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00:00Two minutes away from the end of the trading day, Katie Greifeld and Bailey Lipschultz.
00:04He's in for Romain Bostic. Here to help take us through the closing bell, we're joined by a global
00:09simulcast, Carol Masser and Tim Stanovic. We bring together all of our various audiences to talk
00:15about the first trading day of July, Carol Masser, a month which is pretty good for the equity bulls,
00:21but a little bit of a sell-off into the close. Yeah, absolutely. But I got to say, not a
00:26great
00:26start to the third quarter or the second half for semiconductors. The Philadelphia Stock Exchange
00:32semiconductor index, the SOX, it is down about 6.2% as we speak. So we're seeing once again,
00:38it's been a volatile sector, I feel like, as of late, but you're seeing some intense selling today.
00:43Did you see this news from Mark Gurman and Maggie Eastland that Apple is looking to buy Chinese-made
00:49memory chips with this lobbying push? Wow. Micron shares were down. They actually reached session
00:55lows after this story was published. Micron shares down, just heading into the close,
01:00down about 10% right now. Apple shares spiked higher, up about 1.5%.
01:05Yeah, Tim, it's been a tough, as Carol mentioned, tough go for some of these chip-making companies.
01:10Again, the rotation, they're up, they're down, they're up, they're down. Adding to that negative
01:14sentiment is the potential for cross-selling and competition from China.
01:18Yeah, absolutely. It's going to be interesting to see how the overall tech trade develops in the
01:23second quarter when it comes to chips, when it comes specifically to memory chips, when it comes
01:27to software, of course, which has been, you know, sort of the poster child of investor distaste over
01:35the past several months. But at least for today, we wrap up the first trading day of July of the
01:40quarter of the month. The S&P 500 looks like it's going to finish about two-tenths of a percent
01:45lower here. The Nasdaq, a little bit more selling pressure when it comes to some of those tech names.
01:50The Nasdaq composite down about six-tenths of a percent. The Dow Jones, pretty much flat on the
01:55day. Do with that what you will. But then we take a look at the small caps, for example, not
02:00escaping
02:01the selling pressure either, because it looks like, Carol, the Russell 2000 going to finish just a
02:06little bit lower on the day as well. All right. So that's a look, the big picture there from Katie.
02:10I'm going to go back to the S&P 500. And, Bailey, you've got 299 names in the S&P
02:15500. Higher here
02:17at the close, about 204 to the downside, one unchanged. Yeah. And we're looking a little bit
02:21under the hood on a sector-by-sector basis, seeing some strength for communication services
02:26and financials as well as consumer discretionary. But the big drags information technology and then
02:32also seeing some weakness across utilities and industrials. So an interesting bifurcated market.
02:38All right, guys, let's get to some individual gainers, if I may. And I'm looking at the number
02:42three gainer in the S&P 500 today. And it's the number two gainer in the NASDAQ 100. We
02:48are talking about meta platforms. This one, at its highs intraday, up about 11.5%, settling
02:53down, though, with just under a 9% gain in the session. This has the company's developing
02:58plans for a cloud infrastructure business to sell access to AI, computing power and models,
03:04competing with industry leaders such as Amazon Web Services and Google Cloud. So really leaning
03:08into the hyperscaler mode, if you will. A company considering selling access to various AI models,
03:14hosted on its existing AI infrastructure, as well as raw computing capacity as part of its meta
03:19compute initiative. Some of this has to be as a result of the pressure on the company to basically
03:25justify all of the spend that it has done on building out some of their data centers. So now
03:30maybe kind of renting out, if you will, its excess capacity. So an interesting one on this. We talked
03:37with our Mandeep Singh of Bloomberg Intelligence. He's like, is this a temporary thing? Is this
03:41something more substantial? So we'll look for some more clarity from the company on that one.
03:45Over to another MAG7 I go. Got to talk about Microsoft coming off its worst month in years
03:51due to concerns about how the company will fare in a world marked by AI. The stock was down 17
03:56%
03:56in the month of June, bouncing back a little bit here on the first trading day of July, up about
04:023%
04:03in today's session. Microsoft planning to announce thousands of layoffs as the company aims to increase
04:08spending on AI. Tech giant is expected to cut less than 2.5% of its overall workforce of about
04:15220,000
04:16people. This is according to people familiar with the matter. This was coming from Business Insider.
04:21They reported this late yesterday. So the stock bouncing back today. And then, Bailey, you were like,
04:28you're all over the place. You were on air with us in the two o'clock hour. We caught up
04:32with one of
04:32the co-founders of one of the IPOs today, Bending Spoons, an IPO at the close, up about 40%
04:40in its
04:41first day of trading here. And this company, its backers raising about $1.68 billion market value of,
04:50I should pull it up. It was roughly about $21 billion. 26 right now, at least of the close,
04:54Carol. So pretty darn big move. Not too shabby, right? Although I feel like you and me and Tim,
05:00we were trying to press this guy, one of the co-founders, Luca Ferrari, on what the business
05:06model is and kind of where growth comes from going forward. So a lot of questions. I'm already
05:11looking forward to its first earnings day. Yeah, you and I both. Yeah, exactly. Bailey had
05:15great coverage on the Bloomberg terminal to check out his stories there. Hey, I wanted to get to
05:20the decliners. And I kind of want to play off of what Carol said about meta platforms. CoreWeave
05:25shares today falling 14%. So meta surging by, you know, after our Bloomberg news team reported that
05:31they're getting into this new business, but it's CoreWeave's turf, specifically considering selling
05:36access to various AI models hosted on its existing AI infrastructure, as well as so-called raw computing
05:42capacity. That would be part of its meta compute initiative. And that is what CoreWeave does. We also saw
05:47Nebius fall double digits today, another NeoCloud provider. Also check out shares of Caterpillar.
