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00:00And right now we are two minutes away from the end of the trading day. Romain Bostic alongside Katie Greifeld
00:05taking you through to that closing bell with a global simulcast. Carol Masser and Tim Senevich join us now. Welcome
00:11to our audiences across all of our Bloomberg platforms, television, radio and our partnership with YouTube here. Carol Masser on
00:18yet another volatile day in equity markets.
00:21So we should point out just over the last few minutes or so, we saw both the S&P and
00:25the Nasdaq, which has spent the entire session in the red, briefly crossing over into the green. Yeah. And we
00:31just have about a minute and 18 seconds to go. So whether or not we'll end in the green is
00:36questionable. We do see the Russell, though, is there. But you're right. We've seen stocks move up to their best
00:41levels of the session. We've seen yields back off again. We are waiting to see. It's all about the war
00:47and the latest headlines, which has created some optimism in the markets.
00:50Yeah. The question is, does Pakistan have the sway here? Does the U.S. hold off for another two weeks,
00:58Katie, when it comes to this? Does Iran open the Strait of Hormuz? The president's press secretary, Caroline Levitt, just
01:04a few minutes ago saying that the president has been briefed on the proposal from Pakistan and that the response
01:12will come and that the president is aware.
01:14Yeah. And I mean, assuming we do get an extension of two weeks or whatever it will be, what is
01:19the off ramp, the eventual off ramp looks like, look like from there? Of course, there's a lot of big
01:24questions swirling around. But at least when it comes to this 8 p.m. deadline tonight, Romain, it looks like
01:31at least the two sides are considering what Pakistan has put forward.
01:34Yeah. And we should point out the markets are laser focused on this right now. In fact, on the Bloomberg
01:38Terminal, nine of the most read stories at this moment right now directly related to the situation going on in
01:45Iran.
01:46We get the closing bells here in New York. And look at that. We do end up with green on
01:50the screen. Modest green on the screen. But I think some folks will take it.
01:54The S&P 500, which opened in the red and spent most of the session in the red in the
01:58last few minutes, dipping into the green. And it's going to finish higher by about five points, less than a
02:03tenth of a percent.
02:04The Nasdaq composite up about a tenth of a percent as well. The Dow Jones Industrial Average couldn't escape completely,
02:10but it's only down on the day by two tenths of a percent.
02:13And we should point out the Russell 2000, the S&P 400 mid caps and Dow Transports, each finishing in
02:19the green.
02:20Yeah. Interesting. Quite a turn of events, if you will, throughout the session. And really just, as you said, Romain,
02:25just kind of late, very late in the day on those headlines.
02:28S&P 500, though, Katie, if you go back to it, not quite an even split. Still 294 names losing
02:34ground today. You had 207 to the upside and two unchanged.
02:38Well, slightly more gainers than losers when it comes to the sector level. You can see tech is green there.
02:45Let's talk about the biggest percentage gainers, though, because up at the top, you have communication services higher by about
02:51one percent.
02:52Second place goes to energy, higher by eight tenths of a percent, even though you did see crude drop today,
02:58especially into the close.
03:00Then you take a look at what didn't perform. Consumer staples is your biggest loser, with a 1.8 percent
03:06wipeout there.
03:07Consumer discretionary also a little bit in the dumps today. Carol.
03:11All right. Let's go to some of the individual gainers.
03:13It turns out I had actually a fair amount of names to choose from.
03:16So let's go to some of the health care names that dominated the top gainers list in the S&P
03:23500.
03:24So we're talking about UnitedHealth Group, Humana, CVS Health.
03:27Yeah, UnitedHealth up about 9.4 percent, Humana up almost 8 percent.
03:32CVS Health also, again, they're just shy of seven percentage points.
03:36The insurers that provide private Medicare Advantage plans for older Americans rose after the United States agreed to boost 2027
03:44payments by almost 2.5 percent more than its initial proposal and a respite for an industry squeezed by federal
03:50cost-cutting efforts.
