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00:00And right now we are two minutes away from the end of the trading day.
00:03Romain Bostic alongside Katie Greifel taking you through to that closing bell with a global simulcast.
00:08It's started. Carol Masser and Tim Stenevich pop up.
00:11Welcome to our audiences across all of our Bloomberg platforms, television, radio,
00:15our partnership with YouTube here on what looks to be a record-setting day,
00:19at least for the S&P 500 and the NASDAQ 100.
00:22It's just for you. It's a little gift to you now that you're back with us.
00:25I already made that joke, Carol.
00:27I love that it's a joke.
00:28Like, hey, what, NASDAQ 100, what are we, up 11 days now in a row?
00:32I mean, we continue to see momentum to the upside.
00:35Again, we know why, guys.
00:37It looks like, you know, it feels like some calm and looks like, once again, this war is progressing.
00:42But I got to tell you, we just talked with Brent Schutte over at Northwestern Mutual Wealth Management.
00:47You know, people continue to remind us that there are still a lot of things to worry about.
00:51And he actually thinks market's getting a little ahead of itself.
00:54Well, the low just at the end of March was around 63.49, Katie.
01:00It's up more than 10% in just that short period of time, less than a month.
01:05I guess the question is, you know, is this durable?
01:08Is it short covering?
01:09Some of the reporting has indicated, you know, earlier moves higher have been that.
01:14I don't know.
01:14Right. Yeah. I mean, it remains to be seen to the question of sustainability.
01:17I will say that this feels like more than a relief rally at this point.
01:22I mean, we've clawed back our losses when it comes to the big indexes.
01:25And now we're just moving on higher, even though, to Carol's point, there are a lot of big, big questions
01:31out there that have yet to be answered.
01:33Yeah. And particularly when we talk about where sentiment lies right now, I do just also want to draw your
01:38attention to the dollar a weaker, at least against the basket for an eighth straight day here.
01:43So that gives you some sense.
01:44But of course, the yield story is going to be a big one here as those yields across the curve
01:47higher on the day.
01:49As for equities, I do want to start out with the S&P 500.
01:527,022 and change as we wait for these numbers to settle.
01:56But no matter where it settles, that is going to be a record high, up about 55 points or eight
02:00tenths of one percent.
02:01A record high for the NASDAQ composite and the NASDAQ 100, each rising about one and a half to 1
02:06.6 percent on the day.
02:08And the Russell 2000 also getting on the action, up by about three tenths of a percent.
02:12But I do just want to point out quickly, the Dow Jones Industrial Average, the Dow Transports, and the S
02:16&P 400 mid caps all finishing in the red here.
02:19And that dovetails back with the yield story that there are still some concerns out there with regards to the
02:25bottom line for some of those companies most closely associated with the economic cycle.
02:30Well, you know, Romain, Katie's going to do this, and I'm going to just kick it off here, just digging
02:33deeper into the index.
02:34I mean, you look at the S&P, more names were actually lower today in the trade.
02:40279, Katie, to the downside.
02:41223 to the upside, one unchanged.
02:43So, yeah, it's not like investors were rushing out there to buy everything today.
02:47But they were rushing out there to buy tech, which I think is very telling when you take a look
02:53at this rally right now.
02:54But you're right.
02:55You take a look at the sector composition.
02:56Four sectors in the green, seven in the red, led by tech to the upside, higher by about 2 percent
03:02as a sector.
03:03Consumer discretionary, communication services, financials also in the green.
03:09In terms of what didn't do too well today, materials down by about 1.3 percent, industrials, utility, health care.
03:16Some of your biggest losers.
03:17All right, guys, let's get to some of the individual gainers in today's session.
03:23I love this story.
03:24Tim and I were just talking about it.
03:25I think it's among our most read.
03:27Allbirds.
03:28I don't know if you guys bought them.
03:29We did in our home.
03:32Yeah, I once had a pair of those.
