in an environment w interest rates are rising, sofi is lending like a bank. they're lending with their own balance sheet and they get a better cost of capital they can make a bigger spread. we've been in this environment where lending is a problem but sofi, because it has the cache it has great management and lends like a bank, it has the best of both worlds. we're getting more calls interested in sofi there's more liquidity with softbank selling so it's that perfect environment or perfect weather for people to get back into sofi. >> we'll see if fintech is still something that has cache over time sameer, in terms of the macro implications, if any, of the student loan forgiveness, some people say it might drive more inflation, others that it would refresh household balance sheets, is there really a play in this from the macro side? >> it probably does kind of put a little bit of confidence back in the consumer's mind-set a lot of things weighed on it whether it be wages, gas prices. this should ease some of the pressure on the lower end of the consumption bra

sofi able to flex its bank muscles. paypal being really disciplined about costs and people being excited about possible combinations >> you're right. it's been less about ai judgments and the ability to refine your loaning practices, for example, through technology. you're right about the cost savings, looking at $1.9 billion in cost savings, revenue up ten. truist goes to 108 on pay poll if there's a marriage in the future one day, jon, i would have to say this would be one of the most telegraphed partnerships we've seen. >> obviously, though, it's one of those may-december ones in a way i guess. i get that people are trying to lay off this whole transaction thing for pinterest where you get a little bit of the mix of the search-led intent and a little more of the programmatic. pinterest isn't growing at a particular rate. i'm not convinced. i know people are trying to sketch out that narrative. for more on paypal let's bring in web bush's melissa cotry. i wonder how you see this paypal quarter, and particularly the co

elizabeth: right, and then companies collapse and have you see sofi's chart today? >> it's absolutely amazing. elizabeth: it's up 28.25% and we've got ceo coming up on what appears to be an absolutely pivotal quarter for the company. start with a fox market alert for the second day straight. fed rate hawks are dive bombing the doves and look at markets as we kick off the final hour of trade. the bulls sprouted wings with tech flying the highest and nasdaq is by far the percentage leader up 2.6% followed by s&p up 1.6% and we're looking at a jump here for the nasdaq of 321 points. we're going to keep the bug right here on the lower part, swap it out with the dow because this is as we said, the real story for this rally. dow is up 448 points for a gain of one and a third percent. this as the hawks, the ones pushing for more interest rate increases to tamp down inflation, they are outsquawking again today. just a day after saying the rate setting committee is nowhere done raising rates and san francisco president mary daily doubled down just a few hours ago during a ch

meantime, sofi out with news of its own, announcing the launch of two new etfs, sofi web 3 and sophi smart energy the ceo, anthony noto, joins us here on cnbc it's good to see you, anthony. i definitely want to talk etfs but i feel like we have to start on the stock move and the softbank news which is overshadowing things what do you know about this sale why, any conversations >> i really can't comment on softbank's decision to drive liquidity. those results speak for themselves, as to sofi's results. we've been able to deliver record revenue the last four quarters in a row, really strong positive ebitda. our first gaap profitable quarter for the sofi bank in our first full quarter there and strong growth in members and products accelerating. what often gets overshadowed is our technology business that accelerated. so we had a strong quarter in terms of our operating metrics, and validates our strategy to be a one-stop shop and diversification of our business so i'm proud of what the team has accomplished and that's really what we can talk to and those are the facts. >> do you have a

sofi get your money right. >>> a sneak peek at the kramer camera. that's at the top of the hour on mad money and you can have jim cramer write your inbox, sign up not now or just point the phone at the big qr code. do it now because it's about to go away. >>> coin base shares are surging ahead of the earnings report tomorrow as they are expecting a meaningful drop in revenue and profit. crypto quentin been under pressure and it could be reversing. bit coin, you name it they all rallied today. j.p. morgan out and finally found it, do you buy it? >> i don't. i think it's part of the high risk rally that we've seen. i put it in the category of things being held by lower interest rates. when we see the divergence between speculation and quality on the growth side, bit coin is going to get caught up in that in the next risk decline that we are going to see and i think bit coin will get sold hard so i would not be buying in this rally. >> i have to echo that. what we see right now is a little bit of bounce and if all of the growth stocks coming up and i w

