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00:00About two minutes away from the end of the trading day, Katie Greifeld and Matt Miller in for Romaine Bostic.
00:06And here to help take us through the closing bell, we're joined by a global simulcast, Carol Masser and Bailey Lipschultz.
00:12He's in for Tim Stenevich, bringing together all of our audiences, Carol Masser, to parse through the most crucial moments of this trading day on this Monday.
00:22And the dip buyers, they're back.
00:24Yeah, right. What a different tone from Friday.
00:26But, you know, also, we've got to write a love letter to OpenAI and Broadcom because the semiconductors really semount performance up about 5 percent.
00:33A lot of it, you know, barely had to do with Broadcom today.
00:35And who even cares about a government shutdown in a market like this?
00:38Yes, we've not. We barely talked about it today.
00:41Didn't even mention it, didn't even cross our minds.
00:43And yet the major averages are up almost 2 percent, S&P up more than one and a half percent.
00:47And Katie and Matt, guys, the bond market's closed, but stocks are partying.
00:51Yeah, I think I think to some extent the administration took the teeth out of that shutdown by agreeing to pay or finding the money to pay the military, at least on Wednesday when the next check is due.
01:04But I think it's really interesting that we've gone so far so fast.
01:07You know, BTIG was out with a note yesterday saying that we're still above the 50 day moving average and have been for 113 days.
01:15Because that's the third longest stretch since 1990.
01:19That's before Bailey and Katie were even born.
01:22That might be true, actually.
01:24But I mean, it's a good point that we have been so strong for so long and we really haven't seen a dip to buy in quite a long time.
01:31So, of course, a lot of this is open AI, but a lot of this is just folks seizing on a sale right now.
01:38And that definitely was the story of this market action on this Monday.
01:41You can see the S&P 500 looks like we're going to finish about one and a half percent higher.
01:47You take a look at the Nasdaq doing even better.
01:49That's a lot of that chip influence coming through there.
01:52The Nasdaq finishing 2.2 percent higher on the day.
01:55We show the Dow Jones here.
01:57I wouldn't.
01:58It's not my favorite index, but we'll do it.
02:00It's up about 1.3 percent, Carol Masser.
02:03I know.
02:04What's wrong with the Dow?
02:05She likes the small caps better.
02:06The thing is, it's a price weighted index.
02:08How much of a signal can you glean from that?
02:10Matt, remember way back when we only used to, like, talk largely about the Dow?
02:14I remember Dow 6,000.
02:16I know.
02:16Wow.
02:17All right.
02:17Let's go to the S&P 500.
02:19We'll put the Dow aside for a moment.
02:20Most names in the index higher, guys, today.
02:23359 gaining ground.
02:25142 to the downside, Matt.
02:26Two unchanged.
02:27Take a look at the industry groups moving higher, and you'll see pretty much all of them
02:32that aren't defensive did so.
02:34You've got consumer staples down, and if you look at the S&P, which is, I think Katie agrees,
02:42you know, a much better yardstick.
02:44It's the index.
02:45You can see that you had a lot of consumer staples on the downside, Procter & Gamble.
02:50You had Philip Morris at one point, one of the biggest losers on the index.
02:55Altria Group.
02:56Also, these are things that, you know, you either need to buy again every month or you're
03:00just addicted to, so you have no choice, but for the most part, you had every other group
03:06rising.
03:07Healthcare you see down, but really just unchanged.
03:10All right, guys, let's get to some of the individual gainers.
03:12No surprise, I'm going to talk about Broadcom, of course, ticker AVGO, up as much as almost
03:1811%, finishing the day with a gain of just shy of 10%.
03:21Number two gainer in the S&P 500, number one gainer in the NASDAQ 100.
03:26No, number two, forgive me.
03:27But nonetheless, really just pushed the whole semi-sector higher in today's session.
03:33This has OpenAI signed a multi-year agreement with Broadcom to collaborate on custom chips
03:37and networking equipment.
03:38So it's the latest step in OpenAI's ambitious plan to add computing infrastructure, but it
03:44really gave some juice to Broadcom.
03:47All right, the other thing that was kind of a broader story today was when you look at
03:52rare earth and critical mineral stocks rising following strong gains among Asian peers.
03:57Fresh tensions between Beijing and Washington over China's exports of critical minerals,
04:03fueling bets on alternative suppliers.
04:05So two names I just want to show, critical materials, critical medicals.
04:10Try this again.
04:14Shall we try that again?
04:15Take two, everybody.
04:16Three, two, one.
04:17Critical metals up almost 55% in today's session.
04:22And then MP Materials up just about 21%.
04:25Remember, MP Materials is the one that the U.S. government has taken a stake in, along with
04:30some other investments in raw materials companies.
04:33And then I've got to mention Warner Brothers up almost 4% here.
04:36This as the company, according to reports that cited people familiar with the matter, rejected
04:41Paramount Skydance's initial takeover approach for being too low.
04:44Can I just interject with a little bit of an editorial comment?
04:50This is very Romaine of you, so go ahead.
04:52I know.
04:53I'm like, well, I thought I could get through it and then just pass the baton.
04:56Because, Carol, because you and Tim were there at screen time last week.
05:00Yeah.
05:01And I, Lucas Shaw's conversation with David Ellison was amazing.
05:06It was amazing.
05:07I understand so much more about the company, about the industry, about their aim.
05:13That's funny, because Lauren Martin of Needham said, she goes, I don't feel like that David
05:16Ellison has really laid out his strategy.
05:18What?
05:18That he keeps making these acquisitions, but not kind of saying what the overall strategy
05:22is.
