all or part of it to coventry. even a term policy. for cash, or a combination of cash and coverage, with no future premiums. someone needs to tell them, that they're sitting on a goldmine, and you have no idea! hey, guys! you're sitting on a goldmine! come on, guys! do you hear that? i don't hear anything anymore. find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. larry: look, i'm no junius about all the goings on with classified documents, although i went through it with the white house, all i'll you say is where is the fbi, that's a double standard question right there. maria: good friday morning, everyone. thanks so much for joining u i'm maria bartiromo.

your top stories, you 6:00 a.m. on the east coast. more classified documents found, a third batch of classified documents found at joe biden's delaware home in the garage, right next to his corvette sports car. calls for an investigation are growing. now the department of justice is appointing a special counsel to investigate the documents found the be president's possession. how many more classified documents are out there and what about the double standard y applied to biden versus donald trump. no raid here. all coming up, all morning long. markets meanwhile are higher, take a look at futures, we're looking ahead to the beginning of fourth quarter earnings this morning. kicking off to you day with the you major banks. we've got a mixed session going into the fourth quarter earnings releases. the dow industrials right now up 22, nasdaq is down 25. stay here because we've got bank of america, jp morgan, wells fargo, citigroup, all out before the opening bell this morning.

we've got a firmer tone for the banks going into the numbers. delta also out this morning before the opening bell, we'll have those numbers for you. all of this after stocks finished higher yesterday. in fact, the dow seeing its highest close since december 2nd with a gain on the session of 217 points, two thirds of 1%. the nays a d nasdaq was up 69. let's check european markets this morning. where we are also seeing a firmer tone, the ft 100 up 31, cac up 28, dax index higher by 30 points. in asia overnight mostly green across the board, japan the one weak spot. as we see in the asian markets the nikkei average down 1 and a quarter percent. plus, this last night lisa marie pressly is dead at the age of 54. all of the details coming up this morning as tributes are pouring in. "mornings with maria" is live right now. and we begin this morning with the documents keep piling up,

the white house is confirming at least a single classified document discovered in joe biden's wilmington home. hanging out in the garage next to his corvette. the president tried to explain it away yesterday. watch this. >> classified materials next to your corvette, what were you thinking? >> let me -- i'm going to get a chance to speak on all of this, god willing soon. as i said earliers this week, by the way, my c corvette's in a locked garage. it's not like it's sitting out in the street. >> it's in a locked garage? >> yes, as well as my corvette. as i said earlier this week, people know i take classified documents and classified materials seriously. maria: attorney general merrick garland appointed a special counsel, a new special counsel to oversee the probe into how and why these documents made their way into this entirely

unsecure location. joining the conversation all morning long this morning is campus reform higher education fellow, nicholas jordano and columnist and fox news contributor, liz peek. thank you so much for being here this morning. liz, this is like a saturday night live skit. there's joe biden up there explaining away, telling us that there's actually a perfectly fine reason behind having these documents in a locked garage next to his corvette. your reaction? >> well, my reaction is, he takes his corvette more seriously than he does secret documents. maria: yeah. >> maria, look, i think there's so many unanswered questions here. yesterday, watching the press secretary trying to answer questions without answering anything and talking about how transparent they were being, it really made my head explode. for example, the ag, garland, appointed a special counsel to investigate trump even though he knew that documents had been found in joe biden's office.

so that raises all kinds of questions to he me. secondly, those documents were found a year after -- i should say disappeared basically for a year between the time that biden left the white house and they showed up in this so-called think tank at the university of pennsylvania. there's so much we don't know and the idea that -- i mean, i keep talking about joe biden's going to go to the dementia defense which is i don't know anything, i don't remember anything, and you can't really blame me which is i think basically what they're going to do. maria: it's just extraordinary, you ask the right question and i saw your tweet about it, where did these documents go between the house and the penn biden center. we don't know anything. and, you know, why is he trying to make it appear as if it's safe in a garage next to a car. who cares that it's near his corvette, that keeps bringing up this corvette.

