the sale, Berkshire owned about 999 million BofA shares. It also invests in several other banks, including Wells Fargo & Co and JPMorgan Chase. The conglomerate, owned by Warren Buffett, began investing in Bank of America in 2011, purchasing $5 billion of preferred stock plus warrants to buy 700 million common shares, at a time many investors worried about the bank's capital needs.
Persons: Berkshire Hathaway, Wells, JPMorgan Chase, Warren Buffett Organizations: Bank of America, & Co, JPMorgan Locations: Austin , Texas, Berkshire, Charlotte , North Carolina
Spot ether ETFs could launch as soon as July 22, reports say. Wall Street has issued a range of outlooks on how the world's second-largest cryptocurrency will move once the ETFs launch. The bank expects these funds to drive $15 billion to $45 billion worth of ether inflows in a 12-month window. Bulls derived their confidence from how bitcoin behaved after its spot ETFs launch in January. They noted bitcoin's first-mover advantage and stressed that the ether token offers functionality that wouldn't be accessible through the ETFs, thus limiting demand.
Persons: , bitcoin, Nikolaos Panigirtzoglou, CoinDesk, Rachel Lin, Alex Kuptsikevich Organizations: Street, Service, Securities and Exchange Commission, Chartered, Bulls, JPMorgan, Citi, Steno, Reuters, Galaxy Digital, ETH, Business
Analyst Mauricio Serna also raised his price target to $20 from $13, indicating 57.6% upside potential from where shares closed on Thursday. Barclays also lowered its price target to $47 from $55, indicating 11.4% downside from Thursday's close. Analyst Benjamin Swinburne has a $780 price target on shares, indicating shares could rise 20% from Thursday's close. Cahall raised his price target to $758 from $726, suggesting nearly 18% upside potential from the stock's close price on Thursday. His new price target of $190, up from $107, implies upside of 20% from Thursday's close.
Persons: Morgan Stanley, Mauricio Serna, Serna, — Hakyung Kim, Barclays downgrades Molson Coors, Lauren Lieberman, BUD YTD, Hakyung Kim, Benjamin Swinburne, Swinburne, Doug Anmuth, Anmuth, Wells, Steven Cahall, Cahall, Arm Holdings Morgan Stanley, Lee Simpson, Simpson, GenAI, Fred Imbert Organizations: CNBC, Netflix, Arm Holdings, UBS, Barclays downgrades, Barclays, bearish, Molson Coors, NFLX's, Holdings, ARM Locations: Serna, Thursday's, Wells Fargo
Here are Friday's biggest calls on Wall Street: UBS upgrades Accenture to buy from neutral UBS said the IT services company has AI optionality. UBS upgrades Wolverine World Wide to buy from neutral UBS said it sees sales growth and margin upside for the footwear manufacturer. JPMorgan reiterates Netflix as overweight JPMorgan said it's sticking with its overweight on Netflix following Thursday's earnings report. Bank of America reiterates Amazon as buy Bank of America said it's sticking with its buy rating following Amazon's Prime Day. UBS upgrades Ameren to buy from neutral UBS upgraded the electric services company and said regulatory risks are "overly discounted."
Persons: Morgan Stanley, Oppenheimer, William Blair, it's, Needham, Coinbase, Wedbush, it's bullish, Barclays downgrades Molson Coors, Cantor Fitzgerald, Cantor, Evercore, JPMorgan, Buck, Melius Organizations: UBS, Accenture, JPMorgan, Netflix, Revenue, Bank of America, 3Q, Nvidia, Meta, NASDAQ, Trump, Vance, Big Tech, Choice, Barclays downgrades, Barclays, TAP, Apple, Services, Broadcom, Broadcom's, Consumer, Hasbro Locations: China, Coinbase
In today's big story, President Biden's comeback plan isn't working , and Democratic leaders are ready to move on . President Joe Biden's reelection campaign appears to be on its last legs as calls within his party have grown from whispers to shouts since his disastrous debate last month. AdvertisementBut perhaps the biggest blow to Biden's reelection campaign came with the news that his former running mate has doubts. But for some Democrats, the risk of Biden continuing his reelection campaign could extend from the White House to Capitol Hill. Still, despite mounting pressure, Biden's campaign has remained steadfast about his reelection bid.
