this is morgan stanley it's also a two-panel chart. on the top is morgan stanley over the last five or six years. what you see is morgan stanley is not at an all-time high but relative performance has broken out and is particularly firm over the past several weeks. just two charts of morgan stanley outright this would be a wedge, if you will, a flag it represents an equilibrium phase that's likely to end we think it's a powerful setup for a move up and out. another way, final chart, another way to draw lines, exact same chart what we have here to my eye is a nice setup going into earnings from a marquee financial that's exhibiting impressive performance to its peers >> mike, what's the trade here >> it's interesting. you're actually going to get a little bit of read-through on morgan stanley's business because jp morgan and goldman sachs are both going to be reporting two and one days ahead of time respectively we've had a market condition here that's probably going to be supportive of their trading revenues they actually have more rev

t morgan stanley --here in fixed in fixed there income. wealth management revenue missing estimates, beating , morgan stanley has a lot of clientele. the question is are the wealthier clientele spending their money or hoarding it at this time? earlier today we saw bank of america consumer spending drop off quite a bit. this is anst look at extraordinary report. i'm looking at return on equity published 15.7% with return on tangible equities being join or here after their clear presentation. it really is an exceptional report on first blush. i would note that the compensation of the expense in the efficiency ratio, that's why you didn't go to the yankees with the morgan stanley people this spring, they were trying to jon: save some money. it's not usually me -- trying to save some money. jon: that's not me who goes to the yankees with the morgan stanley people. billion, iin at 6.2 do wonder what an estimate is worth in an environment like this one. our team, and you, crunching the numbers. the estimates were wide, wide, wide. and you can se

this, spreading the wealth, stanley, how are you sir. >> i'm great. thanks so much for having me. >> it's a pleasure. but start at the beginning. what is it that the federal government did to ensure that the civil rights. [inaudible] the federal government during the civil rights era passed the fair housing act of 1968 and rightly it prevents discrimination in housing so if people come to buy a home or to rent an apartment, they should be treated in the same way regardless of race, ethnicity, immigrants, regardless of national origin. that is the law. >> so this seems morally correct under every circumstance something that's been in place for a long time, it seems be working pretty well, but then obama comes united states and what does he do with that 1968. >> he represents a segment of the party and an influential segment that really doesn't think well of the suburbs. they consider them fundamentally unjust for the suburbs. why? when people move out to the suburbs they take their tax money with them and that is viewed by obama and many other democrat

morgan stanley had a high bar, but it seems that they delivered. and, in fact, their fixed income trading, an area that was strong across all the stanley cappedan it off with a very strong 170% increase. equity trading, where they are a leader, they actually also grew revenue, but not as strong as goldman sachs and morgan stanley, who are two of their main competitors. i would say that in general, for morgan stanley, the highlight was that they were able to turn in the highest profitability .cross morgan stanley did the best on that front. we also expect them to turn in the best profitability for the year. as we wrap up this week, on the loan provision front, is it concerning that they are bracing for a situation where they don't really know how bad it could get? n: i think time will tell if things are being very bad. one way to look at the provisions is to look at the reserve ratio and compare that to the buses that the banks had -- the losses that the banks had in the stress test, specifically the loss ratio that the federal reserve used for each

stanley i need to is an artist on a mission and paper and paint and not his only weapons in his fight to protect the environment. is also a singer you really need to listen to his songs focus on water and drought the felling of trees and pollution and the loss of africa's animal population. it's a cool for others to take responsibility but not everyone so fung. levi remains people who got politicians not so much interested in business because you actually preach that gets the practice sometimes telling them not to use force if you know that's going to make them want to from stanley a need to spending time in nature drawing is both relaxing and inspiring but these work so hard to say oh so the artist has come up with new techniques to make his chosen subject a success. the f. and animals sketch too with a reflective pen when it comes to environmental protection stanley sets an example of his way instead of brushes he uses different colored light bulbs light out and the magic begins. strands ition from green and healthy to the alarming state that it seemed today captured through the len