>> i think he thinks that's more important than the secret documents. i mean, you know, we know he loves his corvette so he is taking very good care of it. the whole story smells to high heaven including the timing of when this was made public. thissedthis should have been mae public. maria: this is a very important point. we are joking in some ways because it's absolutely mind-boggling what's going on right here but this is a very serious matter. china sent tens of millions of dollars to that penn bi biden center. did china have ache's sees to ao these documents -- access to these documents? in terms of election interference, the doj knew this before the election and waited to release the information, just like they did with the coverup of the biden laptop. >>s t.>> there's so many layero

the story. when it comes to influence, that's the major concern. i wrote a paper about how china influences university campuses to gain influence and intelligence. current biden officials, they worked at the penn biden center. we need to know what foreign officials they may have met with while working there. the idea of classified information, when you i started a contract with the government i had to take a refresher every three months on how to handle sensitive information. here we have it at a garage on a university campus. there has to be accountability. the timing is suspicious because all of a sudden they stumbled upon these documents when they thought a red wave was going to come, republicans were going to take over. that that's not a coincidence. we need to know what they knew, when they knew they had these documents and why they decided to wait to turn them over. maria: yeah. we're going to talk more about this coming up. we also want to get to the twitter files, the revelations on devin nunes. i was literally one of the only

reporters to take devin nunes seriously and i was mocked and slandered on twitter. we will come back and show how washington pressured twitter to run with a phony russian bot narrative before the 2016 election coming up. i'll be speaking with truth social ceo devin nunes this morning in this exclusive, don't miss the interview coming up in the 8:00 a.m. hour. he was one of the first to sound the alarm on the russia collusion story being made up and he did so on my show, sunday morning futures. plus, fourth quarter earnings season is upon us. it is kicking off this morning. we've got the major banks reporting. jp morgan, bank of america, wells fargo, citigroup all on tap. the numbers coming up. don't miss that you're watching "mornings with maria" live on fox business. ♪ very superstitious. ♪ writing's on the wall. ♪ very superstitious.

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maria: welcome back. markets this morning are mixed, take a look at futures indicating a mixed opening this morning. we're waiting for fourth quarter earnings. it is a big day for the beginning of the fourth quarter. we're starting off this morning with the bank earnings. we've got bank of america, jp morgan, wells fargo and citi. all reporting their fourth quarter earnings before the opening bell just in the next hour. we will got you those numbers as soon as they had hit the tape. here's a look at the stocks this morning. joining he me going into it is fs investment chief market strategist, troy gieski. what are you expecting from the banking sector for the fourth quarter. >> in general earnings should be pretty good. it will be fascinating to watch the interplay between increased loan loss reserves because we know consumer defaults and corporate defaults are going to go up versus net interest margin which is clearly going to improve given how aggressive the

fed is and one of the things we're laser he focused on is the tone coming from bank of america in particular. because they had been the most wildly optimistic and bullish on the u.s. consumer and the economy when a lot of other ceo as you know have been a little more cautious on the outlook. that tone starts to change last quarter as excess savings started to run down and labor market started to soften so really laser focused on bank of america in particular right now. maria: well, i spoke with jamie dimon earlier this week, the ceo of jp morgan. i've got to tell you, troy, he walked back his economic hurricane comment. he basically said i should not have said hurricane. yes, we've seen storm clouds, 40 year high inflation, stock market is down 20 of% in 202 -- 20% in 2022, but we could see a soft landing. so i'm wondering if things have improved there or in the sector

overall. >> yeah, well, going back when jamie made nose c those comments a little early to sound the alarm bells on the economy itself because the u.s. consumer was still exceptionally strong. as you know, the labor market is remarkably powerful right you now, 1.7 job openings per unemployed person, for instance, and record low unemployment. our main focus is on markets and markets will be challenged because of the fed tightening not only in the front end but also draining the balance sheet as as money supply contracts. the soonest we could see a recession is q3 of this yearnd a it may take as long as q1 of next year given the economic resilience in the labor market in particular and for the u.s. consumer, so, yeah, i mean, it's good to sound the alarm bells but at times people can be too early. maria: don't forget, we had a tough market, capital markets are not showing any waves in terms of coming back and jamie