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so i moved to sofi checking and savings. download the sofi app and earn up to $300 when you set up direct deposit. sofi get your money right. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance. >>> welcome back to "tech check. i'm karl quintanilla with jon fortt and julia boorstin the dow is down 185. 45 and 46 on the s&p some key names you might be buying or avoiding tonight let's get a news up today with contessa brewer hi, contessa >> hi there, carl. good to see you. in the last hour the u.s. justice department revealed it is

i caught up with sofi ceo anthony about the quarter and macroenvironment. he says yes, we are absolutely in a technical recession. we expect to be in a pretty limited growth environment for the foreseeable future. he also talked about diversifying revenue for sofi and says quote, we continue to take share from existing banks , leverage the breath of our products to drive consistent growth. talked about very few companies having a lending business, tech platform. all those financial services products like checking, savings and credit card, investing in brokerage as well as insurance. but he says there's without a doubt, challenging macroenvironment right now. also mentioned a shift away from the student loan business. used to bring in about $2 billion in originations. right now it's only operating on roughly 25% capacity after the student loan moratorium. no expectation he says that you rebound until 2023. he also says they haven't seen a jump into the quincy's verse 05. it's around 2019 levels right now in terms of delinquencies and net charge-offs. he says

it's also in line with what we were anticipating at sofi. the most important thing is we have a pretty diversified business and we've been able to grow 50% year over year in five consecutive quarters of revenue. we've divertfied into checkings, savings and brokerage. >> certainly helped you guys while there's uncertainty. now, you called the president's action a definitive decision, but i wonder, anthony, how is it going to hold up in the longer term many are applauding it, but some are also saying this doesn't address or reform the system or the root cause, so it doesn't solve the bigger problem of the rising cost of college. >> i do think that is a fair statement. there is the rising cost of college, rising costs generally given where inflation is, and that is for the industry to decide on how best to address that as well as the government having this decision, i think, is step one. there will be other decisions that have to be made by the department of education, as well as the institutions themselves we're not really in that business we

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sofi. get your money right. ♪♪ >>> we're back with everybody. joyce, we had some breaking news at the end of that last block. the judge who trump's lawyer who finally got in the game around this hour yesterday has responded to trump's request for a special master with this. she's ordered lawyers for trump to submit a filing by friday, supplementing yesterday's motion for a special master to review the documents seized by the fbi during the search of mar-a-lago. she's asked trump's lawyers to address multiple issues including these three, what jurisdiction the court has in the matter, exactly what relief they're seeking from the judge including whether they're seeking an injunction and what effect this filing has on the existing proceedings in the sealed search warrant case before magistrate judge bruce reinhart. joyce, explain. is she trying to protect herself from being form shopped as a trump appointee or is she sort of slow walking what will ultimately come to pass? >> well, it's good to see that she's as

sofi get your money right. bubbles bubbles so many bubbles! as an expedia member you earn points on your travels, and that's on top of your airline miles. so you can go and see... or taste or do absolutely nothing with all those bubbles. without ever wondering if you're getting the most out of your trip. because you are. it is time. the lightning round is over. are you ready? dave in new york. >> thank you. >> calling for my hospital room. what do you think about the stock anders? >> i think that stock is the one you mentioned i don't like, there is another company called iss and it does not -- it does a better job. it has been around longer. thank you for calling. let's go to george in illinois. >> what's up? >> you tell me. are they lit over here? i'm sorry. go ahead. >> td ameritrade. >> oh, man. buy, buy, buy read it was completely ignored -- i have gotten over it. let's go to karen in maryland. >> karen? go ahead. >> hello? >> this is jim. i was wondering about cc xi and whether it is a hold or sell. >> there something going on with that

