- 6 weeks ago
Category
🗞
NewsTranscript
00:00And right now we are two minutes away from the end of the trading day.
00:04Romain Bostic here alongside Katie Greifel, taking you through to that closing bell with
00:08the Global Simulcast.
00:08It starts right now.
00:10Carol Masser and Tim Senevic join us right now as we welcome our audiences across all
00:14of our Bloomberg platforms, including television, radio, our partnership with YouTube.
00:18The calm after the storm, Carol Masser, literally and figuratively when it comes to financial
00:22markets right now as we await a very busy week.
00:25Yeah, and that's where I want to go.
00:26I was looking at the MAG-7.
00:28Listen, they are up only about two-tenths of a percent so far here in 2026.
00:33It is a big week.
00:34We've got four reporting, Meta, Microsoft, Apple, and also Tesla.
00:39And today we're just seeing them higher by about seven-tenths of a percent.
00:42But I do feel like what we get from them will certainly be important to market momentum and
00:46also the market narrative.
00:48What about what we hear on Wednesday from Fed Chair Jay Powell?
00:50Oh, yeah, there is that.
00:51The questions at his press conference.
00:53You know, you could probably take a wager.
00:56Sorry, not a wager.
00:57You could probably predict something on one of the websites.
01:00You could probably take a wager, right?
01:01On, you know, is the first question going to be about a DOJ investigation or about the
01:06path of interest rates?
01:07Yeah.
01:08I don't know.
01:08I have to imagine that Fed Chair Jerome Powell will try not to say too much about anything,
01:13really.
01:14But it is interesting when you think about, you know, the trajectory of markets from here,
01:18the sentiment of the week, whether or not it's the Fed meeting or whether it's the big
01:23tech names that are going to be more important to determining that.
01:26And I don't know, Romina, we're just having that conversation.
01:29It feels like it's big tech that this is their week to shine.
01:32It was interesting looking at some of the notes out by analysts this morning and really
01:35expecting a bit of a broadening of the earnings picture, the idea that it's not just going
01:40to be those big tech names to watch, but some of the others that might actually post more
01:44meaningful and more importantly, more significant earnings and revenue growth that might actually
01:49help to keep the rally going.
01:50We do have a modest rally on our hands on this Monday afternoon, concentrated in mostly some of
01:56those big cap names.
01:57The Dow Jones Industrial Average adding 300 points or six-tenths of one percent.
02:01The S&P up about 35 points or a half a percentage point on the day.
02:05The Nasdaq adding four-tenths of a percent, while the Russell 2000, that's going to finish
02:08in the red, down about 10 points or four-tenths of one percent.
02:12All right, back to the S&P 500 I go.
02:14And we definitely did have some upward momentum among the large caps, 317 names in the S&P 500.
02:20Higher on this snowy Monday, Katie, 185 to the downside, one unchanged.
02:25Well, if you take a look at the sectors as measured by the circle, you certainly had
02:29more green than red.
02:30In terms of what led from a percentage perspective, communication services was at the top.
02:37Big moves when it comes to Alphabet, when it comes to Meta.
02:40Tech, you can see they're taking up a big slice as well.
02:44Utilities, financials, et cetera.
02:46In terms of what didn't perform on this Monday, consumer discretionary down about seven-tenths
02:50of a percent.
02:51You also had consumer staples and real estate just finishing, just barely in the red, Carol.
02:56All right, so let's go do something that we've been talking about.
02:59I'm assuming you guys, too.
03:00Rare Earth companies, they were definitely...
03:02Magnets, Carol.
03:03Magnets.
03:04Magnets.
03:05They were definitely on the move today.
03:07This on news that USA Rare Earth signed a non-binding agreement with the Commerce Department
03:11for $1.6 billion in funding the latest White House deal to boost production of rare earth
03:16elements on domestic soil.
03:18So you did see USA Rare Earths definitely moving to the upside, up about just shy of
03:23about 8%.
03:24I do want to point out, though, we did look at the whole space, and many of the names,
03:28whether it was MP Materials or Lithium Americas, they rallied but then dropped lower and actually
03:34sold off a bit.
03:35We talked with our own Jacob Lawrence here at Bloomberg, who covers this space, and he
03:39said, little company, they're in the very early stage, which you see with a lot of mining
03:44companies, yet to be known what kind of rare earths they have.
03:48It's a non-binding agreement.
03:49So it's basically the White House saying, we'll give you money, depending on how this
03:52pans out.
