00:00And right now we are two minutes away from the end of the trading day.
00:03Romain Bostic here with Katie Greifeld taking you through to that closing bell
00:07with our global silocast.
00:09Joining us right now is Carol Masser and Tim Stenevich.
00:11Welcome to our audiences across all of our Bloomberg platforms,
00:14television, radio, our partnership with YouTube,
00:16with all of the major indices in the green,
00:19the S&P setting up for a weekly gain,
00:21the Russell 2000 outperforming them all,
00:23and of course all eyes right now, Carol Masser,
00:26on SpaceX and its debut in public markets.
00:28If I had a nickel for how many times I said SpaceX today, I would not.
00:31Would you be a trillionaire?
00:32I would not be as rich as Elon Musk.
00:35SpaceX shares, folks, up as much as 30% at their highs today.
00:39Right now we're looking at about a 20% gain, but still above the IPO price.
00:43We've talked to a lot of wealth managers today.
00:45We've talked to a lot of analysts.
00:47We've talked to a lot of the folks in our newsroom who've covered this, Katie.
00:51And the folks who handle money have repeated over and over again
00:55just how polarizing this debut has been.
00:58In the sense of hearing from clients, you know, half want it,
01:02half want nothing to do with it.
01:04Yeah, it's interesting.
01:06I mean, we've been hearing the same conversation.
01:07But then you think about, you know, just the magnitude of orders that this IPO got.
01:13You know, you're hearing reports that not everyone was filled it to the degree
01:17that they would like to be this heavy retail demand.
01:20And then you think about what we saw in the share price.
01:22And certainly a lot of people wanted SpaceX today.
01:25Whether that continues over the next few months when you see those lockup agreements expire,
01:30that's a totally different conversation.
01:32Well, right now you've got about 500 million shares of SpaceX that have now swapped hands
01:36in the secondary market.
01:38We'll give you a fuller breakdown here of how that stock moved.
01:41But we should point out the majority of stocks across this tape were actually in the green.
01:46And that's enough to push all of the major indices here in the green on the day and on the
01:51week.
01:51The Dow Jones Industrial Average adding about 350 points or seven-tenths of one percent.
01:56The S&P 500 up 37 points or half a percent.
01:59The Nasdaq Composite is up about three-tenths of a percent.
02:02The Nasdaq 100 up six-tenths of a percent.
02:05And your outperformer on the day and on the week, that's going to be the Russell 2000,
02:08an eight-tenths of a percent gain on the day and a four-percent gain, Carol Masser, on the week.
02:14Hmm. It's like a gift to you.
02:16You love that index, don't you?
02:18Want to hear how the Dow Transports are doing?
02:20Yes.
02:20Yeah, I do.
02:21Well, they did well, Carol Masser.
02:23Up three-tenths of a percent in the day.
02:25There you go.
02:25All right, back to the S&P.
02:27I'm going to go.
02:28And you've got most names, Katie, in the S&P 500 higher today.
02:32395 to the upside, 107 to the downside, one unchanged.
02:36Yeah, and breath was pretty good when you take a look at the sector level.
02:38It wasn't all about rockets and AI and space today.
02:42Because you had 10 of 11 sectors finish in the green, and once again, your biggest gainer on a percent
02:48basis was the materials sector.
02:50Yeah.
02:51Similar thing to what we saw.
02:52Gosh, what materials.
02:53Yesterday, Romaine is psyched, and I'm psyched for him.
02:55Financials also having a great day, higher by about 1.3 percent.
02:59Utilities, real estate, the list goes on.
03:01The lone underperformer today, the lone loser, health care.
03:05No.
03:06We're talking about two-tenths of a percent as a sector.
03:08We need health care.
03:09That's so true.
03:10In the S&P 500.
03:11That's fertilizer.
03:12Makes you think.
03:13We need fertilizer, too.
03:15I'm just going to put that out there.
03:16Hey, all right, so we've got to go to the bell of the ball.
03:18SpaceX today, making history, largest IPO ever, historic $75 billion IPO, drew more than $350 billion in demand from institutions
03:29and retail investors,
03:31although not everybody got what they wanted in terms of exposure there.
03:35This is, according to people familiar, made Elon the first trillionaire.
03:38Did you look at Rich Go?
03:38Yeah, it hasn't been updated yet.
03:39I just pulled it up.
03:40But he's still at $970 billion.
03:43Equal to seven Warren Buffetts, according to Top Live.
03:47Nice.
03:48There's some perspective for you, right?
03:50All right.
03:50The stock, though, at its highs today, 30% to the upside at $176 a share.
03:56But that's not where it closed.
03:57It closed with a 19% gain, stock closing at $161.11 a share.
04:02So $161.11 a share.
04:04Company market cap, I'm just going to quick pull it up.
04:06I think it stayed above $2 trillion.
04:08But that's where we saw it.
04:09Yeah, $2.1 trillion at the close here.
04:12So it'll be a fun one to watch throughout the rest of this year.
04:14I would also like to point out that the stock is still going.
04:17You know, I mean, they're trying to settle all these trades here.
04:19And it's still moving here.
04:20So obviously, incremental moves, but still trading.
04:23No, that's a really good point here.
04:24I can't get my...
04:25Don't they know what time things close?
04:27No.
04:28Money never sleeps, Tim.
04:29I'm having problems with my GOP and GIPO functions right now.
04:33So maybe you just can't keep up.
04:36Intel is another gainer I wanted to point out.
04:38Continuing its climb, it gained more than 9% yesterday, another 6.5% to the upside today.
04:44It was a top gainer in the NASDAQ 100 and also the S&P 500.
04:49That stock, folks, up about 25% this week alone.
04:52We know the news yesterday, B of A, a double upgrade to a buy.
