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00:00The Closing Bell, Bloomberg's comprehensive cross-platform coverage of the U.S. market close, starts right now.
00:09And right now we are two minutes away from the end of the trading day.
00:12Romain Bostic here with Scarlet Food, taking you through to that closing bell with a global simulcast, and it starts right now.
00:18Tim Senevic in the radio booth, Carol Master joining them for the day.
00:21Welcome to our audiences across all of our Bloomberg platforms, including our partnership with YouTube, fractional gains for the S&P and the NASDAQ guys today, but not much else going on around the markets.
00:34Yeah, I mean, and I'm back for the week, by the way.
00:37The whole week?
00:38Yeah, the whole week, the whole week.
00:39We'll see what happens by Friday.
00:41I'll believe it when I see it.
00:43I've completed my attestation.
00:45Oh, aha.
00:46I like that.
00:47I will be here for the week.
00:49I just think what an interesting day, right?
00:51For most of the day, we saw a pretty decent rally, and then we've just kind of run out of steam here, and I'm just curious what's bringing everybody down here at the close.
00:59Okay.
00:59Running out of steam maybe tomorrow when we hear from some of the defense names like RTX or Northrop Grumman or Lockheed Martin, or maybe Coca-Cola might put a little zing in tomorrow's trade, depending on what they say about that.
01:13I don't want to call it new Coke, guys.
01:15Don't they call it Mexican Coke?
01:16It's old Coke.
01:17Yeah, so they do have Mexican Coke here in the U.S. already.
01:21But what are they going to say about adding real sugar back to Coke?
01:25Yeah.
01:26I've been waiting for that for like four days.
01:28My husband loves this.
01:30Will the cost of doing so mean higher prices for those Coke, the new Coke or the new old Coke?
01:35It's a big question.
01:36But it raises the question, too.
01:37I mean, we talk about this idea of a lot of the pressure that has been put on these companies by policies coming out of Washington,
01:43and whether that's actually good for business to actually bend to that or whether we're talking about Coca-Cola, whether you're talking about some of the homebuilders.
01:50And obviously, of course, with the chip stocks, we get Texas Instruments reporting after the bell on Tuesday.
01:55We should also point out we are waiting a couple of earnings tonight after the bell, including from Steel Dynamics as well as NXP, a semiconductor.
02:03The Dow Jones Industrial Average looks like it's going to end the day roughly unchanged, about 18 to 19 points lower on the day, a drop of less than a tenth of one percent.
02:12The S&P 500 closing at a record high, up about a tenth of a percent on the day.
02:16The Nasdaq Composite closing at a record high, up about four tenths of a percent on the day.
02:20And your laggards, that is, in the small and mid-cap space, mid-caps down six-tenths of one percent.
02:26The Russell 2000 small caps down four-tenths.
02:28All right, just taking a look at the S&P 500, folks, it was kind of an even split.
02:33And then earlier in the session, we had more names to the upside.
02:36But here at the close, 320 names in the S&P 500 losing ground, 182 to the upside, Scarlett, and one unchanged.
02:43All right, let's take a look at the IMAP, which shows the 11 sectors of the S&P 500.
02:46Only two groups moved more than one percent.
02:50On the upside, it was communication services led by Verizon, gaining 1.9 percent.
02:54On the downside, energy stocks losing about one percent on the day as oil prices decline.
03:00Consumer discretionary income materials also finishing the day with modest gains.
03:04All right, so a fair amount of green there.
03:06So let's get to some of the individual gainers.
03:07No surprise, I'm going to start with Verizon, ticker VZ.
03:10It is the number one gainer in the S&P 500, up as much as 5.5 percent intraday,
03:15finishing with a gain of about 4 percent.
03:18This is after the company reported second quarter results that beat expectations.
03:21They raised their profit outlook, buoyed by wireless price increases in recent tax legislation.
03:26Lots of talk about spectrum as well.
03:29And this is despite seeing a net loss of about 51,000 monthly consumer wireless subscribers.
03:34Our team here at Bloomberg doing an interview with the CEO, so check it out at Bloomberg.com.
03:39But nonetheless, definitely an outperformer.
03:40Got to talk about Block, ticker XYZ.
03:44This one up as much as 9 percent intraday, hitting the highest intraday since mid-February.
03:50Jack Dorsey's fintech firm set to join the S&P 500, stock finishing with a gain of more than 7 percent.
03:56Those changes going into the S&P will happen prior to the start of trading on July 23rd, so in just a couple of days here.
04:04Evercore ISI, they came out saying they expect increased interest in the name.
