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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 Greifel, taking you through to that closing bell with a global simulcast.
00:08It starts now. Carol Masser there, scrunching up her face.
00:11Tim Stenevich without a tie. Welcome to our audiences across all of our audiences,
00:17across all of our platforms, including Carol Masser, our partnership with you two.
00:21Yeah, absolutely. Across all our platforms.
00:23You know, I've been keeping an eye on pharmaceuticals, man.
00:26They are on a tear for a second day.
00:28The group is up about 5 percent.
00:30A little while ago, we did see Politico reporting that the president is delaying farmer tariffs to negotiate those drug prices.
00:37So this is a White House official commenting to Politico.
00:40But it just continues the narrative and what we saw with the Pfizer CEO at the White House yesterday.
00:45And I just want to point out, too, just over the last few minutes, we did see a spike in GoodRx as well.
00:50We did.
00:50Up about 20 percent.
00:51That appears to be based on an interview that CEO is giving on another network.
00:55But we'll keep an eye on that as well.
00:56Hey, I'm watching what's happening in the equity market, but I think the bigger picture is what's happening in the bond market, Katie.
01:03I'm not going to steal Romaine's thunder here and talk totally about yields, but they're down across the curve.
01:07And the reaction to the ADP data that we got, we're not always we don't always see markets react to ADP.
01:14But that ADP might be the only payrolls data that we get this week.
01:18Well, that's the thing, Romaine and I, you know, we're talking about this yesterday, that you think about ADP and NFP.
01:23You're not supposed to trade ADP because the correlation is fuzzy there.
01:27But that might be all traders get this week.
01:30So clearly, as you say, the bond market reflecting that.
01:33Yeah.
01:33And this, of course, puts back into the spotlight, I think, not so much what we get from the private data,
01:38but more importantly, probably what we hear from corporations, particularly as we head into the earnings season in a couple of weeks,
01:44if this shutdown does indeed drag on.
01:46Nevertheless, you take a look at the closing bells here in New York.
01:49It is green across the screen for almost all of the major indices and averages here in this great United States of America.
01:56The Dow Jones Industrial Average, only fractionally higher, about a tenth of a percent, up 43 points, but that's good enough for a record high.
02:02The S&P 500 closing out right around 67.11.
02:06That's a record high.
02:07The Nasdaq Composite, up 95 points, or four-tenths of a percent.
02:10The Nasdaq 100, up more than 120 points, or five-tenths of a percent for a record high.
02:15And the Russell 2000, adding about a quarter of a percent here on the day, up six points, Carol.
02:20Yeah, it definitely feels bullish, right, Romain?
02:22But if you look at the S&P 500, you actually had more names in the index lower in today's session.
02:27284 to the downside, Katie.
02:29218 gaining ground, one unchanged.
02:31Well, it's a similar story when you take a look at the circle and the sectors,
02:34because you had more sectors in the red than you did in the green.
02:38You can see that right now that tech was a big contributor there to the upside.
02:43Health care also having a great day.
02:45Utilities getting in on the action.
02:47But then you take a look at what didn't do too hot.
02:50Communication services, financials, materials.
02:53You're a big loser on the day, but up overall for the benchmark.
02:56OK, what was really hot was Lithium Americas, man.
02:59This one was up about 23 percent.
03:01Shares rallying after U.S. Secretary of Energy, Chris, on Bloomberg Television, saying that the government, U.S. government.
03:06I'm sorry, where?
03:08Did you see the byline on that story?
03:10It was on the close.
03:10Did you guys see the byline on that story?
03:12With Katie Greifeld and Romain Bostic.
03:13It was iconic.
03:13Breaking news right here.
03:15I thought that would be enough.
03:16Oh, did you guys do it?
03:17I thought that would be enough to get Carol not to do this story today.
03:20Did I bury the lead?
03:21Oops.
03:22You buried the byline, but, you know, we'll allow it.
03:24Hey, guys, it's nice to see you get one.
03:26We'd like to make ourselves one.
03:29All right.
03:30Anyway, the U.S. Energy Secretary, yes, talking to Katie and Romain, saying that the U.S. government agreed to acquire a 5 percent stake in the company.