03:33Whatever happened to those guys?
03:34Well, everyone did.
03:35Well, apparently they discovered AI.
03:38Oh, cool.
03:39Allbirds, no longer all sneaks.
03:41Stock is soaring in today's session.
03:44Is that right?
03:45It's soared.
03:46Yeah, we're closed now.
03:48582 percent.
03:49That's like a typical daily move for a stock.
03:51I don't know why you're questioning that move, Cal.
03:52Yeah, I know.
03:53All right.
03:54Nicely done.
03:54That happens all the time.
03:55The company inked a deal to sell off its footwear assets back in March.
04:00So now Allbirds is now all in on AI.
04:03The former shoemaker, just days away from ceasing operations, it's not been easy the last few years,
04:07said it would pivot its business to AI compute infrastructure.
04:11The company executed a $50 million convertible financing facility.
04:15And so they're going to fund the switch as a target becoming a fully integrated GPU as a service,
04:22an AI native cloud solutions provider.
04:26And it's going to change the name.
04:28Yeah.
04:29Drum rolled.
04:30New Bird AI.
04:31Cool.
04:31Okay, cool.
04:32Are you in on it?
04:33I like that they kept the bird.
04:35Given the 600% increase and that it now has a market cap of $148 million, million, no.
04:44You're not all in on all of the bird AI.
04:47Well, we'll see where this goes.
04:48I mean, it's a bold move, Cotton.
04:50We'll have to see where it goes.
04:51Can I just say it does remind me of simpler times?
04:54And I'm thinking specifically of the meme stock era because this felt very meme-y.
04:58I felt like I was back in 2021, which was a weird time.
05:02But you saw a lot of stories like this.
05:04Katie, we had a show back then.
05:05I know.
05:06They canceled that.
05:07Together.
05:07That's how long ago this was.
05:08Was it called the meme stock show?
05:10No.
05:10Kind of.
05:11But we did a lot of meme stocks.
05:12We certainly did.
05:12I used to love that show.
05:13Did you?
05:14All right.
05:15Let's move.
05:15All right.
05:16Let's move along.
05:17Snap.
05:17Let's go to Snap, guys.
05:19That was also-
05:19Why can't we reboot that?
05:20I mean, if they could bring back Scrubs, can't they bring back Crypto IR?
05:23You know, Scrubs reboot was awesome, but it's not the offing for us.
05:28It's like herding cats every day.
05:30Yeah, sure thing.
05:30You got something else, Carol?
05:31Yeah, I always have something else.
05:33All right.
05:34Okay.
05:34Stock Snap up as much, almost 10% at its highs today, finishing the day with a gain of about
05:397.8%.
05:41This is what happens, I guess, when you lay off roughly 1,000 full-time employees, 16% of its
05:45global workforce.
05:47As part of an effort by the CEO, Evan Spiegel, to reduce costs and achieve profitability,
05:52job cuts and pullback on hiring will reduce Snap's annualized cost base by more than $500 million by the second
05:59half of this year,
06:00according to the CEO.
06:01He said the cuts are necessary for Snap to boost-
06:03That's like three all-birds.
06:06Sorry.
06:06Go ahead.
06:07That's really funny.
06:08He said the cuts are necessary for Snap to boost efficiency as it pursues profitable growth,
06:12citing improvements in AI technology that lets Snap employees move more quickly.
06:17And one more for you guys, because, you know, three is what we're allowed to do.
06:22Hims and Herbs Health.
06:24That one was up almost 14%.
06:27The telehealth firm climbing after HHS Secretary Robert F. Kennedy Jr.
06:33said the FDA is seeking to remove 12 peptides from Category 2 restrictions.
06:39What's the matter?
06:41Is that a laugh?
06:42No, just shock and silence.
06:44Tim seemed very interested in us, but go ahead.
06:46Well, he actually said I had to do it.
06:48Yeah.
06:49I actually was-
06:49I don't know what the deal is with these peptides.