03:53But nonetheless, it was definitely on the move in today's session.
03:56Also moving higher, CoreWeave.
03:58So we'll flip it on over to that.
04:00NVIDIA, as you know, dominant maker when it comes to AI chips, investing an additional
04:04$2 billion in the cloud computing firm.
04:08It's also a key customer of CoreWeave, which got us all talking, once again, about circular
04:12financing.
04:13So that is something that we kind of keep front and center.
04:16You can see that stock, though, CoreWeave, up about 5.7%.
04:20It's up more than around 40% year to date.
04:22It is down more than 30%, though, since mid-August.
04:25So we know this one has been under some pressure, but still up pretty mightily here in 2026.
04:31GameStop.
04:32Thank you, Tim, for this one.
04:33He's like, Master, do you have your gainers?
04:35He's like, you got to do this one.
04:37GameStop up about 4.5%, rallying on heavy volume.
04:40Michael Burry is saying he's buying shares.
04:43He said this on Substack.
04:44He goes, I own GameStop.
04:45I've been buying it recently.
04:47I expect I am buying at what may soon be a one-times tangible book value, one-times net
04:52asset value.
04:53And he says, getting a young Ryan Cohn, investing and deploying the company's capital and cash
04:57flows, perhaps for the next 50 years.
04:59I am not counting on a short squeeze to realize long-term value.
05:02I believe in Ryan.
05:04There's more there.
05:05The stock went higher.
05:06That's my gainers.
05:08All right.
05:08You got the gainers, Carol.
05:10I got the decliners.
05:11Let's start with shares of Booz Allen Hamilton down more than 8% today.
05:14This after the U.S. Treasury Department said it canceled $21 million of contracts with
05:19the company after the consulting firm failed to protect taxpayer data, which it had access
05:24to, including President Trump's tax returns.
05:27The Treasury has 31 separate contracts with the company.
05:29It cited the case of Charles Littlejohn, a former Booz Allen employee who pleaded guilty
05:33in 2023 to felony charges for leaking records, including the president's tax returns.
05:38Also, the trade desk, among the worst performers in the S&P 500 today, down more than 7%.
05:45This after the company said the employment of CFO Alex Cahill was terminated over the weekend.
05:52Cahill's been CFO since August 21st.
05:54The company did name Tenille Davis, 55, as interim CFO, while the trade desk conducts a search
06:00for a permanent successor.
06:01And finally, some M&A news, or maybe a lack of M&A news for this final decline of Revolution
06:06Medicines.
06:07Shares falling today by 16, go ahead and round that up, 17%.
06:10It's an oncology company.
06:12Shares fell as much as 20%.
06:13That's like a bad EKG line.
06:15Yeah, it is.
06:16I mean, it's just been down all day.
06:18This after the Wall Street Journal reported that Merck ended talks to acquire the firm,
06:22citing people familiar with the matter.
06:24Bloomberg Intelligence's team wrote that the decision to end the deal talks refocuses attention
06:28on valuation discipline, with Target already up 48% so far this year.
06:33Once again, Revolution Medicines down 17% today.
06:37All right.
06:37We'll take a quick look at yields.
06:39Volatility was incredibly light.
06:41So, too, was volume.
06:42Did see a slight tick down on the 10-year yield here, just down by about one basis point,
06:49if you will.
06:49Second straight day of declines here.
06:51But again, a bit of a holding pattern, probably ahead of that two-day Fed meeting that kicks
06:55off tomorrow morning.
06:56All right.
06:56Just got to say, Tim and I love our AirTags from Apple, and they are announcing a new
07:02AirTag.
07:03It's got longer range.
07:03I'm sorry.
07:03So, you put one on each other so you know what's happening?
07:07Well, we don't go that far.
07:08But we put things on lots of other things.
07:10Sometimes I do.
07:11Like, I wish everything had an AirTag.
07:15Interesting.
07:16Like a pair of sunglasses.
07:17There are laws against putting them on people that, you know.
07:19That was an issue a few years ago.
07:21But sorry, Carol, we digress.
07:22Go ahead.
07:23All right.
07:23So, it can now locate lost items from up to 50% farther away.
07:28Its speaker is 50% louder than before.
07:30And, Tim, it's got a distinctive new chime.
07:32Yeah.
07:32Supposedly, it makes it easier to find items that have gone missing.
