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00:00And right now we are two minutes away from the end of the trading day.
00:04Romaine Bostic alongside Katie Greifel taking you through to that closing bell.
00:08Oh, you're back at work, are you?
00:10Oh my gosh, there's Carol Masser. I haven't seen her all week long.
00:13Taking some time off, huh?
00:15Bailey Lipschultz in today, I assume.
00:17Romaine, all I'm going to say is that I was on on Monday.
00:19We were up 1.5%. We're up today. I'm the lucky charm.
00:22If you guys want to buy some call options, bring me on.
00:25Bailey Lipschultz, the book end to quite a wild week here on Wall Street.
00:28Carol Masser, a week. The stocks are going to end up on the day and on the week,
00:33something that's kind of surprising given what happened in between Monday and Friday.
00:37It's kind of crazy, all the stuff that's come at us and the moves that we've seen,
00:40the market girations, concerns about regional banks and credit.
00:43But it does feel like coming off that press conference out of the White House
00:47that maybe U.S.-China, those trade tensions easing,
00:50and it just seems like we're making some progress on a lot of fronts.
00:53With China?
00:54Well.
00:55I mean, conversation is better than no conversation.
00:58It's kind of my read.
00:59So as long as Besson's staying in touch with his counterpart,
01:01it seems like at least investors liked it.
01:03We were essentially unchanged around 2 o'clock.
01:05Now we're up 0.5% on the S&P 500,
01:07and Nasdaq hanging in there a bit better as we head into the weekend.
01:10Hey, guys, just want to keep in mind,
01:11normally you don't want to be long risk over a weekend, but here we are.
01:15Here we are.
01:16And it is a good point that at least conversations are happening.
01:20We heard from the president this morning saying that
01:22he's still going to meet with President Xi.
01:24So there you have it, Romain.
01:26All right.
01:26Well, I mean, yeah.
01:27And look, we talk about the idea that next week geopolitics will be in big focus,
01:30of course, with the president and a lot of his surrogates traveling around the globe
01:34at a time where Washington is still shut down,
01:36and earnings season will start to pick up, at least for right now.
01:39The market has put all of that together, and they are optimistic.
01:42Maybe there is progress on the trade front.
01:44You're heading into an earnings season where you're seeing revisions moving to the upside,
01:48and some of the other issues out there for right now not showing any potential for systemic risk.
01:52The Dow Jones Industrial Average up more than 200 points or five-tenths of a percent on the day.
01:57The S&P up 35 points or five-tenths of a percent on the day.
02:01The NASDAQ Composite up 100 points or five-tenths of a percent on the day.
02:06But looky-loo here.
02:07Here's your laggard on the day, and it is the Russell 2000 down about 15 points or about six-tenths of one percent.
02:13Still some concerns about what's going on in the small and mid-cap space,
02:16particularly when it comes to some of those small and mid-cap financials.
02:19All right, back to the big caps we go.
02:21And, folks, yeah, definitely much more of a bullish tone here in the S&P 500.
02:25Katie, 362 names in the index gaining ground on this Friday, and you've got 140 to the downside, one unchanged.
02:32Yeah, pretty decent breadth, and you're going to see that when we take a look at the circle right now.
02:35So much green on this screen.
02:38Tech, of course, is a big gainer today.
02:40But so, too, is consumer staples, financials, energy, communication services.
02:45Those are some of your best performers right now.
02:48So real risk appetite revival going on in terms of what didn't do too well, utilities and materials.
02:53But, again, very risk-on.
02:55A lot of green there.
02:57All right, so let's get to some of the individual gainers.
02:59No surprise I'm going to go to those regional bank names.
03:01Zions Bank Corp rallying after that 13 percent decline yesterday, up almost 6 percent in today's session,
03:08as a new set of earnings from some of the regional lenders were solid.
03:12So easing concerns about credit quality at some of the regional banks.
03:16So you look at Zions.
03:17It was up 5.8 percent.
03:19Truist, which came out with earnings today.
03:22They were up about 3.7 percent.
03:25And then fifth-third, that stock gained about 1.3 percent.
03:28I also do want to mention on Zions, upgraded to outperform from neutral at Baird,
03:32with the analysts noting that the sell-off seemed excessive.