03:37So well done.
03:38Well done.
03:38Just one week ago, you might remember, is when the story started floating around, and that's when you saw that share price in this name jump almost 100 percent.
03:47It's up about 130 percent in the last week.
03:50All right.
03:50I'm going to jump over.
03:51Did you talk to the Nike CEO today by any chance?
03:53No, that wasn't us.
03:54Actually.
03:55Well, there's always tomorrow.
03:56Yeah.
03:56All right.
03:57So Nike up about 6 and a quarter percent in today's session.
04:00We broke down, of course.
04:01Challenge accepted.
04:03I love competition.
04:05Their earnings coming out yesterday after the close.
04:08Nike reported first quarter revenue.
04:09That beat the average analyst estimates, a sign its focus around specific sports, such as running and basketball, are starting to pay off.
04:15They're also working back with retailers.
04:16We talked to our Poonam Goyal about this, and that is a good thing for the company.
04:20I like Poonam.
04:21Yeah.
04:22I love her.
04:23She's, like, incredible.
04:24Pfizer.
04:25We talked about drug makers, man.
04:26On a tear.
04:27The group finishing up about 5 percent overall.
04:29Pfizer, certainly a beneficiary of the move up.
04:33This is coming.
04:33We know that Wall Street had long feared that policies were going to come out of the Trump administration that would impose aggressive drug pricing policies.
04:41But those fears largely laid to rest after Pfizer cut that deal with the White House.
04:46But we're also hearing it's going to play out to other drug makers.
04:50And as I mentioned, we did just see on the Bloomberg crossing about a half an hour or so ago from Politico that the president is said to be delaying pharma tariffs to negotiate those drug prices.
05:00It's coming from a White House official.
05:01And then you mentioned GoodRx.
05:03Yeah.
05:03Which was on another network.
05:05And that one, I'm sorry, Finley, I don't have – I didn't tell you about this one.
05:08But it was up about 19 percent in today's session.
05:11One more name I'm just going to throw in there.
05:13Another.
05:13Is this five or six?
05:14I lost count.
05:15Okay.
05:16AST Space Mobile.
05:17I just want to point it out.
05:18AST Space Mobile.
05:19On a tear, you're going to care.
05:20We're going to actually be talking to the president tomorrow.
05:22Up 16 percent.
05:24Announcing late yesterday about, like, success with their satellites.
05:28They are deploying satellites.
05:29Could be a competitor to someday, maybe to SpaceX.
05:32Yeah.
05:33Barclay's raising its price target to 60 from 37.
05:35They are upbeat on the company.
05:38So, anyway, catch our interview with the president tomorrow.
05:41Cheap tease, but I'm going to do it.
05:42I will tune into that.
05:43You should.
05:43All right.
05:44Well, tune into these decliners, please.
05:46The worst performer in the S&P 500 today, Corteva, down 9.1 percent.
05:51The company fell after it announced plans to separate into two independent companies.
05:56And it looks like they're failing to convince investors it's going to deliver any value.
06:02The separation is expected to be completed in the second half of next year.
06:05Investors are worried that the separation creates more volatility for the pesticide business, with shares falling today by 9.1 percent.
06:13Cal Maine Foods, they do eggs, and they are down 1.2 percent today.
06:18This after the company posted first quarter profit in sales.
06:21That disappointed.
06:21It turns out we're just buying fancier eggs.
06:25Did you hear this?
06:26No, go on.
06:27Consumers are looking for fancier egg varieties, cage-free, pasture-raised, and organic.
06:31They're considered more sustainable.
06:33There's a quirk, though, with egg pricing and long-term contracts, so sometimes specialty varieties can actually be cheaper than conventional ones.
06:41They are.
06:41Interesting.
06:42I just buy egg whites in a box.
06:44I got a guy in Brooklyn, and they're cheaper than in stores.
06:47Is it pasture, backyard-raised Brooklyn eggs?
06:50I don't know.
06:51He just shows up in a van on the side of the park, so who knows?
06:53You just get more and more interested in the van.
06:55The eggs are falling off the truck.
