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00:00And right now we are two minutes away from the end of the trading day.
00:04Romain Bostic alongside Katie Greifeld taking you through to that closing bell with the global simulcast.
00:08We're joined now by Carol Masser and Tim Stenevich in the radio booth.
00:12Welcome to our audiences across all of our Bloomberg platforms, including our partnership with YouTube.
00:17We've got a lot to unpack here, guys, so light your incense, sage, hide the kids.
00:21Carol Masser, what do you make here of the sell-off today?
00:24What do I make of the sell-off today?
00:26It's kind of these narratives that have been kicking around for the last couple of weeks, right?
00:29Concerned about the AI spend and build-out.
00:32I also think the Fed speak has been a little conflicting.
00:35And, you know, speaking of that, you guys, I'm sure we're just breaking these headlines from the Wall Street Journal, you know, that the president's leaning towards Kevin Walsh.
00:44It's a Kevin, right?
00:45It's definitely a Kevin.
00:46It's definitely a Kevin.
00:47It's definitely a Kevin.
00:48Well, you know, it is definitely a Kevin as far as we know now.
00:52Yeah.
00:52Right?
00:53You know, well, why wouldn't it not be now?
00:54Well, we all thought it was Kevin Hassett a few weeks ago.
00:58Is it Kevin McAllister, maybe?
01:00I'm just saying.
01:01I like it.
01:01That's a Home Alone reference to everybody out there.
01:04Thanks, Tim.
01:05Children of the 80s.
01:05I'm just saying we're going to know when the president ultimately makes a decision and says it publicly.
01:10I was just looking at Polymarket because these odds are moving in real time.
01:13And just 10 minutes ago, even after the Wall Street Journal story broke, Kevin Hassett was still at 66%.
01:19Now, Kevin Hassett's down to 56%.
01:21Kevin Walsh up to 39% odds.
01:24The odds moving just in the last few minutes after this Wall Street Journal story crossed.
01:28Yeah.
01:29I want to know what the liquidity looks like in that market.
01:32Volumes, $39.9 million.
01:34Okay.
01:34I don't know whether or not that's a lie, but it's cool to have that stat.
01:40Yeah.
01:41Sorry, I got a little distracted.
01:42Are you placing your bet?
01:43Well, no.
01:44I went on to Google here to look up the most famous fictional Kevins in the world.
01:48Kevin McAllister does rank up number one.
01:50Kevin the minion is number two, in case you cared one way or the other.
01:54We don't need to go through the rest of the list.
01:56Let's get you the closing bells here in New York, which not only includes clapping and cheering,
02:00but actually confetti there at the NASDAQ.
02:02And I'm not sure why, but all of the major indices are in the red on the day.
02:06And it looks like mostly for the week.
02:08The Dow Jones Industrial Average is going to lose about five-tenths of one percent on the day.
02:11The S&P 500 down a full percentage point, about 73 points.
02:15The NASDAQ Composite, that's your main laggard, down about 1.7%.
02:18The NASDAQ 100 down about 1.9%.
02:21And the Russell 2000 also pulling back healthily on the day, down about 1.5%.
02:25Also Kevin Arnold from the Wonder Years.
02:27And Kevin Malone, The Office.
02:29Did you say that one?
02:30No, I didn't, but I used to love the Wonder Years.
02:32When did you?
02:32Yeah.
02:33I used to have a crush on them.
02:33I didn't, right?
02:35S&P 500, guys, almost an even split.
02:38221 names to the upside, Katie.
02:40281 to the downside, one unchanged.
02:42The Wonder Years is also a great band.
02:44But let's talk about the circle in front of us.
02:46You can see a real mixed bag here when it comes to the sector performance amid this sell-off.
02:51Five managing to finish in the green.
02:54Six in the red.
02:56In terms of what did do well today, consumer staples up top, higher by about nine-tenths
03:00of a percent.
03:01Certainly a defensive tilt there.
03:02Meanwhile, you take a look at what didn't perform, and you guessed it, it's tech, down
03:062.9% as a sector.
03:09Energy and communication services also certainly hurting today, Carol.
03:13Yeah, the Sox alone was down, I think, more than 5% in today's session.
03:16So you definitely saw that playing out.
03:18Thank you, Broadcom.
03:18It was 5.1% if we were going to be specific.
03:21Okay, you know.
03:22Worst day since October 10th.