04:08No surprise, right?
04:09Those who do index funds will have to tap into this name.
04:12But they also said it will translate into incremental, passive, and active asset management's tracking it.
04:19So you're going to be seeing a lot more interest in it.
04:22And just one more open door.
04:24I know you guys, I'm assuming, talked about it last week.
04:27Up as much as 120 percent today, finishing the day with a gain of about 42 percent.
04:32That was after quite a surge last week.
04:34The hedge fund manager, you guys, I'm sure, talked about it.
04:38There's social media endorsement making it the latest stock to experience what you could call as a speculative retail-driven rally.
04:45So we're back, I guess.
04:46More than 20 percent, though, of the float is shorted.
04:48So, yeah, it's a little crazy.
04:50Okay.
04:50That's on the crazy side of it.
04:52It's a $3 stock.
04:52It's down still like 95 percent from those highs back in 2021 or something.
04:56I know.
04:56I know.
04:56I know.
04:57So perspective, perspective on that.
04:58Yeah.
04:58I mean, triple-digit gains are always something.
05:00Hey, on the decliner side, the worst performer in the S&P 500, EQT Corporation, an energy firm, gas producers and energy-related shares, tracked U.S. natural gas futures lower today.
05:12We did see that futures were down by the most in more than three weeks.
05:15Weather forecast, interestingly enough, for late July shifted a bit cooler.
05:19Production continued running high.
05:21So we did see these stocks under pressure today.
05:24EQT Corp, again, the worst performer on a percentage basis in the S&P 500, down 9.5 percent today.
05:30How about a little dominoes?
05:32The company reported results before the bell today, and shares were initially higher.
05:37They were up as much as 6.5 percent earlier in the session, but it did reverse gains.
05:42The company reported comp sales growth in the second quarter that topped Wall Street estimates.
05:47It turns out the Parmesan-stuffed crust pizza attracted new customers.
05:52It boosted same-store sales, according to company executives on the call.
05:55Have you had this?
05:56I'm sorry.
05:57Is the Parmesan on top of a crust, or is it inside?
05:59It's inside the crust.
06:00I thought, when I heard about this, I thought that Pizza Hut was the first company, like, three decades ago to do stuffed crust pizza.
06:06Yeah, Pizza Hut is an OG.
06:08Okay, right.
06:08Didn't they have those ads when we were kids that you, like, eat the pizza backwards?
06:11Yeah.
06:12Okay.
06:12I'm sorry.
06:13I'm a New York snob.
06:14I don't eat Pizza Hut or Domino's.
06:16Hear, hear.
06:16Oh, my gosh.
06:17Love you, Scarlett.
06:18You're listening to me, too.
06:19Come on.
06:21Yeah.
06:21I agree, but there are a lot of people who don't live in New York, guys, who eat a lot of this pizza.
06:25You guys just stand on the street corner, fold that greasy slice over, and step over the rats and eat your...
06:30That's fine.
06:31I'm fine with that.
06:32I'll do that every day and twice on Sunday.
06:33All right.
06:34That's Scarlett Foo, ladies and gentlemen.
06:35Domino's down eight-tenths of 1 percent, reversing those earlier gains.
06:39Shares of Lululemon falling today by 2.9 percent.
06:42And watching shares, they've been under pressure this year, down 42 percent so far this year.
06:47Kim Bessine, who covers the space, had a great article out last week that everybody should check out.
06:51It's about this analyst at Jefferies who's logging the core black leggings.
06:56They're vital products that are rarely discounted.
06:58He says they're piling up at outlet stores.
07:00Cool.
07:01It's an alarming issue for Lululemon.
07:02It shows that erosion and core demand for the brand's clothes.
07:05It's facing a lot of competition from these smaller upstarts that I guess everybody's wearing now.
07:10That's a big change for them.
07:10The basic black leggings are on sale, and there's too many of them?
07:14That's what Kim Bessine is reporting via Jefferies.
07:16It's just so much competition now, right?
07:17I mean, you remember years ago, I mean, Lululemon was untouchable, primarily because if you wanted that aesthetic and that quality,
07:23that was pretty much the only place to get it.
07:24And now, you know, everybody, it's everyone's in the game right now.
07:27They're not all the same, though.
07:28I've got to tell you.
07:29I agree, right?
07:30What are you wearing?
07:33You like aloe?
07:35I do have aloe, but I do, aloe.
07:38But I also, I love my Lululemon.
07:40They last forever.
07:41I have stuff that's like 10, 15.
07:42I agree.
07:43Right?
