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00:00And right now we are two minutes away from the end of the trading day.
00:03Romain Bostic alongside Katie Greifel taking you through to that closing bell with a global simulcast.
00:08We're joined now by Carol Masser and Tim Senevic in the radio booth.
00:12Welcome to our audiences across all of our Bloomberg platforms, including our partnership with YouTube on a day where we actually see stocks across the board lower the major indices, I should say, Carol Masser.
00:23And a lot of this seems to be tied to some concerns about the A.I. trade.
00:27Yeah, well, I mean, it's certainly been such a momentum push in this marketplace overall.
00:33I don't know. Is it concerns? Is it just taking a breather?
00:35We've seen the S&P 500 up for over a week now.
00:39So a little bit of a breather maybe as we get ready for earnings to come.
00:44Because I hate to say it feels like the markets are kind of blowing off the shutdown for the most part at this point.
00:49And we're getting ready to mark a week when it comes to the U.S. government shutdown.
00:53I'm looking at shares of Salesforce right now, dipping just a little bit lower, but kind of where they were before this news came out, down 2.4 percent, out with a redhead on the Bloomberg terminal.
01:05Salesforce telling clients it will not pay hackers for data extortions.
01:09The company is saying it will not pay a ransom from a hacker who claimed to have stolen a large amount of client data and threatened to publish it.
01:15This just crossing on the terminal.
01:16Yeah, and we should point out, I mean, kind of also bearing the lead here.
01:19I mean, this is actually the first disclosure, apparently, at least publicly, that I can tell of this breach here.
01:25So I'm saying they're not going to pay it.
01:27But, of course, the real headline seems to be that there was a breach to begin with.
01:31Yeah, I should point out, too, this is according to an e-mail seen by Bloomberg News.
01:34So still waiting for official comment from the company there.
01:38All right, we'll keep an eye on that.
01:39The shares have been lower for a good portion of the session anyway, but taking a slight tick lower as we get the closing bells in New York, right across the screen for all of the major indices here in the U.S.
01:50The Dow Jones Industrial Average, that's actually our outperformer on the day, and it's still down, down more than 90 points or two-tenths of 1 percent.
01:57The S&P 500 dropping about 26 points or four-tenths of 1 percent.
02:01The Nasdaq Composite down seven-tenths.
02:03The Nasdaq 100 down six-tenths.
02:05Also, I just want to point out that the Philadelphia Semiconductor Index, which, of course, a lot of people are laser-focused in on now, down 2 percent on the day, and the Russell 2000, Carol Master, losing about 28 points or 1.1 percent.
02:17Let's not forget, though, the Sox is up more than 30 percent year-to-date, so we've seen certainly momentum there, even though we're seeing a little bit of a pullback today.
02:24Hey, if you look at the S&P 500, Katie, you've got more than 200 names to the upside, 299 to the downside.
02:31And let's take a look at the sector level as well.
02:33Slightly more red than green when you consult the circle there.
02:37You can see that tech is actually lower on the day.
02:40It feels like we haven't seen that for a while.
02:41That sector down by about half a percent.
02:43We know a lot of that comes back to Oracle.
02:46In terms of what did well, Consumer Staples was your big winner when it comes to a percent basis, up by about nine-tenths of a percent.
02:53Financials, too, as well.
02:54But Consumer Staples being the big winner really speaks to the defensive mood in the market overall today.
03:00All right. Having said that, man, there's some real standouts when it comes to gainers in the Tuesday trade.
03:06Let's see what they are.
03:09I'm sure you'll have more to add.
03:10Trilogy Metals up 211 percent.
03:13It was up as much as 281 percent earlier in the session, but finishing with a 211 percent gain.
03:20Ticker is TMQ.
03:21It's a $6.50 a share stock.
03:24You know the story.
03:25The United States taking a 10 percent stake in the Canadian Minerals Explorer as part of a $35.6 million investment to secure critical energy and mining projects in Alaska.
03:34We have seen this trade coming out of the White House.
03:37So there's a beneficiary in a big way.
03:40App Lovin' down 14 percent yesterday.
03:42It was a story that came on our radar late yesterday.
