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Baird Senior Research Analyst David George joined Bloomberg Open Interest to explain why stellar bank earnings aren't translating into stock gains. He says investors are facing a "buy the rumor, sell the news" moment as expectations reached extreme levels, while emphasizing that banks are far safer than before the financial crisis and that the US consumer remains resilient despite broader economic concerns.

Baird Senior Research Analyst David George joined Bloomberg Open Interest to explain why stellar bank earnings aren't translating into stock gains. He says investors are facing a "buy the rumor, sell the news" moment as expectations reached extreme levels, while emphasizing that banks are far safer than before the financial crisis and that the US consumer remains resilient despite broader economic concerns.

Federal Reserve Chairman Kevin Warsh said policymakers at the central bank have no tolerance for high inflation during remarks to the House Financial Services Committee.

US consumer prices declined in June for the first time in six years and a key gauge of underlying inflation was little changed, taking some pressure off the Federal Reserve to raise interest rates. Frances Donald, Chief Economist at RBC Capital Markets, reacts to June CPI.

On this episode of Stock Movers: - IBM (IBM) shares are plummeting after the company reported preliminary second-quarter sales that fell short of expectations, attributing the miss to customers spending their money on chips and servers amid AI-fueled shortages. - Bank of America (BAC), JPMorgan (JPM), and Wells Fargo (WFC) all reported early this morning. Wells Fargo reported second-quarter earnings that beat Wall Street estimates on higher fees from wealth management and investment banking. JPMorgan soared past all estimates on equities trading, but missed on FICC sales and trading revenue. Bank of America net interest income met estimates. Shares have oscillated in early trading. - Apple (AAPL) shares are falling after being cut to underweight from sector weight at KeyBanc, which expects weaker device demand and service revenue growth in the US, a dynamic that makes the stock look unfavorable due to its high valuations.

Gabriela Santos, Chief Market Strategist for the Americas at JPMorgan Asset Management joined Bloomberg Open Interest to explains why the latest CPI report could keep the Fed on hold, why AI infrastructure spending is squeezing software companies and why investors should stay selective as AI stocks become more volatile. She also breaks down what upcoming tech earnings could mean for the next move in markets.

Gabriela Santos, Chief Market Strategist for the Americas at JPMorgan Asset Management joined Bloomberg Open Interest to explains why the latest CPI report could keep the Fed on hold, why AI infrastructure spending is squeezing software companies and why investors should stay selective as AI stocks become more volatile. She also breaks down what upcoming tech earnings could mean for the next move in markets.

The US consumer price index fell 0.4% in June, dragged down by the biggest decline in gasoline prices since 2022, taking some pressure off the Federal Reserve to raise interest rates. Tiffany Wilding, economist at Pimco, examines the data on "Bloomberg Surveillance."

Citigroup says revenue from equities trading surged 45% to $2.3 billion in the second quarter from a year earlier. That's 11% higher than the record set in this year's opening months. Earnings per share came in at $3.15, beating all estimates. This is coverage from "Bloomberg Surveillance."

Federal Reserve Chairman Kevin Warsh said, "The members of our committee have no tolerance for persistently elevated inflation," as part of testimony he's scheduled to deliver to the House Financial Services Committee on Tuesday morning. Michael McKee reports on Bloomberg Television.