dimon also said to me we don't know when m&a and debt and capital raises are going to be back so there's going to be that shows up in the numbers as well, right? >> 100%. when you look at the different franchises out there, the large consumer banks, commercial banks, like jp morgan and bank of america, on the one hand they have great net interest margin, increasing loan growth. on the other hand, they have the provision for more loan losses and to your point, investment banking and m&a activity is outright collapsed as capital markets have ground to a halt with ipos and mergers. there's going to be a lot of good, some bad for the commercial banks and then if you look at the investment banks in particular, like goldman sachs, i mean, they just don't have the consumer banking franchise or the very powerful wealth management franchise that morgan stanley has so they're really more in the eye of the hurricane or i should say the strong wind of the hurricane right now. maria: yeah. let's point out that we've got

goldman sachs, morgan stanley coming out next week so we'll be focused on that there. we've got delta air lines coming out this morning and of course airline fathe fares have been of the most inflationary numbers out there. just looked at the cpi yesterday and airline fares were up almost 30 of% i believe year over year or 25% year over year. the consumer price index overall was down one tenth of a percent month over month, up 6 and-a-half percent year over year. what's your take on the inflationary pressures and what the fed is going to do about it? are we on the way to seeing the pace slow down in terms of higher rates from the fed? >> well, it's a great point you bring up on services. this not only ties to inflation but also job ration. what we've seen is still strong job creation but withholding growth actually collapsed. higher paying tech and financial service jobs are being lost and

he replaced by service jobs. in terms of inflation, one of the problems with this cycle is once inflation moves from durable goods and manufacturing over to services and the labor market, it's much harder for the fed to crack. so to your point, there has been progress made. however, it's going to take a lot longer to curb service inflation open epitomized by the in air fare, than to crack the increase in durable goods or manufacturing. maria: troy, it's good to see you this morning. thanks very much. >> great to see you, maria. maria: your morning mover this morning is tesla, we want to show you the stock in the premarket. its has been getting kill all year. this morning, another 4% selloff, cutting vehicle prices in the united states and europe, impacting the model 3 and model y cars.

this company had already cut prices on vehicles in china. tesla now says certain new models of the vehicles are eligible for a $7,500 tax credit. something buyers have been concerned about. this morning tesla shares down better than 4%. quick break and then what's the excuse this time? at least one classified document discovered in the biden family delaware home with very little explanation as to why it was there. north carolina congressman greg murphy will weigh in on these additional classified documents found in joe biden's possession. ♪

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>> this morning, president biden's personal counsel called mr. laus h and stated an additional document bearing classification markings was identified in the president's personal residence. maria: that was the attorney general confirming a third batch of classified documents were found in president biden's delaware home. former u.s. attorney appointed as the special counsel to

oversee the investigation. joining me right now is north carolina congressman, house ways and means committee members and gop doctor's caucus co-chairman, greg murphy, congressman, it's wonderful to see you this morning. thanks very much for being here. what's your reaction to all of this? >> well, it's kind of sad and hypocritical to be honest with you, that democrats have always done, it's okay for thee but not for me. when trump's items were taken out, good god, it was an fbi raid and you name it. and now all of a sudden -- and biden was calling it out as disastrous. and all of a sudden now it's come out that he's had one place, not two places, three places. was the garage secured? could hunter biden have had access to these? it goes along with the hypocrisy we've seen, time after time after time, about this democratic administration. s especially with biden. and were they important?

how many other presidents? what about obama? what about clinton? did they have the same thing? so i think it's a good collective argument, all in all. but it's just hypocritical for the biden administration to he throw it all on trump earlier when they themselves were guilty of it also. maria: absolutely. and they knew they were guilty of it and they knew it before the election. so it's once again more election interference. they sat on the fbi, sat on the lie ben laptop before the -- biden laptop before the election, they sat on this, that there were classified documents. joe biden trying to explain it away, telling us the garage is locked. what kind of nonsense is this? this is a serious story. people are sick and tired of this. we know this started in 2015 with the russia collusion lie. elon musk dumped part 14 of the twitter files yesterday, democrats denounced reports about flaws in the russia

collusion investigation. devin nunes was on my program in 2018 and they said it was boosted by russian bots and trolls which was not true at all. devin nunes came out with the nunes letter in 2018. he revealed that on sunday morning futures. it includes this open letter from connecticut senator richard blumenthal after twitter executives warned him not to move forward with it. what are your thoughts on what we're hearing now? they attacked devin n new nunesr telling the truth and i was attacked for having him on the show and saying the russian collusion story was a lie. >> it was a lie. elon musk, good lord, he has just exploded the amount of information that has been withheld from us by our own government. and you know, i've not been ever a conspiracy theorist and i'm not but if you look now, there are some real major problems at

