wells fargo on deck. tech on the dock. in fors hauls tech crypto plans and whether or not the government needs to get tougher. later, we get a read on the u.s. consumer and whether they can continue to drive economic growth. welcome to "bloomberg daybreak" on this tuesday, july 16. lisa: we are getting some wells fargo numbers just out. on earnings-per-share, they did beat on a year-over-year basis, $1.30 versus an estimate of $0 .98. also, their second quarter total average of loans did come down a little bit. we are going to be looking at that. the other issue is the net interest margin. david: and that missed the estimates for the second quarter. lisa: interestingly, you are seeing an increase in shares, perhaps on the earnings-per-share beat. we will continue to dig into that. just to recap where we are, we did get jp morgan and goldman sachs out earlier today. investmentissing on and equities. predictablys is strong in the investing and lending cycle. shares are up. jp morgan were a little lower earlier, but interesti

fargo. >> hypothetically if there was a leak from the dakota access pipeline, why shouldn't wells fargo pay for the clean up since it paid for the construction of the pipeline itself? >> because we don't operate the pipeline. we provide financing to the company as operating the pipeline. our responsibility is to ensure that at the time that we make that loan, that customer and we have a group of people in wells fargo including an environmental oversight group headed by one of my colleagues who used to be at the epa -- >> one question. why did wells fargo finance this pipeline when it was widely seen to be environmentally unstable. >> the reason is because our team reviewed the environment impact and we concluded that it was a risk we were willing to take. >> so the environmental impact team at wells fargo said go ahead. take the risk. freshman congresswoman katie porter pursue another line of tough questioning, the same questioning you have seen her do repeatedly. you have seen it on this program in video that we have shown you of her devastatingly effective questioning, including of a

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fargo. >> hypothetically if there was a leak from the dakota access pipeline, why shouldn't wells fargo pay for the clean up since it paid for the construction of the pipeline itself? >> because we don't operate the pipeline. we provide financing to the company as operating the pipeline. our responsibility is to ensure that at the time that we make that loan, that customer and we have a group of people in wells fargo including an environmental oversight group headed by one of my colleagues who used to be at the epa -- >> one question. why did wells fargo finance this pipeline when it was widely seen to be environmental unstable? >> the reason we were one of the 17 or 19 banks that financed that is our team reviewed the environmental impact and we concluded that it was a risk we were willing to take. >> so the environmental impact team at wells fargo said go ahead. take the risk. freshman congresswoman katie porter pursued another line of tough questioning, the same questioning you have seen her do repeatedly. you have seen it on this program in video that we have shown you of her devast

there's wells fargo in the premarket, slightly lower. we're waiting on wells fargo. another headline we're watching this morning for you. hispanics buying more homes than any ethnic grou group in the und states. the home ownership rate for hispanics jumped 3.3 percentage points since the year 2015. and 50 years ago today millions of people around the world watched as america launched apollo 11. the saturn 5 rocket blasted off carrying neil armstrong, buzz aldrin and michael collins to the moon. four days later, they were the first people to set foot on the moon. crew safely returned to earth after eight days. history was made. we celebrate that today, 50 years. dagen: a shout-out to buzz aldrin, he's the only person we let walk off the set with a "mornings with maria" mug. cheryl: that's right. i forgot about that. dagen: he had it and he walked out of the studio and we're like okay, it's buzz aldrin. cheryl: of all the people that came on the show, he got a lot of attention. people worshiped him. dagen: superstar. facebook under pressure, treasury secretary steve mn

. >> so the environmental impact team at wells fargo said go ahead, take the risk. freshman congresswoman katey porter pursued another line of tough questioning in that same hearing today. same kind of questioning you've seen her do repeatedly. you've seen it on this program, in video that we have shown you of her devastatingly effective questioning including her questioning of a trump official we showed you on this program last night. katey porter is the first democrat in history to be elected to represent california's 45th congressional district in orange county, a county that normally votes republican. two democratic presidential candidates have had a hand in development of katey porter's skills. when senator kamala harris was the attorney general she appointed her to be the independent monitor of banks in $25 million mortgage settlement that brought reforms to the mortgage business in california, and senator elizabeth warren was a professor of katey porter's when katey porter was a student at harvard law school. katey porter graduated from harvard law school and

. >> the david rubensten show", peer-to-peer conversations is sponsored by wells fargo banking.e wells fargo healthcare banking, making a difference where it matters. g a difference where it matters. david: let's talk about some of your other businesses. over here you have your scooter usiness and your electric bike business. dara: yes. david: the scooter business is all over the united states and world? the dara: it's in about 25 cities now and expanding. in the u.s. but we're expanding into europe pretty quickly as well. that's ou've a scooter manufactured just for you or is it different than the scooters that other companies use? we're building a scooter that's manufactured just for us. the bike is manufactured just by us.and designed by totally proprietary. david: some people say scooters dangerous. what do you say about that? dara: it's something that we're carefully.etty and we're working on technologies to modulate those issues. example, when scooters get to very busy parts of town, them down. some of these scooters early on, they went as high as 20 miles per hour. now we're wor

in the interim, everyone is focused on what is most important for wells fargo. the operations are running smoothly, and he is doing a fine job. will keepank you. we our eyes out. that was the wells fargo cfo, john shrewsberry. fullrnings this week in swing. goldman sachs has revenues standing out, second highest in four years, well jp morgan is lowering its outlook, now to .5 billion. i want to bring in a reporter. it is one thing that we did not get to speak to the cfo of wells fargo about that i am curious on . sales and trading. i am wondering how much of this is structural. we have heard the fed talking about lowering the rates of unemployment, anchoring long-term rates down on the low end, so with lower volatility, how much of the declines are structural and not cyclical? >> two elements to this. this, we pointth out that the overall is increasing, so you have to grow by increasing your market share and not staying steady. at the same time, look at some of the key factors that have impacted trading this quarter, the macro uncertainty, and looking forward, t

