maria" i hope you will join me sick and weak states - 9:00 a.m. eastern all see you on sunday morning on the fox news channel 10:00 a.m. eastern live or "sunday morning futures". i have exclusive interviews with homeland security texas congressman ronny jackson and d.o.j. pardon attorney weaponization czar ed martin. it'll be a big show, i don't do it for us from the reagan national economic forum thank you so much for joining hope you have a great rest of the weekend. i will see you next time. jack: welcome to "barron's roundtable" where we get behind the headlines and prepare you for the week ahead. i am jack otter. american still spiking with confidence. i have an exclusive interview with bank of america ceo brian moynihan on the state of

consumer spending and the brighter economy. will dive into the new stable coin initiatives. we begin with the expert panel and three things investors to be thinking about right now. my colleagues ben levisohn, teresa regis and al root. if you showed me a chart of the s&p 500 over the past week without any numbers i would think this is a heart monitor with your bike ride with your dad in the rockies. that was not it at all. we had a great start to the weekend over the week president trump decided the negotiation with knowing fine for not bringing the deadline. he's going up the first hill it went straight up and it looked like the market was going to break especially after nvidia came out with great earnings and he blocked all of trump's tariffs and people realize were getting ahead of ourselves and they were right because it appeals court came to stay on that decision of the market fell, friday we had a bunch we tariff things over china and the

negotiations are going well, more tech walked in the market dropped, is a good week almost 2% for the s&p 500, a great month the best 2023 it didn't feel like that. >> on most all the games on the first day you think investors are getting a point where they get is a side to ignore the hour by hour tear of changes. >> in some ways they need to. we don't know where these are going to end up if you look the market is trading sideways staffing to 6000 but is not really dropping but i think people are waiting to see what can happen with tariffs in the economy all these different things waiting for a signal to come but we haven't gotten it yet. >> bonds had a good week and that's really reassuring. >> the previous week everybody was freaking out because auctions did not go well the yields were preaching to the top of the range but they look like

arrangement the long bond etf the market, down there which is another great thing. >> next week will be in the june payroll number at the end of the week you looking for. if you been bears on the market the way that i have and waiting for the tariffs of economic data hasn't yet it's probably going to show with me and i never expected 127,000 jobs down from 177,000 that pretty good in no reason to think that that's going to change. if you get the number in stronger i think it'll be just fine. it attracts many things including cargo ships leaving china for the u.s. and that never keeps on dropping will see what happens. the strongest part the market this past week was a. >> seven that was thanks largely to nvidia's earnings. >> just like ben said another blowout quarter and that's fantastic news the a.i. trade is a huge pillar of the rally in recent years and we have to ask

how much can we extrapolate from that nvidia had a recorder but there also the absolute dominant player and some people think the a.i. trade being really any has room for winners for summer questioning that in a time of uncertainty maybe everyone goes with nvidia speed record think that's what the market was saying after the earnings came out it was one stock that one nvidia and all the other chips didn't you much that seems to say he was only about nvidia and nobody else. we saw mardell had a terrible day, their quarter was not really the issue people were concerned that you lose business with making the next generation chips for amazon. >> the maxing is magnificent. i want to talk to you about longmont with the televised farewell from the oval office on friday cities distancing from politics going back to working 24/7. he was a little bit critical of the big beautiful bill saying attitude was to the deficit. this act would be good for tesla

shareholders. >> you to be very good at the end of the process begin in april and march but he said he would step back from government work the sigh of relief was tesla shareholders, test. was $490 in december and 425 at the inauguration retreated to 225 as people worried about brain damage what's going on and then he decided to set and that is genuinely a good thing. >> one thing about hazlitt is not value like a company. >> since the initial statement my golf back from doge tesla stock is up $110 that's almost 360 billion in market value, that's more than toyota almost toyota general waters under motors and ford combine. >> one quick problem water left-leaning people like electric cars they don't like unmasking right-leaning people don't like electric cars were

devoutly with tesla's. >> we sort of take a positive, to that point what of the big issues for tesla right now it is almost beyond cars, i don't necessarily subscribe to this completely but tesla thinks of as an a.i. play, we talked about the evaluation is not value like a car company, robo taxis luncheon june, that can hopefully in the negative association with the brand. jack: from the deep thinking backlash to consumer string stable point, bank of america yo

