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CNBC's "Fast Money"

The Message From the Big Banks, and Legacy Automakers Take a Hit 1/13/23

CNBC's "Fast Money"

CNBC

Business, Investing, News

4.31.2K Ratings

🗓️ 13 January 2023

⏱️ 22 minutes

🧾️ Download transcript

Summary

Banks erased early losses as Q4 earnings season kicked off, but will expectations for a recession put a damper on the markets for the rest of the year? Plus Tesla slashing prices on its EVs and posing a big threat to automakers like GM and Ford, both of which saw sharp pullbacks today. Will the move by Tesla give it the ultimate advantage over its competition?

Transcript

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0:00.0

Right now and fast, ending on a high note, markets closing out the week with another

0:05.0

set of gains and Azak leading the way and notching its longest win streak since November

0:09.2

2021.

0:10.2

The S&B closing just shy of 4,000 at highest level in a month, but with the heart of

0:14.5

herding season just around the corner, can the rally roll on, plus stuff in reverse,

0:19.1

legacy automakers taking a hit today after a major announcement from Tesla.

0:23.0

Did the EV maker just raise the stakes for the rest of the industry?

0:26.4

And we're just about ready to wrap up the reveal of our traders, 2023 acronyms, Banoin

0:31.5

and the General Jeff Mills, on deck for us tonight.

0:35.4

One is looking at some Zen, while the other is lusting after the live light how they're

0:39.5

trading the new year coming up.

0:41.2

I'm Melissa Lee, this is Fast Money, we're live with the Nasak Market site in the heart

0:44.2

of Times Square.

0:45.2

On the deck tonight, Tim Seymour, Banoin Ice and Jeff Mills, and Steve Grasso.

0:50.3

And we start off tonight with a message from the big banks, the stocks are racing early

0:53.7

losses after their latest reports, Wells Fargo jumping more than 3%, despite shrinking

0:58.2

profits and higher provisions for loan losses.

1:00.4

JPMorgan, Bank of America City, also ending the day in the green, the gains coming even

1:05.2

as bank execs suggest that the strength may not last.

1:08.1

JPMorgan saying a mild recession is now its central case and B of A, C, E, O, Brian

1:13.3

Moynihan expecting the economic slowdown to start in the early to mid part of this year.

1:18.0

So what should we take away from what we heard today?

...

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