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00:00And right now we are two minutes away from the end of the trading day.
00:03Romain Bostic here with Katie Greifel taking you through to that closing bell.
00:06It's a global simulcast.
00:08Carol Masser and Tim Stenevich join us now.
00:10Welcome to our audiences across all of our Bloomberg platforms, television, radio,
00:13our partnership with YouTube here on another topsy-turvy day in financial markets.
00:19Oil prices up, Carol Masser.
00:21Some stocks down.
00:22Gold, I'm told.
00:24Not having the best day.
00:25Why are you smiling, Carol Masser?
00:27All right.
00:28So we are watching the markets.
00:29I think it's been kind of an interesting day trading on maybe a little bit of movement
00:34off of what we heard from the president.
00:39Yeah.
00:40Okay.
00:41I'm looking at oil right now.
00:43Brent is still higher despite the fact that the president did make comments about the end
00:48of the war in Iran.
00:49Carol was referencing that before I rudely interrupted her.
00:51I'm sorry, Carol.
00:52No, that's okay.
00:52You are right, though, that oil is still up by 3.6%.
00:56That's Brent.
00:57And WTI, Katie, still up by 4.4% today, despite comments that the president made that the war
01:04is wrapping up.
01:06Yeah, it's interesting to see that reaction in oil, especially relative to what we got
01:10yesterday.
01:11I have been looking at gold, and I have been for a while.
01:15I'm looking at it today because we're looking at a 10th straight day of losses.
01:18I will keep repeating this stat.
01:21That is a record daily losing streak when it comes to gold.
01:25And it's interesting.
01:27As we were just discussing with Kwe Nguyen over at Research Affiliates Romaine, it still
01:31probably looks expensive right now.
01:33Also, on the gold point, too, I mean, we talk about that big drop, and I was looking at the
01:37drawdown.
01:37I mean, we're something like 19% down from that all-time high back in January.
01:42We haven't quite gotten to where we were back in 2022 when we had more than 20% drawdown
01:47in there, but we are getting close to it.
01:49And a lot of lines in the sand, particularly on the technical levels, pretty much across
01:53all of the major asset classes as we get the closing bells here in New York.
01:58It is red across the screen for most of the major indices with the Dow Jones Industrial
02:01Average down more than 80 points or about two-tenths of 1%.
02:05The S&P 500 down 25 points, 6,556.
02:09That number is important, down about four-tenths of 1% because that is a close below, once
02:13again, the 200-day moving average.
02:15The Nasdaq Composite down about eight-tenths of 1%.
02:18And you did get a little bit of activity to the upside when it came to the Russell 2000.
02:22That closed higher, Carol, by five-tenths of 1%.
02:25Yep.
02:25And going inside the S&P 500, you just gave how the numbers closed remain.
02:30But if I'm going to look at the S&P 500, you had about 286 names to the upside.
02:35On this Tuesday, 217.
02:37Katie, to the downside.
02:38Yeah.
02:38When you take a look at the sector levels, you definitely had more green than red.
02:43Seven sectors finishing in positive territory, just four finishing in the red.
02:48In terms of what did outperform today, energy as a sector higher by about 2%, getting back
02:54to what Tim was saying, what happened with Brent prices overall.
02:57Materials, utilities also on the leaderboard.
03:00In terms of what didn't do too hot on this Tuesday, communication services, a little bit
03:05of a wipeout there, down 2.5%.
03:07Real estate and then tech.
03:09That is the big red slice there, down about seven-tenths of a percent, Carol.
03:13All right.
03:14Let's get to some of the individual gainers.
03:16And I'm going to pull up actually two boards.
03:17And this is an area that just was on fire today.
03:21And we're talking about coal stocks rallying.
03:23Take a look.
03:24Peabody Energy up about 8%.
03:26You had Core Natural Resources, a gain of more than 6%, almost a 6% gain on Halidor Energy.
03:32Flip it on over to the second board, and you've got Alliance Resource Partners.
03:36That, too, was up about 2.7%.
03:38You had Alpha Metallurgical Resources, that was a gain of almost 9%, and more than 10%
03:43higher on Warrior Met Coal.
03:46These coal stocks climbing as that war in Iran, the U.S. war in Iran, continues, and there's
03:50tightened supplies of LNG, liquefied natural gas, and that's expected to increase demand
03:55for coal.
03:56So that is something that we are seeing in terms of a play.
03:59You've got to keep in mind that LNG, some of the impact, the Qatar, we're talking about
04:0330% of their capacity being knocked out.
04:06That is going to take something like three to five years to rebuild.
04:09So you are going to see folks looking for alternative energy suppliers and means, and that's why
04:15you've seen the coal sector really on fire today.
04:18And just for something different, real quickly, ticker JHG, we're talking about Janice Henderson,
04:23that was up about 2.7%.
04:25That's after Tri-On Fund Management and General Catalyst Group increased their bid to buy the
04:30asset manager to fend off a competing offer from Victory Capital.
04:34And the amended agreement is for about $52 a share in cash.
04:38You saw the stock of Janice just closing above that mark, and that $52 is about a $3 all-cash
04:44price increase.
04:45So we'll continue to watch that one.
04:47But again, another gainer.
04:48Tim, over to you.
04:49All right.
04:49Let's do a few decliners.
04:50I went with the whole index because software got so beat up today.
04:53This is the iShares tech software ETF.
04:55You know, they're taking a lot of liberties today.
04:563%.
04:57You've got to do what you've got to do.
05:00This after the information reported that AWS is developing an AI agent to automate some
05:06functions for sales, business development, and other groups that have been targeted in
05:10some sweeping job cuts.