so i broke up with bad banking and moved to sofi checking and savings. now i get higher interest, pay no account fees, and get my paycheck two days early. break up with bad banking. get 1.80% interest, pay no account fees, and get your paycheck up to two days early. download the sofi app and earn up to $300 when you set up direct deposit. sofi get your money right. lightning round is sponsored by td ameritrade. >>> it is time. then the lightning round. are you ready. let's start with michael. hey kramer, this is michael. thank you so much for taking my call. i'm in sunny california. i'm a longtime listener. i am a charter club member and have lots of gratitude to you and your team and a shout out to those people in the study cam who cover you. >> they are fabulous. that is where i need to see you, thursday club meeting. let's go to work. what we need? >> i am in a question. i'm at a house of pain when it comes to this stock, should i sell, hold rat where? >> it's an interesting cyber security company. i have to tell you, i think it is too cheap to get ri

sofi. get your money right. maria: welcome back. let's talk markets and look at where the market ended after a wild friday. the month of july, 120,000 jobs added to the economy one 250,000 were expected and unemployment rate tips lower to 25%. we are looking at what is ahead, the president of macro maven, the founder of bear trap support larry mcdonald. thank you for being here. give your assessment of this jobs report. this was better than most people expected. >> reporter: surprising number, so strong it makes you suspicious about what is going on and in the weeds was-368,000 and there was a decline in the nonseasonally adjusted, month-to-month changes, and seasonal factors to adjust that. we will see what happens on revision but the real take away as we are dealing with a tight labor market but a lot of this is very lagging indicators. every indicator other than the headline payroll number has shown a decline in employment activity whether it is small business hiring, the ism survey, regional fed surveys, consumer confidence indi

sofi. get your money right. ♪ carleton: fed officials met to discuss the state of the economy. jerome powell predicted more pain for households and businesses until inflation is brought down. what does that mean for the economy? jpmorgan strategist david kelly, we are thrilled to have you in the studio, thank you for joining us. got to talk about what happened friday. in the span of 10 minutes the market tanked. what are investors making of the fed's more hawkish stance? >> jerome powell's speech is what we expected it to be, he wants to sound tough on inflation. he will bring inflation down. that's what the speech was about. don't think it changed the odds in terms of september but broadly speaking they are saying they want to fight inflation and that's the market reaction. carleton: what will happen in terms of the rate hike, 50, 75 basis points? >> it's a close call. sounds like we might get 75 basis points. then jay powell is saying that is it. the next move could be lower. we may end up with 25 basis points more and all said and done we would have had otherwise, the danger

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sofi a pretty good gain there. >> deservedly. that was a very big number of accounts the numbers have not been great for sofi this was the breakout quarter. i think that the stock will go higher i think you have to congratulate him when he comes on because it's been kind of a tough slog for him of late. >> yeah. also at a two-month high this morning is hood. despite the revenue miss and the mau miss they're going to lay off 23% after laying off 9% before bill gurley with an interesting tweet last night saying if you're going to do it, just do it once. don't do it a little bit and then have to cdo it again more that's what vlad's post was about last night >> that is a great point they still had inflows but the customers were being crushed i don't think there's anyone who would want to buy them, even though they have a healthy, large cash position. what bothers me is they're talking about expanding crypto yet when i spoke to vlad, he was talking about being tough on crypto coinbase has 200 cryptos the s.e.c. hates that and wants th

sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. wanna help kids get their homework done? and borrow up to $100k. well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community centers up with wifi? for kids like us, and all the amazing things we're gonna learn. through projectup, comcast is committing $1 billion so millions more students can continue to get the tools they need to build a future of unlimited possibilities. >> it was already an incredibly busy news day before that bombshell from the washington post broke shortly before we came on air. that paper reporting tonight that the fbi searched former president donald trump's home to look for classified documents relating to nuclear weapons. we are gonna continue to follow that story as it develops. i want to turn now to major news of the day, although it's all co