05:53Speaking of AI plays, yes, Caterpillar has been an AI play down 6.9% just today. Michael Burry,
06:01you know him from the big short for his bets against the U.S. housing market ahead of the 2008
06:05financial crisis. He said in a late in a post late on Tuesday on Substack that he shorted Caterpillar
06:10shares for the first time. He also shorted Nvidia, Applied Materials, iShares, Semiconductor,
06:16ETF, Tesla, saying that the SOX itself is a pure form of overvaluation in an index. Okay. Caterpillar
06:24shares down today by 6.9%. And finally, let's get into retail. End with Walmart. Shares falling
06:30today by close to 4%. It closed at its lowest intraday going back to November of 2025, or actually
06:38lowest close now since November of 2025. Down for six days in a row, the longest string of down days
06:44since October 31st. Cleveland research issued a report that says that quarter-quarter date trends
06:48have slowed. Separately, Jeffrey's U.S. consumer strategist wrote that, well, he's unsure if it's
06:53the bottom for Walmart shares. He has no idea when new money will step in, given the drop today and
06:58the 20% decline from the peak. He said he would not be shocked if Walmart executives are discussing,
07:04is there something we should do or say this week or next, given the violence and the move lower?
07:10Down close to 20% from those June highs. All right. Let's take a quick look at the bond market.
07:15We did hear from Fed Chairman Kevin Warsh speaking in Cintra earlier today, saying that inflation risks
07:20are down, not making too much of an impact in the market overall. You can see we're talking about basis
07:25point moves in either direction. We know we have that big jobs report coming on tomorrow,
07:31a rare Thursday jobs report, so maybe lying in wait for that. But I just, I really want to talk
07:36about Taylor Swift. Well, I was going to say, yeah, there's the jobs report. That's important,
07:40but you know what's really important? What?
07:43Is Taylor Swift, are they getting married really at the garden? I don't know. I can't believe it.
07:48I feel like... You do believe it, Katie? No, I can't believe it.
07:50I feel like it's a major, major distraction.
07:54I, yeah, maybe... But it's almost too obvious, right?
07:57I don't know. I hope it's a red herring. If it's a red herring, they put
08:00a lot of planning, a lot of logistics into this. But she's good with this kind of stuff.
08:04She is, she is. Like distracting you.
08:06So the New York Times has reported that there's a planned gathering of a hundred people at Madison
08:11Square Garden on July 2nd, which is tomorrow, followed by a second event for about a thousand
08:15guests on July 3rd. So it hasn't actually been confirmed that this is the wedding.
08:21Nope. Wouldn't you, wouldn't you just like do maybe a concert or a party and then...
08:24I think she's going to do a concert. And then, and then maybe get all your
08:28guests on, on some planes or something and bring them to Rhode Island.
08:32Or you go to Watchell, where she has a beautiful estate up on the hills,
08:36overlooking the ocean. Yeah. That would, that's what I'm hoping happens.
08:40Bailey, what do you think? I just, I can't believe that she would do it.
08:42I think it's a head fake, but I also want to give Travis some love.
08:44I feel like all we do is call it Taylor's wedding. There have to be two people to be part
08:48of a wedding.
08:49Who? Bailey, you've been married. Don't you know the wedding is all about that?
08:52He's been married and he's currently married. You are married. Sorry, sorry, sorry.
08:57It's all about the bride. My first wife is a big fan of me.
09:00Oh my God. My first wife. I only have one.
09:03My ex-girlfriend, first wife. Yeah, that's funny. Uh, we'll see though. I mean,
09:08it's kind of exciting because we're going to find out in the next few days what exactly
09:13is happening here. But, uh, it just seems... I think the best part is, Katie, you want to
09:17talk about it, but you're like, I cannot wait to not be in Manhattan to find out.
09:22I know. I know. That's the thing. Uh, getting out of the city is the thing to do. It's funny.
09:27Actually, New York City Mayor Zoran Mondani has been asked multiple times about this. Uh, he's,
09:32he's used those occasions to sidestep the question and just encourage everyone to stay cool
09:37during the heat wave as that heat dome descends upon us all.
09:41I'm just gonna say she's known for her Fourth of July parties. I know. So she's kind of like
09:44leading up to it. And you know, again, we're just talking about July 2nd, July 3rd. So maybe the
09:49wedding really is on July 4th. Maybe she isn't really getting married at MSG. That would be
09:53insane. All I know is you got to get it done before the next football season starts.
09:57It's true. When does, right? When do they start training?
09:58Why, why would you look at me for a fan? I know. I know. This is not,
10:02although you've been all in on soccer. Ask Bailey. He's got some time. He's got some time to,
10:07before he's got a report for camp. Gotta do a honeymoon. Gotta get done. Have a honeymoon, yeah.
10:10You know. All right. Well, I hope you and your first wife are okay.