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00:00Here on a momentous end of the month here, last trading day in the month of May.
00:04I mean, I'm going to let Jess put it into perspective, but I'm just going to say for the month, I'm just looking at those.
00:09Not now, though, right? You're going to work.
00:10In a second. I'm going to set her up. I'm going to tear up.
00:13The major industry groups in the S&P 500, 10 of the 11 or higher, Infotech up about 11% for the month overall, Jess.
00:21I'm right. And just looking at the size and scope here, S&P, not only on pace for its best month since November 2023,
00:26but if you look at it up, over 6% this month.
00:30So basically, it's about to notch its best gain for May specifically since 1990, holding on to this right at 4 p.m., guys.
00:37Do you know what I said? I asked if she was born back then.
00:39I was like...
00:40I definitely was alive in the 1990s.
00:43You're so seasoned, you know the market, but I'm just curious.
00:46So this raises the question of what happens next.
00:49I feel like we've run out of some immediate catalysts.
00:51We're waiting for progress on the big, beautiful bill.
00:54We are waiting for the Fed, of course, but they're not going to do anything.
00:57We're waiting for the jobs report, but it's all going to be fairly incremental.
01:01What's the next catalyst?
01:02Well, you have, of course, obviously that big Fed meeting.
01:04Don't forget all these dates when it comes to Trump's tariffs, which I've been trying to catalog all of them,
01:08and it's kind of dizzying.
01:09And don't forget also, guess what?
01:11Congress, or at least the Senate, coming back from vacation and now going to deal with that big, beautiful something.
01:16That'll take a while.
01:17We'll see if they can deal with that.
01:18But the market for right now, taking it in stride.
01:21There are fractional gains and losses across the board on the day, but that really belies what was a relatively strong week
01:26and an even stronger month of May.
01:29The Dow Jones Industrial Average is going to finish out the day only fractionally higher by,
01:33we'll just call it about a tenth of a percent, but it's still sitting on a sizable gain of about four percent for the month of May.
01:39The S&P 500 unchanged on the day, but adding about a percent on the week and more than six percent in May.
01:44The Nasdaq composite down three percent, three tenths of a percent on the day, but ten percent for the month.
01:50The Nasdaq 100 up nine tenths of one percent.
01:53And as far as your small and mid caps go, we should point out the Russell 2000 fractionally lower on the day,
01:58but it did add about five percent in the month of May.
02:00The S&P equal weighted index adding about four percent in the month of May and mid caps, Carol, adding about five percent in the month of May.
02:06Yeah, pretty significant. All right, folks. And if you look at the S&P 500 in today's session,
02:12kind of an even split, some bouncing around in terms of the overall index.
02:16But, Scarlett, you've got 259 names to the upside, 243 to the downside.
02:20All right, let's take a look at the IMAP and show you how it breaks down in terms of the 11 sectors in the S&P 500.
02:26And two groups finishing up by better than one percent, consumer staples and utilities.
02:30Those are your classic defensive sectors.
02:32It's where investors go to when they seek shelter and seek some stability.
02:37Communication services ending with a half of one percent advance.
02:41As for the sectors in the red, energy, lower right, three quarters of one percent.
02:45Consumer discretionary and tech also in the red.
02:47All right, a lot of red and green there.
02:48Let's get to some individual gainers.
02:50Ulta on that list up more than 16 percent at its highs today, finishing the day with about a 12 percent gain.
02:57Intraday was up, I think, the most since 2020.
02:582020, number one gainer in the S&P 500, the company coming out, boosting its full-year profit outlook.
03:05And it also talked about comp sales were also higher than expected in talking about the last quarter.
03:11An analyst kind of flagging some of the strong execution at the company.
03:14I'm absolutely fascinated by this.
03:16I mean, because remember yesterday you had Elf rally like 20-something percent also in the beauty space here.
03:20Is this the play?
03:21I don't know.
