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00:00All right, we are about two minutes away from the end of the trading day. Katie Greifeld and Matt
00:04Miller, he's in for Romain Bostic. Here to help take us through the closing bell, we're joined by
00:09a global simulcast. Carol Masser and Isabel lead in for Tim Stenevich. We bring together all of
00:16our different audiences, Carol. And we were just talking about how we were so close to seeing
00:21another green finish for the S&P 500, but those trade tensions coming back in a big way just in
00:26the last 15 minutes or so. Yeah, the president putting out on social about soybeans in China.
00:32And so the tit for tat continues. Yeah, keeping an eye on that. Having said that, guys, with big
00:38banks starting to report, not everybody got a warm reception on Wall Street. You do see the KBW bank
00:43index up about 1.7 percent. So we are seeing some outperformance as a whole when it comes to the bank
00:48names. And I've been driving Carol crazy by talking about crypto all the time. But crypto is also read
00:53on the screen. Bitcoin is down by almost 3 percent. Ethereum is leading the broader downturn after
00:58Friday when the industry saw one of the worst selloffs in history. They're also all down. It's
01:03basically right on the screen. If you type CRYP, go. That's interesting. You do have gold actually
01:08rising. And I look at that because when you say Bitcoin now, I think debasement trade, right? But
01:15gold is actually up three quarters of 1 percent. So spot is at 41.41, which, if I'm not mistaken,
01:22would be yet another record high for the yellow medal. It has been just nuts trying to follow
01:27gold so far this year. I mean, you've had twin rallies when it comes to gold, when it comes
01:32to equities. And that's certainly what you're seeing today, or you had been relative the last
01:3715 minutes. Anyway, the S&P 500, it will finish just slightly lower, just about a tenth of a percent.
01:44We are very close to all-time highs, even with that puke that we did see on Friday. The NASDAQ down
01:49a bit more, down about seven-tenths of a percent when it comes to the NASDAQ. The Dow Jones,
01:55we look at that for some reason, higher by about a half a percent. It's a price-weighted index. So
01:59I don't know how much salt you want to put there. But in any case, Carol, it looks like we did see
02:05that decline, but very, very tepid losses overall. Katie, hating on the Dow again. I'm just going to
02:10put it out there. I know, I know. S&P 500, let's go back there, folks. Despite down for the day
02:17overall, you look inside the index, Matt, and you've got 389 names actually in the S&P 500
02:22gaining ground today. 113 to the downside, one unchanged. I was a young buck doing my first
02:27Wall Street internship at Tucker Anthony. Tell me more. John Hancock Company, back when the Dow
02:34crossed through 6,000. What did you do? How did you celebrate? And you know what? I was the guy in
02:40the office. I was the kid who could use the Bloomberg Terminal. Wow. And so that was like my only skill.
02:45And I didn't do much else. Did they call you Maddie back then? I just called you Maddie on air.
02:51We were getting ready to come to you. I don't think so. Here's the IMAP, which is a look at the
02:58industry group breakdown on the S&P 500. You can see that the tech stocks are not saving the day,
03:05down about one and a half percent, although the index is only down by two tenths of one percent. So you
03:12have more groups winning than losing. And as Carol points out, the financials are the biggest gainers
03:18up about one point two percent, even though even though JP Morgan and Goldman Sachs both fell after
03:26earnings that beat analysts estimates. Right. Kind of impressive to see that. All right. So let's get
03:31to Matt kind of setting me up really well. Let's get to some of the individual gainers, if I may. So
03:36we know that Citi and J.P. Morgan, not Citi, J.P. Morgan and Goldman not having such a great day and
03:42not getting such a warm reception on Wall Street. Having said that, Citigroup and Wells Fargo
03:47certainly did. They showed some outperformance. Citi at the close here up 3.9 percent. Wells Fargo,
03:53a gain of more than 7 percent. Some real outperformance. Wells Fargo, by the way, the top gainer in the
03:59S&P 500 today, you did have them beating Wall Street revenue estimates across all five of its
04:05major business lines. Total revenue jumping nine percent. Markets, banking services. I mean,
04:11these companies really surmount performance for Wells Fargo. We talked to Alison Williams here
04:15on Bloomberg Business Week Daily. And, you know, finally, it seems like they are just kind of getting
04:21their house in order and their metrics really impressive. And because we know that they've had a
04:27couple of years where it's been really, really tough. So anyway, real outperformance in those
04:31and we get ready for some more big banks tomorrow. Advanced Micro was up 4 percent, finishing the day
04:36with a gain of about eight-tenths of a percent. Top gainer in the socks today. AMD coming out saying
04:41Oracle will deploy a large batch of its forthcoming M1450 chips next year. So Oracle is going to put
04:47about 50,000 of those semi-conductors in data center computers starting in the third quarter of 2026.
04:53So we've just seen a lot of announcements between chip companies and other companies involving AI.