07:43Yep.
07:43Yeah.
07:44Just saying.
07:44Whatever happened to aloe black?
07:45Not transparent, by the way.
07:47Yeah.
07:47Let's take a quick look at yields here.
07:49We did see, of course, big movements in the yield space on the day, mostly to the downside.
07:54Nevertheless, the steepening of that curve continues.
07:56And there's been a lot of talk about the moves that we saw today,
07:58the idea of whether that might actually be a little bit of a haven bid, the idea that people
08:02are bidding back into treasuries, particularly with that April 1st deadline coming up next
08:08week for tariffs.
08:09And, of course, that's the same week as a Fed meeting.
08:11So the idea between that, the Fed meeting, and, of course, earnings, whether there is a need to
08:16maybe protect yourself for potential downside risk.
08:19All right, folks, we have a little bit of a theme here and some stories that caught our attention
08:22has to do with food and beverages.
08:24We're going to start with the food side of that.
08:26And the heiress, the billionaire owner of In-N-Out Burger, Lindsay Snyder, apparently, like,
08:31first of all, In-N-Out, so iconic when it comes to California, right?
08:34That's where they are.
08:35So Cal, too.
08:36Yep.
08:36Right?
08:36Exactly.
08:37Well, apparently, she's moving with her family to Tennessee, citing that raising a family
08:42is not easy and doing business is not easy in California.
08:45The company started construction on a 100,000-square-foot office building in Franklin.
08:50It's just outside of Nashville.
08:51It's expected to complete the construction next year.
08:54It'll open its first restaurant in the States then as well.
08:57No news yet on whether or not we'll see any In-N-Out burgers here in California.
09:02So I guess, Scarlett, you're stuck with Domino's and Pizza Hut.
09:05But I'm not a big fan of In-N-Out burgers, but I was looking at the tax rate.
09:08You cannot please, Scarlett.
09:10I know, I know.
09:11I don't think they're as tasty as they could be.
09:13California's corporate tax rate, 8.84%.
09:15Tennessee's corporate tax rate, a flat 6.5%.
09:18Are you a fan?
09:19But they're not moving the company, though.
09:21They're, you know.
09:22So, I mean, this is just her personal thing that she gave on this evangelical podcast.
09:28But they're keeping the company based in California.
09:31Well, there's no income tax in Tennessee.
09:33So there you go.
09:33State income tax.
09:33But they are going to open up some In-N-Out's in Tennessee, too.
09:36And they're not planning to go, like, across the country or anything.
09:39So eventually, they might creep their way towards New York.
09:41We'll wait to see if that happens.
09:43You know, it's mid-July, late July.
09:45But are you going to eat it?
09:46I mean, you're a pizza snob.
09:47You're probably a New York burger snob, too, right?
09:48I am a burger snob.
09:49Do you have burgers in New York?
09:51We used to do a great burger at P.J. Clark's.
09:54And they would do it with Bernays.
09:55You know what has great burgers?
09:57Burger joint.
09:58What are you talking about?
09:59Bernays?
10:00Bernays on a burger.
10:01You haven't lived until you tried that.
10:02Fancy hamburger, Carl.
10:03Oh, my gosh.
10:04All right.
10:04You know what's really fancy, Scarlett?
10:06Pumpkin spice lattes.
10:08Okay.
10:08I'm out of all these conversations right now.
10:09Hold on.
10:10It's mid to late July.
10:11It's way too early to be talking about that.
10:14Apparently, they're coming back to the menus in August 26th.
10:19Too early.
10:20August 26th?
10:21Just in time for what?
10:23Labor Day.
10:23Labor Day.
10:23Back to school.
10:25Back to school pumpkin spice latte.
10:27Is it an iced pumpkin spice latte?
10:30In the dog days of August, nothing hits the spot than a hot, steaming pumpkin spice latte.
10:34It'll be right next to the Halloween decorations.
10:35But you could find an iced one.
10:37Yeah, sure.
10:38It's too early.
10:38Or not.
10:39Aren't you glad we're all back?
10:41Okay.
10:42Might as well be Christmas.
10:44All right.
10:44That's a wrap.
10:45Our cross-platform.
10:45We got to run.
10:47Cross-platform.
10:48Radio TV, YouTube, Bloomberg Originals.
10:51Are you sure you're back?
10:51Carol's back.
10:52I don't know.
10:54I don't know where I am.
10:55She attested she's back.
10:57All right.
10:57Those guys are continuing on TV.
10:58We're going to continue here on radio.
11:00And we will see you again same time, same place tomorrow.
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