Road map begins with this trade stumble for stocks some lingering china trade concerns plus, ecommerce boom alibabas 24 hour shopping extravaganza breaks its single days record of more than 30 billion in sales and still climbing. And goldman facing an investigation over allegations of sexist credit decisions at app apple card stocks are set to open lower this morning on some dampened expectations surrounding u. S. China trade talks as well now as this escalating violence in hong kong meantime, the s p is in the midst of a five week win streak for the First Time Since march 6 if you look at the nasdaq. It has been a nice ride over the past month. It is so amazing because the some of the bigger runs are companies you would expect no trade deal, we would unravel a lot of the companies that do a lot of business in china it continues to happen one thing i would say is that people seem to care more about the fact that Interest Rates are going up than they care about what is going on in china
Bank. Micron issues a trade warning. Shares down this morning on a disappointing outlook and ceo san yjay mehrota joins us in a e minutes. Tell the story. Im sorry to interrupt. No problem. Eagles won last night i can do whatever i want. And half of the debuts trading below their offer price. Does that spell trouble for the ipo market wells is up in the premarket after naming bank of melon Ceo Charlie Scharf he held the top job at visa. Wells plagued by scandals struggled to find a replacement. Alan parker will stay interim until scharf joins the company the Conference Call is under way and well bring you developments on that. He had quite a run at visa and left for geographic reasons really. Yes, he did able to stay in new york, his family still going to be with him. One daughter right there, another one close by, folks nearby, very much dedicated to them i got to tell you, congratulations, or as people would say, as president ford would say, their Long National nightmare is over. I t
Post 9 of the New York Stock Exchange Carl Quintanilla is on assignment and were going to begin this morning with facebook. It is down about 2 . Several state attorneys general noungs announcing an antitrust probe into the social network and alphabet, as well. Julia boorstin has more on facebook from l. A. Hey, julia jon, new York Attorney general Latisha James is leading a Bipartisan Coalition to investigate facebook for antitrust violations shes joined by seven other state ags plus the ag of the district of columbia, so far the attorneys general saying, quote, we will use every investigative tool at our disposal to determine whether facebooks actions may have endangered consumer data, reduced the quality of consumers choices, or increased the price of advertising facebook shares moving lower on the threat of potentially large fines from these attorneys general. Now, a separate google antitrust probe is expected to be announced at a News Conference outside the Supreme Court on monday.
Cloud revenue is pressuring the stock. Top gainer on the s p. It is the rise of generative ai. A wider than expected stop. Lets get to the tech giants in the battle over ai. Despite the top and bottom line, the low consensus, they are optimizing their spend. When i first got in the business, there were grants that i thought should be terrible. It never rained on the target site. David, they were not optimizing. Is because they are ai offerings. I want to make sure that i understand it as well. There are services that they want to spend more. Google and amazon are happy to say that the threeyear deal, paid over the 40s. It is bring the Growth Numbers on for me. There is some skepticism about the growth of azure. Azure is a great juggernaut of this moment. They are the called pilot of infinity. It is used to help you be more productive. You feel like you are firing people, it the opposite. It is more money being made so you can hire more people and be better. David, some of the worst sha
Britains watchdog gives the green light. Boeing is the biggest drag on the dow, expanding this probe of the production defect on the max. Lets begin with the banks, jim. Overall, not just the beats, some of the commentary about Investment Banking, efficiency ratios look good. Its funny because obviously this group came in as cold as ive ever seen it. What a change from even earlier this week when pepsi came in hot and then rolls over. I mention that because that was the first big quarter. These quarters, when you listen to them, you forget how much money they can make in this environment. And then you start thinking, you know what . These things are seven, eight, nine, ten times earnings. Theyre trading like steel mills, and theyre really filled with a lot of smart people who are doing a lot of good things who show you they can make a lot of money without underwriting, without m a. Theres going to be a revaluation here, recognizing this group had become really went to the bottom of the