Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Kainteneah, on the opening

bell hour of CNBC Squawk on the Street. Good Tuesday morning, welcome to Squawk on the Street. I'm Carl Cantony with Jim Kramer, David Faber, post nine of the New York Stock Exchange. Got some caution to kick off this holiday shortened week. Stocks are lower in Europe and Asia as well. on some China weakness, risk in the Red Sea. Yields do fall on a very weak Empire survey.

Roadmap this morning begins with the rest of the big banks. Goldman Sachs, Morgan Stanley out with results. We're going to dig through those numbers. Plus, we're keeping an eye on shares of Apple. They seem to be under pressure again. The company is offering what are somewhat rare iPhone discounts in China there,

as of course demand perhaps is waning a bit. And Elon Musk, well, he wants more control over

Tesla, at least if you follow his tweets. He wants perhaps 25% voting control this amidst the company's

AI initiatives. We'll talk that through. Let's begin with the bank earnings from Goldman and Morgan Stanley, Jim. The equities at Goldman getting some attention this morning. Yeah, look, I've got to tell you, I thought Goldman is really much further along with the transition to be going back to the way it used to be. I was worried about the Apple card. They've got that kind of cordoned off. It's going to be fine. I think that investment banking is going to be very good. Mergers are going to be great, and they're very low-key about it. Morgan Stanley, a lot of what was wrong last time got better wealth management, but I want to make a larger point. The banks are rolling over no matter what. I mean, Goldman was terrific. It opened up to a couple percent in early morning trade. It doesn't matter. When J.P. Morgan finished down on Friday, you just said, I don't want to touch this group. Because J.P. Morgan's quarter was maybe one of the best I've ever seen in history. And the stock reversed from being up six to being down the dollar. It doesn't matter what you say. People want this group out. Because? Because I think the group moved a lot.

And because I also think that somehow there's a belief that it can't get better than this.

I disagree with that entirely. I think investing banks are going to be really good. I think it would

defer to David. But I think you could have a huge year of M&A. But people just said this group came in too

hot.

Morgan Stanley was in 70. It went all the way up to 92. It's just sell, sell, sell.

Wells, I thought it had a good quarter. Doesn't matter, David. This group was set to sell,

and they're selling it. I feel like it seems so rare that the group actually really does perform well after earnings. I know we say that, but... I couldn't find a time. It's a very good call. It feels like a great consistency to basically not expect, certainly don't own these going into earnings. If they ran, you're so right. There is... I mean, that's your feel, but empirically it's absolutely true. It's a really bad group to own. I wonder why. Because they don't seem to underperform. Again, to your point, Goldman had numbers that were well above most of what many of the analysts have been expecting. There are these FDIC charges that some have been, including in their estimates, haven't. So that's making things a little difficult for some of the banks. But overall, we can tell you, Goldman better than expected.

Oh, I mean, I was going over with Goldman with some Goldman people I know.

And I just said, wow, great quarter.

Sorry about what's going to happen.

I said, well, what's going to happen?

I said, well, your stock goes down.

That's what banks do when they go up into the quarter.

So Dave is right. These guys are not semiconductor companies,

their banks. Record AUM, though, over $2.8 trillion, up 10%. That's fantastic. Big piece in the journal

on how the post-consumer era is in swing at Goldman and doubling down on wealthy clients.

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