06:51Like, are they safe?
06:52Well, apparently the action that they're doing is going to restore regulated access
06:57and will immediately begin shifting demand away from the black market,
07:00according to our secretary.
07:04Okay.
07:04Post on X.
07:05All right.
07:05You can read about it all on the Bloomberg.
07:07I want to get to some of the stocks that were on the decline today.
07:11Live Nation in the news.
07:12This story breaking this afternoon.
07:14A New York federal jury found that Live Nation Entertainment illegally monopolized live events
07:18industry and overcharged fans.
07:20Live Nation shares finishing down by 6.3%.
07:24The jury found that Live Nation's monopoly led concertgoers to overpay,
07:28and the company illegally tied the use of company-owned venues to its concert promotion services.
07:33Once again, shares fell in today's session by 6.3%.
07:37It's the lowest that they've been since November of 2025.
07:41Romain, you're watching some earnings.
07:43I'll do more decliners, but I want to hear the earnings that you're watching.
07:45Yeah.
07:46We've got a trucking company, J.B. Hunt, now out with their earnings.
07:49And you see the initial knee-jerk reaction in the shares, basically flat.
07:53The company did beat on the bottom line, $1.49 EPS.
07:57The street was looking for $1.44.
07:59Revenue also slightly higher than estimates at about 3.06.
08:02We'll round it up to $3.1 billion.
08:04That's about a 5% jump year over year.
08:09We should also point out, and it's an interesting nugget here and there,
08:11they talk about rents and purchase transportation.
08:13The expenses there actually did increase.
08:15That was up about 9% year over year.
08:18And this is going to be an interesting story with a lot of these trucking and logistics companies,
08:22particularly in light of some of the disruptions, Tim and Carol,
08:24that we've had with regards to the situation in the Middle East.
08:27Well, speaking of the situation in the Middle East,
08:30a couple more stories that have to do with earnings and understanding the consumer and macroeconomic conditions.
08:37Starting with shares at ASML, shares fell after the company gave a weak outlook for the current quarter
08:41despite raising that full-year sales forecast.
08:43The company sees net sales in the second quarter of $8.4 billion to $9 billion euros.
08:49The company expects net sales to be between $36 and $40 billion euro this year,
08:53increasing production to meet demand from tech firms for its advanced lithography machines.
08:57Still, it was seen as conservative.
08:58Shares down 2.4% on the day today.
09:01And finally, great ticker, Do-US, BRP Inc.
09:06It's the parent company of Sea-Doo jet skis, Ski-Doo snowmobiles, Can-Am off-road vehicles,
09:12down all day today by more than 35%.
09:15That's where it closed.
09:16The firm withdrew its financial outlook for the 2027 fiscal year.
09:19It says it faces $363 million cost from recent changes by the Trump administration to its tariffs.
09:26We actually also saw other companies move lower in its sympathy today.
09:32Polaris shares actually fell as well.
09:36You have one of these side-by-sides, Romain?
09:39One of these side-by-sides?
09:40Yeah, they're off-road.
09:41No, they're kind of hard to keep in the New York City department.
09:44But it gets to this idea, though, too, when we talk about the tariff threat
09:47and particularly some of the comments we heard from the Treasury Secretary.
09:50One reason why you saw transports lower.
09:52One reason why you saw a lot of industrial stocks lower.
09:54Just real quickly, let's check in on yields before Carol gets antsy here.
09:58We did see pretty much a shift across the curve here, up about two basis points on the short end.
10:03But keep an eye on that long end, three basis points on your 10-year, three on the 30-year.
10:08And that is the big question mark going forward.
10:11Katie was referencing this earlier on the close, a preeminent program on Bloomberg Television,
10:15by the way, Carol and Tim, and this idea of that IMF report.
10:19And really a lot of concerns right now about current debt levels, economic ripple effects,
10:23and what type of yield investors are going to demand to hold U.S. Treasuries.
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