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00:00And right now we are two minutes away from the end of the trading day.
00:04Romain Bostic here with Katie Greifeld, taking you through to that closing bell with a global simulcast.
00:09We're joined right now by Nora Melinda and Christine Aquino in today for Carol Masser and Tim Stenevich,
00:16taking a well-deserved short week here as we welcome our audiences across all of our Bloomberg platforms,
00:21our partnership with YouTube here, guys, on what's going to be another record-setting day for U.S. equities.
00:27Another record day for U.S. equities.
00:30Really even seeing green across the screen.
00:31That's all Christine and I have been talking about all day today as we're sitting in for Carol and Tim,
00:36who are out headed to the Screen Time conference here.
00:39But it's really tech stocks that are continuing to propel these indexes higher.
00:43Heading into this year, you know, there was a bit of uncertainty and there still remains uncertainty here,
00:47but you are still seeing a sense of bullishness, dip buyers coming out into the market
00:51and a lot of people pouring some money into AI stocks.
00:54Yeah, absolutely, Nora.
00:55But, of course, we can't forget about the Federal Reserve and we did hear from them as well
01:01regarding their September meeting.
01:03A lot of focus on inflation risks, you know, and the actual meeting itself,
01:07Jerome Powell's press conference, a lot of focus then on the risks to the labor market.
01:11But it seems like at this point maybe officials pushing back a little bit on the other side of their mandate,
01:17talking about the potential upside to inflation
01:19and what they're potentially going to be looking at doing from here in terms of rates.
01:24Yeah, absolutely.
01:25You have to wonder how much room they have to actually cut rates if, of course, inflation is pressured higher here.
01:31But at least for today, no one's really concerned about it.
01:33It's all about big tech, Romaine.
01:35Yeah, I would like to forget about the tech.
01:37Is that possible?
01:37They came out with minutes today.
01:40And, of course, they have some data coming next week that probably isn't going to come
01:43because of the government shutdown.
01:44And that basically leaves the market left to its own devices, at least until earnings season picks up.
01:49Here on this Wednesday afternoon, you are seeing green more or less across the screen.
01:54The S&P 500 decidedly in record territory.
01:57Very 67.53 and change as we wait for these numbers to settle, up about 39 points or six-tenths of one percent.
02:03The Nasdaq composite adding more than 200 points or a percent on the day.
02:07A 300-point gain for the Nasdaq, 100 a percent on the day, both at record highs.
02:11It looks like the Dow Jones Industrial Average is going to close basically unchanged on the day.
02:15And the Russell 2000 participating in the action as well, a gain of about 26 points here on the day,
02:21one percent and just about four points shy of its most recent record high.
02:25And digging a bit deeper into where a lot of these stocks landed here, particularly in the S&P 500,
02:30we've got about 263 that settled up in the green, 237 down here, only three unchanged.
02:39All right, it's circle time.
02:40Let's take a look at the sectors right now.
02:42Is this an ossoboros or what is it?
02:44Ossobucco?
02:45Ouroboros.
02:46It's a snake that eats itself.
02:47Well, maybe it is what you're seeing today, at least when it comes to the tech sector.
02:51But that's what's outperforming.
02:53Tech up one and a half percent.
02:55And what is ossobucco?
02:56Is that something different?
02:57I think that has to do with meat and, like, maybe eating the marrow out of a bone.
03:01But industrials also had a great day, Romaine, your second-best-performing sector on the day.
03:07What didn't do too hot, financials.
03:09That was your biggest loss leader, at least from a points basis.
03:12We know that big bank earnings kick off pretty soon.
03:14Consumer staples, energy, and real estate also falling a bit.
03:17And we just heard from Betsy Grasek over at Morgan Stanley.
03:19She's actually pretty bullish about this earnings season for big banks.
03:21Yeah, big time.
03:22Yeah, for big banks.
03:22She told us to buckle up.
03:24She did.
03:24I'm buckled.
03:26What's next?
03:27Let's take a look at some of the gainers that we saw in the SAP 500.
03:30A few of them to look at.
03:32AST Space Mobile.
03:33This is a company that really spends a lot of its time in space.
03:37It actually has a strong competition here with SpaceX, their Starlink there.
03:42So we did see shares climbing earlier for double-digit gains but closing about 8 percent higher at the closing bell.
03:48This is after the company signed an agreement with Verizon here to provide direct-to-cellular connectivity when needed for customers starting next year.
03:56So we had William Blair saying that this is really a competitive deal here for Verizon, specifically over SpaceX's Starlink here.
04:04So one to definitely follow.
04:06But, of course, as we've been talking so much about AI, we cannot stop talking about that story here.
04:11Shares of AMD also in focus up 11 percent today.
04:15I mean, this has been a company that we've been talking about quite some time as you think about it with the likes of NVIDIA and a few of its other peers.
04:22But the news today, of course, NVIDIA agreeing to invest as much as $100 billion in OpenAI to fund a data center build-out.
04:30So, of course, that's really the broader scope here.
04:32But this OpenAI is striking a deal with NVIDIA rival AMD to deploy tens of billions of dollars worth of chips here.
04:40OpenAI is poised to become one of AMD's largest shareholders, really seeing a buoy to the stock here.
04:46And lastly, let's look at the beauty space.
04:49I'm looking at shares of Elf Beauty right now.
04:52Shares ended about 3 percent higher at the closing bell.
04:55It actually got a price target lift at Morgan Stanley.
