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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.
00:07It's a global simulcast.
00:08Carol Master, Tim Stenevich, they join us now.
00:10Welcome to our audiences across all of our Bloomberg platforms, television, radio,
00:14our partnership with YouTube here on the penultimate trading day of the month of June
00:19and of the quarter.
00:20Carol Master.
00:21Wait, don't we have one more?
00:22He said penultimate.
00:24Oh, penultimate, sorry.
00:25Carol Master, I know, you know, reading is fundamental, but, you know.
00:28Oh, my gosh.
00:30Oh, my God.
00:31Here we go.
00:31God, you're such a show off, man.
00:33Starting off a warm and fuzzy Monday.
00:36I still love you.
00:37All right, S&P 500, though, even split.
00:39To be fair, you did walk right into that one.
00:41I know, I did.
00:42That's called I was kind of listening but not listening, so I just heard part of that.
00:46Been there.
00:48Anyway, very impressive, as usual.
00:50S&P 500, though, 230 names to the upside, 273 to the downside.
00:55So it's like an even split.
00:56It's not like everybody's all in here.
00:58Yeah, I mean, all in on the quarter, though.
01:00There was a lot of volatility.
01:01The S&P 500 right now up exactly 14%.
01:04What did you get on your SATs?
01:05This quarter.
01:06Verbal.
01:07What did you get on your SATs?
01:09I hope you can't remember.
01:10On the SATs?
01:11Yeah.
01:12Carol, I don't know what I did last week, and you're asking me what I did, you know, 20 years.
01:17Do we really want to talk about this?
01:20Remember SATs?
01:21Okay.
01:21Anyway.
01:22Try not to.
01:22Moving on.
01:23I will say, when it comes to these markets.
01:25Not to brag, though, but I was a straight-A student, so.
01:27I'm sure.
01:28I'm sure.
01:29I mean, Romain, he did skip.
01:31Me, too.
01:32Romain, how many grades did you skip?
01:33I skipped a couple, Tim.
01:34Really?
01:35Did you?
01:35And it's taken me to such great heights, and now I sit here with you.
01:38Wow.
01:39Carol and Katie Gardner.
01:40Now I'm kind of impressed.
01:42Haverford's finest.
01:43As you get the closing bells here in New York, actually a bit of volatility towards the end.
01:48That volatility pushing stocks to the upside.
01:50Most of the major indices now finishing the day at session highs.
01:53The Dow Jones Industrial Average adding roughly about 300 points for six-tenths of 1%.
01:57The S&P up about 86 points for 1.2%.
02:01The NASDAQ Composite and the NASDAQ 100 each going to finish higher by more than 2% on the day.
02:06And the Russell 2000, which had actually been oscillating between gains and losses,
02:10is just going to barely just poke into the green, up less than one point on the day.
02:14But green is green, Carol Master.
02:16Can you do that again?
02:17That was kind of fun.
02:19I kind of love that.
02:20All right.
02:21Back to the S&P 500.
02:22I said it before, guys.
02:23Kind of an even split, Katie.
02:24A little bit more downside in terms of the names down in the S&P 500, about 274.
02:31Well, it's an interesting divide when you take a look at the circle.
02:33You did have six sectors of 11 finish in the green.
02:36That is more than the five that fell.
02:39A lot of the big important ones gained.
02:41Information technology higher by 1.7% as a sector.
02:45Communication services higher by more than 3%.
02:47Consumer discretionary higher by 2.7%.
02:51So that's the good news side of the ledger.
02:53And then you can see those little slices of red.
02:55Not a huge weight in here when it comes to materials.
02:58But as a sector, it did fall about 1.9%.
03:02You also had real estate, energy, utilities, and consumer staples fall on this Monday.
03:06All right, guys.
03:07Let's get to some of the individual gainers, if I may.
03:09We have to talk a little bit about some of the cable names and take a look at Comcast.
03:15At its high, it was up something like 17% intraday, still finishing with a gain of about 4.5
03:22% here.
03:23This has Comcast plans to spin off NBCUniversal and Sky into a new company, holding businesses such as theme parks,
03:29film and TV studios, and the Peacock streaming service.
03:32And then Comcast holding its original cable TV, broadband, and wireless businesses.
03:36I mean, the cable media industry is continuing to change.
03:39So you had Comcast, again, finishing off its highs, but up 4.5%.
03:43And I thought it was interesting also that you had Charter rallying big time, up about 9.4%.
03:50Some saying that Comcast's move could pave the way for M&A across both the connectivity and media businesses.
03:55That was a note from our B.I. analyst Gita Ranganathan and Ravino Douglas.
03:59So we'll see whether or not Charter is in play.
04:02Wall Street Journal writing that Comcast News has investors betting on the prospect of Comcast acquiring Charter after the split's
04:09completion.
04:09So just kind of watching this space overall.
04:12I want to go over to the Bloomberg MAG7 total return index.
04:16We had five of the seven names higher in today's session, so that averaged up about 2.6%.
04:21MAG7 are down about 10% since May 28th, but up about 3.5% in the past two trading
04:26days alone.
04:27So we have seen investors moving back into that space, except for Microsoft and Apple.
04:32We've talked about Microsoft heading into their worst month in years.
