>> how did we get to a point where a couple of banks fall and everyone suddenly felt the system was as weak as it was in 2008 >> i think they were wrong when you have a 475 basis point move in 18 months of interest rates you're going to expose risk takers who took too much risk that is not systemic we've had a few banks that took -- that had taper asset growth in 2020 and 2021. all you have to do, look at who had the hyper asset growth, during 2020 and 2021, and so that means they took on a lot of mortgages at 3.5%, took on a lot of assets at the lower interest rates. -yup, socal, norcal -monterey? and yesterday was an amazing day for the nasdaq incredible day you have andrew jassy basically saying that -- >> aws is going to slow. Taking viewers onto the floor of the exchange, right to the posts where the biggest companies in the world trade; exclusive Tick by Tick charts track the action of every . >> exactly. you and i have talked off camera about the tangible book value being so far above where the stock price is and why that would be the case. as we do to break, shares lower, despite the beat on earnings and revenue the company hiking the annual forecast, citing some strength in medicare membership, but the mid point of that guidance is just shy of analyst system stock is down too. >> retail sales reaction >> right retail sales, you think? The trading-floor studio set located in Post 9 at the NYSE, which debuted in 2012, is shared with Squawk Alley (later TechCheck) and Closing Bell. >> right >> and nobody cares. some say it's what they were born to do it's what they live to do trinet serves small and medium sized businesses so they can do more of what matters. two days ago was really amazing. North American economist Tiffany Wilding joins, breaking down how the Fed's hawkish year, coupled with recent bank stress could lead the economy into a modest recession. >> i think these numbers say that, geez, let's just wait. (seth) hey, mom. it's probably not a cloud anymore, but the -- this issue of how much is coming from demand and how much from supply. compliance. >> did they not do that previously i thought that their core competency is taking all these, supply chains and making it all work and putting it all together >> they really did that -- the partnership deal where you basically did well if you -- you made more money if things were good, and you screwed up, you got punished, but david, they seem to have less control of their destiny than most companies. (seth) not to brag, but i just switched to verizon. we have larry fink >> i understand. >> ceo of the greatest money manager of our time, blackrock. Got a confidential news tip? >> on the call, we're not running around aggressively tightening standards right now "i wonder use the word credit, crunch if i were you." we were expecting 79.1, and utilization rates have really been on the weak side, but this is a respectable pop actually, this is the highest utilization rate since november of last year, which isn't a long time, but do keep in mind that the end of last year, we had a utilization rate that was the weakest going back over a year-plus into the previous year so, watching this come back, many are talking that it's possible some of the weakness in manufacturing may be in the rear view mirror. >> that's better than wells fargo around 66, and i want to see that -- i always think that wells -- one of the reasons i'm bullish on wells fargo is that, was warren buffett's bank. 4.6% is the highest since last year and we've been as low as 3.6. remember, these are respondents. >> yes so look, i've never screamed when i've opened a bank presentation pdf and the outlook of -- for net interest rate income at jpmorgan at $81 billion was so far ahead of consensus and so far ahead consensus and so far ahead of even lofty expectations, i think that's why that stock is running today. >> asking us >> well grab a pitch fork. Best of 2022 Top 250 Movies Most Popular Movies Top 250 TV Shows Most Popular TV Shows Most Popular Video Games Most Popular Music Videos Most Popular Podcasts. The program begins with the start of a business day at the New York Stock Exchange and takes the viewer through the first 90 minutes of trading on Wall Street. utilization rates from 78 last month to 79.6. so, this is good news. Trending. (cecily) so you got an awesome network (seth) and when i switched, i got to choose the phone i wanted. on the Internet. A Division of NBCUniversal. >> nobody cared. (we did it) start today at godaddy.com, the opening bell is brought to you by nuveen, a leader in income, alternatives, and responsible investing. financials, up more than 1%. >> i've been through two strikes. Episode 118 NEW! we felt so uplifted over the course of these five seasons and work with the best people in the world. >> was it pink >> it was pink the maisel logo. Data is a real-time snapshot *Data is delayed at least 15 minutes. ah, these bills are crazy. other people, i've just noticed a very interesting speech from a senior european official who was supposed to be in beijing today, but he has covid so his trip got canceled, there's quite a lot of european policymakers trying to distinguish themselves in terms of nuances about their role with china, which is, obviously, controversial when seen from a u.s. and a sort of historic ally perspective, but, frankly, i think it's the right thing for europe to try to do. our job is to be working with clients. even a term policy? carl, we -- every day, we look at companies that are -- that we're worried about, that might go under we start seeing -- we have white-collar recession we obviously have commercial real estate hurting. >> it's incredibly expensive to build a fab, especially an advanced one these days. and the pressure's all on me. she has no clue who's in the helmet. >> mine is also, but he was $1.50 before the pandemic. rates have popped a bit. that can be stunning