stanley gantz. how you doin', stanley? >> how you doing, sir? >> sebastion: listen, how long have you been a hospital housekeeper? >> ten years, i rode my bike for ten years. >> sebastion: you ride your bike to work? >> oh, yes, sir. yes, i do. every day. >> sebastion: so you were using lysol before it was cool. >> yes. yes. [ laughter ] >> sebastion: so listen, how has your job changed since the virus struck? >> well, it was, it was hard. hh and we try keeping, we try to keep it clean, we wipe everything down. we wear masks, we wear goggles. we wear gloves, and we wash, san size our hands every day, and we wipe everything down and make sure we beat the virus every day. >> sebastion: i got to tell you, we really do appreciate all your hard work being that you're on the front lines of all this. i used to be a janitor myself. we used to scrub the wax off the floor with this big machine, are you still doing that in those hospitals? >> oh, yes, we do it every day, every day, we do it every day, aven every day. we never miss a spot. we got to do it e

morgan stanley analysts did a large survey of cfo's. a result of that survey was a sizable indication that companies are planning to cut their technology investment, given companies are forced to cut costs. to us, that indicates the sector might not have the halo, the non-cyclicality that is expected of it. francine: does that assume once we have a vaccine or once this dies down, we go back to working the way we used to? andrew: yes, i think there is that assumption. the longer-term picture in the fascinating, you had positive vaccine news yesterday. at morgan stanley quite constructive on the prospect that a vaccine ultimately will be successful, we will see one in wide circulation. you look at the bond market and the way it is pricing growth versus value in these secular growth names that have benefited from the current abnormality. names in arkets are world that does not return to bond thatry low yields, flat curves as far as the eye can see. i find that the biggest disconnect with a vaccine optimism. the more optimistic you are on a

or morgan stanley, it was up 60% versus last year. trading was a star, almost tripling from last year. morgan stanley's recent success was in its stock trading operation but they rely more on its prime brokerage business and unds.ies with quant f they were less actively trading in the second quarter compared to active ones. morgan stanley lost that equity crown to goldman sachs in the second quarter. vonnie: the stock has been performing interestingly today. it is the best performer among the five biggest banks. having said that, it is only up 3% this year, reflecting the struggles that all the financials have taste. was talking about their strategy coming out of the wealth management crisis. managing other people's money and taking a percentage of the assets they hold is a more reliable source of revenue than depending on volatile market conditions. we heard from banks in the past that markets were not volatile enough, or bad volatility did not lead to a surge in trading. wealth management revenue rose 6% in the second quarter. analy

stanley: you can argue it is in the middle of nowhere. it is a landlocked country without a tremendous number of resources. traditionally it was part of the great game and so britain and russia bought it as a buffer zone to protect british india. for us, it is the idea that we went there in 2001 by our decision after the 9/11 attacks. we basically overthrew the government and then we felt we had a moral requirement to stay there to help them put together a new government and also a practical requirement to help get some stability in the world. we can argue it is far enough away that it just does not matter. camp, but it is hard to stand and say that it is right to keep a place in the world. david: is it strategically vital to russia? they went there in the 80's and got there nose bloodied. at the same time, they cannot quite let it go either. it is more of trying to get at the united states through a surrogate? stanley: i think russia would like to tweak our noses where they can. they have done that in the past. 1980's, we gave them sting

gorman seemed to indicate the same for morgan stanley. really amazing when you think 5,300, they are at roughly what did he say 300 or so in the building, perhaps ramping that up to as much as 1,000 in the fall, but nowhere near capacity. it continues to be a question and, jim, you know, we haven't talked as much about the virus of late, but it's raging in a lot of states that we know well, and we're not even near the fall and flu and cold season when, by the way, if you were in an office environment and people start sneezing or coughing because they're sick, you're going to be overly concerned perhaps or very concerned even if they don't have the covid virus. >> look, i think, david, one thing we've seen, especially for goldman's quarter, big transactions are occurring via zoom, some places via webex and cisco. the idea that you have to go back, i know jamie dimon would like to go back, a lot of the guys at goldman want to come back, the bosses want people to come back but they don't want to go back. the work from home thesis since frida

mostly you hear me speak schuster and stanley yes i want to do the im book. who is your favorite? >> jim henson. >> you have the parents. [laughter] not everyone here has good parents. [laughter] do you have all of them? >> now. >> say mom and dad if you love me by the false that. [laughter] you can use the books for anything. if you love me and then just filled out and with whatever you want. is that they are? [laughter] now they then guilt it intimate. >> can on - - into it. >> can you describe the football game 20000 is a lot of people. >> every bit of evidence that there is on this incredibly dramatic day in 1776 about one week before there is a public hanging the 20000 people watching the continental soldier hang with all officers watching and those nearby and that's one of the things that made it big into the story why don't people talk about it more and then to imagine a dramatic event. and not only the declaration of independence but the eve of the first great battle revolutionary war. when americans and to some extent to be surrounded by these incredibly huge events. we w