06:57He says they're all free-range.
06:59Hey, let's finish on Peloton, down 3.7 percent today.
07:03This after the company raised prices on hardware and membership fees and a product overhaul.
07:08New versions of the bike and the tread with a silver screen, swivel screen, excuse me.
07:13Price increases include an average bump around 11 percent for hardware and 19 percent for subscription fees.
07:18Mark Ehrman said investors concerned that maybe you could see some churn with these price increases when it comes to those membership prices.
07:26All right, let's take a quick look in yields.
07:27We actually did see a lot of buying activity, primarily led on the shorter end of the curve.
07:32That pushed yields lower across the curve, seven basis points on the two-year yield, about five basis points on your 10-year yield.
07:39And we should point out, if you run the work function on your Bloomberg terminal,
07:42you will see now that the conviction for further rate cuts this year is now a near certainty.
07:48The market pricing in at least one cut as an almost certainty at the end of October when that next meeting happens,
07:54and another one almost certainty when the Fed meets for its last meeting on December 10th.
07:59Super interesting narrative in the market, certainly, today.
08:02Hey, in terms of interesting stories that caught our attention, you know,
08:05we talk about celebrity endorsements and what that can do for a product.
08:08Well, Serena Williams, she has done an ad campaign with Roe, and as a result, it has definitely, yes,
08:17sparked demand for the company's weight loss program.
08:20Yeah, the company's CEO said the company has seen an elevated and consistent ability for Williams' story
08:24to resonate and drive traffic since this ad aired in August.
08:28Consumers should expect to see more from Roe and Williams, which have a multi-year partnership
08:32after the campaign led to a spike in web traffic and an influx of new customers.
08:36I always wonder, how much are these celebrities paid for partnerships like this?
08:42Well, maybe the question is how much has she invested in it?
08:46And, of course, we know, of course, Alex Ohanian's connection to Roe as well.
08:50But, I mean, it does sort of seem reminiscent of what we saw some years back when Oprah teamed up with Weight Watchers.
08:56She lost all that weight and then revealed that she was on the board.
08:58An actual investor was obviously a public stock.
09:00But you saw just how much people gravitated to that company and to that stock.
09:04And I know Roe isn't publicly traded, but you wonder if you'll see a similar type of activity.
09:08Yeah, absolutely.
09:09I will say, I see their ads all over the PATH stations.
09:12Charles Barkley, I think, has also signed up there.
09:15Are those ads going to still be allowed with the new restrictions coming from Health and Human Services?
09:22That's the question I have.
09:24It's a big question, and I don't have the answer.
09:26But I do want to talk quickly about Amazon here.
09:28I thought this was interesting.
09:30Amazon launching a private label food brand, Amazon Grocery.
09:36Amazon, I know that we only care about cloud when it comes to the stock, but they have been pushing so hard into food.
09:42They have that partnership with Winn-Dixie.
09:44They also have been expanding their food delivery.
09:47And now they have a private label food brand.
09:49So there you go.
09:50Amazon taking over.
09:51Can I just tell you, I find this confusing, because I feel like Amazon has sort of gone down this road.
09:56I'm talking specifically about their food and grocery strategy.
09:58Yeah, you're not the only one confused.
09:59And there's just so many brands and so many divisions.
10:01I remember sometimes you try to order something on Amazon that's food-related, but you have to do it through Fresh, or you can only do it through this and that.
10:07I mean, come on, guys.
10:08Just put it all together.
10:09Wow, they're combining Amazon Fresh and Happy Belly into one collection.
10:13You're not the only one who's confused.
10:15We do order our groceries on Amazon.
10:17Can you get Jassy on the phone?
10:18We use Whole Foods.
10:19I got some advice for him.
10:20So if you open the app and you actually click groceries, there are four different places you can order from in the app.
10:26Yeah, I know.
10:27So I think you're not the only one who's confused.
10:29Yeah, I just give up.
10:30You guys are cranky, man.
10:32This is why I get my aches from a guy on the street.
10:34That's true.
10:36Exactly.
10:36So let's confuse.
10:37Exactly.
10:37Bring on the farmer's markets, too.
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