the top of the fbi, the doj, that are absolutely anti-american and if we had been back in mccarthy day these people would be in prison. we're finding out the truth. adam schiff wouldn't know the truth if it slapped him in the face. the same thing with the other folks. they wanted to push a president out and had they were willing to use any means, lying, deception, you name it, to push that narrative. and the truth has come out now and i hope we hold these guys accountable. maria: how will we hold these guys accountable? and what a sad state of affairs, how the media just went along with it. i mean, adam schiff, as devin nunes was appearing on sunday morning futures telling us the trump collusion story was a lie, adam schiff was appearing on chuck todd on nbc saying there was collusion in plain sight. this is an election official. this is an he elected official, rather, he was at one point the chairman of the intelligence committee and he's sitting there

lying to the american people. knows what he knew. he saw the documents. he knew there was no evidence of russia collusion. and he yet he went on tv and he said it was in plain sight. so what, you don't have to tell the truth? you don't have any accountability? >> at the very least, maria, we'll need to do an ethics investigation on him and then the true light is brought forth and whether he gets kicked out of congress or reprimanded or what, you should not be able to lie in congress. it's a basic fact. it's something take that goes back to the american people, having faith in our system. and adam schiff and swalwell and all these guys who would literally lie just to push their narrative, rather than actually be truthful with the american public is absolutely disgusting. they'll get their come uppance. car pakarma is real.

it will happen with them. mar.maria: the fbi said it wase safest election in all of history. >> that's what's problematic about it, maria. you sit there and you have these vevenerable institutions. i've been a physician for 30 years. we used to hold the cdc in high esteem. we find out fauci, nih was lying, absolutely lying about origins of the virus. it has shaken america to its core. all the institutions that we held in high esteem we're finding out were fraudulent, lying, to push a narrative. it is very, very disheartening to this experiment in democracy that we're partaking. maria: and the most extreme just stunning part of it is the media. i mean, you would think that the media would push for truth. there was another thing that i and this program and a fox news got attacked for, basically showing that all of the

circumstantial evidence leads to the fact that it was a leak from the wuhan lab. congressman, it's just -- i'm really -- i think the american people have a lot of hope that you and your colleagues will hold these people accountable for this. all of this misinformation. then this administration has the nerve, th the gall to come out h a misinformation governance bureau he. >> absolutely. to your point, i wish journalism schools would actually talk about integrity, would actually talk about objectivity rather than dei or all this other nonsense and actually talk about the truth. i met some young reporters. i asked them are you going to be truthful in your career? it seems they want to mush a pua narrative. it's a competition with social media and everything, who can make the m outlandish statement.

we've lost the integrity of the journalistic heart. maria: we're going to look for oversight here. i want to talk about policy because the gop-led house passed a new bill to restrict any more sales from the strategic petroleum reserve to companies with influence from the chinese communist party. i mean, this is not a reach that we should not be selling our precious oil to communist china and yet that's exactly what joe biden has been doing. >> you know, maria, he does things that actually defy logic. what the hell would you do that for when china released a virus that caused millions of deaths across the world and they're our greatest adversary. what are we doing, getting rid of our own oil and gas where he made us no longer energy independent, to feed our enemy. i mean, what the hell. maria: unbelievable. >> where does that come from? i couldn't believe some democrats voted against that yesterday. that was amazing, quite telling. maria: well, this is why we

want oversight because there's a serious chance that this president is massively compromised with communist china. >> absolutely. i truly believe he is. i truly believe he is. maria: congressman, it's good to see you this morning. we're going to be covering all of this. we'll keep a spot light on it for sure. greg murphy, thank you, sir. >> god bless, take you care. maria: we'll see you soon. delta earnings are out. let's get to cheryl with the headlines. cheryl: the stock is don. the earnings were strong. thats was the expectation going into this report, maria. e per share coming in at a buck 48 on adjusted basis, the street was looking for $1.33. this is about 5 550% jump on earnings per share compared to the same quarter last year and it's even better compared to the quarter, the fourth quarter of 2019 which in the industry they're really looking at that. revenue, 13.4 billion. again, a big beat for them. 12.22 billion was the estimate