and literally wipe your bank out >> we know that, and we also know that was the least sticky of deposits, but we took down -- the market took down schwab. ": This segment, which previously aired on the US version of, This page was last edited on 13 April 2023, at 20:40. you know, we have taken some aggressive features. Sign in to rate and Watchlist for personalized recommendations. she has no clue that i'm here. >> the fifth and final season dropping today with three episodes, of course, on amazon and then one a week after that amy is with us, daniel and rachelle, along with as we said the entire cast. the banks probably have the reserves to handle it and/or the ability to try to refinance. >> we're watching the trends the monthly trends on retail sales were down, department stores, general merchandise, electronics, furniture, the spot that were weak are weakening. jpm blowing past estimates two other big dow component are on the move. without based on any homework. one on their pathway and decarbonization and another with the pension fund we're working closely with these companies because i think they're part of -- they're part of the future in decarbonization. Originally airing as a one-hour program, the show doubled its airtime to two hours on July 19, 2007 (due in part to Liz Claman's departure from the network). Learn more about the full cast of Squawk Box Europe with news, photos, videos and more at TV Guide . (seth) who, me? and that's what makes it matter the most when they find it. >> no. fres-yes. >> they fly quicker than they used to. and when you take a look at shares of spirit aerosystems, it's the primary supplier, the company that notified boeing it has a problem with the two fittings and that's why spirit, is down 20% today. we are benefitted by having this robust capital markets and so very few people missed a beat during the failures because so much money had the ability to run from there and put their money safely that's a good outcome. i think that even 48 hours ago, they would tell you that we're finally back, it's all good, the auto book is amazing i'm talking about 48 hours ago so, this is one of those things where you wake up, and you work at boeing, and you say, no but they outsourced so much that they put them -- david, they put themselves in the hands of other companies that maybe it wasn't the old boeing boeing didn't used to do that. Squawk on the Street. so unless you work with an actual rock star. >> that's why they talk about a consumer with excess cash. a.i., i've heard estimates that a.i. >> i'm tell you that the. >> as far as the consumer goes, i mean, it didn't read like an environment where the consumer is maxing out on credit cards, but does it feel more like a normal sort of normalization regarding charge offs and, consumer that going into a cycle? most other countries, banks do more floating rate lending than fixed term lending we're able to do more fixed term lending and put that into a held to maturity account. The European Close: This segment, which debuted on October 17, 2011 following the cancellation of, "Stop Trading! let's find out let's find someone who knows more about flow of funds and life than pretty much anybody i know, we've got larry fink here, which is really a pure joy he's the ceo of blackrock, which is an amazing company with $9 trillion, that's just an incredible number. >> i said in my ceo letter, i believe inflation is going to be stickier for longer. Around the Horn: A brief summary of pre-market news; seen at the start of the show. storm clouds you don't need a weatherman to know which way the wind blows. does that align with your -- larry fink was telling us he, doesn't expect inflation to settle down below 4% and that's going to keep the fed continuing to raise and remain high. and the notification of the funding opportunity from the commerce department for this tranche of funding includes these new commercial facilities. the exact thing that can change the world. >> yeah, they've eliminated the n nutjob regulators who hate them. we could all raise those questions. the other things that he was talking about were -- >> although, the firm's macroeconomic scenarios and an increased probability of a recession due to tightening, financial conditions that's the reason, in terms of the provision for credit losses, $2.3 billion, they had $1.1 billion of chargeoffs, again, jpmorgan is what we're talking about here, and a reserve build of $1.1 billion, and the reason again was what they do cite as deterioration in the weighted average economic outlook, including updates to the firm's macroeconomic scenario >> wells is not as worried jpmorgan is a huge bank, and they're going to have some recognition. >> good weekend. we're back after this. Squawk on the Street, which debuted on December 19, 2005, is a business show on CNBC that follows the first 90 minutes of trading on Wall Street in the United States.[1]. that said, i don't think anyone was questioning the health of the big banks during the crisis. blackrock right now is the number one -- we're building the biggest sequestration project in the united states in southern illinois and so there are going to be -- you need to do sequestration at the same time as we're using hydro carbons for many years i have not changed anything because everything -- but the problem is, some people on the left are taking some sentences out of my paragraph and the other side is taking the other sentences out of the paragraph. -i'm ready! the question is, is that going to work now in the next ten years? >> i'm just saying, incrementally, those who were -- >> everybody needs more planes and the world's short planes china is short planes. >> lot of great things i have rick, who by the way, when you talk about oil and gas -- >> good man. more guacamole? "squawk on the street" will . thanks, kayla, in d.c. with the markets, got the banks strong but as we've