Good morning. Welcome to squawk alley. Im jon fortt with post nine, sara eisen and wilfred frost. Worldwide alley we can call it this morning. Like it. Squawk exchange. Lucky wilf another hour with me. Meantime top story stocks tumbling here you might have caught early in the premarket action this morning after Trumps Health care fail. So whats next for the markets as it weighs its next step in washington . Joining us now to discuss it, terry haines, evercores isi political analyst. And joining us ceo of labenthal holdings. Welcome back. Thank you. Lets start with the narrative in the markets that the first test of the trump agenda doesnt bode too well for the next pro growth policies like tax reform and infrastructure. Is that right . How are you telling your clients to trade it . Well, what were telling clients is the story is still to be written. I think this is a stumble and not something thats irreversible politically. But congress and trump have about four to six weeks to execute
Big in content with the launch of a primelike service. And pepsicos new pledge to slash calories in its beverage. Sarah eisens exclusive interview with the chairman and Ceo Indra Nooyi. Bryan moynihan says revenue growth, risk management, cost down three, trading revenue up 18, fic trading up 39. Numbers not quite as good as jpms but better than citi in some cases. Yeah, book value of 17. 14, impressed by expense control here. Really excited about the Wealth Management growth. Theres a lot here to like. And its not like the old days where talking about the Justice Department has decided to crack down on this or that. And by the way, oil and gas literally seven months ago we were worried about losses. No, big drop in worries about the nonperformers in oil. So this is a clean quarter. The problem of course is that this market is you need a rate hike, but if we had a rate hike then the whole market goes down. And we got stan fisher speaking at 12 00. You know, stan sell them fisher, thats
Announcement on saturday that he would be the v. P. On Donald Trumps ticket. Huge chaos yesterday on the floor in the Late Afternoon when those who were trying to stop donald trump from being the gop nominee tried to get a vote on the floor. It was chaos. This was going to be the moment, i want you to look at the woman in the blue to the right there in the corner. Shes coming up right now. She is the colorado delegate who serves on the Republican Convention rules committee, cofounder of the never trump delegates, the unbound soup r pac, the group failed in its change the party rules to unbind delegates who could vote their conscience and then you thought hopefully maybe trump wouldnt get on there, did we get that right . That was the goal of free the delegates. The Unbound Movement was making sure that the delegates remained unbound forever. In perpetuity we want delegates to do their job and that is vote confidence. It was more than that in the coalition of people that came together b
You can see there is a bounce back. A lot of that coming from walmart. 44 points from walmarts deline alone. You can see this morning theres a bit of a bounce back. Dow futures are up by 107 points, s p futures up by 12 and the nasdaq up by 28. A couple of big stories were watching. First data priegs its ipo at 16 a share last night. Heres the bad news, thats below the 18 to 20 expected range. Selling 160 million shares to raise 2. 6 billion in total. It is the years largest Public Offering but albertson was expected to be the years second biggest ipo but the super market chain decided to delay its pricing due to market volatility. Also it could be that the market is now that window is closing. Mobile Payments Company square officially filed for its ipo saying it plans to list on the nyse under the ticker sq. The news comes just a week after square qceo was named ceo of twitter. It reported a net loss in the first half of this year. United health out with quarterly numbers. It Beat Est
Commitment to Law Enforcement, your commitment and support by people you worked with, which means the world to me that cops like you. You are willing to do the tough work of taking tough cases to trial and representing the u. S. In cases that maybe other people avoid. I appreciated hearing that history about you. I appreciate having the chance to meet with you. Hopefully, if everything comes to fruition the way we think it will, i look forward to the opportunity of bringing you to north dakota and introducing you to the unique challenges we have in the northern border. I dont think i guess i have to decide this morning whether we will have the discussion i thought we were going to have. I think it will hopefully help clear some things up and give you a chance to respond. It is hard, from a witnesss standpoint, from your standpoint, to have an opportunity to respond to what can be a frustrating situation for you and your family. Im going to jump right in. In this situation with Funds Ma