say how is stanley doing? is in a coma and two days later he died. and you know, that's happened on owmerous occasions, probably happen to you with people too. i never remember anything like that. it didn't. i never remember this happening, so this is a very serious thing, but we've learned, stanley was an older guy. he perhaps could have lost a couple of pounds. i always thought of him as healthy but other people that are healthy, the age is such a big factor. when you look in new jersey, i happen to like -- she's liberal but i get along with him very well, your governor of new jersey, right, governor murphy. said with the thousands of deaths they had one death under the age of 18 and i believe that young person had diabetes. but one death out of thousands of people, one death and that's an amazing statistic, so we wouldn't have known that at the beginning, in all fairness, you didn't know the elderly would be so badly hurt, so we are really taking care of the elderly population. at a level that has never happenedpo before. >> are we going to beat t

you just got a classroom ellen's and mayor of morgan stanley -- zentner of morgan stanley. now we can do that with betsy stephenson -- with betsey s tevenson. we welcome her this morning. needis the most urgent right now, the first wednesday after november? we get through an election, and i don't care who wins, what is the most urgent policy prescription? betsey: the most urgent policy prescription is making sure states survive their massive revenue shortfall. in the lastpened recession in 2008 was state revenue shortfalls led to a massive wave of layoffs at the state and local government level , and that helped prolong the recession. we are on track for that to happen in the united states. we are going to say layoffs at the state and local level dragging things down. tom: when people heard you were going to be on, i got a whole bunch of emails. i know jon wants to talk about the fiscal package, and lease as well. i want to talk to you about the number one conversation i here right now about america's parents. whenever going to get an economic policy prescription for child

morgan stanley, bank of america, abbottlabs reporting their earnings >> there's nothing that really worries me other than normal consternation about anything i own. look, gorman and our skeptical initially has done an amazing job of transferring the -- transforming the company

last week carter said morgan stanley was your best big bank bet. >> the key here is morgan stanley's relative performance to its sector. it is not at an all-time high, yet relative performance has already broken out and is particularly strong over the past several trading sessions and past several weeks. >> i was looking at the july september 50 call calendar it obviously closed at a relatively good level on the day. it's going to cost about $1.85 for that spread. >> the first leg of that trade expired today in the green what do you do now, mike >> this is a situation please be sure to follow options action on twitter and follow us. there was some give and take between us and the viewers on this i recommended rolling the short side out and up. some of you adjusted your strikes to the 52. well done on that. be nimble when you wake on monday and if the prices are different, you should adjust accordingly. >> carter? >> it was a big week the btx was down i think there is more to go. >> all right elsewhere, tony said one farmer name was about to book some healthy returns. >> on a relative

. >> right before christmas 1994 with his common-law wife teresa stanley. catherine craig was the mistress and whitey bulger's life before she went on the run with him, but whitey bulger-- from the corrupt fbi agent, the corporate security officer and we still had by information that he could get from the fbi that whitey bulger one step ahead of law enforcement right before christmas 1994, when there is a nor'easter brewing, 5000, all of his gang members, his partner in crime are about to get indicted, so he takes teresa and takes her for an odyssey that laughs for about a month and a half and teresa is on the run with her husband, so to speak, but she has kids at home. she has grandchildren and home. she's not caught-- cut out for the fugitive life and there is a lot of anger and resentment during that time between the couple and teresa stanley was in fear for her life at many times during our period where whitey bulger would be very violent towards her and finally whitey bulger said you are not cut out for it. i'm taking you back and will pick up my mistr

morgan stanley jumping to $575 from $485. the next guest is adding to the position ahead of the results. tiffany mcgee is ceo and she joins us live. tiffany, what makes you billish on netflix >> hi, thank you for having me we have always been bullish on netflix. we like the idea, the concept of streaming services and what we are excited about, what we continue to be excited about right now is this whole idea of this formula that content growth at netflix drives future subscription growth and so we have seen it year over year as pay attention to the numbers and of course many people consider it a stay-at-home stock and we have seen this pandemic-like environment as an opportunity to gain more -- for net flix to gain more viewer share so right now they have about 10% viewership it doesn't seem that people have really -- some people don't believe that because it seems like everybody especially in the u.s. has a netflix account but they only have about 10% of viewership, especially in developed countries look the u.s. so we think