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sofi. get your money right. james: it's looks less arkansas less like a red wave forming for november and rankings and republicans expected to win a majority of 2 to 30 seats in the house and slimmer margin a anticipated in july and expected gop victory. and republican majority controlling either of the house or senate could spell trouble for white house chief medical adviser anthony fauci that plans to retire from the federal government this year. fauci has been trying to rewrite his lockdown history. >> i didn't shutdown anything. we didn't recommend shutting everything down. to the extent possible, don't travel, don't congregate together. i don't think we ever should shake hands ever again to be honest with you. james: who would want to shake his hand after he led the campaign for closing stools while admit -- schools while admitting he didn't study the harm on american kids. republican members of congress are eager to investigate. >> we've already told dr. fauci to preserve all his documents. >> retirement o

download the sofi app and earn up to $300 when you set up direct deposit. sofi. get your money right. >>> now that the retail portion of the earning season is in full swing, we are seeing a lot of not so hot numbers. we had a dismal forecast in may. they lowered the ball late last month. lowe's had a mixed quarter mixed sales. had good orders. target look like a dud. they had to jim and tori. that brings me to this piece. i think target is in the medic of what's going on here. this spring, people adjusted to the post pandemic reality. they spent their money on travel and leisure, rather than just buying stuff. that enough for the house. that caused retailers to have a ton of access inventory. that tvs, and surroundsound. that is the bane of your existence when you're running a store. you cannot bring in new stuff until you get rid of the old stuff. can you imagine if you had a store stuff with these? how do you have flannel shirts and these, you can't. you just have a lot of these, do you get me? i keep coming back to the one piece that benefits from the retail i

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download the sofi app and earn up to $300 when you set up direct deposit. sofi. get your money right. >>> sometimes we have to take notice, take stock, figure out what we do in a tough environment like this one where whole sectors are becoming off limits because you can't afford to fight the fed. i mean, this is a moment you want to step back and look at the day to day ups and downs. focus on secular themes that cannot be destroyed by the fed. these are big stories that will unfold over the course of weeks, months, but years, decades even. stories that won't be impacted by the day. stop worrying about bed bath and beyond and start worrying about the economy to give you long-term wins. for example, i am a huge believer in liquefied assets to the united states, especially in europe where energy prices are insane thanks to the price of fossil fuels. we have been following this story for ages. every day russia continues to wreak havoc in ukraine and it disrupts the natural gas supplies. this sector becomes a bigger deal and can make even more money. although it takes

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sofi. get your money right. ♪ maria: welcome back. we have another big program in the works for next weekend. tune in every friday night at 7:00 p.m. eastern on fox business. i will see you over on fox news channel sunday morning. sunday morning futures is live on the fox news channel, 10:00 a.m. eastern and this weekend we've got exclusive interviews with senator ron johnson, congressman mike turner, and byron donalds along with ohio senate candidate jd vance. join the show live sunday 10:00 a.m. eastern on fox news. on fox business, start smart every weekday from 6 to 9:00 a.m. eastern for "mornings with maria" on fox business and join us every weekday and start your day with us. that'll do it for us for this weekend. thank you so much for joining me. have a great rest of the weekend, and i'll see you again next tim ♪ james: hello, i'm james freeman in for gerry baker. the biden backlash may cost half a trillion of your dollars and it's not even legal. the expected red wave in november is looking more like a ripple and maybe even

