00:00We're about two minutes away from the end of the trading day. Katie Greifeld and Bailey Lipschultz
00:04in for Romain Bostic. And here to help take us through the closing bell, it's a global simulcast.
00:09We're joined by Tim Stenevich and Emily Grafeo. She's in for Carol Masser. We bring together all
00:14of our various audiences, Tim Stenevich, to talk about, man, it looks like that seven-day winning
00:20streak on the S&P 500, it's going to break today. Yeah, it looks like it's going to break today.
00:26At
00:26one point, it wasn't, though. It was going to become an eighth day. Still, if you look at what
00:29the S&P 500 has done this week, it's the best week in months. At one point, it was going
00:35to be the
00:35best week in almost a year. But even, Emily, with today's decline, it's still looking like the best
00:40five-day period going back to November 28th of last year. Yeah, and the U.S. equity benchmark just a
00:45few weeks ago was really down for the year. It's now about flat on a year-to-date basis, so
00:50we'll
00:51continue to watch that as we head into earnings season next week. Yeah, and it does continue to
00:55be a market that really is driven in part by what oil is doing. And I also just want to
00:59call out that
00:59the MAG-7 up more than 5% on the last two weeks, so outperforming to the upside to start
01:04April, even after that pretty putrid performance in March. Yeah, I have to say, though, we were
01:08talking about this a little bit earlier. It's interesting that you take a look at the S&P 500
01:12since March. We're pretty much round-trip. We've taken back a lot of those losses. Can't say the
01:17same when you take a look at the 10-year Treasury yield, for example, Tim. Yeah, I'm glad you said
01:21that. And, you know, if you think about from the perspective of, okay, what is actually being
01:26priced in where? The stock market and the equity market saying, okay, we're kind of back to where
01:30we were before the war. Bond market, not. And the oil market, like Bailey said, not either. Who do
01:35you trust, Katie? Who do you trust? You can only trust yourself at the end of the day, Tim. But
01:40let's take a look at these closing numbers on this Friday. The S&P 500, as we were talking about,
01:45it's going to snap its winning ways down just a tenth of a percent, though. And we know it has
01:49been
01:50a blockbuster week overall for the equity market. Similar story when it comes to the Dow. Down a
01:56little bit more. You can't take too much information from that because it's a price-weighted
02:00index. But in any case, the Nasdaq managing to actually post a gain on this Friday higher by about
02:07four-tenths of a percent if you round up. And the small caps, too, also seeing slight losses here.
02:13Interestingly enough, even though we only saw a decline of about one-tenth of one percent in the
02:17S&P 500, the vast majority of stocks did fall today. 365 decliners in the S&P today, Bailey.
02:24137 did move to the upside. Yeah. And looking at it on a sector basis, your big laggards,
02:29consumer tech or consumer staples, excuse me, health care and financials, really only outperformance
02:34in tech materials and consumer discretionary. So an interesting scene going on underneath the
02:39surface on a day that we ended up down incrementally. Well, let's get to some of the stocks that moved
02:44and got our attention today. I want to start with the gainers. CoreWeave shares finished the day up
02:49by more than 10 percent. This after Anthropic agreed to tap data center capacity from the
02:55NeoCloud to handle increasing demand for its AI services. It's a multi-year deal. It'll help
03:00Anthropic build and deploy its cloud AI models and includes a variety of NVIDIA chip architectures at
03:05data centers in the U.S. So CoreWeave now counts four of the largest AI model makers, including
03:12Anthropic, OpenAI, Google and Meta as customers. That's according to the company's CEO.
03:18Also, I wanted to talk a little bit about one of the big gainers, Organon and Co. Shares climbed
03:24today 28 percent. It was the most intraday on record. The Economic Times reported that Sun
03:31Pharmaceutical is set to make a 12 billion dollar offer for the women's health company. Sun Pharmaceutical
03:36said the report was, quote, speculative, but that still didn't cause shares to move away from those
03:42highs. Organon surged close to 18 percent for its best day on record yesterday. Sun Pharma has
03:47completed detailed due diligence that lasted over three months and is now finalizing a financing
03:51package before submitting a firm offer in the coming weeks. That's according to the Economic
03:55Times. Tim, do you know the best part about Organon? I don't. They are headquartered in Jersey
03:59City. You know what's so funny? I was actually just going to say, you know what the best part about
04:03CoreWeave is? They're based in Livingston. They're down the road from where I live. This is a New
04:07Jersey. I don't know what the third company, where Commvault's based. Commvault is in the
04:11Midwest. Oh, well. Sorry. Two out of three ain't bad. Yeah. I've heard a song about it. Commvault
04:15Systems. I'm sorry, guys, but it's okay. You know, you guys are both in New Jersey too. Yeah,
04:19I was going to say, you know what the best thing about Jersey City is? What is it? It's right
04:23next
04:23to Hoboken, New Jersey. Okay, let's move on. Let's see what Commvault Systems did. There it is,
04:29up more than 10 percent today. It's the data management software company. It's exploring a sale after
04:33receiving takeover interest from multiple parties. This is according to Reuters, who cited four
04:38unidentified people who are familiar with the matter. CVLT is the ticker. I just want to double
04:44check and make sure it's not in New Jersey, guys. Yeah, please. It is in New Jersey. No way. It's
04:49in
04:49New Jersey. Tim, when are you moving to New Jersey? I had it wrong. I can't believe I was looking
04:55at a
04:55different company earlier. Tim, you should move to New Jersey. If you squint, New Jersey is kind of in the
04:58Midwest. I didn't even mean to do this today. It's in the Midwest of New Jersey, I guess you could
05:03say.