anna han, wells fargo's securities equity strategist. you can find a roundup of the stories you need to know to get your day going in today's edition of daybreak. bloomberg subscribers, go to your terminal. it is available on mobile on the bloomberg anywhere app. you can customize the settings so you get the news and settings of assets you care about. this is bloomberg. ♪ shery: this is bloomberg technology global length. i am shery ahn new york alongside paul allen and emily chang in san francisco. let's get thought it with a look at the top global tech stories of the day. emily: cisco will buy acacia communications for $70 a share, or $2.6 billion. the price for the deal expected to be completed in the second half of 2020 which represented 46% premium to acacia's monday u.s. close. facebook is fighting another blockbuster court fight in europe over privacy. the eu court of justice hears arguments wednesday on the legality of rules used by companies to move commercial data outside the region. critics say eu's citizen data is at risk a

for wells fargo, they already have. one of the key interesting points for wells fargo, they had the lowest lending income since 2016. that's already having an effect. the revenue was little changed. that's a positive. some analysts say it expected the testified the expectation that we might see revenue decline for the bank. the net interest income dropping the lowest in three years. the net interest income, it's a hot topic now. it's a difference between what the bank charges borrowers and what it pays out to customers. that's a key area. what's interesting is, they are lowering their guidance but they are talking about the strength of their consumer accounts. they continue to do business for consumers. they had that scandal going back over a year with these fake accounts. primary checking accounts were -- a yearom of earlier. investors hitting the cell button on some of their shares, concerned about how it will ride the lower lending growth for the major banks. yes.d: get -- thank you so much. let's switch our attentio

wells fargo has rolled over. how important is it for wells fargo to get management integrity fast? thomas: historically, wells fargo has been a high performer. clearly, they have lost their way and need to fix it to get back to doing what they built the company to do. this can be fixed with the right management team. they need to focus on banking and make sure they have their culture. tom: how do you find the piece of meat to run the country? of someone character who rights as complex as wells fargo? thomas: you need to spend time with the individual because i think there are a lot of very smart financial people at wells fargo. you need to make sure you set the culture and mission right, and are able to change the organization and get it moving. wells fargo, 262,000 employees. nejra: what are you expecting out of jp morgan? thomas: we expected to remain very profitable and we are expecting some revenue sluggishness like we talked about earlier. we think net interest income will be under pressure because of the margin being down. in jp morgan's case, this will not be a quarter forba

wells fargo the worst. theme therefore bodes better for morgan stanley for thursday than it does for bank of america tomorrow megan, what is your takeaway >> i think that there are three main drivers for the banks one is the fed and we know that that is going to be a head wind on net interest income. but also the shape of the yield curve. we've seen that steepen over the past few days. so that is a little bit encouragi encouraging. for us the most important thing we see is credit quality and that has been good and reassuring we know fed policy occurs with a lag. so the fact we are not seeing that weigh on the credit quality so far is a good thing we're still neutral financials within that, we prefer the larger banks over your regionals. because you do get are more of the diversified revenue stream although in this kraur if may be a headwind, but longer term we think that that is the safer place to be. but a lot of the -- we think that they are fully valued so maybe less down side risk from valuation and thi

wells fargo's revenue was little change. j.p. morgan chase warned it will take a hit from lower interest rates. we have the latest on this. it's been a mixed bag so far. >> it has been. hearing them saying the rate cut blues as we get into the late cycle for the banks. take a look at how the big three that reported in this latest session did. goldman and jpmorgan both saw their stairs -- shares rise. the industry as a whole was a laggard in the market. wells fargo taking a big hit. they miss some of the lowest estimates. let's focus on goldman and what was the surprise is their consumer business which is still a fraction the size of rivals surprised investors when it jumped in equities trading and helped be earning expectations. their trading unit was the bright spot, coming in at second quarter revenue for the total trading with 3.4 8 billion. the earnings per share dollars $.81. equities revenue was the standout. really putting the second highest quarterly results in four years for the unit. that's what sets it apart from its r

wells fargo results are next by the way, here are the futures right now. take a look at what's been happening after we've already heard from three dow components. dow futures picked up. we were in negative territory down by 25 points. this morning at 6:00 a.m we're indicated up by 35 points. s&p futures up by 2, the nasdaq up by 3 and "squawk box" will be back [ dogs barking ] what about him? let's do it. [ sniffing ] come on. this summer, add a new member to the family. hurry into the mercedes-benz summer event today for exceptional offers. lease the glc 300 suv for just $419 a month at the mercedes-benz summer event. going on now. >>> a big morning for banking. results already out from jpmorgan and goldman sachs next up, wells fargo. >>> the pressure on tesla as the company strives to hit production goals, a new cnbc report details manufacturing short cuts >>> and is blockchain a double-edged sword this hour we'll ask house minority leader kevin mccarthy why he's such a fan of the technology and also if that extends to facebook's proposed digital currenc

alison: one area where low growth has returned his wells fargo. they have a restriction in place in terms of their assets cap's but some return to the auto lending business is an area they have pulled back on in the past. the headline view for all of the banks relates to the net interest margin and the lower interest income you, and what the banks are factoring in. said they are factoring in one rate cut later in the year. jpmorgan, two or three cuts. that more conservative assumption in your estimate might give investors a little bit more comfort. the other thing i would note is in terms of technology. that is something we are hearing from wells fargo in terms of talking about their costs. they will not sacrifice tech spending. goldman sachs called coming down -- goldman sachs comp coming down and that is helping their bottom line. jpmorgan saying that will not sacrifice check spending. vonnie: some of this banks of been changing their profiles. takeaways from the changing profiles? alison: in terms of goldman sachs, the story is how much are a m

