Good morning. Welcome to squawk alley. Carl is on assignment. We start this morning busy morning in washington from congress to the president s meeting in florida. Our john harwood is in d. C. With the latest. Hi, john. We have an extraordinary day in washington across the range of domestic and foreign policy. Lets start with the Headline News thats come out in the last hour or so and that is the announcement that nunez is stepping aside as chairman of the House Intelligence Committee for purposes of the russia investigation. Heres Speaker Paul Ryan on that just a few minutes ago. Chairman nunez wants to make sure that this is not a distraction to a very important investigation so he wants to go clear himself while this Investigation Continues on without any kinds of distractions. So lets look at the range of turbulence facing policy makers in washington right now. Youve had steve bannon demoted from the National Security council in the last 24 hours. Nunes stepping aside. President tr
Desperate luminary aprils preliminary university of michigan sentiment. David welcome back to the program. Is it as good as he makes it out to be . So far. I havent been through the full release. The Biggest Surprise coming from trading, whenever they have a big beat like that, that is the first place i look. Fixed income coming in betterthanexpected. Growth came up 17 yearoveryear. Analysts expected trading to be down and was actually a bit higher. Long growth came in around 9 . Trading, weok at focus on the Net Interest Margins. The industry statistics have shown a big slowdown. Question andk the there wasnt a solid answer as to why the industry was showing slowdown. Some of the regional banks have been sing that theyve been saying Slower Growth saying that theyve been seeing Slower Growth as well. David it is tapering off somewhat. Yes. Last year, a lot of the growth came from mortgages. Holding more mortgages on your book. Where investors are focusing this quarter is the slowdown i
Points, nasdaq declined. 52 . For staters, lets stipulate that anything can change beginning tomorrow, when we have the official kickoff for earnings season as citi group and jpmorgan report their earnings. You have to understand that we have had many bullish moves over the market in the last 36 years, but every big move, every move that had really any impact, always had the bank as one of the major leadership groups, the banks are really the reason that the trump trade had such power. Jpmorgan stock rocketed from 67 at the time of the election, up to 73. These are huge almost unprecedented moves and they have been rolled back rather substantially in the last month. The first part of the bank rally was pretty easy to figure out. Going into the election season, pretty much everybody thought Hillary Clinton would in. She wasnt what anyone would call a pro banking candidate. So i think the defeat of the democrats in november, was responsible for at least half the movement back. Add presid
Welcome in, everybody, to power lunch. Im tyler mathisen. Glad you could join us. Three hours left in the trading session and stocks showing animal spirits. They are in the green. As you see, the dow industrials up about a third of a percent or 65 points. Ditto the s p 500, a third of a percent of 2148, thats a sevenpoint gain and the nasdaq leading the way up. 75 . Big winners, boeing, 3m and microsoft, microsoft trading at an all time nominal high. Im michelle carusocabrera. Here is what else is happening at this hour. Consumer reports naming lexus its most reliable automotive brand. More on that coming up in the next hour. Nike topping forbes list of most valuable sports brands. Oil cracking below 50 a barrel, right around 49, 50. Right now crude down 1. 9 . Back to you, tyler. Thank you very much. We got a big two hours ahead. But lets kick it all off with the deal of the year. At t, there you are, announcing plans to buy time warner for 85 billion. The ceos of both companies weigh
That final tally 52 votes to leave, 48 to stay. David cameron was on the wrong side of that outcome and he announced hell step down as Prime Minister by october. The british people have made a very clear decision to take a different path. And as such, i think the country requires fresh leadership to take it in this direction. I will do everything i can as Prime Minister to steady the ship over the coming weeks and months, but i do not think it would be right for me to try to be the captain that steers our country to its next destination. On the flip side uk independent leader nigel farag jubilant. Dare to dream that the dawn is breaking on independented United Kingdom. Let june 23rd go down in our history as our Independence Day [ cheers and applause ] obviously very big questions, jim, being asked about globalism and nationalism, but on a shortterm basis, on a today basis, do you go shopping . Well, look, theres a couple things we have to keep track of down 7 , we get the trading halt