- 14 hours ago
Category
🗞
NewsTranscript
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.
00:07It's a global simulcast.
00:08There's Carol Masser.
00:09There's Tim Stenevich in the radio booth.
00:11Welcome to our audiences across all of our Bloomberg platforms,
00:14including YouTube, here on the final trading day of the month and the quarter.
00:18Right now looking at an S&P 500 and a Dow and the Russell 2000
00:23locking in a fifth straight month of gains.
00:25Yeah, pretty significant, right?
00:26We saw some buying into the close here.
00:28We saw that in like the last half an hour or so of trading.
00:30I'm just looking at the S&P 500, folks, in the third quarter.
00:34It's up about 8%, so not too shabby if you're a bull in this market.
00:38If the government shuts down tonight, do we still have to come in tomorrow?
00:41When did you become Debbie Downer?
00:43I'm just wondering.
00:44Do we come in?
00:46The show must go on, Tim.
00:48Okay, you know, we asked Jan van Ack whether we should care,
00:51whether investors should care about the government shutting down.
00:53In a word, he said no.
00:55We care about fiscal policy, monetary policy.
00:57We care about technology.
00:59And he said government shutdown is not going to change fiscal policy.
01:02No, it may not.
01:04But I think there are some implications to this shutdown that differ than what we saw in 2018,
01:08certainly what we saw back in 2013 and even beyond that.
01:11You're talking about shutdowns that were maybe a little bit more genteel in nature.
01:15I think some of the rhetoric, and if they make good on some of that rhetoric,
01:18we could actually see much more of an impact than in the past.
01:21And you think about the urgent question.
01:23Romaine brought up the point that, I mean, if we don't get that government data on Friday,
01:27when it comes to the Federal Reserve and their rate-cutting cycle, there's a lot of questions there.
01:33Yeah.
01:33And we talk about the idea that a market is pretty much perched at those record highs.
01:38A market that, of course, wants to move higher, but they really do need,
01:42or at least they think they need some help from the Fed to do that.
01:44If the Fed doesn't have the data, then maybe you don't get the move.
01:47Nevertheless, we lock in the gains on the day, on the month, and on the quarter.
01:52An S&P 500 higher by just four-tenths of one percent, but that's up 26, 27 points on the day.
01:58Good enough for a 3.5 percent gain on the month and an 8 percent run over the past three.
02:03The Dow Jones Industrial Average posting similar gains here on the day,
02:07up about two-tenths of one percent and also closing out higher by about two percent on the month.
02:13The Nasdaq Composite and the Nasdaq 100 each up on the day and about five-and-a-half percent on the month.
02:18And the Russell 2000, your relative laggard, it is adding on the day,
02:22but for the month only up by about three percent relative to the rest of the space.
02:26All right.
02:26S&P 500 on this final trading day of September and final trading day of the third quarter,
02:31you've got 301 names, Katie, to the upside, 201 to the downside.
02:36If I look, Katie, at the third quarter, AppLovin, your best performer,
02:39and then you've got, I think, FactSet at the bottom of the pack.
02:43Oh, yeah.
02:43All right.
02:44There you have it.
02:45Let's take a look at the circle of sectors right now.
02:48You can see there's a lot of green here.
02:50Big tech really doing a lot of heavy lifting.
02:52So, too, did health care on the day.
02:55We know that Pfizer agreeing to lower drug prices in exchange for some relief on tariffs.
03:00That is boosting the entire sector.
03:02In terms of what isn't doing so well right now, energy, consumer discretionary, communication services,
03:07some of your downward weights on the index.
03:11But overall, green on the screen.
03:13All right.
03:13So, let's get to some of the individual gainers, if I may.
03:16And let's go to CoreWeave, guys, because this one up 16.5% at its highs today,
03:20finishing the day with a gain of just shy of 12%.
03:24You know, one of the neoclouds, businesses that rent out access to leading AI chips.
03:28Well, the stock rallying after the company signed a deal to supply meta platforms with as much as $14.2 billion worth of computing power.
