Big Banks Report, Dow Record High, Delta Flies Lower 01/12/24

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 12 January 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla and Jim Cramer began the show by breaking down the big bank earnings with JPMorgan, Wells Fargo, Bank of America and Citi all reporting results. JPMorgan’s profit fell for the fourth quarter after paying a $2.9 billion fee tied to the government seizures of failed regional banks last year. The anchors then shifted to the week’s second batch of inflation data, after wholesale prices unexpectedly declined in December, providing a positive signal for inflation. Other headlines this hour included: Delta Air Lines shares falling after trimming its 2024 earnings forecast, and Bitcoin ETFs seeing $4.6B in volume in their first day of trading. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:24.0	Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kinteney at Post 9 of the New York Stock Exchange. Kramer's in Kansas City at GEHA Field at Arrowhead Stadium ahead of Saturday night's Wild Card, which will stream exclusively on Peacock, Faber as the morning off. What a morning. Bank earnings, joint airstri strikes in Yemen, PPI, going into a long weekend in Taiwan elections.
0:26.5	Dow futures are being pinched a bit by UNH.
0:33.4	Roadmap begins with the bank's noisy quarter. We'll get to J.P. Morgan, B of A, Wells, City, and Black Rock.
0:37.4	We are watching oil as the U.S. and U.K. make these strikes in Yemen. Tesla shares down as it halted some production in Berlin. And as we said, U.N.H. medical losses have shares down about 4% pre-market. But we begin with Jim in Kansas City, where the weather is going to be a story for you, Jim, and for Steelers' bills.
0:54.7	Coldest game in history is what they're certainly going to be a story for you, Jim, and for Steelers' bills. Coldest game in history is what certainly going to happen.
0:59.0	It's already pre-freezing here.
1:00.2	Now, I will tell you, Carl, this is streamed on peacock.
1:02.9	I did come out here in part because I think that in itself is big news.
1:06.6	I don't want to lose what the narrative is of today with the banks, with the PPI.
1:12.7	But I'm thrilled to be here, and I'm thrilled that we are presenting the game, and I'll be on Saturday doing some pregame.
1:19.6	So, yeah, I'm here and on to the show.
1:22.7	It's going to be fun to watch tomorrow, Jim.
1:25.3	So let's dive right in.
1:27.1	Very noisy, as we said
1:28.6	uh even with some revenue misses uh is j p morgan the clear standout uh yes because you know what
1:35.5	they actually set the tone the first thing he did was come out with signet interest income is
1:39.1	really terrific uh and then that's what we decided is going to be important i mean it's like
1:43.3	jimmy diamond picked a metric.
1:45.3	And that was the metric.
1:46.9	I could hit on a bunch of it, like maybe earnings per share, which would make it so you like Wells Fargo.
1:52.1	I could say headcount reduction, which is why you would like City.
	...

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