morgan stanley head of public policy research. a couple of months ago when the states needed aid, it was the blue states. now does all states that are suffering. tom: no question about that. that has been the profound shift. i looked carefully at the stats on death. it is amazing the success of new york, front and center blue state weeks ago. boy, have they brought down their statistics. they are dramatically better. jonathan: they made very big mistakes early on they had to correct. i think we are hoping we can see the same course taken across the sun belt. coming up, francisco blanch of bank of america research. all.morning to alongside tom keene and lisa abramowicz a mime jonathan ferro. your equity market recovers off the lows. market, the dollar breaking down. the euro breaking out. euro-dollar up 6%. at the top of the pile, the aussie dollar. the risk on rotation reflected in foreign-exchange. this is "bloomberg surveillance." another sign of the worsening relations between the u.s. and china. the u.s. has ordered the chines

. -- stanley reid from kentucky, and tom clark from texas. and frankfurter and jackson seem undecided. they are in favor of judicial restraint. they don't like segregation. they don't think the court should be stepping in here. initial vote is taken and it looks like segregation is going to win, then all of a sudden, before the court could decide the case, vinson drops dead of a heart attack. so on the funeral train on the way home from the funeral, felix frankfurter says to his colleagues, this is the first indication i've ever had that there is a god. it was not a nice thing to say. he was not a nice man. but then the court re-argues the case. >> i want to get the attorneys on the docket for our viewers. there is a familiar name. the defendant attorneys included john davis who has now been and three of our landmark cases. who was john davis and why was he at the helm of so many of these important cases? >> he was the presidential candidate. unsuccessful presidential candidate. turned one of the great -- courtly, silver haired, fifth. you co

the banks were great let's call out morgan stanley for an incredibly quarter. david, morgan stanley is changing stripes and when they get the e-trade deal done we are not going to be talking about robin hood, we are going to be talking about, i don't know, morgan hood, david. >> rate. yeah, what did gorman said, it's not just kids trading some stocks there. >> right. >> your point on morgan stanley well taken, jim, although the stock is down today. it was an interesting week for the financials and not a great one in terms of the performance of the stocks overall other than morgan stanley, even what were very strong numbers from goldman sachs got a muted response from the stock market, jpmorgan led us off, muted response as well wells fargo we know was not particularly good but it actually did just as well if not better than some of the ones i mentioned. theres a look at citi. i don't know as we come out of this week having heard from all of these companies in terms of their earnings, bank of america as well, jim, do you think about buying them at any point >> i

. >> steven, morgan stanley has been operating in china for many years. has morgan stanley seen any of its ip stolen over the course of the last couple decades? >> wilf, i've been retired from morgan stanley for now nearly 10 years. during that period ifr, i was a member of the board of morgan stanley's joint venture with the china constructive bank, and i can assure you there was no forcing of any technology tra transfer we were partners building china's first investment bank and we shared business practices, personnel strategies and financial services technology and in my capacity as a businessman operating a joint venture in china, i had discussions with many counterparts and many industr s industries, and with just a few exceptions, the notion of forcing the technology transfer coercion is just not fact-based at all >> nonetheless, stephen, we are where we are with these elevating tensions do you think it's just more hot rhetoric and perhaps after the election it will cool down again, or have we passed a turning point? particularly when you see a coun

i have to set the example. >> stanley, the chp's first black commissioner, has spent 39 years with are the department, working his way up the ranks from an officer. he told me the department has made a lot of progress over those years diversifying the force since he came on board, but there is more work to do. stanley said the chp faces a variety of okay stackles in terms of recruiting, including a lot of competition from other law enforcement agencies. >> the strongest language in the nation banning the use of chokeholds what it is being called. the commission vote unanimously to ban the use of chokeholds during encounters with police. this comes in the wake of national protests over the death of george floyd. the policy can now only be overturned by a veto from the city council. >>> former national security advisor john bolton sits down for a one-on-one interview this week on the issue is. we'll get a preview with the host right after the break. >>> and tune in tonight for wwe friday night smackdown right here on ktvu. it begins at 8:00, and that will be for the lowed by the 10:00 an