03:36It runs through December 2031st with an option to extend through 2032.
03:41So, talk about some visibility with additional capacity.
03:44And what's really key about this, and we talked to our Ed Ludlow about this,
03:47is why you saw really the stock rally is that it kind of diversifies business away at CoreWeave, away from Microsoft,
03:56so expands who its top customers are.
03:58So, this is why potentially you saw this one rally, particularly in today's session.
04:02Again, keep in mind, Ed IPO this year is up about 273% year-to-date.
04:07About 10% of the float is short, but definitely one of the outperformers here so far in 2025.
04:13All right, Pfizer.
04:13Got to talk about the pharmaceuticals.
04:15Higher today, many of the names top in the S&P 500.
04:19In fact, Pfizer is your number one gainer in the S&P with that 7% gain.
04:24We did have President Trump speaking earlier at the White House saying Pfizer's agreed to offer
04:28countless prescription medications at major discounts in the U.S.
04:32as a result of the most favored nation drug pricing order.
04:35We did also see the Pfizer CEO at the White House.
04:38Pfizer will get a three-year grace period from President Trump's pharma tariff,
04:41so a lot going on in implications for the pharmaceutical sector, including Pfizer.
04:46And then, just because I like French fries, I'm going to do Lamb Weston.
04:50This stock up almost 9% at its highs today, finishing with a gain of more than 4% here.
04:55This after the company reported adjusted earnings per share in net sales for the first quarter.
05:00That beat consensus estimates due to improved restaurant foot traffic.
05:03Apparently, chicken fast food restaurants, in particular, saw more visitors.
05:09Excuse me.
05:09They're everywhere now.
05:11You know, French fries?
05:12No, like these Raising Cane's and all these chicken places.
05:14Like, they were never anywhere, and now they're everywhere.
05:16I know.
05:17I can't get rid of them.
05:18With French fries.
05:18Did you see Wendy's has new tendies?
05:20Oh.
05:21Tendies?
05:22Pick up there, Tim.
05:24Okay.
05:24I thought you guys were – I didn't want to jump in.
05:27I don't want to go down that rabbit hole.
05:28Let's go.
05:28Let's do decliners here.
05:29I want to talk about Spotify shares falling 4.2%.
05:32This after the company said that CEO Daniel Ek is transitioning his role to chairman, leaving his leadership in the hands of co-CEOs Gustav Soderstrom and Alex Nordstrom.
05:43Ek will continue to provide support and guidance, and Soderstrom and Nordstrom will jointly take the reins of the company, effective January 1st.
05:49I mean, it makes sense, but I was surprised 20 years ago, pretty much.
05:532006 is when he started Spotify.
05:55So he's only 42 years old, but he's been at the helm of this for 19 years.
06:00He'll still be very involved in the company, he said.
06:03I'll remain deeply involved in the big, defining decisions about our future.
06:06Still shareholders sending shares lower today, 4.2%.
06:10Also, shares of companies that do sports betting, such as DraftKings, falling today.
06:16DraftKings down 11.6% after Robin had posted September-to-date trading metrics late yesterday that showed contracts traded were about $187 million.
06:25Robinhood has emerged as a competitor to sports betting platforms like DraftKings and FanDuel,
06:29as bettors are allowed to trade contracts on the outcomes of sporting events through Robinhood.
06:33So increased competition for those pure play sports betting apps.
06:37And finally, some late-breaking movers, Zillow and Rocket Companies.
06:42I want to focus on Rocket Companies.
06:43It's the parent company of Redfin.
06:45Rocket Companies falling today close to 4%, 3.8% down.
06:48The FTC sued to block a partnership between Zillow and Rocket Companies,
06:53saying that it would reduce the number of websites offering apartment listings and drive up advertising prices.
06:58This partnership was announced back in February.
07:00It involved an upfront payment of $100 million from Zillow to Redfin to help Zillow
07:04enter into advertising agreements with property managers that post listings on Redfin's sites.