this is the view of margaret patel, wells fargo asset management senior portfolio manager. she joins us from massachusetts. thank you for joining us today. we've got earnings season underway. kind of a mixed bag. i'm wondering if there is a metaphor to what we are going to see in this core? a chart on the bloomberg terminal that shows earnings trending downward, nonviolently though. what are you excited to see in the weeks ahead? margaret: certainly in the financial sector with the banks, i am not looking with much anything. i think this will be lowest quarter in terms of earnings. reflecting the fed having been to type last year, the slowness is reflected in the first quarter. i will be looking for are they seeing you stabilization or are company seeing a pickup in the second half of the year? paul: how much does fed policy have to do with all of this, because the jobs market is brutal, jay powell says the definition of what tight it might be changing. core consumer prices holding up reasonably well. will it get rather tricky for them? margaret: no, i don't think so. i thi

hasmberg's hannah levitt been keeping an eye on an interminable search for a new wells fargo ceo. let's begin on the big banks, reporting next week. you can see bank of america cautious on select banks today, saying that earnings visibility and the outlook was cloudier and downgrading some. hannah: we are looking at rates falling all year. the 10 year treasury has been going down. the fed is widely expected to cut interest rates at the end of the month. for banks, that means their net interest income, the money they make from what they charge consumers on loans minus what they are paying out on deposits, that is what suffers for banks. that makes up half or more of the revenue stream. vonnie: presumably this will affect some banks more than others. let's begin with the begin vestment banks. , itah: the investment banks was not a good quarter. there was a lot of uncertainty with trade, everything from brexit to iran to mexico to china. the investment banks were looking at lower trading results and investment banking results that were actually quite lower. one analyst is expecting a

locutor: jamaica estados unidos es presentado por wells fargo. sprint. toyota, elige la cancha difÍcil. y por state farm. jeep, orgulloso patrocinador de la cobertura de univisiÓn deportes en la copa oro concacaf 2019. >> nashville, tennessee, para ver a la selecciÓn de estados unidos jugar contra jamaica. Último boleto para llegar a la gran final en chicago. el drama, la mÚsica que se escucha, los dos terrenos por salir al terreno del nissan stadium. el monumental estadio de la nfl. allÍ estÁn los "reggae boyz" que quieren volver a hacer la travesura. nos ha robado en dos ocasiones el mÉxico estados unidos en la copa oro. el placer de estar al lado de diego balado, marcelo. ¿cÓmo estÁs? marcelo: esperando que estados unidos haga un partido interesante. diego: es un partido de riesgo para estados unidos, por el antecedente reciente que terminÓ con la victoria de jamaica, pero sobre todo por cÓmo quedó debiendo no sÓlo a la gente, sino a sÍ mismos en el partido frente a curazao. hoy vienen algunos cambios. raÚl: hoy viene estados unidos.

esto es wells fargo. i'm an emergency responder. it takes me away from home. (vo) por qué los bautista eligieron verizon. muy importante estar conectados mandarle fotos, para que él se sienta parte del hogar. (vo) la red en la que más gente confía te da uno de nuestros mejores teléfonos al comprar otro. verizon te da más. vienen con todo tipo de.. suciedad. confía en el nuevo all oxi mighty pacs. con stainlifters activos que combaten el 100 % de las manchas. prueba el nuevo all oxi ahora. >> (nombre en inglÉs) uno de los mayores emisores de tarjetas del paÍs ha sido victima de robo >>> han podido acceder a la informaciÓn privada de 100 millones de sus usuarios en estados unidos tambiÉn opera en canadÁ tambiÉn donde otros 6 millones de personas han quedado expuestas 140 mil nÚmeros de seguro social y la seguridad social canadiense y 80.000 cuentas bancarias el fbi ha muje asegura que la brecha en su seguridad ha sido resuelta pero quÉ puede hacer usted para evitar que sus datos terminen en manos de piratas cibernÉticos cristina londoÑo investig

esto es wells fargo. coors light. empacada en frío... en su punto más fresco. la cerveza más refrescante del mundo. coors light. >> el gobierno de estados unidos pidiÓ confiscarle a joaquÍn el chapo guzmÁn casi 13.000 millones de dÓlares >>> esto ha generado polÉmicas sobre quiÉn debe de quedarse con el dinero del exnarco, isa osorio con los detalles >>> cuando joaquÍn "el chapo" guzmÁn cinaba rumbo a su extradiciÓn Á juscia va tras su dinero >>> el gobierno estadounidense pidiÓ que se le decomisar mÁs de 13.000 millones de dÓlares que equivale al trÁfico de toneladas >>> lo hicieron demasiado famoso >>> pero el cuyo chapo guzmÁn es mentira segÚn emma coronel >>> como que escuchan que era comÚn y corriente. >> para muchos la fortuna de este narco deberÍa de quedarse en manos del gobierno mexicano >>> ellos tendrÁn que administrarlo >>> los gobiernos de mÉxico y estados unidos firmaron este acuerdo >>> en Él se establece que los paÍses deben de compartir bienes decomisados >>> para la confiscaciÓn de bienes la fiscalÍa repÚblica tendrÁ