04:59And by the way, who even knows, like, who even knows how much that is, 50,000? Is that a lot of
05:04chips? Is that a little chips? I don't know. We throw away, we throw around these massive numbers,
05:07right, about gigawatts of power. And now I no longer know 50,000 chips is a lot. It does make your head
05:14spin. I've just got to say, Ian King, I'm watching a monitor and he's just getting ready and set up and
05:18sitting down. We're going to actually ask that question to him in just a moment. And Walmart,
05:23got to mention them, up about 5 percent in today's session. Stock on pace, I think they closed
05:28maybe at a record high today. And that's after an AI announcement from the retail giant, which
05:32we will get to more on that in just a moment. Let's get to the climbers. We have shares of Fannie Mae
05:38and Freddie Mac ending the day lower with each stock seeing their fourth straight day of losses.
05:43Fannie Mae is down by 8 percent. Freddie Mac is down by nearly 10 percent. Bloomberg Intelligence says
05:47that investors are finally starting to see dilution risks. So in August, Bloomberg reported
05:52that the Trump administration is considering selling shares of Fannie Mae and Freddie Mac in
05:56an offering that could start as early as this year. Up next, we have Orion. Orion, I should
06:01have asked Carol how to pronounce that, but shares are tumbling down. They were down as much
06:05as 23 percent. That's the lowest intraday since August 2024, but they closed the day lower
06:10by just 16 percent. So this company supplies chemical products like carbon black for coatings,
06:16painting inks, rubber, and other applications for electric vehicles. So the company cut their
06:20guidance. That comes as management reduces production levels and as we see continued weakness
06:25in the tire industry. Orion. Is it Orion? It's the hunter whom Diana loves. Thank you. I should have
06:31asked you, Matt. Okay. Last, we have the CENCOR. It's down by more than 10 percent, 10.9, almost 11.
06:38It tumbled as much as 17 percent intraday, most since May. So this comes after RBC said that a leaked abstract
06:44for the biotech's experimental antibody for patients with renal cell carcinoma, maybe Matt
06:49would know more about that also, may suggest interplay and the future efficacy will determine
06:54path forward. That was really a mouthful. Let's get to the bond market. It was actually open today,
07:01not like yesterday. We can actually check yields right now and you can see there was a little bit
07:06of a rally when you take a look at the front end of the yield curve. We did hear from Fed Chair Jerome
07:11Powell basically saying that we could see further declines in job openings that might show up in
07:16unemployment. But overall, it seems like rate cut expectations pretty much unchanged versus where
07:21we were yesterday. A slight rally when it comes to the front end, a little bit of weakness when it
07:25comes to the ultimate long end. But overall, a pretty quiet day overall when it comes to the bond
07:30market, Carol. All right. Welcome, Moral, to your new search engine. This story we've been talking
07:35about here at Bloomberg. Walmart partnering with OpenAI. Who isn't partnering with OpenAI at this point
07:40to offer shopping on ChatGPT. So users will be able to basically shop Walmart's assortment directly
07:46on ChatGPT by clicking a buy button with the catalog, including apparel, entertainment,
07:52packaged food, and other products. But I just do feel like we need to think about ChatGPT as just
07:56our new search engine. Or Claude. Or Claude. Or Gemini. Or like, right? Llama Llama. Yeah.
08:03My main gripe here is that fresh food isn't included in the offering, partly because consumers buy
08:07similar products weekly. But that's exactly why it should be. Because I do my shopping online,
08:12grocery shopping, and I forgot to order eggs last night. I mean, I want AI to remind me that every
08:17week you need to order eggs. So I think they should include that. It's coming. Well, I also use ChatGPT
08:23Cook. Do you not use ChatGPT for recipes? I don't cook or use ChatGPT. It's helpful. So in that case,
08:29I agree with you, Isabel. I will say it is amazing to see Walmart shares react so strongly to this news,
08:35closing up at a record high, up nearly 5%. If only OpenAI was a public company, we could check in on
08:42those shares as well. I would imagine they'd be skyrocketing. Wait, when you say fresh food,
08:47does that include Pop-Tarts? Good segue. Or Doritos? I don't know if Pop-Tarts count as fresh food.
08:54Definitely not, Katie. But good news, they're going to have more protein. This is a really
08:59interesting story coming out of Kelanova. That is your Pop-Tart maker that apparently the new
09:04versions of Pop-Tarts will have 10 grams of protein per serving in three different flavors,
09:09which is exciting for the subset of the population that is really into protein. Right now, I am among them.
09:16I don't know if I will be trying protein Pop-Tarts, but you saw Starbucks, for example, recently introduced
09:22protein lattes and protein cold foam. It's everywhere. Have you tried a protein latte? Of course I have,
09:28Isabel. It costs too much money. They're not bad, I have to say. Tasted dusty to me.
09:34I'm just going to point out in this story, it says that the sugar content will be similar to regular
09:39Pop-Tarts, which have about 30 grams of sugar per serving, depending on the flavor. That's roughly
09:4360% of the recommended daily intake. It's not health food. Look, 200 calories a serving, 10 grams of
09:52protein and 200 calories. That's pretty good. Relative to the benchmark, which is a normal Pop-Tart,
09:58it's not bad. Maybe we should get protein from real protein. Yeah, maybe we should be eating those
10:06eggs that Isabel forgot to buy. Tuna. Like eggs, like eggs. Exactly. Thank you. I was just going to say.
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