and everyone was like, "ooh, stanley tucci. and i was like, "what? stanley tucci? okay, but then i watched the video. >> what are you going to make me >> a negroni >> mmm >> would you like one? >> i would love one. >> great do you mind if i get my wine >> no. >> thanks. >> and i was like, "in immediately, all the way in. i mean, what on top of everything else now, i have to deal with having these feelings for stanley tucci [ sighs all right. and then, and you will never believe this, insane clown posse canceled this year's gathering of the juggalos because they, and i was like, "what a responsible posse of clowns. then, i found out that there is a real life little boy in australia named corona and i was like, "what? then i found out he was getting bullied because of his name and i was like, "what! then, tom hanks gave him a typewriter also named corona that he could use to write him letters so that they could be pen pals and i was like, "what? and then tom hanks wrote, "you got a friend in me." and i was like, "aww, what?" then, i cried. not because it was beautifu

and what of morgan stanley and bank of america numbers? we get more details, next. and a big win for apple. the tech giant won its court fight over a tax bill. ep fromk with a key m the vice president of renew europe. romaine: big news on virgin galactic, richard branson's space company naming a new ceo. he had been the disney parks international head for a while. they are also naming a chief space officer, george whiteside, who had formerly been at nasa. virgin galactic also saying it is preparing for commercial services and progressing through its test flight program. a lot going on today. we had bank earnings today. we are going to have more bank earnings tomorrow, right? taylor: we are. so interesting when you look at the underlying fundamentals. let's just pull up a calendar and show you where we are this week. where do we go from here? we heard from goldman, jp morgan, and other banks. crushing,nue is particularly in the equity business. those traders really holding their own. bank of america and morgan stanley, further updates on that trading revenue and heal

morgan stanley wrapping up a week of wins for wall street. fixed income trading almost triple, 73% jump in total trading. bloomberg spoke to morgan stanley's ceo on the economic outlook. >> the economy, it is hard to tell. it depends on how quickly the covid outbreak we have seen across the south and southwest subsides. how will people coming back to their place of work functions. continued liquidity and stability in the markets. it is too early to tell. , u.s.unius, david george banks research analyst. what i thought was interesting was bank of america and the provisioning it delivered was below what we saw elsewhere on wall street. can you tell -- can you sort of tease out what we have learned from the different banks on their view on what is happening with the economy? they can america sounded a little more optimistic than others. -- bank of america sounded more optimistic than others. >> i appreciate you having me. in terms of provisioning, there is some element of subjectivity and interpretation by each together management team. america,

shares and morgan stanley are higher on revit death record profit. this is driving a 73% jump in total trading. bloomberg the bank is well prepared to handle this crisis. what we designed was a business that in times of stress will be fine and when markets are volatile we would still perform well across the investment banking franchise. this was that crisis and that is what we delivered. i thing it validates the strategy. it is not for everybody. this is what we chose. we did not want to be credit heavy. we wanted to be asset-based and that is what we are. jonathan: we have heard from ceos on this program that we have not fully realized the risks around this recession, that fiscal policy has made it more difficult to assess credit worthiness and there will be more pain in the months ahead. would you characterize things differently? james: it is hard to tell. it depends on how quickly the covid outbreak across the south how wellwest subsides, people coming back to their place of work function, continued liquidity and stability in the markets. it is to

that is matthew harrison, head of morgan stanley's biotech research. this is bloomberg. ♪ businesses are starting to bounce back. but what if you could do better than that? like adapt. discover. deliver. in new ways. to new customers. what if you could come back stronger? faster. better. at comcast business, we want to help you not just bounce back. but bounce forward. that's why we're helping you stay ahead and adapt with a network you can count on, 24/7 support and flexible solutions that work wherever you are. call or go online today. mark: i'm mark crumpton with bloomberg first word news. federal agents to u.s. cities to put down unrest. on twitter, she said she would .ot "allow it i will do everything in my power to stop it." president trump says he wants more federal officers to be sent to different cities following the dispatch of homeland security personnel to portland, oregon to protect federal property. the justice department is accusing to chinese hackers of working for the chinese government to steal hundreds of millions of dollars in tra