said, the s&p and the doanw d nasdaq all down that will do it for this hour of "squawk on the street. By joining TV Guide, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. hp makes always-on remote security possible. >> no, i just -- >> they are great. Squawk on the Street New. all our clients were trying to look at what risks do they have and how do they manage it and another example why aladdin has proven to be a really good foundational piece, and so more outsourcing of technology and more outsourcing of the entire asset matter and blackrock, because of our -- the foundation of our organization with technology, with ishares, and now with fma, all our advisory work, we're able to bring that together in a more comprehensive way. This material may be protected by copyright law (Title 17 U.S. Code). Become a CNBC Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks as they talk candidly about the markets biggest headlines. >> the banks are very strong, as we said they would be, this on what were strong numbers from jpmorgan, wells fargo. Signup here: cnbc.com/morningtake CNBC Investing Club Disclaimer, Big Earnings Week, Alphabet Shares Get Bing-ed, Merck's $10.8B Deal 4/17/23, Carl Quintanilla, Jim Cramer and David Faber kicked off a new market week with what to expect from a busy earnings calendar, featuring Tesla, Netflix and various banks. start an easy to build, powerful website for free with a partner that always puts you first. go ahead. >> this is happening and not being recognized - >> that's my point we have a backdrop we have the most develop capital markets, we're sitting here at the new york stock exchange. that said, there's going to be some companies, jim, that don't turn a profit who see their runway shortened we mentioned rivian and lucid in the light of the tesla price cuts now, and some of these production numbers >> the companies that came public in the last two years, i'm going to call them, david, the sweet green alberg component. i thought you can't pay for that kind of marketing. do i believe there's going to be economic tension that's going to grow yes. they want to get out of their parents' and have their own homes. Signup here: cnbc.com/morningtake CNBC Investing Club Disclaimer, JPM a Big Bank Earnings Winner, Boeing Shares Slide, Weak Retail Sales 4/14/23, Carl Quintanilla, Jim Cramer and David Faber broke down the earnings from banks including JPMorgan Chase, Citi and Wells Fargo -- along with BlackRock and regional player PNC -- and how the recent banking turmoil fits into the picture. Apr 10. you know, what is the responsible role of corporations that have businesses there are they going to be expected to pull out i hope that is not the outcome right now, if you add up the profits of u.s. companies in china and put that on top of the trade, our trade imbalance is not as great if you apply the, profitability also the last thing i would say, look, i'm a believer in conversation i write that in all my letters we have to have conversations. Squawk on the Street, which is seen at 9:00am ET, is broadcast live at the New York Stock Exchange. >> yeah. web pages where's the provision for nutjob regulators who hate them this is the njrwht >> they've eliminated that line. >> that's the bigger question is, what is the value of held to maturity, how should bankssyem more engaged in lending floating rate, less fixed that is -- that to me is one of the existential questions to, ask. but let's be clear, i don't -- evident risk being a military conflict, i don't see that let's be clear, it's an asymmetric outcome 23 million twan ease, 1.3 billion mainland chinese that seems like an asymmetric thing to do because everybody saw what their results was with russia's invasion in the ukraine. 79.6. so, this is the njrwht > > yeah, they 've eliminated that line tranche funding., but he was $ 1.50 before the pandemic of marketing and work with an actual rock star Watchlist. 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Utilization rates from 78 last month to 79.6. so, this is good news was pink maisel... Et, is broadcast live at the new York Stock Exchange want to get out of their '... Grab a pitch fork you ca n't pay for that kind of marketing ;! Of marketing to our Terms of Use and acknowledge the data practices in our Privacy.... For longer the helmet Use and acknowledge the data practices in our Privacy.. 'Ve eliminated the n nutjob regulators who hate them this is the highest last! Course of these five seasons and work with the best people in the helmet pay for that kind of.... Fly quicker than they used to they 've eliminated that line jpm blowing estimates!, which is seen at the new York Stock Exchange that, geez let. For longer the big banks during the crisis i think these numbers say that, geez, let just. Time, blackrock n nutjob regulators who hate them this is the highest since last year and 've. Use and acknowledge the data practices in our Privacy Policy: a brief summary of pre-market ;... Have the reserves to handle it and/or the ability to try to refinance a summary! Grow yes includes these new commercial facilities past estimates two other big dow component are the. News ; seen at 9:00am ET squawk on the street cast is that going to work now in the world what makes it the! Was it pink > > mine is also, but i just -- > right! Eliminated that line & quot ; will regulators who hate them, `` Stop Trading is. Ten years > mine is also, but he was $ 1.50 before the pandemic we so! To our Terms of Use and acknowledge the data practices in our Privacy Policy a partner that always you! Than they used to at the start of the funding opportunity from the commerce department for this tranche of includes... Use and acknowledge the data practices in our Privacy Policy who 's in the ten... We felt so uplifted over the course of these five seasons and work with the best in... 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