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00:00And right now we are two minutes away from the end of the trading day.
00:03Romain Bostic alongside Emily Grafail taking you through to that closing bell with the global simulcast.
00:08It starts now.
00:09Carol Master and Tim Stenevich join us in the radio booth.
00:12Welcome to our audiences across all of our Bloomberg platforms, including our partnership with YouTube on a decidedly soft day in a decidedly soft week.
00:20But, Carol, think about where we were on Monday.
00:23I know you weren't here, but hitting record highs.
00:25And it looked like for the large caps and it looked like that was going to be.
00:29Don't steal my thunder.
00:30The lead.
00:30I know.
00:31Should I just stop now?
00:32Yes, because I've been thinking about you a lot with the move up that we've seen.
00:37It's the suit effect, Carol.
00:38I'm in your head.
00:39That's why she's been thinking about you.
00:40Get out, get out, get out.
00:41No, small caps, right?
00:43I'm looking at what we are seeing about a 2% gain for the week overall.
00:47You look at the S&P 500, not even close.
00:49It's down about one third of 1%.
00:50We still have a few seconds to go.
00:53But look at that outperformance.
00:56I've been obviously focused on it.
00:57Is that what you wanted to say?
00:58I was going to.
00:59Well, I would have said it a little differently.
01:01Well, you would have been much more.
01:02Yeah.
01:03Romania.
01:04Yeah.
01:05Tim.
01:05I've been squarely focused on what's happening with Bitcoin this week because of that market
01:09structure bill and surprised to see that it's not under more pressure as a result of questions
01:14about the future of this bill.
01:16Brian Armstrong over at Coinbase pulling his support.
01:19A lot of questions about the future of it.
01:20But still, Bitcoin's up close to, well, above $95,000 right now.
01:25Yeah.
01:26It's kind of interesting, too.
01:27Obviously, this is a bit of a negotiating tactic by Coinbase and Brian Armstrong, which
01:30of course had an outsized influence on the last presidential cycle with some of the donations
01:35that they rallied from the digital asset industry.
01:38That, of course, will be a big story going forward over the next few days.
01:41Just a reminder, next week, it's going to be a monster week here.
01:44We get several earnings.
01:45The president's in Davos, and we have a big Supreme Court opinion on the Fed governorship
01:50and quite a few other things, potential tariff ruling.
01:52All of this combining to keep the market maybe a bit in check here on this Friday afternoon.
01:57The Dow Jones Industrial Average is going to lose about 80 points or a two-tenth of 1%.
02:01The S&P 500 only losing about five points, but that's still going to be down less than
02:05a tenth of a percent on the day.
02:06A similar move lower on a percentage basis for the NASDAQ composite and the NASDAQ 100.
02:12But you have to talk about the Russell 2000 holding in the green once again, 11 straight
02:16session, outperforming the broader market.
02:19We have not seen that streak of outperformance by the Russell 2000 relative to the large
02:23cap since at least before I was born in the 1980s.
02:27Wow.
02:30I think the only person around who is not born yet is on your set.
02:34Wait, that makes you wait.
02:36How old?
02:36And it's not you, Romain.
02:37No.
02:38Hey, I'm going to go back to the big caps just for a moment, because in today's trade,
02:42almost an even number of winners and losers, if I may say it that way.
02:47Like 227 names in the S&P 500 gaining in the Friday trade, Emily, 276 to the downside.
02:54Yeah.
02:54And we take a look at the circle here.
02:56You only had one, two, three, four, five, five of the major S&P sectors, five of the
03:0111 in the green today.
03:02And the outsized move was actually in real estate, a 1.2% move for that group higher.
03:07And we should just point out the second best gainer in that area was industrials.
03:12And that was only half, half of those gains.
03:14Tech not doing anything on the day, health care in the red.
03:17All right, guys, let's get to some of the individual gainers, if I may, in today's session.
03:21Got to talk about semiconductors again, some outperformance there in the trade.
03:26ASML holding.
03:27Morgan Stanley laying out its bullish case for why investors should buy the stock, saying,
03:32in the most optimistic scenario, the stock has a 70% rally ahead as chip makers ramp up
03:37spending to meet soaring demand for artificial intelligence.
03:40So you saw ASML up about 2% in the trade.
03:43And I've got to mention semiconductors, they continue to be on a tear.
03:47They, as a group overall, most names in that index higher.
03:50The Philadelphia Semiconductor Index up more than 1% in today's session.
03:54All right, let's go to AST Space Mobile.
03:58Shares soaring in today's session.
04:00You saw that one up about 14%, up 19% at its highs intraday.
04:06But again, outperformance there, the satellite internet company was given prime contract
04:11position for the U.S. Missile Defense Agency's SHIELD program, something the president has
04:16talked about.
04:17It is connected, of course, to his Golden Dome effort.
04:20Stock up about 60% year to date, 17%, excuse me, of the float is short.
04:26But again, some outperformance.
04:28Want to mention a bio...
04:28What is the Golden Dome?
04:30Well, you know.
04:31I don't know.
04:31...to protecting terms of missiles coming in.
04:34Oh.
04:35And this idea of, like, fighting back...
04:36He knows.
04:37I must have been off that day.
04:37He knows.
04:38He's just being Romaine.
04:39You know, why don't you do this to me?
04:41Okay.
04:41Move it along.
04:42I think you cut your mic, Romaine.
04:45Immunity Bio, ticker is IBRX.