Persons: , Biden's, Mario Tama, Tyler Le, Joe Biden's, it's, Insider's Brent D, Griffiths, Sen, Bernie Sanders, Biden, doesn't, That's, BI's Bryan Metzger, Chuck Schumer, Hakeem Jeffries, Nancy Pelosi, Sarah Gray, Kelsey Vlamis, Barack Obama, Kent Nishimura, don't, Schumer, Jeffries, Adam Schiff, Quentin Fulks, Cros, Steve Schwarzman, it'll, Michael M, Jensen, Goldman Sachs, Peter Naylor, Amy Reinhard, Jamie Dimon's, cushy, Ernst & Young, Joe Biden, Kamala Harris, It's, Harris, Harvey Weinstein, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, American Airlines, United Airlines, Democratic, Business, Getty, Trump, Biden, Capitol, Case, Senate, Wall, Google, Bank of America, Blackstone, Nvidia, Netflix, EV, Mercedes, Benz, Warner Bros Discovery, Warner Bros, Discovery, WarnerMedia, Investors, JPMorgan, McKinsey, Ernst, American Express, Convention Locations: Crowdstrike, Biden's, AFP, New York, London
Walmart shares have outperformed the market. Analysts remain overwhelmingly bullish on the stock with more than 80% of analysts rating shares a buy or overweight, according to FactSet. Target shares reflect the strain of the competition. And if Walmart continues to win over wealthier customers, that's more bad news for Target. On Tuesday, KeyBanc Capital Markets analyst Bradley Thomas reiterated that Walmart remains one of his top stock ideas.
Persons: Lindsay Rosner, Piper Sandler, Peter Keith, Keith, Daniel Kurnos, Kurnos, FactSet, Alexis Deladerriere, JLL, Christopher Horvers, JPMorgan's Horvers, Cowen, Oliver Chen, Chen, hasn't, Bradley Thomas, Thomas Organizations: Walmart, Target, Goldman Sachs Asset Management, Analysts, Keith, P Retail, Amazon, Microsoft, Apple, Adobe Analytics, Adobe, Amazon's, Costco, Amazon Prime, Sam's, Paramount, KeyBanc Capital Locations: Wednesday's
For Europe, the prime concern is tariffs," wrote Goldman analysts. "If the entire impact came in 2025 this would be enough to eliminate any growth that year (our current top-down forecast is 4%)," Goldman wrote. Within sectors, beneficiaries of rising trade risks tend to be defensive stocks such as utilities, health care as well as Europe's GRANOLAS stocks, according to the bank. But he says a "meaningful selloff" in mega tech will see other names "pushed down as collateral damage." And if the AI narrative plays out as expected, a material sell-off in Mega Tech will present a buying opportunity in those names as well," he wrote.
Persons: Biden, Donald Trump, Trump, Europe's, Goldman Sachs, Goldman, Louis Navellier, — CNBC's Michael Bloom Organizations: Bloomberg, Taiwan, Trump, U.S, JPMorgan, China Gas, Power, Huaneng, Republicans, National Security, Hire, GSK, Roche, ASML, Nestle, Novartis, Novo Nordisk, L'Oreal, LVMH, AstraZeneca, SAP, Sanofi, Liquide, Tobacco, Dassault Systemes, Intercontinental Hotels, Nvidia, Navellier, Associates, Mega Tech Locations: China, Taiwan, U.S, Hong Kong, Europe, United States, Germany, France, Stellantis
New York CNN —Stocks are soaring this year, but that could soon change as election chaos takes the market on a rollercoaster ride. But this has been a destabilizing week for US stocks and the market trajectory could be shifting. The Dow was down more than 430 points, or 1%, in the morning trading session on Friday as the tech outage continued to rattle investors. Former President Donald Trump, meanwhile, said in an interview with Bloomberg that Taiwan should pay for its own defense. The bright sideInvestors have been largely resilient this year and some financial bigwigs say the election won’t change that.
Persons: Donald Trump, Joe Biden, Dow, , , , Jim Reid, Biden, they’re, Scott Wren, Wells, Jerome Powell, Liz Young Thomas, Russell, Young Thomas, ” Trump, CrowdStrike, JPMorgan Chase, Jeremy Barnum, isn’t Organizations: New, New York CNN, Investors, Big Tech, Nasdaq, Deutsche Bank, Democratic, , Treasury, Fed, Tech, Bloomberg, Taiwan Semiconductor Manufacturing, Nvidia, Microsoft, Meta, JPMorgan Locations: New York, Iran, Israel, Wells Fargo, , China, Taiwan
The Equal Credit Opportunity Act prohibits discrimination in credit transactions. However, it's worth acknowledging that things aren't as bleak as they were decades ago — and a big part of that credit goes to the enactment of the Equal Credit Opportunity Act. What is the Equal Credit Opportunity Act? The Equal Credit Opportunity Act (ECOA) is a federal law that promotes fairness and prohibits discrimination in credit transactions. Your rights under the Equal Credit Opportunity ActBefore applying for a loan or taking out a line of credit, make sure you know your rights under the Equal Credit Opportunity Act so you're not taken advantage of.
Persons: ECOA, I've, Dominic James Murray, Cameron James, JPMorgan Chase Organizations: Black, Regulation, United States, Independent, Southern, of New, JPMorgan Chase, JPMorgan, telltale, Chevron, Consumer Financial Protection Bureau, National Credit Union Administration, Federal Reserve Board, Federal Deposit Insurance Corporation, Department of Justice Locations: of New York, Chevron
Some of the companies reporting quarterly results next week are more likely to see their stocks get a post-earnings bump. Quarterly earnings so far have been positive. FactSet data showed that as of Thursday, 80% of the 61 companies in the S & P 500 that had already reported topped analyst earnings estimates. Analysts have revised their earnings estimates upwards by 25% and 64%, respectively, in the past three and six months. Analyst Jay Sole said he expects the Hoka brand has maintained "robust revenue momentum," which should give Deckers a good chance of beating earnings estimates and raising its forecast.