ahora ella puede ver, en un lugar, los pagos recurrentes que hace con wells fargo... para decidir qué cancelar. esto es control. esto es wells fargo. >> el programa mÁs innovador de la televisiÓn hispana ♪ >> gracias por continuar con nosotros. ya estÁ aquÍ natalie juÁrez para hablarnos del mundo de los deportes. >> asÍ es. nos trae lo que es la esperada final. la final soÑada y la que veremos aquÍ por inhibiciÓn. >> placer -- la que veremos aquÍ por univisiÓn. >> a final deduelo de choque de gigantes de la concacaf lo que viviremos este domingo. no se pierda toda la acciÓn prestos plataformas. luego de un mes intenso de copa oro llegÓ el punto final. veamos. >> mÉxico enfrenta estados unidos en la sexta vez en este torneo con saldo de cuatro triunfos y dos derrotas. siendo la selecciÓn con mÁs trofeos en sus vitrinas. vamos con fibra nada y se que nos tiene el reporte. va adelante. libran: se acerca el momento estamos aÚn vÍa de que se juegue la gran final de la copa oro contra el estados unidos el dÍa de hoy habrÁ reconocimiento de cancha para el conjunto trico

esto es wells fargo. fÉlix: para hablar de deportes estÁ con nosotros natalie juÁrez entre otras cosa no va a mostrar la impresionante final de wimbledon hoy natalie: asÍ es, feliz domingo impresionante nÚmero uno por el tiempo en que tardaron en definirlo y tambiÉn djokovic mÁs cerca de Él roger federer, mencionaba que uno de sus sueÑos de niÑo pasar el tren. tras realizar la prueba fÍsicas antoine griezmann fue presentado en el barcelona llega con un contrato y tras el pago de la clÁusula de recesiÓn en el atlÉtico de madrid llevarÁ el nÚmero 17 hablÓ sobre el hecho de compartir cancha. antoine: para mÍ es el uno, s.l. es la referencia para todo celoso futbolista, es un ejemplo en la nba y en el fÚtbol es el. natalie: novak djokovic y roger federer se se presentaron y superaron las expectativas al regalar otra espectacular exhibiciÓn el serbio tuvo una excelentes definiciÓn que se extendiÓ a cinco sets para un total de cuatro horas y 50 y siete minutos convirtiÉndose en la batalla

you could look at wells fargo where they have an asset cap there. they're not feeling the relief of deregulation. so we are not construct shive on the group at this time >> wells fargo are reporting today. there's the search for a new ceo under way there. how are you thinking about the other name reporting, goldman sachs. they have been embroiled in this malaysia scandal >> yes for us at goldman sachs, the malaysian scandal is front and center we'll listen for how many billions of dollar also it cost the bank to settle will the bank take a charge in the current quarter for the costs, and we know they're conducting a strategic review. we know goldman has a lot of headlines for their investments in the consumer space, expanding markets into wealth management or the apple card that will launch in the next few months. so we'll listen on how big those initiatives may turn out to be >> finally i want to ask about jpmorgan the other bank posting results later today. they are perceived to be the crown jewel amongst the u.s. investment banks can we expect an

(team member) this is wells fargo. priceline will partner with even more vegas hotels to turn their unsold rooms into amazing deals. delegates, how do you vote? (cheering) ♪ yes, y-y-y-yes, yes... that is freaky. (applause) the pain and swelling.. the psoriasis. cosentyx treats more than just the joint pain of active psoriatic arthritis. it even helps stop further joint damage. don't use if you're allergic to cosentyx. before starting, get checked for tuberculosis. an increased risk of infections and lowered ability to fight them may occur. tell your doctor about an infection or symptoms, if your inflammatory bowel disease symptoms develop or worsen, or if you've had a vaccine or plan to. serious allergic reactions may occur. get real relief, with cosentyx. ♪ ♪ steve: okay. you heard what i just had to say, now let's bring in our guests for the night, president of independent women's voice, tammy bruce. author of "the working class republican," senior fellow at the ethics and public policy center and washington p

esto es wells fargo. listerine® limpia aprácticamente un 100%. ayudando a prevenir gingivitis y el mal aliento. nunca te conformes con un 25% siempre ve por un 100% demuestra de quÉ estÁs hecho™ el tocino.ino. 4 donitas. 4 donas. sí. por un dólar. ¿un dólar?. un dólar. ¿en serio?. sí. mira, mira... prueba mis 2 biscuits de desayuno por $4 y agrega 4 donitas por un dólar. sólo en jack in the box. o tocino.. salchicha. o tocino. salchicha. o tocino. salchicha. o tocino. donitaaaaas... prueba mis 2 biscuits de desayuno por $4 y agrega 4 donitas por un dólar. sólo en jack in the box. ♪ (mÚsica) ♪ >>> desde los aÑos 80 mÁs de 30 mil niÑos de guatemala fueron dados en adopciÓn solo en estados unidos. ahora noticias telemundo investiga revela que muchos de estos menores fueron robados y vendidos a travÉs de una red de traficantes que toca hasta las mÁs altas esferas ahora aquellos bebÉ y jÓvenes luchan para encontrarse con sus padres biolÓgicos. este es el informe. ( ♪ mÚsica ♪ ) >>> al fin de este camino va a estar mi

esto es wells fargo. lo rico no es un estreno en la ♪lfombra roja. sino un estreno en nuestro backyard. ♪ life's rich. ritz. >> victoria anoche de los angelitos el equipo del lanzador tayler hallado muerto el lunes en la habitaciÓn del hotel de houston donde el equipo se a lo java antes de enfrentarse a los rangers * pese al golpe jugaron Án seguro que eso era lo que tayler hubiera deseado. el sol se vio completamente tapado por la luna durante poco mÁs de 4 minutos en el Último eclipse total de la dÉcada que ayer fue visible de varios lugares de sudamÉrica, uno de estos lugares fue el desierto de atacama en chile al que se acercaron miles de turistas, astrÓnomos y aficionados para ver el eclipse. >> habrÁ que esperar hasta diciembre 2020 para ver el prÓximo, un espectÁculo visual. >> el trabajo constante y afÁn de superaciÓn pueden convertir los sueÑos en una realidad, eso mismo le ha pasado a una joven latina que vive en chicago y que acaba de conseguir una beca para estudiar en una universidad de california, su ejemplo sirve de insp