here. they had gone into this report giving us a very strong fourth quarter raised guidance so this is pretty much in that range if you will. it's actually better than what we thought and they also gave us a bullish outlook for 2033 -- 2023. excuse me. let's not make me that old. let's go through the numbers here. they did say that load factors were actually strong. 85% is the load factor versus 86% in 2019 so pretty much what delta is saying, we are back to pre-pandemic levels as an air line. as far as as different things within the report, let me get into -- they talk about jet fuel, talk about some other things, free cash flow. nononfuel costs per seat flown will be jumping 3 to 4% in the first quarter. that could be one of the things that the street is looking at right now. but overall, a pretty decent quarter for delta. but i want to point out the reason the stock is down is because going into this report, they had given such bullish guidance that the street's

expectations were pretty darn high. so we'll see how the stock plays of out and we're waiting on the banks to begin in the next few minutes. maria: we'll get back to you with that. thanks so much, cheryl. we've got a market that is worsening here as the earnings begin to flow, down 56 on the dow industrials. we'll be right back. so, am i still on track to reach my goals? the plan we created can withstand uncertainty. lately everybody has opinions about the economy, but i count on personal financial advice. my ameriprise advisor understands the markets and me. she knows my goals and can help me reach them with confidence. the markets may fluctuate but you're still on track. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. who's on it with jardiance? ♪ ♪ we're the ones getting it done.

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maria: welcome back. well, the faa outage earlier this week, which grounded all flights in america, may have been entirely preventable. cheryl casone with the details now. cheryl. cheryl: well, maria, lawmakers and air safety advocates have been warning the federal off a united nations a administration for years about their pilot alert system, calling it flailing vintage hardware. pilots and industry officials saying the alert system used to notify pilots of potential what a guards is outdated. the ground stop shook the nation as thousands of flights were

canceled and delayed. well, lisa marie presley, the daughter of elvis presley, has died. she was found unresponsive in her home yesterday after going into full cardiac arrest. this just days after she was seen at the golden globes with her mother, priscilla presley, to celebrate the movie about her famous father. tributes pouring in overnight. her mother did release a statement, quote, it is with a heavy heart that i must share the devastating news, my beautiful daughter, lisa marie has left. she was the most passionate, strong and loving woman i have ever known. john t travolta writing this, i will miss you but i know i'll see you again, my love. she leaves behind three children. she was just 54 years old. singer at the golden globes monday night and this happens three days later. pretty surprise, upsetting and she was young.

54. another tragedy for the family. maria: our condolences go to the entire family. tributes are pouring in. thank you very much for that. lisa marie presley, 54 years old. meanwhile, nearly three years after the start of the pandemic, many are wondering what comes now. i sat down with the ceo of moderna this week stephane bancel and he talked to us about the pandemic moving into an endemic phase. he also discussed why he is suing pfizer. watch this. i say this all the time to you, but your scientists should be just commended and praised. thank you for the work they're doing. but stefan, i want to get your take on what all of this meant for you and the company. these last three years have been transformational for moderna. you started 2020 with a billion dollars in cash? >> yeah. a little bit less. maria: 800 million or something in cash in 2020.

you have $18 billion in cash today. in 2020, revenue, 800 million. this year you're looking at revenue of 18 and-a-half billion. in 2020 your stock was at 21. it hit 500 and of course now is comfortably close to 200. how has the company changed? how has this changed you and what has this enabled you to do? >> the amazing thing since we started the company, mrna is an information molecule that we put in your body, your body will make the protein as medicine. this will be -- we would go bankrupt before we had the product on the market which was a possibility, we will be a company with a lot of drugs. we're in can c infectious disease, cardiology, genetic disease, autoimmune disease and

soon more. so the place that we are now that's so exciting is we're 48 drugs in development and apit's just the beginning. maria: it's very exciting. can you scale it up enough to become a be behemoth h, can you become the next pfizer. >> i believe this will become the biggest life science company on the p planet because, again, we have this platform. if you think about it, what is the probability that a company in january 2020, one out of 100 plus teams racing against covid, ended up with two companies at the end of the game with vaccines used around the world and we've shown consistently we have less hospitalization rates and the first cancer vaccine ever to have impact on disease.