Persons: FactSet, Wamsi Mohan, Jay Sole, , Fred Imbert Organizations: Dow Jones, CNBC, Wall Street, JPMorgan, Royal, Seagate Technology, Bank of America, UBS Locations: Royal Caribbean
This week, the benchmark Invesco Solar ETF (TAN) and the iShares Global Clean Energy ETF (ICLN) are down 6.2% and 4.6%, respectively. Residential solar stocks, including Enphase , Sunnova , Sunrun , SolarEdge and SunPower , would face a "severe impact" if Republicans successfully weaken or entirely repeal the IRA, according to Piper. The stock in the clean energy space with the least exposure to election risks is GE Vernova , according to a July slide deck from JPMorgan on clean energy. As a domestic manufacturer, First Solar potentially stands to benefit if the U.S. trade war with China intensifies under a Trump administration, according to Kallo. Though total IRA repeal may be unlikely, solar and clean energy stocks will "continue to be volatile until (and even after) the election due to headline risk," Kallo said.
Persons: Donald Trump, Joe Biden's, Biden, Piper Sandler, Wolfe, Piper, Enphase, SolarEdge, SunPower, Trump, Baird, Ben Kallo, Kallo Organizations: Republican Party, Democratic Party, Trump, Senate, Clean Energy, U.S, White House, Congress, Wolfe Research, Tax, Technologies, Republicans, GE Vernova, JPMorgan, GE, GOP, UBS, CNBC, Republican Locations: U.S, Ohio , Alabama, Louisiana, China
For millions of people, the global technology outage on Friday was a source of distress. But for a small group of corporate workers, the global outage brought a welcome kind of chaos: a snow day in the middle of July. Some workers affected by the outage shared images of their computers on social media captioned “happy international blue screen day,” referencing the error messages that overtook screens during the outage. On TikTok, users posted about clocking in only to find “the blue screen of death” (or hoping they would, for an extra day off). JPMorgan, Bank of America and BlackRock were among the large financial firms affected.
Persons: Ferris Organizations: Hospitals, Fortune, JPMorgan, Bank of America, BlackRock Locations: cubicles
10 things to watch Friday, July 19 Can tech stocks and the overall market stabilize to end the week? That's what to watch after a brutal week for the "Magnificent Seven," which fell victim to a rotation away from 2024 winners. PPG Industries lowered its organic sales growth outlook, putting pressure on the stock. The credit card giant, known for its affluent customer base, also lifted its 2024 earnings outlook. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: CrowdStrike, Piper Sandler, Halliburton, SLB, Eli Lilly, Morgan Stanley, Bill Newlands, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Palo Alto Networks, Netflix, JPMorgan, PPG Industries, American Express, Novo Nordisk, Arm Holdings, Barclays, Molson Coors, Constellation Brands, Modelo, Corona, Jim Cramer's Charitable, CNBC Locations: Palo, China
Financial transactions around the world were affected by a tech outage on Friday, hampering operations as workers at several firms struggled to log into their corporate systems. Employees at companies including JPMorgan Chase and Instinet, a brokerage firm owned by the Japanese bank Nomura, have had trouble gaining access to their work stations, according to people with knowledge of the matter who spoke on condition of anonymity. That has led to delays in some trades, though the companies have been working on workarounds, the people said. The London Stock Exchange said that its RNS corporate news service was unable to publish, citing a “third-party global technical issue” that it was investigating. The exchange operator added that the matter was not affecting securities trading and other services.
Organizations: Employees, JPMorgan Chase, Nomura, London Stock Exchange
watch nowThere are a lot of synergies between the bitcoin mining and AI infrastructure businesses. watch nowBeefing up the gridFor years, Crusoe's work has been virtually synonymous with the bitcoin mining industry. But Crusoe's Lochmiller told CNBC that AI infrastructure has actually been part of the vision since the company's founding six years ago. Back in 2018, Fenn says that the only load that was a good fit for this was bitcoin mining. "That has all changed now, with AI data centers optimized for massive scale energy availability, cost, and greenness.
Persons: Nolan, Robert Daemmrich, Ali Fenn, Chase Lochmiller, Crusoe's, JPMorgan Chase, Asher Genoot, Riley, CoreWeave, Crusoe's Lochmiller, Lancium's Fenn, Lancium, Fenn Organizations: Corbis, American, Energy Systems, CNBC, Mining, JPMorgan, Nvidia, CoreWeave, Core, ExxonMobil, Crusoe Industries, Miners Locations: Buffalo, Taylor, Abilene , Texas, West Texas, Abilene, Houston, Denver, U.S, Iceland, Miami, North Dakota, Texas
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