05:12The agent being developed by AWS handles some of the workload of thousands of tech specialists
05:17in areas like cybersecurity and server networking.
05:19That's according to the report in the information.
05:21So we saw software stocks fall and remain lower throughout the day, down 4.3% for the
05:25iShares tech software ETF.
05:27Also, taking a look at what happened with shares of Uber today, they fell as the rideshare
05:32giant was reported to be in talks to acquire the German premium chauffeur services provider
05:36Blacklane.
05:37This is according to Manager Magazine.
05:39Exact details are unknown, but the company's valuation is likely to be in the high three-digit
05:43million euro range.
05:45That's according to sources close to Blacklane, according to Manager Magazine.
05:49Uber down today by about 3.7%.
05:52And finally, Circle Internet Group.
05:55This is the one that just soared after the IPO.
05:58What's going on?
05:59This is pretty wild.
06:00Down more than 20% today.
06:03It actually fell by more than 22% before bouncing off those lows.
06:07Worst day ever.
06:08Partly as a result of potential changes to stablecoin regulation, but mostly too about concerns
06:13about a competitor.
06:15So Tether said today that it entered into a formal agreement with a big four accounting firm,
06:19to complete its first full audit, creating speculation that the company could be preparing
06:23to move into the U.S.
06:25This according to a senior equity research analyst at Moness.
06:28Analysts believe also proposed changes to legislation could reduce incentives for holders
06:33to maintain balances and tokens rather than bank deposits.
06:36So make it more attractive to go back to the banks, less attractive to hold in stablecoins,
06:40which would affect Circle's revenue as well.
06:43All right.
06:43Let's take a quick look at where we stand in the yield space here.
06:46We actually did see pretty much an erasure of that drop in yields yesterday with an almost
06:51parallel shift higher in the yield curve.
06:53Though more activity, more selling that we saw on the two-year yield, an increase of about
06:58seven basis points on the day.
06:59The longer end, 30-year yields up about three to four basis points.
07:04Meanwhile, we do have some earnings.
07:06This coming from GameStop.
07:08Not a lot of details, but let me bring you the numbers that we do have.
07:11Fourth quarter net sales coming in at $1.1 billion.
07:15That is a decline of about 14% year over year.
07:19We're also getting adjusted EPS in at 49 cents.
07:24No comparison there.
07:25Also news coming through that GameStop won't be holding a conference call.
07:29I was going to say, I would just look forward to the conference call later for GameStop.
07:33Yeah, look for some detail there.
07:34You're not going to get it.
07:34Which they never do anymore.
07:36Interesting, though, the share is moving a lot after hours.
07:39They were down as much as 5%, but taking back some of those declines right now, Tim.
07:45So, I don't know, maybe that conference call, traders after hours, not too disappointed here.
07:51I guess if you don't have to do a conference call, why do one?
07:53I don't know.
07:54But this is kind of par for the course for GameStop.
07:56Shares down in the after hours by about 1%.
07:59All right.
08:00So, we won't be looking for headlines off of that call.
08:02Stock is, though, up almost 14% year to date, and it's about 16% of the float is short.
08:07Hey, Romain, we did this story for you, actually, because we've been looking at all of those TSA
08:13lines that are happening around the country.
08:18And flyers are trying to figure out, do I get to the airport two hours, three hours, six hours
08:22ahead of time?
08:23Some are finding they need to give it that much time.
08:28Others are finding they get there, and they're like, oh, the wait isn't so bad.
08:30Well, the reason we want to do this for Romain is because he had a real-life experience with
08:35this over the weekend.
08:36Well, first of all, slow your roll here, because I actually have to fly tomorrow.
08:41Oh, sorry.
08:42I'm a little nervous, and I've been, like, intensely checking the TSA wait times at Newark
08:47Airport, which for some reason I have to fly out of.
08:49Have you considered driving?
08:50It might be faster.
08:51I mean, you know, if you're going to wait in line for three to four hours.
08:54Surprisingly, Newark, for a change, actually isn't the worst out there, believe it or not.
08:58I think that's down.
08:59What time is your flight?
08:59Maybe we can do a live call-in for me.
09:01I was just thinking you could zoom in from the airport.
09:03Yeah.
09:03That was an update.
09:04Yeah.
09:04I do want to point out, though, if you're at the Philadelphia airport, do you know what
09:08the longest line is there right now?
09:09No.
09:10It's for the cheesesteaks.
09:11Apparently, they decided that today would be the best day to set the Guinness World Record
09:15for the longest line of cheesesteaks.
09:18Huh.
09:181,200 feet of meat, cheese, and bread, enough to cover four football fields, was laid out across
09:24the airport's BNC connector.
09:26And you want to know what?
09:27What?
09:28It still wasn't as long as the TSA line.
09:30Oh, too bad.
09:32Oh, that sounds so sad.
09:34All right, guys.
09:35That is a wrap.
09:36Cheesesteak.
09:37Do you like cheesesteak?
09:38Katie, you went to college in Pennsylvania.
09:40Yeah.
09:40Yeah.
09:41It's not for me.
09:42Okay.
09:42I'd love a good cheesesteak.
09:43It's not for you?
09:44What?
09:44Not for me.
09:45No.
09:45No eggs, you know?
09:47Okay.
09:48Let's go home.
09:49What?
09:49All right.
09:50All right.
09:50Cheesesteak?
09:50On that.
09:51Do you even know what a cheesesteak is?
09:53I'm somewhat familiar with the concept.
09:55No eggs?
09:56Yeah.
09:57Yeah.
09:57I think we have to go.
09:58I have to talk to Katie during the break.
10:00All right.
10:00Sorry.
10:01Work that out.
10:01Work on it, Romeo.
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