05:22I'm just sharing you, because she talked with us at screen time.
05:26I just thought it was good.
05:27So good.
05:28It was a good conversation.
05:28Go back and listen to it if you haven't.
05:29Or buy tickets for next year.
05:31Bailey, there were stocks that fell today.
05:32There are stocks that fell today.
05:34And the worst performer in the S&P 500 is not in the Dow Jones Industrials, Katie.
05:38That is fast and all, ticker FAST, falling the most since March 2020.
05:43This came after earnings.
05:45CEO told Carol and I that their stock was actually priced to perfection, and that's why they were
05:48down.
05:49But analysts called out some soft pricing, overshadowing results that at the top line actually
05:54weren't that bad.
05:55And I want to call out the second and third worst performers in the S&P 500 casino stocks.
06:00We saw both Las Vegas Sands and Wynn Resorts under pressure.
06:03Each falling more than 6%.
06:05Not because people aren't going to Las Vegas, but there's a holiday on the other side of
06:09the world, and that's Golden Week.
06:10And we saw Macau data disappointing.
06:12So investors really selling down those two stocks.
06:15Again, Las Vegas Sands, ticker LVS, down more than 6%.
06:18Worst drop since earlier in the month, but closing at the lowest level since June.
06:23And guys, I just want to wrap up with one of my favorite stocks to cover, Beyond Meat,
06:28ticker BYND.
06:29Is that because you like to eat it?
06:31I do not like to eat it.
06:32I question it.
06:33It's a little concerning how it bleeds, but it was at one point one of the best stocks
06:38to IPO ever.
06:39That was very real.
06:40It was, you know, it's a very logical, fundamental argument, at least when the stock was trading
06:45for whatever number it was.
06:47But closing at a record low, losing about half its value.
06:49This came after debt investors swapped their notes for shares, diluting investors.
06:54So it does seem like a slow burn to the end for Beyond Meat.
06:59Yeah, pour out some beet juice for Beyond Meat.
07:02The bond market was closed today.
07:03It was one of those weird days where equities were open, bonds were closed.
07:07I want to take a look at TLT here, though.
07:09This, of course, tracks 20-year Treasuries and beyond.
07:13And you can see that it's just about flat on the day.
07:16It opened up lower.
07:17That would have meant that yields were higher.
07:19But you can see it finished just about unchanged.
07:21So that sets us up well.
07:23Shall we talk about Taylor Swift, though?
07:25Because she did have an impact in the stock market here.
07:29I wonder if, Carol, if you know the way that Katie talks about Taylor Swift and her impact
07:37or her importance.
07:37Very respectfully.
07:39Yeah.
07:40What do you say?
07:41I call her the Bob Dylan of our generation, the millennial generation.
07:45Four millennial women.
07:46And I'm willing to back that up.
07:48I'm not the biggest Taylor Swift fan out there, Carol.
07:51I am a huge fan.
07:52But just in terms of her impact, I think that that's a pretty fair characterization.
07:57Well, you know what's interesting?
07:57You talk about impact.
07:59And, you know, some of it is just what she does up on stage, fighting for rights in terms
08:03of owning your own material, if you will.
08:06But she's also become pretty wealthy.
08:08And with money comes influence.
08:09And I just want to mention, I know we're going to go back to Taylor, but there's an interesting
08:13story on the Bloomberg about how kind of Wall Street's been getting ready for this
08:17incredible wealth transfer of, like, $105 trillion to pass from elderly parents to children.
08:23But, Bailey, there's actually a different kind of wealth transfer already underway.
08:27And we're talking about women who are actually becoming billionaires after the death of their
08:32spouses.
08:32Yeah.
08:33Bloomberg reporting that more than a dozen women in the world's 500 richest people have become
08:38billionaires because of that, overseeing fortunes totaling $365 billion.
08:43That's a lot of money to be falling into.
08:46Yeah.
08:46And it means a lot of influence, whether it's, you know, philanthropy, finance, consumer goods,
08:51like a lot of things.
08:53So now we go back to Taylor, who is pretty wealthy.
08:55And she's influential.
08:56Well, I will say, you know, Katie and I, we used to co-anchor a show called Bloomberg Open
09:00Interest.
09:01It still airs, I'm told.
09:029 to 11 weekdays.
09:04Tune in.
09:04We talked to Sally Krawcheck on that program, if you recall, and she said that we're going
09:10to see, like, I think massive numbers, like $35 or $40 trillion shifted in this silver
09:16tsunami.
09:17Maybe it was even more.
09:19But the lion's share of that is going to shift from the control of men to the control
09:25of women.
09:25So that's going to be.
09:26As it should.
09:27It's really interesting, too.
09:28You think about all the different ripple effects there.
09:30One of them being, what does this mean for the financial advisor community?
09:34There are a lot of things that we'll have to adjust to sort of accommodate what that
09:38new face of wealth looks like.
09:40I heard Carol and Tim talking to April Rudin about this last week.
09:43Oh, my God.
09:44I'm so, God, I'm just warm.
09:46He's your biggest fan, truly.
09:49I thought we were going to talk about the docuseries.
09:52She's going to make a six-part docuseries about the ERAs tour, which, regardless of how
09:58you feel about her music, even if you think that she only had one good album in her entire
10:03catalog, the one about the cardigan.
10:05Which is folklore.
10:06Exactly.
10:071989, but sure.
10:08You still can't deny the impact that her ERAs tour had on the global economy, really.
10:14I saw it in Toronto, and let me tell you, that was a production.
10:18I was tired just watching it.
10:19I was tired just watching it.
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