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optimistic, new data showing consumer confidence surging in may for the first time in five months. it was revised hiring inflation expectations eased, fox business exclusive bank of america ceo brian moynihan thank you for coming by to see us. i would love to start with the big picture, bank of america you had your hands in almost all aspects of the job market is not very strong some signs of softening j.p. morgan and citibank increasing the reading reserves a little bit but the consumer seems to be hanging in there what you see with her business and other indicators. >> the biggest picture the research team is one of the best in the world is not the best has economy and u.s. growing this year at 1% growth rate. think of that six month ago at 3% which would have% growth rate they take a lot of growth off the table all the effects of tariffs in every thing you spoke

about. that being said is still growing and not being said if you want to consumer's are doing we keep track on a weekly basis, what about the money out of the consumer account part of credit card and debit card purchases but checks written and out of the atm gets spent that number is 5% last year here today in the last 28 day average in the consumer continues to spend cash prices are down year-over-year and were going to movies they're going out to eat less on plane tickets or more on cruises you can see where they spend their 25% which is very consistent with the growing economy and why are they spending their point and appointment slowly getting paid even though inflation is a worry about what might happen next reality if you look at what they're doing their spending money on a strong case. jack: what would companies like to see from the administration. >> our device bret baier said

let's get a deal then they have to get used to. if you think about what business likes is uncertainty we have the huge research team and when they see a deal get done with the country there can extrapolate in this country like backcountry and little take the deal through and calm a lot down but they had to get one done in absence of that there was no end in sight, now that they have a deal done debit deal outlined with uk and others seems to becoming one's business as atlanta to predict the future 12, three in business annual plans coming in as you move into the summer and they need to do with the growth rate in the economy so they can protect the revenue and expense all that depends uncertainty in getting a deal done. jack: you are chancellor from brown university president of the board of anything on college campuses i want to focus on research as a long-term growth engine of the u.s. economy how

important is and is under thre threat. >> at the end of the day is critically important to the u.s. economy we need to fund research that the competitive advantage think of radar in world war ii they came from the united states. think of the drug develop medicaid from the united states and the computers and internet searching came from the united states, weaponry came from the united states in the research, the fundamental research is key to why the country is very has to be funded, there is a debate about indirect expenses and overhead of reimbursement. as all the money being spent wisely in the condition for grants, the government puts on our fees and people apply and get the grant from the government. is not given to them is awarded in the competitive process. if there's dynamics most universities are leaders if you think overhead is too high tell us and also take the regulation debt, the number went from 4 - 300 in the last 20 years. think about that research is fundamental to america's

competitiveness the innovation cycle virtualization research is different anywhere at the commercialization piece to the government get a piece of that that's a question the university takes pieces of, there's all kind of economic questions but at the end of the day the court research is critical to our success. jack: a very different under different topic, and almost equal that you and jb diamond about the banking even more specific going back to 2024 is a long-term thing the treasure state treasurer of mississippi wrote this, deep thinking is the scheme used by large austrian situations to impose the woke agenda on main street in america, is that a real problem and is it changing? >> is not a problem it never was, 70 million consumers and 12 million small businesses and tens of thousand companies. the question of the regulation and that's really a ministry with a comment and senator scott and others are working you need

to get the regulars to come back, what doing is causing activity. accounts are getting close because of how they want the xml and money laundering. if you think about those regulations and got way overtop. i think if we can get the regulation back, we're basically doing what the law requires us to do, some people don't like the outcome but if you get the regulation that focuses on that we can get the issue put to bed. jack: the wall street journal reported a consortium with banking including years with a stable point i immediately thought of zelle that but was there but then the banks put together zelle and i find it easier to use if that's was going on in stable point? >> they ride with each other, the idea that digitization money in the consumer site 60, 70% of all the money is digital today. a tremendous digital activity on a commercial size 98%, is all digitally. at the end of the day what zelle did was a way to message with other banks in the network and

system security can enhance the fraud and enhance it and drive it down lower. all that because it's an environment where you understand the customers they could do all the work et cetera critically think about stable point. it is a transaction account. it's a deposit and at the end of the day you're giving people money and then you're sending out information to pay people and is transacting. we think it's a natural extension of the bank deposit account the stable point the side of the investment in the stable point. we will have to be competitive if consumers want and more companies want to conduct business but the industry has to make sure we stay ahead of it with the trust in capability in the technology in the cybersecurity all these things are really needed to make sure the system operates well people get a substantial amount of money. >> you to be fascinating to see this evolve thank you very much. target stock tumbles as a comedy grapples with multiple retail st