07:35I probably use, like, the find feature for my wallet or my keys or whatever a couple
07:41times a week.
07:43This was such a sleeper product a few years ago, and I just think it's one of those things.
07:48I'm not, you know, obviously I'm not endorsing things here, but it would do me well to have
07:53an AirTag in things that don't actually have AirTags on.
07:56It's on everything in, like, my household.
07:58Well, I told Carol.
07:58Carol didn't know this.
07:59Keys, luggage, backpacks.
08:00You can put these on your pets.
08:01You can put these on your pets.
08:03Uh, and Carol was like, I need one for my pet.
08:06And I was like, just put one on your pet.
08:07It's got a chip already.
08:09Yeah.
08:09Well, we have both.
08:10Yeah, that's true.
08:11You have an AirTag on your dog?
08:13I don't want to lose that.
08:13We do, yeah, on the collar, yeah.
08:15And we have a chip.
08:15You have an AirTag on the collar?
08:16Yeah, yeah.
08:17Can't you just call for the dog and she'll come to you?
08:19No.
08:20Not my dog.
08:20She's opposite.
08:22I have to say, I wish that I had put one on my wallet, which has been lost for over a
08:27month, but I'm doing okay.
08:28You know?
08:29Oh, bummer.
08:30The new wallet.
08:31It might still show up.
08:32The new wallet.
08:32It might still show up.
08:32That's what I keep praying for.
08:34I did think it's kind of interesting, though, that Apple kind of would announce this now.
08:37It's kind of like a ball.
08:38Everyone's looking for, you know, their developments on AI or Apple Car or whatever big thing.
08:43And they're like, hey, man, we're going to actually update this AirTags.
08:46You know, it's a good product.
08:47I use them, too, as well.
08:48Apple shares did rise today.
08:49That's not an endorsement, but I do like them.
08:51Yeah.
08:52They did rise on this?
08:53I mean, that's the only catalyst I can find.
08:55Is this what they're going to talk about on the conference call?
08:57Maybe.
08:57Shares are up 2.9%, so.
08:59All right.
09:00Well, something else I'm keeping an eye on, too, is, you know, I know you're all big skiers
09:04here.
09:04You know, this is kind of this ongoing issue now with the United States policies towards
09:09non-U.S. residents.
09:12And the idea that you had all these Canadians, particularly up here in the Northeast, that
09:15would just kind of cross over into Maine and Vermont and some of the upstate, you know,
09:20some of these states here to go skiing.
09:22They're not doing it.
09:22There was a great story on the Bloomberg Terminal about one ski resort in Vermont that actually
09:26saw a 35 percent drop in bookings from its Canadian customers.
09:31A lot of these resorts, we should point out, up near the border are heavily dependent on
09:35the Canadians coming across the border.
09:36So huge financial impact right now.
09:39I feel like, Tim, you have to say something.
09:41Well, I think what surprised me most about this, this is a great Businessweek story, Charles
09:45Gorovan writing this piece.
09:46I encourage everybody to check it out.
09:48But the person who runs the mountain, Steve Wright, he noticed that ticket sales were down.
09:53He called a hundred of these customers who had not renewed their passes this year to actually
09:59hear from them as to why they didn't do it.
10:03And he said overwhelmingly he heard about it as a result of U.S.-Canada relations.
10:07And he was really concerned about that.
10:09Look, I think there is an economic impact to all this stuff.
10:11We see what the shakeout ends up being.
10:13But this is a nice sort of, you know, microcosm of a real macro story, I think.
10:17And it goes both ways, too.
10:18I mean, you know, as somebody who grew up in the Midwest, you would cross drive up, cross
10:22over into Windsor, you know, did the tax free shopping and all that.
10:25And a lot of Americans aren't going over onto the Canadian side.
10:27So, you know, there's impacts on both sides of the border here.
10:30And, you know, who knows if we'll manage to work this out or not.
10:33But but real ramifications.
10:35Hey, guys, what are you doing after the show?
10:36I'm going skiing to Jay Peak.
10:38Are you?
10:38No, I'm going home.
10:39I was wondering if you guys want to go build a snowman.
10:41You know, we try.
10:43I tried to build one yesterday.
10:47The snow that we were getting late in the day, it was not it was not good snow for snowmen.
10:51Fluffy snow.
10:52Yeah, it's like a little.
10:53Great for shredding, though, man.
10:55Did you see Sean White with a snowboard?
10:57That was pretty cool.
Comments