there's morgan stanley and the stock is up more than half a percent, double beat, morgan stanley. back to you. maria: all right. great. we will wait for more info from the ceo, as you mentioned, cheryl. thank you. johnson & johnson also reporting better than expected second quarter earnings in the last hour. the company beat expectations and raised full year sales and earnings guidance even though profits were down sharply. the stock is edging higher in the premarc premarket. joining me is the chief financial officer of johnson & johnson, joe wolk. thank you for joining us. >> appreciate your interesting in johnson & johnson. maria: j & j for the quarter, we have seen nonurgent procedures, elective surgery put aside amid the covid-19 disaster. is that what was a major issue for the company, seeing a decline year over year? tell us what drove the quarter, joe. >> yeah, so that is precisely it, maria. if you look at our medical device unit, we had thought at the end of march, early april that procedures, specifically elective ones, as you referenced, could be down anywhere from 40 t

taylor: joining us now is a morgan stanley analyst. walmart is a says sleeping giant in health care sector. the last time we spoke was in 2018 at the annual shareholders meeting. two years ago, you were also optimistic on the company. talk about what they have done in the past couple of years that really makes you even more relatively bullish on walmart. scale: besides being a leader and/or winner in this growing multichannel market, they are starting to knock on the door of health care. we have talked about this in bios us of retail and health care over the past couple of years, the idea of, is there a way to lower cost of health care to customers and employers? walmart is one of the largest employers in the world. we have seen some steps to this. if you go back to their saidage, 1991, sam walton we wanted to bring more transparency to health care cost. the underlying message is we want to lower cost to consumers. they seem to be taking steps in the health care world. we think there's a lot of synergy in that and what they're trying t

haidi: deyi tan, morgan stanley economist. thank you for your insights on china and the rest of asian economies. turning to the u.s. economy, payrolls rose by an above forecast as the u.s. jobs labor market made greater gains than expected. we spoke to larry kudlow about the data and possible future stimulus and the u.s. relationship with china. larry: first of all, it is a spectacular number. it helps the overall situation and enormously. that is the key point. we created a lot of jobs in the last couple months. the trends continue. one thing i was listening to, that earlier conversation, i don't think people understand that the rescue package that the president led with bipartisan support in congress, and the ppp that secretary mnuchin fostered and implemented -- it is the furloughs that are coming down. we kept people connected to their employers. they did receive assistance, but we kept them connected so that as the economy reopened and the businesses reopened -- roughly 80% of businesses reopened. are% of unemployed now t

stanley, who, you know, had a very controversial, you know, in some causes horrifying approach to the diseasement can you tell us a little bit about how it proceededded through the prisons? -- proceeded through the prisons? >> just briefly, i think the most shocking aspect of this was that dr. stanley used his prison as almost, well, as an experiment to see how easily his male prisoners would catch inflew if went sa virus -- influenza virus. so he would deliberately put infected men in a recreation room in the prison with people who were not infected. he later conducted a number of grotesque experiments which i can't go into in too much detail that involved castrating various people and giving their castrated genitals to other prisoners to see if this would change their levels of problems. so it's not for the squeamish. but i think it was the unethical nature of this. i mean, obviously, prisons -- like schools and like barracks or military bases -- were places where everybody was crammed in close together. and, obviously, the contagion could spread swiftly. but i think dr. stanley is

it's interesting and this morgan stanley upgrade will get a will the of people interested myself included. you're talking about a cheap billion o tebi tech under performing is the reason why biotech has been so strong and the momentum continues to gather i think people will take a look at it. there are the places, i have xbi. health care to me is the favorite sector. >> the stock could pull back in their estimation as they look to the long term, they say it's too compelling to pass up. >> if you wait for the march 2021 date you might miss out on 20% upside they think if you can stick with that bumpiness that may come, you could see some good upside on the flip side >> appreciate it thank you. >>> next, the big etfs you need to watch today you can always watch or listen to us live on the go on the cnbc app. there it is. we have three in the red s&p is up nearly 16. we're back right after this. dolph lundgren, you've got a one-sixty i.q., a master's in chemical engineering and you're technically a genius... and it appears you're quite the investor. i like to trade. well, td ameritrade has p