esto es wells fargo. un desfile de ofertas épicas es elpor dos días.ulio. desde electrónicos... ...y moda... ...a hogar y cocina... ...y mucho más. prime day. 15 y 16 de julio. un artista pamela: un artista urbano deleita los transeÚntes. ernesto rivas fue buscarloen la esquina donde se gana la vida en el salvador. >> vive haciendo malabares. para Él y para su hijo. >> tenemos rato de andar en los semÁforos. >> al parecer el pequeÑo alias de tan sÓlo dos aÑos tambiÉn disfruta lo que su padre hace. sin embargo, en cada presentaciÓn que dura poco mÁs de un minuto ambos se exponen a que algÚn vehÍculo pueda golpearlos y la demostraciÓn no siempre es recompensada. Él sabe del peligro, pero dice que fue un motivo de fuerza mayor lo que lo obligÓ a trabajar con el pequeÑo pegado a su espalda y que no es precisamente para que la gente se compadezca. >> cuido a mi hijo y yo lo amo mucho y siempre va estar conmigo Él. aunque la mamÁ no se. >> quÉ pasÓ con la mamÁ? >> de mamÁ se perdiÓ en drogas. me dejÓ. >> este joven artista callejero se co

esto es wells fargo. nos encantaría que nos ayudaras con la ropa. rocía y talla cualquier mancha. lava la ropa muy sucia por separado. nuevo tide pods con tecnología mejorada 4 en 1 logra una limpieza infalible en un paso. aww, sí lavaste! tiene que ser tide. jugosas y crujientes tiras de spollo más grandes y más ricas. hazlas que piquen más con salsa picante o bájale un poco con ranch. prueba hoy mi nuevo spicy chicken strips combo, con 100% pechuga de pollo. solo en jack in the box. ♪ ♪ prueba mi barbeque bacon double cheeseburger combo por $4.99. >> la defensa de joaquÍn "el chapo" guzmÁn quiere que sea repatriado a mÉxico, esa fue la reacciÓn cuando la fiscalÍa de nueva york solicitÓ cadena perpetua, la familia de guzmÁn tambiÉn reaccionÓ a travÉs de su abogado, rebecca smith tiene la informaciÓn. >> en su escrito al juez cogan la fiscalÍa estÁ pidiendo que el "chapo" guzmÁn pase el resto de su vida en prisiÓn por liderar una empresa criminal y 30 aÑos mÁs por posesiÓn ilegal de arma de fuego. para la abogada del chapo esto es un montaje del gobiern

esto es wells fargo. listerine® limpia aprácticamente un 100%. ayudando a prevenir gingivitis y el mal aliento. nunca te conformes con un 25% siempre ve por un 100% demuestra de quÉ estÁs hecho™ (musica) >>> la lucha libre mexicana ha perdido a una de las mÁs grande figuras de su historia. el perro aguayo falleciÓ en mÉxico a los 63 aÑos, durante tres dÉcadas fue uno de los mÁximos representantes del bando de los rudos. isa osorio nos muestra cÓmo lo describen. >>> de pie, ahÍ estÁ el perro aguayo con el chaleco y las botas que lo caracterizaron por dÉcadas a este icono de la lucha libre americana. eslisto para recibir el Último adiÓs en guadalajara jalisco donde residÍa. >>> le gustaba mucho el fÚtbol, le gustaba tambiÉn el cuadrilÁtero, se quedÓ con la luch >>> la familia informÓ que pedro daniel aguayo falleciÓ a los 63 aÑos al parecer de muerte pa natural. desde temprano admiradores acudieron a despedir a luchador retirado del ring desde el 2001. >>> mÉxico pierde una gran leyenda en otro luchadores, bueno, como lo sa

well done guys. (team member) this is wells fargo. ♪another summer day is come and gone away♪ ♪in paris and rome but i want to go home♪ ♪mmmmmmmm ♪maybe surrounded by a million people i♪ ♪still feel all alone i just want to go home♪ ♪oh i miss you, you know ♪let me go home ♪i've had my fun baby i'm done♪ ♪i gotta go home ♪it will all be alright ♪i'll be home tonight ♪i'm comin back home can't see what it is yet.re? what is that? that's a blazer? that's a chevy blazer? aww, this is dope. this thing is beautiful. i love the lights. oh man, it's got a mean face on it. it looks like a piece of candy. look at the interior. this is nice. this is my sexy mom car. i would feel like a cool dad. it's just really chic. i love this thing. it's gorgeous. i would pull up in this in a heartbeat. i want one of these. that is sharp. the all-new chevy blazer. speaks for itself. i don't know who they got to design this but give them a cookie and a star. levin." >> cannot get enough. all right, 2020 democrats gearing up

ahora n que hace con wells fargo... para decidir qué cancelar. esto es control. esto es wells fargo. siempre puede estar unamas cerca.ia y sana par eso las nuevos jabones liquidos corporales silk moisture con infusion de seda de dial dejan tu piel mas suave. siempre lista para estar mas cerca. dial. piel mas sana. personas mas sanas.™ pubertad significa espacio personal. así que la ropa deportiva tiene tiempo para acumular olores así que nos graduamos en tide pods sport. y huele muy bien tide sport elimina incluso el olor a sudor de una semana. si tiene que estar limpio, tiene que ser tide. a ♪ (mÚsica) ♪ >>> un latino de california se trajo el peor recuerdo del tradicional encierro de san fermÍn en espaÑa. un toro lo cÓrneo en el cuello cuando se tomaba una selfie Él admite que fue un descuido que por poco le cuesta la vida.o mÍ pamplona jaime se llevÓ un recuerdo. >>> uno mÁs y fue asÍ y pum >>> un toro que se habÍa quedado rezagado le dio una coronada que ingresÓ por el cuello mientras Él se tomaba un video. los mÉdicos no sabÍan si el cu