04:35And then I could do SpaceX and Tesla.
04:38I feel like I should do them, so let's bring them up.
04:40Both rallying in today's session.
04:42You had SpaceX up about 7%.
04:45You have Tesla up about 8.5%.
04:47Late Friday, we got the news that SpaceX would join the NASDAQ 100 on July 7.
04:51That really news.
04:52We knew it was coming.
04:53And then there were a lot of tweets by Elon over the weekend, a tweet on Sunday that SpaceX
04:58Grok 4.5 AI model was perhaps better than products from Anthropic.
05:03And he also pointed out that the model was being used by SpaceX and Tesla.
05:06So another example of the deepening relationship between those two companies.
05:10And then I have to just throw in one more.
05:11There's another one?
05:12Yes.
05:13Oh, okay.
05:13Because maybe even more interesting than SpaceX and Tesla is Rocket Lab, top in the NASDAQ 100,
05:19up almost 16%, Rocket Lab agreeing to buy Iridium Communications in a cash-in-stock transaction,
05:24doing a buy-and-launch capabilities in satellite manufacturing with Iridium's low-Earth orbit
05:28network.
05:29Basically, you know, watch out, SpaceX.
05:32There's competition maybe slowly coming.
05:34All right.
05:34I know I had a lot.
05:35Over to you.
05:36All right.
05:36Let's start with the worst performer in the S&P 500 today, which is Super Micro Computer,
05:40down 8%.
05:42Offices in Taiwan for the company were raided by government authorities.
05:45Remember, it's part of this investigation into the alleged smuggling of NVIDIA chips into
05:50China using the company's servers.
05:52The investigation is part of Taiwan's crackdown on AI chip diversion, with Taipei considering
05:59criminalization of exports of AI chips to China and fortifying its export controls to
06:05better align with the U.S.
06:06Super Micro shares, again, worst performer in the S&P 500.
06:09You can see when that news crossed just before 2 p.m. today.
06:12That's when it really took a turn lower, down 8% today.
06:16Verizon, for much of the day, in fact, was actually the worst performer in the S&P 500,
06:20but now among the worst performers today.
06:22Shares finished down by 5.2%.
06:25Shares fell after Bloomberg News reported that SpaceX and Charter have held executive-level
06:30talks about partnering on a consumer mobile phone offering that could directly challenge
06:33wireless providers.
06:34We got an update from Carol on that.
06:36Separately, Verizon also announced earlier on Monday that it expected to record a loss
06:41of about $700 million to $800 million in the second quarter.
06:45And finally, Microsoft.
06:47We just had a great conversation with Brody Ford at Bloomberg News about Microsoft's woes
06:51this month.
06:52Down 1.2% today, Romaine.
06:54Look at that chart.
06:55But heading for their worst month, going back to 2000, the stock down about 18% and change
07:02just in June, $613 billion in a market value.
07:07It's valued right now at the cheapest in a decade.
07:10Yeah, a lot of questions here really about just kind of the software space overall and
07:14kind of whether Microsoft ends up being kind of the endemic representative of that.
07:18We take a quick look at yields, guys.
07:20The rally that we had seen, at least on the shorter and mid part of the curve, taking
07:24a bit of a pause today, yields up on your two-year, your five-year, and your 10-year.
07:28No real change, though, on the longer end of the curve.
07:31All right.
07:32So kind of wild, guys, that here we are getting ready to wrap up the first half of the year.
07:36You look at something like small caps.
07:38I mean, they've really charged ahead in this most recent quarter.
07:41But we'll see what the jobs report holds, whether or not it shows wage pressures and whether
07:45or not there's some inflationary pressures as a result and what that might mean for
07:49the next move by the Fed.
07:50I think, too, we can't forget about geopolitics and what's happening in the Strait of Hormuz.
07:54And there were a lot of questions about, OK, what does peace actually look like and durable,
07:58sustained peace?
07:59And the president did make some comments from the Oval Office just a little while ago on
08:03oil prices and sort of on the latest when it comes to negotiations.
08:06But I think that's also a risk investors are feeling moving into the second half of the year.
08:12Especially, I mean, when you think about oil, I mean, in some of the ways it's been moving,
08:16it has felt kind of unintuitive.
08:18You think about these big declines that we've seen, even though on Friday you think about
08:22some of the headlines that we got, it was pretty tense.
08:24You saw a plunge in oil.
08:25Now you're seeing some of that come back.
08:27But certainly that has ripple effects into every asset class and acutely into the bond
08:33market.
08:33So it feels like we've lived a lot of lives this past quarter.
08:36And we'll see what the catalysts hold for the next one, though.
08:41It seems like, you know, we're in a little bit of a lull here, Romain.
08:43I am interested in hearing what Kevin Warsh has to say a little bit later this week.
08:47He's going to be speaking over at that Centra conference in Portugal.
08:50And kind of the contrast between what we see on some of these headline inflation figures
08:54and the idea that there's a lot of inflation out there that doesn't necessarily show up
08:58in those numbers and exactly how he views those numbers and whether that's something
09:04that the Fed should be taking into account.
09:05Right.
09:05He doesn't love necessarily, you know, the metrics that are used right now.
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