03:22You know, I think when people are feeling a little crunched, they call this, what, kind of a small little spending you can do to kind of get some pleasure.
03:30Something to make you feel good.
03:31Yeah.
03:32That doesn't necessarily cost a whole lot to do here.
03:35Right?
03:35Like, you know, but some of this stuff's expensive, so I don't know what a little luxury it is.
03:40Costco, let's also stay in the retail space.
03:42This is the number four gainer in the NASDAQ 100, folks, up about three percent.
03:46The company posted third-quarter earnings per share that beat the average analyst estimate.
03:51The company talking about navigating some of the tariffs out there and the economic turbulence by flexing its scale and devoted following it.
03:58It is looking at some potential price changes on its item-by-item basis.
04:02Uh-oh.
04:02Scarlett.
04:03You know, it was so funny.
04:04I was looking at their earnings report, and you look at the growth rate.
04:06Did you know that, like, six percentage points of that growth rate was from the Scarlet Foo household?
04:10I believe it.
04:11Yeah.
04:12I buy in bulk for everything.
04:14She does.
04:14Also, Lisa Mateo on the surveillance.
04:16She's there, I think, regularly.
04:18E-commerce sales also are growing about 16 percent.
04:21Hey, one more.
04:21Palantir Technologies.
04:23This is the number two gainer in both the S&P and the NASDAQ 100, guys.
04:26It's up almost 8 percent in today's session.
04:29This is after the New York Times reported that the Trump administration has expanded the data analysis software companies' work across the federal government in recent months.
04:37By the way, Palantir has received more than $113 million in federal government spending since the president took office.
04:43This, again, the New York Times reporting, citing some public records.
04:46All right.
04:47Jess, over to you.
04:47Moving over and looking at those decliners, as Carol is talking about, too.
04:51So I'm going to start off with GAAP, ticker symbol GAP, because it dropped actually 20 percent.
04:55Aren't you glad they finally changed their ticker, Jess?
04:57It's actually much easier now, so I appreciate that.
05:00And also down, so 20 percent loss, I mean, this has erased its gains for the year and also its worst day actually since early April.
05:07So that maybe not surprisingly, unfortunately, came as that tariff hit warning that it gave it weakness at its smaller brands when it's talking about some of those other ones, too.
05:16Banana Republic is one of them, too.
05:18But they talked about how it could have an impact as much as $300 million from that tariff impact and revealed some of that stubborn weakness there.
05:25Moving over and looking also at the biggest decliner, though, in the S&P 500, Regeneron, REGN is the ticker symbol, down 19 percent.
05:33It's the worst day since April 2011 there.
05:36So this actually came after a drug trial, missed the mark here in two least trial drugs here, experimental, specifically when it's going on and not meeting those goals as far as what's happening there.
05:46And Sanofi also had, as far as when it's looking at its smoker's lung drug trial data, unfortunately coming in not as good as expected.
05:53And then wanted to end on contact lens maker Cooper Company, sticker symbol COO.
05:57That actually was the second worst performer in the S&P 500, down almost 15 percent worst day since November 2008.
06:04That actually came after it cut its outlook for, again, growth for the year.
06:07And the company, even though it reported better than expected earnings results for the second quarter, but did see a guidance downgrade.
06:12And that also was specifically by J.P. Morgan, guys.
06:15So that's pressuring the shares.
06:15Hey, pop quiz for you, Jess.
06:17So Regeneron, second biggest decliner in the S&P 500 in the month of May.
06:20What was the number one decliner?
06:22In the S&P 500 for this month?
06:25Let's see.
06:25I don't know.
06:26It surprised me.
06:27UnitedHealth.
06:27Oh, UnitedHealth, of course.
06:29You can use the MOV function and look at it on a monthly basis.
06:32I'll always be selling, Jess.
06:36Yields.
06:36No, that's me.
06:37Sorry.
06:38I'm always looking for Alex Thiel, who, of course, has a well-deserved day off here.
