00:00Counting us down to the closing bells here on this Friday afternoon, and we actually have seen a lot of
00:05trading activity in these final few minutes.
00:07A lot of that centered around some of these chip stocks, a big spike down in applied materials, a big
00:11spike down in Qualcomm.
00:12No real news here. So this might be some folks are just kind of repositioning into next week.
00:17Yeah, repositioning into a new week, a new month, a new quarter.
00:21It is, I mean, just to reflect on what we learned this week, you think about Micron coming out again,
00:26blockbuster numbers we've been talking about.
00:28But then you think about the moves that Apple took the day after raising prices and this fear out there
00:34that some of these supply bottlenecks that we're seeing,
00:37while it has fantastically benefited some of these names, that that could eventually snap back and maybe we start to
00:43see some demand destruction.
00:45Absolutely. And maybe and we start to talk about this idea as to how you even assess that.
00:49Do you really pay attention to the fundamental of these companies? Do you pay attention to the narrative?
00:53We are here in the final moments of trading on this Friday afternoon, and it looks like most of the
00:59major indices are going to finish the day in the red.
01:02And for the most part in the week, with a couple of notable exceptions, we want to give these numbers
01:07just a minute to settle,
01:08given how close they are to the waterline mark.
01:11But it does look like the Dow Jones Industrial Average is going to finish in the red on the day,
01:15down about 80 points or roughly about two tenths of a percent.
01:18Though we should point out it's going to finish the week in the green up about four tenths of a
01:22percent.
01:23The S&P 500, I think that's the one we really want to wait for these numbers to settle.
01:2673.52 and change. That's down about five points, down less than a tenth of a percent.
01:31That's going to be the fifth straight day of declines, and that's the first time that's actually happened on the
01:36year.
01:36On the week, they're down about two percent for the S&P 500.
01:39The Nasdaq Composite and the Nasdaq 100, each sliding on the day.
01:42The Nasdaq 100, down about one percent and down about four percent on the week.
01:47And let's take a look at the Russell 2000, a modest gain on the day, Katie, up about a tenth
01:51of a percent.
01:52So the little guys managing to squeak out again for the S&P 500.
01:56An interesting wrinkle here, more than 300 names finishing in the green, but it was all the important ones that
02:02fell.
02:03And we can see that when we take a look at the circle, at the sector level here.
02:07You had six sectors finish in the green, five in the red.
02:11In terms of what didn't perform today, which was a huge weight on the index overall, information technology, where a
02:17lot of those chip names live, down about one percent.
02:20That shaved nearly 29 points off the S&P 500.
02:24Industrials also not having a great finish to the week.
02:27In terms of what did perform today, you saw a big pop in Eli Lilly.
02:30As such, health care as a sector higher by about three percent, consumer discretionary and real estate also posting pretty
02:38sizable gains on this Friday, Romain.
02:40Yeah, let's take a quick look at yields.
02:42It was a little bit of a story earlier in the year, but we should point out the 10-year
02:45Treasury actually rallying now for a third straight week.
02:48And that's pushing yields down on a weekly basis by about eight basis points.
02:52You see the drop on your screen there today of about two basis points, a little more activity on the
02:56two-year yield, which is down four.
02:58But then you talk about the dynamics of this curve with the long end of the curve, that 30-year
03:02yield, just ever slightly higher there on the day.
03:06And that could become a much bigger part of the story as we move deeper into the year and closer
03:11to that next Fed meeting.
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