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00:00About two minutes away from the end of the trading day, Katie Greifeld and Bailey Lipschultz.
00:04He's in for Romain Bosick. And here to help take us through the closing bell, we're joined by a
00:09global simulcast, Carol Masser and Tim Stenevich. We welcome all of our various audiences on the
00:15Bloomberg platforms now. And Carol, you take a look at this market ripping higher on the final
00:21day of the month and the quarter. Traders thinking maybe there is an end in sight.
00:25Yeah, maybe there is. At least, you know, from the latest headlines, there's some optimism.
00:29We constantly, I feel like, see this when there's even a glimmer of good news. Investors,
00:33certainly in the equity markets, looking for a reason to buy. Having said that, I'm just going
00:37to pull up the S&P 500 when it comes to the month. We're down about 5% on the
00:42S&P 500, Tim.
00:43Okay. On the month.
00:44Hate to be a bummer. Sorry.
00:47Kind of like that you went there. Down on the S&P 500 for the year, 4.7%. So that's
00:53how it's looking.
00:53Hey, Bailey, do you remember Friday we made such a big deal? The NASDAQ 100 went into a correction,
00:58down 10% from a recent all-time high. Do you remember that?
01:01I do. I was not in for Romaine then, but I remember you're a big fan of technical corrections
01:05and what the market structure shows.
01:06You did join us, though, on the day on Bloomberg Business Week Daily. And it was a big deal.
01:13It happened again yesterday. It was still there. No longer in a correction if we close where
01:17it is now. Down just about 9% from those October highs.
01:19Well, we're about 30 seconds away from the close on the day. So unless something crazy happens.
01:24But, I mean, you guys make a good point. It has been a very ugly month.
01:28And there's still, sure, plenty of, you know, holes digging still left to go.
01:34I'm trying to mix metaphors. It's really hard. Let's talk about all the green on the screen.
01:37That's a nice distraction. The S&P 500 going to finish about 3% higher on the day.
01:43The NASDAQ even more so. You're seeing a lot of the bid coming into some of the most beaten down
01:48names.
01:48But that includes the chip names, your tech stocks as well. The Dow getting in on the action as well.
01:54It's going to finish about 2.5% higher. We're also going to show the Russell 2000 as well.
02:00Really, every part of the equity market rallied today, it feels like, Carol.
02:04Yeah, absolutely. Broad-based buying. So if you dip back into the S&P 500, folks, 419 names
02:11gaining on this Tuesday as we wrapped up the month and wrapped up the first quarter of 2026.
02:16Bailey, 83 to the downside, one unchanged.
02:18Yeah, and looking at it on an industry basis, we've got nine of the 11 sectors trading higher today.
02:24Look at that communication services rally, up more than 4%, as was Infotech.
02:29Your laggards, though, energy obviously down with oil and utilities, down about 0.1%.
02:35All right, so let's go to some of the individual gainers, if I may.
02:38Two names I want to pull up, Marvell Technology and NVIDIA, both gaining in today's session.
02:43In fact, Marvell, I believe it was the top gainer in the NASDAQ 100 today.
02:47NVIDIA taking a $2 billion stake in Marvell Technology, opening up its system to allow Marvell
02:53to integrate custom artificial intelligence chips and networking equipment on the platform.
02:58So the two agreeing to collaborate on the development of silicon photonics,
03:03which use light instead of traditional copper wiring to move data faster and more efficiently.
03:07And I'm going to assume that might be a little bit cheaper.
03:10So anyway, you've got Marvell Technology up almost 13% in today's session,
03:15probably some general euphoria also helping out that trade.
03:18Same story for NVIDIA, up about 5.6% in today's session.
03:22All right, so we saw a big market move.
03:26In fact, straight up, was it around midday or 1.30 or so?
03:30Yeah, just in the 12 to 1 o'clock hour.
03:33Okay, thank you.
03:33And that was after Iran's president said the country had the necessary will to end this war
03:37but expected certain requirements to be met according to the state-run IRNA.
03:42But anyway, you saw a lot of consumer discretionary names to the upside.
03:45So if you look at the S&P Composite Consumer Discretionary Index,
03:50you saw that index rallying today.
03:52And then you take a look at some of the travel and consumer names.
03:55American Airlines, first of all, the group, the discretionary group, up about 3.25%.
04:00If you go on over to some of the airlines, American up 5.5%.
04:04You had Delta up about 5.25%.
04:07And then you look at the S&P Super Composite Airline Index as a whole, up almost 6%.
04:12So again, some enthusiasm.
04:14Maybe energy prices are going to come down.
04:16People are going to go back to traveling.
04:18So that was something of a bright spot.
04:20And then I just want to – oh, yeah, go.
04:21I was just going to ask, is my flight that I haven't booked going to be cheaper yet
04:24or do I have to wait longer?
04:25I think you're going to be paying the money.
04:28Yeah, get ready, get ready.
04:30One more name, On Semiconductor.
04:32This, too, was a top name in the NASDAQ 100.
04:36Saishin Global over in China reporting out that U.S. power semiconductor maker On Semi
04:42said it will establish a greater China headquarters in Shanghai
04:46and invest about $50 million in the country over the next three years,
04:49stepping up local decision-making and investment as demand rises from EVs,
04:53renewable energy, and AI data centers.
04:55So the company announcing that move earlier today in Shanghai.
04:59So that was certainly an outperformer, up more than 11%, Tim.
05:02All right, let's look at some underperformers today.
05:04Let's start with energy.
05:06Energy stocks dropped – what?
05:08Oh, wow.
05:09The –
05:09Wah, wah, wah.
05:12All birds.
05:13All right.
05:14Yeah.