06:42You take a look at the yield picture here.
06:43Slight moves lower here on the day.
06:45But we talk a lot here about the first big decline that we've seen on a price basis, on a monthly basis, I should say, for the U.S. Treasury market.
06:54Of course, we had three straight months where we did see a rally.
06:57And, of course, that being pushed back a little bit.
06:59And, of course, we talk about that inverse correlation.
07:01Gene Tenuso, our guest on TV, just a little while, that inverse correlation returning between stocks and bonds, a healthy sign, according to him.
07:08All right.
07:08Don't know if there's going to be a song written about this, but big day for Taylor Swift.
07:12She has actually bought back her early albums.
07:15She has been on a crusade for many, many years, a fight with her former record label, also with music manager Scooter Braun about the selling, many years ago, of her songs.
07:29And she owns the music.
07:30She wrote it.
07:31But her songs, the original recordings were sold, and she's been trying to kind of get them back.
07:35She's also been re-recording them.
07:37No, this is a big deal, especially for anyone who's been paying attention to those Taylor versions in recent years here.
07:42So, big news coming out of this for her.
07:44Yeah.
07:45So, my question is, are we still going to have Taylor versions on Spotify and the other streamers?
07:50That's a great question.
07:51What should we listen to?
07:53I don't know.
07:54Are they materially different?
07:55You know, somebody who doesn't listen to a lot of Taylor Swift.
07:57But I am intrigued by the business of this, right?
08:00I mean, we talked a lot when she was doing those re-recordings as to why she even would have to do that.
08:04And we all know, of course, with a lot of these record contracts, particularly when these are young artists coming in,
08:08they kind of sign their life away and not quite noting it.
08:11And we won't get into some of the shenanigans that Scooter Braun is alleged to have pulled in that as well.
08:16But the idea that she had the clout and obviously the money to be able to sort of reclaim all of this stuff for herself,
08:22I mean, it is a victory not just for her, but you wonder if it might set a precedent for other artists out there as well.
08:27Yeah, something Reba McIntyre actually had done in the past and Kelly Clarkson had brought it up.
08:31And I think that's what spurred Taylor Swift into doing it.
08:33It's her property.
08:34I mean, it's her creative property, right?
08:36I want to know what she spent.
08:37I want to know what she spent.
08:38Yeah, I do too.
08:39She didn't share how much she paid to get all the ownership back, but she did say that she now controls all of her life's work.
08:46So we're talking about photography, album art, videos, and unreleased songs in addition to the master recordings.
08:50And she's working on new music as well too, which I assume she also only owns.
08:55And I think that it's safe to say that there's some cachet from the original recordings, right?
09:00She can re-record them and re-release them, but there's something about, you know, as she was growing in her career, right, to have ownership of that.
09:06I think there's a lot of value.
09:07Jess, what's your favorite Taylor Swift song?
09:09Oh my goodness.
09:11I feel like I'm going to say album instead.
09:13I feel like I do really like the Reputation album in general.
09:16I know it was a little bit different than some of her other albums, but then also 1989 I feel like is always a popular one too.
09:22What about you, Scarlett?
09:24I like Love Story.
09:25It's my favorite song.
09:26What about you, Romaine?
09:27That one where she cursed a lot on the Midnight thing.
09:30That was pretty cool.
09:32I was taking you for a folklore kind of guy, but I guess I was...
09:36Right, yeah.
09:37I like Taylor.
09:38But, you know, I like Taylor listening to her.
09:40All right, guys, that's a wrap.
09:42Maybe we'll listen to some Taylor into the weekend.
09:44That is a wrap.
09:45Our cross-platform radio, TV, YouTube, Bloomberg Originals.
09:48We call it the closing bell.
09:49Scarlett and Romaine continuing on TV and Jess and I right here on Bloomberg Business Week Daily.
09:53We'll see you again on Monday.
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