03:23I am done.
03:25Let's get to some of the individual gainers, if we may, on this Friday.
03:28Lululemon, guys, check it out.
03:30Top gainer in the S&P 500 and NASDAQ 100, finishing the day with a gain of about 9.6%
03:36off its highs, but still nonetheless outperformance there.
03:39The shares rallying after the company boosted its full-year outlook, announced its CEO would
03:43step down.
03:44So, as we know, we were breaking this right late yesterday.
03:47The company looking for a replacement for the company's CEO, Calvin McDonald, who will
03:51depart the top post at the end of January.
03:54So, nonetheless, investors enthused about what's to come next for Lululemon.
03:59Hey, also, weed stocks, which have been taking a beating, kind of smoking today.
04:04This is insane.
04:05I know.
04:05Check this out.
04:06Canopy growth up 54% in today's session.
04:10That's the ADRs that trade here in the United States.
04:13Let's go over to Tilray.
04:14That went up about 44% in today's session.
04:17Again, backdrop is that we know that they've been beaten up a lot.
04:21So, just got to kind of put that into perspective.
04:24But what the news is, President Trump, or at least he's expected to direct his administration
04:28to move to reclassify marijuana as a less dangerous drug, according to people familiar.
04:33So, pushing to reclassify it as a Schedule III drug.
04:36Yeah.
04:36And that would be really a victory for companies and investors and patients who use medical marijuana.
04:41Did he address the issues that were in that most recent congressional bill that would
04:45effectively get rid of, like, edibles and a lot of other products?
04:47I don't know.
04:48Did he?
04:48No.
04:49Okay.
04:50All right.
04:50So, there's more to come, right?
04:51Is that a rhetorical question?
04:52I don't know.
04:53Most of my rhetorical questions are rhetorical.
04:54I never know whether to ignore and when to listen.
04:57All right.
04:57Another group on my mind, Fast Food, Fast Casual.
05:00Check it out, guys.
05:01Let me go through a couple of different names.
05:03You have Chipotle.
05:04That one is up 3.6%.
05:05Shake Shack's up 5%.
05:07Cava was up as much as 5.6%, ending the day with a gain of just shy of 1%.
05:12Baird analyst David Tarantino seeing these companies as potential beneficiaries from the
05:192026 World Cup, as you know, being hosted by U.S., Mexico, and Canada.
05:24Here's what he has to say.
05:25He says the increase in tourism and broader consumer mobility activity tied to each sporting
05:29event over the six-week period will lead to increased spending at restaurants in and
05:33around the host cities and also provide some of these brands a unique marketing opportunity.
05:37Yeah, they want to come and eat that American food, the Fast Casual that we're known for.
05:42Just saying, just saying.
05:44Eat and go, eat and go.
05:45All right.
05:45What do you got, Tim?
05:46All right.
05:46I got to start with shares at Oracle falling by 4.5%.
05:49This after Bloomberg's Brody Ford reported that the company has pushed back completion
05:53dates for some of the data centers it's developing for OpenAI to 2028 from 2027.
05:58This is according to people familiar with the work.
06:00The delay is largely due to labor and material shortages, said the people.
06:04Oracle, a spokesperson, said in a statement that the company remained confident in its
06:09ability to meet its obligations and future expansion plans.
06:12And Carol mentioned Broadcom down 11.4%.
06:15Worst day going back to January.
06:17You know, we spoke to Ian King about this earlier.
06:19He said the numbers were fantastic.
06:21It was that sales outlook, though, for the AI market failed to meet investors' expectations.
06:25Hocktan said the company has a backlog of $73 billion in AI product orders that will be
06:30shipped over the next six quarters, but warned that total margins were narrowing because of AI
06:35product sales and held off on giving an annual AI revenue forecast, saying it was a, quote,
06:40moving target.
06:41And finally, shares of Dell falling by 6.2%.
06:44This after Business Insider said the company is set to increase prices next week across its
06:49commercial product lines.
06:51Business Insider cited an internal list of upcoming price changes sent to staff on December 9th.
06:55Dell shares down by 6.2%.
06:57All right, a quick check on yields here.
07:00It was another interesting day, but more importantly, an interesting week.
07:02Two-year yields were lower on the day and on the week, but pretty much across the rest of the
07:07curve, we were higher, not just on the day, but on the week as well.
