A strong china growth, and watching the three major indices billionaire head managers say theyre still buys equities, joining us for the first full hour of the show slight gains, but anything is good enough. Lets focus in on the big stories. Seema is watching the market record highs Steve Liesman is diving into gdp. Combing through the numbers, a number of sectors are climbing to new highs the ren sawn etf and russell welcome back, every year the 2000 is less than 2 away. Forgotten 40 is put out. Widely seen as a market breadth some of the standouts on this list, discovery, Madison Square, this together comprise 13 of the s p 500. And more good to see you, jonathan. Also i want to draw your attention to shares of railroad thank you for joining us. Thanks for having me. Operator csx, a very choppy day lets kick off with discovery. Why is that such a standout following mixed earnings, which name the company blamed on a its clearly an outoffavor softening industrial economy that stock is
A little of this is flight to safety. Were going to talk geopolitics. Were going to the white house. The white house announcing sweeping new rules on what is called a crackdown on junk fees including banking, travel, lease sure, and housing. Theyre looking to ban businesses from charging hidden fees. That would include resort fees, live event fees, car rentals and more. They would be required to show customers the full price up front. That i would be empowered to secure refunds if the mandate is violated. The white house also taking aim at banks. The Consumer Protection bureau will require large banks to stop charging fees for basic Services Like requesting your Checking Account bans or payoff balance. Its more of a simple process. This is a big deal. You know what . For consumers, its sort of hard to think how its a good thing. Im sure there are folks on the other side, business leaders, saying, oh, my goodness, this is a whole other level of complication and we dont want to do it or
While they pause today given the market wide pullback, dows singing 189 points. Nasdaq dropping 1. 47 . Its worth asking if this might be the pause that refreshes the old smokestack. Let me set the scene. Conventional wisdom has been if oil goes higher, its a good day for the market and if oil goes lower, sell, sell, sell. Its a bad one. So, it went down two bucks. Got hammered. We saw the urgency of that formula writ large today because we learned jpmorgan has 44 billion in oil and gas exposure. Thats 44 billion in oil and gas exposure. Kind of like making it the exxon of banking with hopefully exxons discipline. Oddly given the plumeting price of oil, only 15 million in loan loss reserves. Even though 19 billion is loan portfolios. Say firms with junk bond status. Boo. And 39 of it was made to Exploration Production companies. The wos f the worst when it comes to who is paying anybody back. Jpmorgan said the Energy Company could cost them. Hey. 20 billion. But to me, having lived tla
Old smokestack. Let me set the scene. Conventional wisdom has been if oil goes higher, its a good day for the market and if oil goes lower, sell, sell, sell. Its a bad one. So, it went down two bucks. Got hammered. We saw the urgency of that formula writ large today because we learned jpmorgan has 44 billion in oil and gas exposure. Thats 44 billion in oil and gas exposure. Kind of like making it the exxon of banking with hopefully exxons discipline. Oddly given the plumeting price of oil, only 15 million in loan loss reserves. Even though 19 billion is loan portfolios. Say firms with junk bond status. Boo. Exploration production companies. The wos f the worst when it comes to who is paying anybody back. Jpmorgan said the Energy Company could cost them. Hey. 20 billion. But to me, having lived tlau low loss sickle i can only say give me a break. Im not buying it. Oil retreats hard here, they could double that number and i wouldnt believe it. Sorry. I didnt like anything about this disc
Let me set the scene. Conventional wisdom has been if oil goes higher, its a good day for the market and if oil goes lower, sell, sell, sell. Its a bad one. So, it went down two bucks. Got hammered. We saw the urgency of that formula writ large today because we learned jpmorgan has 44 billion in oil and gas exposure. Thats 44 billion in oil and gas exposure. Kind of like making it the exxon of banking with hopefully exxons discipline. Oddly given the plumeting price of oil, only 15 million in loan loss reserves. Even though 19 billion is loan portfolios. Say firms with junk bond status. Boo. And 39 of it was made to Exploration Production companies. The wos f the worst when it jpmorgan said the Energy Company could cost them. Hey. 20 billion. But to me, having lived tlau low loss sickle i can only say give me a break. Im not buying it. Oil retreats hard here, they could double that number and i wouldnt believe it. Sorry. I didnt like anything about this discussion. Yeah, reported a lit