04:56But it just continues to attract investors in terms of the trade.
05:00Stock's up about 235% year-to-date.
05:02So I just wanted to throw that one in there.
05:04And then Roku, that was a late add.
05:06Thank you very much, Finley, for throwing that in for me.
05:09Stock up about 20% here at the close.
05:12Roku said to be in talks to sell itself with discussions being held with at least one U.S.
05:17media company about a potential combination.
05:19No final decision has been made and it may ultimately not lead to a sale, according to
05:24those in the know.
05:26But nonetheless, definitely a standout in today's session.
05:28Okay.
05:28You got the gainers.
05:29I got the decliners.
05:31It wasn't just SpaceX that moved in today's session.
05:34A lot of SpaceX stocks, a lot of space stocks, I should say, moved lower today.
05:397% to the downside for the Procure Space ETF.
05:43In fact, if you look inside that ETF, it's been down really since the beginning of the
05:49day.
05:49Virgin Galactic, which has been on a tear, fell 32%.
05:52Momentous down 27%.
05:54Firefly Aerospace down 19%.
05:56AST Space Mobile down 15.5%.
05:5934 stocks in there were lower.
06:0114 were higher.
06:02So the momentum going into this was that a lot of these stocks did go up.
06:07But the decline in space-related stock really underscores how speculative the space business
06:11remains.
06:11Some investors shifting attention to SpaceX instead of smaller companies in the industry.
06:16I was actually a little surprised by this.
06:17I know it's just one day and this could obviously change a lot over the next few days and weeks.
06:21But I would think that just with SpaceX arrival, that would actually broaden out.
06:25Well, do you think if, let's say you were a big believer in space.
06:28Yeah.
06:28And you, in the future of space, maybe you've shifted some of your assets from these companies
06:34to SpaceX.
06:35Yeah, that's possible.
06:36Perhaps that's what happened.
06:36And some people are going to look at SpaceX as the proxy for it all.
06:40And, you know, the same way people look at NVIDIA as the proxy for everything in the
06:44AI data.
06:44Or maybe those people wanted to buy a piece of Twitter that, remember, is now a tiny piece
06:48You had to go there.
06:49Of SpaceX.
06:49I had to go there.
06:50The company formerly known as Twitter.
06:52Let's go to software.
06:53You know what I did today, by the way, speaking of which, not to digress.
06:54Go ahead.
06:55Go on.
06:55I reactivated my Instagram account.
06:56I haven't posted anything yet.
06:57Oh, I thought you were going to say Twitter.
06:58Okay.
06:59Yeah, I had a beef with Zuckerberg for a while.
07:01We settled it.
07:02Do you follow us all on Instagram?
07:05Or what's the plan?
07:06I literally, like, reactivated in the limo ride-in to work today.
07:11All right.
07:13But when I'm back in the helicopter on the way to the mountains, I'll...
07:16Let's talk software.
07:17I want to go to the iShares Expanded Tech Software ETF.
07:20Is Katie Greifel worth following on Instagram?
07:21Yes, I'm very fun.
07:23I post a lot of jokes.
07:24Let's see if she makes the close friends list.
07:26That's the question.
07:27Right.
07:28She'll segue me.
07:29That's the question.
07:29You might not see anything from Katie.
07:31That ETF fell today by about two-tenths of one percent.
07:35This actually extended a recent slump that's put the software sector on track for its longest
07:39losing streak in about two decades.
07:43It fell today, and it's the stock's ninth straight negative session.
07:46It's longest such streak going back to a nine-day drop that ended going back to 2006.
07:51So pretty substantial here.
07:53It's a proxy for the software industry, which gets me to my final decliner.
07:57Can I just point out, though, and I know Adobe was obviously the poster child of that.
08:00That's where I'm going.
08:01Oh, okay.
08:02Sorry.
08:02Go ahead, Tim.
08:03Sorry.
08:03Oh, okay.
08:03Well, Adobe shares took a hit today.
08:06Romaine.
08:07Patience.
08:08It's okay.
08:09I know that it's really...
08:10You should send me a memo as to what you're going to talk about.
08:12Literally in the chat, but that everybody has access to, but that's okay.
08:16I was busy on this.
08:16The company, we covered this late yesterday, it said its CFO would depart, leaving a leadership
08:20vacuum following the CEO's announced resignation.
08:23Shares of Adobe today were down throughout the day today.
08:26They ended up settling lower by about 6.8%.
08:28The quarterly results and outlook surpassed on its expectations, but it really was the personnel
08:33stuff, the CFO announcement that overshadowed the results and led to the slide in shares
08:37today.
08:37Yeah.
08:38And down to the lowest level since 2018.
08:39And it really does get to that idea when we talk about these software companies being
08:43disrupted.
08:44I mean, does anybody...
08:45I mean, I know they make the argument they'll have a role in this broader AI universe, but
08:49I mean, I don't know.
08:50At least for right now, it doesn't seem like people are buying it.
08:52I can't wait for the Romaine influencer era to begin.
08:56Yeah.
08:56You're going to be somewhat disappointed, but I'm going to give it a shot here.
09:00You can't wait for yields.
09:02Yeah.
09:02Yeah.
09:03That's it.
09:04Real quickly here, let's take a look at yields.
09:06I'm not sure anybody's paying much attention to it.
09:08A slight uptick here on the day, just about two to three basis points across the curve.
09:12We should point out oil did drop here on the day.
09:15Something to keep an eye on in which we head into the weekend.
09:17Of course, a lot of the comments by the president of the United States about a potential, potential
09:22MOU memorandum of understanding of a deal to end the war in Iran.
09:26Fingers crossed.
09:27We'll see what happens, right?
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