07:10In fact, two straight weeks now that we've seen the benchmark 10-year as well as the long
07:13bond, the 30-year, actually go up rather than down, despite some of those rate cuts.
07:20Oh, so let's go to some stories that have caught our attention.
07:22There's a lot of stuff coming at us this week, no doubt about it.
07:25This one, though, from Netflix, lots of malls, department stores that have either shut down
07:32and there's been some vacancies.
07:34Anyway, Netflix has been turning some of these malls and department stores into immersive
07:37playgrounds.
07:38So they've got a new permanent brand activation.
07:42They've got a movie theater and a retail outlet.
07:44It's called Netflix House.
07:45It's at the King of Prussia Mall in the Philly suburbs.
07:48And so you've got things like a twisted festival, an escape room, a sports bar.
07:53Yeah, Netflix-themed sports bar.
07:55It's all part of an effort to extend the lives of those popular TV shows, create these experiences
08:01that are away from the screen for its fans.
08:04Two more locations are planned to open in the U.S., Dallas, and also, you could probably
08:08guess, Las Vegas.
08:10It's pretty interesting.
08:11I mean, it sounds like a mini theme park housed inside a mall.
08:14It makes a lot of sense why they would do something like this.
08:17I do wonder what a Netflix-themed sports bar specifically would go by.
08:22I want to know what the squid game activation is.
08:24Oh, my God.
08:25Probably terrifying.
08:26What do you do with that?
08:27You know, speaking of malls, I don't know if you've had a chance.
08:30You know, if you go just up here away from Bloomberg World Headquarters, it's the big
08:34Ralph Lauren Flash flagship store here.
08:37Apparently, Ralph Lauren Christmas, the whole phrase, has been trending for quite some time.
08:41A reference to, if you've ever seen the decor that they have decked out, the sort of cozy,
08:45very sort of rich, homey feel that they put on their holiday decorations, their aesthetic,
08:51if you will.
08:52Apparently, it's taken off.
08:53And like, I guess, everything online, apparently now, it's going to consume every single thing
08:57that we do this Christmas.
08:58I really love that chart because, I mean, okay, the spike that we're seeing this year is certainly
09:04noticeable.
09:05But if you take a look, it's so consistent of a bump.
09:08Apparently, every Christmas, I didn't know this.
09:09People really want to know what's going on with Ralph Lauren Christmas.
09:13What I love about this, too, and I guess Carol and Tim have no comment on this, but it gets
09:16to the idea, though, too.
09:17I mean, it is very, like, it's very, you know, I mean, you know, they sell a whole round.
09:20It's almost like their normal aesthetic, you know.
09:22It's not even just like the Christmas.
09:23It's just that now it's, you know, red and green.
09:25But it's just, you know, the same, a lot of flannels and patterns and, you know, big
09:30leather chairs and fireplaces.
09:31That's what I was going to say.
09:32They have been, I feel like, selling and marketing a lifestyle for a long, long time.
09:36Their advertising has been like that for decades.
09:38And so, they just kind of amp it up around Christmas.
09:41It's kind of like your home, right, Romaine?
09:43It's kind of like...
09:44It's cozy.
09:44No.
09:45My home?
09:45No.
09:45My home's a mess.
09:46What's your favorite Christmas movie, Carol Messer?
09:49Die Hard?
09:51That's very funny.
09:52I like it.
09:53I have to watch...
09:54I end up having watching a Christmas story a lot.
09:57It's my husband's favorite.
09:58So, you know, I end up getting stuck watching that one.
10:00All right.
10:01I'll answer the question, too.
10:02I went to Cleveland earlier this year.
10:03I went to visit the Christmas story house.
10:05The actual house?
10:06Yeah.
10:06Christmas Vacation is the best one.
10:09Yeah.
10:09That's good, too.
10:10Katie?
10:11Elf should get a...
10:11Katie, you're going to weigh in.
10:12Is it Die Hard?
10:13Katie doesn't watch movies.
10:14Not really.
10:15Oh, oh.
10:16I'm more of a 20-minute TV show kind of gal.
10:19Or a six-second TikTok sounds pretty good.
10:21I also do love Love, actually.
10:23Yeah.
10:24That's a classic.
10:25I know.
10:25It's a classic.
10:25I know.
10:32But...
10:33I know.
10:45I know.
10:46I know.
10:46I know.
10:46I know.
10:47I know.
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