05:15Sorry, Tim.
05:16Did you just get rid of it?
05:17I don't even know what's going on here anymore.
05:19Did it just –
05:19I don't even know what's going on.
05:21You only picked losers today, Tim.
05:22I don't even know what's going on anymore.
05:24Man.
05:25All right.
05:25Here we go.
05:27Let's start that again.
05:27How about the energy stocks?
05:29Let's start with energy stocks.
05:30This is the entire S&P Energy Index.
05:33Fell today by more than 1%.
05:35We had big declines in companies like ExxonMobil, Chevron, EOG Resources,
05:41ConocoPhillips, Phillips 66, Valero, Oxidantile, Devin, and more.
05:45I just decided to do the entire index.
05:47It did fall for the reason that Carol talked about airline stocks higher today.
05:51Iran's president saying the country had the necessary will to end the war,
05:54and that is why we saw a rally in pretty much everything except for energy.
05:59This index, though, up 37% so far this year.
06:03A lot of M&A news today.
06:05I had to narrow it down to just one or two companies to talk about.
06:08McCormick & Co., the spice maker, down more than 6%.
06:11This after Unilever agreed to combine its food business with McCormick's
06:14in a $44.8 billion deal.
06:17It will create a global seasonings, sauces, and condiments company.
06:21Under the agreement, McCormick will pay Unilever $15.7 billion
06:24and the equivalent of $29.1 billion in McCormick shares
06:28for most of Unilever's food business,
06:30leaving Unilever and its shareholders 65% of the combined entity.
06:35All birds, all birds, all birds.
06:38I want to see what happened.
06:39Yes.
06:39The stock was down double digits today, but I guess it ended the day higher.
06:43But, Katie, go ahead and do treasuries.
06:44We can talk about all birds later.
06:45Might as well.
06:45Isn't it kind of sad, though, RIP, all birds?
06:48Yeah.
06:48Maybe they were such a big deal.
06:49They were really hot for a moment in time.
06:52Yeah.
06:52We do have some breaking news, though.
06:54Do you guys want to talk about it?
06:55Sure.
06:55OpenAI.
06:56This is a red headline crossing the Bloomberg terminal right now.
07:00OpenAI valued at $852 billion.
07:03That's after closing a $122 billion round.
07:08That is according to Bloomberg reporting.
07:11And, I mean, we're talking about ginormous numbers here, Bailey.
07:15And OpenAI, of course, is one of the names that's speculated that could go public this year,
07:20part of a very special cohort.
07:23Yeah, one of the three we're watching alongside Anthropik and SpaceX.
07:26Our reporting shows that SpaceX would probably be the first of the three with OpenAI looking at probably later in
07:32the year,
07:32maybe the fourth quarter.
07:33Just want to call out, though, $122 billion is not a small raise.
07:38That's not something that we had seen before, Carol.
07:41Yeah.
07:41Financing coming from several large tech companies.
07:43You might know their name, Amazon, NVIDIA, SoftBank Group, and there's a long list of other prominent backers.
07:50So, yeah, they're all kind of getting a piece of this.
07:52Yeah, Andreessen Horowitz, Abu Dhabi's MGX, D.E. Shaw Ventures.
07:56In a first for the company, too, OpenAI raised more than $3 billion from individual investors through bank channels.
08:03The startup said it will be included in several ETFs managed by Cathie Woods' ARK Invest,
08:07the goal of offering more people exposure to the AI firm.
08:10Did you get the $3 billion from individual investors, too?
08:13Yeah, that was pretty interesting.
08:14That is interesting.
08:15Did you all get a piece of that?
08:16Yeah.
08:17You know, it is part of a growing trend, though.
08:19Katie didn't say no.
08:21Just kidding.
08:21I'm a journalist.
08:23Anyway, it is part of a growing trend, which, you know, we've been covering.
08:27I know that Bailey covers it closely as well from the desk, too, that, you know,
08:30retail investors have been getting more involved on the IPO side of things.
08:35And a lot of companies have sort of catered to that demand.
08:39Yeah, we've seen SpaceX reportedly looking to earmark potentially 30 percent of a $75 billion deal.
08:45So that's north of $20 billion.
08:46And, Katie, to your point, we've been seeing a number of closed-end funds or other ways just to gamble
08:52or invest,
08:53have some form of exposure or perceived exposure to some of these big tech companies, Carol.
08:56All right.
08:57I'm going to shift gears, and I'm thinking about tomorrow.
08:59It's April Fool's Day.
09:00We're going to kick off the second quarter.
09:01We have President Trump having a meeting today at 5.
09:05I just wonder if we're going to get anything more on the war that kind of shifts the enthusiasm that
09:09we certainly saw in the equity trade today.
09:11The energy trade not necessarily seeing the same enthusiasm that the equity trade did.
09:17Sure, we did see oil fall as a result of this, Katie, but we're still over $100 a barrel both
09:23on WTI and on Brent.
09:25Ellen Wald at Transversal telling us she thinks that Brent should be significantly more expensive per barrel than it is
09:31where it is right now.
09:32I am really interested to see how it all settles when it comes to that cross-asset picture there.
09:37Obviously, today, straight-up euphoria when it comes to the equity market.
09:42You didn't see as big of a move when it comes to Brent, though, and you didn't see as big
09:46of a move when it comes to the bond market as well.
09:48A lot of the action was focused on equities.
09:51So it's going to be interesting to see whether it's sort of a delayed reaction when it comes to oil,
09:56when it comes to Treasuries,
09:57or maybe some of that enthusiasm drains a little bit from the equity market.
10:02Yeah, it's a really good point.
10:03We'll see what kind of follow-through we get tomorrow.
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