03:51So we had analysts weighing in, one saying that the rate increase may let companies expand margins next year as
03:58long as they keep reducing benefits and managing expenses.
04:01But nonetheless, that sector outperforming.
04:04Let's go to Paramount Skydance, number one gainer in the S&P 500, a gain of just about 11 percent,
04:11just shy of that mark.
04:12Shares of the company climbing after it says it has entered into equity syndication agreements with Persian Gulf funds to
04:19support its acquisition of Warner Brothers Discovery.
04:21So finding some more money, we know that that's a pretty big deal.
04:24They entered deals with three sovereign wealth funds in the Gulf, those of Saudi Arabia, Abu Dhabi, and Qatar.
04:31So we definitely did see some support.
04:33I think there's always been some concern about how to kind of work this out financially, even though they are
04:39moving forward, as we know, Paramount Skydance and Warner Brothers linking up.
04:42And then one more for you.
04:43I want to go over to Broadcom.
04:45I think this was, yeah, number one gainer in the NASDAQ 100.
04:50Anthropix said its revenue run rate has now topped $30 billion, up from $9 billion at the end of 2025,
04:57and confirmed plans to work with Broadcom and Google to power its burgeoning operations.
05:03The AI startup said that demand for its clawed services has accelerated this year, with more than 1,000 business
05:09customers spending over $1 million on an annual basis.
05:12That figure has more than doubled since February.
05:15Just kind of blown off.
05:16That stock, by the way, Broadcom, up about 6.2%.
05:19I just had to laugh.
05:20You know, one of the best stories I read today, I don't know if you saw it on the...
05:23Which one?
05:24On the ARR numbers today.
05:26I'll send it to you, Carol.
05:27I know you don't actually read Bloomberg stories here, but it's about the metrics, if you will.
05:31Wow.
05:31And some very colorful language.
05:32You know, I always want to leave something for you, because I just want you to feel included in this
05:38process for me.
05:39That's sweet.
05:40I know.
05:40That's very considerate.
05:41I know.
05:42Yeah, thank you very much.
05:43Let's move on.
05:44Okay, we'll move on.
05:45Let's get to decliners.
05:46I do want to start with Apple.
05:47A really interesting day for Apple.
05:50Shares ended up falling by just over 2%.
05:53It started this morning, though.
05:54A report from Nikkei Asia fueled concerns about a delay in that foldable phone.
05:59Shares fell over 5% after the outlet said that the company was facing challenges in the engineering test phase
06:05of the phone.
06:06But Mark Gurman, out with a report later, that said the company's first foldable phone is on track to arrive
06:12during the normal iPhone launch period later this year.
06:15That's according to people with knowledge of the matter.
06:17So the stock...
06:18Is there demand for this?
06:19Those losses, sorry?
06:20Didn't Samsung have a foldable phone?
06:21Oh, other companies have foldable.
06:23I've seen, yeah.
06:24Okay, are they popular?
06:25This is Apple's.
06:26Oh, for sure.
06:26Mark, you know, I did this Q&A with Mark.
06:28A few weeks ago.
06:30Last Thursday.
06:31Yeah, it was a while, right?
06:31LinkedIn told me about it today.
06:34Okay.
06:35Anyway, he is so bullish on this idea of the foldable phone.
06:38Oh, yeah?
06:38Yeah, and a lot of analysts, too, agree that this will be something new that fuels sales.
06:43There are also questions about what that operating system looks like.
06:46Mark has reported that it, you know, is based on, like, an iPad operating system.
06:49Yeah.
06:49I'm curious about what this thing will look like.
06:51How many folds?
06:52I don't know how many folds.
06:53I haven't seen it yet.
06:55We should move on, though, because there are some other stocks that moved lower.
06:58Kimberly-Clark shares ended up falling today.
07:00This after a large fire at a Kimberly-Clark distribution center in Ontario, California.