03:45Down 14 percent in the Monday trade, but up 7.6 percent in today's session.
03:50It was a top gainer in the S&P 500, NASDAQ 100.
03:54Citi coming out and saying that they would be buyers on any weakness.
03:59They say that they noted that the regulator, SEC, has not officially accused App Lovin' of any wrongdoing.
04:06So they're kind of a little bit, it sounds like, suspect.
04:08Keep in mind the big story yesterday, Bloomberg News breaking, that the SEC has been probing the company according, specifically looking at their data collection practices.
04:19That was according to people familiar.
04:20But nonetheless, investors moving back into App Lovin'.
04:23And I've got to mention AMD.
04:25It, again, was among your biggest gainers in the major indices, up another 3, almost 4 percent in today's session.
04:33This kind of another gain for a second day, up almost 24 percent yesterday.
04:37So continuing to build.
04:38And that, of course, is the news that AMD has a deal with OpenAI to build AI infrastructure.
04:44So some momentum continuing on this Tuesday, Tim.
04:46Well, those are some of the gainers.
04:48I've got some of the decliners for you.
04:49I want to start with Oracle shares today falling by 2.5 percent.
04:52This after a report in the information said the company's profit margin in cloud computing is lower than many on Wall Street have been estimating.
05:00The company's gross margin was 67.3 percent, the lowest in more than a year due to heavy spending on chips and data center capacity.
05:07Oracle shares earlier in the session fell as much as 7.1 percent, but paired those declines to close down 2.5 percent.
05:14The company declined to comment.
05:17Ford shares falling the most today since February, down 6.1 percent.
05:22The Wall Street Journal reported that a fire at a New York State aluminum plant will cause months of disruption for Ford.
05:27Ford, it's the biggest customer of this plant based in Oswego, though Toyota and Stellantis also use this plant's aluminum.
05:35Citi says it's too soon to cut fourth quarter North American light vehicle forecasts, but the fire could present a supply risk for the period.
05:41Our Bloomberg intelligence team, including Steve Mann, who's going to join our program in just about 20 minutes,
05:45says that the drop in the stock also reflects persistent concern over rising warranty costs and its EV business at the expiration of an EV tax credit crimping demand.
05:55And finally, watching shares of sports betting platforms, DraftKings and Flutter Entertainment.
06:01Flutter is the parent company of FanDuel.
06:03Flutter down 3.7 percent, DraftKings down 5.8 percent.
06:07These took a hit today after Intercontinental Exchange, the owner of the New York Stock Exchange,
06:12announced plans to invest as much as $2 billion in the crypto-based betting platform.
06:16Polymarket, you can kind of bet on anything on Polymarket, guys, not just about elections,
06:23not just about how many tweets Elon Musk will send.
06:26That was a real one that I saw this morning.
06:28But also, of course, on sports as well.
06:30So that could be a challenge to these companies that are pure play sports betting.
06:33And whether Tim might have a sandwich during our show.
06:36Oh.
06:37That one's an easy one to sort of like.
06:38Is that a very liquid market?
06:40The odds are not maybe so liquid, but the odds are 99.9 percent that he will.
06:45OK.
06:46I have no idea what they're talking about.
06:47Tim ate a sandwich?
06:48Is that the news?
06:48No, you can bet on whether or not he's going to.
06:51All right.
06:51Well, you can also bet on where treasuries are going.
06:54You take a look at yields on the screen there down across the board here.
06:57I should point out that we had seen yields ticking higher for the last few days,
07:01really the last couple of weeks here.
07:02So a bit of a pullback today as some people pile back in on a price basis.
07:07All right, folks, let's get to some of the stories.
07:10By the way, that was a nice segue off, Tim.
07:12We were just both nodding how well you did that.
07:14Romaine's a true professional.
07:15You really are.
07:16I am.
07:17If only we could be as good.
07:19I'm just saying.
07:19One day.
07:19It's a pleasure sitting next to him.
07:20You know, I'm hoping, I'm hoping one day.
07:22Hey, listen, you know, inflation, we talk about it a lot still.
07:26I've heard about it.
07:27The Fed is still keeping it, certainly has some concerns.