wells fargo guidance, the high end of cost range, that was a negative due to operational risks and compliance, less , and bank of america saying today that they were going to basically target costs to come in below last year. they have been targeting about flat. they are saying they are not going to cut tax spending, but they are going to look for other ways. shery: and capital markets ending on a high note, despite the volatility we saw in the last quarter. a mixed bag. what do we see for bank of america? bank of america, fixed income did a little bit better and equities came in light. the positive story for them this quarter was the banking fees, their global banking fees coming in better than estimated. equities, capital markets coming in very strongly, well above. that has been a strong story. equity capital market fees due to the u.s. ipo market, everyone is benefiting from that, but bank of america showing some share gains, and a lot of that has been repositioning that business and focusing more on the middle-market clients, and getting some benefit there. what are the banks saying abou

the more negative than from wells fargo is on the expense side of things. they are coming into the higher end of the range, then flat expenses next year. goldman sachs is a different story. the equity trading revenue for the business coming from. that -- coming through, as well as better fees. >> wall street fell from a record and the offshore yuan weekend after president trump reminded us that the trade war is far from over. president trump: we have a long way to go in terms of tariffs. we have another three or $25 billion -- $325 billion we can put on if we want. >> this confirms that a clear path to a deal is nowhere in sight. you heard from trump there is a possibility of raising tariffs rurther, but a precondition fo beijing in talks to take all tariffs off the table. we hear china is prepared to whether this storm, the global growth slowdown, and are prepared to adjust fiscal and monetary policy as appropriate. >> bank of america reported a record second-quarter earnings, missed on the interest income despite a beat on trading revenues. >> fixed incom

the more negative than from wells fargo is on the expense side of things. they are coming into the higher end of the range, then flat expenses next year. goldman sachs is a different story. the equity trading revenue for the business coming from. coming through, as well as better fees. >> wall street fell from a record and the offshore yuan weakens after president trump reminded us that the trade war is far from over. president trump: we have a long way to go in terms of tariffs. we have another $325 billion we can put on if we want. >> this confirms that a clear path to a deal is nowhere in sight. you heard from trump there is a possibility of raising tariffs further, but a precondition for beijing in talks to take all -- we hear china is prepared to whether this storm, the global growth slowdown, and are prepared to adjust fiscal and monetary policy as appropriate. >> bank of america reported a record second-quarter earnings, missed on the interest income despite a beat on trading revenues. >> fixed income trading revenue is unchanged from a year ago. tha

morgan, and from wells fargo. tomorrow morning a preview of that coming up with 59 minutes left of trade, everything you need to know as an investor is coming up >> and i'm morgan brennan in for sarah eisen. let's get to what's driving the action energy is dragging the markets you heard wills talk about that. stocks are hovering near records as we await more earnings this week joining us for this hour to break down the market action is keith bliss. keith, welcome >> thank you very much, morgan good to be with you. >> mid averages did hit new records this morning but have drifted back down to the flat line, not really moving very much right now are you surprised by that? >> not at all. i'm a little suppliesed at trpre lack of action it seems they've hit their own food coma as we wait for earnings to come through we have 300 companies that are going to report next week. we are on fed watch, of course, waiting for the july 31st rate decision a bit like waiting and waiting markets are taking a breather right now. here

some of these guys we will talk about in a bit are not having the same success maybe a wells fargo in this demographic. >> i understand why jp morgan gets a premium valuation, the bank probably deserves it. the bulk case for citi which karen can speak to is trading at discount to book value which is 79 1/2 that's what the bulls will look at bear case is maybe trading tangible book. i am finding myself somewhere in the middle which is where the stock is european banks i believe are in trouble and you have to be wary of in my opinion the bank with most exposure and that would be citi. >> financials are up nearly 20%, but a trader says a bank breakdown could come this summer dan, you want to head to the plasma >> let's talk about the xlf, that's the etf -- take it easy, buddy. you know, we had all of the money centers report this week jp, bank of america, citi and wells fargo, that's about 30% of the weight of the xlf. what is interesting to me is that the xlf, despite what looked to be decent results from most of the guys, is down on the week so put volume is 1 1/2 times average daily v

despite the earnings beat, but john shrews berry, the wells fargo cfo, is going to be first on cnbc soon i think in a couple hours, to talk about the bank's earnings with the closing bell team tune in at 3:00 p.m. eastern for that meanwhile, coming up here, the comak is hot unemployment is low, so why are younger millennials not optimistic about leaving their parents' homes because they don't want to work. where else are they going to go? that's in today's rapid fire that was not in the teleprompter i added that, and don't think i'm really allowed i take that back >> plus, newidaty showing homeowners are optimistic, but there could be pain ahead. >> hugh, are you a millennial? >> my wife is. >> we'll tell you why straight ahead on "the exchange." >>> get to seema moda for a market flash on bitcoin. seema, what did you do >> facebook's libra facing pushback on capitol hill, and bitcoin is selling off it's following strongly worded comments from treasury secretary steven mnuchin yesterday who effectively bashed cryptocurrencies and also said libra could be misused by money launderings