05:04Yeah. Okay. Emily, take it away. All right. I haven't researched where any of my decliners are
05:09headquartered, so I apologize for that. But let's take a look at Fair Isaac, also known as FICO,
05:17falling as much as 15 percent today, the most intraday since July, and hitting the lowest level
05:22since November 2023. Analysts on Wall Street pointing to a recent Housing Wire podcast with the CEO
05:28of the Mortgage Bankers Association, where the exec discussed measures to help home purchase
05:33affordability, including increasing credit score bureau competition, and also calling for modernizing
05:39credit reporting and allowing market forces to prevail. So that weighing on shares of that stock,
05:46maybe the company's headquartered in New Jersey. It's actually headquartered in Montana.
05:50Montana. I'm curious. Okay. All right. Thank you, Katie, for that. What's next?
05:53I'm also watching ServiceNow. Those shares down 8 percent to close out this Friday,
06:00extending a recent sell-off as UBS downgrades the company to neutral from buy. This is actually
06:05a four straight day of declines. Four, ServiceNow has lost about 19 percent just in this week,
06:11and the share is now trading at the lowest level since 2023. CoreWeave was higher. ServiceNow is down.
06:16ServiceNow, more of a software name. Again, that trade rippling through the market of these companies
06:21that can be vulnerable to an AI disruption. That kind of still percolating here for ServiceNow.
06:28And then finally, simply good foods. I feel like we're all, all of us here are protein maxers. We all
06:35like protein, right? Huge on protein. Actually, Billy, are you huge on protein?
06:39I don't max anything, but I do need protein. I prefer protein, but I get confused when max is
06:45spelled incorrectly. It's not at the end of anything. So if we couldn't like Bailey Lipschultz anymore,
06:49the man who doesn't max anything, I love that. Well, it's, protein's tough because sometimes when
06:55you package it into food, it doesn't taste great, and it feels more of like a chore than like a
07:00pleasure of eating it. That's true. I won't comment on any specific protein bars that I prefer, but we
07:06are watching shares of Simply Good Foods down, finishing the day down about 12 percent. They're the
07:11maker of Atkins and Quest food products, and they specifically. I love Quest. Okay, you do? I do.
07:17Sorry. Well, they said that their slower quarter over quarter Quest consumption was affected by slower
07:23base velocity in chips and bars. They slashed their annual forecast for the second quarter, falling
07:29short of Wall Street expectations. According to the DES page, they're based in Colorado. So
07:33just a small sample size, stocks that are upper base in New Jersey. Yeah. That's what we figured
07:40out today. I have to say, you know, I'm huge on protein. It's super important. Apparently,
07:44pregnant women are supposed to be getting like 100 grams of protein a day, which I'm not doing. But
07:50fiber is also really important, and I just want the audience to remember that. Geography lessons and
07:57nutrition. All right. The screen is telling me I should talk about yields right now. So let's do
08:01that, because we did see a sell-off today. We got CPI data this morning for the month of March.
08:07So it
08:07actually neatly encompassed what we've seen unfold in the Middle East so far. It was as expected, but
08:14I mean, the rate of change, we haven't seen that in about four years when it comes to the monthly
08:18measure. But you can see we saw a bit of a sell-off across the curve here. But we're within
08:23the ranges
08:24that we've been getting used to, though, again, compared to where we were at the end of February,
08:29sharply higher. You mentioned years, Katie. Something we've been talking about for years
08:34is the shortage of air traffic controllers. And the U.S. government is out with a new campaign to
08:39try to attract people to the profession. There are 3,000 short of targeted staffing levels. They
08:45have about 11,000 fully certified controllers. They're going after video gamers for the jobs of air
08:53traffic controllers. This campaign tells gamers they've been training to be controllers all along.
08:58The job offers average annual salaries of $155,000 after three years, Emily.
09:03The tagline of this campaign, it's not a game, it's a career. And of course, this isn't only a job,
09:10it's a really important one, as we face those shortages of airline employees.
09:15So all that time that people, you know, parents said, you're wasting time playing video games,
09:19you're actually preparing for maybe becoming an air traffic controller.
09:22I mean, it's a smart pitch, especially when you consider how high pressure being an air traffic
09:27controller is. I mean, I'm not saying that certain video games are as high pressure, obviously,
09:32but certainly if you love adrenaline, I think that those skills would map over.
09:37Let's quickly talk about what we're expecting, though, tonight. I guess this is related to air and space.
09:43Artemis 2, the mission, it's going to splash down in the Pacific Ocean this evening. We're going to
09:49see the crew capsule take a really fiery plunge through the planet's atmosphere before eventually
09:55splashing down. This was the 10-day lunar flyby, and now we're welcoming these astronauts back home.
10:01And Bloomberg TV is actually going to have special coverage of the splashdown. I believe that starts
10:06at 8 p.m. Eastern. And I actually think I'm going to be watching. I'll be on my couch.
10:09Yeah, this has been a really cool thing to just track as someone who enjoys talking about space and space
10:14movies, but really seeing in real time, Tim.
10:17It's really cool. I was able to watch the launch with my kids, plan to watch the splashdown with them
10:21tonight as well. So we are looking forward to that Bloomberg coverage this evening.
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