so i broke up with my credit card debt and consolidated it into a low-rate personal loan from sofi. i finally feel like a grown-up. break up with bad credit card debt. get a personal loan with no fees, low fixed rates, and borrow up to $100k. go to sofi.com to view your rate. sofi. get your money right. ♪ every year we try to exercise more, to be more social, to just relax. and eating healthy every single meal? if only it was this easy for us. ♪ ♪ ♪ ♪ we believe there's an innovator in all of us. ♪ ♪ that's why we build technology that makes it possible for every business... and every person... to come to the table and do more incredible things. ♪ ♪ james: another sad milestone in the biden border crisis, 2 million migrant arrest are expected this fiscal year according to custom and border protection sources highlighting in enormous challenge facing ages, and communities at our southern border. jason rightly notes, this should, no surprise at the migration surge is occurring at the same time america suffering from historic worker shortage. how do we make immigratio

so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. ♪ got my hair got my head ♪ and borrow up to $100k. introducing new one a day multi+. a complete multivitamin plus an extra boost of support for your immunity, brain, and hair, skin & nails. new one a day multi+. ♪♪ i got into debt in college and, no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. non-gaming tribes have been left in the dust. wealthy tribes with big casinos make billions, while small tribes struggle in poverty. prop 27 is a game changer. 27 taxes and regulates online sports betting to fund permanent solution to homelessness. while helping every tribe in california. so who's attacking prop 27? wealthy casino tribes who want all the money for themselves support small tribes, address homelessness.

sofi. i finally feel like a grown-up. break up with bad credit card debt. get a personal loan with no fees, low fixed rates, and borrow up to $100k. go to sofi.com to view your rate. sofi. get your money right. ♪ from the fox studio in new york city, this is "maria bartiromo wall street". maria: welcome to the program that analyzes the week that was in position you for the week ahead. i'm jackie deangelis and for maria bartiromo. the latest analysis of bidens inflation reduction act shows families likely to get tax hikes and tax breaks. at the media blames republicans for fear mongering about the new bloated irs budget. house ways and means committee ranking member kevin brady will respond. consumers planned calling inflation exceptionally high and planning additional rate hikes, i am asking slate stone chief market strategist kenny pulled kari how long jacob asked where he's putting his money right now pretty new energy tax u.s. oil and gas association tim stewart sounds off coming up. b

sofi. i finally feel like a grown-up. break up with bad credit card debt. get a personal loan with no fees, low fixed rates, and borrow up to $100k. go to sofi.com to view your rate. sofi. get your money right. ♪♪ >> christopher wray before the senate judiciary committee on thursday how fbi officials walk in discredited probes into hunter biden by labeling verify of intel as this information in the november 2020 election. christopher wray directly avoided commenting and managed to pivot the dialogue to whistleblowers. >> obviously if there are allegations of misconduct by fbi employees we want to make sure that we get the information so we can use the tools that we have to go after that conduct. certainly i condemn in the strongest possible terms any prospect of retaliation against whistleblowers. >> let take it up with a panel miranda divide you wrote the book on hunter biden and are continuing to work and uncover important new information on his various activities. did we learn anythi

. >>> new at 11:00, the man accused of assaulting a 49ers fan at sofi stadium in january face ad judge this morning. ryan is accused of leaving the oakland restaurant owner in a medically induced comba following the attack. the surveillance video shows luna started the fight by pushing him. the mayor adds ppt he then pushed luna back and punched him in the face. luna fell, hitting his head on the pavement. the man and his attorney spoke out following today's arraignment. >> today i enter a play of not guilty. i am looking forward to my day in court and i ask everyone to remember we all have a rid to defend ourselves. >> this happened in one of the parking lots at sofi where there was tailgating going on and my client at the time was the only rams fan in a group of 49ers fans and he was assaulted. >> the preliminary hearing is set for october 17th. >>> also new at 11:00, after a closed door session, santa clara leaders still at odds over a deal to he said the legal battle with the san francisco 49ers. the niners offered the city more than $3 million to resolve the dispute. it centers ar