i mentioned stanley, black & decker, ppg. all these companies are reporting well this is a theme you want to continue to play >> rob >> i'm buying gold, gld. it's up 27% for the year and one of the best performing asset classes. i think it can continue amidst a backdrop of geopolitical uncertainty, inflation fears, u.s. dollar weakness, enormous stimulus, so i think this is a great investment still >> got a name for me john ajerion? >> dsv >> thank you kelly, "the exchange" the all yours now. >> thank you, scott, and welcome everybody. earnings season isn't exactly clearing things up for the markets, it's making things murkier. xerox says they're no longer expecting an inflection mark as covid spreads. >>> pfizer announces a late stage trial for a potential covid vaccine. we'll speak to the

is driving the action bank earnings in focus today as investment banks and trading firms like morgan stanley do better consumer banking firms struggle. technology and travel stocks both losing ground as coronavirus cases continue to surge in parts of the u.s. a mixed picture on the data front. chinese growth returns but retail sales come in weak. here in the u.s., the labor market remains shaky but we resee recovery in retail sales dow down 271 session lows 59 minutes left of trade >> the nasdaq has been the underperformer is actually off its lows we're kind of moving around, as we speak, in the final hour. all the major indexes are lows ahead on today's show, we'll speak to mike sievert. we'll get an upgraciointergrac sprint >>> and the president of the university of arizona will outline his plan for the fall semester as cases and hospitalizations rise in that state. >>> we'll focus on the big stories we're watching at this hour steve liesman with details on today's jobless claims will is digging into big bank earnings and meg has details on johnson and johnson's results. but, steve, start

joining us is stanley ercks. thank you for being with us. this is the largest award operation warp speed has made for a vaccine with the goal of having 100 million doses available by the end of this year how confident are you in being able to meet that goal >> well, everybody's working towards that goal. we've started in early january when the gene sequence was first identified for coronavirus and we've been using a manufacturing platform that we've used on a lot of our vaccines over the past years to scale up and we think we have the capability of doing that what the grant does is allow us to do two things in parallel, one is to conduct phase 2 and phase 3 clinical trials which are very expensive efforts to show that the vaccine is, number one, safe, that it's effective and that the vaccine is stable and then in parallel, these things are usually done in sequence, in parallel we'll be able to manufacture large quantities at multiple locations in five or six countries >> so the goal of 100 million doses by the end of the year, is this a two

get ready for next week as we get goldman, morgan stanley and a lot more let's get to the half. >>> thank you. welcome to the halftime report i'm wilfred frost. companies will start to report quarterly result next week and investors will be watching for clarity on the path forward. we'll debate the markets and your money with the investment committee today. let's check on the major averages before we begin the discussion stocks mixed but tech and discretionary hitting new record highs. value and cyclicals are doing better than tech tech just in the red energy and financials at the top of the pile. stephanie, are we getting a rotation, the start of something that might last a bit longer than it has done ever before >> well, you know my position. i own a bit of growth and value. i'm hoping value has its day in the sun. what you need for value to work is better growth and also a higher expectation for inflation. while we are getting better growth sequentially. you're not getting anything close to inflation look at the ppi numbers today. i think this is why a barbell strategy makes sense peop

we'll hear from johnson&johnson, bank of america, morgan stanley and dominos pizza. the first report from the faang's, netflix we'll get the weekly jobless claims as well and the june read of retail sales. >>> earnings and vaccine hopes continue to drive the market action our next guest says in july, we've seen equity rally. gold has been rising a combination that seems looic a safety trade joining us now, chief market strategist under the headline numbers, you sound more concerned. >> i think it is right to be more concerned you want to see the he can with they market performing well and going up and the treasury market performing well. we seem to be in a pattern where yields continue to decline things like gold, which we typically never look at but it is moving up and yields moving lower. the equity market move up is kind of the outlier and what seems to be driving the out lying behavior of the two. >> we've talked a lot about it over the past couple of days a bet that in the fall, we'll hear positive news not necessarily that the vaccine will be available in the f

joplin, missouri mayor ryan stanley joins me now. mayor stanley, let's just start there. what the heck is happening in joplin? >> thanks, craig, thanks for having me. we are certainly dealing with a surge in our cases of where we were early in june, and certainly trying to get our arms wrapped around this challenge that we're facing today. >> just last week your city passed a mask requirement. as i understand it from local reporting there, a few months ago you voted against a mask requirement saying that you had mixed feelings. last week you voted for that mask requirement when it came up again. what changed your mind? >> that's a good question, craig. it was actually a two-week difference between the two ordinances. in the first ordinance, we were putting a very high weight of the enforcement on the police. and i thought it was going to become overwhelming in tattle tale calls and trying to address that and then also on top of that, we were seeing a peak in our cases but our hospitals had capacity. and it just didn't feel like we were at kind of that urgency stage. two w