esto es wells fargo. soy multifunctional, por eso me emociona colgate total. hace aún más.esn toda i boca. alivia la sensibilidad... y fortalece los dientes. colgate total. haz más por toda tu boca. ¡esto... es el wendy's baconfest! enloquécete con la bacon double stack en la biggie bag por solo $5. por que nadie hace bacon como wendy's. ven y pide tu biggie bag con una bacon double stack, nuggets, papitas y bebida por solo $5. ♪ ♪ ♪ (mÚsica) ♪. >> un bebÉ fue hallado hoy muerto dentro de una furgoneta al norte de miami bajo temperaturas de casi 90 grados, en lo que va del aÑo, ya han perdido la vida 24 niÑos abandonados en autos, entre ellos dos gemelos de 11 meses el viernes pasado en el bronx. cristina londoÑo nos explica cÓmo evitar estas tragedias. >> el horror se repitiÓ esta tarde al norte de miami. otro bebÉ olvidado y encontrado muerto en un auto, tenÍa dos aÑos. >> ocurre a solo dÍas de la muerte de dos mellizos de un aÑo, phoenix y luna rodrÍguez por los que su padre no pudo dejar de llorar en una corte de nueva york al enf

ahora ella puede ver, en un lugar, los pagos recurrentes que hace con wells fargo... para decidir qué cancelar. esto es control. esto es wells fargo. belvita breakfast biscuits para la de las 9,unión de las 8 a.m. las 10 y la despedida de carla. hechas con una deliciosa mezcla de granos. (recibe) 4 horas de energía para ganarle a tus mañanas. algunos buscamos más allá ♪ quizá no sabemos aún qué es lo que andamos buscando. pero sabemos que está ahí fuera... más allá del horizonte. sí tú también lo estás buscando Ésta, es la manera de llegar. jeep grand cherokee 2019. apúrate y pasa por el evento de ventas del 4 de julio y llévate un bono adicional en efectivo de $500 en modelos seleccionados. entra en jeep.com $500 en modelos seleccionados. aquí, todos podemos compartir como somos. no importa cómo empecemos el día... no importa si nos parecemos, o si nos vemos distintos. y si bien renovamos el menú y los restaurantes, mantuvimos lo más importante. que en nuestra mesa, son todos bienvenidos. nos vemos en denny's. cuando llegaste a la cita y el cuello de tu cami

taylor: still with us is the wells fargo cohead of global fixed income strategy. we have been talking about the inverted yield curve. here is the issue, we are negative two basis points on the three-month 10-year. 2000, -77 basis points. 2006, -60 basis points. does this concern u.s. much? -- concern you as much? global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. we have an affair it has to invert by 25 basis points or more for to be statistically significant happen for a four-week period of time. 1-10-year, any one of those could be significant for us. us, it fosters non-growth behavior. what it tells people is to just stay in cash. that is nongrowth behavior. it leads to that recession. that is something we are concerned about. taylor: talking about on growth behavior, we pitted to die in y inon and -- pivot to gu london and the brexit. what can carney do? george: he is in a challenging situation. he does not know necessarily what will happen with brexit. right now it has be

we think wells fargo is well positioned >> also in this space that i cover, oil and gas the energy stocks have been crushed. if you go down to the small and mid cap names, they're down 60%, 70% in 12 months a ceo we talked to many times of royal dutch shell, they continue to perform and you like that name >> the business has done well but the stocks have not. >> they can't get out of their own way. >> oil prices are up sharply the company's cash flows are better they will be returning more capital to shareholders, yet you're getting about a 6% yield. we think at some point oil company stocks catch up to the better oil prices. >> abbvie, wells fargo, royal dutch shell, quite the mix there. nothing in common except they've been beaten up and they have a decent yield >> and good long-term prospects. >> thank you very much >> thanks. >>> the one company possibly getting the most attention when it comes to earnings today, what else, apple. apple stock has done well. up about 30% this year a number of risks remain for cook and company, including possible regulation, the recent departure of thei

por suerte, él puede desactivarla desde control tower en su app de wells fargo mobile... (alex) disculpa, estoy buscando mi tarjeta... (mesero) esta es la tuya, ¿cierto? (alex) ¡sí! (voz) ...y activarla de nuevo fácilmente una vez que la encuentre. este es demasiado fancy. es el cuarto plato que rechazas. tus invitados tienen hambre. ¿tan difícil es conseguir un sabor puro? light, pero no demasiado light. un sabor suave que no arruine mi paladar. ♪ ¡eres un genio! antes de que empecemos a comer, me gustaría brindar por el día que maté un dragón con solamente... un hueso de pollo. el sabor puro y suave de bud light. con solamente... un hueso de pollo. (♪música inquietante) ♪ ¡ya! !dejame en paz! todo lo que hago está mal. ¡siempre mal! carlos... [la puerta se azota] ♪ ramsÉs: estamos al medio tiempo del partido entre estados unidos y curazao. ivÁn: tiene la opciÓn el tÉcnico berhalter de jordan morris. ramsÉs: por lo pronto estados unidos gana uno a cero o curazao, ahora mismo es el Último semifinalista. ♪ ♪ >> el medio tiempo fue presentad

quarterly increases and wells fargo boosted its income since 2017. -- 2016. pretty much powerhouse balance sheets but the problems of margins are out there. >> we are three for three in terms of the biggest u.s. banks. net interest margin missed estimates and jpmorgan brought down their guidance. wells fargo have brought down their guidance a couple of times and missed the estimates. the more negative thing for wells fargo today is the expense side of things. they sort of kept their guidance for this year, coming into the higher and of that range and flat expenses. next year, goldman sachs is a different story with equity trading revenue for that business coming through and i think that's what investors are happy to see as well as better fees. >> wall street fell from a record on the offshore oil weakened as president trump reminded us that the trade war is far from over. pres. trump: we have a long way to go with tariffs in china with another $325 billion we can put a tariff on if we want. >> what can we infer from those latest statements? >> this confirms e