07:10The FTC said the arrangement combines two of the three largest internet listing service,
07:13and it's seeking a divestiture of Zillow's assets.
07:17Zillow fell, by the way, by 4.3% as well.
07:20Yeah, absolutely.
07:20And I just want to point out, too, honorable mention, keep an eye on some of those consumer finance stocks,
07:24a big drop in Capital One and some of the other credit card companies.
07:27Meanwhile, in the yield space, a relatively quiet end to the month.
07:31But we should point out that overall, you did see actually a drop in yields over the course of the month.
07:36And actually, on a price basis here, you actually had some pretty decent returns
07:40when it comes to not only the Treasury market, but, of course, the corporate fixed income space as well.
07:45All right.
07:45So, remember, we were all at home and we all were working from home
07:50and we were creating spaces in our home for home offices.
07:53And we thought, you know, we're not going to have to go to the office as much.
07:57And even after the pandemic was over, well, it turns out, as we all know, yes,
08:02employers want us back in the office.
08:03And what's interesting is, Tim, what's turning out, as we report, our sour wrap report,
08:08everybody is now turning their home offices into other spaces.
08:11Okay.
08:11So, those other spaces include things like Pilates studios, a golf simulator room, cigar lounges.
08:19Oh, keep going.
08:20And places for your kids to go.
08:23I think that's what mostly people are doing.
08:25He doesn't need any more room.
08:26I got to tell you, never been to a cigar lounge inside someone's house.
08:29Yeah.
08:30But maybe I'm just not hanging out at the right places with the right people.
08:32Sounds a little stinky.
08:33I will say there are some great photos in this article.
08:35One of them is of a room that's focused on flower arranging.
08:40It just sounds like these people are swimming in space.
08:43How many flowers are they arranging?
08:46I don't know.
08:46How do you do that?
08:47Well, if you go to the office every day, how are you able to arrange flowers?
08:50When you go home on the weekend.
08:52Oh, okay.
08:53Where's all this free time?
08:54Your ample free time and your ample space in your house.
08:57Let's talk about another story that caught our eye.
08:59Of course, we're awaiting Nike results.
09:01There was a great story on the terminal today.
09:02What would you put in your room?
09:03In my room?
09:04Yeah, if you had a free room and you could just make it.
09:06Well, horses are really big.
09:07I'd probably just have a room for my cat.
09:09You said that a cigar lounge sounds stinky, but having a horse inside your home, I think.
09:13Yeah, that sounds definitely stinky.
09:14No, I crave the smell of horses.
09:16They kick the wall, too.
09:16Anyway, let's talk a little bit about New York City's running boom.
09:20As I mentioned, we're awaiting Nike results.
09:22There was a great story about how-
09:23Horses and running.
09:24This is like the Katie Greifeld special today.
09:26I know, or it was going to be.
09:28But the running boom, apparently it has generated an estimated $934 million for New York City's economy in the fiscal year through March.
09:37A lot of that is driven by out-of-town visitors, of course, coming in for the marathon and the like.
09:42Yeah, I just want to bring you some breaking news.
09:44The redhead crossing the Bloomberg terminal, the president of the United States, Donald Trump, saying that the U.S. has reached a deal with Harvard.
09:50I wish you'd just point out, I have no extra details on exactly what this is, but he is speaking right now in the Oval Office.
09:56You can see him there.
09:57We're going to try to get you some more details on that.
09:59But, of course, the president picking a lot of fights with some of the higher institutions in this nation, and some of those institutions have sought to settle with the U.S. government.
10:07Trump now saying that a deal apparently has been reached with Harvard University.
10:11All right, we'll look for some more information in terms of the specifics on that deal.
Recommended
10:39
|
Up next
1:57
1:58
10:13
10:20
11:43
10:31
10:03
11:10
10:33
10:53
10:04
6:37
6:36
10:24
10:04
7:54
10:26
6:11
Be the first to comment