00:00And right now we are two minutes away from the end of the trading day.
00:03Romain Bostic here with Katie Greifeld.
00:05We're taking you through to that closing bell with a global simulcast.
00:08Joining us right now is Carol Master and Tim Stenevich in the radio booth.
00:11Welcome to our audiences across all of our Bloomberg platforms,
00:14including our partnership with YouTube.
00:17As we count you down to the closing bell, it's just about a minute and a half to go.
00:20And we are going to focus on the markets here for just a bit here, Carol,
00:23as we see a pretty sizable rally on our hands to close out the month of November.
00:28Yeah, kind of interesting to see what is happening in the trade this week.
00:32And even, you know, as maybe there's some, I don't know,
00:35light volume and so on and so forth ahead of the holiday season here and Thanksgiving holiday.
00:40It does feel like investors, some optimism,
00:43and a lot of it probably has to do with expectations that indeed we get another cut by the Federal Reserve,
00:49that meeting, the FOMC meeting just a few weeks away now, Tim.
00:53Off our best levels of the day for the S&P 500.
00:55And interestingly enough, earlier in the session, it was more broad-based.
00:59We saw more than four stocks in the S&P 500 higher for every one stock that was lower.
01:03But now we're seeing 372 higher and 129 in the S&P 500 lower right now.
01:08And really, what a rally we've seen this week alone.
01:10Probably not a lot of volume backing that up.
01:13But still, as Romain pointed out earlier, when it comes to the month of November,
01:16the S&P 500 getting closer and closer to erasing those losses.
01:21This is the last full trading day of November, but we do have that half-day session coming up on Friday.
01:27We should also point out a lot of the key technical levels that were really under pressure just last week.
01:33Apparently, at least for the S&P and the NASDAQ, they've survived that test,
01:37now closing back above some of those intermediate moving averages here on this Wednesday afternoon.
01:43Green across the screen for most of the major indices here in the U.S.,
01:47including the Dow Jones Industrial Average, higher by more than 300 points or six-tenths of one percent.
01:52We'll call it seven-tenths of one percent to be precise.
01:54A similar move on a percentage basis for the S&P 500 higher.
01:57The NASDAQ composite up about eight-tenths of a percent.
02:00And you had relative marginal, I guess, keeping pace here.
02:04The Russell 2000 up about eight-tenths of one percent here to close out the day.
02:07It had been up more than one percent, but seeing a little bit of profit taking into the close.
02:11All right, I'm going to go back to the big caps, the S&P 500.
02:15We did see a few more names higher earlier in the session overall.
02:19Right now, though, the S&P finishing with a gain, as we said, but about 360 names in that index higher at the close,
02:28142 to the downside, Katie, one unchanged.
02:31But again, we saw more than, I think, 400 names gaining earlier in the session.
02:35Yeah, and you saw pretty good breadth when it comes to the sector performance as well.
02:38As you can see on the screen, information technology was your biggest gainer on the day in terms of points contribution,
02:46followed by financials, consumer discretionary, and consumer staples.
02:49In terms of what didn't exactly perform on this Wednesday, health care falling a bit,
02:54and communication services down about half a percent.
02:56A lot of that decline came down to Alphabet giving back some of the gains that we've seen that stock enjoy over the past couple days.
03:03I mean, occasionally it has to give back.
03:05I mean, what is it up, like almost 70% this year?
03:07Walk those up. Walk those up.
03:09Two sides to every trade.
03:10Hey, let's get to some of the individual gainers, if I may.
03:12I'm going to start with Dell Technologies.
03:14It's a top gainer in the S&P 500, this one finishing up 5.8% on the day.
03:20The company reported earnings late last night.
03:23It did raise its full-year forecast, analysts noting growth in AI server shipments as a highlight due to sustained demand
03:30for machines needed in the current data center boom.
03:32So just let me throw some numbers at you.
03:34Dell booking $12.3 billion of AI server orders on the fiscal third quarter.
03:38That ended October 31st.
03:40It shipped $5.6 billion worth of the servers and ended the quarter with a backlog of $18.4 billion.
03:46The company raised shipment projections for the year to $25 billion from $20 billion.
03:50So some outperformance there.
03:52Let's go to the retailers.
03:53One in particular because we've seen their earnings coming out over the last couple of weeks.
03:57Urban Outfitters finishing the day with a gain of more than 13%.
04:01The owner of Anthropology and Free People following positive reports from Abercrombie and also Gap.
04:09That's some of their peers, so we also heard some upbeat stuff from them.
04:12Shares of Urban Outfitters jumping.
04:13The company reported net sales for the third quarter that beat the average analyst estimate.
04:17Stock, by the way, it's up roughly 40% a year today, but about 15% of the float is short.
04:23JPMorgan and Barclays both raising their price targets on that stock.
04:26And I'm going to finish up with Robinhood Markets.
04:31That stock up about 11%.
04:33It's the number one gainer in the S&P 500 today.
04:36The company announced that it and Susquehanna International buying a majority stake in Ledger X.
04:40That's a U.S.-based derivatives exchange once owned by FTX, now run by Miami International Holdings.
04:46The deal giving the companies access to the prediction markets, which is something we've talked about a lot here in 2025.
04:52By the way, Robinhood Markets, it is up about 235% year-to-date, quite a run.
04:57Okay.
04:57Well, if you'd predicted that I would do decliners next, you would be correct.
05:01Starting with John Deere, Deere & Company, down 5.7%.
05:05The company's weak forecast for the year ahead reinforces the difficulty in predicting recovery in the U.S. farm economy due to uncertainty over the impact of tariffs and trade deals.
05:15The company's forecast for 2026 net income of $4 to $4.75 billion missed the average Bloomberg estimate and would be a drop from the $5.027 billion reported for the year just ended.
05:26Once again, shares of Deere down 5.7%.
05:30Also, taking a look at Alphabet Inc., GOOGL, down 1.1%.
05:35It was actually, on a points basis, the biggest decliner in the S&P 500 today.
05:40That company, those shares giving back a bit of the recent rally.
05:43Just to put this recent rally into context, it's up 15% just since November 11th.
05:47It's up 34% since September and up just roughly 70% so far this year, giving back a little bit of that rally, down 1.1% today.
05:57And finally, Zscaler, down 13%, falling the most, going back to September of 2024, so in more than a year.
06:05This, after the company forecast annual revenue, that came in only slightly above estimates.
06:10Investors certainly wanted to see more.
06:12Romain.
06:12All right.
06:12Let's check in on yields here.
06:14Kind of a weird day here.
06:15Your 10-year yield has been sort of straddling in the line on that 4% level.
06:19Looks like it's going to settle just below that.
06:21You saw yields on the longer end of the curve also move lower, including the 20- and 30-year, though a slight uptick in yields on the 2-year yield,
06:28up about two basis points despite the fact that when you look at pricing in the Fed Fund's futures market,
06:33you now have most traders now anticipating or at least betting on about a 90% chance right now that we're going to get a rate cut,
06:40a 25% percentage point rate cut at the Fed's meeting on December 9th and 10th.
06:45Yeah, man, how that has changed since the last Fed meeting and what we've heard from Jay Powell.
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