can sofie visual around me? i live in a casual maya. oh, what are you from the muscle for shuffling you thought it said just isn't it humble pill? my thought is one. we are feel in cash money. no, no. i have full of clothes better than life. the commodore base journalists joining the invasion with tough west bay root was under siege with constant israeli air raids and reportedly indiscriminate. shelly, but they told the real story i think the barret cj, as i said, was a big eye opener for many correspondence to only eaten the israeli story. but until then. and they were able, at 1st hand, when they went out to see the suffering of lebanese and palestinians. and they really went off to a story very, very hot, a hard and harshly and well, i think at that stage though, if a commodore hadn't been there, the israeli invasion would not have been so well reported. and you can thank the commodore and away for this and the people in it under use of net. so i think the are these readies had at that stage in the early eighty's, the worst press the

sofi get your money right. the move in cryptocurrency ether over the last month rising more than 60% kate rooney is taking a look kate >> reporter: hey, jon, yeah, the world's second largest cryptocurrency had an each bigger month than bitcoin up almost 80% for july versus a 30% gain for bitcoin both are still down for the year and well off of the november highs. the optimism around ether is really specific to that cryptocurrency ether is the coin tied to the ethereum network it's in the process of what you can think of as a software upgrade, the way it's run or validated, as some people call it, will change the new cryptos come crypto's carbon footprint has been one of its biggest criticisms the date for what people are calling the merge are on track for september 19th that date has opinion pushed back still a little bit of skepticism around that. either way crypto investors are pouring into this trade ahead of that date. the number of addresses and spot volume jumped in july. can you also see some of that bul

so, i broke up with messy accounts and moved my money to sofi. now i earn higher interest on my checking and savings, and bank, borrow, and invest—all in one app. feels nice being in control. break up with bad banking. get up to 2.00% interest, and bank, borrow, and invest—all in one app. plus, download the sofi app and earn up to $300 when you set up direct deposit. sofi get your money right. >> how do we get a read on this tricky market know that the federal reserve has lowered the boom on us again? they said friday they will raise the inflation as many times as it takes until the beast of inflation is finally slain. we thought inflation would be endless and we thought the fed would have to crash the economy in order to beat it. since then we've gotten some real positives on inflation. [indiscernible] as i told you last week, some investors would get ahead of themselves assuming the fed would start going easy on us even though wage inflation remains very high. now that the fed has given us a reality check, it is time to recalibrate. we hear

so i moved to sofi checking and savings. get 1.80% interest, and earn up to $300 when you set up direct deposit. sofi get your money right. only at vanguard you're more than just an investor you're an owner. that means that your priorities are ours too. our interactive tools and advice can help you build a future for the ones you love. that's the value of ownership. >>> potentially bad news for pumpkin spice latte fans. reports that starbucks is planning to hike the price of the fan favorite by $.80. a starbucks oaks person issued fast money a statement saying we do not have any details to share on our fall menu. the starbucks shares have been on a winning streak lately for eight straight weeks, its longest run since 2013. this goes to the point that at what point do consumers start pushing back on price increases. >> i think the consumer who goes to starbucks and buys coffee is not the one that really cares. that sounds like it is a pretty decent price hike, but most people paying with apple pay have no clue, and i'm not jo

so i moved to sofi checking and savings. download the sofi app and earn up to $300 when you set up direct deposit. sofi get your money right. ♪ ♪ ♪ ♪ ♪ ♪ dolly varden silver is advancing their high-grade undeveloped asset in bc's prolific golden triangle. the property includes two past producing mines, and over 135 million ounces of silver equivalent. dolly varden. another busy day? 135 million ounces of silver equi of course it is.den. you're a cio in 2022. but you're covered. with security that protects your company everywhere, on-premise... in the cloud... and right here too. comcast business. powering possibilities. >>> welcome back to fast money. check out ethereum rival solano. the hack draining over $5 million worth of coins. the founders tweeting that it does not appear to be an issue with the network but with the wallet software. for more, let's bring in the key strategy officer at coin shares. i read your explanation. i don't know if we want to -- explain what happened with solana. if you can, keep it u

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