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jack: target is fighting to keep pace with a highly competitive retail space as the stock language is 40% below the 52 week high this is the cover story this week and the panel is here to discuss what comes next for the retail giant. what has target been doing wrong. >> what hasn't been doing wrong this is a death by a thousand cuts and quite frankly there has been a lot of problems. it used to be mentioned in the same breath as amazon and walmart but that is can. the millionaire down the block to elon musk and jeff bezos. it did not have the money to spend on automation and that's where a lot of the gains have been coming, that's a problem and you also have to think it is bread-and-butter as discretionary purchases now has to compete with cn and temu and that was not an issue a few

years ago when you're not wearing your red dress. i stop by target a couple of nights ago and picked up a few things, no people, fast move but there were no redshirt day review redshirt a lot of people working there. >> i think they've had cuts, the other thing in order to fulfill online orders from the store you see employees walking around fighting customers for the same inventory which is not a great idea, there also not at the checkout. i don't think that that at the self checkout is a big problem with but is a temptation and that's another area where they seem to have a problem. >> what i worry about they want to be walmart and they want to be amazon but what they're looking like is calls, they had a big 20% move after earnings this week and when they first announced they finished down to, is a retailer with no itch anymore. >> i think it's more of a bear case for target not a base case, i think target has more leverage to pull in more cachet and a

smaller but driving grocery business. the subscription business. i hope this is not there point yet. >> i have brand issues on my brain, i know they managed to kick off both sides of the political spectrum, is not an issue or are we past the issues. >> it's amazing how consistently terribly they made decisions there, of course people on the right were angry about pride merchandise and other specific months for african-american history month for hispanic history month but then this year eei was no longer the initiative happening at target which made people on the left angry and it's kind of amazing that they did it so badly, that group of people is maybe small but they're incredibly dedicated to shopping with her values. >> if you look at target they came to di a long time ago in 2003, what they did was misread with the intersex bathing suits that caught a lot of attention, they got a step back they went way too far.

>> selling laundry detergent. how can target tickets way out of this hole. >> there are a lot of problems, there is not one neat solution. i do think that they have to think of themselves as not quite and i think they have to think of themselves as not quite appear to amazon or walmart and i think we can talk about how well ryan cornell during the pandemic in the leadership is not what necessary today and we can also maybe see activist interest here. >> it might take a new ceo to push some of the things through, they need to spend money on the stores making them nicer and they need to do better at the technology for the online but it's going to take it might take someone to give them a push and that's when activist comes in if

you look at the bull case it is cheapest under 13 times earnings. an activist would be the one that could come in and say let's make the big changes so we can get the evaluation out. >> i'm going to reverse roles, what about the stock you thinking activist is likely and with that significant catalyst for shares? >> i think it would be a significant catalyst. it looks like a target for any activist right now. jack: thank you, it'll be fun to see, costco did well american eagle not so much. teresa have (vo) explore the world the viking way from the quiet comfort of elegant small ships with no children and no casinos. we actually have reinvented ocean voyages, designing all-inclusive experiences for the thinking person. viking - voted world's best by both travel + leisure and condé nast traveler.

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does that tell us about the automaker press release. >> there always positive and investors should not pay as much attention as they might think. gm this week announced in 888 million-dollar investment in a v-8 plant i think it was related but i can't confirm that it was simultaneously recently saying were not to spend money on electric vehicle motors, does this. >> is different from the press releases. is there a change, most of the time the press release are reactive. electric vehicles are still growing but not nearly as much. also working to drive gasoline cars for many decades, the v-8 upgrade has been talked about for more than a year but when it comes out near the electric vehicle announcement people say

gm is off the lead bandwagon this is not really the case, what we need is an eb reset in terms of expectation and regulation and investors i want to make one more point eb strategy had nothing to do with stock performance for almost any of the companies over the last five years, consistent margin capital return that's what you should focus on. gm has done well that's good actionable ideas. >> i'm looking at brain damage again they had problems a couple of years ago with budweiser. but the stock is actually quietly crept up to a 52 week high it made back all the losses it is doing it with things like michelob ultra and with bushlike and selling more beer, took a long time to get past it but the stock is looking very interesting. jack: is still not number one. what you have teresa. >> i'm looking at viking cruises, river cruise fame this

is often earnings but that was an overreaction, people are worried that people might not cruise given the economic uncertainty but they cater to a wealthy clientele that is unlikely to pull back in the spending. they already have so much of it done i think you have a lot of clarity. jack: drink beer on votes, to read more checkout this edition of barron's.com don't forget to follow us on x at barron's online for the latest barron's updates. that is all for us, we will see you next week on "barron's maria: happy we can to all i am maria bartiromo coming from the reaganesque national economic forum in simi valley california this weekend where america's top business leaders policymakers and innovators are gathering to shape the future of the free market in u.s. economic growth the hot topic for many her