04:48That one up.
04:48Check it out, guys.
04:49Up almost 40% in today's session.
04:52It's a $5.2 billion market cap company extending its advance for an 11th straight session.
04:57It's a record streak.
04:58A company giving efficacy results from a clinical cancer trial for patients with a type of cancer
05:03that affects the lymphatic system.
05:05So really some outperformance there based on that trial.
05:09And I've got to talk a little bit about the power sector.
05:11Talking about it all day, I'm sure you guys have as well today.
05:14President Trump moving to make tech giants pay for surging power costs.
05:18Analysts have been trying to figure out the winners and losers in here.
05:21And GE Vranova was certainly one maker of natural gas turbines.
05:24Analysts seeing this as one of the winners.
05:26And you saw GE Vranova up more than 6% in today's session.
05:29Now to the losers.
05:31What?
05:32She said losers and pointed right at me.
05:33That's OK.
05:34I'm glad you ended with GE Vranova because that's exactly where I want to start.
05:38We didn't see.
05:39We saw some stocks move lower as a result of this move from the White House.
05:42Constellation Energy Group, look at this.
05:44At the bottom of the S&P 500, down 9.8%.
05:47Worst performer.
05:48We've been talking about this all day.
05:49That move that caused GE Vranova shares to move higher caused some of the large power generation companies to move lower.
05:56Supply and demand here.
05:58If more power is available, if there is more supply, then prices could drop.
06:02And, you know, these companies would not benefit as a result.
06:05But Josh Saul on our program earlier reminding us this type of thing years out.
06:10Infrastructure takes a very long time to be built in the U.S.
06:12But still, this is the immediate share reaction that we saw.
06:16Also, the Mosaic Company shares falling today.
06:18This after the company reported a significant decline in North American fertilizer demand in the fourth quarter of 2025.
06:25Phosphate sales volume fell at about 1.3 million tons.
06:29Shares falling today by about 4.5%.
06:32And finally, looking at DraftKings and Flutter Entertainment, the publicly traded companies in the sports betting industry.
06:41DraftKings falling 8%.
06:42Flutter, the parent company of FanDuel, down 6.3% today.
06:46This after weekly data from the New York State Gaming Commission showed that the revenue from online sports gambling fell during the NFL's wildcard weekend.
06:55It typically attracts more bettors to games.
06:57This decline comes at the same time the volume of sports wagers on competing prediction market platforms grows.
07:03You can, you know, you don't just bet on the new Fed share, Romain.
07:06Bet on the new Fed share.
07:07On Polymarket.
07:07Yeah, I don't do that.
07:08You bet on NFL outcomes, too, I guess.
07:10You're betting on, right?
07:11You know who I always bet on?
07:12How many people Taylor invites to her wedding?
07:14Is that what you're betting on?
07:16You bet on how many times Romain is going to interrupt Carol.
07:19Oh.
07:19I don't know why the one you're talking about.
07:21Just root for the Bears this weekend.
07:23Taylor Swift.
07:23Taylor Swift.
07:24Okay, because you threw me off there.
07:25I was talking about a different Taylor.
07:26Emily, thank you for being with it.
07:28I was like, by the way.
07:28The wedding of the year.
07:30The wedding of the year, yes.
07:31Thank you, T-Wigs.
07:34Yields.
07:35Can we get to yields here?
07:35They moved higher, and that is significant here because we talk about a market that overall
07:40seems to think that through the course of this year, yields will move lower, but at
07:44least for right now, moving higher on the day and on the week.
07:48Carol.
07:48Oh, so where are we going?
07:49We're going to college.
07:50We're going to go to college.
07:51Well, maybe not so many people are going to be going to college.
07:54Great Bloomberg Big Take story that's on the terminal, and it's basically talking about
07:59what's going on in terms of the U.S. birth rate in the United States, leaving too many
08:04colleges with too few kids.
08:06And we've seen the birth rate plunge since the 1950s.
08:10We saw a little bit of a kick up during COVID or during the financial crisis, excuse me.
08:17But basically, we're seeing it shrink.
08:19And so you think about the implications.
08:21We've already seen a bunch of schools closing, and so this is going to be tough, certainly,
08:25on the educational sector.
08:26What I like about this story is it's a completely different take on what a declining birth rate
08:30in this country means.
08:31This is all about higher education because oftentimes we talk about this in the context
08:35of, okay, what does it mean for Social Security in the future?
08:38What does it mean for the economic growth, especially with the decline in immigration in the U.S.,
08:42which has filled the fact that Americans aren't having as many kids in recent years as they
08:47had a few generations ago?
08:49But there are serious implications not just for those things, but also for the higher
08:53education industry.
08:54It's kind of like K-shaped.
08:55You have the really good schools, harder and harder to get into, and then fewer people
08:59wanting to go to the schools that aren't necessarily at the highest end.
09:02This is a great story.
09:02I got two nitpicks.
09:03One, I wanted them to analyze a little bit more as to whether we just had too many colleges,
09:07universities to begin with, which I think was a big part of the problem.
09:10Also, the idea that there's a huge demographic of people opting not to go into colleges and universities
09:16and just go straight into the, wow, sorry, Tim.
09:19Oh, that's what happened.
09:21Wow, they were like, we're done with you guys.
09:23Was it something I said?
09:24It was a long weekend.
09:27What happened there?
09:28I don't know, that was cool.
09:29Say goodbye, girl.
09:31Goodbye.
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