but you can't have just nothing but those stocks you can buy morgan stanley, which i expect to have a lower charge in the future, add premium evaluation like charles schwab and money center banks and congrats to the ceo for efforts to move away from actual banking. you don't have to own any financials they have gone out of style on the wall street fashion show united health group conservative about the future but the stock managed to rally but got hit really badly today that was part of the rotation out of health care into the stay at homework at home stocks same with j and j. the stock made money pep pep pep pep pepsi co is a push you can start buying morgan stanley as it's transformed itself goldman sachs may have one last charge perhaps to clean up the scandal and then it, too, should be ready to roll at less than ten times next year's earnings, gold man could be a rocket ship which is why we enter for the travel trust and follow our moves before we take them by joining the actionalertsplus.com club. overall, though, the banks failed once again. they just couldn't make money for yo

doctor ben stanley from warsaw, thank you so much for your time. lots more analysis of calls on our website. but now let's turn to the us. a day after disney world reopened in america, florida has registered a record 15,300 new coronavirus cases in just a single day. that's around a quarter of all us daily infections in a state with just 7% of the country's population. the us is the worst—affected country in the world with another 66,000 infections reported on saturday. as our north america correspondent peter bowes explains, the situation in the us is getting worse by the day. this is a sudden surge in florida, and you mention, disney world opening yesterday. clearly, the two events cannot be connected. if people were infected yesterday, they would not be showing up in statistics just yet. from exposure to showing symptoms, it can sometimes take a couple of weeks. in terms of the state's response of the pandemic, it was one of the slowest to shut down after the outbreak started and one of the earliest to reopen some of its beaches and bars, whic

o what are the teams competing for the stanley cup? the arizona coyotes and their new president and ceo, javier gutierrez, joins us now. you must be so eager to see this kick off. what's it been like for you guys? >> absolutely. it's a pleasure to be on, liz. long-time watcher and yes, it's incredibly exciting for all of our fans here in arizona. it's just a wonderful, wonderful time to get back to talking about hockey and seeing our wonderful players back on the ice and obviously in the middle of this pandemic, it's wonderful to have some entertainment, get our minds off of all the challenges all of us are facing. liz: how have you kept the players healthy and safe? we know with the marlins, that there is now an investigation, they may have gone to a club, who knows, but it has spread certainly. what have you been doing to keep your coyotes, your players, in the bubble and how have you stressed to the entire operation, the entire, as they say in canada, organization, that this is really serious, you can't be fooling around? >> first a

morgan stanley is not commenting. deutsche bank says second slightlyarnings will exceed expectations. they pointed out that key measure of the capital strength unexpectedly increased, so it is improving. earlier this month, deutsche bank ceo said the company is on track or ahead of plans for the biggest overhaul in decades. deep cuts being planned for new york city's subway service. the parent agency faces a deficit, according to the new york times. ridership has fallen 90% since the start of the pandemic. officials are hoping for federal assistance. taylor: coming up, we are going back to texas where joe weisenthal will join us with his take on the eu's major stimulus deal. this is bloomberg. ♪ g. ♪ theline: almost end of show. what does that mean? time for our joe weisenthal fix. joe, it felt like a day on optimism of stimulus but we sort of fizzled into the close. joe: it was not like a particularly strong move. but, up until today, the euro has been on quite a tear, especially against the dollar. the news we g

when we look at the prospects of investment in europe, we have our guest from morgan stanley. greg, thank you the time -- thank you for taking the time for being with us. a lot hinges on what happens next in europe, because the way you approach of -- the way you approach a global investment portfolio. we will see a summit in a few days on the 17th and 18th which we will -- which some help will nail down the program that angela merkel was talking about. this is a substantial program which is designed to help europe's economy recover but it is becoming more likely that we will not get a decision. if you are sitting on wall street now and you are thinking of taking money out of the united states, how critical of a decision is that in terms of your thinking when you look at what's going on with european politics? afternoon and good morning everyone. it is critical from a medium-term perspective that this happens. it's not critical that it happens next week but it is critical that happens in the next couple of months. we think it morgan stanley, right off the about when this was an