let's see what happened with this one. that's mrna , because it's an information molecule, the risk profile is drastically different. maria: this is a 10 year period where your people, your scientists were working on how to use mrna tech technology tot into the cells the right way to actually have a positive result. and now china is in talks with pfizer for generic covid drug. the administration wants to give away the secret sauce and i know from an investment standpoint there are investors who want to invest in medical breakthroughs and they do so not only because they know this will save people, they do so because they think they're going to get a return, they're going to make money on it. >> yes. maria: so in terms of the intellectual property, talk to us about that. you're suing pfizer right now over the mrna intellectual

property. tell me about that. >> yes. so i agree with you 100%. i really believe that if five or 10 years ago, for medical reasons, ip wouldn't have been respected, moderna and b bionteh may not have been ready for fobbing. we had to -- pandemic. we had to raise $3 billion of capital equity before the pandemic, that's extremely high risk. we kept telling investors this may not work. people expect a return because of the investments and if the product will be with given away by the government a lot of people may not have invested in moderna or biontech. think about how the pandemic would have looked different if both companies had not been able to make a vaccine. we could still be wearing masks and being with no vaccine today. if you think about it, i think

it is important. as i told members when they asked what we thought about the ip rights, i said it's not going to change moderna's life. i'm not going to lose sales. as an executive in the biopharmaceutical industry, i believe that if you don't have innovation, you will not have investminvestment in science bes you said, people need a return. i think we need to be very careful of unintended consequences. it might be the right thing to say politically, to say ip is not important or we're making one exception. and every time there's another exception. we need to be v careful. we need to keep investing in science. think about cancer, other things we're of doing and a other companies in the biotech space. we need intellectual property to be protected. maria: thank you for talking about that. that a was really important to address intellectual property. before we go, my final question issue is about supply

chains. i know you have moved a lot of supply production out of china and you're going now, you're in the u.s., you're in europe. but i want to get your take on why and what we can do about the fact that so many critical elements are made in china. and we learned during the pandemic that they will retaliate and there were some stories on china propaganda saying well, maybe we won't send the penicillin to america that they need. why are we so reliant on the supply chains and what can we do about it? >> as you know, across most industries in the last 20 years for globalization, a lot of people tried to simplify and reduce costs in supply chains, moving to india, moving to china manufacturing because it was cheaper than europe, it was cheaper than america or japan. and i think the world has realized, across industry, economic sectors, parts for cars, pharmaceuticals, that this way was cheaper, sometimes more

efficient, it might not have been the best in terms of resilience and so what we did during the pandemic is as we are scaling up moderna's manufacturing engine, we spent a lot of time with the team figuring out to build up redundancy. maria: i think we hit on some important issues. thank you so much. >> thank you, maria. it's always a pleasure to be with you. maria: we have breaking news right now, bank of america earnings are out. let's get to cheryl with the numbers. cheryl: it was up about 2%, now it's up a little more than 1%. 85-cents, earnings per share, the street was looking for 77. 24 and-a-half billion for revenue. the street was looking for 24.33 billion so, again, that is a double beat. the stock had been moving up about a percent going into the report. and it is still up 1 and a quarter percent right now. got a little bit of a pop, it's backed off of that. had they are basically telling us -- this is going to be a story for all the banks for this quarter, maria, it's going to be

credit loss provisions. we're looking for those numbers for all the banks this morning. they're saying 1.09 billion. that's the credit loss provision. as far as global banking revenue, that came in at 6.44 billion. but again, bank of america coming out right now. the numbers are still trickling out. we're standing by for jp morgan. also, there's going to be interesting numbers in that, it goes back to the credit loss provision force all the banks as we gear up for what we think p could be a recession, people -- laylayoff people not making mortgage payments, credit card debt, things like that. looks like jp morgan is out right now. what is it, 34 point what? 34.5 billion. let's do it right now. okay. we've got a double beat on jp morgan. we've got a double beat on jp morgan. thanks, guys. i appreciate that. earnings per share, 357. that is better than what the street was expecting which was 307. revenue coming in for jp morgan,

that is a beat, 34.5 billion. the estimate was 34.34 billion. fixed income markets right now, jp morgan, guys, we're just getting the numbers in. you have to give us a beat to get the numbers on the screen. jp morgan it is a double beat. quarterly provision for credit losses, jp morgan, 2.3 billion. fixed income markets revenue, 3.7 billion. they that was a gain, maria, of 12% for fixed income markets for jp morgan. again, for the fourth quarter, their provision for credit losses, 2.29 billion and that was actually -- they're actually putting more into the provision for credit losses, maria, than what the street was looking for. i was looking for 1.96 billion for credit losses for that provision. they come in -- they're putting more set aside. that tells you the bank is getting ready for what could be a rough quarter, what could be a rough economy. quotes coming out.