03:35So we definitely see some movement in those regionals to the upside.
03:39Got to mention American Express, that one, one of the top gainers in the S&P 500,
03:43a gain of more than 7 percent in today's session.
03:46Amex reported earnings that beat expectations after unveiling that long-anticipated platinum credit card refresh last month.
03:52It costs a lot.
03:53You get more benefits.
03:54It costs a lot.
03:55Can we talk about this?
03:56Sure.
03:56Because as someone who now is on the hook for, what is it, $8.95?
03:59It's a lot.
04:00Or whatever it is.
04:01And that's on top of what you pay for all these other high-end cards as well.
04:06I need your help, Carol Masser.
04:07Okay.
04:07I'm here to serve you, Romaine.
04:09What do you need?
04:09Oh, wow.
04:10Okay.
04:11Anyway, I need your credit card.
04:14No, no.
04:15I know, I know.
04:16Can you put me on your family plan or something?
04:17No.
04:18No.
04:18No.
04:18That's sweet.
04:19But you also, like, have to pay for everybody else who's on the plan.
04:22I'm like, you know, kid's 22.
04:23I'm like, you're on your own now.
04:24Wow.
04:25That's love.
04:26Not completely.
04:26Not completely.
04:27But, no, it's like, I don't know.
04:29Do the benefits outweigh the cost?
04:32I don't know.
04:33We're about to find out, though.
04:34Yeah.
04:34I mean, because it's certainly all these prices keep going up.
04:37What else you got, Carol?
04:37All right.
04:38One more thing for you.
04:39Ken View, guys.
04:39That was up about 8.4% in today's session.
04:43Up the most since August 2024, at least on an intraday basis.
04:47Rebounding from a sharp sell-off yesterday that sent shares to a record low on news of a lawsuit in the U.K.
04:52related to the use of talc baby powder.
04:54We know that that's been out there.
04:56Bloomberg Intelligence coming out and saying the size of Thursday stock tumble dwarfs the claim size of the U.K. suit.
05:01So, investors may be agreeing with that.
05:04And so, coming back into that stock.
05:06Yeah.
05:06We're talking about stocks in the green.
05:08Let's look at the stocks in the red or assets in the red.
05:10Gold peeling back from a pretty sharp rally.
05:13So, we saw a number of companies that mined the precious metal under pressure.
05:17I want to focus on Newmont, ticker NEM, down more than 7.5%, one of its worst days in quite some time,
05:22but still up more than 140% this year alone.
05:26Guys, this does also come after legendary investor Bill Gross came out saying that gold could be either a meme asset or a momentum asset.
05:33So, certainly pouring a bit of cold water on that rally, but still, again, precious metal up quite a bit.
05:40Also want to talk about one of the more important stocks in the world, and that is Oracle, falling the most since January 27th, down almost 7%.
05:49This is, again, a top 10 company, depending how you want to look at it, falling after suggesting that investors anticipate a smaller boost from AI infrastructure spending.
06:00This is a company that's partnered with OpenAI, Meta, Elon Musk's XAI.
06:04So, dialing back their long-range financial outlook, guys, I don't know about you, but I feel like this was kind of the entire bull case for the market and want to quickly hit on him.
06:12They're still up 75% this year.
06:14Still up 75%.
06:15Still, I don't know, what did I say?
06:17$830 billion in market cap.
06:20But focusing quickly on a smaller company, Hims and Hers, we saw a sell-off in Novo Nordisk and Ia Lili after President Trump talking about cutting the cost of those GLP-1s.
06:30Well, that hit Hims and Hers, ticker HIMS, down 16%.
06:34They helped distribute some of these shots to consumers using their apps.
06:38So, certainly a rough day, depending where you sit in the health ecosystem.
06:42Overall, with equities, though, we did see a bit of a relief rally, if you will.
06:46You also saw a bit of relief in the Treasury market as well.
06:49Treasury's down on a price basis, which pushes the yields higher across the curve.
06:54Three to four basis points on the shorter end of the curve, about two to one on the longer end of the curve as well.
07:01And before we get to whatever illustrious chat that Carol Masser has, I do want to just bring something to the attention here.