04:57The analyst over there is really pointing toward a very strong launch for its Rode brand at Sephora.
05:03I don't know if you guys are familiar.
05:04That's Haley Bieber.
05:06Her makeup brand is called Rode.
05:07Apparently, they had a very strong launch at the Sephora stores here.
05:11So you are seeing a lift as Morgan Stanley is pushing the price target up to a street high.
05:15We're actually well-versed in makeup.
05:17Okay, yeah.
05:17How dare you?
05:18We are.
05:19We are.
05:19We are.
05:21All right.
05:22Decliners, what's up?
05:23Well, it's green and it's green, Katie.
05:25But there are a few stocks that fell today.
05:28One of them is Fair Isaac.
05:29You and I probably know that more commonly as FICO.
05:32And it's falling not because of news specific to FICO itself, but because of news from its competitor, Equifax, saying that it will offer its VantageScore 4.0 service to mortgage credit scores at $4.50 through the end of 2027.
05:49Remember, last week, FICO said it will sell credit scores directly to mortgage resellers.
05:54And Equifax saying that its move is a direct response to what FICO is doing there.
06:01So it's a little bit of a tussle between credit score providers.
06:04Very interesting space there.
06:06But certainly, FICO taking the brunt of that pain from that news today.
06:11Another decliner that I want to pay attention to today is, of course, Warner Brothers.
06:15Though it airs down after we did get news, people familiar with saying that Paramount Skydance has discussed its interest in, according to Warner Brothers, Discovery with Legendary Entertainment and Apollo Global Management.
06:28Now, the talks seem to be related specifically to Legendary's investment in some key film franchises.
06:35Ever heard of Dune or Godzilla?
06:37So these are some of the assets that are potentially being discussed here.
06:41And the bottom line is, this looks like this is going to be another delay to this potential acquisition.
06:47They were hoping to get this done before the Warner Brothers split in early 2026.
06:51But another roadblock.
06:53Have you actually seen Dune, Christine?
06:55I saw it in theaters.
06:56Oh, really?
06:57You liked it?
06:58I mean, it's interesting.
07:00Yeah.
07:01It's not my cup of tea, necessarily.
07:03So wouldn't watch it again?
07:05Yeah.
07:05No, I wouldn't watch it again.
07:07I may have fallen asleep in the middle of it.
07:08Oh.
07:09There you go.
07:10I actually did fall asleep in theaters during Dune 2.
07:12But that's because we went to a midnight showing.
07:14And, you know, that's a young man's game.
07:16But great movie.
07:18Well, there you go.
07:20Yeah.
07:20How about that Bond market, though?
07:22Yeah.
07:22How about that Bond market?
07:23Well, not a whole lot.
07:24I mean, I don't know if you heard, Katie Greifeld, but there was a tail on the most recent 10-year auction here.
07:29Actually, in all seriousness, though, you've not really seen a whole lot of activity, a little bit of activity on the longer end of the curve.
07:35But that was mostly selling, pushing yields higher by about two basis points.
07:38A very, very modest bid on the long end of the curve with that 30-year yield just down less than a basis point.
07:46All right, guys, let's get to it.
07:47The most important news of the day right now.
07:49I've got to catch a flight in a minute.
07:51Am I going to be able to get on it?
07:52I mean, well, it depends on the airport you're going to, Romain.
07:54Because what Christine and I have been looking at throughout the day, this news coming in that LaGuardia Airport flights are being temporarily halted.
08:01And this due to a data outage, and it's just really interesting because what throwbacks, wasn't it Newark earlier this year that was experiencing some issues?
08:10Yeah.
08:10There's always some sort of issue here.
08:12It says flights into the airport were held at their origin until 4 p.m., while departures were delayed by as much as 45 minutes, which, of course, you know, not terrible.
08:21But, I mean, if you're looking to catch your flight and you're in a pinch here, this is not great news for those who are trying to get through the airport, right, Christine?
08:29Have you been to the new LaGuardia yet?
08:30They've actually redesigned it.
08:31So it's actually, you know, if you are delayed, it's not like the hells.
08:34The end of the world, right?
08:35I mean, I was going to say, I was actually delayed for six hours there.
08:38It wasn't that, you know?
08:40Yeah, because, you know, I was looking at the fountain.
08:44You can get cheesecake.
08:45You can get bagels.
08:45Did you go to a lounge?
08:46You can get drinks.
08:47I could have gone to a lounge, but, you know, we just hung out by the fountain.
08:50And there you go.
08:52It's a great way to pass six hours of your time if you have to.
08:55Certainly worse ways to spend six hours.
08:58Let's also circle back to one of the most read stories of the day, this about the Polymarket CEO.
09:04If you didn't know his name prior to this week, you probably learned about him.
09:07I bet you he doesn't have to fly commercial.
09:08No, his name is Shane Copland.
09:11And Bloomberg News crunched the numbers, apparently, on the Bloomberg Billionaires list.
09:15He is the youngest self-made billionaire.
09:17This comes after that ICE investment yesterday into Polymarket, $2 billion, valuing Polymarket itself.
09:23You're talking about the intercontinental exchange, right?
09:25Right, yeah.
09:26You're right, right, right.
09:27Yeah, people keep pointing that to me when I say ICE.
09:29But anyway, ICE investing $2 billion in Polymarket bringing its valuation to a whopping $8 billion,
09:35a stunning amount.
09:37But it's made Shane Copland a very wealthy man.
09:40Absolutely.
09:40Yeah, one of the most read stories on the day here.
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