we still do not know the ultimate effect of persistent inflation, eroding purchasing power and that has pushed interest rates higher, quantitative tightening. also saying jp morgan, quote, we remain vigilant and are prepared for whatever happens. jp morgan, we have the ability to resume stock buybacks this quarter as we deem appropriate. some other headlines from jp morgan as we go you through this, maria. also talking about the fact that equity markets revenue, that was flat. i guess that's actually you could take that as a win for jp morgan, considering what the stock market has been doing. also, another he quote. we still do not know the ultimate effect of headwinds from geopolitical tensions, including the war in ukraine, the vulnerable state of energy, food supplies. but again, those are the numbers coming out right now out of jp morgan. one more quote, then i'll get to wells fargo. i know that is crossing. l i'll get to that in a second. i hear you. jp morgan, the u.s. economy remains strong with consumers

still spending excess cash. businesses are still healthy. you sat down with jamie dimon obviously so a lot of that is already probably not a surprise to you because you sat down and talked with jp morgan. let's get to wells far goavment that looks like -- wells fargo. came in at 66-cents. that is -- 67-cents. that is actually a number take that is a one penny beat for wells fargo right now as you can see. 19.6 billion and change, that's a little bit of a revenue miss on wells fargo right now. we were looking for 19.98 billion. looks like wells fargo is a little bit of a miss and i'm switching my screen and going into wells fargo. let's talk about this really quick here. earnings per share, 67-cents. return on equity, 6.4%. that's actually not so bad for them. return on assets, 0.61%. customers -- this is wells far he grow now. remember, they've got a huge portfolio of home loans for wells fargo.

okay. they came in and said that basically customers have remained resilient with deposit balances, consumer spending, credit quality still stronger than prepandemic levels. but one of the things that wells fargo -- this is what the street seems to be focus on right now, the stock isn't jumping as much as it could have because of the loan loss provisions. i said this earlier. every bank we're looking at for this quarter it is about loan loss provisions and wells fargo just went into the red. they say that wells far he grow, we're watching the impact of higher rates on our customers, we think we're going to see deposit balances, credit quality continue to return towards pre-pandemic levels. still it looks like there's pressure on wells fargo and again, i have to point out once again for this one, that this is the provision for credit losses. and they're saying that credit losses at wells fargo, again, have increased slowly. credit quality is still strong. but they are seeing credit losses continue to increase.

so maria, a lot -- i threw so much information at you. my apologies, it all crossed at once. this normally p doesn't happen to me. the big headline, the one you were watching the closest was jp morgan because of the comments about the outlook for the economy. the outlook for inflation. and again, you just sat down with jamie dimon so a lot of this, he was already on with you this week, talking about what's happening with the global outlook, maria. maria: great job, cheryl. i know how hard that is. you handled that beautifully. you had breaking news coming at you in all directions. jp morgan is the one that i'm watching because it's the largest bank and sets the tone. i think it's really interesting what you just said, cheryl, in terms of jamie dimon saying that he can resume buybacks now and that the net reserve build was strong. investment banking is the weak spot here and we know had that from the capital marchs gets underperformance this -- markets underperformance this year. analysts are talking about both

bank of america and jp morgan this morning. on bank of america, one analyst says sentiment was negative going in. better trading should have been known. the trading market is something that both of these companies have benefited from, all this volatility in markets. so both stocks have now turned negative. jpm is down three quarters of a percent, bank of america also this morning trading in pretty good volume on the heels of its numbers. we're going to get back to cheryl with all this breaking news coming up, b of a shares are trading up right now, up three quarters of a percent at 34, 70 on b of a. meanwhile, there's this. the 14th round of twitter files revealed how democrats pushed a fake story to discredit then california congressman devin nunes. he exposed the story of russia collusion being a lie and he did so many times on sunday morning futures with me. so we're going to talk to him this morning. the democrats claimed russian