07:08And this involves Mark Benioff, of course, a co-founder of Salesforce,
07:12who, I guess, caused some ructions when he basically said that he wanted the National Guard to actually be sent,
07:17federal troops, I should say, to be sent into San Francisco.
07:20Now backing off that statement, basically on a post on X right now,
07:24basically saying that he's listened closely to his fellow San Franciscans and local officials
07:28and says he does not believe that the National Guard is needed to address safety in San Francisco.
07:33I bring this up, of course, because this caused a lot of debate right now.
07:36San Francisco is going through a lot and a lot of the big tech executives there have different ideas of the best way to address that.
07:42All right. So sincerely apologizing for the concern that it caused.
07:45All right. A headline crossing the Bloomberg terminal.
07:47All right. Now let's get to some of the stories that are on our radar.
07:50And, you know, we've obviously talked a lot about credit concerns today and coming off of tomorrow,
07:55concerns about some of the regional banks.
07:57Well, one of the other areas that everybody, of course,
07:59has been looking because of some of the concerns with car loans,
08:01a great story on the Bloomberg that talks about how they have become the riskiest consumer credit products over the past 15 years.
08:08The thinking is you have a car loan, you're going to pay for that.
08:11And so consumers tend to prioritize that.
08:15But delinquencies on car loans defined as 60 days or more past due jump 51.5 percent from the first quarter of 2010 through the first quarter of 2025.
08:23So a big change here.
08:25Yeah, a big change. And partly that's driven by higher interest rates, but also just the cost of new cars.
08:29So according to the report, since 2019, new car prices have risen more than 25 percent and now top $50,000 on average.
08:37So maybe the initial bet was that you can afford, I don't know, a $23,000 Mazda.
08:42But now if it's going to cost twice that and your interest rate is ballooning your actual payment, people aren't making those payments, guys.
08:48We should point out, though, Ally Financial did actually report earnings earlier.
08:52And, of course, a big player in the auto lending industry, at least for them specifically,
08:55they're saying that they're not necessarily seeing any real stress.
08:58Well, let's go from auto to alcohol because this was an interesting one.
09:02Never mix the two, though.
09:03No, definitely not. Don't drink and drive.
09:05But anyway, the government shut down.
09:06Apparently, it's halted Treasury Department approvals that alcoholic beverage makers must obtain before they introduce new products
09:14or before they actually make changes to recipes or labels.
09:18And I have to admit, I did not know that that was under the Treasury Department's purview.
09:22So this is basically like if you have seasonal, like a pumpkin spice beer or something like that.
09:27Basically, if you want to change the formula just for a season, you have to basically put in an application with the Treasury.
09:32They have to sign off on it, and then you can start selling it.
09:35Not that anyone would actually drink that.
09:37Why Treasury?
09:39Oh, my gosh.
09:40Are you serious?
09:41This goes back.
09:42Taxation.
09:43I mean, prohibition.
09:44Did you go to school?
09:45No.
09:45Apparently not.
09:46I mean, no, they have a long history of policing this, you know.
09:50So there you go.
09:50Billy, did you know that?
09:51I did not know that.
09:52But I do drink seasonal beverages, though.
09:54So maybe, I don't know, is this going to affect my winter lager or is it more like summer?
09:57I could see you cracking open a pumpkin brew, you know?
10:00I have one question, though.
10:01I would think that all of those applications would have been in already.
10:04I mean, it is mid-October.
10:05I assume it's winter, right?
10:06I mean, if you're summer?
10:08Yeah, if you're putting in your nog thing.
10:09And, you know, of course, you know, this is that time of year, guys, if you're a Chicagoan.
10:13It could be Goose Island, really.
10:14All right, good stuff.
10:17Chocolate stout.
10:18It's a fan favorite.
10:19All right, are you done?
10:20No.
10:20Bailey, you have something else to say?
10:22Come on.
10:22I mean, you've been the lucky charm.
10:23Yeah, give us something.
10:24For this week.
10:26I really got nothing.
10:27Yeah, you know, we're going to keep the good vibes, maybe?
10:30Probably not.
10:30Are you coming back next week?
10:32I will be back.
10:33I won't actually be on radio, though.
10:34Tim's back.
10:34Tim will be back.
10:35Okay, Tim's okay.
10:37I like him.
10:37I like him, too.
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