07:04Shares fell by more than 4%.
07:06The fire chief or deputy fire chief of Ontario confirmed to Bloomberg News that a suspect had been arrested on
07:12arson charges.
07:13He said, quote, the fire was suspicious in nature from the initial stages.
07:17Kimberly-Clark spokesperson told Bloomberg News in an email statement that we are aware of the fire.
07:22Safety is our top priority.
07:23We can confirm there are no reported industries.
07:26We will share additional information as it becomes available.
07:29And finally, the trade desk shares falling today.
07:33This ended up falling by 6.8% at the close.
07:37Lowest intraday level going back to 2020.
07:39Adweek reported that three key executives are leaving the company.
07:43They cited the chief marketer, the executive vice president.
07:47Ian Colley, the executive vice president, will be replaced by Anna Sayre, who's worked on marketing at the company.
07:53This is according to Adweek.
07:54Shares taking a hit down 6.8% today.
07:56All right.
07:56Let's take a quick look at yields because the volatility that we saw in the equity space, we also saw
08:00it in treasuries as well.
08:02We had a lot of buying.
08:03We had a lot of selling.
08:04The net effect of it, though, was, of course, to the upside on a price basis.
08:08That's to push yields down on the shorter end of the curve, down about four basis points on your two
08:12and your five-year, about two basis points or so on your 10-year.
08:16All right.
08:17Something really important.
08:18You know what they say, Carol?
08:19What do they say?
08:19The best investment is in yourself.
08:21Have you heard that?
08:22So I didn't even know this.
08:24I've got to find out if I have some relatives.
08:25But the hedge fund, Master Capital Management, their main strategy posting double-digit gains in the first quarter, in part
08:36thanks to long oil positions as prices spiked after the Iran War.
08:40It's about $1.3 billion.
08:42Yeah, it's the Master Macro Commodity Strategy.
08:45And we need to tell you guys about it.
08:47I'm just so excited that you have this side hustle.
08:50Yeah.
08:51That we're all just – and you're still working next to me each day.
08:54I love that, Carol.
08:55I love the game.
08:56I so love it.
08:57I so love – and, you know, when Romaine jumps in, I love it even more.
09:01Well, when we saw this story, guys, and it was the Master Hedge Fund, we knew –
09:05I returned almost 13% through the end of March.
09:06I'm very impressed.
09:07Being long oil certainly helps there.
09:09All right.
09:10Are you saying that's an easy trade?
09:12Don't answer that.
09:13Yes.
09:13I don't know.
09:14Should have invested in Doritos.
09:16Nice.
09:17Let's talk a little bit about Doritos.
09:19Another interesting story on the Bloomberg Terminal.
09:22Doritos selling for $7 a bag ended up costing PepsiCo billions.
09:27That is the headline here.
09:28That's crazy.
09:28Yeah.
09:29According to Bloomberg News –
09:31How big is this bag?
09:32Probably not big enough, Romaine.
09:34But right now, PepsiCo, it's actually going to slash prices by up to 15% on some of their salty
09:40snacks after sales plunged and the company missed internal revenue targets for two years in a row.
09:46So the idea, they learned that if we charge people $7 for a bag of Doritos, they won't actually buy
09:50those Doritos?
09:51Is that the –
09:51Is that demand destruction?
09:52It's exactly what it is.
09:54Dorito demand destruction?
09:55Yeah.
09:56Did they have to put this in the cloud to figure this out or like a spreadsheet?
09:59So there is a – there is – the willingness to pay did not go to $7 for a bag?
10:03Huh.
10:04Okay.
10:05Okay.
10:06Is there like a CFO job opening up there, sir?
10:08What's easier to figure out, this Doritos story or the Anthropic ARR, Romaine?
10:12Neither.
10:13I opened that story by accident.
10:14I have the same expletive for both.
10:16I know.
10:17I know, exactly.
10:18Yeah.
10:18Exactly.
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