not so for wells fargo. you can see this plunging the session as theyyou can see thise session as they announced the smallest lending income since 2016, not to mention that interest income had been downgraded in april. it is off for percent, some not great news for wells fargo. a lot of uncertainty out there. let's bring you more from president trump from that cabinet meeting moments ago. >> those people we wonder why they are coming back. they are the only ones. we are getting rid of thousands of people who are criminals, taking them out of the country. ms 13 by the thousands. they are going out quickly. professionally, we have papers on everyone that we take out, all legal documents. they come in here legally and they go out legally. on sunday there was a lot of activity but you didn't see it because it went smoothly. folks, the people from border patrol, the job they do, they are heroes in many ways. we have border patrol who are nurses, doctors, janitors. i very much want to thank vice president pence fo

are there any currencies wells fargo is interested in? erik: we had a rate cut from indonesia's central bank today. it was interesting to see the currency rally on the back of that. the fed has been moving towards rate cuts, and a lot of these central banks have had room to cut rates. that's one currency would like going forward. vonnie: thank you for joining us today. our thinks to erik nelson, wells fargo currencies strategist. netflix shares are lower today, the worst performer in the s&p 500. some striver losses -- subscriber losses the main cause there. let's bring in now tuna amobi, cfra consumer cyclical analyst. do any of your calls change today? tuna: thank you for having me. our outlook essentially hasn't changed, although the q2 underperformance really was a major surprise to us as we started to parse the release. it became clear that they had significantly under forecast -- significantly over forecast the expectations. i can point a finger to the seasonality, the timing of the content, and the potential forward impact of the r

wells fargo securities head of credit strategy in charlotte. we can get a roundup of the stories need to know to get your day going in today's edition of daybreak. bloomberg subscribers, go to your terminal. it is also available on mobile on the bloomberg anywhere app. you can customize your settings so you only get the news and industries you care about. this is bloomberg. ♪ paul: this is bloomberg technology global link. i'm paul allen, alongside shery ahn and bloomberg technology anchor emily chang. let's take a look at the top global tech stories of the day. emily: apple is an advanced talks by intel smartphone modem chip business. the report says a deal would cover a portfolio of patents and staff valued at $1 billion and a deal could be reached in the next week. it would jumpstart apple's push to have more control over developing critical components. microsoft is investing $1 billion in a partnership with the research group open ai. it was cofounded by elon musk and other silicon valley entrepreneurs, and will now use microsoft's azure

. >> the problems at wells fargo, that arose at wells fargo around risk management and consumer, the way they dealt with the consumer, were actually pretty deep and i think the company realizes that, and they're not going to be -- they haven't been fixed quickly and frankly, we didn't expect them to be fixed quickly. so, you know, they will be under the growth cap, our enforcement action, until the board votes to lift it. and that's not something we're considering doing right now, and the committee -- the company is working away to address these issues but they are deep-seated issues and it just takes time to address them. i wouldn't comment on the ceo question. i don't really have anything for you on that. >> are you pleased with the responsiveness you are getting from them? do you feel like this is going the way you kind of want it to? >> i'm not going to characterize it. i mean, i have characterized it. we have an enforcement action in place. the company's working away at addressing it. they take it seriously. i think they do see it as we do, as something that has to go deep, and

as wells fargo and dominoes, we have the numbers and full analysis, big tech, the senate looking into facebook's proposed crypto currency libra as others question apple, amazon, google asking if they pose a threat to competition. president donald trump versus progressive democrats, the war of words getting bigger, deepening, we've got the latest on this very public feud and what it means for all of us. billion peter teal warning google could be threat for working with china. mornings with maria start right now. ♪ ♪ dagen: big show coming up this morning, health and human services alex azar is here, fox news senior strategist analyst retired four-star general jack keane, cfra director of e equity research ken leon who will give us analysis of banks this morning, tom reed and former ice acting director, former acting general of homeland security john sandwick, you don't want to miss any of the

wells fargo missing. citi down on net interest income, but basically talking about that guiding lower. alix: troy, do you like banks if they will be making lasts because of the yield curve but apparently the consumer banking division is doing well? troy: the biggest focus we've had on earnings is was the state of consumer credit. a lot of our risks are tied to that. bank ofsee whether it's america or jp morgan and improvement in consumer credit quality. own themanks, if you you're owning for the dividends and share buybacks, you recognize it's on its way down in the question is at what point do you see a higher multiple because the earnings streams are resilient to economic weakness. you recall this out of the crisis were banks shifted their model from being high risk-taking to more utility like models, yet you haven't been seeing that with multiple expansions. equity,re long bank that's what you're waiting for is a final revision of long-term multiples to get some more material upside. david: that depend

morgan and wells fargo and bank of america on wednesday. morgan stanley's head of banks and diversified finance research says increased economic activity driven by fed rate cuts a not be enough to help u.s. banks. >> if we were earlier in the cycle, may be i would be able to bring down my expectations for provisions a little bit more. we are 10 years in. there is less room for me to cut provisions this late into the cycle. because companies have increased their leverage. consumers have increased their leverage. at some point, we will get a psycho. joining us -- a cycle. i think what stuck out in the first quarter, we were looking at fed hikes, and then that totally shifted. >> we have gone from expecting flat debt interest margins to expecting a contraction. that is the question. that is the metric everyone willing -- will be looking at. what is the guidance going forward. takedown ofy seen a guidance from several banks a couple of times in a few months. analysts are bringing down their estimates. downgrading of stocks. if we lose this tail