07:31We heard former Treasury Secretary Robert Rubin talk about it.
07:36He has some concerns about inflation.
07:38Right.
07:38It was an interesting conversation.
07:40Well, it turns out Ken Griffin and Citadel, they too, are concerned about higher prices.
07:45Former Chicagoan.
07:47Yeah, exactly.
07:48Well, Griffin wishes that his Miami Tower cost a billion dollars as the price surges.
07:52I mean, it's going to cost him, right, Tim?
07:53A lot more.
07:54Yeah, two and a half billion dollars.
07:56Construction's likely to begin mid to late next year.
07:59He said, I wish it were a billion dollars.
08:00He was asked on stage about the building at the Citadel Securities Conference in New York on Monday.
08:04He said, due to inflation, the cost of construction, it's going to be about a $2.5 billion project.
08:11The waterfront project had been expected to break ground in the third quarter of 2025, a spokesperson there said at the time.
08:17See, so nobody's immune from inflation.
08:19Sounds like a nice tower.
08:20No one is immune from inflation, but, you know, maybe what he needs to do is actually, you know, get his all the CFAs that he has on staff and get them to crunch the numbers and figure out how to make it work.
08:30The only problem is there's probably a smaller pool to choose from here.
08:32The latest results from the first level of the three-level CFA exam are in.
08:37The pass rate, 43%.
08:40That was for the level one test takers in August.
08:42And, of course, historically, this number has been in the 40% range.
08:45I think tops out around 50% historically.
08:48And, of course, during the heyday when I took it and it was still difficult, it was like in the 30s.
08:53I think you had AI do it.
08:55No, AI didn't exist back then.
08:56You did it for real?
08:57It's all human power, man.
08:58How many times did you have to take it?
08:59It was like John, what was it, John Henry and the, was it Paul Bunyan?
09:02What was it?
09:03I don't know.
09:03I don't know.
09:04Did you pass on your first go-round?
09:06I won't pretend which exam are you talking about.
09:08I don't know.
09:08One, two, or three.
09:10There's three levels, Carol Masser.
09:12And, no, for the record, it did take me multiple chances to get to the finish line.
09:15But that's pretty much the way it works.
09:15But that's called persistence, Carol Masser.
09:18Persistence.
09:19He's got great.
09:19Wait, which is the hardest level?
09:20Don't give up.
09:21If you're out there and you're struggling.
09:23No, actually, no.
09:24I thought it was.
09:25I can only be like.
09:25I don't know if this is violated, but honestly, I felt level two was the hardest.
09:29I've heard that, right?
09:30That the first one is, you know, a little bit easy.
09:32If you make it to the third one, then.
09:34Easy?
09:3543 percent.
09:36Everything's relative.
09:37Yeah.
09:38You know what's hard?
09:39Giving birth.
09:40Oh, my God.
09:41Wow.
09:42Wow.
09:42Okay.
09:43That really puts it into perspective, you know?
09:45I mean, I would argue with you, but I can't.
09:47I know.
09:48Exactly.
09:49Finally, something.
09:50You found something, Carol.
09:51He cannot weigh in.
09:53Is this going to be her ace up their sleeve?
09:56Totally, totally.
09:57Hey, you guys got to say goodbye to Carol.
09:58This is her last simulcast of the week, okay?
10:00Yeah, thanks.
10:00We're heading out to L.A. tomorrow for Bloomberg Screen Time.
10:0312 or 15 in the morning.
10:04Yeah.
10:05So, sorry.
10:06All right.
10:07Well, have fun in L.A.
10:09L.A.
10:09Good luck.
10:10Are you going to the beach again?
10:11We will miss you.
10:12We will go to the beach.
10:13Don't worry.
10:14BloombergLive.com slash Screen Time.
10:16You can still get tickets, maybe.
10:17Yeah.
10:17Jimmy Kimmel.
10:19Maybe.
10:19I know you can.
10:20David Ellison.
10:20It might be sold out.
10:21You can definitely watch what we're doing there.
10:23All right.
10:23We are so silly.
10:24It's a Tuesday.
10:25That's for sure.
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