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Moving news from all around the world from frankfurt, to london, taiwan, our bloomberg two iowa, our bloomberg voices are on the ground. Commodities leading the charge for the quarter. Here for more is bloombergs sonali basak. Income net interest coming in above analyst expectations is a great thing for bank of america because it shows the bank is doing what a bank should do. That is loan growing, deposits growing. Investment banking mergers and acquisition fell short than expectations, but we are seeing that across the board. We want to see confidence among corporate clients now that we know consumers are holding steady. Alix what were some of the worries through the quarter . Sonali the expenses were up, but bank of america was a costcutting story. Something we are hearing from all of the banks is the propensity to keep investing because the cycle is getting competitive at this moment. Alix thank you very much. Now i want to go to the latest on trade. President trump is ready to sign ....
This after snap reportedly conjured up a whole chamber of secrets on facebook in a dossier titled project voldemort the document lays out all the ways facebook tried to thwart the competition and prevented snap from trending on instagram. Now snap is hoping the ministry of magic known as the ftc will step in. Will regulators be able to work any real magic here . Guy. That was one of the best openings in the history of the show. He doesnt know what to say anymore. Do you even know what she said im familiar with this harry potter thing there are like eight of these movies. Yes. Theyre its the sack same movie. The kids get older and run a dont spoil the end. It sounds like fast money. Its a scam run around with their wands good job. Back to talking. I want to dislike facebook in the worst way. I want to stand here and say, you know what, the stock is headed sl headed little headed significantly lower we said in july, you know what will happen, it will go back and test that july high from ....
Deep in the read as a key read on the health of the economy slips to the lowest level since the great recession. That got us thinking, is history about to repeat in firing up the time machine for back to a year when this played out on air you hear the musicon see the raging bull. You know what that means the dwou hitting a record high for the First Time Since january 26th joining the s p 500 and nasdaq both at alltime highs as well. So that was the setup heading into q 4 of last year. Fast forward a few days and this happened fast money starts right now we breaking news stocks getting shattered today. The dow having the worst day since february tanking more than 800 points, the selling accelerates into the close. And we close the dead lows of the day. Snpd fiefd now the lose worst losing strategic in two years. The question i pose to you all tonight. Dramatic. Are we setting up for repeat of last year tim well, think about year ....
With a but of Dollar Strength of their in advance of the ecb on thursday. A quick look at u. S. Stocks, i huge day for earnings both good and not so good. Here we have some of the better ones, leading the s p 500 is hasbro, aladdin toys were very successful. After it is up 5. 6 Beat Estimates as well. Those stocks are higher now so you might think why isnt the s p doing even better than that . Still below 3000, but that is because some earnings stories were not so good. This is their worst performer in the s p 500. Guy getting back to our top story, Boris Johnson has won the race to lead the party and by extension become the next Prime Minister and he has made it clear what his top priority will be. Theres a mantra for the campaign the adjustment by case you have fo ....
Isnt lost. It may be found. What do we think about where we might go . I think were still stuck in a range, were battling with the emotions of feeling better, seeing corporate earnings do better than we expect. Were seeing goldman say things like, hey, were decreasing the chance of a recession. Then were fighting the math on it. I dont see how the multiple on the s p gets above 20 times. With that you have a heavy cap on the market. Were stuck in this range and it might take time to get out of it. Investors are impatient. Theres so much we still need to digest. Were digesting 18 months of rate hikes, the fed reducing their balance sheet, the inflation reduction act, unemployment levels that are changing, inventories. Everything is distorted. We want it to happen all at once, get back to high growth but its important to do that. I think were stuck. Joe, are we stuck . I think it rallied from the 4 low. Youve built in a cushion. I think jenny is on to something. Weve priced in the fact t ....