A new bill uh aims to stop the Federal Reserve from paying banks uh interest on their reserves. In action, our next guest costs billions of dollars. Joining us now, Florida Senator Rick Scott, who introduced the legislation.It's so arcane, Senator, and and we've had this discussion. I don't know if if it's been had anywhere else on on TV. I'm not sure what it does for rating, uh obviously, but uh it it's mind-boggling.It's it's a definitely something that economist Judy Shelton has has talked to us about qu ...

today. Thanks. >> Good.Thank you. >> Okay. >> All right.Shares of Sanofi are lower this morning. The French pharmaceutical giant second quarter profits missed estimates but revenue topped expectations. The company is also raising its annual sales forecast on strong demand from its anti-inflammatory drug, Dupixent.That stock right now off by about 4%. Joining us right now to break it all down is Paul Hudson. He's Sanofi's CEO.And Paul, I have to say reading through the results, I was a little surprised to se ...

Financial Performance - Robinhood's net income more than doubled, and revenue jumped 45% year-over-year [1] - Customer satisfaction is high, with customers depositing more money and using more products on the platform [2] - Net promoter scores are at a four-year high, with strong net deposits [4] - Prediction markets have reached double-digit millions in run rate and are accelerating [12] - Prediction markets saw over 1 billion contracts in Q2 [12] Business Strategy & Focus - The company prioritizes improving its service and controlling costs [5] - Robinhood focuses on internal improvements rather than closely monitoring competitors [6] - The company aims to provide exposure to private companies, particularly in the AI sector [20] Market Trends & Opportunities - AI and electric car stocks are driving most of the trading volume, not meme stocks [14][16] - Crypto trading represents a double-digit percentage of the business [17] - Tokenization is expected to become the infrastructure layer behind real-world assets [19][21] - Prediction markets are growing rapidly, especially in sports and economic events [12][13]

All right, we're pleased uh to have joining us now uh for the latest on tariffs and trade on the eve of that August 1st uh trade uh deadline uh President Trump says Treasury Secretary Scott Bessant. Mr.. Secretary, always a pleasure to to see you and have you on the show. >> Morning, Joe. >> We heard yesterday uh after we saw the EU and and Japan, we heard actually that South Korea um just to to paraphrase, it might have been like, "What about us. we're here and um then before we know it, we hear from South ...

Why don't we put this in context. Uh, two descending votes. How big of a deal is that.>> Well, as you point out, it hasn't happened since 1993. But on the other hand, uh, both Bowman and Waller have been indicating that they wanted to have a cut at this meeting. And most importantly, if you go back to June, we already saw some schisms, some splits start to show up.So, I would say it's just playing out as has been signaled before. I wouldn't overstate it um because uh I think the vast majority of the committ ...

Microsoft's Performance & Outlook - Microsoft's cloud performance was a significant beat, with Azure growth potentially reaching 40% in the near term [1][2] - Microsoft Copilot has surpassed 100 million users [1] - Microsoft's overall growth came in at 39% [1] - Microsoft is exposed to secular trends, making it a core holding for many investors [2] - Microsoft's CFO, Amy Hood, has regained her momentum, effectively managing margins [3] Meta's Performance & AI Focus - Meta's revenue was a key highlight, driven by its advertising business [3][6] - Meta's Reality Labs experienced $4.5 billion in losses, viewed as a long-term investment [4] - Mark Zuckerberg is prioritizing AI, assembling an all-star AI team [5] - Meta's accelerating growth and AI investments are fueling conviction in the AI super investment cycle [5][6] - Meta anticipates talent acquisition to be its second-largest expense after AI infrastructure [7] AI & Competitive Pressure - The industry believes 2025 is a critical year for AI, with continued bullish capital expenditure commentary into 2026 [9] - Apple faces increased pressure to demonstrate its AI strategy and capabilities [10]

Market Trends & Investment Opportunities - Analysts are raising price targets for Microsoft (to $680) and Meta (to $875), indicating positive sentiment following strong earnings reports [1] - The tech sector is experiencing a generational shift driven by AI, impacting infrastructure and usage across various companies [5] - Investor excitement surrounds increased capital expenditure (capex) spending alongside positive earnings results in the tech sector [3] - Microsoft's Co-pilot has surpassed 100 million users, a significant milestone that alleviates prior investor skepticism [3] Company Performance & AI Impact - Microsoft's infrastructure spend is converting into tangible results, reflected in user behavior and AI adoption [2] - Meta's engagement levels are extraordinary given its user base scale [3] - AI tools development, exemplified by GitHub's resources dedicated to Co-pilot, highlights the interdependency within the tech sector [5] Market Dynamics & Potential Shifts - The performance of S&P equal weight index relative to the market cap weighted index suggests potential shifts within the broader market [6][7] - It remains uncertain whether market changes will manifest as a sector shift or an asset allocation shift [9] - Despite overall positive trends in tech, individual stock performance will vary, requiring attention to specific idiosyncratic stories [11]

All right. So, what is what are we seeing in the options market ahead of the August 1 deadline. Are we still start are we still seeing people trying to play it even though we've seen a number of deals get done.>> Yeah, there's definitely opportunities right now in terms of trying to pro buy some downside protection, but largely investors are not particularly bidding up puts ahead of this tariff deadline. It really reflects the fact that investors are not particularly concerned here. as you say uh there's a ...

China's Economy & Trade Talks - China's economy is in relatively good shape, with July data showing improvement compared to June, although growth is not exceeding year-ago levels [1][2] - China has included export controls in trade negotiations, giving them significant leverage, particularly concerning rare earths and critical minerals [3][5] - The inclusion of export controls has created a situation of mutually assured destruction, giving China a choke point over the United States economy [6] Manufacturing Sector - Despite PMI data suggesting weakness, the manufacturing sector in China remains strong and continues to export [9][10] - While exports to the United States have contracted, there has been a surge in exports to Asia, indicating the manufacturing machine is still productive [10] - Manufacturing's strength is crucial as China currently lacks other significant growth drivers [11] Security Concerns & Chip Industry - China is raising potential security risks with chips, potentially as a response to concerns about Huawei [6] - There are concerns about the future ability to geographically track chips, leading to worries about transshipment and potential circumvention of regulations [7]

>> And Isaac was great. Julie Julie had some issues. >> All right.The fed holding interest rates steady. But the decision comes with some dissent. Our senior economics reporter Steve Liesman joins us right now from Washington Steve good morning.>> Yeah it wasn't Love Island at the fed yesterday. Fed Chair Jay Powell and the federal committee having two dissents there. But they made clear the December rate cut is not a done deal.And I asked Powell whether the fed now has more clarity on the outlook because t ...