bots were boosting the story on twitter even though the platform found no evidence of russian influence. twitter warned the mainstream media and lawmakers including senator blumenthal but the platform was ignored. twitter l followed this be pattern of not challenging the russia claims on record. joining me is the heritage foundation tech policy center analyst, will thebou. thank you for being here this morning. what's your reaction to the twitter files? >> good morning, maria. it's interesting because president biden wrote an op-ed in the wall street journal where he laid out three policy reforms about digital privacy, anti-trust, market competition preservation and section 230 reform that we at heritage could get behind generally. you can't take him seriously. he completely ignored the twitter files. what i think we learned from these russia gate drops is the that democrats are well-practiced in teasing legislative fixes to big tech's

totalitarianism as long as the companies he obey censorship demands. it can't continue like this. it typically happens that they'll accuse russia or some other foreign entity of doing what the left is doing and for that you can look to a firm like dem cast which is a huge dark money bot firm the that did exactly what they thought or wanted us to believe russia was doing. it's a deep story and it only gets more troubling. maria: that's right. that's the strategy of the left. whatever they're doing, they come out and say the other side is doing and we continue to see exposed over and over again. you mentioned that op-ed from joe biden this week. what a joke. he doesn't even mention the twitter files. he doesn't even mention the collusion the that was in plain sight and he's talking about republicans and democrats uniting against big tech abuses. i don't know why he comes out with this yesterday. it seemed like it was an

evergreen that was sitting on a shelf and they said, well, let's distract right now and put this out there. it was obviously not talking about any of the issues of the day. >> it shows how much confidence he has in the american voter and the people who would read that in the wall street journal. and that's exactly right. there is a bipartisan solution, like i said. but there's no bipartisan solution the if president biden isn't willing to seriously address viewpoint discrimination and censorship of conservatives that we all know has been happening but is explicit and clear at the very least since the twitter files started dropping. if president biden and senate democrats are serious, there are conservative votes to get each policy plank that he talked about across the finish line but i'm not going to hold my breath for them to meaningfully protect the ability of americans to speak truth on the internet. maria: yeah. i mean, nick, jump in here. are you surprised that the

president comes out with this op-ed this week in the journal, talking about uniting against big tech abuses and completely ignores the fact that his fbi had, what, 80 fbi agents tasked with dealing with social media so that they could suppress the truth and amply you phi lies. amplify lies.>> and they were r employees, paying the bill using taxpayer dollars. it's worse than we could p imagine. one of the questions i have, this is just the twitter files, we don't know what the facebook or google files look like. how much bigger is this? these social media and tech giants, they have an enormous amount of influence over our society. now we have elected officials that are influencing them, pressuring them to lie and deceive the american public. what should the republicans in congress be doing to find out what's going on at facebook and google, not just twitter? maria: yeah, it's true. what do you think about that, will? how much more is out there that we don't even know about?

>> let's not kid ourselves. there is a google files, there is a facebook files and we don't need to wait for those to drop before we take some meaningful action. i tend to think that sunlight is pretty good medicine so let's at least use the house republican majority to shed some disinfectant on the rot that these companies are spreading throughout the country. we know it's a seamless fabric of communication between the military, the intelligence community, the media, and the liberal regime and these companies. these companies are an extension for the regime to promote propaganda. nothing less. as tiktok is to the chinese communist party, i think twitter, facebook and google are to the deep state and to the regime and so as of fended as we are by what tiktok is doing to our citizens and to our public discourse, we should have that same level of angst and anger

even at what some of these quote, unquote, american private companies are doing to our public discourse and meaningful hey prevent their ability to operate as they have. maria: .maria: will, great to u react to all of this. thanks very much. i want to roll out one of the jamie dimon comments from earlier this week on deposit rates as well as on the backdrop. he seemed a lot more positive when i spoke with him earlier this week on monday. watch. >> the market seems to have stabilized a bit. i think a lot of companies here -- i went to a private company event last night. waiting for the ipo market to come out. hundreds of ipos are ready to go. that may very well open this year. if i were folks that wanted to go public i would be prepared to do that. debt markets have been wide open other than certain types of low grade, high yield and the stock market bouncing around but it's still open for people. maria: an